Divya Jain

What is the scope in doing economics hons and also the career jobs related to it?

I am an undergraduate and has an interest in economics. please guide me whether doing economics hons. will be more profitable or doing BBE will be. Also what all are career choices and scope in economics?

by Divya Jain
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6 answers

RE: What is the scope in doing economics hons and also the career jobs related to it?

Preeti Taneja
Preeti Taneja
Verified Career Expert
Head Guidance & Counselling at Project Wisdom, CSR initiative of Canam Consultants Limited, Chandigarh
  • Chandigarh

Post graduate degree holders in economics can find jobs in equity research and other financial services in the corporate sector . The can also render services in rating services as economist in market research organizations, industries etc. They also have an option to work for Indian Economics Services. IES is open to postgraduates in economics who are between 21 -30 years of age. The selection process involves a written examination and viva voce conducted by upsc every year. Research officers in Grade B for DEPR in the Reserve Bank of india are usually hired from among post graduates in economicsw. The section process involves a written examination and interview. Commercial , industrial and public sector industries , international organizations and capital markets are some of the other major employers who hire economists.
Economics postgraduates also have option to go in for research fellowhips and can always take up teaching assgnments in universities, colleges and management instutions after clearing UGC-NET.

RE: What is the scope in doing economics hons and also the career jobs related to it?

Gomathi Venkat
Gomathi Venkat
Verified Career Expert
Managing Director at GV Counseling Group
  • Bengaluru

Hello aspirant

Thank you very much for approaching counsellors at Meracareerguide and i am glad you have taken the right decision at the right stage to contact us. A career in economics is highly rewarding and there are plenty of opportunities in this field as India has a well established economic system and also partners for trade both export and import with many foreign countries. This field has enormous job opportunities and will continue to offer plenty of jobs as far as cash surplus or transactions exist on the earth.

To have a career in economics, or to be an economist, one should have a relevant basic degree in Economics like the BA Economics. You can also choose to study a two year master like the MA/ MSc Economics and then enter work. Economist offers a plenty of roles and it also depends on what kind of economist you are. It varies like food economist, agricultural economist, tourism economist, educational/ academic economist, business economist, financial economist, state government, central, federal economist, law economist, environmental economist, united nations economist, building economist, natural resource economist, health and safety economist, international trade analyst, market analyst, business analyst, market/ business consultant.

As an economist you have options to pursue above roles in the respected sectors. As an economist you are performing as a future manager and decision maker in all areas of the economy where there is cash flow transactions involved.

As said you can either choose to work for one particular sector or in general, could concentrate on only trade within India or between India and foreign countries. A Economist plays a crucial role in taking important decision both in public and private firms. Therefore you can also work in banks, government, corporate companies, embassy, tax office, insurance office, foreign affairs, treasury, assurance, reserve bank of India and law firms.

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RE: What is the scope in doing economics hons and also the career jobs related to it?

manojjnu Kumar
manojjnu Kumar

Dear Friend

Thanks for contacting CareerGuide.com for your valuable purpose. As I foresee the future perspective of your prospective subject economic or bachelor in business economics both are equally approachable in terms of future career goal. At present you are striking the outer surface of ball try to see the internal dynamics and correlate the available inputs at your end what you can contribute to justify the targeted course either economics or BBE. You must be knowing the name of institutes or Universities (e.g. Delhi University, Delhi school of economics) in India those offer you BBE and economics at graduation level. Why I am suggesting you other University because you have not mentioned your current university where you are pursuing degree course. There is a provision of migration at undergrads level you can avail it if the course structure is same or certain subjects are listed in your transcripts till date those are equivalents for both organization.

Anyways I was trying to explain the fundamental aspect to pursue the career in the top rated organization which has international bench marking system to carter a subject which could be accepted worldwide. In order to make the objective very sharp and focused the institutes set the admission criteria stringent so your job becomes tough and labor intensive to crack it. Once you make it to happen then you will top up your bright future with the timed coin of dedication, you will never be into a situation where you will have second thought to change the decision.

Though BBE is preferable over the plan economics honors. BBE includes foundation economics, apart from this BBE is constituted with finance, marketing and personnel which are being revised and modulated with contemporaneity themes worldwide.

Now it is up to you to keep the decision in mind which will be vital for your career, you never take any decision in fancy or with pre-matured references which is available in your surrounding it might be useful and suitable for others but not for you same thing is applicable in reverse order so discuss the matter with your qualified family member who understand the academic requirement in life and can guide you genuinely. Avoid to take any subject as a helping tool rather you understand the subject to extract the best with the help of your teacher.

Best

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RE: What is the scope in doing economics hons and also the career jobs related to it?

Dr. Anand Wadadekar, PhD
Dr. Anand Wadadekar, PhD
Verified Career Expert
Founder & CEO: Discovering Careers India
  • pune

Hello My Dear Economics Aspirant,

I am myself a masters in Economics and reading your query made me feel very excited and there fore to answer your query. Though three experts here have already answered your query in detail and aptly, I would like to give you another view point based on my industry experience of more than five years and of career counselling experience of more than seven years. I am also a professor for economics and there fore I feel, I can also advice you more closely.

Thank you very much for approaching CareerGuide.com for seeking guidance to your career concern.

In understand from your query that you are very passionate about economics and would like to make a career based on economics as a major subject. Economics Hons and BBE are definitely a close options for a career in business and economics.

However, looking at your query, I would strongly suggest you to go for BSc Economics / BA Economics Hons instead of Bachelor on Business Economics. To have an in depth knowledge along with statistics and econometric, I would suggest you to choose the above option instead of BBE.

BBE is a mix course is not hundred percent concentrate on economics, but also teaches you finance, law, etc.

Today, Economics as a stream for specialization has been in very much demand and the job opportunities are very much growing in the private as well government sector companies.

Today, please remember that its not just about qualifying for a course which is enough but from where you qualify that is from which Institute you doa particular course, is very important.

For Economics, I would suggest you to aim for the top Institutes for Economics in India like JNU, Delhi School of Economics, Gokhale School of Economics & Politics or Symbiosis Economics School.

Symbiosis has introduced BSc and MSc in Economics and is a highly challenging and still a wonderful course. Symbiosis gives undoubtedly good placements and their teaching style and curriculum they are famous for in the world.

Economics post graduation would be a must for a stable and growing and confident career in economics field. Banks, Financial Institutions, Mutual Fund companies, Rating agencies, investment companies, global consulting groups, KPOs require economics post graduates every year. There fore the scope if very much there and growing.

Best Luck

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RE: What is the scope in doing economics hons and also the career jobs related to it?

Aparna M Venkatesan
Aparna M Venkatesan
Verified Career Expert
PhD Management And Organizational Psychologist
  • Hosur

Hello

Thank you for choosing Meracareerguide and writing to us. This is one interesting question I have come across. Economics or BBE- Bachelor of Business Economics? Simple, do you like to be involved with running your own company in future or would like to be an advisor/ consultant for companies to run business? If your answer is yes for both questions, choose BBE course. If you find no, then Economics hons course will alone help. I shall say a bit more on this to give you a little more clarity.

Economics: Studying Economics hons will help you to work in any sector that you would like to work with. For example, see the picture below.

Economists

As an Economist you can get involved with Banking to understand the behavior of consumers and industries in opening accounts, closing accounts, using online banking services, using bank lockers, buying gold from bank or selling gold to bank. An economist will explore what causes people to do any of the above, or what causes people to go away from using the bank services. As a health economist, you will understand how health services are effectively functioning and what types of services are people making use of and what other types of health services that people doesn't care to use more. So as an Economist you will advice to reduce the services that people hardly use if the government has allocated more funds for this. As an Economist you can also get involved with the united nations within their various sectors. They will govern countries all together. Next, defense. As an Economist you will analyse if the government is making use of the funds effectively to manage its defense or if the government is implementing less funds on defense care though they actually require a lot. Similarly, for education the economists analyse if the education money is put into effective use, are students making use of the money, are they graduating, are they getting enough lab/ study facilities. As an Economist you can tend to focus on any one sector that interests you and few more examples are being a food economist, tourism economist, trade analyst and gold/ silver analyst.

However the only difference between a Economics hons and a BBE is, with a BBE degree you can only focus on business functions. You will understand how economics affects business and what all you could do to save your business from economical problems. This means you wont usually work for government institutions, for banks, trades, tourism or education. But you will only focus on business and corporate environment. This is a new branch of economics and it is getting highly appreciated in the business world. Finally if you would like to work in corporate, then this course will help.

Good luck.

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RE: What is the scope in doing economics hons and also the career jobs related to it?

Vivek Kumar
Vivek Kumar
Verified Career Expert
Counselor / Subject Matter Expert in Microbiology
  • Meerut

Dear friend, many thanks for your question. Since you are interested in economics and want to make career in economics, therefore first I will tell you something about economics and then its scope all over the globe. Students who read economics can go to become economist, out of the various profession open to them. The economists are those study, research and monitor demand and supply, business trends, employment rates, cost of the materials, and so on in their attempt to make predictions of the course or economy of the business are taking and so on.

Globalization and consequence of merging of economy have widened the career prospectus for economic students in business, education, management, banking and finance, consultancy in government as well as in private companies are some of the fields, in which an economists are in great demand.

A graduate or post graduate in economics can find entry level jobs in banking, finance, insurance, stock market, sales, and marketing and many other fields. The Indian Economic services (IES) and positions in reserve Bank of India (RBI) are excellent options in government sector. In addition to these two organizations, the economist do have large job opportunities in colleges, universities, institutes as lecturer, assistant professor and assistant scientist.

Those who have interest in teaching and research can go for higher education such as M.Phil and PhD and after clearing National Eligibility Test (NET) conducted by UGC-CSIR or by state authorities can go academic fields in universities in India and abroad. The demand of an economist is huge in western hemisphere also.

The degree in economics honors will give you benefits only after acquiring a post doctoral or doctoral degree. After getting proper education, the job opportunities do depends upon the specialization of the economics subject, such as;

Labor Economics; concerned with labor problems, study of the pattern of labor force, their employment and unemployment

Industrial economics is the study of market trends for selling methods, and ways to boost sales, making maximum use of assets and developing desirable markets.

Business Economics; it deals with the analysis of the behavior of firms ion the market and industries and determination of costs and prices.
Rural economics and rural development are closely related to the planning process and socio-development of rural areas.

Econometrics; is one of the significantly important area of the economics combining economic theories expressed in mathematical forms with statistical methods.

Based upon the streams of econmics, interest and qualifications the person will join the any one of private or government sector.

Good Luck..

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RE: What is the scope in doing economics hons and also the career jobs related to it?

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