Opportunities for Economics graduates

Pervin Malhotra    

Q. I’m an undergraduate student of  BA Eco (Hons). Due to financial constraints, I have to start working at the earliest. What is the minimum level of study required to get a job in this field? Is a master’s degree or  PhD mandatory to get a job?— Rashid Beg

A. Well that’s really an open-ended question. You could just earn an undergraduate degree in economics and augment the skill-set it endows you with an MA in Economics, MBE, MBA or MFC, LLB, Mass Comm etc.

With an MA Eco under your belt, you could even sit for the Indian Economic Service Exam.

If you want to eventually work as an economist, then there are many policy research organisations that would be happy to have a postgraduate student in economics on board. You might even get your PhD funded some years down the line.

To really have a grip on research techniques and evolve an original thinking capacity in the subject, a PhD in Economics would surely help, especially when you’re seeking a role in multinational organisations like the World Bank, IMF, or a country’s central bank. This is because it involves policy making at the highest level.

Read blogs, watch videos, talk to people in fields of work that interest you. Just decide on the type of job you want, and the decision would become clear to you!

Writing an impressive essay for MBA

Q. I’ve finished writing my essays for MBA application a week before the first deadline. I’ve gone through the general tips of essay writing, though I still feel there’s some scope for improvement. Could you please share 2-3 tips that could help make a difference? — Ujjwal Lakra

A. It’s wonderful to see you make an effort to submit the best MBA application essay you can. I’m assuming you’re past the stage of setting the goals you’d like to achieve from your essays, and rewriting them after taking feedback from a diverse set of people who know you well.

Here are three unconventional MBA essay writing tips that I’ve come across that may help you give those final touches to put that proverbial cherry on the cake:

• Be ambitious but realistic: Whether you’re planning to switch careers or not, you must sound realistic about your career goals that would be based on your current knowledge of the industry and potential skill set. No B-school experience is a magic wand, so make sure you’re able to justify how the experience would help you act on your ambitions.
• Rethink the optional essay: Unless you have a strong reason to write that optional essay (for example: low academic scores, gaps in employment history, etc), you can drop it. Even explaining career gaps as short as one month might is not necessary, unless it adds to your story. There’s a reason the essay is optional, and it should be worth the time invested in reading it. Hence, prefer quality over quantity.
• Answer the whole question: Storytelling is the best way to answer every MBA essay. Throwing in your past failures and career aspirations can make for a great story. However, don’t get carried away and forget to address every part of the question while trying to pull this off. Go through the question regularly, every word of it, and make sure you’ve answered it in the best way you possibly could.

Lastly, avoid getting confused by the multiple feedbacks you receive from everyone. Trust your own intuition when it comes to incorporating or leaving out any kind of suggestion. All the best!

Apprehensive about change

Q. I’m working as a sales executive in the FMCG sector for the past three years. The pay is good, and work is comfortable but fairly routine. I’ve received an offer to join a digital marketing agency as a brand manager. This sounds interesting but would need a lot of re-learning and adjusting to a demanding work environment. What should I do? — Kumud Chugh

A. Whatever the case may be, your hunger for improvement is all that matters. “You don’t need to be great to start, but you need to start to be great.”

Anyone who’s ever achieved success has avoided the temptation of staying in the “comfort zone.” You also need to do that, especially during the most formative years of your career. At this early stage, you should be learning as many new things as you can. You’re a free bird with no responsibilities to raise a family. Then why think about it too much?

Set a goal in order to have some idea of where you want to be next year, or the next five years. Then see if your new job in brand management is likely to take you in that direction. Find out what your new responsibilities are precisely going to be. If they’re more challenging than what you’re presently handling, then they’re likely to open up better professional options in the future.

Opportunities don’t always come knocking at your door. Think about it. Digital marketing is a booming field and a stint in servicing will keep you on your toes and prepare you for higher positions in branding and marketing.

Also, the ability to take risks early in your career will hold you in good stead for the rest of your career. What should you do? Just do it…!