If you believe that money talks and are keen on listening with interest or if you prefer stocks, shares and the budget to sitcoms, movies and music, then we know what you are — an economist in the making. Join us aboard as we navigate the path to become an economist. Economics is a social science which deals with the production, distribution and utilization of goods and resources such as land, labour and raw materials. The economists conduct research, collect and scrutinize data, watch economic trends and make predictions and forecasts for the next fiscal year/s. They deal with issues related to energy costs, inflation, interest rates, import, loans and even unemployment levels, reasons and measures. Economics is very diverse and the complexities involved in this field make economists a rare breed in the broader population. There are additional specializations, branches and levels of training within economics which include foreign economic policies, international business management, corporate finance and risk assessment and analysis or medical economics to name a few. As mysterious as this field is, the following section seeks to demystify it so that becoming an economist becomes a little easier for you!
Becoming An Economist
Requirements
Eligibility
A Bachelor’s degree in Economics is mandatory to step into the field but there are positions where a master’s or a Ph D in Economics is the minimum eligibility criterion. The courses studied at the undergraduate level include macroeconomics, microeconomics, statistics, mathematics, computer science, econometrics, sociology and history of economic thoughts etc.
Courses Required
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Post graduate (diploma) or a Master’s degree in fields such as advanced economic theory, econometrics, international economics, etc can be taken up after graduation to channel your research into specific directions.
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A JD or a Juris Doctor is a three years course after completing post graduation which involves only course work and gives you required exposure to your field of interest.
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A Ph D in Economics takes a minimum of 5-6 years to complete and requires the passion for the study of economics along with the right amount of enthusiasm and commitment.
Skills Required
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Complex Problem Solving Skills – to identify complex problems and evaluate the options to implement the necessary solutions.
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Information Collecting Skills – because an economist is only as good as his findings and the findings depend upon the accuracy of the information collected.
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Communication Skills – to help in the endless papers, seminars and presentations that form an essential part of an economist’s job description.
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Mathematical Abilities – to understand the statistics, graphs and charts that comprise the paraphernalia of an economist.
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Critical Thinking and the power to use logic and reasoning to identify trends or predict future ups and downs of the economy.
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Perseverance And Dedication – because be it a professional or a student, every economist has to deal with the frustrating maze of laws, theories and theoretical concepts that form the essence of economics.
Roles And Responsibilities
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Economists trace and interpret trends in the market, make effective short and long term assessments of the options and possibilities for the economy and, based on these forecasts, assist in financial planning and capital investments for organizations.
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The use of mathematical models to understand the financial problems of the society, like inflation and its effects, is also an important part and parcel of their profiles.
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Developing data collection methods and questionnaires to conduct important surveys.
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Preparing research reports and applying the knowledge of economic relationships to various financial and non-financial organizations is also a major responsibility.
Career Prospects
Economists usually enter the profession as analysts, research assistants or trainees. With relevant work experience and additional education, they advance to positions like assistant economists, chief economists or even the director of economics etc. Branching out on your own is also an option for someone with a significant amount of experience. Becoming a professor of economics in leading colleges and universities is also a lucrative career prospect for scholars in this field. Their statistical and mathematical skills make them well-suited for careers as statisticians, bankers, stockbrokers, options traders, equity research analysts and any other profession that requires systems modelling. The research and writing skills that they have acquired over the years allow them to become financial journalists, research analysts, academics in other fields, etc. But nothing beats the importance of an economist in a government profile for the growth that is seen there is exemplary.
Apart from the above information, you must also know that an economist’s life is filled with heavy workloads, tight deadlines and fixed schedules. It involves preparing tedious statistical charts, attending numerous meetings and a lot of hectic travelling. But it is not exactly “all pain, no gain” for the perks associated with becoming an economist are well worth the effort that goes into the process.
