What then are the advantages? It is widely applicable in all fields; from computers to communication and business to management……… you name the area. It has its uses. A Programme in Economics opens career options in government agencies, business firms, non-profit organisations, and academic institutions. Some of the graduates even enter the accountancy profession and some find employment as managers and administrators in areas such as market research, advertising, sales and personnel.

There are opportunities for advanced professional degree holders in management, finance, law and public affairs. Newspapers provide economics graduates with opportunities to write reports of economic and business events. The demand for economics teachers in educational institutions is growing in India and foreign universities. Financial institutions like the Reserve Bank of India, Private and foreign banks and insurance companies offer good openings to postgraduate degree holders in economics.

Economics students are also recruited directly after graduation by consultancies for Chartered Accountancy and also by corporates for further training and then appointment to junior management posts. Various international organisations like the World Bank, IMF and the International Labour Organisation offer ample job opportunities to well known economists.

Study Abroad: Masters Degree can also be pursued abroad at prestigious universities like Cambridge, Oxford and the London School of Economics.

Govt. Jobs: The UPSC conducts Indian Economic Service Examination every year. Those who qualify may start their careers as Assistant Directors and may rise to the level of Jt. Secretary. Civil Services, also has Economics as a major subject for the entrance examinations held in September each year. The civil services is an attractive option for Economics students who wish to join the bureaucracy. The various Central/State Ministers, Public Sector Undertakings and other Government organisations conduct various types of surveys in their own areas. For conducting these surveys, these organisations employ Research Officers, Statistical officers and Technical/Research Asstts. etc. The Research Assistants are responsible for collection and tabulation of data and the Research officers are supposed to draft the reports. In Central Government most of the senior level Positions are filled through Indian Economic/Statistical Service Examination. Graduates and Post-Graduates in Economics may also appear in various competitive examinations being held by UPSC/ Staff Selection Commission, Banking Service Recruitment Board/ Railway Recruitment Boards and other Undertakings who conduct similar competitive examinations.

Personal traits: Over the years economics has become increasingly mathematical. Thus, an aspirant cannot be successful in this field without mathematics. Hence, he or she is required to possess a good numerical ability to solve problems. Thus, there is more of applied economics now, given its applications. The candidate should possess numerical ability, goods analytical power, excellent communication skills, logical thinking and clarity in thoughts. An education in Economics is tough, demanding, and requires long hours. Highly mathematical at many levels, one must have a basic aptitude for Economics and numbers.

Career: An economics student must read a lot and maintain a file of newspaper clippings as they help in building knowledge. Moreover, each student must ask himself about his aptitude whether he or she is suited for research, teaching or analysis. In accordance with that one should look at his or her ability and then make a career choice. For instance, if one is brilliant and can communicate well, one can go for teaching. But if one wants money, one should think about enterprises and go for management studies. Further, if one is good at public speaking, then a career in the electronic media is the best. But, if one wants to adopt a scholarly approach, then the print media is suitable

Multi – disciplinary studies: There are questions which a student of economics might wish to probe, but answers to which may never become apparent unless other non-economic factors are taken into account. Quite often, economic analysis needs to be tempered with an understanding of social realties and political compulsions. Further more, historical and legal aspects may also need to be taken into account while seeking solutions to what may seem like pure economic problems. A glaring example of this is the challenging problem of bringing down the fiscal deficit, which involves the interplay of economics and politics (of subsidies). An increasing number of people are now shedding the economic blinkers and embracing the multidisciplinary approach.

Choosing the right institution: When a student chooses an institution for higher studies, it is important to bear in mind his own leanings regarding a particular branch. Though we are dealing here with institutions of excellence, it is best to remember that some of these are stronger in respect of certain specialisations vis-à-vis the others.  The names of some of these institutions are by themselves passports to rewarding jobs. Sometimes, students may wish to keep in mind the prospects of campus recruitment too. A word of caution here: Do not blindly go by the names of big institutions. A student registered in an IIT for research in economics, but it had a Humanities Department with few students (and fewer staff members), little scope for stimulating academic interaction, a limited library for economics, and the tertiary status (after engineering and sciences) accorded to the subject – all left her a miserable wreck so much so that she quit the IIT to pursue her studies in an institution which accorded primacy to economics.

Economics and management education: Economics is considered to be a basic discipline for a well rounded management education. Hence, the curriculum at management schools for both the postgraduate and fellow programmes includes courses in theoretical and applied economics. For example, at the IIMA, for students of the two-year postgraduate programme, three economics – related courses are compulsory. For the second - year Post Graduate Programme students the economics area offers three elective courses, namely, Economic Analysis for Business Planning, International Banking and Finance and Project Planning for Industrial Development (which is a course or those students who may decide to become entrepreneurs). For students interested in the application of mathematics for managerial decision making, the area offers game theory and applications.  The Centre for Management in Agriculture (which is the largest centre at IIMA) offers management knowledge to Indian agriculture. The Centre represents a mix of academic disciplines such as economics, management, sociology and agriculture technology. At other IIMs too, economics remains one of the core inputs. This is because there is an economic angle to every aspect of management whether of business, marketing, finance, personnel, human resources or agriculture.

Post Graduation courses: Special Post graduation courses for Economic graduates are in Business Economics, Economic Analysis & Policy, Co – operation, Co – operation Management, Econometrics, Analytical & Applied Economics, Rural Development, Rural Economics & Cooperation, Rural Economics & Farm Management, Mathematical Economics, Population Studies, Bank Management, Banking Co – operation, Banking, Banking and Finance, Marketing Management, International Marketing, Statistical Quality Control and Operational Research, Insurance.