Where do Economists Work ?

As the employment market has evolved throughout time, the places where economists work has also changed over this period of time. Economists now mostly work in either classic economist jobs or in the financial services roles or in the data science teams. And there are many similarities between these roles. Therefore, if we talk about traditional economist roles and financial analyst roles, we will get to see a lot of economics graduates working in large banks or financial firms as macro economists or as individuals who analyze financial data using economics principles. Both, Financial Analysts and Macro economists have a very different approach. A financial analyst would really be focused with the financial transactions, which may be about the debt market or stock market, whereas a macroeconomist would typically be concerned about thought leadership.

If we go a little further into the jobs for economists, we could find economists working for central banks, investment banks, retail banks, market research organizations, IT companies, and also in places like Google & Amazon.

If we shift our attention to financial analyst-type positions, quants can be found working in large banks and financial institutions as risk analysts and credit risk analysts. The majority of their work is therefore in regulatory models, and certainly, they are well-paying positions. So, typically, when you encounter someone who identifies as a quant, they will work in a risk model team and perform a significant amount of model validation.

Now moving to Data Science, which is considered as the hottest career of the 21st century; Numerous economists who have completed their degrees work on data science teams because they are trained to work with numbers and have strong analytical skills. The data science team may now work for a financial institution, a bank, an IT company like Google or Amazon, or anything as commoditized as the likes of TCS or Infosys. The majority of the positions that economists hold pay well, and there are many of them where you can see them working. Don't assume that economists will always do macroeconomic research because this is just a relatively tiny portion of the jobs available to economics graduates.

Along with working in the finance industry, economists also work in government agencies and in academia.

Economists at government agencies analyze and evaluate economic data, devise policies, and advise policymakers in a variety of roles. They may work for the Department of Labour, the Treasury Department, or the Federal Reserve. They use economic models to estimate the probable effects of policy decisions, evaluate the efficacy of current policies, and perform economic research. Their efforts may be employed to gauge the economy's direction, stimulate growth, and improve individuals' well-being.

Economists working in academia often teach economics classes, carry out economic research, and produce scholarly papers for journals. They could be employed by colleges, research facilities, or think tanks. They employ economic theory and quantitative techniques to analyze and evaluate data, and their research frequently focuses on particular economic themes, such as labor markets, trade, or public finance. They also act as teachers and mentors for aspiring economists. Their work advances the study of economics and informs discussions of public policy.

Overall, economists may utilize their knowledge and skills to analyze economic data in a variety of situations and industries.

Macroeconomics for Economics Entrance Again

If one has to prepare for Economics entrance exam, how should one approach the Macroeconomics subject? There are not many good resources available like Hal R. Varian, which is one of the best tailor-made books for entrances in the field of microeconomics. There are good macroeconomics textbooks, which can be thought of as close-substitutes for an ideal entrance preparation textbook.

Given the resources, the right way to start with this subject is to start reading one out of these three books- Macroeconomics by N. Gregory Mankiw, Macroeconomics by Rudiger Dornbusch, Stanley Fischer, et al. or Macroeconomics by Olivier Blanchard. The ideal way would be to complete the textbook from page one to the end. Doubts are a sign of preparation. One should religiously note their doubts in a separate register to refer it back & forth. It could be a small doubt related to a concept or a topic and even can be a whole chapter. The Internet is a solution to a lot of problems and clearing doubts can be one of them. Try to understand the concept from the internet; direct answers won’t likely be available. The sources can be in the form of blogs, YouTube videos and documents. You can always follow good channels, blogs and follow current affairs to understand the application of theory in the real world.

After completing reading the textbook, the second step is to go through the previous years' question papers. The main focus could be on the most challenging entrances- ISI MSQE, DSE and IGIDR. Every individual has different preferences for choosing the college for themselves and this can be one of the ways it could be done. Zeroing down on these entrance examinations can lead to a lot of doubts and uncertainty. You can note the topics that might require a revision or any fresh topics which were not covered in the initial phase of preparation. The Internet can help clear most of the doubts if you read through relevant resources. It can be a slow and time consuming process but it would make your concepts clear and resolve new doubts if any.

All these examinations generally happen on different dates and may differ in syllabus pattern. But, the base of almost all Economics entrance examinations is based on Microeconomics, Macroeconomics, Basic Mathematics, Statistics and other relevant subjects. 

In the last few days before the exam, the strategy should be quite different from the previously mentioned one. The revision and recollection of the concepts and topics that you’ve learnt before can help you go a long way. You can always refer to the youtube playlist specifically dedicated on solving ISI MSQE question paper.