ECONOMIST

ECONOMIST

WHAT’S IT ABOUT ?

Economics is the study of how people choose to use scarce resources to meet competing desires. Resources include money, property and time. A resource is considered scarce when people cannot get as much of it as they would choose to had the resource been free. Economics is now called the imperial social science, which concerns itself with economic growth, welfare, inter-country economic relations, and globalization. The technology of economic enquiry has changed due to what is called econometrics

CLOCK WORK

9-10 am: Call up traders and sales people in the treasury. Prepare report on market views and send to clients

11 am: Write research reports on topical issues

Noon: Analyse data

2 pm: Lunch

3 pm: Client calls/meet policymakers/give a sound byte to the press

5 pm: Apprise senior management of the market and economic developments

THE PAYOFF

In academics: 

Assistant Professor: Rs. 5 lakh to Rs. 6 lakh per annum Associate professor: Around Rs. 10 lakh pa Professor: Around Rs. 15 lakh pa

In the industry:

Entry level: Around Rs. 7 lakh pa middle level: Around Rs. 12 lakh pa Senior level: Sky is the limit

SKILLS

  • An enquiring mind, which can focus on economic problems, including theoretical issues
  • Since the technology of economics is changing, a good background of mathematical tools, statistical tools and econometrics are essential
  • An analytical approach to problems at hand is a prerequisite

HOW DO I GET THERE ?

You need to do 10+2 from any stream and then graduation with honours in economics. A Master’s degree after graduation and then an MPhil and a PhD degree are recommended.

It would be more fruitful if you have maths in senior school. A maths and stats background helps

INSTITUTES & URLS

  • Delhi School of Economics econdse.org
  • Centre for Economic Studies and Planning, JNU cespjnu.in
  • Indian Stastical Institute (ISI), Kolkata and Delhi isical.ac.in and www.isid.ac.in
  • Indira Gandhi Institute of Development Research igidr.ac.in

PROS AND CONS

  • Economists are useful to the society as they analyse issues related to growth and development
  • They have to be as logical as mathematicians but the danger is that by getting more theoretical they may lose touch with ground realities
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