Economists analyse issues related to growth and development, welfare and policy formulation, and assess their long and short term significance for the country. Economics is the study of production and distribution processes and the most effective means of utilizing available resources.g around waiting for the next scene to be recorded. The actor has to learn his part and rehearse the play. Economists work in one of the three sectors:
• Government and public sector enterprises
• Industry and trade
• Banking and finance
Economists often specialise as research economists, business economists, agricultural economists, financial economists, international, industrial or labour economists.
• Develop mathematical models to explain and interpret business cycles, inflation, effects of tax policies or unemployment.
• Use Mathematics and Statistics to the theory and principles of economics.
• Apply econometrics for analysis and prediction of all economic activity.
• Work as company's administrators, making decisions about company policies, plan future business activities in relation to general business conditions, national and international trade policies, governmental regulations and directives.
• Study economic aspects of agricultural problems in order to increase efficiency of farm management, improve farm income and effect favourable agricultural legislation.
• Forecast production and consumption of agricultural products
• Locate optimum markets and deal with agricultural financing.
• Develop monetary policies and predict financial activity.
• Examine credit structures and collection, banking methods and procedures to devise techniques for regulation of lending, fixing interest and discount rates.
• Collect and analyze statistical data and other information on foreign trade for favourable trade balances
• Establish acceptable international trade policies, exchange controls and operation of foreign exchanges.
• Study, implementation and formulation of policies on investments, and transfer of capital on the international scene.
• Study labour trends and policies
• Handle labour disputes, unions, industrial policies of management
• Work as advisors to government or industry.
• Studies the organizational structures of business to make maximum use of assets
• Investigate methods of financing, production costs, techniques of marketing policies for possible improvements.
• Analyse market trends to relate production for future consumption and interpret effects of governments regulations and legal restrictions on industrial policies.
Employment Opportunities for Economists:
2. Business journals and newspapers
3. Census organization
4. Employment organizations
5. Finance and investment firms
6. Government and public enterprises
7. Labour departments
8. Labour tribunals
9. Market research organisations
11.Multinational Banks (HSBC, ABN AMRO, Citi Bank etc) ,Media groups e.g Economic Times, Business India, CNBC etc. Stock Exchanges, Tata AIG, LIC, Reserve Bank of India etc.
Top Recruiting Companies of Economists:
1. Multinational Banks (HSBC, ABN AMRO, Citi Bank etc) ,
2. Media groups e.g Economic Times,
3. Business India, CNBC etc. Stock Exchanges,
4. Tata AIG,
6. Reserve Bank of India etc.
How to become Economists?
• Std XII
Stream : Commerce with Maths
or Science PCM...
Bachelors in Economics(Hons)
Masters*/ IES exam**
*Graduates can specialize at the post graduate level.
Postgraduation in business economics is suggested for entering the banking and business sector, business journalism for entry into journalism and media reporting on business matters.
**Graduates in Economics/Statistics in the 21-28 age group are eligible for the IES examination conducted by UPSC. This is a Central Government Service which is involved in economic planning and analysis through state boards, planning commissions, financial organisations and government bodies for the country.
The announcement for the examination is made in March every year for the examination in September.The written examination has 2 parts - General English and General Studies papers of 150 marks each. In Part II there are 3 papers of Economic. Two papers on General Economics and one in Indian Economics. Economics papers are of the graduate/postgraduate standard.Selected candidates have to clear an interview, after which they are appointed to Grade IV posts.
Median Pay Scale/salary of Economists :
2.45 Lakhs to 25 Lakhs per annum
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