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Career Opportunities for Economics Graduates

S.Senthamarai,Assistant Professor in Economics,

Holy Cross College, Trichy.

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ECONOMICS – Queen of all Social Sciences

• Economics is a prestigious subject of inquiry.• Economics is the only social science which is

awarded the Nobel prize, as funded by the Bank of Sweden (1968).

• Economics is fundamentally about choice behaviour -- about how individuals, families, firms and governments deploy their scarce resources so as to maximize the economic well-being of their stakeholders.

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Skills an Economics Graduate develops

Comprehension Communication Computation Writing Statistical Analytical Intellectual Inter-personal

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Possible avenues

• Public Sector• Private Sector• Non-Governmental Organizations

(NGOs)

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Public Sector

• Ministry of Economic Affairs (55)• (Indian Economic Service (IES))• Reserve Bank of India• National Sample Survey• Planning Commission• Research Institutes• Colleges and Universities• Schools

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IES

• Formulating and implementing economic policies and programmes of the country.

• formulation of suitable plans, policies and measures for the effective utilisation of material, financial and human resources.

• Inter-ministerial services (55 ministries), State Government and Regulatory institutions. (finance, social sector, rural development, education, health, agriculture, industry, trade, transport, and information technology)

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IES

• Direct recruitment to the IES is on the basis of an all-India open competitive examination, called the IES Examination, conducted by the UPSC.

• Between 21 years and 30 years• A candidate must possess Post-graduate

Degree in Economics or Applied Economics or Business Economics or Econometrics from a recognized University. 

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IES: Scheme of examination

• The IES examination is structured into: (i) Written Examination [consisting of papers viz. General English (100 marks), General Knowledge (100), Economics Paper-I (200), Economics Paper-II (200), Economics Paper-III (200) and Indian Economy (200)]; followed by (ii) Viva-voce (200).

• Economics Papers-I, II and III include mainstream Economics topics such as Microeconomics, Macroeconomics, Public Finance, International Economics, Monetary Economics, Growth and Development, Econometrics and Environmental Economics.

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IES (hierarchy in service)

• Assistant Director• Chief Adviser• Senior Economic Adviser • Additional Economic Adviser• Deputy Economic Advise• Senior Research Officer

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RBI

Since 1935, headed by 23 Governors15th : Dr.Manmohan singh23rd : Dr.Raghuram Rajan

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RBIDepartment of Economic & Policy Research

• The Reserve Bank of India has a rich tradition of economic research. Its Department of Economic & Policy Research (DEPR) :

• Studies and analyses the basic issues and problems (both domestic and international) affecting the Indian economy;

• Serves as a primary source of data and information relating to aspects of the Indian economy, such as,

• Prepares monetary and credit aggregates, balance of payments and external debt statistics, internal debt and government finance statistics, and flow-of-funds and financial saving.

• Renders advice/assistance and offer its views in the realm of economic policy formulation and in shaping monetary, banking and financial policies; and

• Prepares the Bank's economic publications.

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Research Officer in Grade ‘B’ (DR) for Department of Economic and Policy Research (DEPR)

• Research Officers in Grade B for Department of Economic Analysis and Policy (DEAP)

• I) Educational Qualifications (as on 01.05.2011) :• Essential : i) A Master's Degree in Economics (with any area of

specialization ) with a minimum of 55% marks or an equivalent grade from a recognized Indian or Foreign University / Institute OR ii) A Doctorate Degree in Economics with Master's Degree in any subject with a minimum of 55% marks or an equivalent grade from a recognized Indian or Foreign University / Institute.

• Preferential/Desirable Qualification: Research or teaching experience in Economics or publications in standard journals would be considered as an additional qualification.

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‘Specialist Adviser (Research) in Grade-F’ for Department of Economic and Policy Research in RBI

• 2. Eligibility Criteria (as on 01.08.2014):• (i) Age: The applicant should be between 35-50 years of

age. In case of PWD candidates, age relaxation as per extant Government of India instructions, will be provided.

• (ii) Requisite minimum Educational Qualifications (as on 01.08.2014):

• (a) A First Class Post Graduate degree in Economics with a minimum of 60% marks or an equivalent grade, in aggregate of all semesters / years.

• (b) Ph.D. in Economics from a reputed institution.

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• In the government sector, one may try for Indian Economic Services, jobs in Reserve Bank of India, PSUs and other public sector banks. All these jobs have wonderful career options. These jobs give you social prestige along with financial stability. Private sector also offers jobs for economic graduates in the fields like private banks, MNCs, BPOs, KPOs, Business journals, and newspapers. A good opportunity is also waiting for economic students in higher education. One can pursue Ph.D. in economics to enter into the field of teaching in colleges and universities.

• One makes a successful career as a Corporate Lawyer after BA in economics followed by LLB. BA in economics and MBA placed one at a better position in the private sector. Economic Journalism is another shining area for job perspective.

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• The various fields are offering better job opportunity after passing BA or MA in economics. Some of the high demand sectors are given below where job prospects are huge.

• Accounting• Auditor• Banking and Finance• Insurance Investment• Marketing• Stock Broker• Media Analyst• Management• Manufacturing• Advertising• Communication• Actuarial• Education and Research• Retailing• System Analysis

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• 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).

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Read more here: http://entrance-exam.net/what-are-the-career-opportunities-in-economics/#ixzz3CjGKZ3fA

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• Those who obtain higher qualification in economics can find entry level jobs in banking, finance, insurance, stock markets or share broking, sales and marketing and so on. Government enterprises, public sector companies, investment firms, business journals, newspapers and television news channels are among the prospective employers.

• The Indian Economics Service (IES) and positions in the Reserve Bank of India are excellent options in the government sector. The Union Public Service Commission, New Delhi, conducts the IES examination every year.

• Postgraduates in economics in the age-group of 21-30 may apply. Graduates below 30 years of age can take the Civil Service examination.

• Career opportunities in research are also available. Those who qualify in UGC-NET and take a doctorate degree can reach higher positions in the research and development field.

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• ‘Specialist Adviser (Research) in Grade-F’ for Department of Economic and Policy Research in RBI.

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‘Specialist Adviser (Research) in Grade-F

• Eligibility Criteria (as on 01.08.2014):• (i) Age: The applicant should be between 35-50 years of

age. In case of PWD candidates, age relaxation as per extant Government of India instructions, will be provided.

• (ii) Requisite minimum Educational Qualifications (as on 01.08.2014):

• (a) A First Class Post Graduate degree in Economics with a minimum of 60% marks or an equivalent grade, in aggregate of all semesters / years.

• (b) Ph.D. in Economics from a reputed institution.

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NSSO• planning of the survey

• Formulation of sample design

• Drawing up of schedules of enquiry 

• Formulation of concepts and definitions

• Preparation of instruction manual for survey field work

• Training of field and data processing personnel on survey methodology

• Formulation of scrutiny check points

• Drawing up of tabulation programme 

• Preparation of survey reports 

• Analysis and presentation of survey results and

• Undertaking studies for the improvement of survey methodology

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NSSO

• The NSSO has four divisions

1) Survey Design and Research (SDR) 2) Field Operations Division (FOD 3) Data Processing 4) Economic Analysis.

• Field Investigators• Age Limit – Minimum 21 Years to Maximum 40 Years• Selection Process – Written Examination, Computer Application Test and

Interview Merit List• Educational Qualification – The candidate should have Bachelor degree with

Statistics or Economics or Mathematics as one of the papers at degree level from any recognized University and Knowledge of computer applications like MS office etcetera.

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Planning commission

Young Professional for Research Centre, HRD Division, Project appraisal and management division, Financial resources division, social justice and social welfare division etc.,

Research associates in various divisions.• Essential qualification: A strong technical background with a

Bachelor’s or Master’s degree in engineering/Computer science/ Economics/ Statistics/ Mathematics/ MBA.

• Strong analytical writing, communication and presentation skill.

• Knowledge of computer application

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Research institutes

• Institute for Social and Economic Change(ISEC),Nagarabhavi P.O., Bangalore 560 072, Karnataka

• Madras Institute of Development Studies (MIDS)

• Centre for Development Studies (CDS) Thiruvananthapuram, Kerala.

• Gokhale Institute of Politics and Economics, Pune (GIPE), Maharashtra.

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• The Center for Economic and Social Studies (CESS), Hyderabad.

• Institute of economics growth (IEG), New Delhi

• Indian Institute for Population Studies (IIPS), Mumbai, Maharashtra.

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Colleges and Universities

Educational qualification• Minimum of 55% in P.G programme• NET/SLET/SET• Ph.D. holders exempted from clearing

eligibility tests

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Teachers in Schools

Minimum educational qualification• Master’s degree Programme• B.Ed.Other criteria:• Employment registration• Appear for a written test by TRB• Teaching experience

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Other competitive exams

• UPSC: The major role played by the Commission is to select persons to man the various Central Civil Services and Posts and the Services common to the Union and States (viz. All-India Services).

• RRB• SSC• IBPS• TNPSC etc.,

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Private sector• Accounting• Auditor• Banking and Finance• Insurance Investment• Marketing• Stock Broker• Media Analyst• Management• Manufacturing• Advertising• Communication• Actuarial• Retailing• System Analysis

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Private sector.

• Private organization engaged in consultancy and scientific research offer ample job opportunities for economists.

• Outsourcing• Off-shoring• In-sourcing.

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• Selection Procedure: Selection will be through interview only. A preliminary screening of the applications will be carried out for making, if necessary, a short-list of eligible candidates to be called for the interview. Hence, merely fulfilling the minimum requirements laid down for the post would not automatically entitle any candidate for interview. The place and date of interview will be advised to the short-listed candidates in due course.

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• http://www.upsc.gov.in/• http://www.ies.gov.in/