“Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated”
-Thomas Sowell, American Economist
Economists can be called as the deposits of these fragments that drive the coordination. As we have moved further in the postmodern era, the prospects for economics have grown immensely with it. Technology innovations have played a vital role in uplifting this sector and aspirants have found new and creative ways to build a career after masters in economics. Cutting-edge planning and advisory services based on data mining and analytics have been the most rewarding job opportunities that MA in economics can opt for as of now. Career paths have also opened in the sector of journalism, banking and financial management.
Having said that, let us now delve a little deeper and know about the various career prospects that have opened for MA in economics.
Business Reporting
If a candidate is interested in both media and economics, the person is most like to land in a successful career in business reporting. With the rapidly changing economic landscape, a business reporter’s primary work is to track the movements and produce compelling stories to make that reach the target audience. Perhaps this is one of the kinds of coordination Thomas Sowell spoke about. It should always be the duty of an economics enthusiast to send the correct information on economic changes and reformations that educates readers and adds value to the society as whole.
A job as a business reporter is a very rewarding career option in economics and there are several media organizations that are always in need of knowledge in economics combined with the zeal for journalism.
Supply Chain Analysis
Modern technology innovations in data analytics have given a major boost to the supply chain management industry. However, these systems require expert supervision that can only be provided by individuals with perfect domain knowledge. Calculated data requires a calculative mind and this is exactly where economics adds value to the SCM industry.
From the time of procurement until final delivery, data inputs are huge and come from different sources. In order to calculate this data and plan the financial growth of an organization, an economics graduate is one of the ideal choices. But only domain knowledge is not sufficient to land a good career in SCM sector. It needs to be combined with skills that include multitasking, management skills and problem solving skills. Because SCM is imperative to the financial growth of any organization, a M.A in Economics with the ability to perform can land in a successful career in this sector.
Personal Financial Assessment and Advisory
Business operations across the world are changing catalysed by technology innovations. Data analysis plays a vital role in this aspect as people need to analyse data coming from different sources and create a plan for financial growth. Money management is also a major aspect that needs accurate attention which can be provided by a person who has done masters in economics. Only with domain knowledge and business understanding, the person can provide advisory to the core management of an organization on the profit and loss statements and make them take informed decisions for growth.
The person will also be involved with personal finance advisory that includes possible investment options and saving procedures for individuals or organizations. Perhaps, this is one of the critical positions for masters in economics that is currently there globally. They are responsible for not only fulfilling the required duties but also form a source of coordination across the organization through the knowledge of economics.
Compensation Management
The accounts department of an organization plays an important role in the overall functioning of the company. Maintaining the pay scale of a company is no easy feat and requires accurate domain knowledge to understand operations. In today’s world, there are various IT innovations in place that have provided an organized approach to pay scale maintenance and individuals need to have a competitive attitude to land in a rewarding career as a compensation manager. The ideal goal of a person sitting in this position is to ensure that competitive remunerations are being provided to the existing employees and at the same time it should also be good enough to attract new talents from the industry.
As the business ecosystem grows and more technology transformations take place, there will be a scope to organize each and every aspect of businesses. This will create demand for economics enthusiasts to set sail into more unexplored areas that would come to light in the coming years. Various new job opportunities for MA in economics have opened which have also diversified themselves into niche segments such as health, business, environmental and developmental economics, the demands for which are growing globally.
