Leeds Beckett University - City Campus,
Woodhouse Lane,
LS1 3HE
How to become an economist
You will be critical to commercial decision making, using analysis to solve complex problems and predict future trends.
What is an economist?
Economists are usually employed by governments, financial institutions, and large corporations.
As an economist, you’ll be responsible for analysing data and statistics around areas such as market trends, international finance, socioeconomic developments, taxation, and government policy.
What qualifications do you need to be an economist?
A minimum of a 2:1 bachelor’s degree in a relevant subject with many roles requiring a master’s level education.
- Undergraduate degrees – a minimum 2:1 degree in economics is required.
- Postgraduate studies – MAs are available in many related subjects, including economics, economics and public policy, applied economics, and sustainable economics.
- Civil Service Fast Stream – the Government Economic Service Fast Stream scheme is a three-year programme including work experience and a bespoke learning and development curriculum. Another option would be to enter the diplomatic service through the Diplomatic & Development Economics Fast Stream scheme, which follows a similar format and leads to economist roles focused on international development and foreign policy.
What does an economist do?
Economists work across all industries and have a wide range of roles – from predicting global trends in manufacturing product demand, to understanding the impact of new taxation policy in government.
As an economist, your primary role will be to gather, organise, and analyse data and information from multiple sources, which you’ll then use within statistical and mathematical models to predict future trends and make recommendations.
Working in industry you might predict market trends, customer demand and international finance developments, in order to help businesses decide where to focus research and development activity, which production lines to increase or decrease, or where to target new marketing initiatives.
As an economist in government, you’ll look at the likely effects of new government policy - including taxation or public investment - or you might be involved in understanding the impact of future crime rates on communities. Working for the diplomatic service would see you more focused on the impact of government’s international development policy or understanding international trade opportunities or threats.
In the financial sector, you might be analysing the trends in interest rates around the world or looking at GDP figures to identify countries where investment might be recommended or discouraged.
Economic theories and concepts are a core part of the output from analysis and modelling, and these theories and concepts are constantly developing with changes in, for example, socioeconomics, politics, and international finance. So, you may have the opportunity to input into their development by refining assumptions and providing evidence for revisions.
Key activities within the role of economist include:
- Collating and analysing financial, marketing, socioeconomic, political and industry data
- Conducting surveys, utilising sampling techniques and reviewing available media output
- Creating mathematical and statistical models to predict trends and inform decision making
- Translating output from complex models into information useful for senior decision makers
- Understanding current financial, political and commercial trends and developments
- Examining the outcome of previous predictions and amending models and assumptions
Becoming an economist could be for you if…
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You’re data driven
Analysing data is the most fundamental element of economics.
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Mathematics is your native language
Economics relies on the manipulation of numerical data - your models will be based on mathematical principles.
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You can talk the talk
You’ll need to be able to translate complex output into useful information for stakeholders at all levels.
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You have an eye for detail
Economic modelling needs to be based on the most complete set of relevant data available – incomplete data leads to inaccurate predictions and recommendations.
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You trust yourself
Your output will often be based on theories and assumptions, so you’ll need the confidence to justify your own findings in the face of opposition.
What are the typical working hours for an economist?
Usually 9am - 5pm, with occasional long and unsociable hours to meet critical deadlines.
In government roles through the Fast Stream scheme, starting salaries are usually £28,000 - £32,000, rising to around £45,000 - £55,000 following successful completion of the scheme and time in an established role.
Salaries in the private sector are more varied, but…
- New entrants into roles would expect to earn around £25,000 to £35,000
- Experienced economists earn approximately £40,000
- Senior roles from £50,000 to £75,000
Roles in the financial sector often come alongside higher salaries.
