Economists are qualified, trained and skilled professionals who are in charge of studying the relationship between a society’s resources as well as its production and output. An Economist studies societies which start from small and local communities to an entire economy to large global economies. Every year around 20,000 students apply for courses that would help them become Economists. It usually takes around 5 – 10 years for an individual to become a successful Economist.
In order to become an Economist not only in India but also Abroad, aspiring candidates have to pursue Postgraduate or PhD in Economics Courses. Admission to these courses are done through bothmerit as well as through Entrance Exams such as DU JAT, IPU CET, CUET, JNUEE etc. India is home to a number of Top Economics Colleges offering relevant courses such as LSR Delhi, Loyola College Chennai, St. Xavier Mumbai, CU Bangalore and many others. The average fee to pursue Economics courses ranges around INR 10,000 – 1.50 LPA.
After the completion of the course they can join any Economics Consultancies, Economics Department, Publishing House, Research and Development Agencies with an average starting salary of INR 5.50 – 7 LPA, which can go up with gradual experience, knowledge and updated skills. The highest salary of an Economist can go up to INR 46.3 LPA with proper knowledge and relevant work experience.
3.1 How to Become an Economist After 12th
4.1 BA Economics
4.2 MA Economics
4.3 BSc Economics
5.1 USA
5.2 UK
5.3 Canada
5.4 Australia
How to Become an Economist: Quick Facts
| Industry | Consultant |
| Eligibility | 10+2 with any Subjects |
| Average Starting Salary | INR 2,00,000 - INR 6,00,000 |
| Job Opportunity | Economics Consultancies, Economics Department, Research and Development Agencies and Schools, Coaching Centres, Home Tuitions, Museums, Private Tuitions, Publishing House etc. |
Types of Economists
Career as an Economist is very rewarding as it offers a wide range of opportunities. The bindings of an Economist are very less, they can either start working with government and private companies.
- Research Economists: Their responsibility is to create numerical models to clarify and interpret business cycles, inflation, demand, supply impacts of expense strategies or joblessness using Mathematics and Statistics to the theory and standards of Economics. They apply econometrics for investigation and forecast of all monetary action. They study the demand and supply of resources, goods, services by collecting and analyzing data, researching trends, and evaluating economic issues. Research Economists must be good at numerical ability and analytical skills along with Mathematical and logical acumen. The average salary for Research Economists ranges from INR 4,00,000 to INR 8,00,000 per annum.
- Labour Economists: They study the supply of laborers and the interest for work by employers. They additionally study research on work levels and how wages are set. They additionally investigate the impacts of work related approaches like the lowest pay permitted by labour related policies and foundations, like associations. Labour Economists are involved in the study of the factors affecting the efficiency of these workers, their deployment between different industries and occupations, and the determination of their pay. They also Conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy in an organisation. The average salary of labour economists ranges around INR 4,00,000 LPA.
- Financial Economists: Their work job is to create money related approaches, foresee future monetary action. The monetary financial specialist additionally contemplates banking techniques, credit structures and so on. Financial Economists also study market activity and their responsibilities include collecting and analyzing financial and socioeconomic data, advising businesses and governments on economic decisions, and developing models for economic forecasting. They collect and analyze financial, political, and socioeconomic data, conduct surveys and utilize various sampling techniques for an organisation. The average salary of a Financial Economist ranges around INR 5 LPA.
- International Economists: They study, gather, and examine the information identified with unfamiliar exchange and how it might be productive for the nation of origin. They work and set up worldwide exchange strategies, trade control and activity of unfamiliar exchange.he additionally examine worldwide monetary business sectors and trade rates. International Economists study global financial markets, currencies and exchange rates, and the effects of various trade policies such as tariffs. They assist with research projects to analyze topics relevant to contemporary problems in applied international trade. The average salary for such professionals ranges around INR 3 LPA to INR 5 LPA.
How to Become an Economist in India
Becoming an Economist in India has a very conventional process. Students who wish to become Economists in India must start preparation early as this will be beneficial for them.
- School Level Preparation: Every student who wishes to become an Economist must have a good subject combination such as geography, accounting and economics at a higher secondary level. Since Economics is an optional subject in class 12, they must choose Economics in class 12 in order to pursue their dream. They must have English as their optional subject as it may help in the long run. Candidates need to research well about the profession before getting into the field.
How to Become an Economist After 12th
Some of the crucial steps that are to be followed in order to become an Economist after successfully class 12th board exams are listed below for your reference,
- UG Preparation: After completion of their class 10+2, one will have to clear the relevant entrance examination and complete any 3 year Economics Honours course. The graduation course is of 3 years in India. They must choose for the course as per their preference in the desired mode of education. However, they must go for full time mode as it will create a base for the students at the undergraduate level. They must study all the related topics throughout the course to become an Economist.
- PG Preparation: Most of the candidates opt for the postgraduate courses in the field of economics to become an economist. However, they can also go for specialised courses in related fields of economics. Having a postgraduate degree increases the chances to get an easy job and a decent salary package.
Economics Courses
Candidates aiming to become an Economist must have a Undergraduate or postgraduate degree in the same field. Below are some of the courses that they can opt for to become an Economist.
BA Economics
BA Economics is a 3 year UG course with core subjects such as Macro and Micro Economics, Financial Economics, Economic Statistics etc.It deals with the study of various economic theories, econometrics, applied economics and various other related topics.
Admission Process
- Admissions to BA Economics courses are done both on the basis of merit and on the basis of entrance exams.
- Candidates need to register themselves to the colleges offering BA Economics courses as per their norms and regulation.
- For entrance based, they need to appear for the exam and wait for the merit list.
- For merit based, admission will be given on the basis of marks scored at the Intermediate level.
Entrance Exam
| Entrance Exams | Registration Dates | Exam Dates |
|---|---|---|
| CUET | April, 2023 | May 21 – May 31, 2023 |
MA Economics
MA Economics is a 2 year PG course focusing on the topics like macroeconomics, microeconomics, public economics, econometry, international and financial economics
Admission Process
- Admission to MA Economics course is done on the basis of merit marks scored at the UG level or Entrance Exam.
- Candidates need to select the college and register themselves as per the rules and regulations.
- After the release of the merit list, candidates will be given admission according to the decisions made by the admission committee.
Entrance Exam
BSc Economics
BSc Economics is a 3 year UG course providing students relevant knowledge regarding economic analysis, fundamentals, and principles of Economics. This course helps the students to learn the importance of economic development and the ways it needs to be practiced in various sectors.
Admission Process
- Admission to the BSc Economics course will be based on the merit list prepared on the basis of marks scored at the Intermediate level.
- However, some colleges may also conduct entrance examinations for admission in the BSc Economics course.
- They are required to fill in all the details on the official website while registering themselves for the admission.
- Post announcement of merit list, they will be allocated seats in the desired college offering BSc Economics course.
Entrance Exam
| Entrance Exam | Mode of Examination | Date of Examination |
|---|---|---|
| SET 2023 | Computer-Based | May 6 – 14, 2023 |
| GIPE 2023 | Computer-Based | To be announced |
PG Diploma in Economics
PG Diploma in Economics is a 1 year full time diploma course focusing on the financial aspects of policy-making, increasing student's understanding of the principles, applications and context underlying economic policy.
Admission Process
- To get admission into PGD economics, candidates must score well at the UG level.
- Few colleges and universities conduct their own entrance examinations for admission into PGD Economics.
- Whereas some colleges also offer direct admission to the students on the basis of their previous marks.
- After the successful verification of the documents, candidates will be offered admission to the colleges offering PGD Economics.
How to become an Economist Abroad
Mentioned below is a detailed description of the candidates aiming to become an Economist abroad.
US
Students aiming to become an Economist in the US Economics in USA need to submit test scores like IELTS/TOEFL and GRE along with their bachelor's degree. It is usually a 1-2 year-long course costing up to 120,000 USD (INR 89 lakhs).
Colleges in US
| University | Average Course Fees (INR) |
|---|---|
| MIT | 82.26 L |
| Stanford University | 81.71 L |
| University of California, Berkeley (UCB) | 92.84 L |
| Columbia University | 64.64 L |
| New York University | 28.12 L |
| UCLA | 55.64 L |
| University of Michigan | 89.11 L |
| Cornell University | 42.11 L |
| Boston University | 43.79 L |
| University of Wisconsin | 55.41 L |
UK
Economics courses in the UK trains students to analyze data on the production of goods and resources. This course involves the investigation of both small scale (microeconomics) and global (macroeconomics) economic factors, resulting in improving the prosperity of customers and economic goods.
Colleges in UK
| Top Universities | Average Course Fees (INR) |
|---|---|
| Imperial College London | 28.03 L |
| University of Manchester | 20.43 L |
| London School of Economics and Political Science (LSE) | 28.28 L |
| University of Bristol | 17.86 L |
| University of Warwick | 24.07 L |
| Cardiff University | 20.86 L |
| Queen’s University Belfast | 17.01 L |
| University of Sussex | 19.91 L |
| Heriot-Watt University | 15.58 L |
Canada
Masters courses in Economics in Canada is a 1 to 2-year course available as a MA and MS. It costs around 13,000-45,000 USD all expenses included annually. It is offered as a specialized degree focused on one discipline such as Development Economics, Natural Resource Economics, Economic Policy, Agriculture Economics etc.
Colleges in Canada
| University | Average Course Fees (INR) |
|---|---|
| University of Toronto | 57.16 L |
| McGill University | 10.45 L |
| University of British Columbia | 14.37 L |
| University of Alberta | 12.13 L |
| Universite De Montreal | 14.17 L |
| McMaster University | 19.73 L |
| University of Waterloo | 8.12 L |
| The University of Western Ontario | 41.94 L |
| University of Calgary | 15.38 L |
| Queen’s University at Kingston | 7.45 L |
| Dalhousie University | 32.44 L |
Australia
In Australia, Masters in Economics is a 2-year full-time course that helps international students to investigate aspects of distribution, consumption, and production of services and goods. Post completion, graduates can get hired as Economists, Statisticians, Consultant, Analyst across different industries around the world.
Top Colleges in Australia
| University | Average Course Fees (INR) |
|---|---|
| University of Melbourne | 33.08 L |
| The University of Queensland | 38.61 L |
| Australian National University | 15 L |
| UNSW Sydney | 16.76 L |
| University of Sydney | 46.55 L |
| Monash University | 28.77 L |
| University of Adelaide | 30.28 L |
| Curtin University | 36.16 L |
| Macquarie University | 34.01 L |
| La Trobe University | 33.08 L |
Benefits of Becoming an Economist
Being an Economist is perhaps the most presumed profession and you have different benefits of doing this work. Here, we have advanced a portion of the advantages of a career as an Economist.
- High Salary: Being an Economist is a titled job, but on the other hand most of the students are also attracted to the salary that the profession brings. Salaries of Economists are very attractive all across the world, hence one major reason why most students wish to become Economists.
- Job Security: Profession of an Economist is probably most secure, as long as an Economist has his license, he can be employed anywhere in the world. Here, the Economists do not have to worry about staying relevant, they will just have to keep on doing what they do. Hence the job security of an Economist is probably higher than anything else.
- Unique Experience: It is a unique experience to be an Economist and give life to patients, often Economists give second life to patients. The whole experience of becoming an Economist is very intriguing so such experience makes every day a challenge.
- Higher Studies: The career of an Economist has no full-stop, completing the bachelor in Economics is just the beginning. Then they will have to do an internship and then they will be placed in some consulting companies as a permanent Economist. After becoming an Economist, they can also pursue post graduation to become Masters in Economics Honours.
Skills Required to Become an Economist
Some of the key skills that are essential to be an Economist are tabulated below for your reference,
| Mathematical aptitude | Comfort with uncertainty |
| Knowledge of social sciences | Written skills |
| Good at understanding complex systems | Independent thinker |
| Curious | Verbal communication skills |
Salary of an Economist
The salary of Economists in India varies from INR 2,00,000 - INR 7,00,000, the digits change pertaining to what kind of job role the Economists have. The overall salary is usually higher than any other profession which is why most students pursue.
Average Annual Salary
| Name of Organisation | Average Annual Salary |
|---|---|
| Govt | INR 4 – 8 L |
| Private | INR 3 – 6 L |
Specialisation Wise
| Specialization Wise | Average Annual Salary |
|---|---|
| Research Economists | INR 6 – 8 L |
| Labour Economists | INR 6 – 8 L |
| Financial Economists | INR 10 – 12 L |
| Business Economists | INR 10 – 12 L |
| International Economists | INR 10 – 15 L |
Experience Wise
| Experience in Years | Average Annual Salary |
|---|---|
| 1-4 | INR 6 L |
| 5-9 | INR 8 L |
| 10-19 | INR 10 L |
| 20+ | INR 14 L |
How to become an Economist: FAQs
Ques. How many years does it take to study Economist?
Ans. To turn into an Economist, you should acquire, at least, a bachelor degree (3 years) majoring in economics, as well as an honours degree in economics. An Economics major should be possible as a feature of a Bachelor of Social Science course, a Bachelor of Commerce degree or a Business Science certificate.
Ques. Is Economist a good career?
Ans. If you appreciate researching and breaking down financial issues and their connected information utilizing math and measurements, and in the event that you appreciate making conjectures, planning arrangements and prompting others through reports and introductions, at that point filling in as a business analyst may be an ideal profession decision for you.
Ques. Do Economists travel a lot?
Ans. Economists regularly work autonomously in an office. A few financial analysts telecommute, and others might be needed to go as an aspect of their responsibilities or to go to meetings. Market analysts invest quite a bit of their energy utilizing computers to dissect information, audit research, or compose discoveries.
Ques. What companies hire economists?
Ans. Companies such as Netflix, Microsoft, Pandora, Coursera, Expedia, Uber, Yelp, and Zillow have also hired economists.
Ques. Is it hard to become an economist?
Ans. It can take numerous long periods of education, undergraduate or postgraduate degree, and work experience to find a job; some top positions require a PhD, which can require eight years of graduate degree. This can be high-pressure work.
Ques. What should I do after 12th to become an Economist?
Ans. After 12th, you will have to start preparing for a Bachelor in Economics, and after getting admission in top colleges.
Ques. What is an Economist salary in India?
Ans. The average salary of an economist varies between INR 2,00,000 to INR 6,00,000. This is the average starting salary, but it may vary depending on the types of economist.
Ques. Can an MBA be done after a BA in Economics?
Ans. Yes. You can also do an MBA after BA Economics Honours because it is a graduation course. Although your BA degree would not be very helpful for doing an MBA but you are eligible to do an MBA.
Ques. What subjects to study to become an Economist?
Ans. After admission in the economics Course, various subjects would be introduced, but at 10+2 level, one has to study any subject eligible for.
Ques. How can I earn money after completing Economics Honours?
Ans. You can start working for any Organizations, or you may also start Preparation for various Government Exams.
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