“This blog will help you know more about the work of Economist and Statistician for society and for capitalist. Salaries of these two professions are also discussed in accordance to institute, organisation, sector and experience. Let,s read about them one by one.” Economics and Statistics are two important subjects which are some how interdependent and have great national importance. Economist are known to be think tanks of the society. The policies designed and administered by these economists are trickle down to whole society or targeted part of society. Statisticians are responsible for collecting data and organizing survey for economic study. These statistician are helping think tanks to analyse the data and make their policy more effective. Economist and Statistician work interdependently for deriving policy effectively. These two professions are not only work for government sector sector but also for private players also. In capitalist society, they work mainly for business environment which affects their business. They are also responsible for forecasting thorough historical data and world environment which is changing on every policy announced by the state (country/nation). There are some data driven companies which are providing services to other firms for data analysis and making report for particular part of business environment. Education required job prospective For a Bachelor’s Degree in Economics you should clear your +2 examinations with a minimum of 50% in the aggregate to get yourself admitted in a decent college. After completing graduation they can choose from a host of courses in Economics which include M.A (Business Economics) M.A (Applied Economics), M.A (Economics), M.SC (Economics), Master of Business Economics or M.B.E and Post Graduate Diploma (Economics). Afterward for further study, they join university for Philosophical degree (M Phil) or Doctorate degree (Ph.D) in economics. Same things goes for statisticians. Only difference is in the name of degree of statistics in place of economics. The Job profile of statistician differs in each Industry. In Medicine Industry, they work with medical team to run experiment and analyse the huge data with different structures. In manufacturing industry, they work for improving the quality of goods and services. In government sector, they work on surveys for the welfare of the society. Their analysis helps government to take major decision of welfare which affects the society in large denomination. Majority of statistician works in market research, in which they organise research projects to helps the marketing department in making future perspective of consumer. Salary of Economist As an economist you can rake in respectable salaries at the very beginning of your career. Landing up in a government job can earn you at least Rs 20K- Rs 25K per month month as assistant. The salary of more experienced individuals stands something around Rs 30K per month (average). Seniority or experience plays a major role in determining salaries of Economics teachers or professors where the average salary is something between Rs. 35K – Rs. 40K. The salary range moves northward with proportional increase in number of years at a particular organization. Years of experience Average Salaries per annum 1-4 years Rs. 1.5 lakh – Rs. 14 lakh Salary variations are also dependent on the corresponding costs of living in different state/provinces and cities. Though not much information regarding salaries in all the metro cities is available, we are providing you details of economists’ salaries in Mumbai, Maharashtra. City/Province/State Average Salaries per annum Mumbai, Maharashtra Rs. 4 lakh– INR 1,277,426 Salary of Statistician MSc Statistics pass out are usually known as statistician. They are generally employed as research analyst, statistical analyst, software engineer and investigative officers in research organisations, education units and financial units of private sector. Their salary is in the range of Rs. 15K to Rs. 25K per month. In government sector, they work as Data interpreter, econometrician or enumerator in agriculture research, bank, demographic studies, economics, Indian economic services and statistical & economic bureaus. They are entitled with salary of Rs. 12.5K to Rs. 21K per month. Generally, statisticians are employed as Analyst of different profession. In this era of softwares, statistical software like SAS work as money spinner to them. Salary of these profiles are huge. Following table shows the average salary band of some of the organisation. Designation Salary range annually Data Analyst Rs 1.75 lakh to Rs 6.5 lakh Sr. Analyst Rs 5.5 lakh to Rs. 9 lakh Statistical Analyst Rs. 3.1 lakh to Rs. 8 lakh Programmer (SAS) Rs. 3 lakh to Rs. 12 lakh know the Salaries in cities, Industry or profession by clicking on given links Salaries in Mumbai Ahmedabad Kolkata Pune Lucknow Chandigarh Bangalore Surat Kanpur Nagpur Indore Thane , Delhi Hyderabad Chennai Jaipur Vadodara Firozabad Finance Industry Advertising Industry Information Technologies Education Sector Construction and Real Estate Media and Entertainment Health Care Sector CFA Sales Manager Creative Director
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