Careers in Economics | The Economist | Careers with a degree in Economics | Careers in Commerce | Careers in Commerce & Economics

Careers in Economics Overview: Economics is a social science that studies how people choose to use their scarce resources in an attempt to satisfy their unlimited wants. Economists study how society distributes scarce resources, such as land, labour, raw materials, and machinery, to produce goods and services. They conduct research, collect and analyze data, monitor economic trends, and develop forecasts. They research issues such as energy costs, inflation, interest rates, exchange rates, business cycles, taxes, or employment levels. Area of Specialisation: Microeconomists study the supply and demand decisions of individuals and firms, such as how profits can be maximized and how much of a good or service consumers will demand at a certain price. Industrial/organisational economists study the market structure of particular industries in terms of the number of competitors, and market decisions of competitive firms and monopolies. Macroeconomists study historical trends in the whole economy and forecast future trends in areas such as unemployment, inflation, economic growth, productivity and investment. Monetary/financial economists study the money and banking system and the effects of alternative monetary policy regimes on the economy. International economists study international financial markets, exchange rate, and the effects of various trade policies such as tariffs. Labour/demographic economists study the supply and demand for labour and the determination of wages. These economists also try to explain the reasons for unemployment, and the effects on labour markets of changing demographic trends. Public finance economists primarily are involved in studying the role of the government in the economy and the effects of tax policies, budget deficits, and welfare policies. Econometricians are involved in all areas of economics and use mathematical and statistical techniques such as calculus and regression analysis to formulate economic models. Others economists have applied these fundamental areas of economics to more narrow areas with specific applications such as health, education, agriculture, urban and regional economics, law, history, energy, and the environment. Study Route: Where to Study: University of Karachi, Department of Economics, Karachi http://www.uok.edu.pk BS in Economics - 4 years MA/ MS in Economics– 2 years University of Karachi, Applied Economics Research Centre, Karachi http://www.uok.edu.pk M Phil in Economics Ph D in Economics Shaheed Zulfiqar Ali Bhutto Institute of Science and Technology, Karachi Ph D in Social Science and Economics Institute of Business Administration, Karachi http://www.iba.edu.pk MS in Economics—2 years Institute of Business Management, Karachi http://www.iobm.edu.pk BS in Economics and Finance – 4 years University of Sindh, Jamshoro http://www.usindh.edu.pk BS in Economics – 4years MA in Economics - 2 years Lahore University of  Management Science, Lahore http://www.lums.edu.pk BSc (Hons) in Economics - 4 years MSc in Economics - 2 years a. Development Economics b. Public Policy and Regulation c. Finance, Money and Banking Lahore School of Economics, Lahore http://www.lse.edu.pk BSc (Hons) in Economics - 4 years MSc in Economics - 2 years MS majors in Economics and Finance/Economics and Marketing -2 years M Phil and Ph D in Economics Quaid-e-Azam University, Department of Economics,  Islamabad http://www.qau.edu.pk MSc in Economics– 2 Years M Phil / Ph D in Economics Fatima Jinnah Women University, Rawalpindi http://www.fjwu.edu.pk Bachelors in Economics – 4 years Master in Economics— 2 Years National College of Business Administration and Economics, Lahore http://www.ncbae.edu.pk MSc in Applied Economics—2 years M Phil in Applied Economics—2 years University of the Punjab, Lahore http://www.pu.edu.pk Master in Economics - 2 years Master in Business Economics - 2 years Ph D in Economics -  4 years Diploma (PGD) Applied Economics –1 year University of Peshawar, Peshawar http://www.upesh.edu.pk BS in Economics - 4 years MSc in Economics (Industrial Economic)- 2 years Diploma (PGD) Applied Economics –1 year Certificate Course– 3 months a. Industrialization, Trade and Economic Policy b. Applied Econometrics c. Project Planning and Evaluation d. Operational Research Government College University, Lahore http://www.gcu.edu.pk BSc (Hons) in Economics- 4 years MS in Entrepreneurship and SME Management - 2 years MS Banking and Financial -2 years M Phil and Ph D in Economics Required Attributes: Economist must develop logical, analytical, critical thinking and problem solving skills. Economists should possess strong communication and computational skills as they conduct research, collect and analyze data, monitor economic trends, and develop forecasts. Economists learn to make connections between concepts and applications. Learn statistical tools (and computer software that implement them) to analyze data and interpret it Career Prospects: Government Economists Main employer of economists is government. In Pakistan economists get opportunity to work with ministry of finance, central board of revenue, the state bank of Pakistan, Securities and Exchange Commission, and various other public companies. Economists in the federal government administer most of the surveys and collect economic data. Economists who work for government agencies also assess economic conditions in Pakistan or abroad in order to estimate the economic effects of specific changes in monetary, fiscal, or public policy. Economists also advise policy makers in areas such as deregulation and privatization, the effects of alternative tools to finance budget deficit, and the effectiveness of tariff etc.  Business Economists/Consultants Economists working for business corporations are involved primarily in microeconomic issues, such as forecasting consumer demand and sales of the firm's products. They analyze their competitors' growth and market share and advise their company on how to handle the competition. Economists in consulting firms also perform the macroeconomic analysis and forecasting. They collect data on various indicators, maintain databases, analyze historical trends, and develop models to forecast growth, inflation, unemployment, or interest rates. Development/Policy Economists In Pakistan, a lot of economists work for the non-governmental organisations (NGOs) and conduct research on a variety of issues, such as poverty alleviation and income distribution, agriculture sector, social sector reforms like health and education, and environment. Academic Economists There are some economists that work as academic economists in public and private colleges and universities as a professor or Lecturer. Other responsibility of an academic economist is to conduct academic research on various economic issues  and publish their results and innovative policy prescriptions in academic journals or newspaper.  Go to Back / Go to Next / Go to Main