Summary
Some universities now offer a BSc course in Economics with Computing
Technology giants such as Google, Amazon, Facebook and Microsoft recruit economists every year
With global vaccination efforts to tackle new variant waves, the world is learning to live with the COVID-19 pandemic. Arguably the greatest challenge faced by humanity since WWII, the pandemic will fundamentally alter aspects of our lives. From the possibility of permanent remote work to a radical shift to online mode, we are facing unfathomable and unpredictable changes to how we live, work, eat and travel. Businesses will — some already have — shut down, new industries will arrive and thrive, old and established jobs will disappear, while jobs that were once thought to be niche will suddenly show an exponential rise.
What’s unique about the current situation:
- The pandemic has led to restructuring of the economy, leading to a declining fortune of industries that were popular even a couple of years back.
- Though the economic recovery has begun, it may take a while before it’s nearly complete. So, it’s a good time to invest in skills that are likely to be in demand when the market is hot.
Career scope in Economics
Economics offers immensely lucrative career opportunities. The range of job opportunities includes consulting firms, financial firms, government organisations, international organisations like World Bank and IMF, and NGOs. Leading technology giants such as Google, Amazon, Facebook and Microsoft recruit economists every year with top salaries. It is harder to think of another career path that can offer as diverse opportunities as Economics.
Many universities have designed their undergraduate and master’s programmes in Economics keeping the current situation in mind. As a result, an Economics student can learn from a wide range of experts specialising in popular topics like Development Economics and Macroeconomics and emerging topics like Fintech and Big Data.
In fact, considering the growing importance of understanding the concepts of Economics and proficiency in programming, universities started to offer a BSc course in Economics with Computing.
Economics: A master discipline
Economics as a discipline borrows heavily from diverse fields ranging from Philosophy and Mathematics to Psychology and History. Such variety exposes a student to a wide range of topics, which will be good for both their professional and personal development.
Good command of the basics of Economics is a tremendously valuable skill in analysing complex real-world problems — it is extremely valuable in the labour market. That’s why studying Economics can lead to some of the highest-paid jobs. For instance, starting salaries in the UK for someone with a master’s degree in Economics are often upwards of £60,000-£75,000.
Economics as a subject in a post-pandemic world:
Most students are concerned about how the scope of a subject would pan out in the near future. In this respect, Economics is probably the safest option. In the 1970s there was a real buzz about Engineering, while programming languages were the rage in the 1990s. Finance was the most sought-after subject in the 2000s and now it’s Big Data and Machine Learning. However, Economics has always maintained its steady presence as it promises a range of job prospects for students.
It’s harder to imagine a world where Economics — a science of prosperity — becomes irrelevant, for it is in the very nature of human beings to strive for a better life. If you are a student trying to figure out a career path for your undergraduate or a postgraduate education, Economics is one of the best options before you.
Dr Aditya Kuvalekar is a lecturer in the Department of Economics, University of Essex, UK
Last updated on 04 Apr 2022
