Becoming an economist is a journey that requires a strong educational background, practical experience, and the development of key analytical and research skills. In India, where the economy is rapidly evolving, economists are in high demand, especially in sectors such as government, finance, academia, and corporate consulting. In this guide, we will walk you through the steps on how to become an economist in India, from the necessary qualifications to the career prospects that await you.

I. Understanding the Role of an Economist

Before delving into the process of becoming an economist, it’s crucial to understand what the profession entails.

Economists analyze how resources are distributed and utilized in society. They study various economic issues like inflation, unemployment, and poverty, and use statistical data and economic theories to offer solutions. Economists may specialize in fields like:

• Macroeconomics: Focused on national or global economies and their performance.
• Microeconomics: Deals with individual markets and behaviors.
• Development Economics: Focuses on improving the economic conditions of underdeveloped or developing nations.
• Financial Economics: Concerns the relationship between the financial market and economic theories.
• International Economics: Studies the economic dynamics between countries and global trade.

Economists are essential for shaping policies, advising businesses, and forecasting economic trends. Now, let’s explore how you can become one in India.

II. Academic Qualifications

The educational pathway is the most crucial step in becoming an economist. Here’s a breakdown of the academic qualifications needed:

1. Undergraduate Degree (Bachelor’s Degree)

To begin your journey as an economist, you need to start with a Bachelor's degree in a related field. In India, this would typically be a Bachelor of Economics (B.A. Economics) or Bachelor of Business Administration (BBA) with a focus on economics. Some universities also offer Bachelor of Science in Economics.

The undergraduate degree provides foundational knowledge in microeconomics, macroeconomics, statistics, and econometrics. It’s also common to study subjects like mathematics, financial accounting, and business law, which provide the technical skills needed for the profession.

Top universities for undergraduate studies in Economics in India:

• Delhi University (DU)
• Jawaharlal Nehru University (JNU)
• Banaras Hindu University (BHU)
• University of Mumbai
• Indian Statistical Institute (ISI)

2. Postgraduate Degree (Master’s Degree)

After completing a Bachelor’s degree, aspiring economists must pursue a Master’s degree. This is where you can specialize in specific areas of economics, such as Macroeconomics, Development Economics, or Financial Economics.

A Master of Economics (M.A. Economics) or Master of Business Administration (MBA) with a focus on Economics/Finance is ideal for building advanced knowledge. Some universities and institutes also offer a Master of Philosophy (M.Phil.) in Economics.

Top universities offering postgraduate degrees in Economics:

• Delhi School of Economics (DSE)
• Indian Institute of Management (IIM)
• Jawaharlal Nehru University (JNU)
• University of Mumbai
• Indian Statistical Institute (ISI)

3. Doctoral Degree (Ph.D.)

While a master’s degree opens many doors in economics, pursuing a Ph.D. in Economics is highly recommended for those aiming for academic or high-level policy-making positions. A Ph.D. allows you to specialize further, conduct original research, and make significant contributions to economic thought.

Ph.D. candidates will work on economic theories, policy development, and data analysis, often focusing on current economic challenges or creating models to address them.

Top institutions for Ph.D. in Economics:

• Delhi School of Economics
• Indian Institute of Technology (IITs)
• Indian Statistical Institute (ISI)
• Jawaharlal Nehru University (JNU)

III. Skills Required to Become an Economist

To become a successful economist in India, you need to develop both technical and soft skills. These skills are necessary for research, data analysis, policy formulation, and communication.

1. Analytical Skills

Economists must be able to analyze large amounts of data, understand trends, and interpret results. You should be comfortable with complex mathematical models and econometric tools.

2. Statistical and Quantitative Skills

Strong proficiency in statistics and quantitative analysis is a must for economists. Tools like SPSS, SAS, and Stata, along with an understanding of mathematical economics, are important.

3. Communication Skills

Economists often need to communicate complex ideas to both academic and non-academic audiences. This could involve writing research papers, presenting findings, or advising government officials or corporate clients.

4. Research Skills

Economists spend a significant amount of time researching, reading, and writing reports. A strong research methodology, as well as the ability to critically assess economic theories, are necessary skills for this profession.

5. Problem-Solving Skills

As an economist, you’ll be tasked with analyzing problems and proposing data-driven solutions, especially in relation to policy-making and business decisions.

IV. Certification and Training Programs

While an academic degree is crucial, additional certifications and training programs can boost your chances of becoming a successful economist.

1. Indian Economic Service (IES) Examination

The Indian Economic Service (IES) is one of the most prestigious career paths for economists in India. The IES exam is conducted by the Union Public Service Commission (UPSC) and is designed to select candidates for various positions in government economic departments.

The exam consists of three stages: Preliminary, Main, and Interview. Candidates need to have a Master's degree in Economics or a related field to be eligible for the IES exam.

2. Other Certifications

• Chartered Financial Analyst (CFA): For those interested in financial economics, the CFA certification provides expertise in investment management, financial analysis, and economics.
• Certificate in Quantitative Finance (CQF): This certification is ideal for those focusing on financial markets and advanced quantitative analysis.

3. Internships and Research Assistantships

Internships with government bodies, research think tanks, or private financial institutions offer practical experience. Participating in these programs helps you apply your academic knowledge in real-world settings, making you a more competitive candidate for economic roles.

V. Career Opportunities for Economists in India

Once you have the necessary qualifications, there are various career paths available for economists in India:

1. Government Jobs

Economists are in demand in various government agencies, including:

• Ministry of Finance
• Reserve Bank of India (RBI)
• Indian Statistical Institute (ISI)
• Planning Commission
• NITI Aayog

The Indian Economic Service (IES) is a top choice for economists, with positions in national planning, policy advisory, and economic research.

2. Corporate Sector

Private corporations often require economists to guide business strategies, market analysis, and financial planning. Positions in:

• Consulting Firms (e.g., McKinsey, BCG)
• Banks and Financial Institutions
• Multinational Corporations
• Market Research Firms

3. Academia and Research

For those interested in teaching and research, universities and research institutes offer opportunities as professors, researchers, and consultants. Economic research centers like the National Council of Applied Economic Research (NCAER) and Institute of Economic Growth (IEG) are top options.

4. International Organizations

Economists are often hired by global institutions like the World Bank, International Monetary Fund (IMF), and Asian Development Bank (ADB), where they work on large-scale projects and global economic analysis.

VI. Conclusion

Becoming an economist in India is a rewarding but challenging path that requires dedication, education, and the development of specialized skills. By pursuing the appropriate qualifications, certifications, and gaining practical experience, you can set yourself on a successful career trajectory in economics. Whether you wish to influence government policies, work in private consulting, or contribute to global economic development, the demand for skilled economists is on the rise, making it a promising and impactful career choice.