There are a good number of roles available for MA Applied Economics students. Economics is the most demanding field that offers a good number of job roles for the skilled professionals. The present article tries to explore some important job roles available for MA Applied Economics students.
Actuary
As an actuary; one will be learning the various techniques involved in analysing the data, evaluating the financial risks and communicating this information to the non-specialists. They normally work in insurance companies and they deal with insurance policy premium amounts for a customer.
Role of an Actuary
An actuary evaluates, manages and advises on financial risks in the insurance companies. They use their knowledge of business and economics together with their understanding of probability theory, statistics and investment theory, to provide strategic, commercial and financial advice to their clients or organisations. As an actuary one will be using financial and statistical theories to assess the livelihood of a particular individual and their possible financial costs.
Responsibilities of an Actuary
As an Actuary one is needed to:
- Use mathematical modelling techniques and statistical concepts to determine probability and assess the risks such as analysing pension scheme liabilities to price commercial insurance
- Analysing statistical data in order to calculate for example, accident rates for particular groups of people
- Develop new financial products
- Prepare presentations, reports, validations and quarterly updates
- Monitoring risk within trading positions in investment banking to ensure excessive risks are not taken during the fast pace of trading
- Advising on issues such as selection of investment managers or the administration of pensions and benefits
- Working with mergers and acquisitions
Salary and Emoluments
The fresh MA Applied Economics students will be easily earning around 5 lakhs to 8 lakhs per annum as an actuary. The experienced professionals will be earning around 8 lakhs to 15 lakhs per annum.
External Auditor
External Auditors combine first-rate people skills with a high level of attention to detail to help business of all types and sizes to achieve their performance potential
Role of an External Auditor
As an external auditor one is required to examine financial records and other data to provide businesses, their investors and market regulators with a clear picture of how they are performing. He/she is also responsible to make recommendations for improvements.
Responsibilities of an External Auditor
As an external auditor, one is needed to:
- Visit client locations and interact with different levels of management to understand the business and their needs
- Plan, carry out and in some cases design bespoke audit procedures and tests
- Attend meetings and interview staff to gather audit evidence
- Examine accounts, financial records and other documentation
- Observe stock takes and business procedures
- Use analytics to assess financial reporting fraud or operational business risks
- Prepare or contribute to a final audit report, including making recommendations for improvements to systems or processes
- Discuss the conclusion and recommendations of the audit with clients
Salary and Emoluments
The fresh MA Applied Economics students will be easily earning around 6 lakhs to 8 lakhs per annum as external auditors. The experienced professionals will be earning around 8 lakhs to 15 lakhs per annum.
Business Advisor
A business advisor is one who has genuine interest in supporting business and the ability to use the experiences that are gained in the profession across a range of specialisations.
Role of a Business Advisor
As a business advisor one will provide information, support, coaching, advice and guidance to business clients like individuals or huge organisations. As a business advisor one is responsible to provide support to a business to grow, scale up, change or diversify their business model.
Responsibilities of a Business Advisor
As a business advisor one is needed to:
- Possess an in-depth understanding of the business support landscape and the ability to advice businesses on the range of options available
- Undertake diagnostic needs assessments with businesses including analysing the needs of the business and working with the client to put a business action plan in place
- Develop a professional network of associates who can provide a broad range of business and enterprise
- Build positive relationships with clients, partners, associates networks
- Have excellent mentoring and coaching skills
- Attend meetings with networks and associates to ensure you keep up to data with global, national, regional and local business support initiatives to ensure your client benefit
- Undertake research on behalf of a business
- Communicate with clients, networks and associates
- Provide start-up business with advice and guidance for assist
- Organise and deliver business networking events and business education seminar and workshops
Salary and Emoluments
The fresh MA Applied Economics students will be easily earning around 5 lakhs to 7 lakhs per annum as business advisors. The experienced professionals will be earning around 7 lakhs to 10 lakhs per annum.
Economist
As an economist one will carry out research and collect large amounts of information that covers every aspect of economic and social policy that affects the lives and businesses of many people in the real-world. The economics work on analysing the data obtained in different sectors of society such as energy, health, transport, public policy, international development.
Role of an Economist
The economists are responsible to advise various organisations including government agencies, economic consultancies, major companies, banks, financial institutions, education establishments and investment groups.
Responsibilities of an Economist
As an economist one is needed to carry out certain tasks such as:
- Developing a variety of design methods and procedures for gathering data
- Understanding various sampling techniques that are used to conduct different types of surveys
- Creating and using econometric and other financial modelling techniques to develop forecasts
- Carrying out background research and literature reviews
- Analysing and interpreting the collected data to effectives of current policies, products or services and advice suitable alternatives
- Explanation of the research methodologies and justify the conclusions based on the research data
- Evaluation of the past and present economic situation and recommend proper solutions for the same
Salary and Emoluments
The fresh MA Applied Economics students will be easily earning around 5 lakhs to 8 lakhs per annum as economists. The experienced professionals will be earning around 8 lakhs to 15 lakhs per annum.
Concluding Lines
The above is some of the important job roles available for the students of MA Applied Economics. There is a good demand for skilled economic professionals in both government and private sectors. They are also paid handsome salaries and are also given excellent career growth opportunities in the field. The students with a passion towards economics can join the MA Applied Economics course and earn a decent living.