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Economics is an incredibly expansive and adaptable field of study. As business in India continues to expand, there is a growing demand for well-informed economics graduates. Many sectors rely on economists to monitor market trends for the benefit of businesses.
Beyond corporate opportunities, there are numerous government positions within the field of economics. The Indian government seeks proficient economics graduates for various departments, such as finance, defense, transportation, and more. Let's explore some of these job prospects available to you after completing your undergraduate or postgraduate studies in Economics.
What Makes a Career in Economics Worthwhile?
A career in economics is an excellent choice for students possessing strong mathematical and analytical abilities. Leading economics programs equip students with the quantitative and qualitative analysis skills necessary to excel in this field. Furthermore, employers increasingly value economists with expertise in statistical analysis software.
For those pursuing advanced degrees, master's programs offer opportunities to specialize in specific areas of economics, allowing individuals to differentiate themselves in a competitive job market. Bachelor's degree holders often face tougher competition for jobs compared to those with relevant experience and a master's or doctorate degree.
The positions mentioned earlier represent some of the most esteemed government roles within the realm of economics. For many of these roles, an undergraduate degree in economics is the prerequisite, while positions like IES necessitate a postgraduate economics degree.
Selection for these roles relies on entrance examinations. Government departments or organizations responsible for these exams will notify candidates of job openings, allowing interested individuals to apply for these competitive exams.
Most of these exams encompass subjects like economics, English, and general knowledge. Some exams also include sections on reasoning and quantitative ability. With a dedicated education in economics and diligent preparation, you can qualify for any of the economics-related careers.
Top Government Jobs Options After Studying Economics
Many government bodies in India hire Economics graduates for different job roles. The hiring process is done through national-level examinations, interviews and sometimes group discussion rounds as well. Here are some of the top Govt. job opportunities that you can explore after completing your studies in Economics.
1. Jobs in Indian Economic Services (IES) After Pursuing Economics
The IES is a Grade A central service that was constituted in 1961. IES Officers are required to give economic advice, implement development policy and programmes, look after economic administration, etc. These officers are exposed to almost every government sector to assist the government in matters related to the field of economics.
Eligibility Criteria for IES
Candidates who want to appear for IES should take a look at the following eligibility criteria:
- Must hold a postgraduate degree in Business Economics or Economics or Econometrics or Applied Economics and the postgraduate degree must have been issued by a recognized board.
- The minimum age limit to appear for the examination is 21 years
- The upper age limit varies according to the categories of the candidates. A general category candidate till the age of 30, SC/ ST candidates till 35 years, and OBC candidates till 33 years can appear for IES. Whereas, candidates who have low vision or blindness/ hard of hearing or deaf/ autistic/ deaf-blindness, etc can appear for the exam till the upper age limit of 40 years and Ex-servicemen including ECOs/ SSCOs/ Commissioned Officers Military Servicemen can apply till 35 years of age.
- Candidates have to be a citizen of India or Nepal or Bhutan. Tibetan Refugees who moved to India before 1st January 1962 to permanently settle here can appear or candidates of Indian origin who migrated from Burma, Pakistan, East African Countries of Kenya, Sri Lanka, Uganda, Zambia, the United Republic of Tanzania, Zaire, Malawi, Vietnam or Ethiopia with the preference of permanently settling here.
How to Apply for IES?
- To get a job in the Indian Economic Services, you will have to appear in the Indian Economic Service (IES) Examination.
- It is a national-level examination conducted every year to recruit candidates for the Services.
- Conducting body of the examination is UPSC (Union Public Service Commission) and it is conducted in an offline (pen-paper) mode.
2. Jobs in the Reserve Bank of India (RBI) for Economics Graduates
After studying economics you can also apply for different posts at the Reserve Bank of India. There are various entry-level jobs as well as other opportunities at the bank depending on your qualification and education. RBI, being the regulatory bank of India, has various posts for qualified economics students at both entry and management levels.
Eligibility Criteria for RBI
RBI conducts two types of recruitments, RBI Grade B and RBI Assistant. Check out the eligibility requirements for both profiles.
RBI Grade B
- General candidates within the age limit of 21 years to 30 years can apply for the exam. SC/ ST candidates get 5 years of relaxation, OBC candidates get 3 years of relaxation, Physically challenged candidates get 10 years, PH + OBC applicants get 13 years and PH + SC/ ST candidates get 15 years of age relaxation.
- For Officer Grade General, candidates must have completed their graduation with a minimum of 60% aggregate marks and reserved category candidates will get 10% relaxation.
- For Economics and Public Research Department exam, candidates need to have a Master's Degree in Economics/ Econometrics/ Quantitative Economics/ Mathematical Economics/ Integrated Economics Course/ Finance with at least 55% marks, or, MBA Finance/ PGDM with 55% aggregate marks, or, a Master’s Degree in Economics in any of the subcategories of economics i.e. agricultural/ business/ developmental/ applied, etc. with minimum aggregate marks of 55%.
- Candidates must be a citizen of India or Nepal or Bhutan or people of Indian origin who migrated from Zaire, Ethiopia, the East African Countries of Kenya, the United Republic of Tanzania, Malawi, UgaRBI Grade B, Burma, Pakistan, Zambia, Sri Lanka and Vietnam to permanently settle in India or Tibetan refugees who came to India before January 1, 1962, to permanently settle in India.
- Candidates between the ages of 20 and 28 can appear for the RBI Assistant examination.
- To appear for the RBI Assistant examination candidates must have a bachelor’s degree with a minimum of 50% in any discipline.
How to Apply for RBI?
- RBI examines two profiles: RBI Grade B Officer and RBI Assistant.
- Exams are conducted separately for both profiles. Candidates are finally selected after going through two levels: Preliminary Exam and Mains Exam.
- Registrations for the RBI Grade B exam usually begin in September every year.
- For the RBI Assistant exam, registrations commence in December or January, every year.
3. Jobs in the State Bank of India (SBI) for Economics Graduates
SBI is one of the top banks in India employing thousands of people. The State Bank of India conducts examinations for several profiles to fill up the current vacancies.
Eligibility Criteria for SBI
The State Bank of India conducts 3 different types of examinations, SBI Clerk, SBI PO and SBI SO to recruit candidates. The eligibility criteria for all the different exams of SBI are given below.
- Applicants between the age group of 20 to 28 years can fill up the application form for SBI Clerk. OBC candidates get 3 years of age relaxation, SC/ ST/ Jammu & Kashmir State domiciled candidates between January 1, 1980, to December 31, 1989 candidates get 5 years and PWD (SC/ ST) candidates get 15 years of relaxation.
- Candidates must complete their graduation from a recognized university in any discipline.
- The minimum age limit to appear for SBI PO is 21 years while the maximum is 30 years. Reserved category candidates get upper age limit relaxations.
- The academic qualification required for SBI PO is graduation in any discipline from a recognized university.
- Candidates are hired for different positions in SBI through the SBI SO examination. The age limit, therefore, varies from 25 years to 45 years.
- The basic academic qualification required for all the SO posts is graduation but the discipline depends on the posts that the candidates are applying for.
How to Apply for SBI?
- SBI conducts separate examinations for the following profiles: SBI SO (Specialist Office), SBI Clerk, and SBI PO (Probationary Officer).
- Registrations for SBI PO and SO exams usually begin in May - June.
- For the SBI Clerk Exam, Registrations begin in January.
4. Public Sector Undertakings (PSUs) Jobs for Economics Graduates
Economics students can also apply for jobs at different PSUs as well. Various PSUs in India offer economics-related posts. The job requires individuals to help the organization with investments and budget-related matters. Some PSUs you can apply for are ONGC, BHEL, BSNL, etc.
How to Apply for PSUs?
Like every other entity discussed in this article, you will have to go through an examination to get a job in PSUs as well. Different exams are conducted for different profiles through which, candidates are selected for the jobs.
5. Jobs in the Education Sector for Economics Students
Education is a broad field providing various government job opportunities at both the school level and higher education level. You can apply for the roles of assistant professors or lecturers at the economics department of universities. These jobs are not hectic and offer good salary packages even at the entry-level.
What are the Jobs Available in the Education Sector for Economics Students?
Here are some of the jobs that you can explore after graduating in Economics.
- Elementary School Teacher
- Corporate Trainer
- District Education Officer
- Education Counsellor
- School Principle
- Assistant Professor
6. Other Government Jobs for Economics Graduates
Although these are not strictly related to the field of economics, Combined Defence Services, Railway Recruitment Board, etc. are some of the departments that offer some high-paying government jobs.
Top Economics Colleges in India
Now that you are well aware of govt. job opportunities available for an Economics graduate, let us discuss some top Economics Colleges in India. To get admission into these colleges, fill out the Common Application Form and avail expert assistance throughout the admission process.
The profiles mentioned above are some of the most reputable government jobs in the field of economics. For most of these jobs, you must pursue an undergraduate course in economics. Whereas, profiles like IES will require a postgraduate degree in economics as well.
Selection for the jobs mentioned above is done based on entrance exams. Government departments/organizations conducting the examinations will notify students whenever there are vacancies and students can apply for these competitive exams in order to secure the jobs.
Most of these exams are based on economics, English, and General Knowledge-related syllabus. However, some exams also comprise reasoning and quantitative ability questions. With a focused education in the field of economics and preparation, you can get any of the jobs mentioned above.
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