Career as an Economist

Career as an Economist
Bangalorestudy
2 weeks ago
Career as an Economist

"Economic growth without investment in human development is unsustainable and unethical."

                                                                                                        - Amartya Sen.

Do you like analyzing data and finding trends? 

Do mathematical models and statistical techniques get your grey cells working?

Do tables, charts, and graphs not overwhelm but interest you?

Have you been answering YES to these questions?

Well, a career as an Economist does seem like a right fit for you! 

Read on to find out how to become an Economist.

How to Become an Economist?

A Bachelor's degree in Economics or a Finance related field is the first step in this game. If you want to move on to higher levels and broaden your career prospects, a Master's degree followed by a Ph.D will go a long way.    

One must fulfill the below-mentioned eligibility criteria to move ahead.

  • To get a Bachelor's degree in Economics, either B.Sc or BA, a candidate must have passed Class 12 board exams from a recognized board of education with 50% aggregate marks. The duration of a Bachelor's degree is 3 years.
  • For a Master's degree, either MA or M.Sc, the candidate should have passed graduation with a degree in Economics from a recognized institution, with a minimum of 50% aggregate marks. 
  • One can pursue M.Phil in the subject after completing their Master's. The duration for both M.Phil, MA and M.Sc is 2 years.
  • A further step into the world of Economics would be to pursue a Ph.D in the subject. The duration varies from 3-5 years.       

Difference Between B.Sc/ M.Sc and BA/ MA in Economics:

The main difference between the two degrees is that a B.Sc or an M.Sc in Economics focuses more on the practical aspects of the subject while a BA or an MA focuses more on the theoretical aspects.

The course fee for the former is generally on the higher side as compared to the latter. Read on to know more about the best Economics colleges in Bangalore.

Top Economics Colleges in Bangalore:

Some of the best colleges in Bangalore offering courses in Economics include:

Institution
Courses Offered
Christ (Deemed-to-be-University)
  • Undergraduate Degree - BA and B.Sc Economics
  • Postgraduate Degree - M.Sc Economics and Post Graduate Diploma in Research
  • Doctoral Degree - Ph.D in Economics
St. Joseph's College (Autonomous)
  • Undergraduate Degree - BA and B.Sc Economics
  • Postgraduate Degree - MA Economics
Azim Premji University
  • Undergraduate Degree - BA Economics
  • Postgraduate Degree - MA Economics
Mount Carmel College Autonomous (For Women)
  • Undergraduate Degree - BA Economics
  • Postgraduate Degree - MA Economics
  • Doctoral Degree - Ph.D in Economics
Kristu Jayanti College
  • Undergraduate Degree - BA Economics
  • Postgraduate Degree - MA Economics

Now that you know how to become an Economist, let's take a look into the role of an Economist.

Role of an Economist?

To put it simply, this branch of social science deals with the study of how scarce resources are allocated. To make it a bit complicated, it deals with the study of production, distribution, and consumption of resources, which include all kinds of goods and services. 

Economists can be of three kinds: 

  • Business Economists
  • Government Economists
  • Academic Economists

The role of an Economist is not limited to the study and implementation of economic policies but also includes the use of sampling and survey techniques to collect data, evaluate them and present the findings in a manner that would be beneficial to the organization they work for. 

The field of work can range from Finance and Trade to Labour and Agriculture. Economists advise and formulate different policies and business strategies to suit the need of the hour as well as to address future trends. 

Besides professional careers, researchers have various job roles available in academics. Academic Economists mainly focus on research and teaching. Universities and research groups form a substantial number of job openings for Economists. 

Why Become an Economist?

With economic globalization, the market taking a hit due to the pandemic, and the subsequent opening up of the world economy, the roles of Economists have become all the more important. 

The financial market in India is currently growing at an unprecedented scale, and in a market-driven society like ours, a sharp mind capable of strategic thinking and optimizing outcomes is indispensable.

Below is a list of some leading Economists in India, in no particular order, for some inspiration to kickstart your career as an Economist:

  • Raghuram Rajan, Former Governor of The Reserve Bank of India.
  • Amartya Sen, winner of The Nobel Memorial Prize in Economic Sciences, 1998.
  • Devaki Jain, Padma Bhushan, Indian Economist and Writer with the main focus on Feminist Economics
  • Manmohan Singh, the 13th Prime Minister of India 
  • Kaushik Basu, Former Chief Economist of The World Bank from 2012 to 2016
Career Opportunities:

Economists work both in the private and public sectors and are responsible for bringing about policy reforms based on their analysis of financial and socio-economic data, both past and present. 

Some of the popular job profiles or sub-disciplines that one comes across in this field include:

  • Financial Advisor
  • Financial Planner
  • Financial Risk Advisor
  • Auditor
  • Actuary
  • Banker
  • Data Analyst
  • Economic Researcher

The following skill sets provide an upper hand in this profession:

  • Analytical Skills
  • Econometric Skills
  • Writing and Mathematical Skills
  • Critical Thinking Skills
  • Independent Thinking Ability
  • Ability to Deal with Uncertainty
  • Good Communication and Interpretation Skills
  • Awareness of Current Affairs

While for an entry-level job, a Bachelor's degree is sufficient, if one wants a prosperous career in this field, higher studies provide an added advantage.

How much does an Economist earn in India?

The salary of an Economist in India varies depending on the work experience and the sector in which one is working. The table below shows an average salary as opposed to the experience level.

Experience Level (in years)
Average Payscale in INR (Per Annum)
0-1 
5,00,000
1-4
6,60,000
5-9
10,00,560
10-19 
20,34,730 

There is a clearly visible upward trend in the pay scale as one gathers more experience. Professionals who are independent researchers have a varied income.

If one were to compare the salaries of professionals in the private and public sectors, the former would take a lead.

Policy Analysis, Econometrics, and Research Analysis are the most sought-after skills and have a positive correlation with the salary provided.

Takeaway:

With a population of 1.37 billion people, 62.5% of whom fall under the working-age category, India ranks 5th in the World GDP Rankings. 

With a promise of being in the top three economies in the near future, the demand for Economists has never been higher. 

The time is ripe if you are looking forward to walking down this career path. Besides the lucrative salary of an Economist in India, the education and training involved provide transferable problem-solving skills that make career choices more inclusive.

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