Career in Economics After 12th

Summary: Dive into the realm of economics to explore career in economics after 12th grade. Continue reading to learn about becoming an economist and uncover various career opportunities in the field. Traditionally, it was believed that an economics career has a limited scope.

Economics is an evergreen subject with high demand at national and universal levels because of its utility in our daily lives.

According to the US Bureau of Labour Statistics, the job market for economists is expected to grow by about 6 percent between 2018 and 2028.

But, in the modern world, economists are in high demand due to the productive role modern economics can play in designing and executing technology-driven policies.

If you want to have a career in economics after 12th, you should keep a few things in mind:

• You must have strong math skills. 
• You need to be able to think critically and analyze data.
• You must be able to communicate effectively, both in writing and verbally.
• You should be able to work independently and be self-motivated.

If you have these skills, a career in economics in India after 12th may be a good fit.

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Economics As A Career Option - Yay or Nay?

Economics is the social science that analyses goods and services production, distribution, and consumption.

Economics is one of the most sought career choices after 12th due to the high-paid job opportunities in economics.

If you want to pursue your career in economics, let us tell you that it is a fantastic career option, with job opportunities in India and worldwide.

• Economics is the subject that deals with wealth, and it is concerned with the production, consumption, and transfer of wealth.
• Many renowned colleges teach this subject both at the regional and central levels.
• If you aspire to make your career in economics after 12th, you should opt for mathematics as your fifth subject in 11th, and 12th standards, as mathematics is a compulsion in most colleges. 
• Studying economics also gets privileges in other related fields of commerce, such as statistics.

Read more: CUET 2024 Study Plan

How to Become an Economist?

An economist's career involves researching and analysing data to support the economic theory, developing monetary policy recommendations, or teaching economic principles to students.

Economists interpret and analyse data to predict market trends, create economic models, and make recommendations to solve financial problems.

Many universities across the country offer undergraduate programs in economics through various entrance exams like CUET (Common Universities Entrance Test), Christ University Entrance Test, and NPAT exam.

Economists typically work in government, academia, or the private sector.

Follow the steps mentioned below to become an economist:

• To become an economist, you must pursue a degree in economics. 
• After graduating in economics, you can opt for a Master's Degree through postgraduate programs in various universities across India.
• A PhD in economics is the preferred educational credential for many positions.

Read more: Career in Commerce 

Economics Courses After 12th 

It is essential to know the best courses if you want to pursue your Career in Economics after the 12th.

One can pursue a degree in economics at the undergraduate and postgraduate levels.

Those studying economics at the undergraduate level will explore the topics such as Macroeconomics, Microeconomics, Utility, Elasticity of Demand, Monopoly, Factor Pricing, Interest, Demographic Features, Agriculture and Land Development, and Small Scale, and Cottage Industries, etc.

Check: NTA CUET Economics Syllabus

B.A/ B.A (Honours) Economics 

• The course is most suitable for students looking to develop a future in economics.
• The BA (Hons.) Economics Curriculum deals with the economy's concepts, limits, scale, industries, suppliers, producers, buyers of services, and products.
• BA Economics course covers the fundamentals of Economics.
• And BA (Hons.) Economics offers an in-depth understanding of the same.

Read more: Short tricks to enhance your economics preparation for the CUET 2024 exam

B.A/ B.A (Honours) Business Economics

Business economics is a field in applied economics that uses economic theory and quantitative methods to analyse business enterprises and the factors contributing to the diversity of organisational structures and firms' relationships with labour, capital, and product markets.

The course is designed to give students an excellent understanding of applying economic principles to business decision-making.

Students can apply their knowledge and skills to real-life business situations.

B.A/ B.A (Honours) Applied Economics

Applied economics applies the conclusions drawn from economic theories and empirical studies to real-world situations to inform financial decisions and predict possible outcomes. 

B.Sc / B.Sc (Honours) Economics

This course provides knowledge of principles and techniques used in the economics domain in a holistic view.

It is almost similar to BA. (Hons) Economics, with some advanced statistical concepts taught only in B.Sc Hons.

Read more: Short tricks to enhance your vocabulary for the CUET exam

Career in Economics After 12th - PG Courses

Suppose you are pursuing a Master's Degree in Economics. In that case, you will study the subjects such as Microeconomic Analysis, Elementary Statistics, Theory of Pricing and Distribution, Macroeconomic Analysis, Quantitative Methods, International Finance, etc.

The following are some of the most popular master's degree courses you can pursue after graduating in economics.

• Master of Arts in Economics
• Master of Arts in Business Economics
• Master of Arts in Econometrics
• Master of Arts in Applied Economics
• Master of Science (MSc) in Economics
• Master of Business Administration (MBA) in Business Economics
• Master of Philosophy (MPhil) in Economics

Check: CUET PG Economics Syllabus

Master of Arts in Economics

A Master of Arts in Economics is a professional degree awarded to students who complete an undergraduate or graduate program in economics.

This degree is typically earned after a four-year program, although some schools may offer a three-year program.

• The MA in Economics is designed to provide students with the skills and knowledge necessary to pursue careers in economics.
• Many students earn this degree find jobs as economists, financial analysts, or research analysts.
• A Master of Arts in Economics is a research-based degree that provides a comprehensive understanding of economic theory and its applications.
• Students who pursue this degree will develop strong analytical and research skills that can be applied to various economic issues.

Master of Arts in Business Economics

The Master of Arts in Business Economics program is designed to prepare students for careers in business, government, and international organisations.

• The program provides advanced training in microeconomics, macroeconomics, and econometrics.
• Students also receive training in quantitative methods, management, and finance.
• The program is designed for students who have completed a bachelor's degree in business or economics.

Know more: How to Prepare for CUET in 20 Days?

Master of Arts in Econometrics

The Master of Arts in Econometrics program provides students with the skills and knowledge necessary to conduct economic research using econometric methods.

• The program is designed for students who want to pursue careers in economic research or who wish to pursue doctoral studies in economics.
• The program includes coursework in microeconomics, macroeconomics, econometrics, and statistics.
• Students also complete a research project in econometrics.
• The program's admission is competitive and based on academic performance, letters of recommendation, and test scores.

Master of Arts in Applied Economics

This degree is designed for students who want to pursue a career in economics or a related field.

The program provides students with the skills and knowledge necessary to analyse economic data and policy.

The degree also prepares students for doctoral study in economics.

Refer: CUET Preparation Books

Master of Science (MSc) in Economics

The Master of Science (MSc) in Economics is a two-year graduate program that provides students with advanced economic analysis and research skills.

• The program is designed for students who wish to pursue careers in economic research or policy analysis.
• The MSc in Economics is an intellectually demanding course that will stretch and challenge you.
• However, it is also a highly rewarding course that will give you the skills and knowledge you need to pursue a career in economics or continue your studies.

Master of Business Administration (MBA) in Business Economics

An MBA in Business Economics combines business and economics, which helps students to understand economic concepts and their applications to solve business problems.

MBA in Business Economics is a two-year full-time postgraduate course. The course is divided into four semesters.

The MBA in Business Economics course curriculum covers business economics, managerial economics, econometrics, quantitative methods, financial accounting, business statistics, microeconomics, macroeconomics, and business research methods.

Master of Philosophy (MPhil) in Economics

The Master of Philosophy (MPhil) in Economics is a two-year full-time course. 

The course is designed for those who wish to pursue a career in academia or research.

• The course is divided into four terms, each lasting for ten weeks.
• In the first term, students take four courses which cover microeconomics, macroeconomics, econometrics, and mathematics for economists.
• In the second term, students take three courses which cover economic history, development economics, and international economics.
• In the third term, students take two courses covering public economics or industrial organisation.
• The MPhil in Economics is a demanding course which requires a high level of commitment.

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Career Options in Economics After 12th

Economists use critical thinking, problem-solving, and data analysis skills to study various topics, including inflation, unemployment, economic growth, and international trade. They use their findings to develop monetary policy recommendations or to forecast future economic trends.

Teaching is another option for economists. Many college and university economics departments seek instructors with a PhD in economics.

Economics professors typically teach courses in microeconomics, macroeconomics, and econometrics.

Those who choose to work in the private sector may find jobs in banks, consulting firms, or insurance companies, and they may also work for think tanks or research organisations.

Economists use data analysis and economic modelling skills to provide financial consulting services.

Government agencies at the local, state and federal levels also employ economists.

They may work in the executive branch to develop economic policy or in the legislative branch to provide economic analysis of proposed laws.

Economists may also work for international organisations like the World Bank or the International Monetary Fund.

A wide variety of career choices is open for those wishing to pursue career options in commerce after 12th in economics.

Here is a list of various options to better understand the available choices.

• Government organisations like RBI as an Economist.
• Planning organisations like NITI Aayog, National Sample Survey, etc.
• PSU Banks, Foreign Banks, and Private Banks
• Financial Risk Analyst Opportunities
• Actuary 
• Econometrics Related Fields
• Indian Economic Services (IES)
• Financial Information Firms
• Agricultural Companies
• Statistician

Career in Economics After 12th: Best Colleges

Some of the best CUET colleges that offer admission to economic courses based on your performance in the entrance test are as follows:

• Lady Shriram College for Women (LSR)
• Miranda House
• Sri Ram College of Commerce (SRCC)
• St. Stephen's College 
• Hindu College
• Jesus and Mary College
• Hansraj College
• Ramjas College
• Sri Venkateswara College

A Career in Economics after 12th: Top Private Colleges in India

If you wish to join colleges other than Delhi University with their respective entrances, you can join these top colleges mentioned below.

• Christ University, Bangalore
• NMIMS Mumbai
• St. Xaviers Mumbai
• St. Xaviers College Mumbai
• Loyola College Chennai

Read more: CUET Participating Universities 

Aptitude-Based Entrance Exams for Economics Courses

If you wish to pursue your career in Economics after 12th commerce at one of the best colleges in India, you need to clear the respective entrance exam for that college.

Only those who clear the entrance exams are called for counselling by the respective institute.

The following are some of the most popular entrance exams you can take to get admission to economics courses.

CUET (Common Universities Entrance Test)

Common Universities Entrance Test is an all-India level entrance exam conducted by NTA for admission in UG courses offered in all the participating institutions. 

According to the CUET Eligibility Criteria, you must have completed your calss1 2 with a minimum of 50% marks (for the general category). It is 45% for SC/ST category to be eligible for the entrance exam.

The entrance test will include four sections and those, as explained below:

• Section I A: 13 Languages
• Section I B: 19 Languages
• Section 2: Domain-specific test
• Section 3: General  test

CUET is a centralised test for top universities like Delhi, Banaras Hindu, Central University of Punjab, and Jawaharlal Nehru University.

Christ University Entrance Test

Christ University conducts the entrance test to provide admission to various undergraduate courses.

To be eligible for the Christ University Entrance Test, you must have passed the 10+2 or equivalent exam with a minimum of 55% marks from a recognised board or university.

The university will provide admissions based on your performance in the entrance exam.

NPAT

Narsee Monjee Institute of Management Studies, or the NMIMS University, is responsible for conducting the NPAT Entrance Exam.

Your minimum age should be 17 years, and the maximum age should be 25 years to apply for the exam.

Also, you must have completed a 10+2 or equivalent exam from a recognised university or board.

Skills Required to Pursue a Career in Economics After 12th

Here are some of the skills that every student must have to pursue a career in economics after 12th:

• You should have a solid Mathematical Aptitude to grasp the essential statistics concepts required in Economic Courses.
• You should be interested in understanding Complex Systems, as Economic systems are interlinked, which require deep knowledge of concepts.
• One of the essential skills is curiosity; if you are curious, you will succeed in your Economics Career.
• You should possess the ability to research every aspect of the economy.
• Teamwork and Interpersonal Skills.
• Logical and Critical Thinking Skills.
• You should be motivated enough and try to be perfect.

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Concluding, a career in economics after the 12th is a promising path filled with diverse opportunities in academia, government, and the private sector.

With the growing importance of economic analysis in policy and business, those equipped with strong analytical and mathematical skills will find themselves in high demand.

Whether aiming for a B.A., B.Sc., or further postgraduate studies, the journey to becoming an economist is intellectually rewarding and rich with potential.

Learn more: How Many Subjects Are required for CUET 2024?