What Is the Career Prospect of Students Majoring in Economics And Scope Of Financing Higher Education?

Finance Exam
Post in Economics
Comment (0)

The demand for a good statistician has increased by some fold in recent years. There always existed a constant need for a statistician in the market, but recently, a sudden upsurge in demand made the career option a popular one among the students.

The demand for this particular job may be high, but it is one of the most stringent and complicated branches of mathematics. The role of a student major in statistics is to use all the numbers and figures and analyze them properly and predict what the future holds for the company.

The other factor which contributed to such steady demand is the need for a statistician in every field of profession.

A quality statistician may find the job easier to find in Multinational companies dealing with software to a betting company dealing with sports betting; that’s how robust the profession is, and now the particular path is attracting several hundreds of student every year.

The field is far from reaching its true potential; as a result, the market is yet to get flooded with excess statistician but students who want to pursue higher studies in this field can easily finance their course as even an undergraduate of statistics makes good money in the current market.

In this blog, we will try to enlighten the minds of our young reader regarding what options are available for them after they complete their undergraduate program and thinking of pursuing post-graduation.

  • Financial Analyst Internship Program:

Every leading company offers this particular internship program to the fresh undergraduates majoring in statistics. One will be surprised to know that the program fetches around 80,000 bucks annually for a new graduate which is more than enough to finance the higher studies of any branch.

Apart from helping the student with finance the program also helps a student to improve his CV which will shoot his name higher in the preferential list of admission. The job of a financial analyst is to advice and guide businesses or an individual related to any investment decisions.

They do so by assessing the valuation of bonds, stocks and other types of investment. The job can get repetitive and mostly concentrated in the indoors but highly rewarding.

  • Investment Banking Internship:

As the name suggests the position is mainly related to the banking sector of our industry where the person in charge will be responsible regarding the financial viability of the organization. The financial reports put together by them helps the decision maker to assess the current condition of the business.

The other activities in which they indulge themselves are handling direct investment activities and put strategies and plans for achieving the long-term financial goal of the company.

The job like the previous is highly rewarding and salary ranges in 100,000 dollars region, but the job can get challenging at times as the intern may need to handle sum angry customers that often turn abusive at times.

  • Statistical Consultant:

The special designation often gets regarded as the dream one among the students of statistics. The post is not an internship one; instead, it is one of the essential positions in any leading firm. The place comes with more significant responsibilities and more influence inside the hierarchy of the company.

The job of the person holding the particular looks after the efficiency of the firm. The ultimate goal of the person is to maximize the output from the existing resources. They are entitled to go through all the performance report of the firm and also provide valuable suggestion to the manager to improve the profitability of the firm.

The Statistical Consultant is one of the dream jobs for entry-level statistics graduate with an appetite for higher education and learning. The salary mostly ranges in the 80,000 to 90,000 bracket.

  • Risk Analyst:

The position of a risk analyst is so versatile that the person who has tried his hand in this position can find a job in any reputed management company for any insurance selling company. Whenever a management company makes any financial decision, the risk factor needs to get appropriately assessed.

The person in charge of analyzing that considers all the factors which may harm the profitability of the firm if the investment process goes through. His report helps the company to make an informed financial decision. The risk analyst working for an insurance company will go through all the loopholes and glitches before an insurance policy becomes available to the public. A bachelor degree is sufficient to find a job in this particular position for any student.

The scope of learning from the job is quite good, and the monetary benefits of the position make the place a mouth-watering prospect among the fresh graduates looking to improve their CV.

  • Actuarial Internship:

The job is another internship program for new undergraduates looking to get some much needed industrial exposure. The role involves monitoring and forecasting the marketing and sales changing trends. He also assesses the efficiency of any marketing program or strategy. The job is mostly indoor and involves serious decision making with a considerably good monetary benefit at the end of the month.

  • Statistician:

The role of a statistician is to use statistical methods to collect necessary data and analyze them and eventually come up with a solution existing in the world. The problem may not necessarily be financial in nature. A statistician may find a job in a place that assesses the population across the globe. The average salary drawn by a statistician ranges in 70,000 to 80,000 US dollars.

@Statistics Graduates: Here Is How to Fund Your Higher Studies

For the students pursuing their graduation, it is important to understand the funding mechanism to pursue higher education.

Although it is considered to be a complicated procedure to acquire funding for your higher studies, it can be simplified and all the fundamentals regarding the fee breakup, tuition fees and loan system for self-funding can be made easy for the students to understand.

In the current education system in economics, the higher degrees cost the sky. Many students take student loans to fund higher degrees from prestigious universities.

But every student does not need a loan to pay off the fees or their living costs. Some can self-fund the college fees. But the students who do not have a privileged background take up student loans and fall into the trap of debts, unlike their peers who are economically well off.

Most students have a financial funding policy mostly started by the state of central governments but the schools not funded by governments raise their own money through donors and endowments, fundraisers and other third-party sources. These grants are dependent on tests or attendance requirements. This funding help in day to day needs of their graduate students and this policy is very important to keep the educational machinery of a state running effectively. 

How to Fund Higher Studies

There are numerous ways for graduates to receive educational funding.  In many prestigious universities’, Economics Department, Teaching Associates are required for undergraduate teaching.  The graduates are employed by faculties as teaching and research associates to aid the professors in their research work.

Some students are also eligible for scholarships especially the ones who perform well in their courses and research. In such a way, many ways of funding can be utilized by graduates in almost all major economics universities in India

Teaching Associate/ Assistant

Teaching Associates/ Associates is a profile offered to Economics Graduates. TAs needs to conduct lectures or lab sessions. TAs has to look after office work and they also have to grade exams and exercises.

The graduates who have more experience are offered such a position. They need to hold more responsibilities and they also need to take classes. TAs regularly works for 12 hours every week.

The course heads are assigned duties and the TAs need to perform satisfactorily in terms of performance of teaching and communication standards. Such a profile is offered by all economics universities and schools every year. They are trained to be teachers and are thus given all tools that ensure they are satisfied in their role.

Research Associate/ Assistant

Research Assistants are the graduates who get financial support during their academic year and these students work on their theses and projects and they publish their studies. Majority of students receive some form of financial support.

The Research Assistantship mostly is generated through grants or contracts that are headed by faculties. Once the students have received enough experience in computation, statistics and communication, they are offered Research assistantships.

An RA would generally ensure that publish more and more to increase their research caliber and their work is not every day work. A RAs job poses a lot of challenges and helps them develop research skills. RAs work independently and become an important part of graduate programs.

Scholarship Opportunity

Many Economics Universities offer Scholarship programs and opportunities which can be part of the full scholarship. Some universities also offer such scholarships of prizes based on the merit of the students. Financial aid is also provided by external agencies and some universities also offer such programs internally.

Fellowship

Fellowships are also awarded by all major economics universities for their PhD students. Every department generally chooses Fellowship recipients from a list of suitable candidates. In the department such as Statistics and Economics, these fellowship candidates are one of the new students and all the students pursuing PhD are given equal consideration.

Most fellowships are mostly for the duration of 4 years and these awards some monthly stipends plus tuitions but the students do not need to perform any other duties. The economics department can also supplement fellowship with partial duties like including the offer of partial Research/ Teaching Assistantship.

Grants

Most researches from the Economics department have obtained support from various funding sources.  There are many federal agencies, internal funding bodies and foundations in various universities and institutes that offer grants to the deserving candidates.

University Grants are mostly based on the need of the student and such funding are available to these students. Such grants are offered by state or federal government. The grants and scholarships that are offered by the state are primarily for the students from that particular state and these grants have some requirements in the form of GPA. These students maintain a certain GPA to get financial aid.

Installment Facility for Tuition Fees

For the graduate admission, the tuition fees can be paid in installments for the students that can’t afford to pay the entire amount in a single installment. This is a helpful policy but the housing, student and other expenses are mostly not covered in such installments.

Even the international students are eligible for such facilities and this helps bring the cost down which is even lesser for the PhD students as they are getting aid in the form of stipends and sometimes also get other facilities like accommodation and food.

Most parents prefer to send their kids to public institutions as the fees are less and these institutions are funded by the state and central governments. But even if such facilities are not available, students can use other aids to reduce their tuition and other living expenses during their graduate studies or even during their higher studies. 

Author Bio:

Nancie L Beckett is one of the best faculties who can deliver assignment solutions to the students whenever they need. Any student of management from anywhere can apply for cost management solutions, no matter how much difficult the topics are. He is a regular online tutor and has the experience of more than twelve years. So, you can easily apply for your homework solution to enhance your knowledge.