How to Become an Economist: A Detailed Step-by-Step Guide

Petrol prices, government policies, or changes in food prices may have various impacts on people. However, what triggers such changes and what kind of impact may they produce?Such aspects are studied by economists through the analysis of markets, consumer behaviour, and financial data. 

These questions are not limited to individual consumers or businesses; they also play a role in understanding the performance of an entire economy. For instance, the First Advance Estimates of the Government of India, published in January 2026, forecast 7.4% growth in real GDP in FY 2025-26, compared to 6.5% in FY 2024-25. Understanding what drives such growth, the factors that influence it, and its effects on businesses and households forms an important part of an economist's work.

Examining these trends and their wider implications is one of the many responsibilities associated with the profession. For those interested in understanding how economies function and how such developments are analysed, learning how to become an economist is a useful starting point.

What Does Working as an Economist Really Look Like? 

An economist studies how people, businesses and governments use limited resources. Then they turn that research into recommendations.

Typical tasks include -

• Collecting and analysing economic data
• Forecasting growth, inflation, jobs or demand
• Evaluating the impact of policies, taxes and subsidies
• Writing research reports and policy briefs
• Advising governments, banks, companies and NGOs

Most economists spend more time with data and writing rather than making predictions.

How to Become an Economist in India - 7 Steps

To become an economist in India, you need to take the right subjects at school, pursue a degree in economics and develop strong analytical skills.

Here are seven steps to get started -

Step 1 - Build a Strong Base in School

Learning Mathematics in Class 11 and 12 will be helpful in economics. If you haven't studied mathematics, then you can still pursue economics via B.Sc., but you will have to learn quantitative subjects at the start.

Step 2 - Earn a Bachelor's Degree

Select a B.Sc. in Economics or some other subject like Statistics, Mathematics or Finance. Pick a program with strong coverage of - 

• Microeconomics and macroeconomics
• Econometrics and statistics
• Mathematics for economics

A bachelor's degree with strong mathematical and statistical training can provide better opportunities for pursuing a master's degree or PhD in Economics.

Step 3 - Learn Data Skills Alongside Your Degree

This is what most of the students miss. Start by learning Excel, and then learn Python or R and the basics of Stata. Practice with free data available (World Bank, RBI, MoSPI, FRED) and do two or three projects, e.g., analysis of inflation trends or state-wise unemployment.

Step 4 - Complete a Master's Degree

A master's degree is often required for economist positions, particularly in research, government, and policy-related roles. It also helps build expertise in areas such as development economics, finance, public policy, environmental economics, and econometrics. 

Step 5 - Consider a PhD for Research and Academia

A PhD is usually needed for university teaching and senior research roles at think tanks and institutions like the IMF or World Bank. It takes several years, so choose it for the research itself, not just the title.

Step 6 - Gain Practical Experience

Internships and research assistantships matter. Look for - 

• Research internships at think tanks and policy institutes
• Work as a research assistant for a professor
• Entry roles such as data analyst or research associate
• Writing a blog or working paper to show your thinking

Step 7 - Apply, Specialize and Keep Learning

After completing your education, explore entry-level roles such as economic analyst, research analyst, data analyst or assistant economist. You may specialize in any area of interest, including banking and financial markets, international business and development economics.

Keep abreast of the latest developments by regularly reviewing the reports and publications of the RBI, the Economic Survey and other journals. Be an assistant economist and analyst, and stay focused on your main goal of specializing. Keep reading the journals of Central banks, because the science of economics is ever-changing. 

The Growing Demand for Economists Globally

Economists play an important role in helping businesses and governments understand financial markets, trade, and economic changes. Their expertise supports investment decisions, public policies, and long-term economic planning. According to the IMF, global economic growth is projected at 3.3% in 2026, highlighting the importance of analysing economic trends and market conditions.

• Financial Markets - Banks and investment firms rely on economists to analyse market trends, assess risks, and guide financial decisions.
• Government Planning - Economists help governments study inflation, employment, taxation, and trade policies.
• International Research - Organisations such as the World Bank, IMF, and UN use economic research to address global financial and development challenges.

Career Routes for Economists in India

Economics graduates can pursue opportunities across government institutions, financial organisations, research bodies, and the private sector. These career paths offer varied opportunities to apply economic knowledge in areas such as policymaking, financial analysis, and research.

Economist Salary in India and Career Progression

Economist salaries in India vary by experience, qualifications, and employer. Glassdoor reports an estimated annual salary rangeof ₹8–21 lakh for junior economists and ₹5.4–40 lakh for senior economists. Actual earnings may differ across industries and organizations.

Typical progression - 

• Entry Level - research associate, analyst or assistant economist
• Mid Level - economist or senior analyst, usually after a master’s degree and three to six years of experience
• Senior Level - senior economist, economic adviser, director or chief economist

Strong data skills, a specialization that is in demand, and a record of published work all help you move up faster.

How Long Does It Take to Become an Economist?

It depends on the level you are aiming for -

• Bachelor’s Degree Plus an Entry-Level Job -  About 3 to 4 years
• Master’s Route -  About 5 to 6 years in total
• PhD Route -  Often 8 to 10 years or more in total

Common Mistakes to Avoid

There are a few common mistakes that students should avoid while planning a career in economics. These include -

• Ignoring coding and statistics until the final year
• Choosing a degree for its name rather than its curriculum
• Relying on theory alone without real data projects
• Skipping internships and writing practice
• Using outdated admission or recruitment information instead of official sources

Take the First Step Towards Studying Economics at Shiv Nadar University (Institution of Eminence)

Considering a degree in economics? Understanding how to become an economist after 12th also means choosing a program that matches career goals. At Shiv Nadar University, Delhi-NCR, students can explore two undergraduate options - 

• B.Sc. (Research) in Economics - Covers microeconomics, macroeconomics, statistics, and econometrics. Students also complete a research thesis in their final year.
• B.Sc. (Research) in Economics and Finance - Combines economics with financial markets, finance, and quantitative methods. The program includes a semester-long internship or research thesis, offering practical exposure alongside academic learning.

Both programs prepare students for further studies or career paths in economic research, financial analysis, consulting and data analytics, depending on their skills and specialization. Find the right fit for your academic interests, and apply now to take the first step towards a career in economics. 

Final Thoughts

Learning the basics of monetary systems, markets, and government policies is important for developing a career in economics. It also involves choosing the right economics degree and strengthening analytical and logical skills. Building such skills can be done through research and other related activities.

When interested in how to become an economist in India, after a bachelor’s degree in economics, some students also pursue a master’s degree, and others work toward chartered accountancy. The education and training pathway for becoming an economist can help students evaluate career opportunities in banking, government services, economic research and consulting, and teaching.

FAQs

1. Can I become an economist if I do not like mathematics?

You do not need a particular affinity for or talent in mathematics to study economics. However, as you progress in your studies, you will have to work on your understanding of basic mathematics and data analysis, as well as elementary statistics.

2. Is a B.Sc. in Economics sufficient to find a job in India?

A B.Sc. in Economics will allow you to work in roles such as junior analyst, research assistant or data analyst. Other specialized economist roles may require a postgraduate degree and work experience.

3. Which exams should I prepare for after Class 12 to take up economics?

CUET UG is one of the major entrance exams for undergraduate programs in economics offered by participating universities. Several universities conduct their own entrance examinations or have different admission processes.

4. Can students of commerce become economists?

Yes, students of commerce can take up an undergraduate program in economics, subject to the university's admission requirements. Subjects like accountancy, business studies, and mathematics can be a good basis for this.

5. What is the difference between an economist and a financial analyst?

An economist studies wide-ranging issues like levels of inflation and employment, economic growth, government policies, etc. A financial analyst studies corporations and their investments, financial performance, and the market.

6. How to become an economist in RBI?

To become an economist at the Reserve Bank of India (RBI), candidates can apply for the Grade B (DEPR) position. This generally requires a master's degree in Economics or an eligible Finance-related discipline, followed by clearing the RBI selection process, which includes written examinations and an interview. Candidates should check the latest RBI recruitment notification for eligibility details.

7. How to become an economist without a degree?

You can study economics independently and gain practical experience through research and data projects. However, most professional economist roles require a relevant degree.