Given India's rapid integration into the global economy, the demand for officially qualified economists in business has been steadily increasing for several years. These "market economists" are in high demand across a variety of industries, including banking, financial services, and insurance, data analytics,public policy, consulting, and research.  India is the world's fifth largest and fastest expanding economy, surpassing France and the United Kingdom 2019. The current Indian administration is committed to making the country a $5 trillion economy by 2024 through a variety of reforms and rigorous measures aligned with RBI regulations. People with specialized economic knowledge will find a variety of job options as the economy grows.

A majority of students choose economics as one of their undergraduate degrees after graduating from high school. This course has a high cut-off for admittance to elite institutions, and the eligibility standards are extremely tough, requiring strong arithmetic skills. A decent Economics degree would equip you with the tools and cognitive processes necessary to function comfortably and productively in the majority of these fields. The typical income isn't particularly high, but with the appropriate opportunity, you can make a lot of money.

The best thing about having an Economics degree is that it allows you to pursue your interests in a variety of ways. Worst of all, there are just too many options to choose from.Data analysis at MNCs, teaching, and banking and finance are all obvious options for you. You'll have no trouble finding work, and you'll make a good living. If things don't interest you and you don't have a specific goal in mind, it can be perplexing because you'll have a lot of useful talents that a lot of people need, but no idea where you'd enjoy or benefit from using them.

Development is one such industry that is in desperate need of your abilities. Yes, the term "development economics" comes to mind, doesn't it? With an economics degree, you might work on a variety of issues that directly affect millions of people throughout the world. You could work in any of the following areas: Children, population, women, refugees, water and sanitation, health and hygiene, environment,education, community development, sustainability,agriculture, growth and employment, and so on.

"No complaint... is more prevalent than that of a paucity of money," stated Sir Adam Smith, the father of economics.

Money plays a significant role in people's life, and the best approach to increase your earnings is to understand and explore your employment options. A bachelor's degree in economics opens up a world of profitable prospects in a range of fields, some of which are listed below:

Auditor

Working for financial consulting firms would be a requirement for this career. You'd be in charge of auditing various businesses' financial statements and accounts. The acquisition of information about financial records is the most important component of their job. They also compare them to make sure they're accurate, legal, and presented equitably. In order to do so, auditors must collect information from company employees and management. They are well-versed in the company's policies and processes. They also look at transactions as they are reported in the financial press. In India, this is one of the most common job prospects for economics graduates. This may increase competition, lowering the chances of securing a job. It's even a well-paying job.

Actuarial Analyst

Companies that deal with high-risk operations, such as insurance, frequently hire people with this job description. In the vast majority of cases, they continue to work on a specification. This will make it easier for them to find work in the future. A BA in Economics will help you in your key professional activities, such as data analysis, if you decide to pursue a career as an actuarial analyst. They then evaluate risks and, as a result, policy premiums that must be decided in order to achieve a fair deal. You will be able to work independently if you accept this role. You can also work in a group with specially designed tools and programmes to improve the efficiency of your work and analysis. As an actuarial analyst, you'll conduct research to obtain relevant data, interpret it, and report your results. MS Excel and other software tools will be used to compute pricing for complex functions. You'll also be creating reports in order to compile and track your data. This could probably be one of the best jobs for economics graduates.

Economic Consultant

The knowledge of Economics, mathematics, and statistics are the three cornerstones of an economic consultant's career. An economic consultant's major responsibility is to do research into the client's economic situation with the goal of reconstructing the firm and closing the gaps that prevent it from growing. The consultants' work description necessitates that they keep a careful eye on the economy and its newest trends, as well as how any changes may influence firms directly or indirectly. For example, consider a shift in government policy and how it may impact business. Economic consultants must have good analytical skills in order to generate the best results for their clients, as their work can have a huge impact on the entire company. It is one of the most coveted job tracks for economic graduates and those with extensive economic knowledge, and it can propel you to the top of business organisations in a short amount of time.This is one of the best-paying jobs in the world, therefore it's something you should think about. Your employers would be financial institutions, commercial and state companies, and research institutes. 

Financial Risk Analyst

You can work as a financial risk analyst, which is equivalent to an actuarial analyst, after receiving a bachelor's degree in economics. However, the analysis sections and underlying domains differ amongst the employment roles. You'll work for insurance companies, trade associations, and the government. You might even work in a subject that requires hedge fund analysis. Their primary purpose is to neglect risk management in order to prevent having a negative impact on financial decisions that directly affect profit margins. A financial risk analyst can handle four different types of business decisions in general. The four categories are credit, operational, regulatory, and market. Each of these people contributes to the company in their own special way. You'll make suggestions for mitigating any potential dangers or risks that may develop as a result of the company's decisions. as a risk analyst in the financial sector to stay current, you'll also forecast market trends and keep an eye on them. You'll also keep an eye on them and think about the consequences of all affecting factors. You'll also collaborate with traders and identify risks to keep the ball rolling toward more earnings.

Financial Manager

As a finance manager, you will be required to work in a variety of public-sector organisations. You'll have to help them achieve their financial objectives. After graduation, you can pursue a career in economics. It's because you'll be well-versed in quantitative analysis. You'll be able to write reports and present them effectively as well. These analytical talents will be backed up by good social skills. This will also benefit individuals who are natural leaders. It will aid in the development of a mutually beneficial relationship with the company in the field. Making financial reports, formulating plans, and overseeing investment operations will all be part of your responsibilities. Your goal will be to enhance the company's revenue. Because earnings must be increased, every business need a financial manager. Preparing financial reports for the organization would be part of your job as a financial manager. It will also entail verifying the legality of financial transactions and other facts. You'll also be in charge of personnel in the company's finance or budget division. When necessary, you will also offer advice. You'll also be tasked with identifying expansion or acquisition prospects.

Subject Matter Expert

With so many instructional websites these days, you can become a Subject Matter Expert if you have knowledge in the topic. Online companies pay highly for your work, and it's also one of the finest ways for freelance teachers to make a living. Because of the theoretical understanding required, a BA in Economics broadens the scope of this career. The majority of these jobs need serial teaching, which allows you to set your own schedule and work in between tasks. This is why it is a viable option to pursue even while completing your bachelor's degree. You can work when it's convenient for you, and it's not too strenuous or time-consuming, so you won't be distracted from your task.Because this is a remote work, you will not be required to commit to a certain place or time frame. As a result, you'll have a lot of freedom in that regard.

Economist

If you enjoy study, research and analysis, you should consider becoming an economist. You will be able to grasp producer and consumer behaviour extremely efficiently if you have a solid economics background and a deep interest in the economic functioning of the businesses and market in general. You'll like designing strategies, creating economic projections, and advising your clients through various presentations and reports, focusing on themes like energy costs, interest rates and inflation etc.

Manmohan Singh, Adam Smith, M.G. Ranade,Karl Marx, Amartya Sen, and a slew of other economists are among the most well-known figures in human history, and your name has a strong chance of joining them. An economist's job path is not only the safest, but also the greatest, given your professional and educational experience in economics.

Personal Financial Advisor

A Personal financial advisor or planner’s main responsibility is to arrange investments and manage money in such a way that the principal is maximised. It is simply a number game, and people who enjoy number games and are interested in economics and finance will find it both tough and gratifying. Investing, Budgeting, and tax-saving techniques for clients are all part of the counselling function, as is changing the approach based on market conditions. This profession also entails serving as a financial educator to all clients who rely completely on your abilities and expertise to make their own financial decisions.Many people believe that a financial advisor's job is solely to manage your stock portfolio and execute deals. A financial planner's scope of work extends beyond investments to include all aspects of personal finance, from earnings to investment, as well as the use of insurance and tax-saving strategies.

Teaching

A teacher's job requires no introduction and is often regarded as one of the most honourable professions in the world. Because economics is such a vast field, it can be found in almost anything. Economic studies can be separated into two categories: teaching and research. Teaching begins in high schools and continues through colleges, while research is more of an advanced level of learning in which experienced professors from prestigious colleges and universities guide students and research fellows through the study of various economics concepts, methods, and applications. Young prospective students with a passion for teaching and an interest in advanced research concepts can become economics professors in good universities across the country after obtaining a necessary teaching qualifying exams and courses.

Supply Chain Analyst 

A supply chain analyst is a critical player in the supply chain's overall workflow who collects and analyses data in order to improve performance and reduce costs. The job of a supply chain analyst necessitates excellent analytical abilities as well as commercial knowledge. The demanding job profile necessitates strong problem-solving abilities and meticulous attention to detail.

Planning and implementing supply chain optimization projects, maintaining standards, and managing inventory procedures are all important aspects of an analyst's job. A supply chain analyst's job necessitates strong communication skills, outstanding organisational abilities, and a problem-solving attitude, as they are the point of contact for purchases as well as inventory management.A person's acute analytical skills and knowledge of the numbers will aid them in becoming an analyst. A person with a strong understanding of economics and sharp problem-solving skills can acquire a position as a supply chain analyst with ease.

Business Reporter 

Do you enjoy watching or listening to the news? Do you have interest in studying or knowing more about business? Is economics something you're interested in learning more about? If you can answer yes to all of these questions, you might be able to make a good living as a Business Reporter. The major responsibility of a business reporter is to obtain information on firms and communicate with people both inside and outside of the organization, such as the public, government, and others. The capacity to recognize material and categorize it according to its relevance to the general public is required of a business reporter. This essentially means that one should be aware of what has to be reported so that the general audience is informed.

A good understanding of economics and how the business mind works is required to be a great business reporter. For anyone who enjoys following firms across the world and creating stories from an outsider perspective, this is one of the most fascinating career opportunities in economics.

Product Manager

This is a double or cross-functional position in the development of a product and its final release to the market. The product manager is the individual who has the ultimate responsibility for bringing an organization's product to life without any delays or faults. The managers' job description demands them to develop strategies, marketing, a product launch roadmap, and forecasts for the product being released, thus they are an all-rounder with excellent team management abilities. When it comes to market forecasts, the work of a product manager necessitates a thorough understanding of economics, as well as strong analytical abilities and command of statistical tools. A product manager's job is demanding, especially for economic graduates with leadership abilities and strong interpersonal skills. To ensure that the product satisfies the customer's expectations at all times, one must be present at all times.

Compensation Manager

A compensation manager's job is to ensure that the company's pay scale system is adequate and current, taking into account the current standard of living and inflation rates. The goal is to make sure that remuneration is both fair and adequate for current employees and attractive enough to attract fresh talent. The compensation manager is part of the organization's human resources department, but his or her sole responsibility is to manage the pay scale after taking into account macroeconomic conditions and other government laws. In addition to budgeting, the manager serves as a support system for the payroll managers. Employee performance must be monitored by the compensation management so that it may be reflected in the pay scale to reward and penalise, which is necessary for business success. In economics, it is one of the most rewarding job paths.

Quantitative Analyst

A quantitative analyst's main responsibility is to use quantitative approaches to make financial decisions in the firm. In organisations such as private equity firms, fund managers, and investment bankers, the work of a quantitative analyst is critical. The analyst profession necessitates complete proficiency in handling and analysing numbers. Advanced computing abilities are another crucial tool for employing various decision-making tools, as enormous amounts of data are processed to obtain a business choice. Quantitative analysts can begin honing their talents as young economics graduates with a strong grasp of numbers and those seeking a job in large banks and financial firms. Organizations provide rich contracts to attract the greatest minds in the country to join their dynamic team because the reward factor in the profession of a quantitative analyst is so high. For economic aspirants, it is both a demanding and rewarding role.

Conclusion- All of the economics career opportunities listed above need discipline, hard effort, and patience. However, it is an understatement to claim that these professional pathways will inevitably lead to long-term growth and development!

So there you have it: a comprehensive list of some of the top economics job alternatives! We've made sure to include both hot and cold job alternatives so you can have a better understanding of what's ahead and plan your next moves accordingly.