Economist

Economists research, analyse and interpret economic information. They analyse the current economic situation and forecast how factors such as unemployment and inflation levels will change in the future. Economists use their findings to advise people in government, business and industry on economic conditions, trends and the implications of specific policies.

Work activities

The largest recruiter of economists is the Government Economic Service (GES), with over 3,500 members working across government. Government economists advise the government and parliament on issues such as taxation, housing benefits, local government funding, public health and criminal justice. For example, economists study specific proposals, such as plans to increase spending on housing, and use their findings to advise ministers on the eventual costs, the projected impact of existing trends, and implications for other areas of the Budget.

Government economists analyse national expenditure, such as health spending, benefits and defence budgets, and recommend investment or cuts in particular areas. They also research the difference in value between payments into and out of the country (the balance of payments), assessing the strength of the export market. Economics is not just about money – it is to do with all types of resources, including raw materials, goods, services and people. Government economists could be studying the availability of a particular resource around the world, for example.

Apart from central government, there are economists in regional and local government, and non-governmental organisations (NGOs) such as local development agencies. These economists usually work to stimulate their local economy. They analyse local trends, such as investment in tourism or particular industries, and keep policymakers up to date with potential new sources of funding for local areas.

Economists in the Bank of England provide research to the Bank’s Monetary Policy Committee (MPC), for example, on inflation trends, forecasts for the performance of sterling, the outlook for major trading partners, and the information needed to set interest rates. In business and industry, economists study markets, advising on investment opportunities and alerting decision-makers to significant changes in the economy that could affect the company. Economists study the use and distribution of resources within companies, putting together information on factors such as the availability and cost of raw materials, transport and labour.

Larger industrial and business organisations employ their own economists. Otherwise, most economists in this area work as consultants for smaller organisations. For example, a computer company might ask a consultant economist to assess how many school leavers have IT skills at a certain level. This helps the company to think about and plan for possible skills shortages in the future.

Economists also work in areas related to finance, for example, in insurance companies, banks and accountancy firms. Other areas of work include international organisations such as the World Bank, United Nations and International Monetary Fund (IMF). There are also economists in journalism, education and trade unions. Wherever they work, economists gather their information from sources such as databases, published statistics, the internet, libraries and newspapers. They present their findings, for example, in verbal or written reports, using graphs and charts.

Personal qualities and skills

To be an economist, you’ll need:

To enjoy research.
A thorough, methodical approach to collecting and analysing information.
Strong problem-solving skills.
An interest in current affairs.
The ability to work well in a team.
Maths and computer skills.
The ability to apply your knowledge to real-world issues.

The ability to explain things clearly and concisely, including in written reports. Some economists need to be persuasive, to convince managers of their arguments.

Pay and opportunities

Salaries for economists vary. The pay rates given are approximate. Economists earn in the range of £28,000 per year, rising to £60,000 with experience.

Economists usually work office hours, Monday to Friday. In the financial sector, hours can be longer.

Employers include central government, where economists work across departments and agencies. Financial institutions, such as the Bank of England and other large banks, building societies and insurance companies, are major employers. Economists also work for global organisations such as the International Monetary Fund and the World Bank. Other employers are accountancy firms and private consultancies. Opportunities for economists occur in towns and cities throughout the UK, with most opportunities in major financial centres such as London and Edinburgh.

Where are vacancies advertised?

Vacancies for Fast Stream entry to the GES (graduate entry is as an Assistant Economist) are posted for online application on the Civil Service Fast Stream website. The GES scheme comes under the Analytical Fast Stream. Vacancies for other employers are advertised on the Bank of England’s website, The Economist website, on financial and general recruitment job boards, and in national newspapers.

Entry routes and training

Gaining a degree in economics (or a subject with a substantial economics content) is the typical route into a job in this field. However, many posts also need postgraduate qualifications, and these are increasingly necessary. Economics is available as a single subject degree, or in combination with a range of subjects, including accounting, history, politics and marketing. This is the typical entry requirement for an economics role within the Civil Service Fast Stream.

A new apprenticeship programme is available in the role of professional economist. This is a level 6 programme which results in a degree. You will train on the job while studying for a degree on day or block release, paid for by your employer. The GES offers this as a degree apprenticeship.

Qualifications

For entry to a degree in economics, the usual minimum requirement is:

Two to three A-levels. Some universities specify maths. Economics and business studies are also useful subjects.
GCSEs at grades 9-4 in your A-level subjects. Economics is useful but not essential for entry to degree courses.
A further two to three GCSEs at grades 9-4, often to include English and maths.
Edexcel (BTEC) level 3 Nationals.
International Baccalaureate (IB) diploma.

To get onto the economics professional degree apprenticeship, you will need:

Two relevant A-levels.
GCSEs in English and maths.

Adult opportunities

Age limits: It is illegal for any organisation to set age limits for entry to employment, education or training, unless they can show there is a real need to have these limits.

Some entrants have a background in accountancy, mathematics or banking.

If you don’t have the qualifications needed to enter a degree course, you might be able to start one after completing an Access course, for example, Access to Business or Mathematics. You don’t usually need any qualifications to enter an Access course, although you should check this with the course provider. Part-time postgraduate courses covering economics and economic specialisms are available.

Related careers

Actuary
Fast stream civil servant
Investment analyst
Management consultant
Social researcher
Statistician