Introduction to Economics
Economics is the branch of Social Science that mainly focuses on the behaviour and interactions of economic agents. The economics is basically concerned with production, distribution and consumption of goods and services. It is basically the study that involves allocation of the resources for production, distribution and consumption for both individual level and collective levels in the society.
Economics is broadly classified into Microeconomics and Macroeconomics. Microeconomics focuses on the behaviours of individual consumers and producers. While Macroeconomics focuses on the overall economic behaviour at national and international scale. Economics is especially concerned about the efficiency of the production and exchange of the goods and services. It uses models and assumptions to understand the problems and create incentives and policies that maximise productivity.
A brief about BA Economics
BA Economics is the 3-year degree course that deals with the discipline of Economic sciences and other related areas. The students who have completed their PUC or 10+2 classes are eligible to apply for BA Economics courses. The main aim of the course is to train the students and enable them to develop a wide range of skills and also prepare them for the current business world. The students are trained to face the challenges that arise in the field of economic sciences in the present scenario.
The BA Economics course sows a seed of curiosity and interests in the young minds of students. The course helps the students to have fruitful careers in banking, finance, statistics, auditing, marketing etc.
Careers where the BA Economics students can flourish
Economics is the highly sought after engineering and medical field by many students in recent years. The main reason for the popularity of the course is that the students of economics are preferred by almost all the organisations for their skill sets. Every organisation has an internal finance team and economic students are largely preferred for the various positions by an organisation. The scope for economics is very vast and the students are trained in all the aspects of economics. These factors make the students of economics highly employable and highly-skilled professionals.
The BA Economics students can find lucrative job roles in the industry, soon after the completion of their degree. The students who are interested in higher studies can join the master courses like MA Economics, MBA, PGDM etc to get more exposure and practical knowledge. They can also take up teaching profession by joining colleges and universities as lecturers after the completion of the masters. They can join the Ph.D programmes in reputed universities and colleges to take up research in the field of economics. There are numerous job roles available for the students in the field of economics. However, there are certain important roles that are mentioned below
Chartered Accountant
Role: 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. 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: 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
Actuarial Analyst
Role: The actuarial analysts mainly use statistical formulas to assess the risk especially in life insurance companies. They are responsible to make computational analysis of the clients based on their age and health condition to determine the premiums for various policies offered by the organisation. They use specialised computer softwares and their expertise to finalise the premium amounts for the clients.
Responsibilities: The actuarial analysts have certain responsibilities to handle in their organisations they are:
- Understand and use complex mathematical formulas especially in the areas of advanced statistics and modelling
- Use the spreadsheet or sophisticated computer softwares to complete data analysis and generate readable reports
- Provide technical support to the team of fellow actuaries for producing statistical reports and analysis
- Generate readable reports for the results obtained, based on computations and observations so that common individuals can understand
Economist
Role: 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. The economists are responsible to advise various organisations including government agencies, economic consultancies, major companies, banks, financial institutions, education establishments and investment groups.
Responsibilities: 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
Financial Risk Analyst
Role: The role of the financial risk analyst is to identify and analyse the areas of potential risk that threatens the assets and business of an organisation. They are responsible to predict the change and future trends along with the forecasting costs for the organisation.
Responsibilities: 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
Forensic Accountant
Role: The role of the forensic accountant is to utilize the accountancy skills to investigate the financial frauds and disputes of an organisation. The forensic accountant is required to integrate different skills of accounting, auditing and investigation to uncover the information related to irregularities of an organisation.
Responsibilities: As a forensic account one is expected to perform certain duties like:
- Extracting data form financial records
- Creating and manipulating spreadsheets
- Performing forensic research to trace funds and identify the assets for recovery
- Conducting forensic analysis of financial data
- Preparing forensic account reports from financial findings
- Understanding the economic and legal implications of the fraudulent case
Top Recruiters for BA Economics students
There are many corporate firms and government agencies that hire the BA Economics students at various positions based on their skill and experiences.
Popular Recruiters are:
- ICICI Bank
- SBI
- HDFC Bank
- Ministry of Economic Affairs
- Government Agencies
Final Words
The BA Economics course enables the students to land in many lucrative jobs in various commerce and banking related areas. Economics is the subject that teaches the students the topics related to markets, finance, principles of business, banking money and detailed understanding of the working of our economy. The students who are interested to study and work in the economic structure of an organisation or a nation can join the BA Economics course and can land in various job roles for decent payments.