Economist
Useful links
The Society of Professional Economists
Royal Economic Society
https://portal.res.org.uk/account/login/
Job Profiles
https://www.prospects.ac.uk/job-profiles/economist
https://nationalcareers.service.gov.uk/job-profiles/economist
What is an economist?
Economists advise government departments, businesses, banks and other organisations on economic matters.
You will conduct research and collect information that can cover many aspects of economic and social policy which can include for example :
interest rates
taxation
employment levels
energy
health
transport
international development.
As an economist you will utilise information and analyze it using software to provide statistical analysis to produce forecasts of trends and make recommendations. These results are then used to advise various organisations such as: banks, financial companies, higher education establishments , goverment agencies and economic consulatancies.
Qualifications
University route
You'll need a good degree (a 2:1 or above) in economics, or a joint degree in economics and another subject, to become an economist. Relevant joint degrees include economics with:
finance
law
management studies
mathematics
modern languages
politics
international economics.
If you're completing a joint degree, you should make sure that most of your degree modules are in economics. Some employers will also look for good A-level results.
Some employers will expect you to have a postgraduate qualification, such as a Masters or PhD, in economics. It may be possible to get a job as an economist if you have a degree in a subject other than economics if you also have a postgraduate degree in economics.
Government Economic Service (GES) Fast Stream
The Government Economic Service (GES) is at the heart of decision-making in the UK Government. Our 3,500+ economists work across more than 50 departments and agencies, from HM Treasury to the UK Space Agency! We are the largest employer of economists in the country.
The work of GES economists has been integral to understanding and responding to fast-moving events such as Covid-19, the Russian invasion of Ukraine and changes in financial markets. Economic analysis is central to policymaking on long-term challenges such as climate change, education, biodiversity, and inequality.
Is an accelerated leadership development programme designed to develop the economic, managerial and communication skills needed to become a senior leader within the Civil Service. To join the GES Fast Stream as an assistant economist, you'll need a first or 2:1 in economics, a joint degree with at least 50% of the course modules in economics, or a postgraduate degree in economics. You must have studied both microeconomics and macroeconomics to apply.
For more information : https://www.faststream.gov.uk/government-economic-service/index.html
Assistant Economist Graduate Scheme
Build a brilliant career in the Government Economic Service. Join the graduate scheme as an Assistant Economist.
Apprenticeship route
You could start a Professional Economist Level 6 Degree Apprenticeship, or a Senior Professional Economist Level 7 Degree Apprenticeship to get into this career.
Employers set their own entry requirements for an apprenticeship, which are likely to include maths at GCSE and A level. They may ask for a first degree in economics, or a similar subject, to start the Level 7 apprenticeship.
For more information : https://www.gov.uk/government/publications/the-government-economic-service-degree-level-apprenticeship
< Taken from NCS & prospects 2024 >
employers
The government is the biggest employer of economists in the UK and the Government Economic Service (GES) is the professional body for UK economists in the public sector with over 3,800 members, working across more than 30 government departments and agencies.
Other major financial organisations also recruit economic graduates either directly into roles or on to graduate training programmes:
banks - for example, the Bank of England runs a graduate development programme
financial service companies, such as insurance and accountancy firms
consultancies - either specialising solely in economics, or in larger firms such a Deloitte and PwC, many of which offer graduate development programmes
research and think tanks
international organisations, also known as multilaterals or international governmental organisations (IGOs), such as UN organisations, international financial institutions, and global economic groups
privatised utilities and their regulating bodies
media, including financial journals, newspapers, and websites.
<Taken from prospects 2024>
Look for job vacancies at:
Newspapers such as the Financial Times and Specialist economics journals are useful for keeping abreast of relevant economics affairs and may also be a source of jobs.
Career Videos
YouTube channels: https://www.youtube.com/@TheEconomist
https://www.youtube.com/@NewEconomicThinking