PORTAL EXCLUSIVE: Why the data science economy offers promising career prospects

In today’s digital age, all organizations rely heavily on complex data and statistical models to make strategic decisions. There is a huge demand for skilled individuals who can effectively handle large data sets, generate insights, drive innovation and shape business strategies. Hence, a degree in Economics and Data Science emerges as a field full of opportunities where students will acquire all the necessary skills to fit into the role of a data scientist. According to a report by IBM, jobs for data professionals are expected to increase by 28% by 2025 and continue to grow in the future.

Data is a collection of facts in the form of numbers, or texts, or images, or even videos, or a combination of these. Data collection is not new to us. We’ve been doing it for thousands of years. However, the form and scale of data collection has changed, especially in the last two decades. This has a lot to do with the advent of large servers and cloud storage facilities where trillions of gigabytes of data, if not more, can be stored. This transformation in data collection underlies the importance of integrating economic theories with data science methodologies.

Today, every detail of our lives appears as a data point in some database. For example, the number of hours we are on the phone, the time we spend on social media, the products we usually check out on e-commerce platforms, the routes we usually take to school or work, the money we spend on food, delivery apps are all data points. Similarly, the thousands of goods imported and exported from India every day, the stock prices every second, the number of children going to school every day and the monthly income of daily wage workers are also data; we call them economic data. Since the volume of data is so large, we have to rely on modern developments to work with Big Data. These modern techniques and approaches are what we learn in Data Science.

Economists rely on data to analyze and make causal inferences about economic phenomena, make predictions, and formulate policies by using data science tools such as machine learning algorithms, predictive modeling, and data visualization techniques. Data science helps economists make accurate predictions, optimize decision-making processes, and design better policies.

The complementarity between economic modeling and data science methods has gained traction over the past decade. Industries value people who are proficient in economic theory and can use data science methods to model and analyze data and at the same time prescribe policies and strategies to governments or businesses. This recognition has opened up numerous opportunities for people who want to pursue careers that combine traditional economic theories and cutting-edge data science techniques. Recognizing this trend, several universities offer a curriculum tailored to meet the demands of today’s job market, where candidates are valued for their ability to process and analyze data.

The Diploma in Economics and Data Science gives students vital skills for today’s data-driven economic decisions, including analyzing complex datasets, applying statistical models and using tools such as Python, R and SQL. It improves critical thinking to solve real-world problems and teaches effective communication of complex data with stakeholders. This skillset opens doors to a range of opportunities where analytical and strategic abilities are critical, preparing graduates for impactful roles in a variety of industries including finance, government, healthcare, technology and consulting, reflecting the broad applicability of skills gained through economics and data science degree.

Here are some of the exciting career paths students can explore in economics and data science:

● Data Scientist

● Data Analyzer

● Political analyst

● Economist

● Financial analyst

● Marketing analyst

● Business analyst

● Risk Analyzer

Most of these university programs are interdisciplinary so that students develop a well-rounded skill set. In addition to data modeling, students receive training in the interpretation of results, policy and strategy recommendations, and the skills to produce understandable reports for stakeholders. Courses aim to develop the fundamentals of economic theory along with hands-on experience with industry-standard tools and technologies.

Therefore, choosing a career in economics and data science offers numerous opportunities in the job market. As businesses and governments continue to prioritize data-driven approaches, the demand for skilled professionals who can interpret and extract information from data is expected to grow in the coming years.