Career as 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. This career has started experiencing a boom due to the productive role a modern economist can play in drawing and implementing policies with a technology-driven approach.
- About Economist :
- Job Profile |
- Employment Opportunities |
- How do I get there?
Job Profile
After your 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:
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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.
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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.
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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.
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International Agencies: The prominent international agencies such as the World Bank, International Labour Organization and several NGOs require economists at different levels.
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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.
The candidates with a specialization in agricultural economics or environmental economics can get research opportunities. Working as a journalist in the print or electronic media can be another interesting career option.
Pros and Cons of being an Economist
It is vital to understand the plus points and
the limitations of the career as an economist. Here are some
significant points explained briefly:
Pros:
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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.
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The economists can expect a better pay package.
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The economists have tremendous analytical skills. So, their advice is considered valuable.
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You can avail ample enterprising opportunities being an economist.
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Making tough and profitable decisions for a business or even a government is an economist’s responsibility. Thus, you can bring positive change in many people’s lives.
Cons:
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It can be tough to justify your predictions to common people, as they have limited exposure to financial analysis.
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It may be too hard or too lengthy to get into the top position as an employee.
Employment Opportunities
|
Roles |
Average Salaries (Rs per annum) |
|
Professional Economist |
2 Lakh to 15 Lakh |
|
Financial Risk Analyst |
1 Lakh to 15 Lakh |
|
Financial Economist |
1 Lakh to 8 Lakh |
|
Data Analyst |
1 Lakh to 6 Lakh |
|
Financial Planner |
1 Lakh to 10 Lakh |
|
Economic Researcher |
1Lakh to 15 Lakh |
|
Agricultural Economist |
1 Lakh to 6 Lakh |
|
Investment Analyst |
2 Lakh to 20 Lakh |
|
Cost Accountant |
1 Lakh to 10 Lakh |
|
Industrial Economist |
1 Lakh to 7 Lakh |
Recruiting Companies
Future Growth Prospects
Today, economists have tremendous growth prospects as entrepreneurs. They can start working as consultants to individual and corporate clients. They can suggest budget planning, investments in different modes and much more.
How do I get there?
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:
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Bachelor of Arts in Economics
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Bachelor of Arts in Applied Economics
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Bachelor of Arts in Business Economics
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Bachelor of Arts (Honours) in Economics
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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:
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Master of Arts in Economics
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Master of Arts in Econometrics
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Master of Arts in Business Economics
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Master of Arts in Applied Economics
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Master of Philosophy (MPhil) in Economics
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Master of Science (MSc) in Economics
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Master of Business Administration (MBA) in Business Economics
Doctoral Degree Course:
Further, you can continue your education to the doctoral level pursuing a PhD in Economics or Econometrics.
Best Institutions for courses in Economics
You would always like to pass out from the
universities and institutions with a great reputation and better
results as well. We have conducted thorough research regarding the
well-known institutions in India offering various courses in
Economics. We hope that our suggestions and recommendations would
prove helpful to you to choose your college, for quality education
and better prospects.
|
Sr. No. |
Institution |
City, Region |
|
1 |
Ashoka University |
Sonepat, Haryana |
|
2 |
Shri Ram College of Commerce |
Delhi |
|
3 |
Shri Shikshayatan College |
Kolkata, West Bengal |
|
4 |
Fergusson College |
Pune, Maharashtra |
|
5 |
Symbiosis College of Arts & Commerce |
Pune, Maharashtra |
|
6 |
Loyola College |
Chennai, Tamil Nadu |
|
7 |
St. Xavier’s College |
Mumbai, Maharashtra |
|
8 |
Christ University |
Bengaluru, Karnataka |
|
9 |
Sacred Heart College |
Tirupattur, Kerala |
|
10 |
St. Stephen’s College |
Delhi |
Course Duration and Fees
|
Sr. No. |
Course |
Duration |
Average Fees (Rs) |
|
1 |
BA in Economics |
3 Years |
25,000/- to 3,00,000/- |
|
2 |
BSc in Economics |
3 Years |
1,50,000/- to 3,00,000/- |
|
3 |
BA (Honours) in Economics |
3 Years |
50,000/- to 3,00,000/- |
|
4 |
MA in Economics |
2 Years |
10,000/- to 50,000/- |
|
5 |
MSc in Economics |
2 Years |
1,80,000/- to 2,50,000/- |
|
6 |
MBA (Business Economics) |
2 Years |
1,60,000/- to 3,00,000/- |
|
7 |
MPhil in Economics |
1-2 Years |
20,000/- to 2,00,000/- |
|
8 |
PhD in Economics |
3-5 Years |
80,000/- to 6,00,000/- |
The fee structures denoted in the above table are average costs.
The private institutions may ask for capitation fees for
development and other purposes. So, it is better to check with the
specific institutions, for the precise details of fee
structures.
Syllabus
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Undergraduate level: The students of these programs would study the topics such as Macroeconomics, Microeconomics, Utility, Elasticity of Demand, Monopoly, Factor Pricing, Interest, Demographic Features, Agriculture and Land Development, Small Scale and Cottage Industries, the infrastructure of the Indian Economy, Macro Variables, Classical Theory of Employment, Source of Revenue, Public Finance, Bank, Money, Inflation, Deflation and Recession and so on.
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Postgraduate level: The students pursuing their Master’s Degree in Economics would study the subjects such as Microeconomic Analysis, Elementary Statistics, Theory of Pricing and Distribution, Macroeconomic Analysis, Quantitative Methods, International Finance, Economics of Industry, Growth Models of Economics and Issues in the Indian Economy and more.
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Doctoral level: These students need to conduct thorough research in respective economics-related concepts. They need to submit their ‘thesis’ to the concerned authorities. After a scrutiny of the thesis they submit, the universities award a PhD.
Reference Books and Study Material
Apart from the textbooks as per your syllabus at
different levels, it would be beneficial to refer to some books on
different subjects penned by various authors. This is a useful
habit that strengthens your basic knowhow of the subject and
improves your grasp as well.
Here are some of the reference books recommended for economics students:
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Introductory Economics by National Learning Corporation
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McGrow Hill’s 500 Questions: Macroeconomics by Eric R. Dodge
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Principles of Microeconomics by Gregory Mankiw
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McGrow Hill Series in Economics
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Computer Applications in Economics
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Content on this page is by Career Expert Mrs. Kum Kum Tandon MA (Psychology), M.Ed, Diploma in Educational Psychology, Vocational Guidance & Counseling (NCERT, Delhi) | View Complete Profile |