In this article, we will discuss some of the fields in economics that students can look for the scope in it after class 12th. 7 SCOPE OF ECONOMICS AFTER CLASS 12th. Economics is widely chosen by the students after class 12th, mainly by commerce and humanities stream students. A widely sought after course after class 12th by a huge number of students holds great value because of its wide scope in the career field. Here is article on 7 scope in economics after Class 12th
Having Economics as your strength and the specialized subject, after class 12th, you get higher chances of going into various popular fields which are in high demand with the scarcity of workers in the fields. There is a handsome salary package of economics as your majors after class 12th and you can major much scope in this. So, let us discuss some of the fields where there is a high demand for economics and holds a great scope for those who want specialization in this field, of economics, after class 12th.
Acturial Science, a field of economics, which was earlier limited to the Western Countries, is now gaining ground in India at a very fast pace. However, due to the less popular among the students, it leads to a scarcity of workers in this field, leading to high demand with a good package. There is a huge demand for this field and the basic package for an actuary fresher ranged between INR 15 Lakhs to 20 Lakhs. So, if you are interested in a field of economics and want to have a good package, then this field is best matching for you as soon as you complete the basic eligibility requirements for this field.
If you think you can play with numbers and can handle complex systems effectively, then you can opt for this popular field. The main role of the economist is to maintain the economic field of a particular company or an organization. To become a successful economist, you need to have blended knowledge of both social sciences, which in theory, and mathematics, which is based on practical solving. An economist is expected to have a good understanding of complex systems and provide creative outputs. You need to have effective communication skills so that you can express your views comfortably to the others.
The main role of an accountant is to manage the accounts of a particular organization. To look after the budgets and expenditures, the accountant’s role is widely required. Most of the business plans, which are based on budget based expenditures, are handled by the accountants which look after each and every requirement of the company. It maintains the profits as well as losses of a particular business or organization and prepares all the meetings and plans based on this. He/she looks after the policies and procedures which are needed to be implemented in the organization and recommends them for the balanced budget and maximum profit.
A data analyst is responsible for the primary data which needs to get collected from different sources. He/she is responsible for collecting and storing data for the required work and ensures the accuracy of the collected data. From collecting the data to presenting the information in the meetings, all the tasks are taken care of by a data analyst. He is also responsible for the technical expertise in order to extract the most useful information that can be collected from the raw data. You need to have strong mathematical and statistical skills to collect and extract meaningful data. The processing requires programming skills as well.
There are different types of banks that require economists on a need-to-have basis. Commercial banks require an economist to maintain its financial system keeping in view the present economic status. It includes loans and funds, financial profits and losses, and so on. Even though it seems a lot on the plate of an economist, a decent salary is provided for the hard work which they do usually in their day to day life. The basic requirements for an economist to have are communication as well as the analytical skills. An economist is expected to be detail-oriented with good critical thinking and mathematical skills.
There is a huge scope for researching as well under the economist umbrella. The main task is, therefore, the research to collect the required data in order to perform several tasks. Some of the basic tasks include the analysis of data as well as monitoring of trends and development of forecasts. After going through the current trends, the plans are made and implemented for a better generation of profits. A researcher can be of different fields and sectors such as in the public sector, or the agricultural sector, or the energy sector and so on.
Government Sector has a big employment rate under this field. The role of economists under this field is to look after the cash flow as well as the profits and losses maintained. It also manages the tax obtained as well as its usage under the development schemes and sectors. There is job security as well as fixed income, which increases every year based on slabs and pay grade, under the government sector, and because of such benefits, a huge competition is there to get into this sector.