Are you interested in current affairs? Do you always discuss financial budgets, government monetary policies with your friends and family? If yes, then pursuing a career as an Economist would be ideal for you.
Continue exploring the article to get detailed information on who an economist is, duties, how to become one, top colleges, job prospects and salary.
Who is an Economist?
Economists are the professionals who study economic and statistical information and the production and distribution of resources, goods and services by
- Collection and Analysis of data.
- Researching on latest trends.
- Evaluation of economic issues.
They use their knowledge of qualitative and quantitative analysis to deal with economic issues in different fields like education, health, agriculture, finance, development and environment.
These professionals study the costs of healthcare, products or energy and some other study examine employment levels, various business cycles, taxes, exchange rates, inflation and interest rates.
An exciting career as an Economist comes with a huge responsibility of powering up the physical development of the nations, social reforms introduced by the government along with the fall and rise of the authoritarians.
- Research and analyzing the economic issues.
- Conducting surveys and data collection.
- Using different mathematical models and statistical techniques for data analysis.
- Present the research results by preparation of charts, tables and reports.
- Interpretation and forecasting of market trends.
- Advising businesses, governments and individuals on economic matters.
- Designing appropriate policies and provides suggestions for resolving economic problems.
- Writes articles for publication in newsletters and academic journals.
Various Roles of Economists
To be specific, a career as an economist comes with the prime responsibility of analyzing the demand of the consumers and sales by helping a company maximize their profits and make them learn the impact of the economy on their businesses.
The various roles of an Economist are:
- Tax Planning.
- Estate Planning.
- Philanthropic Planning.
- Retirement Planning.
- Investment Planning.
- Education funding Planning.
Education and Eligibility
- Complete 10+2 in economics, math and computer science with a minimum 60% aggregate from a recognized board.
- Pursue bachelors in economics with a strong background in mathematics. This degree is sufficient for some entry-level economist positions. An advanced degree is required for promotion to higher-level positions.
- Pursue Masters and PhD in the specialized field of economics for positions in business, research and international organizations.
- Excellent decision making and communication skills.
- Organizational and Leadership Skills.
- Detail Oriented while interpreting graphs, tables and charts.
- Good Numerical abilities and analytical skills.
- Constant learning about current affairs, finances and monetary policies.
- Logical and Mathematical Acumen.
Top colleges for career as Economist
- Shri Ram College of Commerce, Delhi.
- Stephens College, Delhi.
- Miranda House, Delhi.
- Xavier’s College, Kolkata.
- Loyola College, Chennai.
- Christ College, Bangalore.
- Presidency University, Kolkata.
- Center of Development Studies, Kerala.
- Indira Gandhi Institute of Development Research.
- Hyderabad School of Economics, Hyderabad.
Types of Economists
- Research Economists.
- International Economists.
- Industrial Economists.
- Financial Economists.
- Business Economists.
- Labour Economists.
Career Paths for Economists
The following are some of the career paths for an economics graduate:
- Financial risk analyst
- Data analyst
- Financial planner
- Economic researcher
- Financial consultant
- Investment analyst
- Public sector roles
Top Recruiting companies of economists
To analyze and forecast business, sales and other trends, businesses and companies spanning different industries use economic analysis and quantitative methods, thereby increasing the demand for economists.
The top companies hiring Economists are:
- Economic Times
- Business India
- American Express
- Reserve Bank of India
Salary and Job Outlook
The annual median salary of an economist is $108,350. This salary is dependent on factors such as education, experience, and work location of the Economist. In India, the average salary of an economist working in multi-national banks like HSBC and Citibank is between INR 10-15 LPA. An experienced Economist can earn up to INR 25 LPA. An Economist working in the government sector or research departments has a salary that is comparatively less than the private sector. They earn from INR 3LPA to 4LPA.
The employment of economists is expected to grow at a rate of 14% over the next decade that is much faster than the average growth rate of all occupations.
Generally, the job prospects for economists are good. But those are best for economists with masters or PhD degrees, excellent analytical skills and expertise in statistical analysis software. The increasing demand for these professionals comes from the growing complexity of the global economy, financial regulations and competitive business environment.
– Samiya Firdous