Economics is a domain of social science dealing with the understanding of manufacturing, distribution and usage of goods and services. To be precise, it is the study of how the forces of demand and supply make allocation of scare resources. The progress of a nation stands on the pillar of economics and it plays a crucial role in different aspects of life of people including economical, political and social aspects as well.

Courses in Economics in India:

The names of some of the courses offered in Economics in India at the UG and at the PG level are given below:

• Bachelor of Arts in Economics

• Bachelor of Science in Economics

• Bachelor of Arts in Business Economics

• Bachelor of Arts in Applied Economics

• Bachelor of Arts (Hons.) in Economics

• Master of Arts in Financial Economics

• Master of Arts in Economics

• Master of Arts in Econometrics

• Master of Arts in Business Economics

• Master of Arts in Applied Economics

• Master of Science in Economics

• MBA in Business Economics

• Master of Philosophy in Economics

• Ph. D in Economics

• Ph. D in Econometrics

Career Opportunities in Economics:

Nowadays, the scope of job opportunities for economists has expanded in different sectors like education, business, NGOs and government organizations due to economic liberalization and globalization. Organizations dealing with data collection and interpretations, management consultancy firms and planning commissions recruit economists at lucrative pay scales. They are employed in different positions like:

• Economists

• Economic Advisor

• Econometrician

• Finance Economist

• Economic Analysts

Government jobs for Economics graduates:

Government jobs are always secured as compared to private jobs and when it comes to government jobs for economists, they can find job opportunities in Reserve Bank of India and Indian Economic Service. Taking up Indian Economic Service Examination conducted by the Union Public Service Commission can act as the gateway for a challenging career in government sector for economists. To apply for the Indian Economic Service Examination, candidates should have done their PG Degree in economics/applied economics/econometrics and they must be in the age group of 21 and 30. Some of the government organizations offering placement to opportunities for Economists are:

• Reserve Bank of India

• National Sample Survey

• Ministry of Economic Affairs

• Planning Board

• Planning Commission

When it comes to RBI recruitment, candidates with PG Degree in Econometrics/applied economics/economics and candidates with PG degree in commerce with economics/applied economics as a subject are appointed for the position of Research Officers in Grade B to work for the Department of Economic Analysis and Policy (DEAP).

Private jobs for Economics graduates:

Economics graduates can enjoy lucrative job prospects in the private sector as well since many private firms recruit candidates for Economic Consulting positions. Private organization engaged in consultancy and scientific research offer ample job opportunities for economists. Even private banks and insurance companies recruit economic graduates and if they have good knowledge in commodity market, money market and capital market, they can become investment consultants. Economic Analysts are required in larger number in the growing service industry of mutual funds for making effective investment decision making and therefore candidates with UG/PG degree in economics can find job placements in this field as well.

Thus, a graduation in the field of economics and further higher studies can enable the candidates to enjoy a wide range of career options.