Economics is a really useful academic discipline and it can also be called as a social science. In economics you will get to study the aspects like consumption, distribution and production of goods and services in an economy. There is no doubt about the fact that the field of economics in very wide in coverage. But if you always wanted to be an economist then you will face no hardships in your academic journey.
Economics can be segregated into different branches like micro economics, macroeconomics, international economics and developmental economics. There are various other classifications as well like positive economics, behavioral economics, applied economics, normative economics etc. Thus, there is a lot to learn in this academic stream.
Let’s have a discussion about the career prospects related to economics
The main question that ponders in the minds of students is that whether economics will prove to be a good choice for their careers or not. If you are doing graduation or post-graduation in economics then you must be having the same thoughts as well. In this case you should completely relax your nerves because there are a lot of career choices based on the field of economics.
Economic experts are needed in various fields like finance sector, health care, government departments, business houses, educational departments etc. So, if you thought that the scope of economics is limited on the career front then you are absolutely wrong. There are various kinds of career options and you can choose any specific field as per your interest.
These are the career options for the field of economics –
- Economic consultant
Economic consultants are needed by various kinds of industries. Such consultants are required to interpret various economic scenarios and for that they have to use their research and analytical skills. By being an economic consultant you can help the companies to improve their overall economic performance. Economic consultants are experts in assessing economic damages and they know how to analyze the industrial trends.
There is a lot of demand for actuaries in the current times. Such professionals have great knowledge about statistics, economics and mathematics. Generally insurance companies look for actuaries as they can help in interpreting the occurrence of various kinds of insurable events. After pursuing economics majors, a lot of students prefer to become actuaries. In order to be an expert in this field you must know how to analyze risks.
- Economics professor
If you really love teaching then you can think about becoming an economics professor. For this you will have to study really hard. You will have to complete graduation, post-graduation and PHD in economics. The study span is long but you can get an impressive job after qualifying the degrees. Teaching profession is highly respectable and the pay scale is also good.
- Economics reporter
There are many news channels and newspapers that need economics reporters. So, if you can research about economic developments, industrial trends, companies, business changes, financial markets etc. then you can think about becoming an economics reporter. Your ideas must be original and you should possess the ability to present things in a right manner.
- Market research analyst
For being a market research analyst you must have the knowledge that how various industries tend to perform under different economic conditions. You should be able to interpret that how demand and supply of products and services affect various market segments. Economics majors can provide a strong foundation for becoming a market research analyst. In this field you will have to analyze the data in an in depth manner and the results must be quantified for exact interpretation.
- Compensation Manager
After pursuing economics you can plan to become a compensation manager. It is basically HR based field but economics will really help you to pursue this kind of profession. You will be required to assess the pay structure, employee benefit schemes; trends in the labor market and demand supply for various job positions. By being a compensation manager you can help the organization with the HR policies, in deciding the pay packages for employees and laying a strong foundation for employees’ related schemes.
- Environmental economist
Environmental economists are required by various types of organizations. Such professionals hold the mastery in analyzing different kinds of environmental implications. Environmental economists have to analyze a lot of data and their decisions can help in preserving and protecting the environment.
- Economic officer in government department
Time and again you will see the vacancies for economics officer in government departments. For securing such a job you will have to qualify a special test. Economic officers have to do a lot of tasks like analysis of foreign exchange, market interpretation, preparation of detailed reports, interpretation of economic data, suggesting the improvements in fiscal policies, reviewing various kinds of economic reports, providing feedback on various economic decisions etc.
- Financial advisor
After studying economics you can become a financial advisor. You can work with a company or you can setup your own office. You will have to guide the people and organizations about taxes, economic benefits, loans, mortgages, insurance schemes, best investment portfolios etc. So, if you want a field that is a mix of economics and finance then you can definitely think about becoming a financial advisor.
- Policy analysts
Policy analysts are required in government as well as private organizations. In such a job you will be required to assess various issues like international trade policies, internal trade policies; health care policies, tax based policies, environmental policies and much more. Policy analysts are required to conduct in depth research and to present meaningful conclusions. The findings of policy analysts can prove to be really useful for taking the right decisions.
- Credit analyst
A lot of economic experts prefer being credit analysts in multinational organizations. The micro economic and macro-economic analysis should be really strong for becoming a credit analyst. You will have to do the assessment regarding risk factors, economic trends, risk profiles of clients, interest rates, industrial trends and various other aspects.
- Security trader
If you really love gathering information about the financial market then you can think about becoming a security trader. For this purpose economics degree can help to a great extent. You should possess the knowledge about derivatives, stock, commodities, fund exchange etc. You can work as a broker or as an executive with a security trading company.
These are some of the main careers related to the field of economics but in reality there are many more choices apart from these. Your prime focus should be to find out that which field suits your interest. You should always choose a career that you love and by getting the knowledge about various fields you can take a sensible decision.
What kind of mentality one should have while pursuing a career in economics?
In the present times it is seen that almost every student thinks of becoming rich after completing the academic degree in economics. This kind of approach is wrong. There is no doubt about the fact that money is really important in life. But there is no quick rich scheme when you are trying to pursue a career. No matter which career you choose but your focus should be on learning.
There is always a demand for experienced and knowledgeable economists in various fields. So, your focus should be to brush up the knowledge level and gather as much experience as possible. If you will possess the necessary skills then nobody can stop you from succeeding.
In the initial phase of your career you may get a small job like trainee or junior executive. But you should always remember that it is just the beginning phase of your career, so, you would have to take baby steps initially. You can get better job positions once you gain the necessary experience. You can even switch to other industries once you have gained the prerequisite knowledge.
Thus, don’t have a false perception that you will reach the top of the ladder in the initial phase. It may take a certain time to be successful but if you are determined to learn and to understand the things from a practical perspective, then you will surely see a massive jump in your career. After gaining experience not only the job position will become better but you will also get a good salary package.
What problems you may encounter while pursuing economics?
You may encounter various problems while pursuing economics and here is an idea about them-
- Widespread syllabus
The syllabus in economics is really widespread. You may not get an idea that how to complete the vital topics and concepts on time. Thus, if you really want to score excellent grades in economics exam then you should learn time management skills.
- Confusing theory portion
The theory portion in economics is highly detailed and sometimes it may lead to confusion. Many times you will think that the concepts are similar but in reality they may be not. In order to get rid of this confusion you must have the right interpretation skills.
- Pressure of homework and assignments
You will often get economics homework and assignments. It can be a really tough task to deal with them. You may face a lot of problems while interpreting the intricate questions. Stringent submission deadlines can make the situation worse.
- Lengthy and difficult exams
Many economics’ students complain that the exams are very lengthy and difficult. It might be the same case with you as well. In this case the best solution is to practice beforehand. If you will do sufficient practice then you won’t face any hurdles in the examination.
- Complicated projects
Your professors will surely assign you economics projects and such projects can be really complicated. You will have to put in original ideas and in case of plagiarism the entire project may get rejected.
These are some of the main problems you may experience while pursuing economics. If you know how to put in efforts in the right direction then you can surely overcome all these obstacles. Practice a lot, pay attention during the lectures, learn time management techniques and focus on concept clarification. If you will follow these simple tips, then economics will appear to be a really easy academic discipline.
The need for professional guidance
Sometimes you may feel really stuck with the economics concepts and topics and in such a scenario professional help may be required. Economics is not a simple academic stream. Thus, if you will ask a layman for academic help then all you will face is disappointment.
In the present times there is a great demand for online academic services. Thus, if you are badly stuck with any of the economics concepts then you can surely contact an online expert. Online professionals are having master degrees and PHDs in the field of economics. They will surely understand your problems and you will get the best solutions on time.
Availing online help is a very simple process. You just need to submit the questions online and in return you will get original solutions before the promised date and time. The rates are affordable and the services are open 24×7.
Thus, there is no wisdom in remaining stuck with the academic tasks. If you are unable to cope up with the academic pressure then avail professional help as early as possible.
Here you have got various kinds of details like the meaning of economics, career choices related to economics, the problems that one may face during the academic journey and the reasons for availing professional help. Now it’s up to you that how you perceive this academic branch. In reality nothing is that difficult. If you really love economics then you can surely excel on the academic front and a bright career would be waiting for you.
Michelle Johnson is an immensely experienced and knowledgeable professional in the field of Economics. She is a PhD researcher in Field of Economics form Teachers College, Columbia University. Since a very long time, she has been providing online tutoring services to economics’ students. Her blogs provide a genuine insight into the field of economics and she is always ready to provide academic support in an unparalleled manner.