Employability of Economics Graduates –
Bridging the gap!
THE ECONOMICS CLUB, MUMBAI
The	
  Road	
  Ahead…	
  
•  Background
•  Research objectives
•  Survey of Employers
•  Survey...
THE ECONOMICS CLUB, MUMBAI
Background…	
  
•  Indian economy
Ø high growth rates
Ø managed to survive the global slowdow...
THE ECONOMICS CLUB, MUMBAI
Background…	
  
•  Increasing employment opportunities available
•  Yet organisations are facin...
THE ECONOMICS CLUB, MUMBAI
Employability	
  –	
  a	
  key	
  concern	
  
	
  
•  Do employers feel that economics graduate...
THE ECONOMICS CLUB, MUMBAI
OBJECTIVES	
  OF	
  THE	
  STUDY	
  
THE ECONOMICS CLUB, MUMBAI
ObjecGves	
  
•  To elicit responses with respect to the skills and attributes
that enhances em...
THE ECONOMICS CLUB, MUMBAI
OBSERVATIONS	
  FROM	
  THE	
  
EMPLOYER	
  SURVEY	
  
THE ECONOMICS CLUB, MUMBAI
Survey	
  
SECTORS	
  COVERED	
  UNDER	
  THE	
  STUDY
%
Consultancy 14.28
Banking 21.42
Fin.	
...
THE ECONOMICS CLUB, MUMBAI
Key	
  tasks	
  performed	
  by	
  economics	
  graduates	
  
ACTIVITIES	
  OF	
  ECONOMICS	
  ...
THE ECONOMICS CLUB, MUMBAI
REQUIRED
COMPETENCIES
THE ECONOMICS CLUB, MUMBAI
OBSERVED
COMPETENCIES
THE ECONOMICS CLUB, MUMBAI
The	
  GAP…	
  
COMPETENCIES
REQUIRED	
  	
  
(MOST	
  IMPORTANT)	
  %
OBSERVATION
(EXCELLENT)	...
THE ECONOMICS CLUB, MUMBAI
The	
  GAP	
  
THE ECONOMICS CLUB, MUMBAI
Aitude	
  towards	
  economics	
  graduates	
  
THE ECONOMICS CLUB, MUMBAI
Aitude	
  towards	
  economics	
  graduates	
  
THE ECONOMICS CLUB, MUMBAI
OBSERVATIONS	
  FROM	
  SURVEY	
  OF	
  
RECENT	
  ECONOMICS	
  GRADUATES	
  	
  
THE ECONOMICS CLUB, MUMBAI
RELEVANCE OF
ECONOMICS
LEARNING TO
REQUIRED
COMPETENCIES
THE ECONOMICS CLUB, MUMBAI
BRIDGING	
  THE	
  GAP	
  
THE ECONOMICS CLUB, MUMBAI
MEASURES	
  TO	
  INCREASE	
  EMPLOYABILITY %
UpdaGng	
  Curriculum 92.85
Use	
  of	
  beIer	
 ...
THE ECONOMICS CLUB, MUMBAI
INDUSTRY-­‐ACADEMIA	
  COLLABORATIONS	
  TO	
  INCREASE	
  EMPLOYABILITY	
  %
CreaGng	
  intern...
THE ECONOMICS CLUB, MUMBAI
Bridging	
  the	
  Gap	
  
•  There exists a significant competency / skill gap
•  Could very w...
THE ECONOMICS CLUB, MUMBAI
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Employability_of_youth

  1. 1. Employability of Economics Graduates – Bridging the gap!
  2. 2. THE ECONOMICS CLUB, MUMBAI The  Road  Ahead…   •  Background •  Research objectives •  Survey of Employers •  Survey of Recent Economics Graduates •  Bridging the gap
  3. 3. THE ECONOMICS CLUB, MUMBAI Background…   •  Indian economy Ø high growth rates Ø managed to survive the global slowdown Ø increasingly favourable investment climate Ø Huge domestic demand fuelled by a growing middle class •  Need for economists who can: Ø analyse both the domestic market as well as global trends and predict opportunities
  4. 4. THE ECONOMICS CLUB, MUMBAI Background…   •  Increasing employment opportunities available •  Yet organisations are facing a shortage of skilled and competent manpower!
  5. 5. THE ECONOMICS CLUB, MUMBAI Employability  –  a  key  concern     •  Do employers feel that economics graduates have the requisite skills and competencies? •  If there is a skill gap, how can it be filled? •  What steps should institutes teaching economics take to develop inadequate skills? •  How can students be taught to apply their skills in the real world? •  How do we make economics graduates “employable” in the true sense of the word?
  6. 6. THE ECONOMICS CLUB, MUMBAI OBJECTIVES  OF  THE  STUDY  
  7. 7. THE ECONOMICS CLUB, MUMBAI ObjecGves   •  To elicit responses with respect to the skills and attributes that enhances employability for economics graduates •  To understand the attitude of potential employers towards economics graduates •  To identify skill gaps vis-a-vis the needs of employers •  To come up with measures to fill these gaps by –  Elaborating the role of educational institutions and academics –  Identifying areas of industry-academia partnership
  8. 8. THE ECONOMICS CLUB, MUMBAI OBSERVATIONS  FROM  THE   EMPLOYER  SURVEY  
  9. 9. THE ECONOMICS CLUB, MUMBAI Survey   SECTORS  COVERED  UNDER  THE  STUDY % Consultancy 14.28 Banking 21.42 Fin.  Services 14.28 Govt.  Services 7.14 Think  Tank 14.28 NGO 7.14 Manufacturing 7.14 Others 14.28
  10. 10. THE ECONOMICS CLUB, MUMBAI Key  tasks  performed  by  economics  graduates   ACTIVITIES  OF  ECONOMICS  GRADUATES  IN  THE  ORGANISATION  (%) Data  CollecGon 57.14 Research 100 Policy  Making 35.71 StaGsGcal  /  MathemaGcal  Analysis 71.42 AnalyGcs 50 Corporate  finance 14.28 Training 21.42
  11. 11. THE ECONOMICS CLUB, MUMBAI REQUIRED COMPETENCIES
  12. 12. THE ECONOMICS CLUB, MUMBAI OBSERVED COMPETENCIES
  13. 13. THE ECONOMICS CLUB, MUMBAI The  GAP…   COMPETENCIES REQUIRED     (MOST  IMPORTANT)  % OBSERVATION (EXCELLENT)  % Logical  Reasoning  and  Problem  Solving Analysis  of  data  &  Logical  Reasoning 92.85 42.85 AaenGon  to  details 85.71 57.14 Personal  AbiliGes CommunicaGon  Skills 92.85 57.14 IniGaGve/Enthusiasm 100 42.85 Technical  Ability Applying  eco.  Concepts  and  theories  effecGvely 64.28 42.85 Knowledge  and  General  Awareness Economy,  Business,  Industry  Sectors 100 71.42 Subject/Domain  Knowledge 57.14 28.57 Level  of  EducaGon 78.57 57.14 InsGtutes  of  learning 57.14 28.57 Social,  Cultural,  PoliGcal  Awareness 50 28.57 Commitment  to  learning 85.71 42.85 PracGcal  Aspects Work  Experience 78.57 35.71
  14. 14. THE ECONOMICS CLUB, MUMBAI The  GAP  
  15. 15. THE ECONOMICS CLUB, MUMBAI Aitude  towards  economics  graduates  
  16. 16. THE ECONOMICS CLUB, MUMBAI Aitude  towards  economics  graduates  
  17. 17. THE ECONOMICS CLUB, MUMBAI OBSERVATIONS  FROM  SURVEY  OF   RECENT  ECONOMICS  GRADUATES    
  18. 18. THE ECONOMICS CLUB, MUMBAI RELEVANCE OF ECONOMICS LEARNING TO REQUIRED COMPETENCIES
  19. 19. THE ECONOMICS CLUB, MUMBAI BRIDGING  THE  GAP  
  20. 20. THE ECONOMICS CLUB, MUMBAI MEASURES  TO  INCREASE  EMPLOYABILITY % UpdaGng  Curriculum 92.85 Use  of  beIer  reference  books 50 Adopt  case  study  methodology 100 Adopt  simulaNon  based  learning  approach 42.85 Assignments  and  projects 100 Mandatory  dissertaNon 7.14  VisiGng  faculty  from  industry   92.85 Encourage  guest  lectures 57.14 Improve  communicaGon  skills  of  students     85.71 Use  of  technology  and  social  media   35.71 Encourage  students  to  keep  themselves  updated 78.57 Introduce  group  projects 21.42 Encourage  discussions  on  economic  issues 85.71 Introduce  compulsory  internships 50
  21. 21. THE ECONOMICS CLUB, MUMBAI INDUSTRY-­‐ACADEMIA  COLLABORATIONS  TO  INCREASE  EMPLOYABILITY  % CreaGng  internship  opportuniGes 85.71 FacilitaNng  exchange  programmes  among  universiNes/colleges 42.85 Taking  guest  lectures  at  colleges 92.85 FacilitaNng  Industrial  visits 50 Working  together  on  curriculum  development 71.42 IntroducNon  to  short  term  courses/summer  school 42.85 Carrying  out  teacher  training 64.28 CreaNng  entrepreneurship  cells  in  colleges 14.28 Developing  college  infrastructure 78.57 CreaNng  innovaNon  hubs  in  colleges 21.42 ConducGng  joint  research 57.14 Regular  Industry-­‐academic  interacNon  plaVorm 50
  22. 22. THE ECONOMICS CLUB, MUMBAI Bridging  the  Gap   •  There exists a significant competency / skill gap •  Could very well be applicable to the rest of the country •  Investment in higher education to improve the overall quality of education delivery is critical. •  Educational institutions have to train students to think like economists! •  Industry-academia partnership needs to be forged.
  23. 23. THE ECONOMICS CLUB, MUMBAI
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