How to Become an Economist?
Explore your potential as an Economist with our comprehensive guide. Learn the steps, eligibility, tasks, skills, and top colleges to jumpstart your career
In this Career Outline
Introduction to Economist
"The job of an economist is to understand what happens when we try to change the way things work." — Thomas Sowell
Imagine a career where you decode the mysteries of global markets, predict financial trends, and shape economic policies that impact millions. Becoming an economist can turn this vision into reality. This dynamic profession is not just about crunching numbers—it's about understanding the forces that drive our world and using that knowledge to solve complex problems. Whether you dream of working with governments, financial institutions, or academia, this guide will walk you through the essential steps to embark on this exciting journey.
Steps to Become a Economist:
Step-1
Begin with a strong educational foundation in economics or a related field.
Step-2
Consider pursuing a master's degree or Ph.D. to deepen your expertise.
Step-3
Master statistical software and analytical tools crucial for economic research.
Step-4
Look for internships or entry-level jobs to apply what you've learned in real-world situations.
Step-5
Keep up with current economic trends and policy changes.
Eligibility Criteria
| Eligibility Criteria | Description |
|---|---|
| Eligibility | Must possess at least 50% aggregate from a recognized institution (PUC/CBSE/ICSE/ISC, etc.) |
| Educational Background | Bachelor's degree in Economics or related field. |
| Undergraduate Degree | Required in Economics, Finance, or Mathematics. |
| Postgraduate Degree | Preferred; Master's or Ph.D. in Economics. |
| Entrance Exams | GRE or other relevant exams for graduate programs. |
- Must possess at least 50% aggregate from a recognized institution in 12th, from any board PUC/CBSE/ICSE/ISC, etc. However, the cut-off margin varies with the selection process of different colleges.
- One must acquire a degree/diploma or certification in a recognized establishment to become an Economist. This is a basic qualification you must require to enroll in this line of work.
- A Bachelor's degree in Economics, Statistics, Finance, or Accounting can help you pursue a career as an Economist. However, to truly understand Business Analytics, you will require hands-on experience or a course tailored to teach you the specifics.
- An M.BA in Digital Marketing can also prove to be helpful while looking for a higher degree and better learning.
- GRE or other relevant Entrance exams after 12th for graduate programs
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Tasks to perform as a Economist:
Knowledge & Skills Required
Economists must possess a wide array of skills to succeed in their careers. Here are the key knowledge areas and skills needed to excel in this field:
| Knowledge Required | |
|---|---|
| Understanding of macro and micronutrients, metabolism, and dietary needs. | Awareness of safe food handling practices and prevention of foodborne illnesses. |
| Knowledge of diet therapy for managing medical conditions and diseases. | Skills in evaluating dietary intake and nutritional status. |
| Techniques for promoting healthy eating habits and behavior modification. | Understanding of community nutrition needs and health promotion strategies. |
| Skills Required | |
|---|---|
| Analytical Skills | Cultural Sensitivity |
| Technical Skills | Interpersonal Skills |
| Organization | Problem-Solving |
Understanding What are soft skills? and why is it important,as they complement technical abilities and enhance overall performance in the field of Economist.
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Job roles offered for a Economist:
Once you procure the required qualifications for becoming an Economist, a myriad of options are open to you. There are multiple projects you can undertake throughout this line of work, and there are many other fields you can branch out to.
Agricultural Economists focus on the business side of farming. They monitor agribusiness output and develop strategies to boost productivity efficiently. They manage farmland, analyze crop and livestock data, and predict market trends to adjust strategies. They also negotiate with producers and businesses needing farm goods.
Health Economists analyze how healthcare resources are allocated and spent. They work for government or private sectors, assessing healthcare programs, policies, and workplace health. Their work involves evaluating Medicare coverage and addressing various healthcare issues.
Policy Analysts are problem solvers who study specific issues, gather data, and propose solutions. They estimate costs and analyze the efficiency of different approaches, then report their findings to guide decision-making. They work with governments, businesses, and research organizations.
Economic Developers use public and private funds to support city growth, attract businesses, and create jobs. They form public-private partnerships, coordinate activities, and facilitate negotiations. They mobilize resources and support businesses in meeting community needs.
A Business Economist aids corporate decision-making by analyzing economic data. They help determine business strategies, such as whether to continue or terminate projects and how to optimize production. Their main goal is to enhance company profits through informed decisions.
Not sure where you fit in?
With countless career options, choosing the right path can be tough. Analysis and guidance sessions help clarify what to study, pursue, and achieve.
Career Opportunities for a Economist:
Economists can opt for various fields of work in the companies listed below:
| Quona Capital | Kotak Mahindra Bank | The Economist Intelligence Unit (The EIU) |
| Myntra | Accenture | GreyB |
| Oracle | INDIAN OVERSEAS BANK | iRageCapital Advisory Private Limited |
| Boston Consulting Group (BCG) |
Colleges offering courses for Economist:
Here is the list of colleges offering the Best courses after 12th:
| Lady Shri Ram College, New Delhi | St. Xavier's College, Kolkata |
| Loyola College, Chennai | Christ University, Bangalore |
| Presidency University, Kolkata | Madras Christian College, Chennai |
| A.V. College of Arts, Science and Commerce, Hyderabad | Indian Institute of Management, Ahmedabad |
| St. Andrew's College of Arts Science and Commerce, Mumbai | National Post Graduate College, Lucknow |
End Note
Becoming an economist is a rewarding journey that combines rigorous academic training with practical application. If you’re passionate about understanding and influencing economic systems, SetMyCareer is here to guide you through every step of your career path. Connect with our experts today to get Career counselling after graduation and set your career goals in motion!
In this Career Outline
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