Students who wish to make a career in economist should know that an economist make sure that the scarce resources like land, labor, capital, natural resources etc are utilized in an optimal way. There are two branches of Economics. They are Micro Economics and Macro Economics. Micro Economists focus their attention on individuals and firms. They study how much of goods or services consumers will demand at a certain price and how supply affects demand. Macro Economics study the whole economy and forecast future trends in employment, inflation, productivity, economic growth and investment.
A career in economist requires the knowledge of the:
• Find ways to distribute these scare resources
• Study demand and supply
• Study production
• Study the cost so as to maximize production at the lowest cost
• Study the prices of commodities
• Look into population increase and its effects on food resources
• Look for newer ways to minimise cost of labour for production of goods
• Study consumer demand to maximise the production, and so on.
If you possess the qualities mentioned above, a career in economist will be the right career option for you.
If you are planning to make a career in economist, you need to have the following qualities:
* Excellent sense of reasoning
* Ability to gather and understand complex information from various sources
* Above average numerical abilities
* Excellent communication skill
* Meticulous or careful
* Above average interpersonal skills
* Inquisitive and explorative mind
* Excellent ability to study, understand, remember and even apply scientific facts and theories to
* Patience, perseverance and determination
* Should do well in all exams right from secondary school to Masters Degree examination scoring at least 60 per cent aggregate and more than 70 per cent in the science subjects.
To make a career in economist, one can study Economics at an undergraduate level as B.A/B.Sc. with Economics, B.Com or B.B.A. If you think, a Masters degree in Economics is a lot of studies then don’t waste your time reading any further. That's the minimum requirement to make a good start in this field.
For a career in economist, you can also do a Ph.D./Fellowship in Management in the field of Managerial Economics or Applied Economics for a good career in research. Even a Masters degree in Business Economics is not bad. M. Sc. (Agriculture) students can also specialise in Agricultural Economics for a career as an Agricultural Economist.
If you are equipped with all these necessary qualities and qualifications, making a career in economist will be an easy task for you.