As an economist, you will research and collect large amounts of data on every aspect of economic and social policy, including interest rates, taxation, employment levels, energy, health, transportation, and international development.
You will use specialised tools and advanced statistical analysis methods to forecast economic trends and provide recommendations on improving efficiency.
These findings will be used to advise many organisations, including government agencies, economic consultancies, large enterprises, banks, financial institutions, higher education institutions, and investment groups.
Throughout your apprenticeship, you may help:
- research information from computer databases, websites, journals and newspapers
- monitor past and present economic issues and trends
- create mathematical models to predict future economic developments
- analyse statistics
- write reports and present findings
- examine the effectiveness of current policies
- advise on the potential economic impact of policies and ideas
- undertake teaching and academic research.
- Typical apprentice salaries is £25,000, with the potential to increase to £40,000 or more after a few years’ experience.
- Salaries at senior level range from around £50,000 to more than £75,000 depending on your experience, location and the sector you work in.
- Economists’ salaries can vary widely and those working in banking, the financial services industry and consulting sectors usually earn more.
Monday through Friday, 8 a.m. to 6 p.m, 37 to 39 hours per week.; however, your hours may be longer and less regular to meet your workload.
Part-time work, flexible working hours, and task sharing are all possibilities, mainly if you work in the Civil Service.
You could work in an office or at a university.
Qualifications you can achieve as an apprentice economist include:
Level 6 Professional Economist – Entry requirements for this level include 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a degree apprenticeship. This qualification will take 42 months to complete.
On an economist apprenticeship, you’ll learn:
- maths knowledge
- knowledge of economics and accounting
- analytical thinking skills
- excellent verbal communication skills
- to be thorough and pay attention to detail
- ambition and a desire to succeed
- excellent written communication skills
- the ability to think clearly using logic and reasoning
- to be able to use a computer and the main software packages competently.
The Government Economic Service employs the most economists in the United Kingdom (GES). The GES is the professional organisation for UK public-sector economics, with over 1,500 members working across 30 government departments and organisations.
Economist education is ongoing and varies depending on the sector and kind of business. Typically, you will learn on the job while working with more seasoned economists. This expertise is reinforced by participating in short courses and seminars delivered in-house or by outside training providers. Most organisations cover subjects such as public speaking and report writing. You might also get formal training on new information technology and statistical applications.
You’ll need to participate in continuous professional development (CPD) throughout your career to keep current with economic improvements. Professional organisations such as the Royal Economic Society and The Society of Professional Economists provide a wide range of training and networking opportunities.
The progress of economists varies based on the organisation. For example, entry-level assistant economists on the fast track programme may anticipate shifting across government agencies to improve their knowledge. Promotion to the post of economic adviser is often based on merit and occurs after three to four years of experience.
The Bank of England and other major organisations that provide graduate development programmes urge graduates to enhance their careers by changing sectors and responsibilities to expand their skills and knowledge.
Suppose you desire to work in the private sector. In that case, you may begin as an economic research officer or analyst and advance to the position of economic consultant or a senior economist.
You may also diversify your professional experience, networks, and talents by changing organisations and, in certain situations, industries. This not only broadens and enriches your CV, but it may also lead to a more diverse and exciting career path. For example, some of the most prominent economists started their careers in academia before transitioning to industry or business, particularly after engaging in many industry-related research efforts. Others will attend higher education after working in industry or business.
Economists may also work in several locations across the globe.