Do you want to know how to allocate scarce resources? Do you aspire to be someone who can predict the decisions of others? Do you want to become better at decision-making? If you answered yes at all, you’ll probably love being a future economist.
And this blog will tell you all about them, how to become an Economist, skills to acquire, courses, top colleges, and their salaries across the world.
Who is an Economist?
Economists study people and their choices to understand why they make certain decisions. They have a thorough understanding of how the economy works. They guide governments and organizations in making financial decisions in order to meet developmental objectives. They advise the government on policies to improve a country’s economy.
How to become an Economist (4-step guide)
Step 1: Stream to select
After finishing your 10th grade, you should enrol in the commerce stream, though a bachelor’s degree in economics does not require you to be from the commerce stream. Nonetheless, it will lay the groundwork for your future studies in finance.
Step 2: Educational Requirements to become an Economist
Education required after 12th
You must first study economics in order to pursue a career as an economist. A bachelor’s degree in economics is preferable because it will provide a solid foundation for future studies.
- Undergraduate Program for Economists in India
The duration of the courses mentioned below is 3 years.
- Bachelors of Arts in Economics
- B.Sc in Economics
- Bachelors in Behavioural Economics
- Bachelors of Applied Economics
Top Colleges in India
|Shri Ram College Of Commerce||New Delhi||B.A. (Hons.) Economics, P.G. Diploma in Global Business Operations and M.A. Economics.|
|St.Stephens College||New Delhi||B.A, B.Sc, M.A, M.Sc in Economics|
|Lady Shri Ram College of Women||South Delhi||B.A. (Hons.) Economics|
|Delhi School of Economics||New Delhi||B.A.(Hons.) Economics, B.A.(Programme), M.A. Economics and M.Phil/Ph.D in Economics.|
|Loyola College||Chennai||B.A. (Economics), M.A. (Economics), M.Phil/Ph.D. in Economics|
|Christ University||Banglore||B.A. (Economics), B.Sc(Economics), M.Phil/Ph.D. in Economics|
|Presidency University||Kolkata||B.Sc in Economics, M.Sc in Applied Economics, Ph.D. in Economics|
|Madras School of Economics||Chennai||B.A.(Hons.) Economics, M.A (General Economics, Financial Economics, Applied Quantitative Finance, Actuarial Economics, Environmental Economics, Ph.D. in Economics.|
|Narsee Monjee College Of Commerce And Economics||Mumbai||B.Com Economics and Analytics, B.Com Economics|
|HR College Of Commerce And Economics||Mumbai||PhD. Business Economics and PhD. Business Policy and Administration|
|Gokhale Institue of Politics and Economics||Pune||M.Sc (Agribusiness Economics, Financial Economics, International Economics) and Ph.D.|
|Indira Gandhi Institute of Development Research||Mumbai||M.Sc Economics and PhD in Development Studies|
After completing your bachelor’s degree, you should enrol in a postgraduate economics program. A bachelor’s degree in economics is not always required to pursue a master’s degree in economics.
- UG programme for Economists Abroad
A bachelor’s degree in economics would take 4 years to complete. You could look into the following courses:
- B.Sc in Economics
- BS Applied Mathematical Economics
- BA in Economics
- B.Sc in Agribusiness Economics
- BA (Hons) International Relations and development studies
- BA (Hons) Business and Management
- B.Sc Economics and Finance
Top 10 College to study Economics
|University||Estimated Fees (per year)|
|London School of Economics and Political Science||$24,000|
|Massachusetts Institute of Technology||$42,000|
|University of Oxford||$30,000|
|University of Melbourne||$30,000|
|University of Toronto||$28,000|
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Step 3: Certification Courses
For pursuing an Economist career, it would be ideal to enroll in courses that will help you develop hard skills while also adding credibility to your CV.
- R programming
- Research Methodology
- Advance Excel
- Statistical Techniques
- Economic Modelling
- Cost Benefit Analysis
Step 4: Job Preparation
Look for internship opportunities that will allow you to hone your skills and expand your knowledge of the field as you build your proficiency as an economist. You can apply to any financial institution, non-profit organization, or government agency.
Do some research for your university, or work as a research intern to help your professors. You can also look for research projects online to help you develop stronger research skills, which will come in handy as an economist.
- Portfolio Creation
It would be greatly beneficial if you had completed internships and obtained the previously stated certifications, as this would make your candidature more appealing for a given job. It would also be advantageous if you had done some research.
5 Skills needed to become an Economist
- Analytical Skills
- Problem-Solving skills
- Mathematical aptitude
- Critical thinking
- Communication Skills
Salary of an Economist
Salary in India
Average salary of an economist in India is around ₹ 10 lakhs per annum.
Top recruiters in India
- NITI Aayog
- Indian Economic Trade Organization
- Ministry of Finance
- Department of Economic Affairs
- Reliance Industries
- TATA Consultancy Services
Top recruiters abroad
- Morgan Stanley
- Goldman Sachs
- JP Morgan
- United Nations
- The World Bank
- World Economic Forum
- The Economist
- National Economic Association
Read more: How to become an Investment Analyst
Not all economic scholars go on to become economists because it takes more than just completing their 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. It’s an absolute choice of subject for anyone looking to make a place in the world of finance.
FAQs about how to become an Economist
What should I study to become an economist?
You can pursue a bachelor’s degree in Economics to further your studies in Economics, or you can have a background in finance.
Is it hard to become an economist?
To become an economist you may complete your postgraduation or Ph.D. in Economics. Although it’s not very difficult to become an economist it needs a good amount of time to become one.
Is an economist a good career?
To become an economist, you must have a postgraduate degree or a Ph.D. in Economics. Although becoming an economist is not difficult, it does take a significant amount of time.
Do economists make a lot of money?
Economists earn ₹5 lakh initially and can earn up to ₹2 million a year with relevant experience.
How many years does it take to study economics?
To specialize in Economics takes around 5 years, as Bachelor’s degree in economics takes 3 years and a Master’s takes 2 years.
What job does an economist do?
Economist conducts research to analyze data collected through surveys and run mathematical and statistical analysis to look for trends and patterns, act as forecasters, and assist individuals, businesses, and governments in meeting their growth objectives.