Economics Career Scope: Jobs, Placements, Salary, Top Recruiters
Shruti TiwariContent writer
There are many career options after Economics course that candidates can pursue in India. Economics is considered a good career path for those who have logical, mathematical and accounting skills along with good communication skills. The average salary of an Economist in India ranges between INR 2.5 LPA to INR 38 LPA.
Candidates can seek job opportunities either through campus placements or through applying on job portals. Some of the top colleges that provide good placement opportunities to Economics graduates are IIT Roorkee, Symbiosis School of Economics and IIT Kanpur.
Economics courses offer the opportunity to candidates to work in various sectors such as Government Agencies, Financial Institutions, Corporations, Consultancies and Educational Institutions. The various job profiles in which Economics graduates can be employed are Investment Banker, Economist, Actuary, Financial Analyst and Stockbroker. Some of the top recruiters of Economics graduates are Bank of Baroda, HDFC Bank, Alice Blue, Paytm Money, Deloitte Consulting Services and Axis Bank.
Economics graduates can apply for government jobs such as Accounts Auditor, PGT Economics, Indian Economics Service Officer, SBI PO and RBI Grade B Officer. They private sector provides a broad range of career opportunities in various job profiles such as Policy Analyst, Financial Planner, Insurance Underwriter, Statistician and Market Research Analyst.
- Why Choose Economics?
- Top Economics Careers
- Economics Scope in India
- Top Recruiters for Economics Courses
- Top Economics Colleges Placements
- How to get a job after Economics Course?
- Top Indian Cities to Get Lucrative Economics Jobs
- Economics Jobs in the Government and Private Sector
- 8.1 Economics Jobs in the Government Sector
- 8.2 Economics Jobs in the Private Sector
- FAQs on Economics Career
Why Choose Economics?
There are several reasons due to which candidates prefer to pursue their education in Economics. Some of these reasons are mentioned below:
- It has a wide range of applications from one’s daily life to the working of nations.
- India is home to a large banking sector that provides job opportunities to many with the knowledge of economics.
- There is a growing number of Consulting firms that offer jobs to candidates who can provide financial guidance and analysis to business organizations.
- Acquiring command over economic concepts can help candidates set up their own ventures and become entrepreneurs.
- The average salary of an Economist in India is 4 LPA.
Top Economics Careers
Economics graduates are sought after in many sectors. They can choose the job profiles based on their interest, preferences caliber and scope of the Economics job. Some roles can be based on policy framing while others could be based on analysis and research. Each role offers a unique experience and plays an important role in any nation.
Given below are some of the top job profiles that can be pursued by Economics graduates along with a brief description and average annual income:
Economics Job Profiles |
Job Description |
Average Salary (in INR) |
---|---|---|
Investment Banker |
Provides financial advice to corporates and helps them with acquisitions and mergers. |
16.7 LPA |
Economist |
Analyses and prepares reports for improving the financial situation of a business |
16.4 LPA |
Actuary |
Assess the present financial situation and plans for uncertain financial conditions. |
7.5 LPA |
Financial Analyst |
Creates financial models that could be beneficial for investors and assess stocks and investments. |
5.9 LPA |
Stockbroker |
Enable the sale and purchase of stocks |
2.8 LPA |
Economics Scope in India
Economics graduates get the opportunity to work in job roles that help to provide solutions to major economic issues faced by the organization. The candidates who work in the government sector get the opportunity to use their knowledge of Economics to serve the larger society.
- Government Organisations: Economists play a major role in the functioning and development of a nation. They address various economic problems thus improving everyone’s life. The average salary of a government employee is INR 4 LPA.
- Financial Institutions: Investment Companies, Credit Unions, Banks and Insurance Companies provide job opportunities to Economics graduates in various job profiles. The average salary of an entry-level Banker is INR 4.5 LPA.
- Corporations: Economics graduates can work in corporates and MNCs. They work to improve the business functions and performance. The average salary of an entry-level Corporate employee is INR 3.5 LPA.
- Consultancies: Having command over the subject of economics and having good statistical skills can help them use it for consultancy. The average salary of a Consultant is INR 13 LPA.
- Universities and Colleges: Academia is said to provide a large number of jobs to Economics graduates. Those who have completed their master's degree can work as Assistant Professors, whereas those who have a PhD can work as Professors. The average salary of a Professor is INR 15.5 LPA.
Top Recruiters for Economics Courses
There are many companies and government organizations that provide employment opportunities to Economics graduates. Some of these companies may participate in college campus placements whereas some others may have their own recruitment process.
Given below are some of the top recruiters for Economics graduates:
Economics Recruiters |
|
---|---|
NITI Aayog |
Kotak Securities |
Bank of Baroda |
HDFC Bank |
Alice Blue |
Paytm Money |
Deloitte Consulting Services |
Axis Bank |
Delhi School of Economics |
Shri Ram College of Commerce |
Top Economics Colleges Placements
College campus placements are job opportunities offered to students in their final year of college. The Economics placement sessions are conducted in several rounds such as Aptitude rounds, written tests, group discussions and interview. The placements after the Economics course are a great opportunity for graduates to begin their careers.
Given below are some of the top colleges that offer good placement opportunities for Economics graduates along with average fees and average salary:
Economics Colleges |
Average Fees (in INR) |
Average Salary (in INR) |
---|---|---|
IIT Roorkee - Indian Institute of Technology |
12 K - 10 L |
12 - 22.54 LPA |
Symbiosis School of Economics, Symbiosis International, Pune |
5.1 L - 9.92 L |
8.9 - 20.8 LPA |
IIT Kanpur - Indian Institute of Technology |
12 K - 8 L |
16.86 - 19.2 LPA |
Sarla Anil Modi School of Economics, NMIMS, Mumbai |
4.04 L - 9.75 L |
5.5 - 19.2 LPA |
NMIMS School of Business Management, Mumbai |
11.95 L |
19.2 LPA |
How to get a job after Economics Course?
There are several ways to secure a good job opportunity after completing an Economics course. Given below are some step-wise guidelines that can help Economics graduates to establish a career in the field of Economics:
Step 1: Start from basics: Refer to school-level economics books if required. Doing so would provide better subject clarity eliminating the scope of conceptual doubts in basic Economics.
Step 2: Read college-level or university-level books. Candidates are advised to refer to those books which are industry-relevant and are covered under the core subjects of the Economics course curriculum.
Step 3: Pursue Certification courses relevant to the job profile, for example, a Certificate course in Modeling and Simulation. Candidates can also pursue online Certification courses in economics.
Step 4: Refer to the resumes of entry-level Economists in reputed companies and check the skills required for those positions. Also, refer to the job responsibilities mentioned in job advertisements.
Step 5: Economics college students can appear for campus placements and graduates can apply for jobs on online portals. Get feedback from interviewers and work on improvement.
Candidates can also refer to :
Top Indian Cities to Get Lucrative Economics Jobs
The salaries offered in various cities vary due to many factors. Candidates can build a good career in Economics in many cities across the length and breadth of India. Given below are some of the top Indian cities along with the average salary of Economics jobs in those cities:
Name of Indian City |
Average Salary (in INR) |
---|---|
Delhi NCR |
7.4 LPA |
Chennai |
8.4 LPA |
Hyderabad |
9.87 LPA |
Bangalore |
5.2 LPA |
Kolkata |
4 LPA |
Economics Jobs in the Government and Private Sector
There are many government organisations and private companies that provide Economics jobs to deserving candidates. There are different procedures to get an Economics job based on the organisation offering the job, the job profile and the location of the company.
Economics Jobs in the Government Sector
To secure a government job, an Economics graduate is required to appear for and qualify for various competitive exams. These exams are usually conducted in multiple stages and only those candidates who have cleared the cut-off for the final round can secure these jobs.
Given below are some of the Economics government jobs along with Economics government job salary:
Economics Government Jobs |
Average Salary |
---|---|
Accounts Auditor |
2.4 LPA |
PGT Economics |
4.8 LPA |
Indian Economics Service Officer |
6.73 LPA |
SBI PO |
6 LPA |
RBI Grade B Officer |
19.7 LPA |
Economics Jobs in the Private Sector
The private sector provides more job opportunities to Economics graduates compared to the government sector. It also provides opportunities to work in different job profiles that have been created as per the industry's requirements.
Given below are some of the Economics private jobs along with Economics private job salary:
Economics Private Jobs |
Average Salary |
---|---|
Policy Analyst |
7 LPA |
Financial Planner |
7.3 LPA |
Insurance Underwriter: |
7 LPA |
Statistician |
5.8 LPA |
Market Research Analyst |
5.6 LPA |
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. The job profiles of a Financial Analyst and an Investment Banker are popular among candidates who have pursued Economics courses. Professionals working in both these job profiles have similar nature of job. However, there are some key differences between a Financial Analyst and an Investment Banker which 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 Annual Salary: 2 LPA to 11 LPA |
Average Annual Salary: 1.9 LPA to 40 LPA |
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 candidates who have completed Economics courses. Both these jobs require candidates who possess command over finance, costing and economics. However, 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 sub-field of Journalism. As the name suggests the field requires candidates who possess the knowledge of both Economics and Journalism. The primary aim of this field is to recognize the issues in the field of Economics and report the problems in order to seek 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. A candidate who has completed Economic courses can become and Economic Journalist. The average annual salary of an Economic Journalist is 7.75 LPA.
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. These jobs are flexible in nature and provides the opportunity to look for jobs beyong geographical limitations. 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 (Economics) |
2 LPA – 2.5 LPA |
Online Economics Tutor |
3 LPA |
Q. How to apply for an internship at NITI Aayog?
A. The full form of NITI Aayog is National Institution for Transforming India. The candidates pursuing undergraduate and postgraduate courses can apply for internship in NITI Aayog under the NITI Aayog internship scheme. Given below is a step-wise procedure that explains the application process from internship at NITI Aayog:
Step 1: Visit the official website of NITI Aayog and go to the Internship Section of the website.
Step 2: Read carefully the “NITI Internship Scheme” and “Instructions to fill the Online Application Form”.
Step 3: Candidates can apply for internships during the first 10 days of every month.
Step 4: Fill in the necessary details and submit the application form.
Step 5: Revisit the website to check the status of acceptance.
Q. What is the highest salary of an Economist in various sectors?
A. The highest salary of an Economist may vary depending on the company. However, the senior level Economists are known to get high salaries based on their experience and expertise in their domain.
Given below are some of the main sectors that provide job opportunities to an Economist, along with the average salary of senior-level Economists:
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. The job roles of a Stock Trader and Stockbroker are often used interchangeably from the common man’s context. However, these job profiles differ from each other in many aspects such as job responsibilities and primary goals of the job. Stock Traders are like salesmen who buy and sell stocks to gain profit from changes in the market. The average salary of a Stock Trader is INR 3.4 LPA. Stockbrokers are middlemen who work with clients and buy and sell stocks on their behalf. The average salary of a Stockbroker is INR 2.8 LPA.
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 aspire to work in various Departments under this Ministry. They can secure Group A jobs under the Ministry of Finance by qualifying for various competitive examinations such as UPSC CSE, UPSC IES etc.
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 |
|
---|---|
Indian Civil Accounts Service (ICAS) |
Indian Information Service (IIS) - Group A |
Indian Defence Accounts Service (IDAS) |
Indian Economic Service (IES) |
Indian Revenue Service (IRS) - Income Tax |
Central Excise Service (CES) |
Indian Audit and Accounts Service (IA&AS) |
Indian Cost Accounts Service (ICoAS) |
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Student Forum
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The course curriculum include core topics related to the field of Economics. PES University BSc (H) Economics is a four-year course, which is divided into eight semesters. Students enrolled in the course have to go through an internship as well. Additionally, a dissertation also has to be submitted.
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Beginner-Level 5
Answered a week ago
Yes, you may opt for Economics as the Paper 2 Major for UGC NET if your UG is in B.A. Economics and your PG in MBA HR and Marketing. The UGC NET paper 2 gives a flexibility to the student to select his subject accordingly based upon his academic record.
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Contributor-Level 8
Answered a week ago
No, it is not necessary to have studied economics in high school to be eligible for studying economics at the undergraduate level.
Eligibility Criteria
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Contributor-Level 7
Answered 2 weeks ago
The core courses are subjects that are important topics of the chosen specialisation. Students have to study these subjects as there is no choice given for preference. Candidates can check below core courses of LSR BA in Economics programme:
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Beginner-Level 4
Answered 2 weeks ago
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Beginner-Level 5
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Here are some entrance exams for pursuing graduation in statistics or economics in India:
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The University in Southampton, Delhi BSc in Economics admissions are conducted online. Candidates must visit the official website of University of Southampton, Delhi to access the application form for the same. The University gives admission for BSc in Economics on the basis of merit, wherein, the c
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Contributor-Level 6
Answered 2 months ago
Economists undertake studies, write reports, and assess matters pertaining to fiscal and monetary policy. They might also gather and examine statistical information. According to Bureau of Labor Statistics the median annual wage for economists was $115,730 in May 2023. Some job roles and estimated s
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Contributor-Level 10
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Candidate who wish to take CPGET for an MA in Economics must study the topics provided below -
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What is the syllabus of PES University BSc (H) in Economics course?