Economist

Economists study trends and solve complex problems relating to the economy. Their work can touch on almost any aspect of economic and social policy, from taxes and employment levels to energy, health and transport.

Government bodies, financial institutions and some major businesses all rely on economists’ forecasts to help them plan future activities.

Economists advise on a vast range of issues. For example:

in government, an economist might assess the likely impact of a new public health policy, estimate the cost of crime, predict future crime rates or advise politicians on the economic content of speeches
in industry, an economist might predict market trends to help a business anticipate customer demand or to inform its lobbying work with government
in the financial sector, an economist’s role might include predicting interest rates or monitoring international markets.

Economists also carry out research on a variety of topics in universities and other academic institutions.

An economist’s work includes:

researching and analysing data from different sources, using mathematical modelling techniques
using the findings to identify trends and predict changes
advising clients, colleagues or politicians on the merits of different courses of action, both in person and through written reports
producing material to inform the press and public about economic issues.

Economists use specialised software to assemble, sift and present information.

They may be expected to complete a project alone, or to work as part of a team that may include statisticians, civil servants, marketers and fellow economists.

Tight deadlines, political pressure and the need to juggle different projects can make the job a demanding one.

Hours and environment

Economists work standard office hours, Monday to Friday. The hours may be longer and less predictable in some sectors.

Part-time work, flexible working and job sharing may be available, especially for economists in the Civil Service.

The work is office-based. There may be some travel to meet clients or colleagues, and to attend seminars and conferences.

Salary and other benefits

These figures are only a guide, as actual rates of pay may vary, depending on the employer and where people live.

Salaries for new assistant economists may start from around €25,000 a year.
With experience, salaries may rise to approximately €40,000.
Senior economists may earn around €80,000 or more, while earnings for the top economists in finance and consulting may rise to as much as €150,000.

Skills and personal qualities

An economist should:

have well developed skills in research and analysis
be able to apply theory to real-life situations
be able to communicate clearly and effectively, and explain complex issues to people without economic expertise
have a head for figures
be confident with written reports and computers
be thorough, methodical and well-organised
be accurate
be self-reliant
work well in a team.

Interests

It is important to have a genuine interest in:

economics
other specialist subjects, such as current affairs, politics, social welfare or business.

Getting in

Employers include:

large local authorities
management consultancies
the Central Bank
banks, insurance companies and investment firms
universities and research organisations
utility companies and regulatory bodies
trade unions, political parties and employer organisations
international organisations, such as the European Commission, United Nations, and the World Bank
financial journals and broadsheet newspapers.

Entry routes

Economists must have a first degree (normally a 2.1 or higher). This is usually in economics, or a joint degree in economics and another relevant subject, such as law, politics, finance or maths. For a joint degree to be acceptable, at least half the content should be economics. A business studies degree with a high economic content may also be accepted.