Economist
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.
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:
Specific work projects could include:
Entry is possible with a degree in economics (2:1 or above) or a joint degree including the following combinations:
Graduates completing joint degrees should ensure that the majority of their degree modules are in economics and that they have studied both microeconomics and macroeconomics. A good honours degree in another subject may allow entry to the profession but only after completing a postgraduate economics qualification. Some employers will also look for good A-level results.
Entry is not possible without a degree or with an HND/foundation degree only. A pre-entry postgraduate qualification is desirable. A Masters degree in economics may improve your chances. A number of universities run Masters degree courses specifically in business economics or in business administration (MBA).
Potential candidates will also need to show evidence of the following:
Foreign language skills can be helpful, especially for economists considering secondments abroad. In general, competition for posts is fierce and candidates should apply in the early autumn of their final year as soon as the recruitment cycle begins.
Join student industrial societies and organisations such as the Society of Business Economists or the Royal Economic Society to demonstrate your interest in economics and to make contacts. Work experience (during university holidays), particularly in an economics department, will improve your employment prospects.
Speculative approaches can be worthwhile in addition to applying to advertised vacancies and the Civil Service. Many employers value the skills and qualities gained from previous experience, particularly from the accountancy or finance sectors.
For more information, see work experience and internships and search courses and research.
Training for economists is ongoing and will vary depending on the type of employer and sector. New economists develop their knowledge on the job while working in consultation with more experienced, senior economists.
Attending short courses and seminars, either in-house or delivered by external training providers, is a feature of most economists' careers. Topics such as presentation skills and report writing are common to most organisations. Economists may also receive formal training on new IT packages and statistical programs.
Possession of higher-level qualifications is increasingly expected and many employers encourage economists to enrol for postgraduate degrees, such as an MA, MSc, MBA, MPhil or PhD. In some cases, employers will help fund such courses and provide study leave. Depending on the organisation, economists are often encouraged to become members of professional associations.
As with all professionals, economists are expected to be self-motivated in their continuing professional development (CPD) and to keep up to date with developments in economics. This means that, in most cases, they will have the autonomy to manage their own training and development needs, according to their own (and their employer's) individual career contexts.
Career development for economists varies from organisation to organisation. Within the Government Economic Service (GES) , for example, entry-level assistant economists can apply to join a fast-stream development programme designed to develop their economic, managerial and communication skills. During the first few years, assistant economists can expect to move jobs every year or so and move between government departments to widen their experience. Promotion to the role of economic adviser is based upon merit and generally occurs after gaining substantial experience, usually three to four years after joining.
For those joining The Bank of England , all graduates will join the Analyst Career Training Programme, which lasts for three years and includes on-the-job training, development workshops, seminars and other relevant training. Graduates are encouraged to enhance their career development by moving between areas and roles. Those joining the private sector may enter as economic research officers or analysts before progressing to become economic consultants or senior economists.
At PriceWaterhouseCoopers , graduates can choose between 'generalist' or 'specialist' training routes, depending on their area of interest. In business, economists often work closely (or at least indirectly) with senior-level staff. With experience, opportunities may arise for entering management at a strategic or operational level.
Alternatively, economists may choose to develop their professional expertise, networks and skills by changing organisations (and sectors). Not only does this add further scope and depth to an economist's CV, it can also lead to a more varied and interesting career path. Some senior economists may 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. In an increasingly globalised world economy, career development opportunities for economists are no longer limited to the UK or European market; many transnational corporations (TNCs) provide a broad range of opportunities for economists to work in different countries.
Economists are employed in both the public and private sector. The Government Economic Service (GES) is the UK's largest recruiter of economists, with over 1,400 professionals in more than 30 departments and agencies, and recruiting around 120 assistant economists annually. The Bank of England also recruits graduates for its three-year Analyst Career Training Programme.
Other employers include:
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