Economist: Job description

Economists provide specialist advice based on the application of economic theory and knowledge. They do this by studying data and statistics and using their understanding of economic relationships to uncover trends, carrying out considerable amounts of research and collecting large amounts of information. They then analyse all the data they have amassed to assess feasibility, produce forecasts of economic trends, determine the implications of their findings and make recommendations of ways to improve efficiency.

Economists use specialist software and advanced methods in statistical analysis to assemble, sift and present this information, which is then used to advise businesses and other organisations, including government agencies.

Typical work activities

Areas of research can cover any aspect of economic and social policy, ranging from interest rates, taxation and employment levels to energy, health, transport and international development. Tasks typically involve:

• devising methods and procedures for obtaining data;
• understanding various sampling techniques that may be used to conduct different types of surveys;
• creating, as well as using, various econometric modelling techniques to develop forecasts;
• understanding and interpreting data;
• analysing data to test the effectiveness of current policies, products or services and advising on the suitability of alternative courses of action and the allocation of scarce resources;
• explaining research methodology and justifying conclusions drawn from research data;
• providing economic advice to a range of stakeholders;
• evaluating past and present economic issues and trends;
• writing various technical and non-technical reports on economic trends and forecasts to inform the press and public;
• conducting numerous oral and visual presentations, which non-economist audiences must be able to understand thoroughly in order to inform decisions.

Specific work projects could include:

• assessing the economic impact of national events on the UK, e.g. the London 2012 Olympic Games;
• analysing the potential job creation of inward investment projects;
• analysing the efficiency of scarce resources in large organisations, e.g. The National Health Service (NHS) ;
• analysing the performance of companies with a view to advising fund managers or clients on investments;
• analysing the economic impact of transport infrastructure developments;
• advising government, employers or trade unions on the economic implications of policy options;
• producing research on the global economy to influence international economic organisations and forums, e.g. the International Monetary Fund (IMF)  and the G8;
• studying how exchange rates affect the competitiveness and productivity of UK and international trade;
• preparing briefs for government ministers and answering ministers' questions.