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What is Economics? Courses, Eligibility, and Benefits

Economics: As a Field of study

Over the years, the field of economics has gained a varied demand among the students. The very transformation that this field entails has led it to be the most sought-after field of study. It essentially involves studying the production, consumption, and distribution of goods and services among the people.

Why Study Economics?

Economics essentially is the study of how individuals, groups, and nations manage and use the resources. It seeks to explain what drives human behavior, decisions, and reactions when faced with difficulties or successes.

Economics as a subject helps us to gain a toolkit of skills, approaches, and ways of thinking that can be applied to a wide range of problems. Economics is one of the central disciplines that encompass the study of business and management and public policy.

Top Advantages of Studying Economics:

Focus on real-life:-  Economic issues influence our daily lives including issues like tax, inflation, interest rates, inequality, and markets. Economics provides answers to varied health, social, and political problems that impact households and communities.

Excellent graduate prospects:- Most students find employment after graduation as economists. An economist may choose to work in numerous industries like government, management, research, etc. Since economists are required in almost every field related to monetary transactions, there is a high demand for graduates in economics. 

Independent & Critical thinking:- Critical thinking is vital in today’s era particularly when the internet is filled with loads of information and fake news. Economists are critical thinkers and their independent thinking allows them to undergo their analysis.

Eligibility for Economics Courses

Those candidates who have passed the intermediate 10+2 examination in any stream from a recognized Board are eligible to apply for a Bachelor’s degree in Economics. Those aspirants who possess a Bachelor’s degree in Economics can apply for a Master’s degree. After successful completion of a Master’s Degree in Economics, the candidate can research the related area.

Courses under Economics

Anyone can become an economist after pursuing an undergraduate degree in Economics. Student can opt for the following undergraduate degrees to begin their career as an economist:

After completing the graduation degree in economics, students can opt for a Master’s Degree through the postgraduate programs in various universities. The student can opt for the following postgraduate degrees:

Doctoral Degree Course in economics: Further, after post-graduation student may continue to the doctoral level degree in Economics or Econometrics

Careers Options in Economics

Economics is an evergreen subject that has a high demand in the economy. The study of economics opens up career opportunities in both the government and private sectors. It provides ample scope and prestigious positions nationally and internationally. Well-trained economists are placed across the government sector (including the Indian Economic Service and Reserve Bank of India Officer), corporate firms, several premier research institutes in India and abroad, international development agencies (like various organizations under the World Bank Groups, United Nations), banking/financial sector and several academic institutions. In the job market, there is an increasing demand for economic analysts, researchers, and consultants.

Top job profiles for Economics Graduates

As the integration of technology is taking place within the realm of economics, manifold job opportunities are opening for economics graduates. Some of the leading job profiles for an economics graduate are:

  • Economist
  • Financial Risk Analyst
  • Investment Analyst
  • Economics Researcher
  • Financial Consultant
  • Risk Investigation Specialist
  • Data Analyst
  • Accountant
  • Actuary

These options are some of the many that make pursuing economics a lucrative career choice.

Written By:- Dr. Preeti Singh, Assistant Professor, Department of Economics, FBSS, MRIIRS

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