The field of economics is fast growing with more and more new job roles being created. The demand for MA Economics students has increased day by day. There are new roles being created for skilled economists in this field.
The present article tries to explore some of the important job roles available after MA Economics course.
Let’s discuss them in detail
Chartered Accountant
The Chartered accountants are responsible to give advice, audit accounts and provide trustworthy information about the financial records. In some situations, they are also involved in different areas like financial reporting, taxation, auditing, forensic accounting, corporate finance management, business recovery and insolvency, accounting systems and processes.
Role of a Chartered Accountant
The Chartered Accountants work in a range of organisations that includes public firms, private organisations, non-profit organisations, NGOs, schools, colleges and universities, etc. The main aim of the Chartered Accountant is to work strategically and maximise the earnings and profits on behalf of the clients or employers.
Responsibilities of a Chartered Accountant
As the Chartered Accountant, one is responsible to:
- Manage financial systems
- Undertake financial audits of the clients or the organisations
- Provide proper financial information and advice for the clients or the employers
- Maintain accounting records and prepare accounts and management
- Advise the organisations on major business transactions such as mergers and acquisitions
- Generate annual financial reports of taxation for the individuals and organisations
- Produce reports and recommendations for business improvements based on the internal reports of audits or public sector audits
Salary and Emoluments
The fresh MA Economics students will be easily earning around 5 lakhs to 8 lakhs per annum as chartered accountants. The experienced professionals will be earning around 10 lakhs to 20 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 the effectiveness 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 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.
Financial Risk Analyst
The role of the financial risk analyst is to identify and analyse the areas of potential risk that threaten the assets and business of an organisation.
Role of a Financial Risk Analyst
As a Financial Risk Analyst, one is required to analyse the risk involved in the organisation. They are responsible to predict the change and future trends along with the forecasting costs for the organisation.
Responsibilities of a Financial Risk Analyst
As a financial risk analyst, one is typically needed to:
- Make recommendations to reduce the control risk like an insurance strategy
- Work with the traders to calculate the risk associated with some specific transactions
- Monitor and forecast the market trends
- Conduct researches to assess the severity of the risk
- Conduct statistical analysis to evaluate the risk with the aid of sophisticated computer softwares
- Review the legal documents of the organisation
- Come up with new ideas via reports and presentations for improvising the business model of the organisation
- Carry out quantitative and qualitative analysis at regular intervals in the organisation
- Be aware of rules and regulations of the government and its effects on the company’s business modules
- Develop contingency plans in case of emergency
Salary and Emoluments
The fresh MA Economics students will be easily earning around 6 lakhs to 8 lakhs per annum as a financial risk analyst. The experienced professionals will be earning around 8 lakhs to 10 lakhs per annum.
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 Economics students will be easily earning around 4 lakhs to 6 lakhs per annum as an actuary. The experienced professionals will be earning around 8 lakhs to 12 lakhs per annum.
Final Words
The above mentioned are some of the important job roles that play an important role in the career for an MA Economics student. They are decently paid and are also offered better career growth opportunities in the field. The students who are interested in studying economics can join the MA Economics course.