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Tell me about it
Economists provide specialist advice based on the application of
economic theory and knowledge to practical problems. They carry
out research, collect and analyse data, monitor economic trends
and develop forecasts for future activities. Typically, economists
are involved in studying the distribution of scarce resources such
as land, human labour, raw materials, money, goods and machinery.
Areas of economic research include labour market intelligence,
local government finance, energy costs, public health, property,
inflation, taxation, interest rates, the impact of globalisation
on developing countries, and imports and exports.
Most economists are concerned with the practical applications of
economic policy. They use their understanding of economic relationships
to advise businesses and other organisations including insurance
companies, banks, security firms, industry and trade associations,
unions and government agencies.
Entry level
You would normally need a good class of honours degree in economics,
but it is a real advantage to have a postgraduate award in either
economics or a closely related subject. Minimum entrance requirements
for degree courses are two A Levels/three H grades. Usually, one
of these would need to be maths.
The Government Economic Service (GES), the largest single employer
of economists in the UK with 600 economists in 30 departments and
agencies, runs a 'fast track' programme for selected graduates and
also a European scheme for which a foreign language would be essential.
For GES entry, you would need a good honours degree in economics
or a degree with an element of economic studies, or a postgraduate
degree in economics.
A second degree may be a requirement when applying for posts with
businesses, banks (including the Bank of England) and financial
institutions.
Making the grade
Many employers support or encourage part-time study for postgraduate
courses.
You would join the GES as an assistant economist, training on the
job as you help with projects under the supervision of experienced
economists. You would normally be based in a department for at least
two years, before moving between departments to get more experience.
You should progress to become an economic adviser, with the possibility
of further promotion to senior economist and a few higher posts
Training is usually on the job in other organisations, through
reading relevant literature and attending short courses, conferences
and seminars.
Personal qualities
As an economist, you would need excellent research and analytical
skills, together with the ability to read and understand figures,
graphs and charts. Logic and accuracy would be extremely important,
along with advanced IT skills.
You must be organised and able to work under pressure.
Looking ahead
Competition for economist posts is very fierce. The GES, employing
around 800 economists in all government departments, recruits around
60 graduates annually through its fast-stream programme. Most jobs
are based in London, with others in the major cities of the UK.
The Bank of England, with some 200 economists, is another major
employer. Other banks and financial organisations employ economists
to advise on policy, loans and investments, and provide economic
advice to customers. There are many other areas in which economists
can find employment - in development agencies, large local councils,
independent economic institutions, management consultancies, the
media and EU institutions, for example - but you may need a lot
of experience, a second degree or a foreign language.
A small number of large companies employ their own economists,
mainly to act as business analysts and to advise on strategic policies,
for example regarding the company's relationship with government.
Alternative suggestions
Other possibilities might include accountant,
actuary, banking
executive, chartered secretary, civil
servant, financial adviser, mathematician
or statistician
Take-home pay
In the GES, salaries vary across departments, but the average starting
salary in London is about £23,500 a year. A higher starting
salary may be paid to those who hold a postgraduate qualification.
The salary range for experienced economists is very wide. They normally
earn in the range £35,000 to £55,000, although £200,000
is not uncommon for a top economist.
Effects
Economists tend to work normal office hours, although you might
have to work late to meet project deadlines.
Sources of information
Society of Business Economists: www.sbe.co.uk
Government Economic Service: www.ges.gov.uk
Royal Economic Society: www.res.org.uk
Bank of England: www.bankofengland.co.uk
CRCI: IF
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