How to Become a Economist

About Economist

Economists are professionals who study the demand and supply of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. Economists apply both qualitative and quantitative economic analysis to topics within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy, while others examine employment levels, business cycles, exchange rates, taxes, inflation, or interest rates to calculate the national income of the country.

Economists are skilled, provided with training, and experienced workers who study the relationship between a society's resources, production, as well as output. Economists study societies ranging from small but also local communities to entire economies or rather large global economies. Every year, approximately 20,000 people sign up for courses that will prepare them to become economists. A successful Economist usually takes between 5 and 10 years to develop. Interested candidates must pursue Masters program or PhD in Economics Courses in order to qualify as an Economist not just in India but also abroad. Admission to these courses is done through both merit and entrance exams like DU JAT, IPU CET, CUET, JNUEE, and so on. LSR Delhi, Loyola College Chennai, St. Xavier Mumbai, CU Bangalore, and many other Top Economics Colleges in India offer relevant courses. Economics courses typically cost between INR 10,000 and 1.50 LPA.

Economics is essentially involved in every aspect of modern life. Indian economists work with individuals, businesses, and large-scale governments as well as economies. Individuals pursuing a career as an economist must study, research, predict, as well as evaluate both revenue and business trends in every industry in the contemporary age. Individuals who pursue a career as an economist are thought to be intelligent individuals with a natural ability to solve problems and point out significant details. Individuals who work as economists excel at solving puzzles and identifying patterns and trends. If this description fits you, becoming an economist may be the career for you.

Roles and Responsibilities of an Economist

Economists can research a wide range of economic and financial topics, including the price of goods and services, employment rates, inflation rates, taxes, and many others. Regardless of the sector or area of expertise they work in, economists typically perform the following tasks as a critical component of their jobs. 

An economist performs a variety of responsibilities and roles, including:

• gather and evaluate data
• Analyze data and forecast upcoming economic conditions
• evaluating government initiatives
• Publish surveys
• Make budgets
• Describe the issues facing the economy and suggest possible remedies
• Inform colleagues about complex economic trends and offer business strategy recommendations
• anticipated spending
• To maximise profits, compare trends in sales and consumer demand
• Write articles about different market trends

An economist may work for a private company, a research firm, a government agency, a bank, a nonprofit organisation, a university, or a think tank. In order to tackle significant issues with the global economy, they can either conduct independent research or work together over a period of time. 

Eligibility to become Economist

In order to become an economist, you will have to meet certain criteria that are mentioned below. 

Entrance Exam: Candidates who want to become an economist in the Indian government have to appear in the Indian Economic service examination. The exam is conducted by UPSC.  It is an organized Group ‘A’ Central Service which is involved in economic planning and analysis through state boards, planning commissions, financial organisations and government bodies for the country.

Age Criteria: The candidate should be between the age of 21-30 years.

Eligibility Criteria:

• Most of the renowned and multinational banks/ companies require a PhD degree in economics.  

• Some MNCs also ask for an internship and a few years of professional experience in the respective field of economics. 

• To become an economist in Reserve Bank of India candidates have to apply for Department of Economic Analysis and Policy.

Key Skills: 

To establish yourself as a successful economist it is very important for an economist to have the skills listed below:

• Good at the numerical ability and analytical skills
• Mathematical and logical acumen
• Ability to Interpret graphs, charts and tables
• Interest in Current Affairs, finances and monetary policies
• Good communication and interpretation skills

How to Become an Economist in India

In India, there is a very traditional process for becoming an economist. Students who want to study economics in India should begin their preparation as soon as possible because it will be advantageous to them.

School Level Preparation: Students who want to become economists need to have a strong background in subjects like geography, accounting, and economics at the upper secondary level. They must enrol in Economics in class 12 since it is an elective if they want to pursue their dream. They must take English as an elective because it might be beneficial in the long run. Before entering the field, candidates should thoroughly research the profession.

At UG Level: After completing their class 10+2, students must pass the appropriate entrance exam and finish any three-year Economics honours course. In India, the graduation programme lasts three years. They must select the course in line with their preferred mode of instruction. However, they must choose the full-time option because it will serve as a foundation for undergraduate students. To become an economist, they must study all the relevant subjects throughout the course.

At PG Level: PG Preparation: To become an economist, the majority of candidates choose to take postgraduate courses in the subject. They can, however, also enroll in specialised courses in economics-related fields. A postgraduate degree improves your chances of landing a simple job with a respectable compensation package.

Steps to Become an Economist

How to start a career as an economist in India. The precise information for an economist's career path is provided below. 

Step 1: Completion of 10+2 

Students must successfully pass their 10+2 in India from a recognised board with a minimum cumulative score of 60% in Economics, Mathematics, and Computer Science.

Step 2: Entrance Examination

Students must meet the requirements outlined by the universities and colleges separately listed on their websites in order to be admitted to these bachelor's programmes. Admissions may be conducted by a number of universities and colleges to provide admissions to the relevant bachelor's degree programmes. Many related bachelor's degree programmes do not require entrance exams.

Step 3: Pursuing Bachelors

In bachelor's degree programmes like the BA or BSc in economics, the subject of economics is taught. It could be studied as an honours or major subject in order to be more specific and understand economics during graduation. Economic theory, finance, taxation, corporate world, international trade, banking institutions and corporate finance, and many other topics are covered in the typical three-year honours curriculum, with a focus on the Indian economy.

Important Bachelor's Degree Programs

Step 4: Bachelor's Degree

After completing their bachelor's degree, students began working in one of the many private jobs available to Economics graduates. However, in order to advance in their careers, they must complete a postgraduate programme specialising in the Indian economy, such as an MA in Economics or an M.Comm in Economic Honors.

Important Master's Degree Programs

Courses to Pursue Career as Economist 

Candidates seeking employment as economists are required to hold an undergraduate or graduate degree in economics. Some of the courses which they can choose from to become economists are listed below.

1. BA in Economics

A three-year UG programme in BA Economics includes core courses like Macro and Microeconomics, Financial Economics, Economic Statistics, etc.

The study of different economic theories, econometrics, applied economics, and a number of other related topics are covered.

Application Procedure

• Both merit and entrance exams are used to determine admission to BA Economics courses
• According to the rules and regulations of the colleges offering BA Economics courses, candidates must enroll
• They must take the exam and wait for the merit list for entrance-based candidates
• Admission will be granted on the basis of grades received at the Intermediate level for merit-based admission

2. MA in Economics

Macroeconomics, microeconomics, governmental economics, econometry, international, and financial economics are the main topics covered in the two-year PG course MA Economics.

Application Procedure

• Merit scores from the UG level or results from the entrance exam are used to determine admission to the MA Economics programme
• Candidates must decide on a college and register according to the rules and requirements
• Candidates will be admitted in accordance with the admission committee's decisions following the publication of the merit list

3. BSc in Economics 

The three-year undergraduate BSc Economics programme gives students current information on economic theory, foundations, and principles. The purpose of this course is to teach students the value of economic development and how it should be implemented in various sectors.

Application Procedure

• A merit list based on grades received at the Intermediate level will be used to determine admission to the BSc Economics programme
• For admission to the BSc Economics course, some colleges may also administer entrance exams
• When registering for admission on the official website, they must complete all the required fields
• They will be given seats in the preferred college providing BSc Economics courses after the merit list is announced

4. PG Economics Diploma

The one-year, full-time PG Diploma in Economics programme emphasises the income and expenses of policy-making and broadens students' comprehension of the concepts, applications, and historical context that underlie economic policy.

Application Procedure

• Candidates must perform well at the UG level to be admitted to the PGD programme in economics
• Few colleges and universities have their own entrance exams for PGD Economics admission
• On the other hand, some colleges also grant students direct admission based on their prior grades
• Candidates will be given the opportunity to enroll in PGD Economics-offering colleges following the successful completion of the document verification process

Types of Job Roles Economist

Some of the popular job profiles available for economists in government and private sector are listed below:

Research Economists:  Their job is to develop mathematical models to explain and interpret business cycles, inflation, demand, supply effects of tax policies or unemployment Use Mathematics and Statistics to the theory and principles of Economics. They apply econometrics for analysis and prediction of all economic activity

Industrial Economists: They study the organizational structure of a company or a business to maximise the use of assets to increase the profits. Apart from this, they also investigate the methods of costs, analyse market trends, study demand and supply in relation to industrial policies.

International Economists:  They study, collect, and analyze the data related to foreign trade and how can it be profitable for the home country. They work and establish international trade policies, exchange control and operation of foreign exchange.he also analyse global financial markets and exchange rates.

Econometricians: They develop models and make use of mathematical analyses to study and test economic relationships. To study the same use techniques like calculus, regression analysis, game theory among others.

Financial Economists: Their job role is to develop monetary policies, predict future financial activity. The financial economist also studies banking methods, credit structures etc.

Business Economists: They are economists who work as the company’s administrators. They make decisions about company policies, plan future business activities in relation to general business conditions, national and international trade policies, governmental regulations and directives

Labour Economists: They study the supply of workers and the demand for labour by employers. They also study research on employment levels and how wages are set. They also analyze the effects of labour-related policies—such as minimum wage laws—and institutions, such as unions.

Employment Opportunities for an Economist

Check out the popular employment opportunities for an economist here: 

• Banks
• Business journals and newspapers
• Census organization
• Employment organizations
• Finance and investment firms
• Government and public enterprises
• Labour departments
• Labour tribunals
• Market research organisations
• Stock Exchanges
• Media Houses
• Research organizations

Top Recruiting Companies for an Economist

Business and companies across many industries use economic analysis and quantitative methods to analyze and forecast business, sales, and other economic trends. Demand for economists is increasing globally as the market trends are also changing rapidly. Some of the top recruiting companies for economist are as follows

• Economic Times
• Business India
• HSBC
• Citibank
• American Express
• LIC
• SEBI
• Reserve Bank of India
• CNBC 

Employment Sector/Industry for Economist

An Economist has to hold certain responsibilities as a part of her/ his work description. Most of the economists work full-time, although some economists prefer working part-time Their job may be stressful, especially as deadlines for reports approach. The majority of economists conduct their research independently in an office setting or work from home. Some of the responsibilities of an economist are mentioned below.

• Conducting Surveys 

• Collecting Data

• Suggesting and Introducing Measures to Increase National Income and Gross Domestic Product

• Interpreting and Forecasting Market Trends (Demand & Supply)

• Advising Business, Government and Companies Regarding Economic Trends

• Analysing Global Financial Markets and Exchange Rates

Pay Scale/Salary of Economist

• The salary of an economist typically depends upon the type of industry they are working for.

• An economist working with multinational banks like HSBC, Citibank enjoy great salary packages. The average salary of an economist in a multinational bank is between Rs.10,00,000 per annum and Rs.15,00,000 per annum.

• Once the economist has gained sufficient professional experience their salary can go up to Rs.25,00,000 per annum.

• Whereas economist working with government agencies/ research departments/ newspapers have comparatively less salary.

• At the start of the career, these economists earn between Rs.3,00,000 to Rs.4,00,000 per annum.

• An economist who conducts independent research has varied income.

Benefits of Being an Economist

Perhaps the most prestigious career is economist, and working in this field has many advantages. Here, we've discussed some of the benefits of working as an economist.

High Salary: To be an economist is a prestigious profession, but most students are also drawn to the high pay that comes with the job. The high salaries of economists around the world are one of the main factors driving students' desire to study economics.

Job Security: An economist's career is arguably the most secure because, as long as he has his licence, he is qualified to work anywhere in the world. The economists in this situation only need to carry on with their current practises; they don't need to worry about remaining relevant. Consequently, an economist has probably the highest level of job security of anyone.

Unique Experience: Being an economist and giving life to patients is a unique experience; frequently, economists give patients a second chance at life. Being an economist is a very interesting experience overall, so it presents challenges every day.

Higher Education: Earning a bachelor's degree in economics is just the start of an economist's career; there is no end. After completing an internship, they will be hired as a permanent economist by one or more consulting firms. They can pursue post-graduate study to become Masters in Economics Honours after they become economists.

Career Path for Economists

It seems like anything is possible when one has an economics background. Auditor, stockbroker, insurer, business manager, retail merchandiser, pricing analyst, statistician, financial consultant, and salesperson are additional common economics professions and roles. In addition to applying for higher education, interested candidates can also apply to change their field. For instance, they can pursue an LLB/MBA or even a BEd degree if they so choose.

Books & Study Material to Become Economist

One of the best ways to enhance your knowledge in the field of economics and in its related field is to read a range of economy books. This list contains a mix of classic and contemporary works that will give you a historical understanding of economics as well as an idea of how modern economics are applied today. 

• The Rise and Fall of American Growth by Robert Gordon

• The End of Alchemy: Money, Banking and the Future of the Global Economy by Mervyn King

• Capital in the Twenty-First Century by Thomas Piketty

• Between Debt and the Devil by Adair Turner

• Capitalism and Freedom by Milton Friedman 

• The Wealth of Nations by Adam Smith

Pros of becoming a Economist

• Economics can choose from a broad range of specialized fields. From behavioural economics to macroeconomics to microeconomics. This field has something for everyone.
• An economist can be found anywhere. They can be in colleges & universities, banks, the rating agency, securities firms etc. Some of these pay an experienced Economist up to 5 figures.
• Economists have great social skills. Therefore, they can become very prominent businessmen or influential politician that talks about economics, interest rates, oil price etc all the time
• If you are an experienced & knowledgeable Economist, you can talk your way out & gain respect from people from all walks of life.

Cons of becoming a Economist

• Economist sometimes makes mistakes that can impact monetary policies. This is largely due to too much of assumptions & oversimplifying
• Job opportunities for economists are only projected to grow by 6 per cent through 2020 which is very less as compared to other jobs.
• The educational requirement to be an economist, at the very least is a master/Ph.D. degree in economics. It is a type of a career which requires you to put in years of study.
• Also, this career is not for those who don’t like math, since statistics, calculus and other advanced math subjects are used to perform economic analyses. Economists must also be detail-oriented and analytical, and they need excellent oral and written skills to explain and present their findings.