Economics for a Meaningful Career in 2020

Posted by srisaiCh on December 11th, 2019

Economics is a practical & meaningful career path that involves analysing the production, distribution and consumption of products and services available in the market, how firms make decisions that affect profits, wages and work, and how governments enact policies to shape societal outcomes. Top Colleges In Ghatkesar offering courses in Economics provide areas of focus which include international trade, health care, international finance, taxation and public expenditure. It covers a wide range of subjects concerned with how economies interact with each other and impact the world dynamics. Economics as a career choice has become a popular choice of study among students at our PG College in Hyderabad and is a universally recognised qualification too!

What skills do you gain from Economics?

Economics as a course of study is aimed at skills that prepare you for the business world. Economics graduates in today's economy have competitive employability rate and is a boost to the CV. 

All best colleges in Ghatkesar provide economics syllabus that develops a range of skills including:

• Detailed understanding of economic concepts and principles;

• Theoretical understanding of economics, modelling approaches as well as their applications;

• Proficiency in quantitative techniques and computing methods and how to implement them to solve a wide range of problems;

• Ability to decipher economic data and appropriate methods to analyse the interpretation of data.

Why economics and what are the career prospects?

Economics is becoming an increasingly popular line of study for undergraduates of all best Mba Colleges In Hyderabad. If you are deliberating about taking up this notable course, here are some of the benefits of Economics for paving a meaningful career:

• Versatile career options: Economics allows you to pursue jobs in various industries and opens the doors to versatile roles as economists. Their filed of work plays a major role in industries such as business, government sectors, and academics as well as in a private industrial setting.

• Strong foundational knowledge: Economics covers a wide range of areas that lay the foundation for many highly-reputed jobs and in-depth understanding of roles to play in finance, markets and resource management.

• Challenges: Economics requires you to pursue challenges that push you to employ critical thinking skills that will widen your perspective of world economics and how it influences many global aspects of the business.

Mastery of Economics will enhance the employability chances in a broad spectrum of industries. One of the best motivations for pursuing an economics degree with our PG College in Hyderabad can be knowing what your future job prospects will look like, so here is a list of jobs you can pursue:

• Actuarial Analyst: Insurance sector has always doors open for graduates versed in economics. One of the roles is of an actuarial analyst in the insurance sector. The role demands the use of statistical models to scan the data and calculate costs in case of product failure or property damage. As an actuarial analyst, you are expected to use analytical skills to design insurance policies.

• Data Analyst: The job role of a data analyst, is to translate numerical data to simple English. Businesses collect a large volume of data and data analysts use it to help organisations make efficient decisions that will benefit the company.

• Economist: This is one of the most common job roles for graduates versed with economics. Their role is to research and analyse economic issues by using mathematical models and statistical methods.

• Financial Risk Analyst: Financial risk analysts’ role requires them to identify and analyse potential financial risks that might threaten the functioning of an organisation.

• Forensic Accountant: A forensic accountant is a certifies public accountant whose job is to be responsible for examining financial records and financial accounts that can be used as evidence later.

• Statistician: The job of a statistician is to help companies deciphger quantitative data by analysing data and assessing trends

• Investment Analyst: Investment analysts are responsible for providing financial information and advice to stockbrokers, stock market traders and fund managers.

• Data Scientist: A data scientist develops various machine-learning-based tools to perform statistical analysis and help in the creation of recommendation engines and automated lead scoring systems.

• Quantity Surveyor: A quantity surveyors’ responsibility is to manage the contractual, budgeting and financial aspects of construction projects.

• Business Development Manager: Business development manager communicates product developments to potential clients. They follow up on the progress of marketing strategies and their implementation. Business developments managers are also expected to follow up on new business opportunities.

According to various employee compensation websites in India, the average salaries earned by economics professionals is listed below:

• Actuarial Analyst: ₹59,3182 

• Data Analyst:  ₹40,7704

• Economist: ₹70,8238

• Financial Risk Analyst: ₹516574

• Forensic Accountant: ₹950000

• Statistician: ₹414,372

• Investment Analyst: ₹503762

• Data Scientist: ₹708012

• Quantity Surveyor: ₹520,074

• Business Development Manager:  ₹600964

These compensations depend upon your work experience, obtained skills and area of expertise. This line of work is usually challenging but proves to be the game-changers in many industries. Students who graduate from the best Mba Colleges In Hyderabad are changing the way the world works and adding value and quality to the economy’s dynamics with a degree that is recognised all over the world. More and more industries are now acknowledging the potential of graduate with economics knowledge and valuing the contribution they can make to a businesses’ growth and development.