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Helping you find a career in the economist industry
An economist uses economic theories, knowledge, concepts and analytical skills to provide data and uncover trends. Economists can be found in a number of different industries: from government departments to management consultancies and banks.
The specific duties of an economist will vary depending on industry and sector, which could include: social policy, health, banking interest rates, international development and more.
However, general day-to-day tasks may include:
Providing economic advice and recommendations
Analysing complex numerical and financial information
Understanding and interpreting data
Methodically explaining research and conclusions
Evaluating past and present economic issues and trends
Providing advice on industry specific policies
Writing reports
Delivering presentations
Providing economic advice to a range of stakeholders
Devising methods and procedures for obtaining data
Constructing and using econometric modelling techniques to develop forecasts
Analysing data to test the effectiveness of current services, policies, or products and advising course of action and the allocation of scarce resources
Preparing briefs
Understanding various sampling techniques that may be used to conduct different types of surveys
Analysing the performance of companies
Skills & interests required for an Economist
It goes without saying that an economist has to be passionate about economics. They also need to be keen to apply theory to real-life situations to advise businesses on economic trends and the impacts of certain policy decisions.
Economists will need to do significant amounts of modelling to display potential outcomes, and therefore will need to be skilled in using a variety of different software packages.
What hours does an Economist typically do?
Typical working hours for an economist tend to be 9am to 5pm, Monday to Friday. Sometimes the role may include longer hours to complete demanding workloads.
What environment is an Economist based in?
Economists tend to work in an office environment.
How much does an Economist travel?
Travelling during the working day may be required for economists to meet clients or attend conferences.
Economists potentially have opportunities to work abroad depending on the sector they work in. For example: the post of a diplomatic service economist for the Foreign and Commonwealth Office (FCO) requires overseas travel.
How much does an Economist get paid?
Economist salaries differ depending on the sector and industry they work in. However, a typical starting salary for an economist can range between £25,000 to £35,000 per annum. After a few years' experience, this can rise to around £40,000 per annum.
Senior level salaries can be expected for £50,000+. In private sector roles, this can be considerably higher.
Perks & benefits
Some employers may support you to achieve additional academic or professional qualifications to increase your skill-set as an economist.
What qualifications does an Economist need?
Economists are expected to have a degree in economics. Some employers will offer degree apprenticeship programmes designed to support you to achieve a degree-level qualification while also giving you practical working experience, although the majority of economists will have completed a degree before joining their organisation.
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 require strong A-level results.
