Home

Economist

Do you want to become a Economist? Here is some information to help point you in the right direction:

Job Description - Print Page

The role of an economist is usually to advise an employer or client about decisions on resources and monetary strategy - how to make things work better or more efficiently. They use their specialist knowledge of how markets behave to carry out their work.

Duties vary in different jobs but could include advising government ministers and senior administrators about economic issues, analysing trends in prices, incomes, taxes, investigating national and international economic situations to provide a basis for decision making, or advising managers in industry on strategic policies.

The main work activities are:

• researching information about markets
• using knowledge of economic theory to find patterns and model real situations
• reaching conclusions and presenting them to employers or clients.

Economists tend to work normal office hours, although they may often have to work late to meet project deadlines. They are office based but have to consult clients and colleagues, which may involve travelling to meetings.

Starting salaries average around £23,000 in London, and range from £35,000 to £55,000 for experienced economists. The most respected economists can earn up to £200,000 a year.

Economists must:

• have excellent number and mathematical skills
• have excellent communication skills
• be confident in their work and be able to justify their conclusions
• be organised and able to work under pressure
• be interested in solving economic problems.

The Government Economic Service (GES) employs around 800 economists who work in all government departments. The Bank of England is another major employer. Economists are also needed in development agencies, some large local councils, independent economic institutions, the media and universities and colleges.

Competition for economist posts is very fierce. The normal minimum entry requirement is a good honours degree in economics, but it is a real advantage to have a postgraduate award in either economics or a closely related subject.

Economists are generally trained on the job and may attend short courses, conferences and seminars.

In the GES, people start as assistant economists and progress to economic adviser. Some are promoted further to senior economist or higher. The prospects of internal promotion are limited, so many get promotion by changing employers. Experienced economists may start up consultancies, either on their own or with suitable partners.

More Useful Resources - Economist:

Do you know of a useful and relevant website that would be helpful to our users? Tell us about it by emailing