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Pursuing the career

of an
ECONOMIST
 As a Profession:

• An economist is a professional in the social science discipline

of economics which involves the study of the production,
distribution, and consumption of goods and services.
Economists study how the society utilizes scarce resources such
as land, labour, raw
materials and machinery to provide goods and services and carry
out a cost benefit
analysis, to discover the flaws and suggest new and improved
ways.
• They conduct research, analyze the data collected and based
on their analyses and economic trends, they develop forecasts
on a wide variety of issues, including energy costs, inflation,
interest rates, exchange rates.
 Skills Essential

 A degree in Economics at the Graduate level.

 Specializations are offered at post graduate level where one

can specialize in Advance Business Economics, Public
Economics, Labour Economics, Managerial Economics,
International Economics, Agriculture Economics, Economics
of Public Utilities etc on his/her choice.

 Graduates in Economics can also move into studying

Management, Finance, Finance Control and Business
Journalism.
 Various Economists
Business Economists: They study the market structure of a particular
business/industry in relation to the general business conditions. They
monitor the trends in the business/industry and give suitable
suggestions to the management for making decisions about the
company policies and future planning of business activities.
Agricultural Economists: An agricultural economist applies the
principles of economics to the production of crops, utilization of the
resources and marketing of farm products. He focuses on optimum
utilization of the available rural resources and maximizing the crop
yield maintaining the quality of the soil. He also monitors the
equipment, animal health, imports and exports and weather cycles. He
forecasts the production and consumption of agricultural products and
accordingly alters the buying and production patterns.
Financial Economists: Have a deep understanding of the money and
banking system, the relationship between money, credit and
International Economists: They study and analyze statistical data
pertaining to foreign trade, in order to develop suitable international
trade policies and maintain trade balances. International Economists
understand the global financial markets, currencies and exchange
rates and study its effects and predict future changes.
Labour Economists: Labour Economists work on various labour related
policies, labour laws and regulations and study labour trends. They
have detailed knowledge about the operations of labour unions,
industrial policies of the management and can handle labour disputes.
Industrial Economists: An Industrial economist focuses on optimally
utilizing the resources the available resources by allocating and
reallocating them according to the demands and consumption
patterns. They study and analyze the structure of business in relation
to the production and marketing of goods and devise new techniques
for developments and suggest required improvements.
 The work of an economist mainly depends upon and varies
according the economic system of the nation. The economics
policies and laws differ from a Capitalist economy to a Communist
Economy to a Mixed economy and so does the nature of work of
economists. Economists can work in any of the three sectors
mentioned below:

• GOVERNMENT AND PUBLIC SECTOR ENTERPRISES:

Economists mainly conduct market research and analysis; they
draw forecasts for various policies and projects and the economy as
a whole. They use econometrics to work out forecast for the
different sectors in the society like agriculture, transport, employee
training, social plans etc. They devise new strategies and policies
for the nation's development. They also evaluate research projects
• INDUSTRY AND TRADE:
Economists play a very important role in the company's growth and
development. Economists in a Company/Organization/Industry carry
out extensive research on the various market and economic trends and
general business conditions that would influence business decisions.
They develop organizational policies taking into consideration
governmental regulations and directives and market policies. They
analyze the competitor's strategiesand the consumer demands and
advise the management on production and marketing matters. They
help in utilizing the available resources economically and optimally.
• BANKING AND FINANCE:
Economists working in this sector are mainly involved in compiling
and assessing economic details from government statistics and
company reports. They can work in specialized industries within the
finance sector. Economists working with organizations which have
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