I WOULD LIKE TO BECOME AN ECONOMIST
Q
I’m a grade 12 student and look forward to becoming an economist. But I’m confused about which course I should choose. More importantly, is economics a good choice?
A
Studying economics would involve exploring the spectrum of issues that impact financial situations and business decisions. From production to consumption, economics looks at ways to efficiently allocate the world’s resources among individuals and organisations.
This involves studying politics, sociology, law, psychology, geography and history at local and global levels. Economists provide advice on socio economic problems. The career path will want you to keep learning and updating with the economic, political and social scenarios of a country and the impact of global changes on its economy.
The two major streams available for study are microeconomics and macroeconomics. The former includes the study of behaviour of individuals, companies, households, buyers and sellers. Macroeconomics analyses entire economies on a national or global scale, examining issues such as unemployment, inflation, economic growth, monetary and fiscal policy.
It is common to study economics as a part of joint degree paired with law, history management or politics. A favourite of mine is Politics, Philosophy and Economics – best taught at Oxford or the University of Pennsylvania.
Whilst an undergraduate qualification will help you get a job, I would bolster it with a second degree – either a Masters in the same field or an MBA. Along with the credibility of lecturers you should look at internship and research opportunities offered and the alumni book before you decide.
In addition to the Ivy league and Oxbridge, add St. Stephens and Presidency University in India, Trinity College in Ireland, Warwick, UCL and LSE in the UK and University of Chicago, Stanford and Duke in the US to your wish list.
An economics graduate has an extremely diverse field from which to choose a career; from banking and manufacturing to services and consultancy. Careers in banking can be very lucrative. In consultancy, economics graduates tend to work in research, deploying their knowledge of economic models, theories, analytical and mathematical skills.
In the government and public sector, economists play a vital role in their advisory capacity in areas ranging from public transport to utilities to managing the country’s finances.