Careers in Economics – The Hindu

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For economics students wondering what careers to pursue, here are some ideas

For economics students wondering what careers to pursue, here are some ideas

We’ve heard that economics has a lot of scope, but students studying the subject seem to wonder what they can do after they graduate. Here are some answers to this question.

Finances and investments

Jobs abound and are expected to grow, as investments, fintech, and blockchain-based transactions explode. Economics prepares you to create models for a situation in a rational way – at what price to invest in this security, when does this investment become profitable, how much should I pay for a high-risk asset, how should I evaluate the goodwill of a company that I acquire, etc. Students with a bachelor’s degree in economics can add skills in econometrics, finance and accounting or data analysis to their CV to be eligible for such roles with investment banks, private equity firms, accounting firms and financial institutions.

Stock and company research

Economics also gives the student a perspective on how macro systems work in the world and how other industries and government policies impact a business or stock, or the impact of a change in one country to another. For example, the impact of rising energy, food and crude oil prices in Europe following the Russian-Ukrainian war. Students can research specific stocks, industries, or even countries as potential investment opportunities or destinations. These roles are available from consulting firms, investment banks, and think tanks.

Econometrics and data analysis

Econometrics uses statistical and mathematical analysis to analyze economic phenomena. They may use tools such as frequency distributions, probability, regression and correlation analyses, simultaneous equation models and time series methods to analyze existing data and predict future trends. This opens up business jobs in marketing analysis, supply chain and inventory analysis, inventory trends and investment analysis, or policy analysis. For example, they may work on predicting inventory or commodity price trends from past data, or the impact of fertilizer subsidies on farm incomes. Additional skills required include basic computer languages ​​and tools such as Python, R, Stata or others.

Public policy

It means working to formulate broad-based policies that promote social good. Typically, a public policy professional will specialize in an area such as environmental policy, poverty, education policy, health policy, trade policy, or foreign policy. Within each are other specializations such as water sciences in the environment, child nutrition in health, and conflict in South Asia in foreign policy. A public policy professional may work with government, think tanks, or NGOs.

Behavioral economics

Behavioral economics combines elements of economics and psychology to understand how and why people behave the way they do in the real world. Students can work in universities or other academic settings or in areas of marketing, marketing research or human resources such as organizational design, learning and development and helping organizations promote positive employee behavior. employees, increased engagement in the workplace and even greater customer satisfaction.

Economic environment

Environmental economists help governments and businesses design appropriate environmental policies that promote growth while protecting the environment. For example, how can a government offer tax incentives and even grants to encourage companies to use green energy? Or how can companies buy carbon credits on international markets if they exceed their carbon emission limits? Or how can recycling be made economically viable? Alternatively, you can combine environmental economics with finance to specialize in private equity and investment banking transactions with companies building new businesses and clean energy projects , recycled products or environmentally friendly packaging.

If none of this is your thing, consider teaching. Anyone with a degree in economics can add higher level degrees to teach at the school, college, and university levels, depending on how many students want to study the subject.

(With contributions from Romie Malhotra)

The author is the founder and CEO of Inomi Learning, a Gurugram-based career and academic counseling company. [email protected]

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