Updated On : November 28, 2022
Reader's Digest: Have you ever wondered how our budget is prepared? If yes, read this blog till the end without scrolling to learn the best career options in economics after the 12th, how to become an economist, and more.
Traditionally, it was believed that an economics career has a limited scope.
Economics is an evergreen subject with high demand at national and universal levels because of its utility in our daily lives.
According to the US Bureau of Labour Statistics, the job market for economists is expected to grow by about 6 per cent between 2018 and 2028.
But, in the modern world, economists are in high demand due to the productive role modern economics can play in designing and executing technology-driven policies.
If you want to have a career in economics after 12th, you should keep a few things in mind:
If you have these skills, a career in economics may be a good fit.
Economics is the social science that analyses goods and services production, distribution, and consumption.
Economics is one of the most sought career choices after 12th due to the high-paid job opportunities in economics.
If you want to pursue your career in economics, let us tell you that it is a fantastic career option, with job opportunities in India and worldwide.
An economist's career involves researching and analysing data to support the economic theory, developing monetary policy recommendations, or teaching economic principles to students.
Economists interpret and analyse data to predict market trends, create economic models, and make recommendations to solve financial problems.
Many universities across the country offer undergraduate programs in economics through various entrance exams like CUET (Common Universities Entrance Test), Christ University Entrance Test, and NPAT exam.
Economists typically work in government, academia, or the private sector.
Follow the steps mentioned below to become an economist:
It is essential to know the best courses if you want to pursue your Career in Economics after the 12th.
One can pursue a degree in economics at the undergraduate and postgraduate levels.
Those studying economics at the undergraduate level will explore the topics such as Macroeconomics, Microeconomics, Utility, Elasticity of Demand, Monopoly, Factor Pricing, Interest, Demographic Features, Agriculture and Land Development, and Small Scale, and Cottage Industries, etc.
Business economics is a field in applied economics that uses economic theory and quantitative methods to analyse business enterprises and the factors contributing to the diversity of organisational structures and firms' relationships with labour, capital, and product markets.
The course is designed to give students an excellent understanding of applying economic principles to business decision-making.
Students can apply their knowledge and skills to real-life business situations.
Applied economics applies the conclusions drawn from economic theories and empirical studies to real-world situations to inform financial decisions and predict possible outcomes.
This course provides knowledge of principles and techniques used in the economics domain in a holistic view.
It is almost similar to BA. (Hons) Economics, with some advanced statistical concepts taught only in B.Sc Hons.
Suppose you are pursuing a Master's Degree in Economics. In that case, you will study the subjects such as Microeconomic Analysis, Elementary Statistics, Theory of Pricing and Distribution, Macroeconomic Analysis, Quantitative Methods, International Finance, etc.
The following are some of the most popular master's degree courses you can pursue after graduating in economics.
A Master of Arts in Economics is a professional degree awarded to students who complete an undergraduate or graduate program in economics.
This degree is typically earned after a four-year program, although some schools may offer a three-year program.
The Master of Arts in Business Economics program is designed to prepare students for careers in business, government, and international organisations.
The Master of Arts in Econometrics program provides students with the skills and knowledge necessary to conduct economic research using econometric methods.
This degree is designed for students who want to pursue a career in economics or a related field.
The program provides students with the skills and knowledge necessary to analyse economic data and policy.
The degree also prepares students for doctoral study in economics.
The Master of Science (MSc) in Economics is a two-year graduate program that provides students with advanced economic analysis and research skills.
An MBA in Business Economics combines business and economics, which helps students to understand economic concepts and their applications to solve business problems.
MBA in Business Economics is a two-year full-time postgraduate course. The course is divided into four semesters.
The MBA in Business Economics course curriculum covers business economics, managerial economics, econometrics, quantitative methods, financial accounting, business statistics, microeconomics, macroeconomics, and business research methods.
The Master of Philosophy (MPhil) in Economics is a two-year full-time course.
The course is designed for those who wish to pursue a career in academia or research.
Economists use critical thinking, problem-solving, and data analysis skills to study various topics, including inflation, unemployment, economic growth, and international trade. They use their findings to develop monetary policy recommendations or to forecast future economic trends.
Teaching is another option for economists. Many college and university economics departments seek instructors with a PhD in economics.
Economics professors typically teach courses in microeconomics, macroeconomics, and econometrics.
Those who choose to work in the private sector may find jobs in banks, consulting firms, or insurance companies, and they may also work for think tanks or research organisations.
Economists use data analysis and economic modelling skills to provide financial consulting services.
Government agencies at the local, state and federal levels also employ economists.
They may work in the executive branch to develop economic policy or in the legislative branch to provide economic analysis of proposed laws.
Economists may also work for international organisations like the World Bank or the International Monetary Fund.
A wide variety of career choices is open for those wishing to pursue a career in Economics.
Here is a list of various options to better understand the available choices.
Some of the best CUET colleges that offer admission to economic courses based on your performance in the entrance test are as follows:
If you wish to join colleges other than Delhi University with their respective entrances, you can join these top colleges mentioned below.
If you wish to pursue your career in Economics after 12th at one of the best colleges in India, you need to clear the respective entrance exam for that college.
Only those who clear the entrance exams are called for counselling by the respective institute.
The following are some of the most popular entrance exams you can take to get admission to economics courses.
Common Universities Entrance Test is an all-India level entrance exam conducted by NTA for admission in UG courses offered in all the participating institutions.
According to the CUET Eligibility Criteria, you must have completed your calss1 2 with a minimum of 50% marks (for the general category). It is 45% for SC/ST category to be eligible for the entrance exam.
The entrance test will include four sections and those, as explained below:
CUET is a centralised test for top universities like Delhi, Banaras Hindu, Central University of Punjab, and Jawaharlal Nehru University.
Christ University conducts the entrance test to provide admission to various undergraduate courses.
To be eligible for the Christ University Entrance Test, you must have passed the 10+2 or equivalent exam with a minimum of 55% marks from a recognised board or university.
The university will provide admissions based on your performance in the entrance exam.
Narsee Monjee Institute of Management Studies, or the NMIMS University, is responsible for conducting the NPAT Entrance Exam.
Your minimum age should be 17 years, and the maximum age should be 25 years to apply for the exam.
Also, you must have completed a 10+2 or equivalent exam from a recognised university or board.
Here are some of the skills that every student must have to pursue a career in economics after 12th:
Summing Up - We hope all your doubts regarding a career in Economics after the 12th were cleared after reading this fantastic blog post. Check the toprankers website for more such informative blogs. Happy Reading!
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