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Who is a Economist?
We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis ~ Paul Krugman
A person interested in using statistics to increase profits, improve public policy, or conduct research is an economist, who investigates the explanations underlying human decision-making. Individuals who pursue careers as economists are specialists who research development, acquisition, and wealth transfer with the aim of keeping their research in action and controlling the dynamics of contemporary society. In India, a profession in economics involves responsibility for directing the physical development of countries, social reforms implemented by the government, as well as the rise and fall of authoritarians. Economists play an important role in both understanding and harnessing the power of economics. A career in economics in India involves the collection and analysation data, research trends along with evaluating economic problems for resources, goods, and services. Individuals who opt for a career as an economist are responsible for applying both qualitative and quantitative economic analysis to niches within a variety of sectors. For instance, education, health, development, and the environment.
Economist in a Nutshell
Economics is practically involved in each and every aspect of the modern world. Indian economist works at both the individual and business levels along with large-scale governments and economies. Individuals in the economist career path are required to study, research, predict, and evaluate business and revenue trends in every industry in the modern world today. Individuals in the economist career path are considered smart individuals with a natural power to solve problems and point out meaningful details. In career as economist, individuals are quite great with puzzles, and quandaries, and love finding patterns and trends. If this profile sounds like you, being an economist could be the career you can excel.
Quick Facts for Economist
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Industry
Finance
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Suitable for
Male, Female, Others
A career as economist is gender-neutral. Anyone with strong analytical skills and the ability to solve huge equations can choose to become an economist. As an economist, you will be responsible for handling finance, statistics, and producing efficient ways to improve the economy.
Table of Contents for Economist
What is the role of Economist?
Individuals who opt for a career as an economist who works for corporations are responsible for helping managers and decision-makers learn how the economy is affecting their business. Specifically, a career in economics in India comes with the prime responsibility of analysing consumer demand and sales to help a company maximize its profits. Individuals in the economist career path who work for international organizations, and research firms, are required to study and analyze a variety of economic problems. The analyses and forecasts of economists are frequently published in newspapers and journals. A career in economics in India comes with alluring opportunities and high salaries. Here, in this article, we will discuss the details of a career in economics in India, such as economist career opportunities, how to become economist after 12th, economist career salary, what does an economist do, future of economics students.
Tax planning
Tax planning can take a number of different forms. Economists often help individuals and corporations address certain tax issues and find a solution for how to maximize their possible tax returns and minimize tax accountability. There are certain advisors who also help you with preparing your taxes and completing your annual taxes.
Estate planning
This pursuit makes things a bit simple for your loved ones after you die. Preparing a will can be considered a part of an economist’s services. Planning for estate also helps prepare for any estate tax an individual may be subject to.
Retirement planning
Everyone seemingly wants to stop working someday. Retirement planning services help people prepare for that day. Economists ensure that people have saved enough money to live the lifestyle that they desire in retirement.
Philanthropic planning
It’s always kind to grant something to people who need it or help a cause close to people’s hearts. Philanthropic planning can help people make sure they’re doing it efficiently and accurately and getting all the tax benefits they may be entitled to.
Education funding planning
People have children or other dependents who wish to pursue a college degree, they may want to help them to pay for it. Education funding planning can help make sure people are able to do so.
Investment planning
Though analysis of economy and statistics doesn’t include the actual management of one’s assets, it can still help with an individual's investment portfolio by mapping out how much one should be investing and in which types of investments.
Insurance planning
An economist can help individuals evaluate their insurance requirements. Some Economists have also licensed insurance agents and sell people insurance themselves. However, they typically earn a commission in such cases, which can create a conflict of interest.
Budgeting
This is perhaps the foundation of the economy. An economist is supposed to make sure the client is spending the right amount given his/her income and is also required to make sure that they aren’t going into debt.
Types of a Economist
There are numerous economist jobs. One can find choose to work in the industry right after graduation and get acquire progressive job roles with experience in the industry. We have mentioned below the types of economists. These careers provide employment economics majors job roles.
Financial Advisor: Jobs in Economics come with varying roles and titles. A Financial Advisor is such a job role in which individuals are responsible for providing guidance on the matter of finance and expenditure to customers for compensation. He or she can provide various services which include investment management, tax planning, and estate planning.
Financial Planner: Economics Graduate jobs also include a Financial Planner role. These professionals are responsible for providing comprehensive planning services.
Insurance Analyst: An Insurance Analyst is a professional who works in financial organisations such as banks and other institutions that offer insurance services. He or she is responsible for conducting assessments on various insurance policies to recommend suitable insurance policies to clients. An Insurance Analyst is also responsible for determining associated risks in insurance policies for both insurance company and policyholder.
Also read: Career as Risk Management Analyst
What is the workplace/work environment of Economist like?
A career in economics in India provides employment opportunities at consultancies, banks, financial institutions, higher education establishments investment organisations, and state and central government-run organisations for financial planning for various public welfare schemes. Economics positions mostly involve work from offices estimating the data and then giving forecasts to the industries. Famous economists are required to work overtime depending on the demand of the project. typically work thirty-five to forty hours per week. Individuals in the economist career path might be required to work extra hours during the months before taxes or annual reports are due. Individuals who opt for a career as an economist work for the government may have to travel often. The job is sometimes stressful, especially as deadlines for reports approach. The majority of economists are required to conduct their research independently in an office setting or from home. Some travel to conferences or executive meetings.
Does Economist require travelling?
Likely
In career as economist, individuals serving in government organisations are required to travel quite often depending upon the project they’ve been assigned. However, complete travel expenses are provided by the government to the economists travelling to different work locations.
Employment Shifts
Full Time, Part Time
A career in economics in India provides both employment opportunities on a part-time basis as well as full-time. Individuals in the economist career path work full-time in some government organisations or as consultants in private firms. Those economists who work as consultants are often hired on a part-time basis.
Employment Nature
Contractual, Permanent
A career in economics in India provides employment opportunities on both contractual as well as permanent basis. There are companies that hire economists for a particular project which accounts for short term employment and is contract based. Also, there are industries which hire Economists for the long term which accounts for managing their overall financial aspect and market.
Work Place
Office
Individuals who opt for a career as an economist are required to work in the office from their company’s premises. A career in economics in India mostly involves desk work as compared to an on-field job.
Presence in Geographical Area
Semi-urban, Urban
When it comes to the finance and marketing sector, certain cities like New Delhi, Mumbai, Noida, Gurugram, Bangalore, Chennai, Hyderabad seem to offer more than the rest in terms of opportunities for a career as an Economist concerning salary and progress. Mumbai is a home to a maximum number of financial institutions including the Reserve Bank of India, and State Bank of India.
Time Pressure
Likely
Famous economists are likely to face issues related to time pressure. The jobs in economics are sometimes stressful, especially as deadlines for reports approach. The majority of economists are required to conduct their research independently in an office setting or from home. Working under a tight schedule and deadline increases time pressure.
Overtime Details
A career in economics in India typically requires working thirty-five to forty hours per week. Individuals in the economist career path might be required to work extra hours during the months before taxes or annual reports are due. Depending on the targets approaching and projects allotted to them, they may be required to work overtime.
Weekly Hours of Work
Min 45 Hours
A career as economist typically involve 35-40 working hours per week. Depending on the targets approaching and projects allotted to them, they may be required to work overtime.
How to become a Economist?
Steps to become a Economist
What are the skills and qualities required to become a/an Economist?
How to become an economist in India? Were you looking for a career in economics in India? Wait, in the next section, we will discuss all the possible paths for a career as an Economist. In order to become an Economist, you are required to possess several skill sets. We have mentioned below the required skills for jobs for economics majors. Here, in this section, we will discuss how to become economist after 12th.
Decision-Making Skills: Individuals who opt for a career as an economist are required to review the financial statistics of their potential customers along with manage the financial losses and gains for the firm. Hence it is important to possess accurate decision-making skills and be able to conduct a proper judgment.
Patience: Analysing economics is a task that requires a lot of awareness and precautions before taking a decision. There are times when Economists are required to manage their staff along with supervising the financial reports which require them to remain calm under pressure. Only proper confidence and calmness can ensure an appropriate result.
Numerical Ability: Individuals who opt for a career as an economist are responsible for determining the creditworthiness of their potential customers, they are also required to calculate financial reports of individual customers and firms. Analysis of economics and finance is a task that involves a lot of accounting and mathematics. Hence, possessing a high level of numeracy skills is a must for excelling in a career as an Economist.
Leadership: Economists supervise and oversee the staff working with them. They are required to manage the work of each and every employee who works under their supervision. In a scenario like this, exhibiting excellent leadership skills and teamwork skills are mandatory for Economists.
Organisational Skills: In career as economist, individuals oversee a big staff and supervise almost every customer's details personally, they are required to work under the proper organization. With so much responsibility and work, comes the responsibility of managing the staff. Economists are required to work in a team with proper organizational conduct and so are required to possess proper organizational skills in addition to teamwork skills.
Attention to Detail: Analysis of economics and finance involves accounting, money losses, analyses of information, and data of customers and credit department. There is a big pile of numerical data that is to be handled by Economists. They must possess accuracy in calculations since a single mistake can result in a big hazard.
Communication Skills: In career as economist, individuals work with a big staff, they supervise and oversee professionals working under them. They also manage the customers and directly interact with them in order to conduct proper research for creditworthiness. Economists are also required to conduct meetings and present their projects in front of clients and customers. It is important for Economists to possess good spoken and written communication skills.
Active Learning: Active learning involves understanding the implications of new information for both current and future problem solving and decision making which is an important asset for employees working in the analysis of economics and finance.
Critical Thinking: Management of the credit department requires sharp critical thinking skills that involve using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Popular Online Finance Courses and Certifications
Which certifications and internships can be helpful in becoming Economist?
We have provided below several certification courses that aspiring individuals and working professionals can opt to upgrade their skills and knowledge.
Internship Availability
An internship is an initial step towards any career. The economist internship includes analysing the flow of money into and out of various investments. It offers a magnificent chance to gain real-world experience in the high-stakes finance industry. While most internships are unpaid, some business internships do carry a small stipend. The economist internship in the financial sector can expect a nominal hourly rate. If a candidate is in college and anticipating using an internship to get their foot in the door of the financial sector, they are not alone.
What is the job outlook for Economist?
Currently, there is less than 0.2 per cent of economists in India working for its 1.2 billion+ population. Going by the projection of various noteworthy careers in economics in India, India is going to be one of the three largest economies in the upcoming 20 years. This interprets the growing per capita income in the next two decades and thus the never-seen-before need for qualified Economists. Financial education is low in India today but with more and more educated investors getting into the field, an economist will have to have the academic qualification to move in the right direction. High-paced development in the industry definitely calls for large employers throughout the nation. It broadly seeks graduates having commerce, economics, finance, mathematics, and management background in education. Indian financial market is one of the oldest markets in the world and with a quick rate of growth it has also set foot into the best markets in emerging economies of the world. Economist salary in India is based on the economist career opportunities. At present, a career in economics in India is growing at a much faster rate than any other sector. It has expanded itself and also managed from the 19th century with the securities exchanges in Mumbai, Ahmedabad, and Kolkata. In the 60s, the number of securities exchanges became eight.
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Frequently Asked Questions for Economist
Que. What is the educational requirement to become an economist?
Ans.In order to become an economist, students are required to complete their bachelor’s and master’s specifically from the economics or finance field from a recognized university of India.
Que. What do economists do?
Ans.Economists are the professionals who study and analyze the data, statistics, and trends of a company or a local area in order to perform predictions, forecasts and produce solutions effectively. The economists are responsible for driving the physical development of nations, the social reforms of the government, along the rise and fall of authoritarians. Additionally, economists work in various fields such as district government, local government and international organizations by providing them with the solutions to various financial issues and forecasts.
Que. Which companies recruit economists?
Ans.The top recruiting companies for the post of economists are Bajaj finance limited, GIC housing finance limited, IDFC finance limited, HDFC, and Indiabulls housing finance limited.
Que. What is the educational requirement to become an economist?
Ans.In order to become an economist, students are required to complete their bachelor’s and master’s specifically from the economics or finance field from a recognized university of India.
Que. How to become an economist?
Ans.In order to become an economist, the students are required to pursue any of the various bachelor’s programmes available in finance and economics. After completing the bachelor’s, students can either join a private organization or can choose to pursue postgraduate studies. However, in order to get into higher job profiles, candidates with a postgraduate degree are preferred.
Que. How much money does economists make?
Ans.The entry-level jobs for Economics with less than one year experience offers an average total compensation of Rs. 3 lakhs per annum which includes bonuses, tips, and overtime pay. An early career economist with one-four years of experience earns an average total compensation of Rs. 5 lakhs per annum.
Que. What are the top Economics colleges in India?
Ans.There are numerous colleges in India that offer Economics courses. We have mentioned below top Economics courses.
| Fergusson College, Pune | Mount Carmel College, Bangalore |
| Hindu College, Delhi | Symbiosis College of Arts and Commerce, Pune |
| St Xavier's College, Ahmedabad | Loyola College, Chennai |
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Did you know?
Fact 1
India's foreign exchange reserve was Rs 28.74 lakh crore (US$ 414.14 billion) in the week up to April 19, 2020, according to data from the RBI.
Fact 2
Mutual Fund’s asset base stood at Rs 23.93 lakh crore (US$ 339.55 billion) at the end of April 2020.
Fact 3
The combined index of eight core industries stood at 137 in March 2020. Their cumulative growth during 2019-20 was 0.6 percent.
Fact 4
Sales of passenger vehicles (cars, SUV, and vans) stood at 2,775,679 units in 2019-20.
Fact 5
India lost around 1 trillion dollar due to violence in 2017 alone.
