Career Counseling on Scope of Macroeconomics in Pakistan
Economics is the term which is interlinked with the services and production of goods. You will probably be finding economics to be categorized in two major divisions in which we have micro comics as well as macroeconomics. The term of macroeconomics has been explained on broader scale which is all about the economic factors in terms of knowing about interest rates or the national productivity. Any person who has been into the study of basic macroeconomics, you can call them by the name of economists. You can find them being employed in the labor market as well as letting you know about the new trends of different industries. They know all about the marketing conditions and get you know about the important policies of monetary basics.
Scope of Macroeconomics in Pakistan, Career Guide with Tips, Salary, Jobs
All such economists are employed in the international development sectors or they are also the part of consultant firms too. In most of the conditions, they even work as the entrepreneur. Inside the private companies and state agencies, they are high in demand. For the real estate firms and inside the banking sector they have special important. They do even associate themselves with the insurance companies.
Important Skills for Macroeconomics
If you want to be the part of this field, then make sure that you are having strong interpreting skills with some major skills of statistics too. Leadership skills and skills of interpersonal is also needed. A better know how about the computer basics are so much important. You should know about the graphics, tables, charts and making of tables.
Major Career options of Macroeconomic Expert
Field of Market Research Analyst:
This field is associated with the industrial trends and knowing in favor of economic climate. You can put some predictions by the side of consumer increase along with the fluctuations in the prices inside the sales product.
Field of Actuary:
As we talk about the field of actuary, it is all about different sorts of financial conditions right through which you will be able to get an idea about the risk along with the uncertainty of various principles.
You may also become financial advisor of corporate and government sector. Being financial consultant you may also start your own firms for giving professional financial advice.
In the field of economy and finance there is a great demand of professional financial researchers, who predict the upcoming events, trends, profits and loss in the financial journals. Specially governments, stock brokers, Forex traders depend a lot on the opinion of economic researchers.
What Macro Economists Do in Public Sector?
In federal, provincial and district governments Macro-economists prepare the annual budget. They suggest the radical steps for improvement of economy. They deal with international financial organizations for getting loans on low interest rate. They give advice to government about Interest rate and currency rate. They try to reduce the gap between our imports and exports. They suggest measures for increasing the revenue of government. In short if a country has professional economists then it can hope to reduce inflation and increase exports, foreign direct investment & tax revenue. They also work in central bank in different posts. In public sector of Pakistan you may find jobs in finance division, planning division, revenue department, financial monitoring unit, state bank of Pakistan, national bank of Pakistan, corporate finance wing, external finance wing, economic reforms unit, investment wing, provincial finance departments, regulations wing, board of investment, ministry of commerce, PBIT, securities & exchange commission of Pakistan, federal board of revenue, ministry of planning, development & special initiatives, PPIB, ministry of industries and production and state life insurance company.
In short public sector will provide you job in the financial policy making and implementation sectors. Very high salary is given in finance division. You must apply for all available jobs of finance division in Pakistan. For getting a highly paid job you should have an excellent profile, so keep on researching and improving your qualification. Try to specialize in Macroeconomics. Never rely on just BS or MA economics degrees. You must go for MS/M.Phil and even PhD. Get PGD too in Macroeconomics. Write research paper and articles for global financial journals.
In Pakistan economists just try to become a lecturer in public sector. They do not remain in touch with their practical field. They kill their talent and produce dummies like themselves. If you are not a research minded person then please do not enter in this field. Pakistan need professional economists who may suggest right steps for improvement of our economy. We need economists like Dr Hafeez Pasha, Dr Mehboob ul Haq, Dr Niaz Ahmad, Dr Amjad Saqib and Dr Mubashar Hasan so that we may get rid of IMF agents.
What Macro-Economists Do in Private Sector?
Private sector like banks, insurance companies and multinationals also need the services of financial planners. Experts of Macroeconomics can help them in understanding the impacts of govt policies on their businesses. They can work for financial newspapers and business magazines like Business Recorder, The Financial Daily, Forbes, The Financial Daily, The Economist and Business Standard. If you are working in field even then publish your research work in these papers. You may also get jobs in investment and financial rating companies like Moody’s Investors Service. Media also need experts of economics for their business pages and programs.
You have to acquire the degree of bachelor in the subjects of business administration or the commerce or even in economics. Having specialization in the macroeconomics will also allow you to step into this career.
You can easily move in the employment regions of the different working centers or can even get some employment inside educational universities. In Pakistan the starting salary of this profession is almost Rs. 25,000. You may earn up to 500000 as a professional macro-economists. You can possibly earn more income salary as you will gain some more years of experience. So study Macroeconomics for going on peak of this subject.