Economists use their knowledge of economic theory to advise government departments, businesses, banks and other organisations. They carry out research, monitor economic trends and forecast future economic developments, to produce reports used to help governments develop economic policies and businesses to plan financial strategies.

Research varies according to the sector they work in, but their work typically involves:

• researching information and statistics in various ways such as using computer databases, journals, the press and liaising with other professionals
• looking at past and present economic issues and trends
• creating and using mathematical models to predict future economic outcomes
• analysing data and drawing conclusions from it
• producing reports and presenting their findings to their employer or client
• writing reports for the press
• examining how effective current policies are, and advising on the economic impact of alternative ideas.

Some are involved in teaching or research in universities.

Hours and Environment

Economists usually work normal office hours, Monday to Friday. They may sometimes need to work longer hours to meet deadlines. Flexible working and part-time work may be available with some employers.

The work is office-based. Economists may sometimes travel in the UK and possibly overseas, depending on the type of projects they are working on.

Skills and Interests

To be an economist you should:

• understand business and economic theory
• have excellent research skills
• be able to analyse complex information and statistics
• have good communication skills and be able to explain complex issues to non-economists
• be able to write clear reports
• be well-organised - you may need to work on several projects at once 
• be able to build good working relationships with a range of professionals
• have good mathematical and computer skills.

Entry

You will usually need a good degree in economics or a related subject. Many economists also have a postgraduate qualification in economics - some employers may prefer you to have a Masters degree as well as a first degree.

To become an assistant economist in the Government Economic Service you must have at least a class 2:1 degree in economics.  

Other employers may accept degrees in other related subjects, such as:

• maths
• statistics
• business studies
• finance and accounting.

To enter a degree course you will usually need at least five GCSEs (A-C)/S grades (1-3), plus two A levels/three Highers. You will normally need A level/Higher maths or economics for an economics degree. An Access to Higher Education qualification may also be accepted for entry to certain courses. Please check with colleges or universities for exact entry requirements.

You will find it helpful to have work experience in business, accountancy or finance.

You may find it useful to be a member of the Royal Economic Society or the Society of Business Economists. See their websites for information.

Training

You will usually develop your knowledge on the job, learning from more senior economists. Your employer will also often provide training in skills such as report writing, presentations and specialist statistical computer software.

The Government Economic Service (GES) offers a structured fast-track development programme for new assistant economists. They also have a European Fast Stream programme, which offers secondment opportunities to EU institutions in Brussels and Luxembourg plus foreign language training. See the GES website for more information.

You may also be able to study for a postgraduate qualification that is relevant to your employer's work. Your employer may provide funding towards this.

Opportunities

Most economists in the UK work for the GES - there are around 500 in around 30 government departments. Most jobs are based in London and larger UK cities. Other employers include:

• financial institutions such as the Bank of England
• commerical banks, investment and insurance companies
• management and economic consultancies
• international organisations such as the World Bank, the International Monetary Fund, the United Nations and the European Union
• trade unions
• the media and publishing
• academic teaching and research in universities.

Assistant economists in the GES usually progress to the next level of economic adviser after three to four years. Government departments tend to offer a clearly-defined promotion structure, whilst in other sectors it may be necessary to change employers to progress. Overseas work can be possible in large multi-national organisations.

Some economists become self -employed independent consultants or researchers.

Annual Income

Figures are intended as a guideline only. Salary depends on the employer and location. Private companies may offer higher salaries than public sector or government organisations. 

A new entrant could earn from £22,000 to £26,000 a year.
Economic advisers with three years' experience earn between £35,000 and £45,000.
A senior economist may earn between £60,000 and £80,000 a year.

There may be extra benefits such as a company car or private health insurance.

Further information

Threadneedle Street
London
EC2R 8AH Economics in Government
HM Treasury
1 Horse Guards Road
London
SW1A 2HQ
Tel: 020 7270 4835 Dean House
Vernham Dean
Andover
Hants
SP11 0JZ