Economist has become very important professional owing to globalization and the merging of the world economy. The 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 economist's teaching and research continue to attract economists. Now it is being considered one of the most absorbing and interesting professions 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 a high level of patience.
Economist Eligibility
Candidates who wish to join Bachelor’s degree programme should have passed the 10+2 or equivalent examination securing a minimum of 50% marks in the aggregate (for some colleges of repute) with economics as one of the subjects at this level.
Economist Required Skills
- To discharge his duties with utmost efficiency an economist should also have good interpretation and statistical skills, be confident in accepting challenges and have the ability to understand given data. So to acquire these kinds of traits or to tone up the traits one already has one can go for a course specially designed for the professional who has decided to choose this as the career.
- They should have a good understanding of written sentences and paragraphs in work-related documents.
- They should be able to monitor/assess the performance of their own, other individuals, or organizations to make improvements or take corrective action.
How to become an Economist?
To be an Economist one has to follow the given steps:
Step 1
Economics is taught as a part of bachelor's degree programmes like BA (Economics) or B.Sc (Economics)
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 the private or public sector as an assistant economist. Besides taking up a job one can also go for higher studies like MA (Economics) or M.Sc (Economics) followed by a PhD etc.
Some of the top institutes providing courses in Economics
Economist Job Description
Economists' 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 is applied throughout society i.e., in business, finance, government, crime, education, the family, health, law policies etc which have 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 in this field. A graduate in Economics can aspire to 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 for all social science students, economics students 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 an 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 the 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 a good return whether in the public or private sectors. In most government services, Economists are getting the minimum pay of Rs. 20,000 to Rs. 25,000 as assistants while experienced seniors have an average salary of Rs. 30,000.
In colleges and universities, economics teachers are getting Rs. 50,000 to Rs. 70,000 depending upon seniority. In the case of the private sector, salaries are even higher. Economic consultants are also earning good returns depending on the number of their clients.
