Top Jobs After Pursuing an MSc in Economics: A Complete Guide for Your Job Hunt
A master’s degree in economics offers numerous benefits, providing graduates with a strong foundation in analytical thinking, quantitative skills, and a deep understanding of economic principles. This advanced education equips individuals to navigate complex economic environments and make data-driven decisions, essential in today’s fast-paced job market. Graduates gain access to an array of career opportunities, including roles such as investment banker, research economist, and financial analyst, which are critical in influencing business strategies and public policies. This blog delves into the promising jobs after an MSc in Economics, highlighting key roles, their unique responsibilities and salaries, and top companies hiring economics graduates.
List of Jobs After MSc in Economics
A master’s in economics opens up a range of opportunities, from data analyst to stockbroker. In this section, check out some successful career paths to pursue after earning an MSc in economics:
1. Investment Banker
Investment banking is one of the most sought-after careers after an MSc in Economics. Investment bankers provide consulting services for acquisitions and mergers of financial assets. They assist governmental bodies and companies in increasing their capital value by issuing bonds and stocks. The job demands evaluating economic conditions, financial data, and market trends to build strategies. The investment banker’s role acts as a bridge between businesses and investors looking for funds, to ensure smooth capital flow in financial markets.
i. Skills Required
Here are the essential skills required to get a job as an investment banker:
- Proficiency in analyzing financial statements, valuation models, and market trends to assess investment opportunities.
- Strong mathematical and statistical skills to perform complex calculations and financial modeling.
- In-depth knowledge of capital markets, investment products, and the regulatory environment.
- Ability to convey complex financial information clearly and persuasively to clients and stakeholders.
- Strong negotiation abilities to facilitate deals and manage client expectations effectively.
- Meticulousness in reviewing financial documents and ensuring accuracy in analyses and reports.
ii. Average Salary Range: ₹8 LPA to ₹25 LPA
2. Research Economist
A research economist delves into specific economic problems and gathers data to help companies make informed business decisions. They observe the production and distribution of services and goods, evaluate economic problems, and help government bodies understand how policies can affect the country’s economy.
As a research economist, you will investigate specific economic issues, gather and analyze data, and develop economic models to forecast trends and evaluate policy impacts. Your work may involve studying labor markets, international trade, monetary policy, etc. This is one of the most lucrative job opportunities after an MSc in Economics, especially for graduates who have a passion for in-depth research and data analysis.
i. Skills Required
Here are the essential skills required to get a job as a research economist:
- Proficiency in applying advanced-level economic theories and quantitative methods to analyze data effectively.
- Proficiency in programming languages like Python, STATA, and MATLAB for data manipulation and analysis.
- In-depth understanding of research methodologies and the ability to design and implement effective data collection strategies.
- Ability to interpret and articulate intricate economic theories and findings to diverse audiences.
- Up-to-date knowledge of contemporary economic challenges and ongoing policy discussions to inform research.
- Proven experience in writing scholarly articles and successfully publishing research in academic journals.
- Strong ability to present research results effectively, using visual aids and clear narratives to engage and inform stakeholders.
ii. Average Salary Range: ₹6 LPA to ₹30 LPA
3. Public Policy Advisor
A public policy advisor formulates public policies by evaluating the impacts caused by the policies. They help organizational and governmental bodies with choosing the right policies and conducting economic research. Their primary responsibilities include analyzing data, working with stakeholders, and improving public policies and regulations for economic welfare.
i. Skills Required
Here are the essential skills required to get a job as a public policy advisor:
- Strong ability to analyze complex data, policies, and legislation to evaluate their impact and effectiveness.
- Expertise in conducting thorough research to support policy recommendations and decisions.
- Excellent written and verbal communication skills to articulate policy positions and engage with stakeholders effectively.
- Knowledge of governmental structures, processes, and regulatory frameworks at local, state, and national levels.
- Capability to assess various perspectives, identify potential challenges, and develop innovative solutions.
- Skills in building and maintaining relationships with diverse stakeholders, including government officials, community organizations, and advocacy groups.
- Proficiency in negotiating and advocating for policy positions to influence decision-making processes.
ii. Average Salary Range: ₹8 LPA to ₹20 LPA
4. Financial Analyst
Financial analysts assist organizations in making informed investment decisions and optimizing financial performance. The key responsibilities include evaluating economic trends, analyzing company financials, and assessing market conditions to provide investment recommendations and financial forecasts. Moreover, financial analysts often specialize in specific sectors or types of investments, such as equity, fixed income, or alternative investments.
i. Skills Required
Here are the essential skills required to get a job as a financial analyst:
- Advanced knowledge of financial modeling and valuation techniques.
- Proficiency in financial analysis software like Excel.
- Strong understanding of accounting principles and financial statements.
- Knowledge of investment theories and portfolio management.
- Ability to interpret and communicate complex financial data.
- Understanding of regulatory frameworks and compliance issues.
ii. Average Salary Range: ₹6 LPA to ₹35 LPA
5. Stockbroker
Stockbrokers act as intermediaries between investors and the stock market, facilitating the buying and selling of securities. This role represents one of the most promising job opportunities after an MSc in Economics for those aspiring to build expertise in financial markets. As a stockbroker, key responsibilities include analyzing market trends, providing investment advice to clients, and executing trades on their behalf. Staying updated with economic news and company performance is essential for making informed recommendations.
i. Skills Required
Here are the essential skills required to get a job as a stockbroker:
- A comprehensive understanding of various financial markets, investment vehicles, and economic indicators.
- Expertise in evaluating market trends and company performance to make informed investment decisions.
- Ability to convey complex financial concepts and foster strong relationships with clients.
- Proficiency in persuading clients and negotiating favorable terms to facilitate transactions.
- Strong skills in managing client relationships, understanding their needs, and providing tailored investment advice.
ii. Average Salary Range: ₹5 LPA to ₹15 LPA
The role of a business analyst represents one of the most promising career paths following the completion of an MSc in Economics. Business analysts evaluate financial processes and requirements to devise impactful solutions. They analyze data, identify areas for improvement, and generate reports while collaborating with stakeholders to define project objectives and ensure successful execution. Their responsibilities encompass gathering data, creating comprehensive business and functional requirements, and supporting the implementation of new systems or processes.
i. Skills Required
Here are the essential skills required to get a job as a business analyst:
- Strong analytical and problem-solving abilities
- Proficiency in tools like Excel, SQL, and Tableau for data manipulation and visualization.
- Strong analytical and problem-solving abilities to assess data and identify solutions effectively.
- Knowledge of business process modeling techniques to document and improve business processes.
- Excellent communication and stakeholder management skills to engage with various stakeholders and convey information.
- Familiarity with frameworks that guide project execution and delivery.
ii. Average Salary Range: ₹5 LPA to ₹35 LPA
6. Data Analyst
Data analysts help organizations make data-driven decisions by interpreting complex datasets. In this role, responsibilities include collecting, processing, and analyzing large sets of data to identify trends, patterns, and insights that inform business strategies.
The work involves utilizing statistical techniques, creating data visualizations, and developing predictive models. Data analysts frequently collaborate with various departments to provide actionable insights that drive business growth and efficiency. Additionally, pursuing a data analyst course with a placement can help you get the right training and skills to apply for this job role.
i. Skills Required
Here are the essential skills required to get a job as a data analyst:
- Proficiency in data analysis tools and programming languages like Python, R, and SQL for data manipulation and analysis.
- Strong analytical skills to interpret data, identify trends, and provide actionable insights.
- Ability to create clear and effective visual representations of data using tools like Tableau and Power BI.
- Ability to clean, preprocess, and manipulate large datasets.
- Strong problem-solving skills to approach complex problems methodically and develop data-driven solutions.
- Ensuring accuracy and precision in data analysis and reporting.
ii. Average Salary Range: ₹4 LPA to ₹25 LPA
7. Economics Teacher/PGT Economics
A master’s degree in economics can help you enter the teaching field as a school teacher or a graduate professor. This career path is ideal for MSc Economics graduates with a passion for education and the ability to communicate complex economic concepts. As an economics teacher or PGT (Post Graduate Teacher) in Economics, responsibilities include designing and delivering engaging lessons on various economic theories, principles, and events. The role also involves creating curriculum materials, assessing student performance, and often participating in extracurricular activities related to economics. Opportunities may be available in secondary schools, colleges, or universities based on qualifications and career goals.
i. Skills Required
Here are some of the essential skills required to get a job as an economics teacher:
- Subject mastery of economic theories, principles, and current trends.
- Ability to explain complex economic concepts clearly and effectively.
- Skill in designing comprehensive and engaging lesson plans.
- Proficiency in evaluating student performance and providing constructive feedback.
- Knowledge of teaching methods that cater to diverse learning styles.
- Ability to maintain an organized and focused learning environment.
- Flexibility in adjusting teaching methods to meet student needs and curriculum changes.
ii. Average Salary Range: ₹4 LPA to ₹12 LPA
8. RBI Grade B DEPR
Pursuing a career as an RBI Grade B officer in the Department of Economic and Policy Research (DEPR) is one of the most prestigious and rewarding jobs after an MSc in Economics. This role offers the opportunity to directly influence national economic policy and contribute to crucial research that shapes India’s financial landscape. As an RBI Grade B officer, you will be involved in economic research, policy analysis, and providing critical inputs for monetary policy decisions.
To apply for the RBI Grade B DEPR position, candidates must monitor the official RBI website for notifications regarding the recruitment process. The selection process typically includes a written examination followed by an interview.
i. Skills Required
Here are some of the essential skills required to apply for a job as an RBI grade B officer:
- Strong analytical and research skills to conduct in-depth economic analysis and research.
- Proficiency in econometric techniques and statistical software like R, SAS, or Stata for data analysis.
- Excellent writing skills to craft clear and concise policy briefs and research papers.
- Knowledge of monetary policy, fiscal policy, and financial markets.
- Ability to interpret and analyze complex economic data and trends.
ii. Average Salary Range: ₹5 LPA to ₹14 LPA
9. Trade Analyst
Trade analysts analyze global trade patterns, market trends, and economic policies to inform business strategies and government trade policies. This is one of the best career options for economics graduates with an interest in international economics and trade relations. The trade analyst researches and analyzes trade data, assesses the impact of trade agreements and tariffs, and recommends market entry strategies for businesses. The work may involve forecasting trade flows, conducting risk assessments, etc.
i. Skills Required
Here are some of the essays how the skills required to get a job as a trade analyst:
- Strong understanding of international trade practices.
- Proficiency in data analysis and statistical software.
- Knowledge of global economic trends and geopolitical factors.
- Familiarity with trade agreements, tariffs, and customs regulations.
- Excellent research and report-writing abilities.
- Analytical skills to interpret complex trade data and market trends.
- Understanding of supply chain management and logistics.
- Cultural awareness and ability to work in diverse international contexts.
ii. Average Salary Range: ₹4 LPA to ₹25 LPA
10. Investment Analyst
Investment analysts provide in-depth research and analysis to guide investment decisions. This job position entails researching and evaluating investment opportunities across various asset classes, including stocks, bonds, and alternative investments. The primary responsibilities will include analyzing financial statements, assessing industry trends, and developing financial models to forecast company performance.
i. Skills Required
Here are some of the essential Skills required to get a job as an investment analyst:
- Advanced financial modeling and valuation techniques.
- Strong understanding of financial markets and investment theories.
- Certification in a personal finance course is beneficial.
- Proficiency in financial analysis software and databases.
- Excellent analytical and quantitative skills.
- Ability to synthesize complex financial information.
- Knowledge of accounting principles and financial statement analysis.
- Strong written and verbal communication abilities.
ii. Average Salary Range: ₹6 LPA to ₹50 LPA
11. Management Consultant
Management consultants provide expert advice to organizations to improve their performance, solve complex business problems, and develop strategies for growth. As a management consultant, you will work on a variety of projects across different industries, analyzing business processes, market trends, and financial data to provide strategic recommendations. Your role will involve conducting research, performing data analysis, and collaborating with client teams to implement solutions.
To start a job after an MSc in Economics, gaining relevant experience through internships or entry-level roles in consulting firms, financial institutions, or research organizations is crucial. Further education, such as an MBA or a specialized certification in management consulting, can enhance credentials and broaden business knowledge.
i. Skills Required
Here are some of the essential skills required to get a job as a management consultant:
- Ability to analyze complex data, identify trends, and derive actionable insights.
- Strong capability to approach problems methodically and develop effective solutions.
- Excellent verbal and written communication skills to convey ideas clearly and persuasively.
- Understanding of various industries, market trends, and business strategies.
- Ability to manage time, resources, and teams to ensure project success.
- Building strong client relationships and working effectively in teams.
- Familiarity with tools like Excel, PowerPoint, and data analysis software.
ii. Average Salary Range: ₹8 LPA to ₹40 LPA
Top Companies Hiring M.Sc. Economic Graduates
As the global economy becomes increasingly complex, the demand for skilled economics professionals continues to grow. Economics graduates are in high demand in India across many top companies that hire individuals with specialized skills in this field. Let us explore some of the top companies in India that actively offer job opportunities after an MSc in economics and the roles they offer.
i. Tata Consultancy Services (TCS):
TCS, a global leader in IT services and consulting, values the analytical skills of economics graduates. They offer roles such as:
- Economic Consultant
- Data Analyst/Scientist
- Business Analyst
ii. Reserve Bank of India (RBI):
India’s central bank offers prestigious positions for economics graduates, including:
- RBI Grade B Officer (DEPR)
- RBI Grade B Officer (DSIM)
- Economic Analyst
iii. Axis Bank:
Axis Bank provides opportunities for economics graduates to apply their skills in the financial sector and offer job openings like:
- Financial Analyst
- Credit Analyst
- Risk Analyst
iv. Capgemini:
This global consulting firm offers roles that allow you to combine your knowledge of economics and business. Here are some of the roles that the Capgemini hires for:
- Financial Analyst
- Risk Analyst
- Strategy Consultant
v. Goldman Sachs:
This leading investment bank values the analytical skills of economics graduates in roles such as:
- Market Research Analyst
- Project Manager
- Investment Banking Analyst
vi. McKinsey & Company:
This management consulting firm offers rewarding roles for economics graduates, such as:
- Quantitative Analyst
- Economic Research Analyst
- Data Analyst
vii. HDFC Bank:
One of India’s largest private banks offers diverse opportunities for economics postgraduates in roles like:
- Treasury Analyst
- Product Manager
- Economic Research Analyst
Conclusion
Graduates in economics can excel in roles such as economists, data analysts, policy advisors, and financial consultants, contributing to the public and private sectors. The analytical and problem-solving skills gained during the course are highly valued, enabling professionals to tackle complex economic challenges. With the increasing demand for financial expertise in today’s globalized world, jobs after completing an MSc in Economics offer a great start to the professional journey. A degree in economics paves the way for lucrative careers in academia, government, international organizations, and the corporate world. To learn more about the job roles, check out our guide on the best-paying jobs with an economics degree.
FAQs
Answer: You can work in either the private or government sector. Additionally, economics graduates are well in demand in the academic field. Possible job opportunities can range from:
– Data Analyst
– Finance Analyst
– Economics Teacher
– Business Analyst
– Risk Management Expert
Answer: The average salary range for M.Sc Economics graduates varies depending on the specific role and experience level. Salaries typically range from ₹3 LPA to ₹55 LPA.
Answer: The highest-paid jobs after graduating with an MSc in Economics include:
– Investment Banker
– Public Policy Advisor
– Financial Analyst
– Stockbroker
– Management Consultant