Career in The Field of Macroeconomics, Scope, Job Options, Salary
We all know that economics is all about the study of basic goods and services. Economics is divided into two main categories i.e. micro comics and macroeconomics. As we talk about the macroeconomics, then it is all about the broader scale of the economic factors which is related with the interest rates as well as national productivity. All those people who get into the study of Macroeconomics they are known as economists. They are normally involved in knowing about the industry trends as well as labor market. They keep you updated about the market conditions and the monetary basic policies. They hence even give you an idea about the national based economic growth which is needed for maximizing the f scarce resources. They will be looking at the big picture through the global prices and national level of prices in terms of inflation as well as economic climate.
Career & Scope of Macroeconomics in Pakistan, Jobs, Tips, Pay
You can normally find them working as the consultant in the international development centers or business intelligence sectors as being the entrepreneur. There has been high demand of the economic experts in the private companies as well as state agencies. They can even get the employment in the sectors of real estate firms as well as banking sector or can make their way into the insurance companies.
Difference Between Microeconomics & Macroeconomics
Microeconomics deals with running the individual business while Macroeconomics deals with running the whole country and in its economy. Basic principles of both these branches of economics resembles with each other but Macroeconomics has wider scope than Microeconomics. Experts of both Microeconomics & Macroeconomics are called economists. Macro-economists get jobs in international financial institutes (Like IMF, World Bank, Asian Development Bank etc), SBP, stock market, research institutes and finance department of government. Macroeconomics experts are also called in Tv talk shows for giving their expert opinion on budget and any financial crisis.
What is The Scope of Macroeconomics in Pakistan?
Remember that in Pakistan we have very limited number of real economists, that’s why we export even our finance minister, governor state bank and even PM from IMF, world bank, city bank and USA. For becoming expert in Macroeconomics you will have to do at-least Phd in economics. You must also write research papers in the high reputed financial journals. True economist can earn much more than a CA, so do not underestimate the importance of macroeconomics. If you have interest in economics then try to specialize in the field of macroeconomics. It will make your future very bright.
Tips For Success in The Field of Macroeconomics
Macroeconomics is a very wide subject. You need to have full command over its key concepts. You should be able to search and suggest out of the box solutions of economy related problems just like Dr Niaz Ahmad who have presented the MBCS system for revival of any economy. This system too is a out of the box solution for third world economies. Macro-economists must write columns and articles in local and international newspapers addressing the hot economy related issues. It will give them wide recognition. We also suggest you to launch your own financial blog for sharing your ideas and views on current economy issues. Study deeply various economic models of present and past. Read books of top economists and analyze their economic theories and steps suggested by them in recession periods of past. Remember that economic model of Scandinavian countries is a blend of communism and capitalism. It was a brain child of creative local economists. You must read such experiments of past too. Dr Amjad Saqib of Akhuwat has proved that microfinance is possible without interest. Successful model of Grameen Bank is the brain child of Muhammad Younis . You should also be able to take new initiatives which really work. This is possible only through intensive reading, learning financial problems solving techniques and research. Our best wishes are also with you. Below we have given just few examples of job options for you as sky is the limit in this field of macroeconomics.
Important and Required Skills within Macroeconomics
Now being a professional expert in this field, it is important to have some interpreting skills along with the statistical skills as well. You need to be able enough in getting into the abilities of interpersonal as well as leadership skills. You should be able to make the use of computer in order to get guidance about creating some tables, diagrams, graphics and charts.
Talk about Different Career Prospects of a Macroeconomic Expert
You may find jobs as macro-economists in income tax and sales tax department, planning division, think tanks, multinational companies, financial consultant firms, audit and accounting firms, insurance companies, banks, financial regulatory departments and corporate sector.
Market Research Analyst:
He will be making its way into a quick learning about the various industrial trends as well as knowing about the economic climate. In this way they will be able to predict about the consumer increase as well as price fluctuation or some kind of increase in the sales product.
In this field the expert will be analyzing about the different financial conditions which will be determining the risk as well as uncertainty of different principles.
You should be having a bachelor degree in the fields of commerce, business administration or in the economics. You can also apply if you are having a specialization degree in the field of Macroeconomics.
They can either be employed in the working centers or they can also be employed in the educational centers as well. As the salary has been mentioned, in Pakistan, the salary range in this profession is expected to be around Rs. 30,000 to almost Rs. 300, 000 as per month. This can increase at some point of stage if you have extra experience in this field background. Remember that in foreign countries you may start even with 300000 rupees per month. Last but not least your focus should be on earning but learning for rapid career growth, so study Macroeconomics with full dedication.