Economists are professionals who study the demand and supply of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. Economists apply both qualitative and quantitative economic analysis to topics within a variety of fields, such as education, health, development, and the environment.
Some economists study the cost of products, healthcare, or energy, while others examine employment levels, business cycles, exchange rates, taxes, inflation, or interest rates to calculate the national income of the country.
In order to become an economist, you will have to meet certain criteria that are mentioned below.
Entrance Exam: Candidates who want to become an economist in the Indian government have to appear in the Indian Economic service examination. The exam is conducted by UPSC. It is an organized Group ‘A’ Central Service which is involved in economic planning and analysis through state boards, planning commissions, financial organisations and government bodies for the country.
Age Criteria: The candidate should be between the age of 21-30 years.
Most of the renowned and multinational banks/ companies require a PhD degree in economics.
Some MNCs also ask for an internship and a few years of professional experience in the respective field of economics.
To become an economist in Reserve Bank of India candidates have to apply for Department of Economic Analysis and Policy.
To establish yourself as a successful economist it is very important for an economist to have the skills listed below:
Some of the popular job profiles available for economists in government and private sector are listed below:
Research Economists: Their job is to develop mathematical models to explain and interpret business cycles, inflation, demand, supply effects of tax policies or unemployment Use Mathematics and Statistics to the theory and principles of Economics. They apply econometrics for analysis and prediction of all economic activity
Industrial Economists: They study the organizational structure of a company or a business to maximise the use of assets to increase the profits. Apart from this, they also investigate the methods of costs, analyse market trends, study demand and supply in relation to industrial policies.
International Economists: They study, collect, and analyze the data related to foreign trade and how can it be profitable for the home country. They work and establish international trade policies, exchange control and operation of foreign exchange.he also analyse global financial markets and exchange rates.
Econometricians: They develop models and make use of mathematical analyses to study and test economic relationships. To study the same use techniques like calculus, regression analysis, game theory among others.
Financial Economists: Their job role is to develop monetary policies, predict future financial activity. The financial economist also studies banking methods, credit structures etc.
Business Economists: They are economists who work as the company’s administrators. They make decisions about company policies, plan future business activities in relation to general business conditions, national and international trade policies, governmental regulations and directives
Labour Economists: They study the supply of workers and the demand for labour by employers. They also study research on employment levels and how wages are set. They also analyze the effects of labour-related policies—such as minimum wage laws—and institutions, such as unions.
Check out the popular employment opportunities for an economist here:
Business and companies across many industries use economic analysis and quantitative methods to analyze and forecast business, sales, and other economic trends. Demand for economists is increasing globally as the market trends are also changing rapidly. Some of the top recruiting companies for economist are as follows
An Economist has to hold certain responsibilities as a part of her/ his work description. Most of the economists work full-time, although some economists prefer working part-time Their job may be stressful, especially as deadlines for reports approach. The majority of economists conduct their research independently in an office setting or work from home. Some of the responsibilities of an economist are mentioned below.
Suggesting and Introducing Measures to Increase National Income and Gross Domestic Product
Interpreting and Forecasting Market Trends (Demand & Supply)
Advising Business, Government and Companies Regarding Economic Trends
Analysing Global Financial Markets and Exchange Rates
The salary of an economist typically depends upon the type of industry they are working for.
An economist working with multinational banks like HSBC, Citibank enjoy great salary packages. The average salary of an economist in a multinational bank is between Rs.10,00,000 per annum and Rs.15,00,000 per annum.
Once the economist has gained sufficient professional experience their salary can go up to Rs.25,00,000 per annum.
Whereas economist working with government agencies/ research departments/ newspapers have comparatively less salary.
At the start of the career, these economists earn between Rs.3,00,000 to Rs.4,00,000 per annum.
An economist who conducts independent research has varied income.
One of the best ways to enhance your knowledge in the field of economics and in its related field is to read a range of economy books. This list contains a mix of classic and contemporary works that will give you a historical understanding of economics as well as an idea of how modern economics are applied today.
The Rise and Fall of American Growth by Robert Gordon
The End of Alchemy: Money, Banking and the Future of the Global Economy by Mervyn King
Capital in the Twenty-First Century by Thomas Piketty
Between Debt and the Devil by Adair Turner
Capitalism and Freedom by Milton Friedman
The Wealth of Nations by Adam Smith