A Master of Economics degree helps students get a proper foundation in economics. According to most economics graduates, an M Com. Degree helps hone analytical skills, get the ability to develop unique solutions to different problems and know how to attain expertise in different econometric software and strategies. This type of degree is fast getting popular among people who pursue graduate studies along with courses like Management, Finance and Accounting. Know about 5 career options that you can try with a master of economics degree under your belt.
As a Microeconomist, you have to learn the demand and supply aspect of the economy straight from the level of a household. The understanding and study of such factors will decide the cost of services and goods. Other than this, microeconomists are also responsible for looking at the subtle allotment of vital resources among a specific population and its impact on the economy.
Demographic and Labor economists
As a labor economist, you are primarily required to study the continuous variations in the labor force. You need to analyze numerous factors, like market demand, academic level, demographics and the corresponding lows or highs in unemployment. As a demographic economist, you have to study the varied ethnicity and race categories in a society. You need to compile and survey essential data about discrimination, employment, education levels etc.
As a financial economist, you have to study and understand how money can have an impact on lenders, banks and various other financial institutions. You have to conduct research, which can determine the amount of money that can be generated and dispersed proportional to numerous varied factors, such as time and risk.
As an industrial economist, you have to focus on a specific industry – whether it is lumber, automobile, or energy. You have to consider various factors in your projection report, such as the type of competitors and the best ways to use dwindling resources. You need to have enough knowledge about various policies, as well as laws that can have an impact on their specific industry. The job of an industrial economist is important for specific industries, and helps in understanding their profitability.
Your job as an international economist includes monitoring the value of dollar closely against other currencies. You should pay attention to changing political situations, tariff laws, old policies and pending policies that can have an impact on the exchange rates. Although you should have thorough knowledge of economics, it is probably necessary for you to specialize on an industry or have a specialty. You might have to work closely with others as a team in order to generate a complete financial report. Employment and / or international travel is common for these careers.