How to Become an Economist in India A well known Career Guide

? 1. Why Become an Economist?

An economist studies how societies allocate resourcesanalyzing markets, policies, financial systems, and consumer behavior. In Indias dynamic economy, economists play a vital role in shaping fiscal and monetary policy, guiding corporate strategy, influencing development initiatives, and advising international organizations.

Key Motivations:

• Influence policy and business strategy

• Engage in high-level research

• Enjoy intellectual rigour with quantitative analysis

• Potential for competitive salaries across public, private, and international sectors en.wikipedia.org+1in.indeed.com+1collegedunia.com+3shiksha.com+3glassdoor.co.in+3

? 2. Academic Journey

2.1 Choosing the Right Stream in School

• Aim for majors like Economics and Mathematics, or Commerce + Maths at the 10+2 level.

• These subjects are essential prerequisites for top-tier programs reddit.com+2in.indeed.com+2targetstudy.com+2.

2.2 Bachelors Degree (Undergraduate)

Options include:

• BA (Hons) Economics

• BSc Economics

• BA in Applied or Business Economics
  Top colleges include Delhi University, St. Stephens, Ashoka, Loyola, Christ University, Symbiosis, and St. Xavier's shiksha.comshiksha.com+1en.wikipedia.org+1.

Typical degree duration: 3?years.

2.3 Masters Degree (Postgraduate)

Pursue:

• MA or MSc in Economics/Econometrics

• MBA in Business Economics
  Institutes like Delhi School of Economics, Gokhale Institute, ISI, and CDS are top choices targetstudy.com+15shiksha.com+15reddit.com+15reddit.com+5en.wikipedia.org+5reddit.com+5.

Top-tier options include:

• Delhi School of Economics (DU) renowned faculty like Amartya Sen, Jagdish?Bhagwati en.wikipedia.org.

• Gokhale Institute (Pune) MSc with rigorous theoretical and quantitative curriculum reddit.com+1targetstudy.com+1.

• Centre for Development Studies (CDS) (Kerala) MA in Applied Economics; strong research focus en.wikipedia.org+15en.wikipedia.org+15en.wikipedia.org+15.

2.4 Doctoral Degree (PhD)

For those targeting academia, policymaking, or deep research:

• PhD programs are offered by ISI, CDS, Delhi School of Economics, etc.

• You can also pursue a funded PhD abroad; many Indian scholars gravitate to US/UK institutions shiksha.com+2reddit.com+2reddit.com+2reddit.com.

? 3. Entrance Exams & Admissions

3.1 For Undergraduate Programs

Entrance exams include:

• DUET (Delhi University Entrance Test)

• JNU Entrance Exam

• ISI Admission Test
  These gauge proficiency in economics, mathematics, statistics, micro & macroeconomics reddit.com+4aajtakcampus.in+4targetstudy.com+4reddit.com.

3.2 For Postgraduate & PhD Programs

• DUET PG

• JNU Entrance Exam

• ISI entrance for MSc/PhD

• Institute-specific exams (e.g., Gokhale Institute) en.wikipedia.org.

• UPSC Economic Service Exam for entry into the Indian Economic Service (IES) en.wikipedia.org.

? 4. Boatloads of Skills You Need

• Quantitative/Statistical: econometrics, calculus, regression analysis ambitionbox.com

• Analytical & Research: interpreting economic data, writing policy papers ambitionbox.com+3reddit.com+3collegedunia.com+3

• Technical Tools: Excel, R, Python, STATA

• Soft Skills: communication, problem-solving, attention to detail ambitionbox.com+7careernuts.com+7in.indeed.com+7

• Policy & Economics principles: macro/microeconomics, development economics, public finance

??? 5. Internship & Research Experience

Gaining practical exposure is vital:

• Intern at research institutions: NCAER, NITI Aayog, RBI, think-tanks, or NGOs reddit.com+2in.indeed.com+2ambitionbox.com+2en.wikipedia.org.

• If aiming for academia, clear UGC JRF exams to receive stipends (e.g. ?3742?k/month via JRF/SRF) ambitionbox.com+4reddit.com+4reddit.com+4.

? 6. Certifications & Short Courses

• Short-term courses in econometric modeling, forecasting, cost-benefit analysis, advanced Excel, and programming language certifications will bolster your CV in.indeed.com.

• Specialized credentials like the Chartered Economist Programme offer practical, applied economics training reddit.com+9in.indeed.com+9targetstudy.com+9.

?? 7. Career Pathways & Job Roles

7.1 Government & Public Sector

• Indian Economic Service (IES): prestigious central civil service recruited via UPSC; requires postgrad in economics en.wikipedia.org. Roles range from Economic Adviser to Principal Adviser.

• Other government roles: RBI, Reserve Bank, NITI Aayog, PSUs, Economic Advisory Council en.wikipedia.org.

7.2 Academia & Research

• Careers as lecturers or faculty in universities.

• Research positions in institutions like NCAER, CDS, Gokhale, ISI, CESS, TISS .

7.3 Private Sector & Think-Tanks

• Roles include economic consultant, market/demand analyst, policy consultant.

• Work in financial institutions, consulting firms, NBFCs, banks, KPOs, IT services .

7.4 International & Nonprofit Organizations

• Positions at bodies like the World Bank, IMF, UN, regional development banks .

7.5 Unconventional Paths

• Civil services (IAS/IPS with economics specialization) in.indeed.com+13reddit.com+13reddit.com+13

• CSR roles, NGO leadership, data analytics, actuarial science, and finance-related careers reddit.com.

? 8. Salary & Growth Prospects

8.1 Freshers

• Starting salaries range from ?36 LPA in entry-level research or consultancy .

8.2 Mid-Senior Level

• After 5 years: ?1020 LPA in banks, consultants, think-tanks; ?2035 LPA in NBFC or financial services .

• RBI/IES senior positions can reach ?3050 LPA plus perks .

8.3 Senior/Leadership Roles

• Chief Economist or director roles in MNCs and international bodies can command ?40 LPA+, potentially reaching ?78 LPA in elite roles www2.glassdoor.co.in+2glassdoor.co.in+2en.wikipedia.org+2.

Glassdoor reports:

• Average economist in India earns about ?13.4 LPA; range ?924 LPA glassdoor.co.in.
  AmbitionBox indicates city-specific differences (e.g., Bengaluru, Mumbai higher paying) ambitionbox.com+1ambitionbox.com+1.

? 9. Top Indian Institutions for Economics

Here's a non-exhaustive list:

Admission to these programs is highly competitiveespecially for ISI, Delhi School, and JNU reddit.com+1reddit.com+1.

?? 10. Building a Strong Profile

1. Excel academicallyespecially in maths and statistics

2. Score high on entrance tests

3. Gain internships at research/consulting organizations

4. Build technical skills in data tools and programming

5. Earn relevant certifications (econometrics, forecasting, languages)

6. Develop research and writing credentials: publish in journals, write policy briefs

7. Prepare thoroughly for UPSC IES or civil services if aiming for government roles

? 11. FAQs

Q1. Do you need a PhD to be an economist?
Not always. Many high-level roles (e.g., in banking, consulting) welcome masters degree holders. A PhD is essential for academia, top-tier research, policymaking roles (e.g., RBI/IES senior roles).

Q2. Is economics a high-paying career in India?
Yesespecially in financial services, consulting, big think-tanks, and government roles. Entry-level pay starts around ?46 LPA; mid-level ?1020 LPA; senior roles ?3050?LPA+ in.indeed.comen.wikipedia.org.

Q3. Should I go abroad for PhD?
Many Indian graduates prefer PhDs abroad for better funding and supervision. However, top Indian institutes like ISI and CDS offer excellent local opportunities too; choose based on research fit and mentor compatibility reddit.com.

Q4. Can I switch to related fields?
Absolutely! Many economists transition into data science, actuarial roles, fintech, CSR, and policy consulting .

? 12. Roadmap Summary

1. Select commerce/economics + maths in 10+2

2. Earn a BA/BSc (Hons) in Economics from a top college

3. Do an MA/MSc (or MBA Econ) from premier institute

4. Boost profile with internships + certifications

5. Optionally, pursue a PhD (India or abroad)

6. Consider UPSC IES or RBI exam for government career

7. Enter private sector roles in finance, consulting, think-tanks, or academia

8. Continue upskillingpublish, network, and stay updated

?? 13. Exemplary Career Profiles

• Dr. Shamika Ravi PhD from NYU, faculty at ISB, now Economic Advisor to the Prime Minister in.indeed.comen.wikipedia.org.

• Senior IES officers, central bank economists, chief economists at corporates, professors at DU/ISIall demonstrate the diversity of outcomes.

? Conclusion

Becoming an economist in India is challengingbut immensely rewarding for those with analytical acumen, drive, and passion. The path starts with strong academic foundations in economics and mathematics, and evolves through postgrad education, internships, specialized training, and optionally a PhD. Whether you aim for government service, policy research, academia, or corporate economics, the demand and impact are profound. With Indias growing economy and policy focus, the future for economists remains bright.