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Economist Career Roadmap – Complete Career Counseling Guide for Students

 If you are curious about how money flows in a country, why inflation rises, how governments make economic decisions, or how global markets work, then a career as an Economist may be perfect for you.

An Economist is not just someone who studies theory. Economists help governments, companies, banks, and global organizations make important financial and policy decisions that affect millions of people.

This blog explains who an economist is, what they do, how to become one, required skills, courses, salary, top colleges, and future scope—in easy and practical language.

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Who Is an Economist?

An Economist is a professional who studies how money, resources, goods, and services are produced, distributed, and consumed in an economy.

In simple words, economists try to answer questions like:

  • Why are prices increasing?

  • Why is unemployment rising?

  • How can a country grow faster?

  • What impact will a new policy have on people?

Economists use data, statistics, research, and logic to understand economic problems and suggest solutions.

What Does an Economist Do?

The work of an economist depends on where they work, but common responsibilities include:

  • Collecting and analyzing economic data

  • Studying inflation, GDP, employment, and growth trends

  • Predicting future economic conditions

  • Preparing research reports and policy recommendations

  • Advising governments, banks, companies, or institutions

  • Using statistical and economic models

  • Studying global and national economic policies

Economists play a key role in policy-making, business strategy, and financial planning.

Types of Economists

There are different specializations in economics:

Microeconomist

Studies individual consumers, companies, and industries.

Macroeconomist

Focuses on national and global economy—GDP, inflation, unemployment.

Development Economist

Works on poverty, education, healthcare, and economic development.

Financial Economist

Studies financial markets, interest rates, and investments.

Policy Economist

Advises governments and public institutions on policies.

Academic Economist

Teaches and researches in universities and colleges.

Skills Required to Become an Economist

To succeed as an economist, students must develop the following skills:

Technical Skills

  • Strong understanding of economics concepts

  • Good knowledge of mathematics and statistics

  • Data analysis skills

  • Research and report writing

  • Knowledge of tools like Excel, R, Python, or Stata

Soft Skills

  • Analytical and logical thinking

  • Problem-solving ability

  • Patience and attention to detail

  • Clear communication skills

  • Curiosity and research mindset

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How to Become an Economist (Step-by-Step Roadmap)

Step 1: Choose the Right Stream After Class 12

  • Commerce with Maths is ideal

  • Science with Maths is also suitable

    Maths is very important for economics.

Step 2: Complete Graduation in Economics

Popular undergraduate courses:

  • BA in Economics

  • B.Sc. in Economics

  • B.Com with Economics

  • Integrated Economics programs

Focus on building strong fundamentals during graduation.

Step 3: Post-Graduation (Very Important)

To become a professional economist, post-graduation is almost compulsory:

  • MA in Economics

  • M.Sc. in Economics

  • Master’s in Applied Economics

  • Master’s in Development Economics

Step 4: Higher Studies (Optional but Powerful)

For research and high-level roles:

  • M.Phil in Economics

  • PhD in Economics

Required for academic, policy, and research roles.

Top Colleges in India for Economics

Undergraduate & Postgraduate

  • Delhi School of Economics (DSE)

  • St. Stephen’s College, Delhi

  • SRCC, Delhi

  • Presidency University, Kolkata

  • Madras School of Economics

  • JNU, Delhi

  • Ashoka University

Career Opportunities for Economists

Economists can work in:

  • Government departments

  • RBI, SEBI, NITI Aayog

  • Banks and financial institutions

  • Research organizations

  • Think tanks

  • International organizations (World Bank, IMF, UN)

  • Universities and colleges

  • Corporate companies

Salary of an Economist in India

Entry-Level Salary

  • ₹5 – ₹8 LPA

Mid-Level Experience

  • ₹10 – ₹18 LPA

Senior Economist / Policy Advisor

  • ₹20 – ₹35+ LPA

Salary depends on education, specialization, institution, and experience.

Work Environment

  • Mostly research and office-based work

  • Government and academic roles have fixed hours

  • Corporate and consulting roles may involve deadlines

  • High intellectual work, less physical stress

Pros of Becoming an Economist

  • High respect and credibility

  • Strong demand in government and global institutions

  • Opportunity to influence policy and society

  • Stable and intellectually rewarding career

  • International career opportunities

Challenges of This Career

  • Requires strong maths and statistics

  • Long education period

  • Competitive exams and admissions

  • Research-oriented work (not suitable for everyone)

Who Should Choose Economics as a Career?

This career is best for students who:

  • Enjoy studying trends and data

  • Like understanding real-world problems

  • Are patient and research-oriented

  • Have interest in national and global issues

  • Prefer analytical over routine work

Future Scope of Economists

The demand for economists is growing due to:

  • Data-driven decision making

  • Economic reforms and policy planning

  • Globalization

  • Climate and development economics

Economists with data + economics skills have excellent future scope.

Final Career Advice for Students

If you want to become an economist:

  • Build strong maths and statistics foundation

  • Focus on economics concepts, not just marks

  • Read newspapers and economic reports daily

  • Learn data analysis tools early

  • Aim for reputed universities

A career in economics rewards deep thinking, patience, and knowledge.

Frequently Asked Questions (FAQs) – Economist Career

1. Is economist a good career option in India?

Yes, economist is a very good career option in India, especially for students who enjoy research, data analysis, and understanding how the economy works. Economists are needed in government departments, RBI, policy institutions, banks, research organizations, and global institutions. The career offers respect, stability, and long-term growth.

2. What qualifications are required to become an economist?

To become an economist, you usually need:

  • A Bachelor’s degree in Economics

  • A Master’s degree (MA / MSc Economics) – almost mandatory

  • Strong knowledge of maths and statistics

    For research and teaching roles, a PhD in Economics is required.

3. Can I become an economist after Class 12?

You cannot directly become an economist after Class 12, but you can start your journey. After Class 12, choose a course like BA Economics or BSc Economics. From there, complete your post-graduation to enter professional economist roles.

4. Is maths compulsory for economics?

Yes, maths is very important for economics. Most economic analysis involves statistics, graphs, data interpretation, and mathematical models. You don’t need extremely advanced maths, but you must be comfortable with numbers and logic.

5. What is the difference between an economist and a financial analyst?

An economist focuses on the overall economy, policies, inflation, unemployment, and development.

A financial analyst focuses on companies, stock markets, and investments.

Economists work more with governments and research, while financial analysts work more with corporates and markets.

6. What is the salary of an economist in India?

The salary of an economist in India depends on experience and organization:

  • Entry-level: ₹5–8 LPA

  • Mid-level: ₹10–18 LPA

  • Senior economist / policy advisor: ₹20–35+ LPA

Economists working with international organizations often earn higher salaries.

7. Do economists get government jobs?

Yes, economists have excellent opportunities in government jobs. They can work with:

  • RBI

  • NITI Aayog

  • Ministry of Finance

  • Planning and research departments

  • Public policy institutions

These roles offer job security and high respect.

8. Is PhD compulsory to become an economist?

A PhD is not compulsory for all economist roles, but it is required for:

  • University professor roles

  • High-level research positions

  • Policy advisor roles in global institutions

For corporate and policy research roles, a Master’s degree is usually enough.

9. Can economists work abroad?

Yes, economists have strong international career opportunities. They can work with:

  • World Bank

  • IMF

  • United Nations

  • International NGOs

  • Global research institutions

A strong academic background and research experience are important for global roles.

10. Is economist a stressful career?

Economics is more mentally demanding than physically stressful. Research deadlines, data analysis, and policy work can be challenging, but the work environment is generally stable and structured compared to stock-market-based careers.

11. What skills should I learn during college to become an economist?

During college, students should focus on:

  • Statistics and econometrics

  • Data analysis tools (Excel, R, Python, Stata)

  • Research and report writing

  • Reading economic newspapers and journals

  • Understanding real-world economic problems

12. Is economics better than MBA?

Economics and MBA serve different career goals.

Economics is research-oriented and policy-focused, while MBA is management and business-focused. Students interested in policy, research, and data should choose economics; those interested in management and leadership should choose MBA.

13. Are internships important for economics students?

Yes, internships are very important. Internships in research organizations, think tanks, government departments, or economic consulting firms provide practical exposure and improve job opportunities.

14. What is the future scope of economists?

The future scope of economists is very strong due to:

  • Data-driven policymaking

  • Economic reforms

  • Climate and development economics

  • Global financial integration

Economists with data and technology skills will have the highest demand.

15. Who should not choose economics as a career?

Economics may not be suitable if you:

  • Dislike maths or statistics

  • Prefer creative or non-academic careers

  • Are not patient with research-based work

  • Want quick money without long-term study

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