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Economist : Salary and conditions

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Case studies

  • Range of typical starting salaries can be anywhere from £25,000 - £35,000.
  • Starting salaries vary greatly between employers in industry and government departments, but graduate starting salaries are generally average or above average. The latest figures from the Higher Education Statistics Agency (HESA) (2008-09) found that economics graduates earned £4,673 above the average graduate and £13,721 over the average salary of a non-graduate.
  • Range of typical salaries at senior level/with experience, e.g. after 10-15 years in the role: £50,000+. Salaries for experienced economists vary widely and economists working in banking, financial services, industry and consulting sectors usually earn more.
  • Working hours tend to be 9am to 5pm, Monday to Friday. However, as the workload can be uneven, hours may be longer and less predictable.
  • The work is mainly office-based and conventional office dress is expected.
  • Part-time work, flexible working and job-share may be possible, particularly for those working in the Civil Service.
  • Self-employment or freelance work is sometimes an option but only after gaining a considerable track record of expertise and numerous years' experience. You will need to have built up both contacts and a good reputation before embarking on consultancy work.
  • London is a major financial and economic centre and as such offers many opportunities in the field, but posts are available in major cities across the UK.
  • Opportunities to work abroad are available as a diplomatic service economist for the Foreign and Commonwealth Office (FCO), or in the private sector.
  • The work can be stressful due to tight deadlines and often having to work on several projects at once.
  • Some travel within a working day may be required to meet clients or colleagues and to attend conferences. Presenting work at conferences is also common.
  • Occasional absence from home overnight or overseas travel may be required.
 
AGCAS
Written by AGCAS editors
Date: 
October 2011
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