Economist

By monitoring and forecasting UK and foreign economic performance, businesses in the financial services arena should be better placed to anticipate future trends. For instance, delicate political situations that may have an impact on investments, currency values, commodity prices, interest rates and insurance underwriting risks. Economists are essentially tasked with researching the current economic conditions of a country to help plan future strategies.   This involves researching specific economic information about a country and then relating it to the wider global economic performance and the performance of other countries. Many economist jobs are highly specialist – relating to geographical regions, individual countries or specific markets. It’s a career choice that requires sound analytical and economic thinking, the ability to challenge conventional economic reasoning about a national economy or international events and the ability to communicate complex ideas clearly in a persuasive and diplomatic manner.

Salary

A trainee economist can expect to earn an annual salary of £25,000 - £35,000. When fully qualified, and with the right experience and skills you could progress to earn in excess of £100,000 per annum. This does not include potential bonuses and additional benefits. Salaries may vary based on location and employer.

• Researching and analysing data from different sources, using mathematical modelling techniques
• Interpreting complex numerical and financial information 
• Preparing market forecasts relating to individual countries
• Reviewing current market and economic information for a country and reporting on trends
• Advising on specific market events and their impact on a given economy
• Analysing the relationship between a given economy, that of similar countries and global economic trends
• Using the findings to identify trends and predict changes
• Advising colleagues and external stakeholders on the merits of different courses of action
• Presenting information in person and through written reports

• Ability to apply economic theory to real-life situations
• Strong, clear communicator, both verbally and in writing
• Confidence preparing and explaining numbers
• Analytical and research skills
• Methodical
• Excellent interpersonal and listening skills
• Self-motivated, but with strong teamwork ethic
• Confident delivering high level presentations
• Good at problem solving
• High-level understanding of the business and the financial services sector
• Desire to remain well-informed about global current affairs and political risks
• Flexibility

Employers will often expect entrants to quickly acquire sector specific knowledge and apply the following:

• Macro-economics at national and international levels
• Quantitative techniques used in economic analysis
• Economic influences in international financial markets
• Commercial requirements for making effective use of economic information
• The relationship between economic research and wider business strategies, policies and tactics

Most economists study economics or related subjects before entering this profession, so will usually have a sound understanding of economic theory. The main route into economics is through a formal graduate programme.   Most employers will seek candidates who have obtained a degree (normally a 2.1 or higher). This is usually in economics, or a joint degree in economics and another relevant subject, such as law, politics, finance or mathematics. A business studies degree with a high economic content may also be relevant. Increasingly, economists in financial services possess a postgraduate economics qualification. Conversational ability in a second language may enhance employment prospects.  The Bank of England offers internships, sponsorships, sandwich placements, and vacation work placements, which can help economic analysts to gain experience.

New entrants develop their skills while working alongside experienced colleagues. Some employers may help fund study for a professional or postgraduate qualification. Graduates joining the Bank of England enter its Analyst Career Training (ACT) programme. This lasts for three years and allows entrants to experience a range of roles. Economists must keep up to date with developments in their field and advances in research, so self-managed Continuing Professional Development (CPD) is vital.

Most financial institutions and central and local government departments employ economists. You might work at the Bank of England, for an investment institution, bank, general insurance/reinsurance company, a risk management firm or management consultancy/accountancy practice.

Although the highest concentration of jobs is in London, opportunities are available in major cities within the operational offices of financial institutions.  Some jobs may be located away from the head office environment. This role exists around the globe. There are many opportunities for experienced economists to work abroad with multinational companies and institutions.

• Royal Economic Society
• Bank of England
• Society of Business Economists