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Who is a Economist?
We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis ~ Paul Krugman
A person interested in using statistics to increase profits, improve public policy, or conduct research is an economist, who investigates the explanations underlying human decision-making. Individuals who pursue careers as economists are specialists who research development, acquisition, and wealth transfer with the aim of keeping their research in action and controlling the dynamics of contemporary society.
In India, a profession in economics involves responsibility for directing the physical development of countries, social reforms implemented by the government, as well as the rise and fall of authoritarians. A career in economics in India involves the collection and analysing of data, research trends along with evaluating economic problems for resources, goods, and services.
Quick Facts for Economist
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Industry
Finance
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Average Salary in India
₹83100
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Suitable for
Male, Female, Others
A career as an economist is gender-neutral. Anyone with strong analytical skills and the ability to solve huge equations can choose to become an economist. As an economist, you will be responsible for handling finance, and statistics, and producing efficient ways to improve the economy.
Table of Contents for Economist
What is the role of Economist?
An economist who works for corporations is responsible for helping managers and decision-makers learn how the economy is affecting their business. He or she is responsible for analysing consumer demand and sales to help a company maximise its profits. Individuals in the economist career path who work for international organisations, and research firms, are required to study and analyse a variety of economic problems.
An Economist often helps individuals and corporations address certain tax issues and find a solution for how to maximise their possible tax returns and minimise tax accountability.
Planning for an estate also helps prepare for any estate tax an individual may be subject to.
The role of an Economist is to ensure that people have saved enough money to live the lifestyle that they desire in retirement.
Philanthropic planning can help people make sure they are doing it efficiently and accurately and getting all the tax benefits they may be entitled to.
An economist is supposed to make sure the client is spending the right amount given his or her income and is also required to make sure that they are not going into debt.
Types of a Economist
There are numerous economist jobs. One can choose to work in the industry right after graduation and acquire progressive job roles with experience in the industry. We have mentioned below the types of economists. These careers provide employment economics majors job roles.
Financial Advisor: Jobs in Economics come with varying roles and titles. A Financial Advisor is such a job role in which individuals are responsible for providing guidance on the matter of finance and expenditure to customers for compensation. He or she can provide various services which include investment management, tax planning, and estate planning.
Financial Planner: A financial planner career path is all about assessing one’s financial situation, understanding what one wants his or her money to do, and helping create a plan to reach one’s financial objectives. Individuals who opt for a career as financial planners help individuals and corporations to reduce spending, pay off their debt, and save and invest for the future.
Insurance Analyst: An Insurance Analyst is a professional who works in financial organisations such as banks and other institutions that offer insurance services. He or she is responsible for conducting assessments on various insurance policies to recommend suitable insurance policies to clients. He or she determines associated risks in insurance policies for both the insurance company and the policyholder.
Data Analyst: A data analyst uses business intelligence software such as tableau, and programming to build dashboards, and design and manage relationship databases and systems for multiple departments throughout their organisation. Data analytic jobs are to identify organisational targets, most data analysts work with IT managers, and executives, as well as with data scientists.
Also read: Career as Risk Management Analyst
What is the workplace/work environment of Economist like?
A career in economics in India provides employment opportunities at consultancies, banks, financial institutions, higher education establishments, investment organisations, and state and central government-run organisations for financial planning for various public welfare schemes. Economics positions mostly involve work from offices estimating the data and then giving forecasts to the industries.
Individuals in the economist career path might be required to work extra hours during the months before taxes or annual reports are due. Individuals who opt for a career as an economist work for the government may have to travel often. The job is sometimes stressful, especially as deadlines for reports approach.
Does Economist require travelling?
Likely
In career as economist, individuals serving in government organisations are required to travel quite often depending upon the project they have been assigned. However, complete travel expenses are provided by the government to the economists travelling to different work locations.
Employment Shifts
Full Time, Part Time
A career in economics in India provides both employment opportunities on a part-time basis as well as full-time. Individuals in the economist career path work full-time in some government organisations or as consultants in private firms. Those economists who work as consultants are often hired on a part-time basis.
Employment Nature
Contractual, Permanent
A career in economics in India provides employment opportunities on both a contractual as well as permanent basis. There are companies that hire economists for a particular project which accounts for short-term employment and is contract based. Also, there are industries which hire Economists for the long term which accounts for managing their overall financial aspect and market.
Work Place
Office
Individuals who opt for a career as an economist are required to work in the office from their company’s premises. A career in economics in India mostly involves desk work as compared to an on-field job.
Presence in Geographical Area
Semi-urban, Urban
When it comes to the finance and marketing sector, certain cities like New Delhi, Mumbai, Noida, Gurugram, Bangalore, Chennai, and Hyderabad seem to offer more than the rest in terms of opportunities for a career as an Economist concerning salary and progress. Mumbai is home to a maximum number of financial institutions including the Reserve Bank of India, and State Bank of India.
Time Pressure
Likely
Famous economists are likely to face issues related to time pressure. The jobs in economics are sometimes stressful, especially as deadlines for reports approach. The majority of economists are required to conduct their research independently in an office setting or from home. Working under a tight schedule and deadline increases time pressure.
Overtime Details
A career in economics in India typically requires working thirty-five to forty hours per week. Individuals in the economist career path might be required to work extra hours during the months before taxes or annual reports are due. Depending on the targets approaching and projects allotted to them, they may be required to work overtime.
Weekly Hours of Work
Min 45 Hours
A career as an economist typically involves 35-40 working hours per week. Depending on the targets approaching and projects allotted to them, they may be required to work overtime.
How to become a Economist?
Steps to become a Economist
If you are interested in economics and have a knowledge of supply and demand, resources, production of goods and services, taxation, price controls, exchange rates, and interest rates, then a career as an economist is the best option for you. Below, we have listed the steps for how to become economist in India and how to become economist after B.Com.
What are the skills and qualities required to become a/an Economist?
How to become an economist in India? In order to become an Economist, you are required to possess several skill sets. We have mentioned below the required skills for jobs for economics majors. Here, in this section, we will discuss how to become an economist after 12th.
Decision-Making Skills: Individuals who opt for a career as an economist are required to review the financial statistics of their potential customers along with managing the financial losses and gains for the firm. Hence it is important to possess accurate decision-making skills and be able to conduct a proper judgement.
Numerical Ability: Individuals who opt for a career as an economist are responsible for determining the creditworthiness of their potential customers, they are also required to calculate financial reports of individual customers and firms. Analysis of economics and finance is a task that involves a lot of accounting and mathematics. Hence, possessing a high level of numeracy skills is a must for an Economist.
Leadership: Economists supervise and oversee the staff working with them. They are required to manage the work of each and every employee who works under their supervision. In a scenario like this, exhibiting excellent leadership skills and teamwork skills are mandatory for Economists.
Attention to Detail: Analysis of economics and finance involves accounting, money losses, analyses of information, and data of customers and credit department. There is a big pile of numerical data that is to be handled by Economists. They must possess accuracy in calculations since a single mistake can result in a big hazard.
Communication Skills: In a career as an economist, individuals work with a big staff, they supervise and oversee professionals working under them. They also manage the customers and directly interact with them in order to conduct proper research for creditworthiness. Economists are also required to conduct meetings and present their projects in front of clients and customers.
Critical Thinking: Management of the credit department requires sharp critical thinking skills that involve using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Which certifications and internships can be helpful in becoming Economist?
We have provided below several certification courses that aspiring individuals and working professionals can opt to upgrade their skills and knowledge. These courses are not mandatory in order to become an economist but can be very advantageous in terms of upskilling skills.
Banking and Financial Markets: A Risk Management Perspective
Professional Certificate Program in Applied Financial Risk Management
Executive Certificate Program in Applied Credit Risk Analytics
Executive Development Program in Applied Financial Risk Management
Internship Availability
The economist internship includes analysing the flow of money into and out of various investments. It offers a magnificent chance to gain real-world experience in the high-stakes finance industry. The economist internship in the financial sector can expect a nominal hourly rate. Individuals can explore various websites such as linkedin, Naukri, and Internshala to get internship opportunities.
Economist Jobs and Salaries
Junior Economist
- Average Salary 40000
Job Description
The Junior Economist job description includes researching, collecting the data using mathematical methods and conducting surveys. A Junior Economist makes use of historical data and develops statistical and econometric models.
Salary Description
The estimated Junior Economist salary in India ranges from Rs 2.8 Lakhs to Rs 14.3 Lakhs with an average annual salary of Rs 5 Lakhs per annum. The Junior Economist salary in India may vary depending on the various job factors.
Salary Source: AmbitionBox
Senior Economist
- Average Salary 126200
Job Description
The Senior Economist job description includes analyses of the market trend and interpreting the forecast and building the economic models. A Senior Economist consults the clients and prepares budgets and provides advice on business strategies.
Salary Description
The estimated Senior Economist salary in India ranges from Rs 5.4 Lakhs to Rs 40.0 Lakhs with an average annual salary of Rs 20.0 Lakhs per annum. Senior Economist salary in India may vary depending on the various job factors.
Salary Source: AmbitionBox
What is the job outlook for Economist?
Going by the projection of various noteworthy careers in economics in India, India is going to be one of the three largest economies in the upcoming 20 years. This interprets the growing per capita income in the next two decades and thus the never-seen-before need for qualified Economists.
Financial education is low in India today but with more and more educated investors getting into the field, an economist will have to have the academic qualification to move in the right direction. High-paced development in the industry definitely calls for large employers throughout the nation. It broadly seeks graduates having commerce, economics, finance, mathematics, and management background in education.
Frequently Asked Questions for Economist
Que. What are the top Economics colleges in India?
Ans.There are numerous colleges in India such as Delhi school of Economics, Delhi, Fergusson College, Pune, Mount Carmel College, Bangalore, Hindu College, Delhi, Symbiosis College of Arts and Commerce, Pune, St Xavier's College, Ahmedabad, Loyola College, Chennai.
Que. What is the educational requirement to become an economist?
Ans.In order to become an economist, students are required to complete their bachelor’s and master’s specifically in the economics or finance field from a recognized university in India.
Que. What do economists do?
Ans.Economists are the professionals who study and analyze the data, statistics, and trends of a company or a local area in order to perform predictions, forecasts and produce solutions effectively. The economists are responsible for driving the physical development of nations, the social reforms of the government, along the rise and fall of authoritarians.
Que. Which companies recruit economists?
Ans.The top recruiting companies for the post of economist are Bajaj finance limited, GIC housing finance limited, IDFC finance limited, HDFC, and Indiabulls housing finance limited.
Que. What is the educational requirement to become an economist?
Ans.In order to become an economist, students are required to complete their bachelor’s and master’s specifically in the economics or finance field from a recognized university in India.
Que. How to become an economist?
Ans.In order to become an economist, the students are required to pursue any of the various bachelor’s programmes available in finance and economics. After completing the bachelor’s, students can either join a private organization or can choose to pursue postgraduate studies. However, in order to get into higher job profiles, candidates with a postgraduate degree are preferred.
Que. How much money does economists make?
Ans.The entry-level jobs for Economics with less than one year of experience offer an average total compensation of Rs. 3 lakhs per annum. An early career economist with one-four years of experience earns an average total compensation of Rs. 5 lakhs per annum.
Que. Can I become economist after 12th?
Ans.After you have pursued your 12th, you can opt for a Bachelor's in Economics and opt for an internship and then an entry-level job. You can opt for higher education by taking a master's degree in Economics.
Que. How long does it take to be an economist?
Ans.To be an economist, it will take around five to ten years including your graduation, internship, master's degree and work experience. Some Economists choose to opt for their doctoral degrees to pursue academic research opportunities.
Que. How do I start my career as an economist?
Ans.To start a career as an economist, you need to earn a bachelor's degree, pursue an internship and master's degree and seek entry-level jobs for work experience.
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Did you know?
Fact 1
India's foreign exchange reserve was Rs 28.74 lakh crore (US$ 414.14 billion) in the week up to April 19, 2020, according to data from the RBI.
Fact 2
Mutual Fund’s asset base stood at Rs 23.93 lakh crore (US$ 339.55 billion) at the end of April 2020.
Fact 3
The combined index of eight core industries stood at 137 in March 2020. Their cumulative growth during 2019-20 was 0.6 percent.
Fact 4
Sales of passenger vehicles (cars, SUV, and vans) stood at 2,775,679 units in 2019-20.
Fact 5
India lost around 1 trillion dollar due to violence in 2017 alone.
