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Economist

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Economists research and analyse a wide range of facts, figures and statistics on economic and financial issues. They predict future trends and give advice to government ministers and to senior managers in industry, commerce and the public services. They are sometimes called economic advisors, analysts or forecasters.

The Work

Some economists work in macroeconomics. They consider the economics of a whole country. Other economists work in microeconomics. They look at smaller scale subjects, such as the future of one company, or the level of retail sales over the next few months.

You could be:

Pay

The figures below are only a guide. Actual pay rates may vary, depending on:

Graduate entrants would normally start on a salary of £25,000 to £27,000 a year.  Starting salaries for assistant economists in the Government Economic Service (including the Scottish Government) are £28,000 - £32,000 a year with additional pay for a relevant postgraduate qualification. After 4 to 5 years of experience you may earn around £55,000 a year. Experienced economists can earn over £68,000 a year.

Conditions

Workforce Employment Status

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Getting In

Economists work in banks or in industry, for example the oil industry. Economists also work for global organisations such as the World Bank and the International Monetary Fund.

The Government Economic Service (GES) Team, part of the Civil Service, is the UK’s largest recruiter of economists with over 1,400 professionals in more than 30 departments and agencies.

Workforce Education Levels (UK)

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Job Outlook Scotland

Employment

Unemployment

Percentage of workforce registered as unemployed (Scotland)

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Job Outlook Scotland and UK

  Scotland
2017
2578
1.1 %
FALL
2022
2551
  United Kingdom
2017
31480
0.1 %
RISE
2022
31518

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What Does it Take?

You should be able to:

You should have:

Training

Getting On

More Information

This is a small profession and entry can be very competitive. You could work for the GES, major financial institutions such as banks, building societies and insurance companies, major industrial and commercial firms, oil companies, management consultancies and certain public authorities. The GES is the largest employer of economists in the UK. In Scotland, GES jobs are in Glasgow and Edinburgh. There are increasing opportunities overseas. The Economist magazine has a vacancies section.

Contacts

The following organisations may be able to provide further information.

Royal Economic Society (RES)
Tel: 020 3137 6301
E-mail: resoffice@res.org.uk
Website: http://www.res.org.uk
Twitter: @RES_Office
Facebook: https://www.facebook.com/RoyalEconomicSociety/

Society of Business Economists
Tel: 01264 737552
E-mail: admin@sbe.co.uk
Website: http://www.sbe.co.uk/
Twitter: @SBE_UK

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Career Sectors

Administration and Management General

Economics

Human Resource Management

Public Services Administration