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Economist

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An economist is an expert who studies the relationship between a society's resources and it's production or output.

The societies studied may range from the smallest of local communities to an entire nation, or even the global economy.

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What does an economist do?

The role of an economist involves researching, monitoring and analysing economic data and providing associated forecasts, advice and recommendations.

The Prospects economist job profile provides a detailed overview of typical responsibilities along with examples of specific work projects, from assessing the economic impact of national sporting events, to analysing the performance of companies before advising fund managers on investments.

The Economics Network has produced a useful website about studying economics. The section on After Your Degree: Where Next? includes a number of case studies, links to vacancy websites, and an employability profile that lists the skills an economics degree should have taught you.

In 2015, the Royal Economic Society conducted an employer survey about graduate skills. Most in demand were 'the ability to analyse economic, business, and social issues' and 'the ability to organise, interpret, and present qualitative data'. 

Skills shortages were 'the ability to communicate clearly in writing' and 'the ability to apply what has been learned in a wider context'.

The future of economics

The World Economic Forum has recently published a list of the 10 biggest global challenges that, if they are to be addressed, will require cooperation from the public and private sectors and a potential increase in relevant roles for economists. They are:

  1. healthcare
  2. food security
  3. inclusive economic growth
  4. employment
  5. climate change
  6. long-term investing
  7. global finance
  8. the internet
  9. gender equality
  10. global trade and investment

The incoming president of the Royal Economic Society lays out his priorities for 2016 here.

At the time of writing, the impact of Brexit on the economy is unclear, but there is likely to be significant work for economists relating to the numerous repercussions of this decision, both in the UK, Europe and across the world.

 

Employers

Economists work for a wide range of different employers, both in the public and private sectors.

Government departments and agencies

The Government Economic Service (GES) is the UK's largest employer of economists, employing more than 1,400 professionals in over 30 departments and agencies. They recruit around 120 economists a year.

The Office for National Statistics is currently the fastest growing employer of economists in the UK.

Investment banks and other financial institutions

The Bank of England has two core purposes – monetary stability and financial stability.

It works closely with a range of other organisations to achieve those aims. It offers a range of internships and graduate programmes.

Think tanks

A think tank is a group of experts who provide advice and ideas on specific political or economic problems.

Consultancy UK has recently listed its top 50 global private sector think tanks and research firms.

Higher education institutes

Academic institutions employ researchers and lecturers who specialise in the field of economics.

Visit Jobs.ac.uk to investigate roles being advertised. You can also speak to academic staff at Nottingham for advice.

Not-for-profit organisations

Typically, not-for-profit organisations are charities or other types of public service organisations. The Charities Commission website provides a searchable list of charities registered in the UK.

Economic consultancies

Economic consultancies work with businesses, regulators and policy makers to evaluate and implement strategic decisions. They often specialise in a particular sector or area of economic expertise. Vault has produced a list of 20 top consultancies.

International organisations

The United Nations Development Programme (UNDP) administers the Junior Professional Officer (JPO) programme which provides hands-on experience to young professionals.

The World Bank offers a range of programmes and internship programmes such as the World Bank Analyst Programme.

Roles

The Prospects economist job profile gives a detailed overview of the responsibilities of an economist alongside a list of specific work project examples.

Visit recruitment sites such as Economist Jobs to get an idea of available jobs and their responsibilities.

Entry-level roles are often at associate or analyst level, with progression to forecaster or modeller after four to five years. Job titles might include 'Economist', 'Economic Researcher', 'Associate Economist' or 'Analyst'.

If you're particularly interested in statistical and mathematical analysis, the role of Econometrician might suit you. Visit the Supply Curve job board to investigate.

Finding a job

Entry routes and recruitment processes

For larger organisations, e.g. banks, government agencies, etc. entry is often through a structured graduate training scheme, with application deadlines as early as October or November for opportunities starting the following summer or autumn.

For smaller employers such as consultancies or not-for-profit organisations, recruitment will take place as and when needed. Networking here is hugely valuable.

Experience

Entry is likely to be a highly competitive process so relevant work experience will be beneficial.

Qualifications

Most employers of economists will expect a masters qualification unless you have relevant work experience.

However, entry is possible with an undergraduate economics degree, usually at 2.1 or above, particularly on graduate training schemes. For example, the GES doesn't require a masters qualification. 

International organisations such as the Overseas Development Institute run a range of prestigious economics-related programmes and internships. Many of them include a masters or PhD in their entry requirements.

A PhD will be a requirement for academic research roles within higher education institutions.


Skills

A successful economist can extract and analyse data and convey complex ideas in an accessible and productive way.

This requires excellent written and oral skills and close attention to detail. Strong IT skills are also important to facilitate the use of analytical and statistical programs.

You will work to tight deadlines and prioritise workload, while building productive relationships with a variety of colleagues.

 

Finding work experience

Relevant work experience will give you a significant edge in the application process and will be expected by most employers. There are a number of ways to obtain it:

    • Many of the larger international, governmental or corporate employers will offer formal internship and placement programmes, e.g. the GES and Bank of England
    • The Institute of Economic Affairs offer internships and events for students
    • Speculative applications can be effective with smaller organisations, particularly if you can make contact with a key individual
    • Apply for our Nottingham Internship Scheme with placements in finance, digital marketing and market research
    • Look for opportunities to help with the research in Nottingham's School of Economics
    • If you can't find experience in a purely economic setting, any business or corporate experience will be of value

If you are interested in economics in the international development sector, volunteering experience with an NGO will be valuable.

 

Your next steps

  • Join relevant societies and organisations as this will demonstrate your interest in the subject and allow you make useful contacts.

Royal Economic SocietySociety of Business Economists

  • Visit the economist.ning forum for networking
  • Investigate masters courses early so you can be clear about how they will enhance your applications. Talk to potential employers to gauge their opinion
  • Sign up for the Finimize newsletter for a summary of important global news on a daily basis

Get involved at Nottingham

Join Students' Union societiesFor example: Economics and Finance Society, Nottingham Entrepeneurs, Business Management and Leadership Society

Join the Nottingham Consultany Challenge - develop analytical and consultancy skills

Join the Nottingham Advantage Award

Attend School of Economics talks

Read the Nottingham Economic Review

  • Utilise the Bloomberg terminals around the University to develop and hone your financial knowledge and skills.
 

 

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