The career prospects available for a graduate in Economics are manifold. One can either go for higher studies or short-term courses or can start working. There are numerous fields where economic graduates can work, both in the private and in the public sectors. Some of the areas which have a high demand for economics graduates include Accounting, Auditor, Banking and Finance, Insurance Investment, Marketing, Stockbroker, Media Analyst, Management, Manufacturing, System Analysis, Education and Research and so on.
Career options in the government sector
In the government sector, you can find vacancies in the Indian Economic Services, Reserve Bank of India, Indian Civil services, Ministry of Economic Affairs, National Sample Survey, National Institute of Public Finance and Policy, National Council for Applied Economic Research and Planning Commission. These jobs are excellent opportunities for you to establish yourself in this field in the long run. Moreover, they give you financial stability as well as social respect. However, getting into the government sector is strictly dependent on your performance in the competitive exams held by the PSC and UPSC.
Career options in the private sector
An array of job opportunities is waiting for the dedicated students in the private sectors as well. One can work with the private banks, Business journals, MNCs, newspapers etc. If you are not scared of hard work and passionate about your subject, you can have an outstanding career in the International Aid Agencies and NGOs.
Several international organizations like Asian Development Bank, World Bank, IMF and various other Aid agencies, Development Banks and Financial Consultancies are taking economic graduates for different positions. You can work with these organizations in the capacity of an economic advisor, economist, analyst, executive, researcher, consultant, business analyst, financial analyst, stock market analyst and economic research analyst. The remunerations are also good as a beginner. Several students get hired through the campus placements of their colleges. You can expect an average salary of 4 to 8 lakhs per annum. However, meritorious candidates can get higher packages with a plethora of opportunities. Other fields where economic graduates can find jobs include insurance, accountancy, banking and actuarial.
As we all know specializing in a subject always gives us an edge over others. Thus going for a Post-Graduation in economics is always a better idea. Not only will your job prospects improve, but you will also be able to command a better salary package. Research is also another area that can be explored by economics graduates. You can pursue a Ph.D. in economics and later work as a lecturer in the universities or colleges. A Ph.D. scholar in economics can also work in the research departments of private companies and public or government departments.
There are other opportunities as well where you can merge two fields of study. After completing a B.A. in economics, you can pursue L.L.B and can work as a Corporate Lawyer. Similarly, you can also consider going for an M.B.A. which will provide you with better career options in the private sector. Another shining career can be achieved by going for a specialization in Economic Journalism.