Why economics graduates struggle to secure high-paying jobs
The current trends in the corporate world at the advent of the AI revolution suggest that it has become highly volatile and unpredictable and is poised to evolve further. Established organisations as well as startups are leveraging data analytics services and AI and ML for automation. In such times, economics graduates, once highly in demand for their quantitative prowess, find it difficult to adapt to the changing patterns of employment in corporate jobs, which have become very competitive and require skills like data analytics, understanding of the ML algorithms, Power BI, SQL and Python.
Though the skills can be learnt easily, unfortunately they are not incorporated in the economics curricula at the university level. Economics departments are hesitant to incorporate these skill based courses over the traditional courses which constitute the core of the curricula. It is because of this that students find themselves in a situation where they have to learn these skills in an unsystematic manner from random online platforms. The internet is flooded with courses on data analytics and data science, power BI, and Python, which don't serve the purpose as the majority of such content is pre-recorded and doesn't allow interaction with the instructors.
This resistance shown at university departments to change their curricula and incorporate skill based courses has lowered the employability of economics graduates in the corporate world. In the age of AI revolution where companies are automating basic operations, the graduates would have to acquire advanced skills to stay industry relevant and employable.
Global skill mismatch between economics graduates and what industry wants
Corporates, especially in the area of consulting, marketing research, and finance, are seeking graduates with a proficiency in coding (R, Python, SQL and Power BI) for financial modelling, data visualization and skills to convert data into interactive dashboards. The traditional economics programs unevenly emphasize on the theoretical aspect of economics with minimal exposure to software and simulation, and nearly zero exposure to real time data handling techniques.
As highlighted by the Institute for Competitiveness, in India, only 8.25% of economics graduates are able to secure jobs which are aligned with their studies. Similar trends are reported in other parts of the world, where employers' reveal that economics graduates lack hands-on experience with real time data handling and problem solving.
A report by the National Association of Colleges and Employers (NACE, 2023) from the United States highlights that only 42% of economics graduates were able to get jobs in their relevant fields within the first six months of their graduation. Similarly, the Institute for Fiscal Studies (IFS), United Kingdom, reported that economics graduates earn 20% less than their computer science and engineering counterparts.
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