Economics is the evergreen subject for which there is an ocean of job opportunities available in the marketplace. People who aspire to become an economist would pursue their masters and then do PhD in this subject. This is an extensive subject that is good to study for both career and job purpose. After the reform era, the importance of economics is on the rise. Many companies are interested in hiring the students who have completed their PhDs in economics. With the globalization of businesses, there is a huge demand for well-trained economists. People after completing their PhDs are working at the coveted position in government jobs or as researchers/ professors in prestigious universities. Many aspire to join banks and consulting firms for high paychecks.
For a student with PhD in economics, there are multiple career paths open. The career chosen by an economics student largely depend on the economics subjects he chooses during his study. Some of the popular subjects include Financial economics, Agricultural Economics, Environmental Economics, Banking Economics, Business Economics, and International Economics.
Economists who have pursued their PhDs can start their own company or can work in the companies in diverse industries from insurance to banking and from real-estate to public services. The following are a few career options that are available for the people who have mastered/ PhD economics:
- Investment banker: Investment banks hire PhD economics students for various coveted positions. An economist will have a perspective on the current global market and its impact on the day to day lives of the citizen. He will the macro & micro perspective for the country’s economy and global stock markets. A smart PhD Economist is an asset for an Investment Bank.
- Economist: This is a very challenging and highly rewarding job for PhDs. The job of economists is to monitor the trends in the economy and then develop clear forecasts ranging from bank interest rates to energy tariff. This role is highly challenging and gives an opportunity to make an impact on the society and economy of the country.
- Financial Manager: An economist is also hired by private companies to thoroughly analyze the market conditions and then find various ways to cut down the business costs and boost profits. There are many strategies that are developed by these managers to increase profits by reducing the bottom line and expanding the business. Many employers would be looking for the people with PhDs to handle this role.
- Business journalist: This on the field role is one of the top part-time jobs taken up by well-known economists. Being a journalist for a newspaper and magazine and publishing your research or giving your opinion on the latest economic policy is an amazing job that adds value to your brand name. Many of these journalists, end up publishing their book within 5 years
- Statistician: If you love analyzing data using the latest trends, then you can go for this job. The main job profile of this person would be to analyze data and communicate results. What makes the job challenging is the amount of data available and how inferences can be drawn from the cluttered data. The person should have sound knowledge of statistical theory, economics and data analysis.
According to our experts, these are the 5 jobs that most of the economics PhD students go for. What are you interested in? Do you think an economist can get better career paths than mentioned above?
Let us know your thoughts in the comments section.