What Makes a Profession?

What distinguishes professions like medicine and law from other jobs, including long training, licensing, self-regulating bodies and ethical codes, and the economic effects.

A profession is a special kind of occupation.

Features

Long training and exams.
Licensing to practise.
Self-regulating bodies like the Bar Council or ICAI.
Ethical codes.

Why

Clients can’t easily judge quality (information asymmetry), so professions certify competence.

Economic effects

Licensing protects quality.
But it also restricts entry, raising professionals’ pay.

Human capital

Professionals invest years and money in training, expecting higher lifetime earnings.

Status

Professions often carry social status, influencing career choices.

The licence

A law graduate must enrol with a State Bar Council and pass the All India Bar Examination to practise.

Thinking professions are just well-paid jobs

They have licensing and self-regulation.

Key takeaways

Professions need long training and licences.
Bodies self-regulate.
Licensing addresses information gaps.
It also restricts entry.