Economist.

About the Role

Economists are responsible for analysing economic trends. Their analysis is used to advise various bodies such as governments, companies and financial institutions on the economic outlook or the implications of a particular policy or course.

They do this by studying data and statistics, carrying out research and collecting information. They then use their understanding of economic relationships to uncover trends and predict market movements, analysing the data they’ve collected to assess feasibility, produce forecasts of economic trends, determine the implications of their findings, and make recommendations to improve efficiency.

In researching, economists use a wide variety of methods, including mathematical models and economic theories and practices, alongside specialist software and advanced statistical analysis to assemble, sift and present information used to advise businesses and organisations on policy or strategy.

There are two broad fields of economics: macroeconomics and microeconomics. Macroeconomists analyse economy-wide trends, such as the outlook for GDP growth, inflation, interest rates and the balance of payments, whereas microeconomists focus on the implications of the various component parts of the economy, looking closely at the efficiency of markets or how changes in policy might affect particular sectors.

Routes to Becoming an Economist

1. 1

   GCSEs: Mathematics and English are essential. History and Geography are helpful.

2. 2

   A-levels: Mathematics is very strongly recommended. Economics at A-level is desirable but not essential.

3. 3

   First degree: a degree in economics, with a specialism in business or financial economics depending on your career interest.

4. 4

   Second degree: increasingly expected for career progression – a Master’s in Economics or an MBA. Relevant work experience and proficiency in a foreign language can also improve prospects.