Economists play a vital role in increasing the company’s annual turn over, increasing market value for the firm, and planning strategic ideas for bringing in more foreign investments. Economists need to have wide knowledge in world economic policies and capable of understanding the current market trend. Economists can join in banks, insurance corporate, and some private organizations even if they have bachelor degree in this field. However, the salary will be vey less.
Some people are even earning in millions per month in foreign countries in this field. Having a MBA degree will help you to earn more but you need to get that degree in a top class institute. Persons who are doing their MBA in Indian IIMs can earn in millions without any doubt in it. Economists need to take risk at the time of joint ventures with other companies and during investment in a particular field. Economists can also set up their own consulting firms in this field. You can easily get job as an economist in countries where private organizations and industries are more in number.
Normally there will be only very few people working as economists when compared to other people (engineers, technicians, laborers) who are working in that organization or firm. So getting a job as an economist is much competitive, for this reason only many people who are new to this profession will take up this job in small organizations initially and then after gaining experience they will start moving in to bigger companies.
In order to get in to higher posts you need to do either Master of Philosophy or Doctorate in Philosophy in economics. To cope with the increasing competition in this field one has to be in regular update with the software packages that could support your role. Some people will prefer to be a teaching staff than working in some corporate office.
There is an increasing demand for staffs who could teach economics in schools and universities level, this is due to the popularity about this profession among many youngsters. People with a bachelor degree can work in schools whereas university professors need to have either a MBA or PhD degree, Salary will be above 80,000 rupees for those who have industrial experience.
