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Economics As A Career

Economics As A Career

Summary

Economists study the production and distribution of resources, goods, and services by collecting and analyzing data and researching trends. They provide specialist advice to a range of stakeholders and work across multiple domains. With the rapidly globalizing economic scenario, qualified economists are in huge demand not only in India but also across the world. They analyze all the data they have gathered to assess feasibility, do forecasts of economic trends and make recommendations of ways to improve efficiency. The research and analysis of data is done using a variety of software program, including spreadsheets, statistical analysis, and database management program.

How to Pursue a Career in Economics

StreamGraduationAfter GraduationAfter Post Graduation
Path 1
Clear Class XII in Any Stream with/ without Economics as a subject (mathematics is compulsory)Pursue B.A.(H) Economics BBA-FIA/ BMS for 3 yearsPursue Masters in field you want to do specialization in (International Eco etc.)Pursue M.Phil/ PhD/Job
Path 2
Clear Class XII in Any Stream with/without Economics as a Subject (Mathematics is compulsory)Pursue B.A. (H)- Economics/ B.A. (H) in Business Economics/ BBA-FIA/ BMS for 3 yearsPursue Post Graduation in Management/ Any Other Related Discipline for 2-3 yearsPursue Ph.D for 2-3 years/Job
Path 3
Clear Class XII in Any Stream With/without Economics as a subject (Mathematics is compulsory)Graduation + post graduation Pursue M.Sc Integrated Program in Economics for 5 years--

Important Facts

  • Almost every University requires Maths as a mandatory subject in Class XII
  • Must have passed class 12th or Senior Secondary Examination with at least 50% marks including English

Leading Institutes

Top Economics Institutes in India
CollegeLocationWebsite
St. Stephen's CollegeNew Delhiwww.ststephens.edu/ 
Shri Ram College of CommerceNew Delhiwww.srcc.edu/ 
Ashoka UniversitySonepatwww.ashoka.edu.in 
Lady Shri Ram College of CommerceNew Delhiwww.lsr.edu.in/ 
Loyola College (Chennai)Chennaiwww.loyolacollege.edu/index.
Indian Institute of Technology (IIT) - KharagpurKharagpurwww.iitkgp.ac.in/ 
Stella Maris CollegeChennaiwww.stellamariscollege.org/
Hindu CollegeNew Delhiwww.du.ac.in 
Delhi School of EconomicsNew Delhiwww.econdse.org 
Ethiraj College for womenChennaiwww.ethirajcollege.edu.in/ 
St. Alberts CollegeKochi/ Cochinwww.alberts.ac.in/ 
Jadavpur UniversityKolkatawww.jaduniv.edu.in/ 
Fergusson CollegePunewww.fergusson.edu/ 
Ramjas CollegeNew Delhiwww.ramjascollege.edu/ 
Christ UniversityBangalorewww.christuniversity.in 
Presidency CollegeKolkatawww.presiuniv.ac.in 
Madras Christian CollegeChennaiwww.mcc.edu.in 
Top Economics Institutes in the World
InstitutionLocationWebsite
Massachusetts Institute of TechnologyUnited Stateswww.web.mit.edu/ 
Harvard UniversityUnited Stateswww.harvard.edu 
Stanford UniversityUnited Stateswww.stanford.edu/ 
Princeton UniversityUnited Stateswww.princeton.edu/
University of California, Berkeley (UCB)United Statedwww.berkeley.edu/ 
University of ChicagoUnited Stateswww.uchicago.in/ 
London School of Economics & Political Science (LSE)United Kingdomwww.lse.ac.uk 
University of OxfordUnited Kingdomwww.soas.ac.uk/economics
Yale UniversityUnited Stateswww.yale.edu/ 
University of CambridgeUnited Kingdomwww.cam.ac.uk/ 

Economics Entrance Exams

Undergraduate
CollegeTentative DateImportant ElementsWebsite
Ashoka Aptitude TestOctober to JuneVerbal, Quantitative ability and Analytical Reasoningwww.ashoka.edu.in/page/ug-admissions-40 
Christ University Skill Assessment and Personal InterviewDecember to AprilLogical Reasoning, Communication Skills, Written Skillswww.christuniversity.in/humanities-and-social-sciences/economics/ba-economics-honours
BHU Entrance Exam for EconomicsApril/May/JuneGeneral Knowledge, Numerical Ability, English etcwww.bhu.ac.in/social_sciences/economics/ 
Postgraduate
InstitutionTentative DateImportant ElementsWebsite
DSE EntranceMay/JuneEconomics at graduation levelwww.econdse.org/m-a-admission-2017/ 
JNU EntranceMayEconomics at graduation levelwww.jnu.ac.in/SSS/CESP/admissions.htm 
ISI EntranceMayEconomics at graduation levelwww.isical.ac.in/~admission/ 
Madras School of Economics Entrance ExamApril/May/JuneEconomics at graduation levelwww.mse.ac.in/admissions/ 
IGIDR Entrance ExamApril/MayEconomics at graduation level, Maths and English- High School Levelwww.igidr.ac.in/academic-programmes/m-sc/ 
BHU Entrance Exam for EconomicsApril/May/JuneEconomics at graduation levelwww.bhu.ac.in/social_sciences/economics/ 
M.A. Economics (Ashoka University)May to JulyEconomics at graduation level, statistics, mathematics, logical reasoning and analytical abilitywww.ashoka.edu.in/page/ma-economics-43#section-416 
Christ University Skill Assessment and Personal InterviewDecember to AprilLogical Reasoning, Communication skills, Written Skillswww.christuniversity.in/humanities-and-social-sciences/economics/ba-economics-honours

Work Description

  • Advise businesses, governments, and individuals on economic issues
  • Design policies or make recommendations for solving economic problems
  • Write articles for publication in newsletters and academic journals
  • Apply theories and trends to benefit different organizations and industries
  • Review new legislation, like minimum wage requirements or tariffs
  • Provide economic advice to diverse set of stakeholders
  • Carry out Research and analysis of past and present economic issues
  • Analyze data using understanding of economic relationships to uncover trends
  • Prepare reports, tables, and charts that present research results through exhaustive analysis of data
  • Interpret and forecast impact of market trends on business/ economy

Pros & Cons of a Career in Economics

Pros
  • Economics is one of the most sought after career options. With growing economy worldwide, economists are in great demand in colleges and universities, banks, rating agencies, securities firms etc. Some of them can pay an economist in 6 figures. They have a high ability to influence the standard of living of an average man on the street.
  • An experienced & knowledgeable Economist can talk his way out & gain respect from people from all walks of life.
  • An economist is better informed of the complexities in the world.
Cons
  • A career in economics has a wide scope, however, it’s not everyone’s piece of pie. One has to be in the know-about of all economic events happening in the world, be consistent throughout the graduation and post-graduation period and even after his studies are completed.

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