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Salary of an Economist: In India, Average Salary, Per Month Salary, Experience Wise Salary

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Ahana Bhaduri

Content Writer | Updated 3+ months ago

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Economists study and analyse how societies allocate resources to meet their needs. Research and data analysis, economic forecasting, policy analysis and economic modelling are some of the major duties of an Economist. The average annual salary of an Economist in India is INR 13 LPA with the highest salary being INR 39.1 LPA. To become an Economist, candidates have to enrol in different economics courses after class 12 such as BSc, BA and MA in Economics.

Salary of an Economist in India

The average annual salary of an Economist in India after gaining substantial years of experience is INR 13 LPA. The starting salary for an Economist is 3 LPA while the highest salary is INR 39.1 LPA. The estimated monthly salary in India for Economists is between INR 91,831 to INR 94,289. Economists with experience of about 5 years are earning up to INR 13.6 LPA in India. Financial Economists and economic consultants are top designations with average annual salaries of INR 13 LPA and INR 9.5 LPA respectively.

Salary of an Economist: Experience Wise

Experience is one of the determining factors for deciding an Economist’s salary. Experienced Economists are compensated more compared to those with less to no experience. The following table highlights the Economists salaries based on years of experience.

Experience Years Average Annual Salary (INR)
1 - 5 years 14.9 LPA
6 - 10 years 17.8 LPA
11 - 15 years 24.5 LPA

Salary of an Economist: Designation Wise

Economists is a rapidly evolving profession with varied salaries depending upon the various designations. Economist salaries for some of the top designations are mentioned in the table below.

Designations Average Annual Salary (INR)
Financial Analyst 4.5 L
Statistician 4 L
Econometrician 9 L
Market Research Analyst 3.3 L
Financial Planner 3.5 L
Financial Economist 13 L
Research Analyst 3.5 L
Economic Consultant 9.5 L

Salary of an Economist: Skill Wise

Economists require a varied set of skills and expertise to excel in their roles. Economist salaries according to different skills are mentioned in the following table.

Skill Set Average Annual Salary (INR)
Economics 13 L
Research 4.5 L
Data Analysis 4.1 L
Banking 3 L
Financial Analysis 4.5 L
Management 11.5 L
Assurance 4.2 L

Salary of an Economist: Qualification Wise

Being a demanding profession, most Economists possess a high level of education and training. Candidates with full-time degrees earn more than those with short-term courses. The following table highlights the salaries of Economists at different qualification levels.

Degree Pursued Average Annual Salary (INR)
PG Diploma 2 L
Bachelors 1.50 L - 5 L
Masters 5 - 7 L

Salary of an Economist: Company Wise

Economists are hired by various companies for their guidance and expertise. The table below highlights the salaries of some of the top recruiters of Economists in India. 

Name of the Companies Average Annual Salary (INR)
ANZ Banking Group 24.7 L
Edelweiss 15.7 L
Nathan Associates 8.2 L
Amazon 38 L
Visioniri Connexion Services 4.7 L
PHD Chamber of Commerce & Industry 7.4 L
Dmi Finance 23.8 L
Yes Bank 15.8 L
Dun & Bradstreet 17.2 L

Salary of an Economist: City Wise

Economist salaries vary widely based on location. It is a highly competitive profession offering candidates to work in different cities. Economist salaries from some of the top Indian cities are mentioned in the table below.

Name of the Cities Average Annual Salary (INR)
Bangalore 21.8 L
Mumbai 17.2 L
Hyderabad 15.8 L
New Delhi 12.5 L
Chennai 9.2 L

Salary of an Economist: Country Wise

Economists are in demand all over the world because of their services. Candidates can also apply for Economist jobs in other countries after completing their education. Some of the top countries with good pay for Economists are mentioned in the table below.

Name of the Countries Average Annual Salary (INR)
USA 81.51 L
UK 52.08 L
Germany 53.70 L
Australia 69.28 L

Salary of an Economist: FAQs

Ques. What is the average salary of an Economist in India?

Ans. The average annual salary of an Economist in India is INR 13 LPA with the highest salary being INR 39.1 LPA.

Ques. Can Economists earn additional income through consulting or freelancing?

Ans. Economists can provide economic analysis, policy advice or research services to clients in different sectors via consulting or freelancing roles. It is important to first build a reputation and network before starting freelancing work. 

Ques. Are there any additional benefits associated with Economists in India?

Ans. Economists may receive additional perks along with their salaries in India. These may include health insurance, retirement plans, paid leaves, performance bonuses and more.

Ques. What are the growth prospects of Economists in India?

Ans. There is a growing demand for Economists in India. They can find opportunities in research institutes, government departments, financial organisations, academia and more. 

Ques. How does work experience impact an Economist’s salary?

Ans. Economists with more experience command higher salaries due to their accumulated knowledge and skills. Economists who are just starting their careers have to start with lower salaries but can eventually make their way up. 

Ques. Are there any differences based on the sector of employment of Economists?

Ans. There can be a variation in salaries based on the sector in which Economists are employed. Economists working in government sectors often receive competitive salaries and benefits. Private sector Economists may have higher earning potential based on their skills. 

Ques. Which industries are paying the most to Economists in India?

Ans. Financial services, Banking, IT services and Analytics are the top-paying industries for Economists in India.

Ques. Which city is paying the most to Economists in India?

Ans. With an average annual salary of INR 21.8 LPA, Bangalore is the best city for Economists in India.

Ques. What is the salary of a financial Economist in India?

Ans. The average annual salary of a financial Economist in India is INR 13 LPA.

Ques. How much Amazon is paying to their Economists in India?

Ans. Economists in Amazon are earning up to INR 38 LPA in India. 

Ph.D. (Economics) : 5 answered questions

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Ques. Is it really difficult to get into PhD economics programs of universities like DSE, ISI or JNU with an M.A. Economics degree from IGNOU?

● Top Answer By Aarushi Kumar on 03 Nov 22

Ans. PhD or research is all about finding out new concepts. Thus we provide a deeper in already existing knowledge. PhD in Social Science is very much different from that of pure sciences, yet the goal is the same. As you know for doing research/PhD at the university level, the qualification required is PG degree. Every university has different criteria for selecting candidates. As you know DSE, JNU, ISI, IEW, IIPA, and IIMs are the prime institutions for teaching, learning and researching in economics, management and public administration. If you are willing to get into one of these institutions, a Master’s from IGNOU will have the same value as that from any other university. To get selected into these prestigious institutions, you will have to pass through a rigorous selection process of Entrance Group discussion  Personal interview  Moreover you will have to provide testimonials from your professors about your academic developments.Read more
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Ques. I have completed my MBA With specialization in rural development am I eligible for phd economics

● Top Answer By Tithi Aggrawal on 16 Sept 23

Ans. In order to determine your eligibility we must go through the eligibility criteria of the Ph.D. program offered by JNU Delhi. To get admission you must have a Master’s Degree/BE/B.Tech with 55% marks or equivalent Grade ‘B’ in UGC 7-point scale. There is no specific specialization mentioned that makes you eligible for admission to the Ph.D. in Economics program at JNU. Furthermore, you will be invited for a viva voce examination. To be eligible for this you must secure the following marks out of 70 in the written examination for doctoral courses:  General Category: 35% (24.50 marks out of 70)  OBC: 31.50% (22.05 marks out of 70)  SC/ST/PH: 25% (17.50 marks out of 70) The final selection of candidates for admission to the doctoral programs of study is made on the basis of inter-se merit of candidates in their respective categories, based on their performance  in the written examination,  in the viva voce (wherever prescribed), and  after incorporating the Deprivation Points, wherever applicable. No candidate is eligible for admission to the doctoral programs of study unless he/she secures the following minimum overall score which is 40% for the General Category, 36% for the OBC category, and 30% for SC/ST/PH.Read more
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Ques. Between JNU and Delhi School Of Economics, which option will be the best to pursue a PhD in economics for an individual?

● Top Answer By Tithi Aggrawal on 04 Jul 23

Ans. Ph.D. is different from other degrees in which you learn and take exams. During your Ph.D. you need a research guide who takes an interest in your work and is involved in active research in the same field as you. Unless your guide is active in research, they can not guide you. Here research refers to publishable research in good journals. Your field of research will determine the better option out of the two to pursue your Ph.D. in Economics. If say, you wish to work on Marxism/Communism or related topics, CESP JNU is the right choice for you. You will find ample assistance in JNU. If you wish to work in Micro Theory such as on Contract theory or Industrial Organization, DSE will be the right option. There are more faculty members in DSE than CITD JNU who work in these areas. If you wish to work on DSGE literature ( Macro), the guide will exist as a formality and you will be on your own for the most part. This field of research is not pursued by most in India and you will mostly have to rely on yourself. Also, if you wish to work in the corporate after your Ph.D. , join DSE as it offers very good placements. JNU does not offer on campus placements. The economics at JNU though, is very enriching. There you will be exposed to a variety of subjects, debates, etc.  You must choose between JNU and DSE for your Ph.D. Economics, based on your personal preference and your field of research.Read more
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Ques. Which institute is better for a PhD in economics (in terms of exposure, curriculum, study methods, etc.), IIM Ahmedabad or IIM Bangalore?

● Top Answer By Pratik Parikh on 20 Oct 23

Ans. IIM is a brand in itself. IIM Ahmedabad and IIM Bangalore are prestigious institutes.  Both are equally good for a Phd in Economics. You may choose either of the two for your higher studies. You can also consider Jamia Millia Islamia for a Phd. A Phd. from this college is also highly valued. Look into the research interests of the faculty while making a choice. This is the most important factor that you should consider while choosing a college for your Phd.  Both IIMA and IIMB are a good choice for your higher studies. You must choose between them based on your goals. Read more
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Ques. How good are your chances to get into PhD economics at MIT/Harvard/Stanford after completing MA economics from DSE or MSQE from ISI Delhi/Kolkata?

● Top Answer By Debarghya Sanyal on 04 Sept 21

Ans. Getting admission to MIT, Harvard or Stanford can be possible from ISI Delhi. It has a very good Economics Unit. However, the same cannot be said about ISI Kolkata and also MSQE, for that matter. Do not expect to get into MIT or Harvard or Stanford by studying in ISI Kolkata. It goes without saying that you will have to have and maintain an excellent academic record to even be considered for admission to the institutes you aspire to study in. And you also must have a good reference with the faculty so that they can write letters of recommendation for you.Read more
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