After finishing the high school at TED Ankara College in 1983, Erdem Başçı was educated in electrical engineering at the Middle East Technical University (ODTÜ), and graduated 1987 with a bachelor"s degree.
He received master"s degrees in 1989 in business administration, and in 1990 in economics from Bilkent University, and in 1993 in economics from the Johns Hopkins University. In 1995, Erdem Başçı earned a Doctor of Philosophy degree in economics from Bilkent University. Erdem Başçı was appointed deputy governor of the Central Bank of Turkey on October 9, 2003.
He was reconfirmed at this post on October 10, 2008.
Erdem Başçı was promoted to governor on April 14, 2011, succeeding Durmuş Yılmaz.
He served between 1995 and 2003 as a member of the teaching staff at the Bilkent University, from 1999 on as an associate professor of economics.