What are the job prospects in the field of economics?

The scope of economics as a job opportunity is endless. Economics is basically the distribution and use of natural and man-made resources by society. Generally, it shows how society manages physical and human resources.

Furthermore, it analyses the needs of society and gives the way forward to achieve all those physical and human needs of people. In addition, it presents the know-how of supply and production chain management.

Economists help in the overall growth of society and their main aim is to bring equality in the distribution and use of resources among the various sections of society.

Moreover, economics analyses societal problems such as inflation, unemployment, recession, and stagnation which hinder the growth and development of society, and gives the solution for tackling these problems.

Economics as a career option provides a number of well-paid and reputed jobs that also instills a sense of working for a change in society. By pursuing a career in economics, you can work for the personal and overall growth of mankind. There is an endless scope of economics in the world.

Table of content

What Are The Job Prospects In The Field Of Economics?

7 Best job prospects in the field of economics

1. Economist

2. Accountant

3. Tax Economist

4. Financial Consultant

5. Researcher in Economics

6. Product Managers

7. Investment Banking Analyst

Conclusion

Frequently Asked Questions (FAQs)

Economics is a high-value income sector of the world that is ever-growing and prospering. Evidently, its value is only going to increase over the years, facilitating job opportunities and stability.

Here are the 7 best jobs for economics majors students that incorporate high pay, and great satisfaction in life!

7 Best Job Prospects of an Economic Majors

1. Economist

Most evidently, the profession of an economist is the foremost and best job opportunity in the field of economics.

The practitioners and professionals in the segment of economics are commonly known as economists.

The main function of an economist is the research and analysis of market data and formulation of policies that solve various business problems. This is one of the best jobs for an Economics Major.

Additionally, economists create various financial models and analyze the factors which affect the growth of the business. They study data and statics in order to spot trends in economic activity, consumer attitude, and economic confidence levels.

Various tools used by economists to solve these problems are statistical analysis, mathematical aptitude, communication skills, etc.

As a matter of fact, some of the famous economists of the world are Adam Smith, Amartya Sen, Karl Marx, Milton Friedman, John Maynard Keynes, etc.

2. Accountant

A very common yet quintessential job for an economics major is that of an accountant.

A professional who conducts accounting activities including audits, financial statement analysis, or accounts research is known as Accountant.

They maintain the exact receipts and expenditures of various bodies including firms, corporations, and the company either private or public.

Furthermore, in India, Chartered accountancy is offered by the Institute of Chartered Accountants of India (ICAI) which is located in Noida. These accountants are certified accountants and they can certify an organization’s financial statement and they are liable for any misconduct.

Evidently, accountancy is one of the most reputed and highly-paid jobs in the world. With the emergence of various start-ups and tech companies, the requirement for accounts has risen enormously.

3. Tax Economist

The job profile of a tax economist is extremely valued and popular among jobs for economic majors. As a result, this makes it a suitable job career for aspiring students with an economics degree.

The main job of the tax economist is conducting research, preparing reports, and formulating plans to address economic problems related to fiscal policy or the production and distribution of goods and services at the state or local level.

Moreover, a tax economist studies the ongoing tax policy and various types of economic issues. Consequently, he/she gives the best tax policy.

In addition, a tax economist also studies the socio-economic impact of various public tax policies. He/She gives a report on how the tax policy affects the lives of people and in what way it can be made more effective and efficient.

4. Financial Consultant

A high-paying job prospect for people with an economics degree is the highly valued profession of a financial consultant.

After all, every financially aware person is looking for a financial consultant in this money-oriented world.

A financial consultant sometimes referred to as a financial advisor gives advice to the client on various segments such as taxes, investment, insurance, retirement, and other planning, proposals, and pricing changes.

Generally, they help the customer in better management and use of their money. They help clients to achieve their long-term and short term financial objectives by providing them with the best financial plan.

Besides, they study the financial policies and the economic condition of the market and on the basis of them, they suggest to their clients with best financial plans.

Students having a decent knowledge of economics with skills such as good analysing power, excellent numerical ability, good communication skill, listening skill, and statistical knowledge can easily become financial consultants, which is one of the best job for an economic major in the market.

5. Researcher in Economics

Another popular job profile for an economic major includes that of a researcher in economics.

Researchers in economics work for the betterment of society by collecting and analysing financial, political, and socioeconomic data and conducting surveys for tackling problems related to the production and distribution of goods and services. They provide cost-benefit analysis of various legislation, policies, and laws.

In addition, economic researchers provide latest, authentic, and refined economic data, presentations, and technical reports. They also write economic journals, periodicals, and national and international reports.

All students aspiring to become a researcher in economics must possess a sound economic degree with some additional qualities such as strong analytical skills, command of statistics, and solid research skills.

Notably, researchers in economics help in economic forecasting and planning by developing statistical and econometrics tools.

6. Product Managers

Product managers form one of the most interesting and growing job prospects in the field of economics.

After all, the successful completion of the project in any organisation depends upon the planning and the leadership provided by the project managers. They help the organisation successfully complete the project from start to end.

Evidently, the project manager plans and develops the project. He looks after the execution of the project. He tackles the various and varied problems which arise during the execution and resolves them with his intellect and innovation.

The project manager looks after planning, budgeting, monitoring, as well as reporting the project with the help of different project management tools such as blockchain and lean six sigma.

Moreover, the project manager acts as a bridge between upper management and the actual project executioner.

7. Investment Banking Analyst

Lastly, an investment banking analyst is one of the best jobs for an economic major.

An investment banking analyst helps traders, organisations, fund managers, brokers, etc. by providing them with the best research and analysis for investment. They conduct various research and studies and find the best investment policy in accordance with current economic conditions.

Furthermore, an investment banking analyst monitors industries and organisations for their valuation and other important financial information.

The ability to research and evaluate, innovation, teamwork, strong numerical ability, and quantitative aptitude, excellent communication skills are some of the various skills required in order to become an investment banking analyst.

Conclusion

Summing up, the scope of economics as a career presents endless options such as economist, financial risk analyst, economic researcher, investment analyst, product manager, financial advisor, economics teacher, supply chain analyst, and many more.

Notably, these jobs for economic major are one of the best-paid and reputed in the country. By pursuing a career in economics, you can work for a change in society.

Economists help in the growth, prosperity, and development of society by providing analysis and reports on various financial issues and gaps. They help society in tackling these problems.

Evidently enough, several jobs in economics can be achieved by pursuing a degree in economics with some additional qualities such as good communication skills, excellent numerical ability, quantitative skills, and statistical knowledge.

PW (Physics Wallah) makes this pursuit of career opportunities in economics easy and accessible by offering the most well-structured, affordable, and effective courses in economics and certain other related fields as well.

Also Checkout: Top 10 Career Options in the Field of Commerce

Frequently Asked Questions (FAQs)

1. What is the best job for an economic major?

Ans: The scope of economics is very wide. It provides various job opportunities such as that of an economist, accountant, investment analyst, financial analyst, tax economist, financial consultant, and many more.

These are one of the best-paid and reputed jobs in the country and thus, they are also considered the best jobs in economics.

2. Is economics a good career choice?

Ans: Yes. There is no doubt that economics is a good career choice. There is wide scope of economics. It offers several job opportunities in various sectors of the economics field.

For instance, by pursuing economics, students can become economists, investment bankers, product managers, investment analysts, economic researchers, etc.

Furthermore, economics is a high-paying sector. Notably, Chartered Accountant is one of the highest-paid job profiles in the country.

3. Can I get a job after BA in economics?

Ans: Yes. You can get well-paid and reputed jobs after doing a B.A. (Bachelor of Arts) course in economics. There is wide scope of economics. Some of the jobs that you can get after a BA in economics include job profiles of Financial Advisor, Investment Analyst, Product Manager, Economist, Economics Teacher, and many more.