Economist

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Economist

Economics is basically a systematic study of the mechanism of resources including finance. Traditionally, people think that pursuing a qualification in this field has limited scope. Yet, in the modern era, an economist is always high on demand due to the analytical skills he/she has. Becoming an economist can be an interesting career option, as you get to think and derive policies for a business entity or even a government to ensure multi-dimensional growth and development of all sections of the society. The latest development in this sector is the emerging use of computers and software solutions for analysis, surveys, report preparation, and monitoring of the progress of implementation.

Job Profile

After the basic to advanced qualification in Economics, you can choose a variety of career paths. Generally, there is very limited knowledge about the career opportunities for economists among the students and even their parents. We are trying to take you through the available possibilities for rewarding careers in a variety of fields connected to economics:

Academics: The candidates with a PhD in Economics can appear for UGC-NET. By clearing this qualifying exam, the candidates can be eligible to become Assistant Professors and for Junior Research Fellowship in recognized Indian universities.

IES: The postgraduate candidates in Economics with minimum 55% aggregate marks can appear for Indian Economic Services examination conducted by UPSC. They can also take up other UPSC Exams such as Indian Statistical Services Exams, Indian Administrative Exams and Investigator’s Exam as well. The Cadre A officers can get opportunities in the Niti Ayog, National Sample Survey, Ministry of Economic Affairs and other relevant government departments.

Banking: Public, Private & Foreign Banks: The candidates with an adequate qualification in Economics can get opportunities in different banks. They can work as Development Officers, Clerks, Economic Advisors and other managerial positions.

International Agencies: The prominent international agencies such as the World Bank, UN, International Labour Organization and several NGOs require economists at different levels.

Other opportunities: The candidates with a qualification in Economics and a relevant additional qualification can work as tax consultants, investment consultants for insurance, mutual funds, share trading, and commodity market and so on.

Salary/Package

An entry level Economist (1-3 years of experience) earns an average salary of Rs. 7.5 lakhs p.a. On the other end, a senior level economist (8+ years of experience) earns an average salary of Rs. 13-15 Lakhs p.a. The salaries may vary based on experience, skills, roles, location, etc.

Skills required

Good at numerical ability to work with figures
Interest in current affairs & ability to assess implications from an analysts view point
Logical thinking
Mathematical acumen
Analytical skills
Good communication skills in speech & writing to explain complex economic analysis to non-specialists
Ability to handle concepts & figures with ease
Ability to clarify thoughts and predictions in relation to the industry

Pros and Cons of being an Economist

Pros

Economists get opportunities to work with the directors of top-notch companies, and sometimes with the ministers. So, it seems to be a high-profile job altogether
The economists can expect a better pay package
You can avail ample enterprising opportunities being an economist

Cons

It can be tough to justify your predictions to common people, as they have limited exposure to financial analysis
It may be too hard or too lengthy to get into the top position as an employee

How do I be one

Your journey to become an economist would begin with an undergraduate degree. Many reputed universities across India offer undergraduate programs in economics. You can select from the following undergraduate degrees to begin your career as an economist:

Bachelor’s Degree Courses:

Bachelor of Arts in Economics
Bachelor of Arts in Applied Economics
Bachelor of Arts in Business Economics
Bachelor of Arts (Honours) in Economics
Bachelor of Science in Economics

After completing your graduation in economics, you can opt for a Master’s Degree through the postgraduate programs offered in various universities. You can choose from the following postgraduate programs:

Master’s Degree Courses: