Economists and economic policy researchers and analysts conduct research, monitor data, analyze information and prepare reports and plans to resolve economic and business problems and develop models to analyze, explain and forecast economic behaviour and patterns. They advise on matters such as finance, fiscal and monetary policy, international trade, agricultural and natural resource commodities and labour and industrial markets. They are employed by government departments and agencies and throughout the private sector in associations, unions, research organizations, banks and investment firms.[1]
Key responsibilities include:
- Following economic data to assess the effectiveness and advise on monetary and fiscal policies
- Examining problems related to economic activity of companies
- Analyzing financial methods, production costs, and marketing policies to recommend improvements
- Studying statistical data on exchange of goods and services between nations
- Forecasting production and consumption of resources
- Researching market conditions to set sales and pricing levels
- Following regional and local economic trends
- Studying regulatory processes and providing material for legal proceedings[16]
Regarding work-life balance, economists typically work in office settings, often collaborating with experts like data scientists and statisticians. Some travel may be required to attend conferences. Most economists work full-time, with some putting in over 40 hours per week.[12]
How to Become Economists and economic policy researchers and analysts -
Steps to become an Economist or Economic Policy Researcher/Analyst:
- Earn a bachelor's degree in economics or a related field like accounting, finance, or mathematics. Undergraduate studies typically cover economic theory, macroeconomics, international economics, and development processes.[3]
- Consider taking the Graduate Record Examination (GRE) near the end of your undergraduate studies to prepare for graduate school applications.[3]
- Pursue a master's degree in economics or a related field. While not always required, a graduate degree can improve job prospects and salary potential. Take classes in programming, statistical analysis, and database software to advance analytical skills.[25]
- Complete internships or entry-level positions to gain practical experience. Many programs include internships where you can learn from experienced economists and develop skills in research, analysis, and financial modeling.[25]
- Continuously develop skills by learning from senior analysts, participating in mentorship programs, reading economics literature, and staying informed on financial and global market news.[25]
Skills and Competencies Required:
- Research skills
- Communication skills
- Writing skills
- Management skills
- Leadership skills
- Policy analysis
- Public policy knowledge
- Economics expertise
- Project management
- Data analysis[27]
Scope and Salary:
The average annual salary of an Economist in India after gaining substantial experience is INR 13 LPA. The starting salary for an Economist is 3 LPA while the highest salary is INR 39.1 LPA. The estimated monthly salary in India for Economists is between INR 91,831 to INR 94,289. Economists with experience of about 5 years are earning up to INR 13.6 LPA in India.[4]
Entry-level positions offer ₹2.5-5.0 Lakhs per year, rising to ₹5.0-8.0 Lakhs with 1-3 years' experience and ₹8.0-12.0 Lakhs with 3-5 years' experience. Senior economists earn ₹12.0-18.0 Lakhs (5-8 years) and seasoned professionals can make ₹18.0-38.0 Lakhs (8-12 years). On average, economists earn ₹16.2 Lakhs annually, influenced by factors like location and industry.[10]
Career Progression and Growth Potential:
Economists can progress through roles such as:
- Junior Economist
- Economist
- Senior Economist
- Deputy Director/Advisor
- Director/Principal Economist
Highly experienced and specialized MA Economics professionals can earn salaries exceeding Rs. 20,00,000 per annum, especially in roles like chief economist or senior financial analyst.[11]
Industry Trends and Future Outlook:
The career scope in Economics is wide with a range of opportunities in various sectors, including government, corporate, and non-profit organizations. In India, the demand for skilled economists is increasing rapidly, making it a promising career option for those interested in the field.[32]
India is projected to be one of the three largest economies in the next 20 years, indicating growing per capita income and an increased need for qualified Economists. The high-paced development in the industry calls for large employers throughout the nation, seeking graduates with backgrounds in commerce, economics, finance, mathematics, and management.[34]
While specific 2030 job growth percentages for India are not available, the overall trend suggests a positive outlook for economists and economic policy researchers/analysts, with increasing importance placed on evidence-based policy decisions and economic expertise across various sectors.
Citations:
[1] https://www.jobbank.gc.ca/marketreport/occupation/15949/ca;jsessionid=CF9A382DBC80B3AD23F991B1C8417D69.jobsearch74
[2] https://www.investopedia.com/terms/e/economist.asp
[3] https://www.indeed.com/career-advice/finding-a-job/how-to-become-economist
[4] https://collegedunia.com/courses/phd-economics/salary-of-an-economist
[5] https://www.shiksha.com/humanities-social-sciences/economics-career-chp
[6] https://6figr.com/in/salary/economic-research--s
[7] https://recooty.com/blog/hr-resources/economist-job-description/
[8] https://nationalcareers.service.gov.uk/job-profiles/economist
[9] https://6figr.com/in/salary/economist--t
[10] https://www.jaroeducation.com/blog/career-options-in-economics-top-9-career-opportunities-in-india-2024/
[11] https://www.collegedekho.com/courses/ma-economics/salary
[12] https://www.investopedia.com/articles/professionals/092013/day-life-economist.asp
[13] https://neweconomics.org/uploads/files/Senior-Economist-Social-Policy-JD.pdf
[14] https://files.jobs.nsw.gov.au/3eki9x
[15] https://impact.economist.com/projects/nextpectations/barometer/
[16] https://www.workbc.ca/career-profiles/economists-and-economic-policy-researchers-and-analysts
[17] https://obamawhitehouse.archives.gov/sites/default/files/docs/updated_workplace_flex_report_final_0.pdf
[18] https://www23.statcan.gc.ca/imdb/p3VD.pl?CLV=4&CPV=4162&CST=01012011&CVD=122376&Function=getVD&MLV=4&TVD=122372
[19] https://www.economicscourses.org/chartered-economic-policy-analyst/
[20] https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=b6a4725e0100688eabbdd1b7949e067c9038355a
[21] https://noc.esdc.gc.ca/Oasis/ViewOccupationalProfile?objectid=8OqhxUM3Z3%2FMEfw3dELPoBnhoEhp%2Bw%2F4gpwSIMG1j8JS7QCIEvUxUClk%2FwzEngJq
[22] https://www.jobed.ai/economic-researcher
[23] https://www.quebec.ca/en/employment/learn-trade-occupation/exploring-trades-occupations/41401-economists-and-economic-policy-analysts
[24] https://www.indeed.com/career-advice/finding-a-job/how-to-become-policy-analyst
[25] https://ca.indeed.com/career-advice/finding-a-job/how-to-become-an-economic-analyst
[26] https://www.krmangalam.edu.in/a-roadmap-on-how-to-become-an-economist/
[27] https://www.franklin.edu/career-guide/political-scientists/what-do-policy-researchers-do
[28] https://onlinepostgrad.com/blog/how-to-be-a-policy-analyst/
[29] https://in.indeed.com/career-advice/finding-a-job/how-to-become-an-economist
[30] https://www.bschools.org/faq/how-to-become-an-economist
[31] https://in.jooble.org/salary/centre-for-policy-research
[32] https://jgu.edu.in/blog/2023/12/30/career-in-economics/
[33] https://www.glassdoor.co.in/Salary/Centre-for-Digital-Economy-Policy-Research-Salaries-E9197797.htm
[34] https://www.careers360.com/careers/economist