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Top Careers After BSc (Hons) Economics

Top Careers After BSc (Hons) Economics

Posted on June 25, 2021 by Umer Fayaz  | Academics | Blog

Choosing a career is one of the most important decisions in anyone’s life and it needs to be well thought out. After pursuing higher education, students often are caught in a dilemma about which line of career to choose and economics is no exception. If you want to know which line suits you best, an assessment of your inclination and abilities would be good to start with. An economics degree opens a myriad of opportunities to pursue a career in and some of the rewarding options after your undergraduate degree in economics are:

1. Economist

Economists are experts who study the demand and supply of resources by analysing data and based on that, they help businesses and governments make sound decisions and frame policies. Economists apply both qualitative and quantitative tools within a variety of fields such as healthcare, education, banking, environment, etc. to address an existing issue or develop models for economic forecasting. They are consulted by governments and businesses alike on issues such as taxation, inflation, employment, profit maximisation, etc. Economists are revered for their role in laying a foundation for a successful economy and hence are considered extremely crucial for framing the economic policies of a nation. The average income of an economist depends on the organisation they work for. At the start of their careers, they can earn 5-8 Lakh Rupees per annum and after gaining ample experience they can work with top banks, governments or consultancy firms where their earning potential is substantially multiplied.

2. Financial Risk Analyst

Financial risk analysts play a central role in today’s business world as they identify and mitigate possible risks that might affect earning capacity or success of an organisation in the private or public sector. Performing more like economists, financial analysts predict changes in the market by analysing the current trends and historic data. Based on that, they devise strategies in advance by developing a forecasting model to prevent any losses to an organisation. In addition to that, they advise organisations on what measures to take so as to maximise their profit by leveraging the changes in the market. Making recommendations, liaising with underwriters and insurers apart from working with traders to calculate the risk associated with specific transactions form a major part of the job profile. The average salary for a financial risk analyst is 5-8 Lakh Rupees per annum and the increment in earning potential can be sought by taking up professional certifications and gaining work experience with leading firms.

3. Data Analyst

The role of a data analyst may vary for different organisations, but the core responsibilities remain the same. A data analyst is responsible for maintaining data systems and databases and classifying the same into a comprehensible formats. The job also requires collaborating with programmers, engineers and leaders to identify and implement the possible improvements. In a modern business environment that is heavily dependent on the usage of data to draw meaningful conclusions, the role of data analysts has become extremely important in almost every industry. For this reason, it has become one of the most sought-after career options at the moment. On an average, a data analyst earns 5-6 Lakh Rupees per annum, and it can increase depending on the candidates’ experience, the organisation they work for and their performance over time. Data analysts can choose to upgrade their skillset by venturing into Data Science which is a relatively advanced role.

4. Actuary

Actuarial Science is considered among the less explored careers in the business world. An actuary is a business professional who analyses the financial consequences of risks involved in a business decision. Using mathematics, statistics and financial theory to understand the market trends, an actuary advises an organisation to take calculated risks based on their market analysis. These business professionals work with insurance companies, consulting firms, banks, investment firms and the government as well. Actuaries are in great demand globally and aspirants are banking on this opportunity to chart a career in it. The average salary of an actuary varies for different organisations. Since actuaries can work anywhere in the world with a requisite qualification, which is extremely difficult to attain, the earning potential is decided by the prominence of the organisation they work for, but it is one of the highest paying job roles in the world. This is primarily due to the extremely short supply of Actuaries in today’s day and age.

5. Business Journalist

Until recently, there were not many business journalists in India and very few institutions were offering programmes in Business Journalism. The growth of businesses and the emergence of start-ups have given rise to a more popular branch of journalism which is becoming a career of choice for many aspirants looking to choose a dynamic job profile. Business journalists research, write and publish stories about trends and developments in the business world. This may include giving a brief or in-depth analysis of the market, guidance on investment in stocks, etc. The need for skilled business journalists is on the rise and candidates with sound business acumen and knowledge of economics are a better fit for the job. On average, a business journalist earns 5-6 Lakh Rupees per annum and after gaining experience in the field, the number goes up.

Study Economics from London School of Economics in India

Now that you know what you can do with a degree in economics, it is equally important to know that getting a job in an organisation of your choice is a daunting task unless you have an edge over other applicants. Be it pursuing your Master’s in Economics at a prestigious university abroad or applying for jobs at leading companies, the competition is fierce. The conventional BA degree in economics may not be enough, which is why global leaders in economics education such as London School of Economics are offering a more rigorous and industry-oriented programme – BSc (Hons) Economics.

Is there a way to study the same LSE-led programme in India at a lesser cost? Well yes. Being an affiliate teaching centre of University of London and one of the five Featured Teaching Centres of LSE, Indian School of Business & Finance offers BSc (Hons) Economics programme on the academic directions of LSE, meaning that you get to study the same curriculum as studied by the students of LSE in London. Also, upon completing the programme you receive a degree from University of London, enabling you to be eligible for work and study anywhere in the world. It is no surprise why Dr. BR Ambedkar, Dr. Urjit Patel and Nobel Laureate Dr. Amartya Sen chose to associate themselves with LSE.

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