Table of Contents
WHAT IS ECONOMICS?
Economics is the study of how individuals, groups, and nations manage and use resources. Economics can be broken down into microeconomics, which looks at individual decisions, and macroeconomics, which is concerned with the economy as a whole. Both types of economics utilize historical trends and current conditions to inform business decision-making and make predictions about how markets might behave in the future.
WHY STUDY ECONOMICS?
- Whether it’s scarcity (limited resources), opportunity cost (what must be given up to obtain something else), or equilibrium (the price at which demand equals supply), an economics course will give you fluency in fundamental terms needed to understand how markets work.
- Economics will teach you about how your organization and its market behaves, but you’ll also gain insight into your own spending habits and values. For example, Willingness to Pay (WTP) is the maximum amount someone is willing to pay for a good or service.
- you make better decisions in both your personal and professional life, learning economics is also beneficial if you’re considering a graduate business degree. Studying economics can equip you with the problem-solving skills and technical knowledge needed to prepare for an MBA.
- Learning economic theory is one thing, but developing the tools to make business decisions is another. Economics will teach you the basics and also give you concrete tools for analysis.
- An economics degree teaches you many transferable skills, including the powers of analysis and problem-solving. These skills make you an attractive candidate for nearly any job. If you’re looking for a versatile degree that offers both a high salary and a successful career path, you should consider a degree in economics.
Economist
One of the most common jobs for someone with an economics degree is an economist. A professional economist looks at economic trends around the globe and researches individual economic factors. They use their research to predict how the economy is going to progress in the future. Many economists work for businesses and universities.
Financial Analyst
Since an economics degree builds your number skills, many graduates find careers as financial analysts. Financial analysts mainly deal with an individual, company, or financial institution’s financial assets. They look at investments, bonds, stocks and shares, and legal tender, analyzing the best course of action for their client. They perform research and analysis to give accurate financial recommendations, making most of their client’s money or assets.
Accountant
Another popular career that deals with the financial side of an economics degree is accountancy. An accountant’s primary role is to look after their clients’ financial records, whether an individual or a business. They deal with tax returns and payments and analyze risk in their financial decisions. Accountants also recommend financial solutions for the company and identify how to cut operational costs to maximize profit.
Actuary
Actuaries help protect companies by focusing on risk and ways to minimize risk. They use lots of calculations, studying, and research before reporting on their findings. Healthcare, finance, IT, and finance companies all hire actuaries.
Market Research Analyst
Market researchers gather information and use their economic experience to identify how well a product or service will sell. They collect data on their potential customer base and learn about their purchasing preferences and what’s important to them. This role involves research and reports that use quantitative data and graphs to display results.
Statistician
If you enjoyed the statistical elements of your economics degree, you might want to consider a career as a statistician. This role focuses on both data and the analysis and interpretation of it. Depending on their position, statisticians often conduct research in a particular field, collate the data, analyze the findings, and evaluate the implications for their employer. Based on their research and findings, they make recommendations and help their employers make next-step decisions.
Management Consultant
Management consultants plan and create a strategy for companies and brands organizing campaigns and projects through a series of steps. They often coordinate with others and work with different departments to turn plans into reality. Additionally, management consultants analyze current operations and make recommendations on how to improve or streamline them.
Policy Analyst
If you have a degree in economics and have achieved credits in politics or social policy, you may enjoy a career as a policy analyst. Policy analysts work within the national or local government. They research policy and existing laws, reporting on their findings and making recommendations to politicians.
Data Scientist
If you are interested in the science field, consider the role of a data scientist. Data scientists analyze data from several different studies, and they use this data to predict future events or behavior. Data scientists work for laboratories, technology developers, businesses, or retailers.
Government Jobs
- Bank PO (Central Government Jobs).
- Lecturer.
- Statistical Investigator.
- Indian Economics Service (IES).
- Assistant Statistical Officer with State PSCs.
Graduate Study
Alternatively, instead of simply choosing a career after your bachelor’s degree, you can continue to study economics at a graduate level through a Master’s program or Ph.D. While a graduate degree isn’t necessary for a successful career, it’s a great option, especially if you’re interested in teaching in academia.
Top colleges to pursue Bachelors in Economics
Shri Ram College of Commerce
Shri Ram College of Commerce is a reputed college affiliated from Delhi University. It was established in 1920 by an Industrialist, Educationist, Philanthropist- Sir Shri Ram. SRCC offers both undergraduate and postgraduate courses in Commerce and Economics. The courses offered are B.A. (Hons.) Economics, B.Com (Hons.), M.Com and M.A. Economics. Apart from these, SRCC also offers postgraduate diploma in Global Business Operations. The admissions for SRCC are purely based on merit. It is known for its academic excellence, infrastructure, and great faculty. Recruiters from different fields such as banking, finance, insurance visit the college. The Admission process involves registration to the online portal. The students are required to meet the cutoffs according to their categories.The facilities also include accommodation for boys and girls along with big mess and common rooms for the students; Labs, swimming pool, medical facilities, gym etc are also provided.
Website- http://www.srcc.edu/
St. Stephens College
St. Stephens College is the oldest college located in Delhi established in 1881. It’s an A Graded college accredited by NAAC. It offers various undergraduate and postgraduate programs such as B.A, B.Sc, M.A, M.Sc with departments of Chemistry, English, Computer Science, Physics, Economics, History, Hindi, Political Science, Philosophy, Sanskrit and Physical Education. Many students have been placed with very good packages through the advanced placement cell of the college. They also offer scholarships to students through Delhi University. The Admission process is entirely based on the results of their prior examination.
Website- http://www.ststephens.edu/
Lady Shri Ram College
Lady Shree Ram College is a college for women located in South Delhi. In today’s time, it is considered one of the top-ranked institutions for Humanities, Social Science and Commerce. This college has been ranked 1st in Arts Education, 2nd in Commerce Education and 3rd in Mass Communication Education. The course that is offered in the Department of Economics is B.A. (Hons.) Economics. LSR only offers undergraduate courses and not postgraduate. There are many scholarships that have been received by the students due to their excellent performance in academics. The Admission process involves an entrance examination as well as merit-based admission.
Website- http://www.lsr.edu.in/
Miranda House
Miranda House is a college affiliated from Delhi University and accredited by UGC. It is located at DU’s North Campus established in 1948. It is one of the top-ranked colleges of India. It has been ‘A’ Grade accredited college by NAAC. It has also been accredited by NIRF as Rank 1. It offers courses in the fields of Arts and Science. The Department of Economics offers B.A.(Hons.) Economics and M.A in Economics courses. The Admission process is entirely based upon merit. The cutoffs release at their respective period after the exams by Delhi University accordingly.
Website– http://www.mirandahouse.ac.in/
St. Xavier’s College, Kolkata
St. Xavier’s college is a private college, established in 1860 by a Catholic Minority Religious body. It is affiliated to Calcutta University. The college offers undergraduate and postgraduate courses in the field of Arts, Commerce, and Science with various specialisations. It also offers Ph.D. in Commerce. The Admission process involves an entrance test followed by the Counselling procedure. The application for all undergraduate and postgraduate courses starts in May and goes on till June. The college offers B.Sc in economics for the students who are likely to pursue economics as their career. They do not offer any postgraduate degree in Economics.
Website: https://www.sxccal.edu/
Loyola College, Chennai
Loyola College is an autonomous college for Men, affiliated to the University of Madras, was established in 1925 by the Society of Jesus. Since it was awarded as College of Excellence for best practicing in Teaching an Research, it is one of the top colleges in India. This college offers 19 PG Courses and 19 UG courses. They offer B.A (Hons.) Economics and M.A. in Economics. Loyola College has been awarded as “The Best Men’s College on the Employability skills”. More than 100 companies visit the campus for hiring talented aspirants. This college has a record of 100% placement each year. The Admission process involves registering on the online website and the selected candidates are informed for the interview along with their parents.
Website: http://www.loyolacollege.edu/
Christ University, Bangalore
Christ University was established in 1969. The university is recognised by UGC and accredited ‘A’ by NAAC. It became an autonomous institute in 2004 and was declared as ‘Deemed to be University’ in 2008. It has three campuses in Bangalore. Christ University offers a combined course for economics which are:
Bachelor of Arts in Economics, Political Science, Sociology
Bachelor of Arts in History, Economics, Political Science.
Bachelor of Arts in Psychology, Sociology, Economics.
Bachelor of Science in Economics, Mathematics, Statistics.
Christ University offers M.Phil in Economics as a specialised postgraduate degree and offers Ph.D. in Economics. The university conducts many placement activities for the enhancement of skills for better placements.
Website: http://www.christuniversity.in/
Presidency University, Kolkata
Presidency University formerly known as Hindu college is a public state University situated in Kolkata. It is considered the best college for art and science. It was declared a University in 2010 before it was affiliated to Calcutta University. The first achievement as a university for this college was an A rating through NAAC. It also appeared in the top 50 list of NIRF in 2016. It offers admission various undergraduate and postgraduate courses through an entrance examination conducted by West Bengal Joint Entrance Examination Board (WBJEEB). It offers B.Sc in Economics and M.Sc in Applied Econometry. The University conducts PUBDET(Presidency University Bachelor’s Degree Entrance Test) for the undergraduate courses and PUMDET (Presidency University Master’s Degree Entrance Test) for the postgraduate courses.
Website:http://presiuniv.ac.in/web/
Madras Christian College, Chennai
Madras Christian College was established in 1837. This college is known for its academic standing. It is ranked among the top 10 colleges for arts and science also received an ‘A’ Grade from NAAC. It offers various courses for different streams. It offers B.A. in Economics and M.A. in Economics. Many companies visit the college and recruit student according to their need. The Admission process is entirely based on the results of the student’s prior examination. There is no entrance test for economics, neither for undergraduate nor for postgraduate.
Website: https://www.mcc.edu.in/
Hindu College
Hindu College is considered one of the esteem institutions in the country. It was founded in the year 1899. It is affiliated from Delhi University. Hindu college is the most top-ranked college in India for Humanities, Science, and Commerce. It offers many undergraduate and postgraduate courses in various fields. The Admission process is purely based on merit. It has been ranked 7th by The India Today for Top Best Colleges in Commerce, and 5th best in Arts. It offers Bachelors of Arts(Honours) in Economics.
website link: https://hinducollege.ac.in/
Top Colleges to pursue Masters in Economics
Delhi School of Economics
The Delhi School of Economics was established in 1949 with the Professor V.K.R.V. Rao as its founder and Pandit Jawaharlal Nehru as the President. It’s an institution which is inclined towards research and teaching in economics, also alley areas with social science as well. It consists of three departments namely Department of Economics, Department of Geography, and the Department of Sociology. It offers various courses, B.A.(Hons.) Economics, B.A.(Programme), M.Phil/Ph.D., M.A. Economics. The Admission process is purely based on merit.
Indian Statistical is an institute which is devoted to research, teaching, and application of Statistics, social sciences. It was founded by Professor P.S Mahalanobis in Kolkata. It was established on 17th December 1931. It offers courses namely M.S. in Quantitative Economics and Masters of Statistics. The Admission procedure is based on the results of the prior examinations or bachelor’s degree.
Website: https://www.isid.ac.in/Indian Statistical Institute
Indian Statistical Institute
Indian Statistical is an institute which is devoted to research, teaching, and application of Statistics, social sciences. It was founded by Professor P.S Mahalanobis in Kolkata. It was established on 17th December 1931. It offers courses namely M.S. in Quantitative Economics and Masters of Statistics. The Admission procedure is based on the results of the prior examinations or bachelor’s degree.
Website: https://www.isid.ac.in/
Indira Gandhi Institute of Development Research
Indira Gandhi Institute of Development Research is a research institute funded by Reserve Bank of India for carrying out the research and development activities. It was registered as an autonomous society on November 14, 1986. On December 28, it was inaugurated by Late Rajiv Gandhi. Subsequently, it was recognised as a deemed university. It offers courses such as M.Sc. Economics and M.Phil and Ph.D. in Development Studies. The admission procedure involves an online test separate for both courses and an interview.
Website: http://www.igidr.ac.in/
Madras School of Economics
Madras School of Economics is an institution of higher education in economics, located in Chennai. It was founded in 1995 as a private postgraduate institution for research and teaching of economics. It offers two-year postgraduate programs in General Economics, Financial Economics, Applied Quantitative Finance, Actuarial Economics and Environmental Economics affiliated to the Central University of Tamil Nadu, it also offers a Ph.D. program which is affiliated from the University of Madras. The Admission procedure involves an Entrance test; CUCET( Common Universities Common Entrance Test), the results of this exam decides the further admission of the applicant.
Website: http://www.mse.ac.in/
Centre of Development Studies, Kerela
The Centre of Development Studies is an autonomous research center developed by the Government of Kerela and the Indian Council of Social Science Research. It was established on October 19, 1970. CDS is internationally known for its research in applied economics. It is affiliated from Jawaharlal Nehru University, New Delhi. It offers M.A, M.Phil, Ph.D. in Applied Economics. The admission procedure is based on the entrance test which is followed by the interview.
Website: http://www.cds.edu/
Gokhale Institue of Politics and Economics
Gokhale Institute of Politics and Economics is a research and training institute of economics. It was founded in 1930 by R.R. Kale. It is accredited with an ‘A’ by NAAC. It offers Ph.D. and M.Sc. in various fields namely M.Sc. Economics, Agribusiness Economics, Financial Economics, International Economics. The Admission procedure involves an entrance test namely GIPE Entrance Examination which needs to be filled online.
Website: http://www.gipe.ac.in/index.php
Hyderabad School of Economics
The Hyderabad School of Economics is a part of the University of Hyderabad, which was founded in 1974 with Professor Gurbaksh Singh as its Vice-Chancellor it is devoted towards training and research of economics. It offers various course such as M.A, M.Phil., Ph.D. For all the programs there is a test which the candidate needs to qualify, for M.A admission, there is only a written test, while in M.Phil and P.h.D., there is an oral as well as a written test.
Website: https://www.uohyd.ac.in/
Jamia Milia Islamia
Jamia Milia Islamia is Public Central University, it has been established in 1925. It has been accredited ‘A’ by NAAC. It has been a placed at 6th position in the NIRF 2017. Jamia Milia Islamia offers various undergraduate and postgraduate courses, along with M.Phil. and Ph.D.. It offers B.A.(Hons.) and M.A. in Economics. The admission is based upon the entrance test conducted by the college.
Website: https://www.jmi.ac.in/
School of Social Sciences, Jawaharlal Nehru University
School of Social Sciences was established in 1970, this school has the largest faculty in the university. M.A level education is imparted in five disciplines which are Economics, History, Political Science, Geography and Sociology.
The School of Social Sciences has 12 centers in total. The admission process for M.A. Economics involves an entrance test named JNUET collaborated by NTA. Candidates who wish to seek admission to the different programmes must check the JNU eligibility criteria.
Website: https://www.jnu.ac.in/sss
Top International Universities to Study Economics
The United States Massachusetts Institute of Technology, United States
Ranked 1st in the world for economics in 2017 by the QS rankings, MIT has a renowned undergraduate and graduate program for economics. Senior professors teach introductory courses to incoming undergraduates and are encouraged to develop their research skills with programs like the Undergraduate Research Opportunities Program which connects them to a network of graduate students and faculty members. MIT’s student body is 34% international and their graduates are often employed by international and national organizations making it a highly desirable university for students across the globe.
website link:https://www.mit.edu/
Harvard University, United States
Ranked 2nd in the world for Economics, Harvard has produced a number of Economics Nobel Laureates. The department sponsors more than 15 seminars a week on a range of topics in Economics from top international and American scholars. The university hosted 9,851 international students in 2016-2017 and truly attracts talent from around the world with their international students heralding from 153 countries. Eager to attract global students and academics, their international office offers a wide range of services such as employment, visa, and tax help. Their host program, which matches up international graduate students and Boston residents, has been helping students get to know their new home since 1962. Harvard University offers a range of internships and research assistant positions to undergraduate economics students as well as funding opportunities for research.
website site:https://www.harvard.edu/
London School of Economics and Political Science, United Kingdom
Hosting one of the largest Economics departments in the world, the London School of Economics and Political Science is ranked first in the United Kingdom and 5th in the world for Economics. A truly international experience, LSE’s student body is 71% international and the campus is located in the heart of the metropolitan city of this highly diverse capital ensuring a uniquely international experience. LSE supports its international students with a student visa advice team to help some of the world’s most talented students sift through the paperwork and begin their studies. The Economics’ department’s research is often focused on global issues such as climate change and economic development making it a wonderful fit for economists looking for a global perspective
website site:https://www.lse.ac.uk/
University of Oxford, United Kingdom
Ranked 7th in the world for their Economics program, Oxford welcomed their first international student in 1190 and today has an international student population of 38%. Looking to promote an even playing field for emerging talent, the international student application route is exactly the same as it is for UK students. International students do receive immigration services support as well as help arranging interviews, course admission tests, and English evaluations.
Members of their Economics Department serve as officials and advisers to numerous international and national organizations and committees. In the most recent UK Research Assessment, REF 2014, Oxford was ranked top in terms of overall research strength, with more research output graded as world-leading in terms of its originality, rigor and significance than did any other economics department in the United Kingdom.
website link:https://www.ox.ac.uk/
Erasmus School of Economics,The Netherlands
Ranked 44th in the World and 12th in Europe for Economics and Econometrics by QS, Erasmus School of Economics’ international students make up 30% of their student body.
Erasmus School of Economics has two scholarships dedicated specifically to non-EEA students, making it clear that they’re interested in recruiting global academic talent. The school incoming students tackle two issues that are the most challenging for incoming students: visa processes and finding housing.
If you live across the world and are unable to visit all of the campuses that you would like to before applying, Erasmus University, which Erasmus School of Economics is a part of, has launched a virtual experience that invites students to tour the campus, classrooms, and student housing online.
website link: https://www.eur.nl/en/ese
University of Melbourne, Australia
Ranked 1st in Australia and 25th in the world for Economics, the University of Melbourne has attracted a whopping 40% international student population. The University of Melbourne has been teaching Economics since 1855. The university has a number of specialized research centers including an experimental economics laboratory that tests theories in a controlled, laboratory environment.
International students are accommodated with free airport pick-up service and you can access housing, financial, and well-being support during your move to Melbourne.
website link:https://www.unimelb.edu.au/
ETH Zurich, Switzerland
ETH Zurich is ranked 35th in the world and 1st in Switzerland in Economics. Its Master’s program in Management, Technology, and Economics, with its cross-sector collaboration and entrepreneurial thinking, make it special. Students have the opportunity to partner their economics studies with an industrial placement of at least 10 weeks. ETH Zurich has an international student population of 38%.
With a well-developed research arm, the department conducts basic and applied research in management, economics, innovation, system dynamics, and risk. A great deal of their research works to improve the understanding of technology in organizations, societies and economies. ETH Zurich is interested in innovative teaching methods in addition to research, and continuously seeks feedback on course content and lecturer performance to develop their programs on the basis of student feedback.
website site:https://ethz.ch/de.html
Hong Kong University of Science and Technology, China
If you’re looking to study abroad in a young, modern university, Hong Kong University of Science and Technology offers international students a lively student lifestyle and an excellent gateway to China. Their Economics department was ranked 24th in the world and 2nd in Asia. More than 60 nationalities are represented in their student body, and 80% of their faculty derive from top overseas universities. Their Economics department is focused on economic growth and development, the Chinese economy, industrial organization, econometrics, and international economics and sponsors regular workshops with top, global scholars.
As an elite research-based university, students still benefit through experiential learning with 70% of their graduates participating in internships.
website link:https://hkust.edu.hk/
University of Toronto, Canada
Ranked 21st in the world, and 1st in Canada for their Economics department, the University of Toronto offers Economics students an internationally-recognized degree. Recruiters from 21 countries rank University of Toronto graduates as one of the top three public universities for work-ready alumni.
Faculty members research and teach a wide range of Economics fields that span theory, applied data analysis, and econometric methodology. Economics students studying at U of T are encouraged to collaborate and undertake co-disciplinary studies with the Law and Management faculties.
Their student body originates from 168 countries and regions and showing their commitment to international students, they award the Lester B. Pearson International scholarships to exceptional scholars from around the world.
website link:https://www.unitn.it/
Bocconi University, Italy
Ranked 16th in the world and 1st in Italy for Economics, their department avidly recruits top international faculty from around the world. In addition to instruction and research, some members of the Economics Department have been chosen as consultants for international organizations such as the IMF, UN, and World Bank.
Although Bocconi’s percentage of international students stands at 11%, they are actively involved in helping international students achieve an excellent study abroad experience. They offer a series of services and activities to help new students upon arrival and throughout their studies. This includes a crash course and follow-up course in Italian to help new international students have a fulfilling experience in Milan. Help securing housing, academic counseling services, and a host of orientation activities to help international students acclimate to the campus. Additionally, their Bocconi Scholarship for International Students is awarded to select need-based students from around the world pursuing a Master of Science degree.
website link:https://www.unibocconi.it/wps/wcm/connect/Bocconi/SitoPubblico_IT/Albero+di+navigazione/Home/
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