Economist Jobs in the United Kingdom

Economist Jobs Overview

Do you take an interest in economic news, market forecasts, charts, graphs, and statistics? You may want to consider making this into a career by becoming an economist. Economist jobs are the backbone of a healthy economy since economists help individuals, businesses, governments, and other organisations make sound financial decisions.

Economists collect, research, and analyse economic data and use it to create economic forecasts and give financial advice. In this job, you might work in the public sector, or for corporations and organisations. Your job responsibilities will commonly include:

• collect and analyse data
• present data through reports, speeches, academic studies, and publications
• research economic issues and trends
• create economic forecasts
• give financial advice, both on a small scale (for example to individuals) and on a large scale (for example by advising governments on economic policies)
• develop economic theories

How to Find the Economist Job That Fits You

When choosing between different economist jobs, consider if you want to take on a more solitary role or work closely with others. Some economists have a primary advisory role and work closely with others in a corporation or government agency. These jobs commonly include giving presentations and speeches as well. Roles that focus more on research may be a better choice if you’re introverted.

Working for a public agency will be a different type of work culture than working for a private entity. Government agencies are able to take a more long-term approach to economic policy. If you’re goal-oriented and driven by metrics, working in business operations focusing on maximising profits might be a better fit for you.

How to Apply to Economist Jobs

To get the right job for you, craft a well-written and thoughtful job application that emphasises your best strengths. Read the ad to see what the employer is looking for in a candidate and describe how you best fit the requirements. There are several approaches you can use to do this effectively, including describing your accomplishments at past jobs and showing quantifiable results, such as sales numbers that improved as a result of your guidance.

The next step is to increase the visibility of your CV. In addition to responding to job ads, upload your CV to Monster’s database for recruiters so that they can reach out to you as well. Start by creating a profile.

How to Follow up With an Employer

Following up on your job application is an optional step that can increase the likelihood of getting a job interview. Sometimes, the hiring process is just slow, but at other times, reaching out can bring attention to your application when there are many different applicants for a job.

Following up shows that you’re dedicated, really interested in the job, and persistent. Depending on your personal preference and the work culture of the job you’re applying to, you can follow up either by phone or email.

It’s appropriate to wait at least a week after you submit your application to follow up; and similarly, to wait about a week after a job interview to check in on the status. You should send a thank you email to the interviewer within 24 hours, however. This email can also include a brief summary of your strengths and what you can contribute to the job.

Interviewing Tips for Economist Jobs

Do you have a forecast for your job interview? By planning ahead and practicing answers to the right interview question, you can get an idea what to expect. While it’s likely the interview will include some traditional interview questions, you should also prepare for questions on specific current economic events and developments.

These are some examples of potential interview questions for economists:

• What economic trends do you think will impact our industry the most in the next few years?
• How do you communicate complex financial information in layman terms?
• How do you stay informed about current economic developments?
• Do you have experience with statistical modelling software?

At the end of the interview, many employers will ask if you have any questions. Prepare for this moment by researching the employer in advance and asking something insightful, such as questions about the work culture or the company mission. Ideally these questions should have an optimistic tone and make the interviewer feel good about their work.

It’s likely you have questions about benefits, salary, and other more personal details, but it’s better to leave these questions for when you get an offer. The interviewer is about presenting yourself in the best light so that it can lead to that offer. Because of this you should also carefully consider what to wear to make sure it matches the dress culture or dress code of the employer.

What to Do When You Get an Offer

Once you found the right job and get a job offer, it’s easy to brief a sigh of relief. But don’t let the excitement overshadow the fact that you’ll need to carefully review your offer. Many employers leave room for negotiation. Come prepared with salary research about the median pay for your position and location, while taking into account other unique factors that you can contribute.

If the offer is for a government job, you may have less room for negotiation, but unless the job description specifies the exact pay, salary may be negotiable. Government jobs often divide positions into levels of experience. Negotiating what seniority level you get placed in, if reasonable, can also give you a boost in pay.

Economist Jobs and Career Paths

Economists can work for a multitude of organisations conducting research or planning economic strategies. These are some common career paths:

• Commercial research: Another career path is to conduct economic research for the private sector, for example market research and financial forecasts. You’ll need a bachelor’s degree in economics or finance for most jobs.
• Strategic planning: Economists can work in the private sector to plan strategies for product pricing and other business decisions. For these economist jobs you typically need a bachelor’s degree in economics.

With a degree in economics, you can also take on related jobs, for example in finance and business operations. Similarly, because these fields are related, you can get some jobs as an economist with a finance, mathematics, business, or statistics degree.

To be successful as an economist, you’ll also need a combination of the following skills:

• analytical skills
• attention to detail
• objective and logical reasoning
• communication skills
• a basic understanding of statistics and mathematics