Economist

What is an Economist?

An economist studies how resources are produced, distributed, and consumed, analyzing data, trends, and behaviors to understand economic issues and provide recommendations. They work in areas like finance, policy-making, academia, business strategy, and government.

Educational Eligibility

  • Undergraduate Level: A high school diploma with a focus on mathematics, economics, or related subjects.
  • Postgraduate Level: A bachelor’s degree in economics or related fields such as statistics, mathematics, or business.
  • Doctoral Level: A master’s degree in economics or related disciplines is typically required for Ph.D. programs.

Handicapped Eligibility

Persons with disabilities can pursue a career in economics, provided they meet the educational criteria. Many institutions and governments offer special accommodations, scholarships, and assistive technologies to support differently-abled students.

Admission Process

  • Undergraduate: Based on academic performance or entrance exams, depending on the institution.
  • Postgraduate: Entrance exams (like GRE, GATE, or university-specific tests) and interviews.
  • Doctoral: Academic records, research proposals, and interviews are typically required.

Entrance Exam

  • India: Exams like CUET, DUET, or JNUEE for undergraduate and postgraduate courses.
  • International: GRE or GMAT for master’s programs in global universities.
  • Specialized: Economics-specific tests like the Indian Economic Service (IES) exam for government positions.

Colleges and Universities

  • India:
    • Delhi School of Economics
    • Jawaharlal Nehru University (JNU)
    • Indian Statistical Institute (ISI)
    • St. Stephen’s College
  • Global:
    • Harvard University
    • London School of Economics (LSE)
    • University of Chicago
    • Massachusetts Institute of Technology (MIT)

Scholarships

  • India: Scholarships by UGC, state governments, and private organizations like JN Tata Endowment.
  • Global: Scholarships like Fulbright, Rhodes, and Commonwealth are available. Institutions often offer financial aid based on merit or need.

Time and Expenses to Become an Economist

  • Undergraduate Degree: 3–4 years; ₹1–5 lakh (India) or $20,000–$50,000 (abroad) annually.
  • Postgraduate Degree: 1–2 years; ₹2–10 lakh (India) or $30,000–$70,000 (abroad) annually.
  • Ph.D.: 3–5 years; funding is often available through stipends or scholarships.

Average Income

  • India: ₹5–15 lakh per annum (entry-level); ₹25–50 lakh for experienced professionals.
  • Global: $60,000–$120,000 annually (entry-level); experienced professionals earn significantly more.

Growth in Career

  • Entry-level economists can grow into roles like senior analysts, consultants, professors, or policymakers.
  • Career prospects expand significantly with advanced education and specialization.

Specialist Areas

Economists can specialize in:

  • Microeconomics
  • Macroeconomics
  • Development economics
  • Environmental economics
  • Behavioral economics
  • Financial economics
  • Labor economics

Scope in Government and Private Sectors

  • Government: Economic policy development, central banks (e.g., RBI), public administration, Indian Economic Service (IES).
  • Private Sector: Corporate strategy, market research, data analysis, and consultancy.

Special Eligibility in Person

Key skills for an economist include:

  • Strong analytical and mathematical abilities.
  • Proficiency in data tools (e.g., Excel, R, Python, Stata).
  • Critical thinking and problem-solving skills.

Workplace Responsibilities

  • Conducting research and data analysis.
  • Preparing economic forecasts and reports.
  • Advising businesses or governments on economic policy.
  • Teaching and publishing academic papers (if in academia).
  • Developing models to solve real-world economic problems.