Career Prospects in the field of Statistics and Economics

What are career prospects in the field of Statistics and Economics?

Economics being a social science is considered to be very vital in analyzing the effects of production, sales including consumption of goods on the economy of the user or the common man. The concept of economics is applied in every field; be it an industry, agricultural sector, banking sector, labor sector the principles of economics has a dominant role to play. In fact many of the leading industries including banks engage the services of economists to advise the industry or the organization on many of the policy matters including those involving production and matters relating to financial propriety and a host of other relevant issues. Every government will engage the services of economists to advise the government on various issues concerning the government policies on price control, banking regulation and such other related matters.

Those who aspire to take up economics as a career have the option to take up diploma course in economics. However, from the career prospects the diploma course may not be much feasible. Therefore, it is advisable that they take either graduate or postgraduate course in economics. As already mentioned in economics there are several areas of specialization like for example agricultural economics, industrial economics etc. Therefore depending on the specialization the career can be preferred. Remember, your opinion as an economic adviser has great value in terms of forming the future policies of the organization. Therefore it is a very prestigious and equally a responsible position.

A statistician is the person who works out with the data available all around us and as one expert puts it he ‘churns out’ the result. With his innovative approach and scientific principles he draws conclusions to various issues and it forms the basis for your policy making and plan future course of action. Every organization and particularly industries and the government need statistical data to regulate their work and also take effective policy decisions. Similar to economics, the curriculum in statistics consists of diploma, bachelor as also post-graduate courses. However in order to have promising career, it is advisable to complete either the graduate or post-graduate course with specialization.

According to experts, similar to economists, the carrier as statistician is very much promising. Considering the impact of statistical analysis on the future policies of the organization the position of statistician is considered to be very much important and it is one of the highly regarded positions. Normally, statisticians are appointed as consultants. However, some of the organizations and particularly the government would appoint them on a permanent basis or at least on a contractual obligation for certain period of time. Agriculture, industry and banking sector need the assistance of statisticians on a regular basis. It is also said that some of the educational institutions also require statisticians on teaching assignment. Those who have aptitude for teaching can look for these positions.  In fact some of the experienced statisticians even establish their own consultancy services where they even coordinate with experienced economists so that the client would get both the services in one roof.