Economics is the buzzword in corporate careers

Updated on: Monday, April 20, 2009

Economics, which has been perceived as a traditional social science for decades has emerged as a new gateway for corporate careers in recent years. Growth in sectors such as finance, banking, insurance and allied sectors created a demand for graduates in economics on a great scale.

In the recent years, investment and banking firms are recruiting students from institutions likes Jawaharlal Nehru University, Delhi School of Economics and University of Hyderabad for the same jobs that they had recruited from B-Schools.

“Finance is an area which requires complex mathematical models and knowledge of economics. Banking also needs knowledge of quantification and having knowledge of economy and business is desirable,” explains Naresh K. Sharma, a Reader of Economics at University of Hyderabad. This made the companies to think beyond B-Schools.

The subject also got a great scope for specialisation. From agriculture to international economy, an economist can specialise in many fields of human activity.

Agricultural economics, managerial economics, power economics, economics of public health are a few specialisation areas to name. Its intimate relation with management gives the subject an extra mileage in present scenario. Economics students get opportunity to work in different areas of management, which means a good number of jobs for them.
Top schools

There are quite a few good colleges across the country, which are offering quality education at Intermediate and undergraduate courses in economics.

However, very few institutions stand out in the country at postgraduate level. These are traditionally top schools in India for economic education.

1. Delhi School of Economics, Delhi. (DSE - www.econdse.org)

2. Indian Statistical Institute, Kolkata. (ISI - www.isical.ac.in)

3. Jawaharlal Nehru University, New Delhi. (JNU - www.jnu.ac.in)

4. University of Hyderabad, Hyderabad. (UoH - www.uohyd.ernet.in)

5. Madras School of Economics, Chennai. (MSE - www.mse.ac.in)

6. Indira Gandhi Institute of Development Research, Mumbai. (IGIDR - www.igidr.ac.in)

7. Indian Institute of Technology – Kanpur. (IITK – www.iitk.ac.in)

8. Indian Institute of Technology – Madras. (IITM – www.iitm.ac.in)

9. Gokhale Institute of Politics and Economics, Pune. (GIPE – www.gipe.ernet.in)

10. University of Mumbai (MU – www.mu.ac.in)
Admissions

These are the institutions which admit students on an all-India basis tests. While JNU, DSE, MSE, ISI, GIPE and IGIDR offer either two-year M.A. or M.Sc. programmes in Economics, UoH offers both five-year Integrated M.A. and two-year M.A. programmes. IITK and IITM offer five-year Integrated M.Sc. and M.A. respectively. These institutions issue admission notifications on different dates between February and April. Those interested have to go through the profile of each institute and department since the admission criteria differs from institution to institution.

Students should have quantitative aptitude to take Economics as an option in their postgraduate studies. Intermediate with either MPC or MEC groups will help them have a headstart. Students from other groups can also opt for the subject, provided that they have functional knowledge in mathematics up to class 10. “Students should have quantitative aptitude, logical thinking and a fair understanding of society to become a good economist,” says Dr. Sharma. However, not having mathematics background does not curtail one’s chances to study the subject since it also includes non-mathematical areas such as economic history, political economy and classical economics.
Opportunities

Well-trained students of economics can take up job in fields such as finance, banking, development sector, public policy, social work, journalism, teaching and research. Positions are available both in public and private sectors.

In terms of pay packages, economists command decent packages as they attend similar functions that of an MBA graduate. Economics students also can easily opt for higher studies in development studies, finance, management, development management among others. Indeed, they enjoy a greater preference when they shift to other branches of knowledge.

For more information visit : www.hindu.com

Economics is the buzzword in corporate careers

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