Introduction Economists are the architects of financial systems, policy frameworks, and market strategies. In India, where economic transformation is rapid and complex, the role of an economist is more vital than ever. Whether you’re a student exploring career options or a professional seeking a pivot into economics, this guide will walk you through how to
Introduction
Economists are the architects of financial systems, policy frameworks, and market strategies. In India, where economic transformation is rapid and complex, the role of an economist is more vital than ever. Whether you’re a student exploring career options or a professional seeking a pivot into economics, this guide will walk you through how to become an economist in India, step by step.
Who Is an Economist?
An economist studies how societies allocate resources, make decisions, and respond to incentives. Their work involves:
- Analyzing data and trends
- Forecasting economic outcomes
- Advising governments, corporations, and institutions
- Designing policies and financial models
Economists work in diverse sectors including:
- Government ministries
- Central banks (like RBI)
- International organizations (IMF, World Bank)
- Think tanks and research institutes
- Financial services and consulting firms
Step-by-Step Guide: How to Become an Economist in India
Step 1: Choose the Right Subjects in School
| Level | Subjects to Focus On |
|---|---|
| Class 11–12 | Economics, Mathematics, Statistics, English |
- Mathematics is crucial for quantitative analysis
- Economics builds foundational understanding
- English helps with communication and research writing
Step 2: Pursue an Undergraduate Degree in Economics
| Degree | Duration | Focus |
|---|---|---|
| B.A. Economics | 3 years | Theory, policy, development |
| B.Sc. Economics | 3 years | Quantitative, analytical, data-driven |
| B.Com (with Economics) | 3 years | Business and applied economics |
- Shri Ram College of Commerce (SRCC), Delhi
- Lady Shri Ram College (LSR), Delhi
- St. Stephen’s College, Delhi
- Loyola College, Chennai
- Presidency University, Kolkata
- Christ University, Bengaluru
Step 3: Specialize with a Postgraduate Degree
| Degree | Duration | Focus |
|---|---|---|
| M.A. Economics | 2 years | Advanced theory, policy, econometrics |
| M.Sc. Economics | 2 years | Applied economics, modeling, forecasting |
| MBA (Business Economics) | 2 years | Managerial economics, strategy, finance |
- Delhi School of Economics
- Jawaharlal Nehru University (JNU)
- Madras School of Economics
- Gokhale Institute of Politics and Economics
- Indian Statistical Institute (ISI)
Step 4: Consider a Ph.D. for Research or Academia
A Ph.D. in Economics is ideal for:
- University teaching
- Policy research
- International organizations
- Advanced consulting roles
Entrance Exams:
- UGC NET (for lectureship)
- GRE (for international Ph.D. programs)
- ISI Admission Test
Step 5: Gain Practical Experience
| Type | Examples |
|---|---|
| Internships | NITI Aayog, RBI, Economic Times, think tanks |
| Research Projects | Academic journals, policy papers |
| Freelance Work | Data analysis, market research, writing |
Courses and Certifications to Boost Your Profile
1. Econometrics and Data Analysis
- R, STATA, SPSS, Python
- Coursera: Applied Econometrics
- edX: Data Analysis for Economics
2. Financial Economics
- CFA (Chartered Financial Analyst)
- CFP (Certified Financial Planner)
- CWM (Chartered Wealth Manager)
3. Public Policy and Development
- Certificate in Public Policy (Takshashila Institution)
- Young India Fellowship (Ashoka University)
Skills Required to Become an Economist
| Skill Type | Examples |
|---|---|
| Analytical | Regression, forecasting, modeling |
| Quantitative | Statistics, calculus, econometrics |
| Communication | Report writing, presentations, policy briefs |
| Research | Literature review, hypothesis testing |
| Tech Tools | Excel, R, Python, Tableau |
Career Paths for Economists in India
1. Government Sector
- Indian Economic Service (IES)
- Ministry of Finance
- NITI Aayog
- RBI (Research and Policy Department)
2. Private Sector
- Banks and NBFCs
- Consulting firms (McKinsey, Deloitte)
- Market research agencies
- Investment firms
3. International Organizations
- World Bank
- IMF
- UNDP
- WTO
4. Academia and Research
- Professorships
- Think tanks (ICRIER, Brookings India)
- Policy labs
Job Roles and Salaries
| Role | Avg. Salary (₹ LPA) | Description |
|---|---|---|
| Economic Analyst | ₹6–12 LPA | Data-driven insights for policy or business |
| Financial Economist | ₹8–15 LPA | Investment, banking, forecasting |
| Policy Advisor | ₹10–20 LPA | Government or NGO policy design |
| Research Economist | ₹5–10 LPA | Academic or institutional research |
| Professor | ₹6–18 LPA | Teaching and publishing |
Entrance Exams for Economics Courses
| Exam | Purpose | Institutes |
|---|---|---|
| CUET | UG admission | Delhi University, BHU |
| DUET | PG admission | Delhi School of Economics |
| JNUEE | PG admission | JNU |
| ISI Admission Test | UG/PG/Ph.D. | Indian Statistical Institute |
| GRE | International PG/Ph.D. | LSE, Harvard, MIT |
Scholarships and Financial Aid
- INSPIRE Scholarship (DST): For top-performing science students
- UGC NET JRF: Monthly stipend for Ph.D. students
- State-level scholarships: Varies by region
- University-specific aid: Merit and need-based
Global Opportunities for Indian Economists
Indian economists are increasingly sought after in:
- Global banks (Goldman Sachs, JP Morgan)
- Development agencies (UN, World Bank)
- Academic institutions (LSE, Harvard, Oxford)
- Policy think tanks (Brookings, RAND)
Final Thoughts
Becoming an economist in India is a journey of intellectual rigor, analytical mastery, and strategic thinking. Whether you’re drawn to policy-making, financial markets, or academic research, economics offers a versatile and impactful career path.
By following the roadmap outlined here—from choosing the right subjects to pursuing advanced degrees and gaining practical experience—you’ll be well-equipped to thrive in India’s dynamic economic landscape.
FAQs: How to Become an Economist in India
Q1. Is economics a good career in India?
Yes! With growing demand in finance, policy, and analytics, economists are highly valued.
Q2. How long does it take to become an economist?
Typically 5–10 years, including UG, PG, and experience.
Q3. What is the salary of an economist in India?
Entry-level salaries range from ₹5–7 LPA, with senior roles exceeding ₹20 LPA.
Q4. Do I need a Ph.D. to become an economist?
Not always. A master’s degree suffices for many roles, but Ph.D. is essential for academia and high-level research.
