How to Become an Economist: Career, Courses, Scope

Economics is a major force that drives the world and shapes its day-to-day events. The future survival of a country, its corporate houses, and banks, depends entirely on the smooth functioning of its economic system. Governments set up independent ministries to oversee economic activities, plan national budgets and allocate funds for development and social welfare. Economists are needed for formulations of the annual budget of a country as well as by big financial corporations and banks for varied tasks. If you are inclined towards this field of study and want to make a career in Economics, this blog has collated all the details you need to know about how to become an Economist.

Industry	Consultant
Eligibility	10+2 with any Subjects
Average Starting Salary	INR 2,00,000 – INR 6,00,000
Job Opportunity	Economics Consultancies, Economics Departments, Museums, Private Tuitions, Publishing House, Research and Development Agencies and Schools, Coaching Centres, Home Tuitions, etc.

What Does an Economist Do?

Economists apply the principles and theories of economics for varied sectors, such as Finance, Education, Development, Welfare, etc. They also implement theories of economics to outline economic policies. Such professionals also study a nation’s GDP, its production and resources. Theories, opinions and research analyses of an economist are utilized to improve and formulate a range of economic policies, set interest rates of banks, impose tax rates, make international trade covenants, and create business strategies. Through their expert knowledge, they are able to predict the future economic trajectory of a country or a business firm.

How to Become an Economist?

To become an Economist, you must begin by strengthening your foundational knowledge of this discipline with a bachelor’s degree like BSc in Economics. Generally, Economists have completed a doctoral-level qualification to get an advanced-level understanding along with working across varied institutions in the Financial and Economics sector. You can also work as a Research Assitant with an Economics scholar. Collecting macroeconomic data through surveys, interpreting complex information, and preparing reports to forecast market trends are some of the skills that you will get proficient at. 

As a research-oriented career path, the minimum qualification you need to become an Economist is a doctorate degree with expertise in a certain area of this field, such as Business Economics, Financial Economics, Actuarial Science, Welfare Economics amongst others. Thus, after graduating with a degree in Economics, you can explore entry-level opportunities at Financial and Economic organisations in the public and private sectors while pursuing your master’s and doctoral degrees. Such interning opportunities are perfect for getting a practical understanding of financial dealings, management and workings of financial institutions. 

Bachelor’s, Master’s and Doctoral Degree Programs in Economics

Now that you are aware of the career path of becoming an economist, we have created a comprehensive list of undergraduate, postgraduate and doctoral-level programs in Economics:

Bachelor’s Level Programs in Economics

Bachelor of Business (Economics and Finance)	BSc in Economics – Innovation Management	BSc in Business Administration – Business Analytics and Managerial Economics
Bachelor of Business Management – Business Economics	BSc in Liberal Arts and Sciences in Econometrics and Quantitative Economics	Bachelor of Property Economics
Bachelor of Economics/Bachelor of Arts – Econometrics	BA in Economics and Political Science	BSc in Actuarial Science (Honors)
Bachelor of Commerce/Bachelor of Economics – Financial Economics	BSc in Economics – Data Analytics	Bachelor of Economics, Finance and Statistics (Honours)
BSc Econ (Hons) Economics, Finance and Management	BSc in Economics – Management Consulting	BSc Hons Economics and International Economics
BA in International Studies – Economics	BSc in Economics – Operation and Supply Chain Management	BA (Hons) Economics and Sociology

Master’s Level Programs in Economics

MSc Economics and Finance	MSc International Economics	MScEcon Petroleum, Energy Economics and Finance
Mathematics, Operational Research, Statistics and Econometrics (MORSE) Masters/MSc	Master of International and Development Economics	Master of Professionals Economics
MSc Economics, Finance and Management	MA in Economics and Decision Sciences	Economics, Banking and Finance MSc

Doctoral Programs in Economics

Doctor of Philosophy (Economics, Finance and Marketing)	Economics PhD – Applied Macroeconomics	Economics PhD – Experimental and Behavioral Economics
Economics PhD – Microeconomic Theory	Economics PhD – Financial Economies	PhD in Economics – Applied Microeconometrics

Popular Universities

After selecting a suitable course in Economics, the next step is to explore the best universities which can equip you with the requisite skills, knowledge and exposure to become an Economist. Take a look at the top universities offering quality undergraduate, postgraduate and doctoral programs in Economics:

• RMIT University
• The University of Queensland
• The University of New South Wales
• Queen Mary University of London
• University of California – San Diego
• Purdue University
• University of Illinois
• Indiana University
• University of Hartford
• Queensland University of Technology
• Australian National University
• University of Nottingham
• University of Birmingham

Career Options

After completing a higher-level qualification in this field, you can explore a wide range of opportunities as an Economist. Some of the prominent career opportunities for those aspiring to a career in Economics are:

• Economic Researcher
• Financial Consultant
• Investment Analyst
• Financial Risk Analyst
• Data Analyst
• Financial Planner
• Accountant

Salary of an Economist

Name of Organisation	Average Annual Salary
Govt	INR 4 – 8 L
Private	INR 3 – 6 L

Specialization Wise	Average Annual Salary
Research Economists	INR 6 – 8 L
Labour Economists	INR 6 – 8 L
Financial Economists	INR 10 – 12 L
Business Economists	INR 10 – 12 L
International Economists	INR 10 – 15 L

Experience in Years	Average Annual Salary
1-4	INR 6 L
5-9	INR 8 L
10-19	INR 10 L
20+	INR 14 L

FAQs

Thus, we hope that this blog provided you with all the details about how to become an Economist. Want to pursue a degree in Economics abroad? Our Leverage Edu experts are here to provide you with the best course and university combinations to help you find the right one as per your interests and preferences! Sign up for a free session with us today!