Economist - How to become an Economist

Economist has become a very important  professional owning to globalization and merging of world economy. Economy is key to the survival of any system of government. That is why today’s economists are in the middle of political analysis, debates and execution of the economic policies of the governments. Besides these practical life aspects of the economists teaching and research continue to attract economists. 

Now it is being considered as one of the most absorbing and interesting profession among today’s younger generation. It provides an opportunity for unleashing one's analytical potential to a very high degree.

It demands a lot of hard work and effort but at the same time offers enormous scope for the building of one’s career. But on the other hand this profession is such a profession which demands high perfection, hard work and high level of patience.

To discharge his duties with utmost efficiency an economist should also have good interpretation and statistical skills, be confident of accepting challenges and an ability to understand given data.  So to acquire these kind of traits or to tone up the traits if one already has one can go for course specially designed for the professional who have decided to choose this as the career.

Young people with desire and capacity for hard work can get both money and satisfaction in   this profession. But to reach such high positions one should have to work hard.

How to become an Economists?

To be an Economist one has to undergo one or more of the following Courses

1. Bachelor’s Degree programme

Eligibility

1. Educational Qualification

Candidates who wish to join Bachelor’s degree programme should have passed 10+2 or equivalent examination securing a minimum of 50% marks in the aggregate (for some college of repute) with economics as one of the subject at this level.

1. B.A (Economics Honours)

Step 1

Economics is taught as a part of bachelor's degree programmes. But to be specific it may be taken up as an Honours/major subject during graduation.

In the usual three-year Honours curriculum, students are exposed to economic theory, public finance, taxation, business organisation, international trade, financial systems and banking, etc, with special emphasis on the Indian economy.

Step 2

After completing this 3 years of course in which one has to go through all the major aspects one can take up jobs in private or public sector as an assistant economist.  Besides taking up a job one can also go for the higher studies like M.Sc or Ph.D etc.

1.M.Sc./M.A Economics

Eligibility

1. Educational Qualification

To get admission to M.Sc/M.A economics courses students who have passed B. A.  with economics as one of the subjects are eligible.

Interested candidate has to appear in an entrance tests conducted by the various Universities providing 2 years of M.A. economics degree courses.  However some universities also give admission on the basis of % of marks obtained in the qualifying class

Step 2

After completing this 2 years of course in which one has to go through all the major aspects of economics can take up jobs in private or public sector as an economist. Besides taking up a job one can also go for the higher studies like Ph.D etc.

Economist Job Description

Economist job includes studying the production, distribution and consumption of goods and services aiming at carrying out activities in such a manner to obtain optimum benefit by allocating resources like raw materials, land, capital, technology, labour and other scarce materials with multiple uses. Economists achieve these goals by doing research and monitoring the demand and supply, exchange rates, business trends, taxation, employment rates, inflation, and costs of materials etc.
 
The analysis of the economists are applied throughout society i.e in business, finance, government, crime, education, the family, health, law polities etc which has made it a lot more career oriented  social science field. 

Economist Career Prospects

• With economics degrees in hand there are a lot of employment opportunities for a student of this field. A graduate in Economics can aspires many entry-level jobs in banking, finance, insurance, stock markets, sales and marketing as well as corporations like consulting firms or government departments.
• They can also begin their career with government enterprises, public undertakings, investment firms, business journals and newspapers.
• The Indian Economics Services (IES) and Reserve Bank of India are also excellent options open to those who want to join government services.
• As a general option to all social science students, economics student can opt for journalism, law etc to diversify their career opportunities.
• They can also take up teaching as a career in various colleges, universities and professional institutions.
• Some others may choose to enter non-profit institutions like NGOs.
• Economic consulting is another option available for students from economic background. However, the foremost growth potential for economists lies in the private sector and most notably in scientific research and consulting firms. Besides merging of world economy gives ample career opportunities in international financial institutions and research activities.

Economist Salary

In the age of liberalization and globalization  an Economist  is supposed to get good return whether in public or private sectors. In most of the government services Economists are getting minimum pay of Rs. 20,000 to Rs.25,000 as assistants while experienced and seniors have an average  salary of Rs.30,000

In colleges and universities economics teachers are getting Rs.35,000 to Rs.40,000 depending upon seniority. In case of private sector salaries are even higher. Economic consultants are also earning good returns depending upon number of their clients.