Economics is a social science that studies the consumption, distribution and production of goods and services. Economics is aimed at performance of activities in such a way as to get the best possible benefit by dividing resources like labor, technology, capital, land and raw materials. Economists are professionals in the field of economics, they achieve these objectives of economics by monitoring, and researching of costs of materials, inflation, employment rates, taxation, business trends, exchange rates and demand & supply and based on the results of the researches, they try to develop predictions and find trends.

This sector also offer a wide range of employment opportunities, which has further improved due to consequent merging and globalization of world economy.

Career options in the field of economics:

Among the different branches of social sciences, economics, offer a wide range of career options as compared to any other branches since it is the key for survival of any system framed by the Government. Therefore, the political agenda of each nation mainly include economic issues and economist spend most of their time in execution, debate and political analysis. The different career options available for economics graduates in government sector are given below:

• With the government establishing more and more management institutions inclusive of management studies department in universities, the need for teachers in the field of economics is increasing and to take up teaching positions in universities, candidates will have to clear NET examination conducted by the UGC

• These graduates can also take up research as their career and many government-run institutions like Institute of Applied Manpower Research, National Council of Applied Economic Research, etc… are opening doors for economic researchers

• Even, the Union Public Service Commission conducts competitive examination called Indian Economic Service Exam for recruitment of economist every year

• Economists occupy positions in banks inclusive of Reserve Bank of India, financial institutions and insurance companies as well. Liberalization of economics has also opened up new avenues of economist in industry and business

• Even Agricultural Scientist Recruitment Board recruit Scientist with economics background

• Degree in economics followed by a degree in journalism and mass communication can open up door for economists in the print media sector as well

What can be the remuneration in the economics sector?

In the present age of globalization and liberalization, economists can get a very good pay scale irrespective of the field in which they are appointed. After the sixth pay commission report, salaries for economists has increased in government organization.

Recent job notification:

Recently, the Union Public Service Commission has invited applications from eligible candidates to apply for the Indian Economic Service Examination and Punjab national bank also recruited candidates with economics background for the position of manager. In addition, teaching position in government colleges and universities in economics field frequently arises in the field of economics.

Thus, economics sector offers a wide range of employment opportunities to candidates with graduation and post graduation in the field of economics. They can further improve their employment opportunities by completing higher education in this field.