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Do you desire a career as a business and government advisor? Do you aspire to be someone whose opinions are highly sought after? Do you want to analyse scenarios and predict economic trends? Economists provide the answers to what, where, and how. If you want to pursue a career as an Economist. This blog is a detailed guide about the career as an economist, what an Economist does, different paths to become an Economist, and different job opportunities as an Economist.

What does an Economist Do? 

There is no single answer because economists work in a variety of fields, and their tasks vary as they work toward different goals. The nature of their job entails a lot of responsibility and analysis, which includes making predictions and developing the best policies and strategies. 

 In general, an economist conducts research to analyze survey data and run mathematical and statistical analyses to look for trends and patterns, act as forecasters, and assist individuals, businesses, and governments in meeting their growth objectives. You excel as an economist at determining the smallest impact on all strategic decisions. 

  • surveying people and compiling the data and looking into financial issues
  • Different processes and techniques are developed and used to collect the necessary data.
  • using models and mathematical methods to analyse various types of economic data
  • putting together papers and reports on economic findings
  • presenting the findings in the form of tables, reports, and charts and foreseeing marketing trends that an organisation can use
  • giving economic guidance to a variety of organisations, including governments, providing solutions to various economic problems
  • evaluating the benefits and drawbacks of producing and distributing goods and services
  • keeping track of economic trends to stay informed about economic inclinations
  • Creating theories to explain business cycles and business inflation
  • establishing policies or making suggestions for the formulation and application of economics-related policies.
  • releasing economic research

Job Roles

Not all economic postgraduates go on to become economists because it takes more than just completing your education to become an economist. Because economics is such a vital subject, an economics degree provides students with the flexibility to work in a variety of jobs other than an economist.

  • Financial Advisor 
  • Investment Analyst 
  • Financial Analyst
  • Data Analyst
  • Project Manager 
  • Stock Broker
  • Bank Manager
  • Credit Analyst
  • Researcher
  • Professor 
  • Business/FinancialConsultant
  • Researcher
  • Compensation Manager
  • Risk Analyst
  • Statisticians 
  • Lawyers 
  • Actuary
  • Auditors
  • Strategist
  • Regulatory Manager 

Career path for becoming an Economist 

Path 1

  • Complete your 12th from the commerce stream 
  • Take up Bachelor program in an economic related subject 
  • Complete Masters in economics.
  • Give examinations like Indian Economics Services or RBI grade B (DEPR). 

Path 2 

  • Finish 12 grade from any stream 
  • Take up bachelors related to finance subjects. 
  • Give an entrance exam in the college for doing an MA in Economics.
  • You can also consider doing an MBA in Finance to find a job in the corporate world.

Path 3

  • Complete 12th from any stream 
  • Take up Bachelors courses related to economics 
  • Finish your Masters program and Complete your PhD.

Visit this blog on how to become an Economist if you want to learn more about colleges and job preparation.

Salary of an Economist in different stages of career 

The salary of an economist, like that of any other job, is determined by your experience and talents. It is always preferable to have obtained your degree from a well-known college and received good grades in order to gain a job in a top-tier corporation or organization. Below is a graph that shows average pay according to experience.

The salary of an economist also differs on the basis of different job profiles. 

Profile Salary 
Associate Economist ₹11 L
Consultant Economist ₹9.5 L
Junior Economist ₹4 L 
Senior Economist ₹20 L 
Chief Economist₹51 L 

5 Skills required to be an Economist

To have a successful career as an economist, you must develop specific skills that will help you along the way. 

  • Analytical skills: To identify patterns and draw logical conclusions, economists need to be able to think analytically and make connections.
  • Detail orientation: An economist must be able to spot minute details in data and produce precise, accurate data analyses.
  • Critical-thinking skills: It is the responsibility of economists to apply logic and reasoning to resolve complex issues.
  • Writing skills: Economists frequently prepare and present data to others, and they must do so in a straightforward, understandable manner.
  • Communication skills: These experts must be able to clearly communicate their findings to others in a way that can be easily understood and distributed.

Is Economist a Good Career Option?

A graduate in economics will have a variety of unique and in-demand skills, and job prospects are typically good. An economics degree gives students the flexibility to work in a variety of jobs other than economist because economics is such a crucial subject. Any career in finance can be built on a strong foundation of economics knowledge.

Since economists are among the most important professionals, their needs will never decrease. There is obviously a lot of room for growth as an economist. Although it is difficult to become an economist, it is possible with perseverance and strong research and analytical skills. Since there is a growing need for economists, the pay is also rising exponentially.

To find your niche in the finance industry, you should try the JuniorMBA in Finance or the JuniorMBA in Entrepreneurship. This will enable you to make the best career choice possible.

Type of Industries Hiring an Economist 

Many corporations, both private and public, use economists to analyze and evaluate business issues and establish policies that would aid the organization in achieving its goals. The following are some of the most popular places to work as an economist:

  • Central Government
  • State Government 
  • Private Banks 
  • Public sector banks
  • Insurance Companies 
  • Financial consultancy 
  • Advisories 
  • Newspapers and magazines
  • International Financial Institutions
  • Regulatory bodies 
  • Research Organisations
  • Census Organisations

Top Recruiters for Economists 

  • United Nations 
  • IMF 
  • The World Bank
  • World Economic Forum 
  • The Economist 
  • RBI
  • Goldman Sachs
  • NITI Aayog 
  • Morgan Stanley 
  • McKinsey 
  • JP Morgan 
  • Reliance Industries 
  • TATA Consultancy Services
  • KPMG
  • Deloitte

Courses to Upskill as an Economist 

  • Research Methodology 
  • R programming
  • Economic Modelling 
  • Advance Excel 
  • Cost Benefit Analysis
  • Forecasting 

Qualification to become an Economist 

Degrees in India 

You can choose an area of specialization in economics based on your interests and the importance of that area of specialization in the modern world. Some of the subjects are International Economics, Financial Economics, Business Economics, Labour Economics, Public Finance, Monetary Economics, Political Economics, Agricultural Economics, Environmental Economics, Statistical Economics, and Developmental Economics. 

Undergraduate degree in India 

The duration of these courses will last 3 years. 

  • Bachelors of Arts in Economics
  • Bachelors of Applied Economics 
  • Bachelor of Science  in Economics
  • Bachelors in Behavioural Economics 
  • Bachelors of Arts in Econometrics 

Postgraduate degree in India 

The postgraduate program will take 2 years to complete.

  • M.A in Economics
  • M.Sc in Economics
  • Master in Applied Economics
  • Master in Econometrics 

Degrees Abroad

Bachelor of Science in Economics, Bachelor of Science in Applied Mathematical Economics, BA (Hons) in Business Economics, Bachelor of Science in Financial Economics, and Bachelor of Science in Agribusiness Economics are a few courses you might want to think about for your four-year undergraduate degree in economics abroad.

For your master’s degree, you can select to specialize in a particular field. Locate the colleges that offer the specialized master’s program in which you are interested. Some of the courses you can consider are Master of Science in Econometrics and Quantitative Economics, Master of Science in Business Economics, and Master of Science in Economics. 

Would you like to raise the likelihood that you will be accepted abroad? Enrol in the Clever Harvey JuniorMBA course to add a genuine industry project to your student portfolio.

To get into foreign universities, start by studying for the TOEFL, IELTS, and SAT exams. To find out more about how to take the SAT, visit this blog.

I want to know More! 

Different types of Economists

There are various types of economists; they specialize in a specific subject and have different roles and responsibilities as a result.

  • Public Economist: A public economist analyses the trends and patterns of data collection to look at how policies affect the economy. It is a crucial component of economic decisions like yearly budgetary allocations and the management of the nation’s wealth and helps estimate the government budget. By addressing all economic problems in close coordination with governing and administrative institutions, they support economic growth.
  • Research Economist: They carry out analysis on a range of economic topics, including allocation and production. To present their research, they analyze surveys and create reports, tables, and charts. Through statistical and mathematical analysis, they determine the state of the economy, and their conclusions offer understanding.
  • Industrial Economist: They foresee economic circumstances that might have an impact on the business. They support the company’s strategy and policies. They support the business management, wealth management, marketing, production, and distribution of the company, as well as the development of a productive production model. They help businesses generate more revenue.
  • Labour’s Economist: They look at trends in the labour market, analyze labour supply and demand, and determine wages. They create wage policies for the workforce and promote worker welfare.
  • International Economist: International economists look into the world’s financial markets, trade patterns, relationships with other nations, currency exchange rates, and the results of different trade policies.
  • Econometrics: They use mathematical and statistical models to investigate the relationship between different economic variables. They help to gather data that is then used to create different economic policies.


  • Freakonomics- Stephen J. Dubner and Steven Levitt
  • Good Economics for Hard Times-  Abhijit V. Banerjee and Esther Duflo
  • Factfulness: Ten Reasons We’re Wrong About the World–and Why Things Are Better Than You Think- Hans Rosling, Anna Rosling Rönnlund, and Ola Rosling
  • Predictably Irrational: The Hidden Forces That Shape Our Decisions-  Dan Ariely

Famous Personalities 

  • Amartya Sen
  • Paul Krugman
  • Joseph Stiglitz
  • Abhijit Banerjee
  •  George Akerlof
  •  Gabriel Zucman
  •  Robert Solow
  • Jeffrey Sachs

Select the Specialization that piques your interests the most. Being an economist is a prestigious career that will pay off well for you. Although there are many ways to become an economist, staying current with events and being able to analyse how the economy will respond to them are the most crucial components. Best wishes on your path to becoming an Economist. 


What qualifications do you need to be an economist?

Although no specific education is required to become an economist, having a working knowledge of finance and economics is. However, enrolling in an economics-related bachelor’s and master’s programme would be the best course of action if you want to pursue a career in the field.

How many years does it take to become an economist?

Depending on whether you want to pursue a PhD, it can take anywhere from 8 to 10 years to become an economist. However, once you have earned your master’s degree in economics, you may refer to yourself as an economist.

Is it hard to be an economist?

Yes, becoming an economist is difficult and requires a lot of determination on one’s part. Even after finishing your education, you will be required to present specific work in order to be called an economist and place yourself as an economist.

Is economist a good career?

Since economists are among the most important professionals, their needs will never decrease. There is obviously a lot of room for growth as an economist. Although it is difficult to become an economist, it is possible with perseverance and strong research and analytical skills. Since there is a growing need for economists, the pay is also rising exponentially.

Do economists get paid well?

Yes, economists do get paid well. They can start at 5 lakh and can earn up to 2 million per year with relevant experience.

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Top 5 Skills required to become an Economist Top 9 colleges to become an Economist in India Top 10 colleges to become an Economist Abroad How to become an Economist?
Top 5 Skills required to become an Economist Top 9 colleges to become an Economist in India Top 10 colleges to become an Economist Abroad How to become an Economist?