The Job and What it Involves
Economists primarily advise employers or clients about decisions on resources available, to see how they can improve their efficiency and profit; looking closely at the behaviour of the market.
There are many different roles for economists, such as advising government ministers about economic issues, observing closely to identify trends in prices, taxes, advising managers in industry on strategic issues. However, the economist must be able to identify the trends of the market.
The Main Areas of Work
Economists work in government and public sector organisations (such as the Bank of England, the Government Economic Service and local authorities); in investment banks and other financial institutions, in manufacturing and utility companies and in consultancy firms. They research and analyse economic issues and data and provide advice for use in forming policy or strategy.
Qualities Required
You must have excellent mathematical skills, communication skill, be confident enough to justify your decisions and stick to what you believe, and be able to work under pressure. Good verbal and written communication skills, leadership, logical reasoning and teamwork are as important to getting a job as getting a degree.
Route to Success
Economics graduates rarely start a career as a professional economist directly after graduation – a postgraduate degree is usually required for such posts.
According to statistics the majority of Economics students find employment within six months of graduating. There are many fascinating job prospects, but emphasis on the finance sector, with the majority of graduates entering banking, accountancy, tax advisory work, insurance and trading, as well as economic analysis and research.
Graduates may also enter administration, information work, retail management, IT and the media.
There are many associations who employ economists, including the Government Economic Service (GES) and the Bank of England.
Qualifications
Economics is a highly competitive career and the minimal requirement is a good honours degree in Economics; there may be further short courses to take once employed as an economist. Having a further masters or PhD will give you the advantage.
If you are interested in a career as an economist, a postgraduate degree is important. Some employers which recruit undergraduates into economics-related posts will sponsor you to obtain a postgraduate qualification, often on a part-time basis.
The Bank of England and the Government Economic Service offer support for Masters degree study. Most employers in other career areas target their graduate recruitment on undergraduates rather than postgraduates. This does not mean that they will not recruit postgraduates, but you may find that you are entering the organisation at the same level that you would have done with your first degree. These employers will provide on-the-job training and study leave if there are relevant professional qualifications to be gained (such as chartered accountancy) which are of value to them.
Salary
Starting salaries in London vary from £23, 000 up to £55, 000 for the more experienced economists, the most respected can earn up to £200, 000 a year.
Star Players
Rachel Lomax is a British economist and government official who served as Deputy Governor of the Bank of England from 2003 until June 2008. Before joining the Bank, between 1999 and 2002 she was Permanent Secretary at the Department for Transport. She was a Vice President and Chief of Staff to the President of the World Bank in 1995-6 and Head of the Economic and Domestic Secretariat at the Cabinet Office in 1994. In 2008 she was appointed as a non-executive director of HSBC. The National Council for Voluntary Organisations recently launched a commission to investigate future charity funding, headed by Rachel Lomax.
After attending Cheltenham Ladies’ College, she graduated from Girton College, Cambridge with an MA, and obtained an MSc in Economics from the London School of Economics. Her earlier career was spent at HM Treasury, which she joined in 1968 and where she worked on a wide range of macro economic, monetary, and financial issues. She was Principal Private Secretary to the Chancellor of the Exchequer in the mid 1980s, and Deputy Chief Economic Adviser in the early 1990s gaining responsibility for financial regulation and city affairs in 1992. She is a non executive director of The Scottish American Investment Company and is on the Board of the Royal National Theatre and of De Montfort University.
Further Information
Society of Business Economists www.sbe.co.uk
The Society exists to help all those who use economics in a business environment – whether in industry, commerce, finance, consultancy or public service. The site includes some careers advice.
Inomics www.inomics.com
A platform to announce job openings for economists, to search for them, and to get an email notification whenever a new opening meeting your interests arrives. Inomics covers openings in all subject and geographical areas at all levels, and the site also includes a directory of economics-related organisations, including consultancies, with links to their websites
A list of Economics departments, institutes and research centres around the world, arranged by specialisation: http://edirc.repec.org/areas.html
Economics Network www.economicsnetwork.ac.uk – one of the world’s leading economics education sites, with links to UK Economics departments.
The Royal Economic Society www.res.org.uk – professional association which promotes the encouragement of the study of economic science in academic life, government service, banking, industry and public affairs.
Why Study Economics? http://whystudyeconomics.ac.uk/career/ – video profiles of Economics graduates in a variety of careers.
Econ-Jobs.com Econ-Jobs.com new website aimed at employing economics graduates.
Inomics is a platform to announce job openings for economists, to search for them, and to get an email notification whenever a new opening meeting your interests arrives. Inomics covers openings in all subject and geographical areas at all levels, and the site also includes a directory of economics-related organisations, including consultancies, with links to their websites www.inomics.com
Economics Social Network http://economists.ning.com social network for economists to chat, discuss, and post useful resources. University students can use the site to talk to economists who are already working in government and the private sector.
A list of Economics departments , institutes and research centres around the world, arranged by specialisation: http://netec.mcc.ac.uk/EDIRC/areas.html
WiWi-Online www.wiwi-online.co.uk tailored to the research needs of students, researchers and academic staff in economics, accountancy and business studies.
Tags: economics, economist, job profile, Rachel Lomax, Women in Economics
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