The best part about a postgraduate economics degree is how it opens up a multitude of opportunities. Graduates may choose to go into investment banking, management consulting, actuarial analysis or statistics, for a start; but even if their ultimate goals do not reside in the field of business and finance, there are multiple trajectories to embark upon that can utilise specialised skillsets synonymous with an economics Master’s.
Armed with the ability to analyse economic data, graduates gain a sense of how people are behaving and what their motivations may be. Such insights empower more informed decisions on where resources should go to best serve the needs of consumers, organisations or society as a whole.
The study of economics helps graduates develop several transferable skills—that is to say, those which can be applied across many different workplaces and careers. Alongside stellar qualifications comes an additional layer of competencies including analytical skills, critical thinking, problem-solving abilities and, of course, in-depth financial expertise.
Moreover, the rise of digital disruption and globalisation has also reshaped the roles of economics professionals, with more SMU alumni going into Fintech and the Technology industries. We chat with Eric Yee, SMU Postgraduate Career Advisor, on the new opportunities available to graduates with Master's degrees in economics, and how they can prepare themselves for the new business landscape.
Top job opportunities in a new economy
Eric has noted that digital transformation has been accelerated by the pandemic. The outbreak of Covid-19 has highlighted the need for businesses to adopt new technologies and strategies to remain competitive. As the world becomes increasingly digitised, economics graduates are finding that their skills are in high demand — from data analysis to risk assessment and management, there are opportunities aplenty for those with the right skillset.
“The market is still finding its equilibrium in responding to the pandemic However, there are economic indicators that show signs of recovery.” adds Eric, who also reveals that Central Banks have appeared to be optimistic about economic growth.
There is good news on the horizon for the global economy, which is slowly beginning to recover from the devastating effects of Covid-19. Although some bumps can be expected in the road ahead, financial experts are predicting that things will steadily improve over the next year or two, with JP Morgan expecting a surge in indices such as the S&P 500 and emerging market stocks.
Such positive outlooks come as great news to recent graduates entering into a strong job market. With businesses starting to reopen and rebuild, now is an excellent time to begin a job search as the global economy finds its way back up, according to Eric. He adds that SMU economics graduates can therefore consider roles in areas such as Equity or Fixed Income Research, Risk Management, Investment Advisor, Strategic Management, Auditor, Economist, Supply Chain Management, Educator, Relationship Manager, Marketing and, of course, roles in the public sector.
The Master’s to embark upon for thriving in Industry 4.0
Digital transformation and globalisation are the key needs of our time. While there may be growth opportunities in a recovering economy, those with a high-level skillset will always have value because they can adapt quickly to changing circumstances and technologies on an ongoing basis. Graduates therefore need to be digitally savvy, agile and adaptable in meeting the challenges of rapidly evolved job roles.
“Some organisations are ahead of the game in transformation through the adoption of Robotics Process Application (RPA), which allows repetitive processes to be streamlined and run more efficiently with fewer errors, while the more sophisticated organisation will even use machine learning to gain a competitive advantage,” shares Eric.
To address the rise in such disruptions, the SMU Master of Science in Economics (MSE) and Master of Science in Financial Economics (MSFE) ensure graduates are future-ready by embedding employable competencies in its curricula. The MSE programme, for example, helps students gain data-analytics skills, informed by insights from economic theory and practice; while the MSFE is designed to meet industry demand for deep analysis of increasingly complex financial problems in a new era of dynamic policy and regulation.
For example, Standard Chartered Bank Technical Lead - Corporate and Institutional Banking (CIB) and MSE student Angelica Marie Lite. Pursuing the MSE programme on a part-time basis, she was able to apply what she learnt immediately and incorporated a deeper understanding of economics and econometric techniques into her current role. Her job involves validating different types of models, coded in different types of languages, in relation to credit risk and balance sheet stress testing.
“The SMU MSE programme boasts a well-constructed and practical curriculum which covers foundational courses and specialised topics, allowing students to tailor their desired learning experience,” shares Angelica.
“I have worked with colleagues who have attained their postgraduate degrees from SMU, and they demonstrated a good balance of quantitative and conceptual expertise.”
Courses such as Machine Learning in Economics and Finance also enable students to apply a variety of deep learning models to economic problems faced by today’s data-driven businesses — including challenges commonly associated with e-commerce, logistics and fast-moving consumer goods industries.
According to Eric, job roles that have been transformed as a result of the digital transformation include auditors, fund/portfolio managers, corporate bankers and consultants. Such positions require the ability to understand and apply the opportunities afforded by digitisation, while being able to adapt to new approaches to the way they conduct business.
Alongside digital transformation, environmental, social and governance (ESG) goals will become increasingly mainstream, notes Eric, and shall significantly change the way many traditional job functions are performed. As sustainable investing becomes more widespread, financial experts are required to make sense of data to ensure the accuracy, accountability and transparency of companies making ESG claims.
To prepare students for unpredictable challenges ahead, the dedicated career advisors at SMU Postgraduate Career Services provide one-to-one career consultations and equip participants with relevant interview and resume-writing skills. In addition, the career services team organises events such as Industry Speaker Series and Career Fairs to help students gain industry insights and opportunities to network. These services will equip both pre-experience and mid-career students to navigate their career paths with informed decision making, and optimise their competencies for a job of their dreams.
Last updated on 19 Jan 2022 .
