• About us
  • Contact us
  • Search

You are not logged in:

Careers

Between 2006 and 2009, 0.2% of working doctoral graduates, or 30 working doctoral graduates, are known to have been working as economists six months after graduation. This is a specialist and vocational area and postgraduate qualifications are common amongst new entrants to the profession. The current Government skills strategy recognises the quantitative social sciences as an area of skills shortage.

Job description

Doctoral level economists are typically found as researchers in other common doctoral occupations at the start of their careers, particularly in the financial services sector, although some enter HE research roles.

Economists provide specialist advice based on the application of economic theory and knowledge. They do this by studying data and statistics and using their understanding of economic relationships to uncover trends, carrying out considerable amounts of research and collecting large amounts of information. They then analyse all the data they have amassed to assess feasibility, produce forecasts of economic trends, determine the implications of their findings and make recommendations of ways to improve efficiency.

Economists use specialist software and advanced methods in statistical analysis to assemble, sift and present this information, which is then used to advise businesses and other organisations, including government agencies.

Typical work activities

Areas of research can cover any aspect of economic and social policy, ranging from interest rates, taxation and employment levels, to energy, health, transport and international development. Tasks typically involve:

  • Devising methods and procedures for obtaining data
  • Understanding various sampling techniques that may be used to conduct different types of surveys
  • Creating, as well as using, various econometric modelling techniques to develop forecasts
  • Understanding and interpreting data
  • Analysing data to test the effectiveness of current policies, products or services and advising on the suitability of alternative courses of action and the allocation of scarce resources
  • Explaining research methodology and justifying conclusions drawn from research data
  • Providing economic advice to a range of stakeholders
  • Evaluating past and present economic issues and trends
  • Writing various technical and non-technical reports on economic trends and forecasts to inform the press and public
  • Conducting numerous oral and visual presentations, which non-technical audiences must be able to understand thoroughly in order to inform decisions.

Much academic economic research work is very similar in nature to the research work new entrants carried out as a doctoral researcher, with an increased level of responsibility. As a result, most entrants into these research roles should have a good idea of the basic nature of the job and many of the key responsibilities.

Most academic and research economists are involved in the following:

  • Devising and conducting research, and processing and analysing results and data
  • Collaborating with industry/academia to apply the results of research and develop new techniques, products or practices
  • Publishing papers, and presenting ongoing work and findings to colleagues at academic conferences
  • Teaching, demonstrating or supervising students (in academia) and training and supervising other members of staff
  • Devising or helping to draw up new research proposals and applying for funding and grants

Entry requirements

Entry is possible with a degree in economics. However a postgraduate qualification may improve your chances. Candidates with inter-disciplinary backgrounds are accepted as long as they have a strong grounding in economics and have studied both micro-economics and macro-economics.

Potential candidates will also need to show evidence of the following

  • Well-developed research skills including the ability to extract and analyse relevant data to make sound judgements
  • Skill with statistical information
  • Excellent written and spoken communication skills to convey complex ideas to people with varying levels of economic expertise
  • The ability to build productive working relationships and work within a team
  • Excellent organisational and time management skills; accuracy and attention to detail
  • Working alone under pressure often to tight deadlines
  • Ability to juggle and prioritise different tasks
  • A genuine interest in economics
  • Self-reliance and motivation
  • Good IT skills

Salary

  • Typical starting salaries can be anywhere from £25,000 - £35,000 (salary data collected November 2009). However, starting salaries vary greatly between employers in industry, government departments and higher education
  • The range of typical salaries at senior level/with experience (e.g. after 10 years in the role) is £50,000+ (salary data collected November 2009). Salaries for experienced economists vary widely and economists working in banking, financial services, industry and consulting sectors usually earn more.

Sector and disciplinary information

Sector information

Doctoral graduates in this occupation were known to be working in the following sectors:

Disciplinary background

The very large majority have an economics doctorate, other entrants have related numerate doctoral qualifications.

Career stories

None available

Useful links