Economics is important for our life in different ways. It is that one plays an important role in all aspects of our life includes social, political and even our day-to-day living.
What is Economics?
The term economics comes from the Greek word ‘oikos’ (means house) and nomos (means custom or law), hence economics is ‘rules of the house (hold)’. Economics deals with the study of production, distribution and consumption of goods and services. Economics is defined as the study of allocation of scarce resources among unlimited ends. That is to use the scarce resources to obtain the maximum possible satisfaction of the members of the society.
Being a branch of social science, economics has application in different fields like government, society, business, finance management, education, family, health, law, etc. A person who specialize in this subject are called economist.
Economics is divided into two branches: Macroeconomics and microeconomics. Macroeconomics studies sees the economics in a broader sense like world’s economy or a nation economy. Microeconomics studies the behavior of specific sectors of the economy, such as companies, industries or households.
Roles and Responsibilities of an Economist
As of many cases the job responsibility of an economist depends on the position, organization and field of work. The role may include data collection, analysis, interpretation of data, project management, economic survey, field survey, project planning, future forecasting, etc.
Educational Qualification Required
Minimum requirement for a career in economics is graduation of equivalent. Further they can go for post-graduation and increase their qualification with an M Phil and or with a PhD with emphasis on Economics.
Skills and Knowledge Required
A good economist will have good knowledge in different aspects of economics. Along with this to become a successful economist one must possess problem solving skills, knowledge in mathematics and statistics, knowledge in trends, numerical ability, logical thinking, analytical skills, interest in political and social activities, communication skills both in oral and written, project management skills, presentation skills, team management skills, etc.
How to become an Economist?
One can become an economist by getting Bachelor or Master’s degree in Economics which is offered by almost all universities. The courses offered are B.A. or B.A. (Hons) or BSc. in Economics or equivalent courses. Further the study can be continued with M.A. or MSc. in Economics. M Phil and PhD courses are also offered by many universities in development studies with emphasis on economics. One can also specialize on different specializations mentioned above.
Different Specializations in Economics
Depends upon the field it applies economics is known in different terms. So one can specialize in such fields. Some of them are as follows:
Managerial Economics / Business Economics
Where do I get the Job?
The scope of economics as a career is widened in this globalized and liberalized economy. Economic analysts, finance economist, econometrician, economic advisor or consultant are most demanded career in these days. All economy and organizations required economic analysts, business analyst for data collection and interpreting for their success. The need for economist in NGOs working in the field of developmental activities are also provides good scope.
Job opportunities are available in governmental, public sector, private sector and for NGOs. Financial sections like banking also offers a good career for an economist. A good opportunity as a career in teaching also available in different levels. Jobs are available in specialized sections mentioned above for various qualified candidates. With added degree in mass media can offer good job opportunities in media as economic journalist.
Those who want to get good career in governmental sector in Economics can appear for Indian Economic Service (IES) exam conducted by UPSC (Union Public Service Commission). Reserve Bank of India (RBI) also conducts different exams to appoint economists in banking sector.