Economics Career Scope: Jobs, Placements, Salary 2024, Top Recruiters
Akansha BishtSenior Executive
Economics career scope is quite vast in our globalized world. We live in an era where the world has become smaller. There is an opportunity for trade between countries. Economics has become a very important field of study to help expand the growth and opportunities in a country.
Students who choose to pursue a career in Economics can look forward to a promising and stable career with a lot of job options. Students can pursue a career as a financial analyst, investment banker, policy analyst, business strategist, etc. A college fresher with an Economics course can expect a salary of around INR 8–15 LPA.
Students who complete the BA Economics course can choose to pursue higher education in MA Economics and Ph.D. in Economics. Most students choose to work in MNCs, universities, financial institutions, consultancies, etc. Some of the top recruiters after an Economics course are Cognizant Technology Solutions, McKinsey & Company, KPMG Boston Consulting Services, etc.
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Top Job Profiles for Economics Graduates
The Economics language is one of the most popular subjects across the world. Students can pursue so many jobs after completing an Economics course.
Government & Private Sector Jobs after Economics Courses
Students can get a job in both, the government as well as the private sectors after completing an Economics Course. Some of the top careers for economics graduate are listed below
|
Economics Job Profiles |
Job Description |
Average Salary |
|---|---|---|
|
Investment Banker |
Provides financial advice to corporates and helps them with acquisitions and mergers. |
INR 16.7 LPA |
|
Economist |
Analyses and prepares reports for improving the financial situation of a business |
INR 16.4 LPA |
|
Actuary |
Assess the present financial situation and plans for uncertain financial conditions. |
INR 7.5 LPA |
|
Financial Analyst |
Creates financial models that could be beneficial for investors and assesses stocks and investments. |
INR 5.9 LPA |
|
Stockbroker |
Enable the sale and purchase of stocks |
INR 2.8 LPA |
Note - The salaries given above have been taken from Ambitionbox.com.
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Economics Courses: Emerging Trends in Careers
- Behavioral Economics: Behavioral Economics is the study of consumer patterns and behaviors. It is a growing industry as it allows big corporations to understand their target audience and develop products and services that appeal to this targeted group. This can help companies grow and increase their revenue.
- Green Growth: Sustainability is a growing concern across the globe. As most governments change their environmental policies, companies are forced to grow more sustainable in their outlook towards growth, but without the cost of hampering their advancement.
- Technology and Advancement: The advancement in technology has made information accessible at the tip of the finger. This brings a large skill gap between the current workforce and the relevant skills required by companies to grow in an effective manner.
- Development of Smart Cities: Smart cities are equipped with transportation, energy, health, utilities, and governance infrastructures. These cities are essential to enable the growth of the country along with the SEZs, as they boost trade practices and opportunities in society.
Economics Courses Scope in India: Jobs, Salary, and Further Education
There is a lot of scope for students who wish to pursue a career in Economics. Students can choose to work in the creative industry, in education as well as in the hospitality sector. There are many options for Economics freshers to choose from. Read on to find out more about Economics career scope and opportunities.
Core Industries for Economics Career
An Economics graduate can find themselves working in various industries. Students can take a look at some of the commonly chosen job industries for a career in the Economics sector.
|
Economics Core Industry |
Average Salary |
|---|---|
|
Government Organisations |
INR 4 LPA |
|
Financial Institutions |
INR 4.5 LPA |
|
Corporations |
INR 3.5 LPA |
|
Consultancies |
INR 13 LPA |
|
Universities and Colleges |
INR 15.5 LPA |
Note- This info is taken from various sources and may vary.
Economics Course Careers Top Recruiters
The top recruiting companies for students who have completed Economics courses include companies like:
|
Economics Courses Top Recruiters |
||
|---|---|---|
|
Bain & Company |
Boston Consulting Services |
KPMG |
|
McKinsey & Company |
Deloitte Consulting Services |
JP Morgan |
|
EY-Parthenon |
Morgan Stanley |
CRISIL |
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Courses after Economics
There are many students who choose to go for higher studies after completing an UG or PG degree in Economics. You can check some top course options in the table below.
|
COURSE |
DESCRIPTION |
|---|---|
|
B.Ed |
A B.Ed degree equips a student with the necessary skills to enter elementary and secondary teaching positions. |
|
Law |
An academic degree that educates students about citizen rights, governance, legal knowledge, etc. |
|
MBA |
A 2-year professional management degree that instructs students on business management, administration, and operation. |
|
PhD |
A doctorate permits candidates to independently conduct and publish their research. |
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Economics Courses: Top Colleges for Placements In India
There are many colleges in India that offer Economics courses. Some of the top colleges, with the highest average placement packages have been mentioned in the table below:
|
Economics Colleges |
Average Placement Salary |
|---|---|
Indian Institute of Foreign Trade |
INR 26.5 LPA |
IIT Kharagpur |
INR 21.28 - 24 LPA |
BITS Pilani |
INR 18 LPA |
University of Mumbai |
INR 18 LPA |
IIT Bombay |
INR 17.92 LPA |
Xavier School of Economics |
INR 17.1 LPA |
IIT Delhi |
INR 17 LPA |
Note - The info is taken from the official website and can vary.
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Which Economics colleges in India offer good placements?
FAQs on Economics Career
Q. To which job profiles does an RBI Grade B Officer get promoted?
A. RBI Grade B Officer can get promoted to various other job profiles. The promotion is based on the officer’s work performance, seniority and internal exams. These job titles as per hierarchical structure of RBI are as follows:
- Assistant Manager
- Manager
- Assistant General Manager
- Deputy General Manager
- General Manager
- Chief General Manager
- Executive Director
- Deputy Governor
Q. What is the difference between a Financial Analyst and Investment Banker?
A. There are some key differences between a Financial Analyst and an Investment Banker that are as follows:
|
Financial Analyst |
Investment Banker |
|---|---|
|
Analyses and assesses the present financial condition of companies |
Advising companies over investment patterns and outcomes |
|
The job profile requires problem solving skills. |
The job profile requires mathematical skills. |
|
Works in Firms and businesses. |
Works in corporates and can also work with individual clients. |
|
Average Salary - 2 L to 11 L |
Average Salary - 1.9 L to 40 L |
Q. What is the difference between an Economist and an Accountant?
A. The job profiles of an Economist and Accountant are such that they can pursued by students who have completed Economics courses. Both these jobs require one who has a good command over finance, costing and economics. But these profiles vary on the basis of key job responsibilities and nature of job.
- An Economist is concerned with the bigger picture of economic framework and patterns. They have a major role to play in the national and international decision making processes.
- An Accountant has to maintain financial records, prepare business statements and publish reports. They work within the guidelines set by policy makers.
Q. What is Economic Journalism?
A. Economic journalism is a subfield of Journalism. Students who have the knowledge of both Economics and Journalism are needed for this. The focus of this field is to recognize the issues and report the problems to look for solutions to them. It simplifies the complex economic jargons and explains in a way that could be understood without any background knowledge in the field.
Q. Are there any Economics Work from Home jobs?
A. In this digital era, where every field is getting digitalized, the field of economics does not stay behind. There are various job profiles that a candidate can pursue in the field of economics in remote or work from home mode. Some of these jobs are listed below:
|
Economics Work from Home Jobs |
Average Salary |
|---|---|
|
Content Writer (Business Category) |
2.4 LPA - 3 LPA |
|
Subject Matter Expert |
2 LPA – 2.5 LPA |
|
Online Economics Tutor |
3 LPA |
Q. How to apply for an internship at NITI Aayog?
A. Given below is a step-wise procedure that explains the application process from internship at NITI Aayog:
- Go to the official website of NITI Aayog and check the Internship Section of the website.
- Read carefully the “NITI Internship Scheme” and “Instructions to fill the Online Application Form”.
- You can apply for internships during the first 10 days of every month.
- Submit the forms before the last date.
- Check the website again to see the status of your application.
Q. What is the highest salary of an Economist in various sectors?
A. The highest salary of an Economist may differ on the basis of the company. However, the senior level Economists are known to get high salaries based on their experience.
Given below are some of the main sectors that provide job opportunities to an Economist, along with the average salary -
|
Sectors employing Economists |
Average Salary of Senior Economists (in INR) |
|---|---|
|
Banking |
22.8 LPA |
|
Financial Services |
21.4 LPA |
|
IT Services & Consulting |
16.0 LPA |
|
Management Consulting |
15.4 LPA |
|
Analytics & KPO |
12.8 LPA |
Q. What is the difference between a Stock trader and a Stock broker?
A. Both of them have to deal with stocks only. Stock Traders are salesmen who buy and sell stocks to gain profit. Stockbrokers are middlemen who work with clients and buy and sell stocks on their behalf.
Q. What are the Group A Government jobs under the Ministry of Finance?
A. Ministry of Finance is an important Ministry under the Government of India. Many Economics graduates wish to work in various Departments under this Ministry.
Given below are some of the top services under the Ministry of Finance under which there are various designations:
|
Ministry of Finance Group A Services |
|
|---|---|
|
ICAS |
Indian Information Service (IIS) - Group A |
|
IDAS |
Indian Economic Service (IES) |
|
IRS |
Central Excise Service (CES) |
|
Indian Audit and Accounts Service (IA&AS) |
Indian Cost Accounts Service (ICoAS) |
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Anything you would want to ask experts?Answered a month ago
Yes, Chandigarh University allows students in the Liberal Arts programme to combine subjects like Economics and Political Science. The course structure is flexible and designed to encourage interdisciplinary learning. For example, students take core courses such as Economy, Politics and Society and
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Check below institutes -
- Mumbai University
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Answered a month ago
MSc Economics course offered by Economics Department, University College London, recorded a career outcome rate of 94.2%. Following are the finer details:
- Salary: £42,184 (average) and £38,000 (median)
- Location: UK (67%), Overseas (26.4%), EU (6.6%)
- Industry: Consultancy, Accountancy & Financial Servi
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At IILM University, Gurugram, the BBA programme is carefully designed to maintain a balance between heavy theoretical subjects like Economics and more practical, application-oriented ones like Marketing. The curriculum is structured in a way that foundational courses in economics, accounting, and qu
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Binghamton University offers an MBA in Economics programme through the School of Management, which is designed for individuals planning to learn about business principles and disciplines. The curriculum includes electives like Business Analytics, Finance, Leadership, Consulting, Management Informati
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Answered 2 months ago
The Uni of Zurich Master of Management and Economics combines Business Administration and Economics. Students are going to learn how to run a successful company and how to interpret developments of the economy as a whole. Additionally, students are going to deep dive into the economics, personnel ec
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Answered 2 months ago
More than 75 recruiters participated during the Delhi School of Economics placements MBA (HRD) during 2024. Check out the table for reference:
Particulars | Placement Statistics (2023) | Placement Statistics (2024) |
|---|---|---|
Companies visited | - MBA (HRD): 60+ | - MBA (HRD): 75+ |
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Answered 2 months ago
BCom Honours is an undergraduate programme typically lasting three years, although the duration can vary depending on the institution and country. The programme is designed to offer an in-depth study of subjects related to commerce, accounting, economics, and business law.
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Does Chandigarh University allow combining economics and political Science in Liberal Arts?