Economist
What is the work like?
As an economist, you would use your knowledge of economic theory to advise government departments, businesses, banks and other organisations. Your research would help governments to develop economic policies and businesses to plan financial strategies.
Your work might vary according to whether you work in the government or business sector, but typical tasks would include:
- researching information from computer databases, journals, the press and other professionals
- monitoring past and present economic issues and trends
- creating mathematical models to predict future economic developments
- analysing statistics
- producing reports and presenting findings to their employer or client
- writing reports for the press
- examining how effective current policies are
- advising on the economic impact of alternative ideas.
In some jobs you may also be involved in university teaching or research.
What qualifications and experience will employers look for?
To work as an economist you will need a good degree in economics or a related subject. Some employers may prefer you to have a postgraduate Masters degree in economics as well as a first degree.
To become an assistant economist in the Government Economic Service you must have at a degree of at least class 2:1 in economics, or a combined degree that included at least 50% economics.
Other employers may accept degrees in related subjects, such as:
- maths
- statistics
- business studies
- finance and accounting.
To start an economics-based degree course, you will usually need at least five GCSEs (A-C), plus two A levels including maths or economics. You should check with colleges or universities for exact entry requirements.
You will find it helpful to have work experience in business, accountancy or finance.
What further training and development can I do?
If you join the Government Economic Service (GES) as an assistant economist, you will be trained through a structured fast-track development programme. You are likely to progress from assistant economist to economic adviser after three to four years. See the GES website for more information.
In the private sector, you would normally start as an economic research officer or analyst, and learn on the job from more senior economists. Your employer may also arrange training in areas like report writing, making presentations and using specialist statistical computer software.
Once you are working as an economist, you may also be able to study for a postgraduate qualification that is relevant to your employer's work. Your employer may provide funding towards this.
You may find it useful to join a professional body such as the Royal Economic Society or the Society of Business Economists, for development and networking opportunities. See their websites for details.
Where can I go for more information?
Threadneedle StreetLondon
EC2R 8AH
Vernham Dean
Andover
Hants
SP11 0JZ
HM Treasury
1 Horse Guards Road
London
SW1A 2HQ
Tel: 020 7270 4835
If you would like to discuss your career options with a learning adviser, call 0800 100 900 or use our online enquiry form
Alternatively, you can visit our website at: www.direct.gov.uk/careersadvice
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What salary and other benefits can I expect?
- Starting salaries are around £25,000 a year.
- Government economic advisers with three years' experience earn between £35,000 and £45,000.
- Senior economists may earn between £60,000 and £80,000 a year.
Private companies may offer higher salaries than in the public sector or government.
Figures are intended as a guideline only.
What are the hours and working conditions?
Your standard working hours would be 9am to 5pm, Monday to Friday, although flexible and part-time work may be available with some employers.
The work is office-based. You may need to travel in the UK and possibly overseas, depending on the type of projects you work on.
What skills and knowledge will I need?
- an excellent understanding of business and economic theory
- good research skills
- the ability to analyse complex information and statistics
- good mathematical and computer skills
- good communication skills, with the ability to explain complex issues to non-economists
- report writing skills
- organisational ability, for working on several projects at once
- the ability to build good working relationships with a range of professionals.
What opportunities are there?
The largest employers of economists in the UK are the Government Economic Service and the Bank of England. Other employers include:
- other government departments and think tanks
- commercial and investment banks
- international organisations such as the European Union
- regional development agencies
- specialist consultancies
- insurance companies
- trade unions
- newspapers and financial journals
- universities.
With experience, you could progress to senior levels or choose to become a self-employed freelance consultant. Government departments offer a clear promotion structure, whereas in the private sector you may need to move between employers to progress and develop more varied experience.
You may find the following links useful for job vacancies and general reading (links open new window):
The Economist
The Supply Curve
Financial Times
Economistjobs.co.uk
eFinancial Careers
We do not accept responsibility for the content of external sites.
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