Economist

Economists collect, study, and analyse data in order to provide specialist advice to organisations and predict economic behaviours

As an economist, you'll carry out thorough and analytical research, collecting large amounts of information that covers many aspects of economic and social policy, ranging from interest rates, taxation, and employment levels, as well as energy, health, transport, and international development.

You'll analyse complex data using specialist software and advanced methods in statistical analysis to produce forecasts of economic trends and make recommendations about improving efficiency.

Your findings will be used to advise various organisations, including government agencies, economic consultancies, major companies, banks, financial institutions, higher education establishments, and investment groups.

Responsibilities

As an economist, you'll need to:

• design methods and procedures for obtaining data
• understand various sampling techniques used to conduct different types of surveys
• create, as well as use, econometric and other financial modelling techniques to develop forecasts
• carry out background research and literature reviews
• collect, sift and assemble data
• analyse and interpret the collected data to test the effectiveness of current policies, products, or services, and advise on the suitability of alternatives and the allocation of scarce resources
• explain your research methodology and justify conclusions drawn from research data
• write technical and non-technical reports and policy briefs on economic trends and forecasts
• provide economic advice to a range of stakeholders
• evaluate past and present economic issues and trends
• deliver oral and visual presentations in a way that non-economist audiences who need to make decisions can understand.

Other, more specific, work projects may require you to the following type of tasks:

• assess the economic impact of national events on the UK, such as major sporting events
• analyse the potential job creation of inward investment projects
• evaluate the efficiency of scarce resources in large organisations, e.g. the NHS
• analyse the performance of companies with a view to advising fund managers or clients on investments
• consider the economic impact of transport infrastructure developments
• advise government, employers or trade unions on the economic implications of policy options
• produce research on the global economy to influence international economic organisations and forums
• study how exchange rates affect the competitiveness and productivity of UK and international trade
• prepare briefs for government ministers and answer questions.

Salary

• Typical starting salaries range from £25,000 to £35,000, with the potential to increase after a few years of experience.
• Salaries at mid-level range from £40,000 to more than £75,000, while senior economists can make between £65,000 to over £100,000 depending on experience, location, and sector.
• Economists' salaries can vary widely, and those working in banking, the financial services industry, and consulting sectors usually earn more.

Additional benefits when working for private sector companies may include bonuses and private healthcare.

Income figures are intended as a guide only.

Working hours

Working hours tend to be 9am to 5pm, Monday to Friday. However, your hours may vary, being longer and less predictable to cope with increasing workload.

Part-time work, flexible working and job sharing may be possible, particularly if you're working in the Civil Service.

What to expect

• The work is mainly office-based, and you'll often be involved with several projects at once.
• London is a major financial and economic centre, offering many opportunities. However, posts are available in both the public and private sector in major cities across the rest of the UK.
• Self-employment or freelance work is sometimes an option, but only after gaining a considerable track record and years of experience. You'll need to build up contacts and a good reputation before embarking on consultancy work.
• You may need to travel during the day to meet clients or colleagues and to attend or present work at conferences. There may also be some international travel, which could include overnight and weekends on occasion.
• There are some opportunities to work abroad for a period of time if you're working in the private sector or as a diplomatic service economist for the Foreign and Commonwealth Office (FCO).

Qualifications

To become an economist, you'll need a good degree (a 2:1 or above) in economics. You could also do a joint degree in economics and another subject, such as:

• finance
• law
• management studies
• mathematics
• modern languages
• politics
• international economics.

If you're completing a joint degree, you should make sure that most of your degree modules are in economics. Some employers will also look for good A-level results.

It's also likely that you'll be expected to have a postgraduate qualification, such as a Masters or PhD, in economics. It may be possible to get a job if you have a degree in a subject other than economics if you also have a postgraduate degree in economics. Search postgraduate courses in economics.

It's also possible to become an economist through joining a graduate training scheme. The Government Economic Service (GES) Fast Stream, for example, is an accelerated leadership development programme designed to develop the economic, managerial and communication skills needed to become a senior leader within the Civil Service. This scheme lasts for three and a half years. To join the GES Fast Stream as an assistant economist, you'll need a first or 2:1 in economics, a joint degree with at least 50% of the course modules in economics, or a postgraduate degree in economics. You must have studied both microeconomics and macroeconomics to apply.

You can also become an assistant economist for the government via its Assistant Economist Scheme, which requires the same credentials as the GES Fast Stream. You can apply if you graduated more than five years ago, but you will need to show how you've kept your economics knowledge up to date.

Alternatively, you can enter the profession by taking a degree-level apprenticeship in economics. You'll typically need three A-levels and strong maths skills. The GES, for example, runs a degree-level apprenticeship, which combines working in government with studying for a degree in economics.

Skills

You'll need to have:

• well-developed research skills
• the ability to extract and analyse relevant data using a range of statistical software packages
• excellent written and spoken communication skills to convey complex ideas to people with varying levels of economic expertise
• the ability to build productive working relationships and work within a team
• excellent organisational and time management skills
• the ability to work alone and under pressure, often to tight deadlines
• accuracy and attention to detail
• the confidence to make sound judgements and recommendations
• skills in juggling and prioritising tasks
• project management skills
• a genuine interest in economics, policies, and current affairs
• self-reliance and motivation
• good IT skills
• high capabilities when it comes to mathematics and problem solving
• foreign language skills, which can be helpful if you're considering secondments abroad.

Work experience

Getting relevant work experience can boost your employment prospects. You can apply for summer placements, internships or industrial placement years to help develop your skills and build a network of contacts.

The GES offers a sandwich placement and summer vacation scheme aimed at students studying for a degree in economics or a joint degree where economics comprises at least 50% of the total course and who are on track for a 2:1 or first. Other internships are available at large organisations that employ economics graduates.

It's also a good idea to join student industrial societies and organisations, such as The Society of Professional Economists or the Royal Economic Society to demonstrate your interest in economics, as well as to make contacts.

Employers

The government is the biggest employer of economists in the UK and the GES is the professional body for UK economists in the public sector, with over 3,500 members, working across more than 50 government departments and agencies.

Other major financial organisations also recruit graduates, either directly into roles or on to graduate training programmes:

• banks, including the Bank of England
• financial service companies, such as insurance and accountancy firms
• consultancies - either specialising solely in economics or in larger firms such a Deloitte and PwC - many of which offer graduate development programmes
• research and think tanks, such as the Institute for Fiscal Studies
• international organisations, also known as multilaterals or international governmental organisations (IGOs), including UN organisations, international financial institutions, and global economic groups
• privatised utilities and their regulating bodies
• media, including financial journals, newspapers, and websites.

Look for job vacancies at:

• Civil Service Jobs
• Econ Jobs
• EconomistJobs
• eFinancialCareers
• The Economist Jobs Board

Newspapers such as the Financial Times and specialist journals are useful for keeping abreast of relevant economics affairs, while also being a potential source of jobs.

In general, competition for posts is fierce. Try to apply for jobs in the early autumn of your final year or as soon as the recruitment cycle begins.

Professional development

Training for economists is ongoing and varies depending on the sector and type of employer your work for. You'll usually develop your knowledge on the job while working in consultation with more experienced and senior economists.

This learning is consolidated through short courses and seminars, either in-house or delivered by external training providers. Topics such as presentation skills and report writing are common to most organisations. You may also receive formal training on new IT and statistical packages.

Graduates on training schemes will typically attend a two or three year course in one or more posts. Graduates on the GES Fast Stream programme are allocated a place for their first two years on the scheme. It's then possible to move to another area, such as macroeconomic modelling, competition policy, international financial issues, housing benefits, local government finance, public health, or criminal justice.

You'll need to undertake continuing professional development (CPD) throughout your career to keep up to date with developments in economics. Membership of professional bodies such as the Royal Economic Society and The Society of Professional Economists, provide a range of training and networking opportunities.

Career prospects

Career development for economists varies between organisations. Within the GES, for example, entry-level assistants on the Fast Stream programme can expect to move between government departments to widen their experience. Promotion to the role of economic adviser is based on merit and generally occurs after gaining experience, usually three to four years after joining.

Major organisations offering graduate development programmes, such as the Bank of England, encourage graduates to enhance their career development by moving between areas and roles to further improve their skills and knowledge.

If you're joining the private sector, you may enter as an economic research officer or analyst before progressing to become an economic consultant or senior economist.

Alternatively, you may choose to develop your professional expertise, networks and skills by changing organisations and sometimes sectors. Not only does this add further scope and depth to your CV, it can also lead to a more varied and interesting career path. Some senior economists have started their careers in academia before transferring to industry or business, particularly after undertaking various industry-related research projects. Others will make the transition to higher education after gaining experience in industry or business.

There are also opportunities for economists to work abroad in a range of countries.