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A Roadmap on How to Become an Economist

A Roadmap on How to Become an Economist

June 3, 2023

Becoming an economist in India can be a rewarding and intellectual career path. With its dynamic economy and diverse policy challenges, India offers numerous exciting career opportunities to those interested in understanding and influencing economic trends and decision-making. In this blog, we will tell you how to become an economist and outline the steps to embark on a successful journey as an economist. But before going forward we should know who is an economist.

Who is an Economist?

Economists are the experts who gather and analyze data and look at economic trends to access economic concerns. They use economic theories, principles, and data to understand and predict economic behaviour, trends, and outcomes. Economists conduct research, develop economic models, and provide insights and recommendations to inform policy decisions, business strategies, and investment decisions.

Economists play a crucial role in shaping economic policies, promoting sustainable growth, and addressing societal issues related to resource allocation, income distribution, market dynamics, and economic development.

Role and Responsibilities of Economist

  1. Economic Research and Analysis– The economist has to conduct research on various economic issues, trends and reforms. They are also responsible for analyzing data using various economical techniques.
  2. Develop Policies and Advice– Economists are responsible for providing recommendations and advice to policymakers, government agencies, and organizations.
  3. Economic Forecasting– Economists are responsible for Forecasting economic trends, such as GDP growth, inflation rates, employment levels, and industry performance.
  4. Economic Impact Assessment– Budding Economists are also responsible for evaluating the economic impacts of specific projects, policies or events.
  5. Economic Education and Public Outreach– Economists have to Communicate economic concepts, research findings, and policy implications to the general public through reports, articles, presentations, and media appearances.

6 Steps to Embark on a successful journey as an Economist

1. Choose the right Education Path:

  • Pursue Bachelor’s Degree- Your should start enrolling yourself in an undergraduate degree from a reputed university. Many universities offer BA (Hons) Economics programme that provides a solid foundation in economic theory, methods and policy analysis.
  • Consider Post graduate degree- While a bachelor’s degree is often sufficient for entry-level positions, pursuing a postgraduate degree such as a Master’s in Economics or an MBA with a specialization in Economics can enhance your knowledge and career prospects.

2.Master Quantitative and Analytical Skills:

  • Develop Strong Mathematical Foundation- Economics heavily relies on quantitative analysis, so a solid understanding of mathematics is crucial. Focus on subjects like calculus, statistics, econometrics, and mathematical economics to strengthen your analytical skills which will help you to become more efficient and effective.

3.Gain Practical Experience:

  • Seek Internships- Actively search for internships with research institutions, government bodies, consulting firms, or economic think tanks. These opportunities provide hands-on experience in economic analysis and expose you to real-world policy challenges. It will help you to gain more knowledge and develop your skills.

4.Consider Specialization and Advanced Studies:

  • Choose an Area of Specialization- Economics is a broad field, and specializing in a particular area can enhance your career prospects. Areas like macroeconomics, public policy, development economics, or environmental economics offer opportunities for specialized roles.

5.Stay Updated and learn continuously

  • It is always recommended that you should be updated about the happening around the globe and you should not forget to learn new skills every day. Stay abreast of current economic trends, policy debates, and research findings.

6.Network and Stay Informed

  • Attend Conferences and Seminars- Participate in academic conferences, seminars, and workshops focused on economics. These events provide networking opportunities with economists, policymakers, and industry professionals, allowing you to expand your professional connections.

Career in Economics

Economics offers a wide range of career opportunities in various sectors. some of the basic career scopes are listed below:

  1. Academics and Research- You can work as a professor of economics or can opt for research economists at various institutes.
  2. Government and Public Sector- You can work as an Economic advisor or consultant at various government agencies.
  3. Financial Services- Financial economists in banks, investment firms, or hedge funds or can work as Economic analysts in the insurance industry.
  4. Market Research and Business Analysis- You can choose to work as a Market researcher or analyst in market research.

BA (Hons) Economics @K.R. Mangalam University

K.R. Mangalam University offers BA (Hons) Economics programme for students who wish to have a solid foundation of economic trends and want to have a sound knowledge about economic issues, and policy-making and want to develop the ability to analyze data. It is a three-year undergraduate programme offering students the opportunity to prepare for Competitive Exam (Banking/ Insurance/ Railways/SSC) for Central and State Govt Jobs as well.

Conclusion

Becoming an economist in India requires a combination of academic education, practical experience, networking, and continuous learning. By pursuing the right education, developing strong quantitative skills, gaining practical experience, and staying connected with the economics community, you can pave your way towards a successful career in economics in India.

Frequently Asked Questions

Q1. How to take admission at K.R. Mangalam University to pursue BA (Hons) in Economics?

The students seeking admission to BA (Hons) Economics are required to fill out the Online Application Form and take the KREE Entrance Assessment Test. Upon successful clearance, the shortlisted students have to attend the Faculty-Led Interview for confirmed successful enrolment.

Q2. What is the average salary of an economist in India?

The average salary package may range from INR 3 LPA to 39 LPA. Rest It totally depends on your experience and skills.

Q3. What is the eligibility criteria for BA (Hons) Economics?

The eligibility criteria for BA (Hons) Economics is candidate must have passed the 10+2 examination or equivalent in any stream and with a minimum of 50% aggregate marks.

Q4. How long does it take to become an economist?

It usually takes around 5-10 years for an individual to become a successful economist. But before becoming a successful economist you have to first pursue an undergraduate and further have to pursue a postgraduate degree in economics.

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    A Roadmap on How to Become an Economist

    A Roadmap on How to Become an Economist

    June 3, 2023

    Becoming an economist in India can be a rewarding and intellectual career path. With its dynamic economy and diverse policy challenges, India offers numerous exciting career opportunities to those interested in understanding and influencing economic trends and decision-making. In this blog, we will tell you how to become an economist and outline the steps to embark on a successful journey as an economist. But before going forward we should know who is an economist.

    Who is an Economist?

    Economists are the experts who gather and analyze data and look at economic trends to access economic concerns. They use economic theories, principles, and data to understand and predict economic behaviour, trends, and outcomes. Economists conduct research, develop economic models, and provide insights and recommendations to inform policy decisions, business strategies, and investment decisions.

    Economists play a crucial role in shaping economic policies, promoting sustainable growth, and addressing societal issues related to resource allocation, income distribution, market dynamics, and economic development.

    Role and Responsibilities of Economist

    1. Economic Research and Analysis– The economist has to conduct research on various economic issues, trends and reforms. They are also responsible for analyzing data using various economical techniques.
    2. Develop Policies and Advice– Economists are responsible for providing recommendations and advice to policymakers, government agencies, and organizations.
    3. Economic Forecasting– Economists are responsible for Forecasting economic trends, such as GDP growth, inflation rates, employment levels, and industry performance.
    4. Economic Impact Assessment– Budding Economists are also responsible for evaluating the economic impacts of specific projects, policies or events.
    5. Economic Education and Public Outreach– Economists have to Communicate economic concepts, research findings, and policy implications to the general public through reports, articles, presentations, and media appearances.

    6 Steps to Embark on a successful journey as an Economist

    1. Choose the right Education Path:

    • Pursue Bachelor’s Degree- Your should start enrolling yourself in an undergraduate degree from a reputed university. Many universities offer BA (Hons) Economics programme that provides a solid foundation in economic theory, methods and policy analysis.
    • Consider Post graduate degree- While a bachelor’s degree is often sufficient for entry-level positions, pursuing a postgraduate degree such as a Master’s in Economics or an MBA with a specialization in Economics can enhance your knowledge and career prospects.

    2.Master Quantitative and Analytical Skills:

    • Develop Strong Mathematical Foundation- Economics heavily relies on quantitative analysis, so a solid understanding of mathematics is crucial. Focus on subjects like calculus, statistics, econometrics, and mathematical economics to strengthen your analytical skills which will help you to become more efficient and effective.

    3.Gain Practical Experience:

    • Seek Internships- Actively search for internships with research institutions, government bodies, consulting firms, or economic think tanks. These opportunities provide hands-on experience in economic analysis and expose you to real-world policy challenges. It will help you to gain more knowledge and develop your skills.

    4.Consider Specialization and Advanced Studies:

    • Choose an Area of Specialization- Economics is a broad field, and specializing in a particular area can enhance your career prospects. Areas like macroeconomics, public policy, development economics, or environmental economics offer opportunities for specialized roles.

    5.Stay Updated and learn continuously

    • It is always recommended that you should be updated about the happening around the globe and you should not forget to learn new skills every day. Stay abreast of current economic trends, policy debates, and research findings.

    6.Network and Stay Informed

    • Attend Conferences and Seminars- Participate in academic conferences, seminars, and workshops focused on economics. These events provide networking opportunities with economists, policymakers, and industry professionals, allowing you to expand your professional connections.

    Career in Economics

    Economics offers a wide range of career opportunities in various sectors. some of the basic career scopes are listed below:

    1. Academics and Research- You can work as a professor of economics or can opt for research economists at various institutes.
    2. Government and Public Sector- You can work as an Economic advisor or consultant at various government agencies.
    3. Financial Services- Financial economists in banks, investment firms, or hedge funds or can work as Economic analysts in the insurance industry.
    4. Market Research and Business Analysis- You can choose to work as a Market researcher or analyst in market research.

    BA (Hons) Economics @K.R. Mangalam University

    K.R. Mangalam University offers BA (Hons) Economics programme for students who wish to have a solid foundation of economic trends and want to have a sound knowledge about economic issues, and policy-making and want to develop the ability to analyze data. It is a three-year undergraduate programme offering students the opportunity to prepare for Competitive Exam (Banking/ Insurance/ Railways/SSC) for Central and State Govt Jobs as well.

    Conclusion

    Becoming an economist in India requires a combination of academic education, practical experience, networking, and continuous learning. By pursuing the right education, developing strong quantitative skills, gaining practical experience, and staying connected with the economics community, you can pave your way towards a successful career in economics in India.

    Frequently Asked Questions

    Q1. How to take admission at K.R. Mangalam University to pursue BA (Hons) in Economics?

    The students seeking admission to BA (Hons) Economics are required to fill out the Online Application Form and take the KREE Entrance Assessment Test. Upon successful clearance, the shortlisted students have to attend the Faculty-Led Interview for confirmed successful enrolment.

    Q2. What is the average salary of an economist in India?

    The average salary package may range from INR 3 LPA to 39 LPA. Rest It totally depends on your experience and skills.

    Q3. What is the eligibility criteria for BA (Hons) Economics?

    The eligibility criteria for BA (Hons) Economics is candidate must have passed the 10+2 examination or equivalent in any stream and with a minimum of 50% aggregate marks.

    Q4. How long does it take to become an economist?

    It usually takes around 5-10 years for an individual to become a successful economist. But before becoming a successful economist you have to first pursue an undergraduate and further have to pursue a postgraduate degree in economics.

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