This is a reason why BA (Honours) Economics continues to see significant demand each year. This 3-year undergraduate programme covers areas like consumer behaviour, production and cost, inflation, unemployment, economic development, global financial markets, Indian economy and policies, and numerous economic theories, making it easier for graduates to grab promising opportunities in both public and private sectors.
So, if you wish to get more clarity on the kind of profiles you can choose after completing a BA (Hons) Economics degree, here’s a list of the most commonly preferred options to consider:
1) Economic Consultant: The role of an economic consultant is to offer expert advice to governments and businesses regarding various economic issues. The consultant conducts extensive research and uses multiple statistical tools and quantitative techniques to assess the impact of constantly changing economic policies, regulatory changes and market conditions on their clients’ businesses. To ace this role, individuals must be equipped with analytical and quantitative skills, research skills, critical thinking and problem-solving abilities, and attention to detail.
Entry-level salary – Rs 8,00,000-12,00,000 per annum when hired by top consulting firms
2) Investment Analyst: An economic honours graduate can easily become an investment analyst. The job primarily revolves around offering insights regarding investments a business intends to make. These analysts conduct research, analyse financial performance and evaluate economic conditions to assist in the construction and management of investment portfolios and keep a check on potential risks. Investment analysts can also find jobs in investment banks, asset management firms, hedge funds, private equity firms and brokerage firms. Over time, some analysts can also transition into policy advisory roles, academia, corporate finance and venture capital to take up greater responsibilities in a specific area of expertise. Entry-level salary – Rs 6,00,000-10,00,000 per annum
3) Actuarial Analyst: A BA (Hons) Economics degree also equips individuals with strong data analysis, economic principles and statistical techniques that are essential to operate as an actuarial analyst. Such analysts are expected to assess risks and predict uncertainties for businesses in fields like insurance, investment and pensions to help them manage their finances in high-risk situations.
To perform this role, they collect and analyse data related to accidental frequencies and health concerns to predict the cost of pension liabilities, insurance claims and investment returns. In other words, their predictions play an indispensable role in ensuring that a company has enough finances to meet future obligations. Alongside statistical and mathematical abilities, individuals need familiarity in Excel, SAS, R, MATLAB, and various other actuarial software tools are essential to build a thriving career as an actuarial analyst.
Entry-level salary – Rs 5,00,000-10,00,000 per annum
4) Auditor: Considered a highly prestigious role, an auditor’s prime responsibility is to ensure a business’s financial records are complete, accurate, reliable and comply with the accounting standards. In addition, auditors conduct internal audits to evaluate the effectiveness of policies and procedures generated to protect assets and prevent fraud. Plus, if they find that an organisation is not in compliance in certain areas, then they document the issues and offer corrective measures.
Auditors can either work within a company or for independent audit firms to offer an unbiased assessment of a company’s financial activities. A solid understanding of accounting principles and auditing standards is extremely essential. Many auditors also pursue further studies to become chartered accountants or certified internal auditors, which of course opens new avenues for growth.
Entry-level salary – Rs 4,00,000-8,00,000 per annum; big firms can offer higher salaries
5) Economic Writer: If you have a knack for finances and also like writing, then you can definitely build a career in economic writing after completing your BA (Hons) Economics degree. An economic writer’s job is to deliver content that provides clarity around various complex economic trends, policies and concepts in an engaging and easy to comprehend manner. Such individuals can land jobs in reputed newspapers, magazines, government, large corporations in the financial sector, agencies and research institutes.
When economic writers specialise in areas like financial markets, policy-making or macroeconomics, they get better roles and become experts in that specific area of expertise. Plus, along with full-time roles, such writers can also work as freelancers to offer their services to multiple clients at once.
Entry-level salary – Rs 3,00,000-6,00,000 per annum