By Amlesh Kanekar
After a prolonged slump, India’s job market is returning to its pace with a growth of 6% this year. The initial phase of the pandemic induced an economic slowdown across nations. While the economy is recovering, the impending recession has forced more companies to take preventive measures. This, in turn, has increased the demand for skilled economists. From healthcare, finance, logistics, and trade policy to educational sectors, almost every industry is strengthening its team with experts in economics.
Increasing scope of economics experts
In the post-pandemic world, a post-graduate diploma or a degree in economics offers many career opportunities. Currently, economic experts employed by consulting firms, financial institutions, government organisations, the World Bank and IMF, non-governmental organisations (NGOs), and major technology companies play a crucial role in overcoming financial obstacles and developing data-driven solutions.
In addition to aiding in career growth, post-graduation in economics is also financially rewarding. In India, the average annual salary of an economist with experience ranging from two to twelve years is Rs. 17 lakh. For individuals who are skilled with numbers and understand the movements of the financial markets, it undoubtedly adds value to a professional’s skill-set.
Adds to their technical capabilities
Today, data is an integral part of developing business strategies. It has led to an increase in demand for economics specialists who analyse data, conduct surveys, and monitor company progress. As a result, a majority of specialised economics programmes include topics like development economics, macroeconomics, and emerging new-age technologies such as Fintech and Big Data. While equipping individuals with an in-depth understanding of how internal and external forces impact a particular industry, having economics-centric technical knowledge also improves recruitment prospects.
Equips professionals with analytics skills
Post graduation in economics enhances mathematical and statistical abilities. It strengthens professionals’ analytical skills, allowing them to apply economic principles and build business models in finance, banking, and the public sector. In nearly every industry, data analysis facilitates the development of expansion and market growth strategies, as well as the improvement of current processes. Primarily, economic experts collect data to identify ongoing and potential trends for making strategic business decisions. Additionally, economics courses also help professionals derive insights from behavioural science and psychology, which are in great demand across industries.
Enhances their problem-solving skills
Careers in banks, insurance companies, accountancy firms, financial organisations, and public policy require specific knowledge of economics. These business segments involve financial risks and have to frequently take decisions on optimal utilisation of resources. In addition, both corporations and governments are required to make crucial financial sector investments. Herein, professionals with expertise in economics help chart business plans and strategies. They even aid organisations in policy formation.
Conclusion
In the wake of ongoing global economic shifts, industries in almost all segments are arming themselves with best-in-class strategies to ensure growth and minimise the effects of an impending recession. This opens up multiple opportunities for professionals with specialisation in economics. A course in economics equips individuals with insights into different business aspects, namely finance, business, international trade and development. With the ever-changing global political climate, the job opportunities that require analytical, technical and financial skills are set to witness a massive upswing.
However, make sure the institution you select for your postgraduate education in economics offers practical, industry-relevant education that includes new-age job skills in data science and data analytics.
The author of the article professor, director of academic programmes, Meghnad Desai Academy of Economics. Views expressed are personal.
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