How to Become an Economic Advisor in India: Salary, Scope

A main aspect towards a country’s growth is mostly dependent on economic growth. Without proper economic growth, we would have never seen the industrial revolution in today’s world which was a huge jump from the agricultural revolution. So it’s evident by these undeniable facts why economic growth is important and why economists play an important role towards any country. In today’s blog, we will discuss some of the important aspects revolving around economic advisor. So grab a cup of coffee and enjoy reading this blog. 

About Economic Advisor

An Economic advisor is a trained professional who gives advice to clients in financial matters. Based on their risk appetite and financial goals, the economic advisor studies the market trends, analyse data and predicts the future possibility of the economic condition. Economic Advisors are also required by governments to take necessary actions. These professionals also proved specially tailored plans according to a client’s needs and help their financial goals with calculated risks. Moreover, economic advisors have huge responsibilities as after their advice individuals manage their finances. 

Also Read- Nature and Scope of Economics

Benefits of Becoming an Economic Advisor

There are numerous benefits of becoming an economic advisor. Not only you can boost your personal growth but also your high-earning potential. We have listed down some of the key benefits of becoming an economic advisor:

• Personal Growth– As an advisor, it will be easy for you to manage your own finances and take wise decisions related to your finances. You can make your expertise work to create steady wealth which can be extremely beneficial in the long run

• High demand- The demand for economic advisors is extremely high in any given country across the globe, you can also choose to work abroad if you desire to and this high demand also acts as a sense towards a future-proof career

• High earning potential– Due to the high demand in this profession, you will also get high-earning opportunities. There are many employers who find specifically these professionals to manage their risks and grow but due to the high demand, they are also ready to pay high salary packages. You can grab this as an opportunity to boost your career

• Opportunity to influence policy decisions– You also get the responsibility to influence policy decisions in a certain workplace. You can make changes accordingly for the benefit of a country or a workplace.

Job Description of an Economic Advisor

Being an economic advisor involves a lot of responsibilities that you need to be aware of, take a look below to know them:

Key Responsibilities- 

• Analyze economic data, identify trends, and provide advice to clients on economic policy and planning
• Should not be biased while providing any financial advice
• Take calculated skills with the consent of the client
• Should not take any decision under political pressure
• Should be aware of the geopolitical conditions of the world

Skills Required to Become an Economic Advisor

• Knowledge of economics
• Critical thinking
• Strong analytical skills
• Interpersonal communication skills
• Ability to work in a team (Team Work)

Also Read- Meet 5 Economists Who Transformed American History

Eligibility Criteria

Here is the essential eligibility that you need to meet to be an economic advisor:

• You need a passing 10+2 certificate in a relevant field like commerce or economics.
• You need to have a bachelor’s degree and a master’s degree in a relevant field  
• Prior work experience is also required sometimes
• Your minimum age should be 18 years 
• To enhance your skills you also need some certifications

How to Become an Economic Advisor in India

Usually, it takes a lot of practical experience and academic certification to become an advisor, as it involves a lot of risks to manage, so that being said now let’s take a look at how you can become an economic advisor in India

Get a Relevant Bachelor’s and Master’s Degree after 12th

It is highly recommended to complete your undergraduate and postgraduate degree with a major in Economics but you can also opt for any other relevant degrees too. Some of the relevant study programs and degrees are:

• Accounting
• Master of Bussiness Administration
• Asset and Risk management
• Master in Accounting and Finance 
• Master Financial Analysis 
• Business Law

Get a PhD in Economics

It is really important to get a doctoral degree ie. PhD in Economics to work as an economic advisor. Even in recent times, around 2021 the government of India was looking for a Chief Economic Advisor where PhD in Economics was a basic eligibility criterion. 

Get Additional Certifications

You also need to gain work experience in this field. And that’s where the additional certifications come into play. These certifications will define your proficiency in this field and help you get hired easily. Some of the relevant certifications are:

• CFA (Chartered Financial Analyst)
• CMA (Certified Management Accountant)
• PMP (Project Management Professional)

Also Read- How to Make a Career in Economics

Economic Advisor Salary and Career Outlook

The Indian economy is currently one of the fastest-growing economies in the world. And as mentioned earlier Economic Advisors play an important role in the economy of a country. According to the Bureau of Labor Statistics, employment in this field is expected to grow by 8% between 2020 and 2030. So getting into the field is going to be good progress. Now let us check the other prospects in the field of Economic Advisor:

Job Prospect- 

• You can work in various sectors, such as government, private, or non-profit organizations.
• Industry demand is high
• You can climb up the career ladder and take up leadership roles in their respective organizations.

Average Salary

This completely depends on your experience and expertise in this field. But usually, the average salary of an economic advisor ranges from INR 6 Lakh per annum to INR 12 Lakh per annum in India. 

FAQs

This was all about how to become an economic advisor in India. You can learn about emerging careers in India at Leverage Edu Blogs.