These days, a career in economics is a very rewarding option for students. An economics degree can help develop specific analytical skills, enabling you to successfully enter multiple industries as a professional economist or as a professional such as a market research analyst, policy analyst etc. with an eye on economics. With economics as a subject, you can prepare forecasts for companies, study the latest industry trends and labour market fluctuations, all of which are very useful for them.
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A degree in economics will enhance your employability in many areas, and make you attractive to employers in a wide array of industries. Popular career paths for economics graduates include:
As you can see from the above list, an undergraduate degree in economics leaves your options wide open in terms of careers, allowing you to branch out into many different allied areas. This is normally done by pursuing a discipline-specific Master’s programme from India or overseas. In the case of Finance and Management careers, one has the additional option of pursuing a Master’s in Business Administration (MBA), which serves as a good platform for these.
The advantage of Economics as a field is that it is heavily analytical and quantitative too. This is an asset in today’s increasingly data-driven world, for any of the careers mentioned above, including traditionally qualitative careers such as marketing, operations and other management careers. Digital marketing, the fastest growing subset of marketing, is almost entirely data-driven today, and someone who is averse to numbers can have a significant Achilles’ heel compared with competition. Similarly, operations efficiency can be increased manifold through data analysis – even if a manager does not do this herself, she should feel competent to analyse the results presented to her by the data analyst or scientist.
One only needs to look at B-school recruitment demographics to find testimony to this trend. Why do nearly two-thirds of all MBA entrance exams – GMAT, CAT, XAT, etc. – require analytical work? And why do engineers represent the largest cohort in any batch of a top Indian business or management school? The answer lies in the quantitative skill-set, which has always been valued by the job market as a signal of problem-solving, logical-thinking ability, and which is now increasingly precious due to the use of data to improve decision-making. Being one of the most quantitative disciplines among the social sciences, Economics thus equips its graduates with adequate statistics, mathematics, rigorous modelling frameworks and also the consumer psychology angle which helps compete with those from qualitative disciplines.
The range of careers available to an economics degree student makes it one of the most promising options in today’s globalised world. The BSc (Hons) Economics programme at ISBF stands out among the available programmes for Economics, for it is as rewarding as it is rigorous. While it may broadly be likened to the BA (Hons) Economics programme offered commonly in India, this is actually a world-class programme wherein the entire curriculum, assessment and grading for the programme comes from The London School of Economics and Political Science (LSE), ranked 6th in the world for the subject of Economics.