Career in Economics
Economics ranges from the study of individual behaviour to the broader study of the economics of nations. It can help answer a wide range of economic and social questions.
How can we create more incentives for students to complete higher education? Can we change industry behaviour to reduce its impact on the environment? How does globalisation affect economies?
Theoretically rigorous, data-intensive, and research-based, the Bachelor of Arts in Economics at IAR provides the tools to analyze key economic and policy issues facing our society.
The degree combines a solid basis in economic theory with quantitative methods. Students are trained in statistics and econometrics as well as in research methods and statistical software. The development of strong mathematical skills allows students to grasp the modern economic theory and apply economic principles to current day issues. Students learn from faculty who are avid researchers in their area of specialization. The expertise that they bring to the classroom greatly enriches the academic experience.
Growing in popularity these days because of its widespread applicability, Economics as a subject extends from rural studies, statistics, GDP to banking, finance and development. The subject is rich in information, theories and analytics, If these themes intrigue you then you may be a budding economist.
The Three-Year Bachelor of Arts degree programme in Economics (BA in Economics) is a one-of-its-kind graduate programme in India. The programme is academically rigorous and with a focus on interdisciplinary and practical exposure, offered by the Department of Business and Management. BA Economics degree is a great foundation for numerous types of careers and considered as an evergreen subject due to its high utility and huge demand in the job markets apart from economic or finance field as well. Economics is a very important discipline both for a career as well as job point of view. Well-trained economists are in huge demand not only in India but also across the world for a rapidly globalising economic scenario. They are hired as economic analysts, researchers and consultants.
What will you study?
BA Economics is an amalgamation of Macroeconomics, Microeconomics and Statistics which can provide insights related to markets, finance, principles of business, banking, money and the working of our economy. Under these themes lie topics of demand, supply, production, national income, history of the Indian economy, international economics, inflow and outflow of capital, operations of loans, inflation and deflation of currency, rise and fall of prices in the market, GDP, as well as statistics. Since Economics deals with large numbers and data, the importance of statistics is deeply ingrained in the course.
The extensive knowledge of the subject makes you well equipped to understand and analyze trends of demonetization, the impact of Make in India, the introduction of goods and services and tax, the annual budget etc. Summer/winter internship, in alignment with the aptitude and specialisation preference of the students, in banks and financial institutions, corporate bodies, government
departments, policy think tanks and non-governmental organisations.
Salient Features of the Programme
- A 120-credits programme that allows students to progress in the curriculum based on personal capabilities.
- A personalised Bachelor programme that includes flexibility to design a course structure involving core and elective courses in Economics, as well as elective courses from other areas across the University in accordance with career perceptions.
- Built-in flexibility to specialise within Economics or undertake a general Bachelor degree in Economics.
- An opportunity to pursue an internship which is included in total credits.
Students in the Bachelor of Arts in Economics will:
- Learn how to analyse and think independently about issues using an economics framework and data-based evidence
- Gain a sound training in modern economic theory, bolstered by strong skills in mathematics
- Become proficient in statistics, empirical methods and the use of statistical software packages
- Learn to think creatively about topics of their own interest, both within and outside economics, and conduct systematic scientific research in them.
The undergraduate course in Economics offers plenty of career opportunities to aspirants. Banking and Financial sectors and Economics Research Institutes are the major employers of these professionals. The career prospects for economics graduates are many. Numerous fields are waiting for economic graduates both in the public as well as the private sectors.
In the government sector, one may try for Indian Economic Services, Gujarat Public Service Commission, jobs in Reserve Bank of India, Gujarat Economics Services, Gujarat Statistical Services, PSUs and other public sector banks. The private sector also offers jobs for economics 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 a PhD in economics to enter into the field of teaching in colleges and universities.
- Actuarial Science
Actuarial science is an emerging career option amongst Economics graduates. Actuaries use
mathematical skills and statistical methods to determine risk in finance, insurance and other areas. The practical and analytical knowledge embedded by Economics will help you perform in this field with utmost proficiency.
The curriculum of Economics harnesses skills of financial intellect and understanding. If you feel Finance and Banking is your thing, then you can go on to pursue an MBA in Finance and Banking or an M.A in finance or a Chartered Financial Analyst certification after graduating.
- Indian Economic Services (IES), Directorate of economics and statistical office and CSO
Aspirants of civil services who are also blessed with a knack for Economics can target the IES. Economists in this sector play a part in the creation and implementation of development policy and programmes, besides dealing with other areas such as economic
reforms, regulation, price fixation and monitoring.
The combined knowledge of both Economics and Law makes you suitable for careers in corporate law, market research and public policy. After completing your graduation in Economics, you can go forward with a 3-year degree in Law.
- Economics and Its Related Disciplines
Economics being a social science has its roots in a lot of humanistic themes, such as environment, agriculture, political science, etc.
Some of which you’ll also study as part of your course. As a result, you can go on to specialise in any of these interdisciplinary fields:
- Agricultural Economics
- Financial Economics
- Labour Economics
- Industrial Economics
- International Economics
- Business Economics
- Banking Economics
- Environmental Economics
- Developmental Economics
6. Rural Development and Public Policy
The aim of this field is to improve the economic conditions of farmers and marginal groups by implementing changes in public policy. The study of the Indian economy and its operations makes an Economics graduate well equipped to deal with such situations and makes it a perfect career option.
A degree in economics coupled with an MBA opens up doors in various domains of management, including sales, marketing, public relations, human resource management, operations, etc.
A lot of consultancy firms hire Economics graduates as economic advisors to their firms. An economic advisor conducts research, prepares reports, and formulates plans to address economic problems. Problems are mostly related to the production and distribution of goods and services, monetary and fiscal policy.
BA Economics is a vast course that provides extensive knowledge about the practical and technical concepts that run the world.
The subject has given out legends now it’s time your name makes the list even longer. So if anything mentioned above sparks your mind, you should definitely think of going this route!