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FA C T S H E E T

Economics Careers
Sector overview
The work of economists can define, shape and impact the world around us. For graduates
who have completed an economics undergraduate degree or developed qualitative and
quantitative research skills through another degree, entry level roles exist within the public
and private sector. Key employers include the civil service, local government, independent
research consultancies, think tanks, universities and research institutes, banks, professional
service firms and economic consultancies. Economic consultancies often specialise in
certain sectors and will provide particular kinds of consultancy expertise, such as
competition policy, regulation or market analysis. Two key areas of growth are energy and
health. The Royal Economic Society and The Society of Professional Economists are
important professional associations in respect of the study and application of economic science.

What skills may I need?

 Analytical and problem solving skills
 Economic modelling; numerical skills
 Research skills
 Strong communication and interpersonal skills
 Ability to organise time and work methodically whilst paying attention to detail
 Ability to work effectively independently and as part of a team
 Effective report writing and presentation skills
 Demonstrable interest in economics and how economics addresses real world problems
 Good IT skills

Read our guide on developing employability skills to support you during and beyond your
time at Durham.

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How do I gain work experience?

Internships and placement years specific to economics are available, although not as
common as opportunities in related areas such as finance. Internships are structured work
experience opportunities, which may be paid or unpaid, usually between 2 -12 weeks. Often
the work is at a level equivalent to that experienced as part of a graduate scheme or
equivalent entry level position. Recruiters may use internships as part of their selection for
graduate entry level roles. Deadlines for applications vary between individual employers, but
can be as early October/November.

Economic Research and Consultancy

If you are considering an internship in economic research and consultancy, a useful starting
point is to identify organisations that directly employ economists. Not all will offer internships
but some may be prepared to accommodate speculative work experience requests. The
public sector remains a major employer of economists. The Bank of England and
Government Economic Service are the two primary employers in the UK but you may also
wish to consider international governmental organisations. Examples include The World
Bank and International Monetary Fund.
Opportunities also exist in the private, and to a lesser extent, not-for-profit sectors. Typical
employers include professional service firms, management consultancies, banks, think
tanks, universities, insurance companies, utility companies, regulatory bodies, newspapers
and financial journals. There are also specialist economic consultancies that will provide
analytical services to clients in different industries and sectors. The Consultants Directory
produced by the Institute of Economic Development is a useful resource with which to
research consultancies working within the field of economic development.
It is important to keep in mind the broad application of economic research (e.g. regeneration,
development, energy and water, health, transport, sustainability) when exploring possible
work experience opportunities. Opportunities will be advertised on employer websites in
addition to the main graduate job sites. It is also advisable to search for internships on
economics specific job sites such as Econ-jobs and The Economist.

Examples of employers/organisations that offer internships

include:
 Bank of England – internships and industrial placement opportunities available.
 Government Economic Service – summer vacation placement scheme (6-12 weeks)
 Institute of Fiscal Studies - economic research focused summer work experience
opportunity (microeconomics and public policy)
 Institute of Economic Affairs – unpaid research and operations internship opportunities
(up to 3 months)
 Adam Smith Institute – free market think tank offering short (2 week) unpaid internships
to students and graduates
 Frontier Economics—short-term (8-12 weeks) and long-term (6-12 months) internships
available with this economic consultancy

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 Analysis Group – 10 week summer internship scheme

 The Economist Group - paid internships available across all business areas including
editorial
 OECD – international governmental organisation concerned with economic and social
policy. Opportunities are advertised in September and March each year, with start dates
based on your availability. Internships are between 1 and 6 months
 World Bank – Winter and Summer internships available but to be eligible you must be
pursuing a Masters or PhD
 Overseas Development Institute - global think tank; internships are managed separately
by each of the programmes within ODI.

Other work experience options

If you are interested in a career as an economist, employers will value finance or
consulting related experience as evidence of developing relevant transferable skills e.g. data
extraction and analysis, report writing, communication and presentation, project
management. Internships are available within banking, insurance, pensions, management
consultancy, professional services and accounting. Think about the sectors/fields in which
you are interested in applying economics (e.g. social and economic development, public
health) and explore work experience opportunities with organisations that are active in these
areas. The majority of internship deadlines will be between November and the end of
January in your penultimate year. Some employers will open their internships to other year
groups and graduates but you will need to check this on an individual basis. Opportunities
are advertised via our vacancy service, which is available through the Student Services
Portal, but also through the main graduate careers websites such as Prospects, Target Jobs,
Rate My Placement and Milkround. Opportunities to apply your analytical skills can be found
with SMEs (small and medium sized enterprises). The Step programme is one means of
accessing such opportunities.

What can I do at Durham?

Get involved in employer careers activities
The Careers & Enterprise Centre organises and hosts a range of employer activities online
and on campus, enabling you to network, explore career opportunities and develop relevant
skills. These take place throughout the year, but predominantly in Michaelmas and
Epiphany terms. It is also useful to attend relevant external economics careers and
recruitment events, which may be advertised by individual employers and professional
bodies.

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Student societies
Durham University has a number of societies that are relevant to economics careers.
Durham University Economics Society is an obvious consideration but you may also wish to
consider entrepreneurial societies: Enactus and Entrepreneurs Durham. Other relevant
societies include:
 Durham University Consulting Society
 Durham University Finance Society

Volunteering opportunities
Taking on a position of responsibility, such as a course rep within your department, or in a
University club or society can be an excellent way to develop skills and gain relevant
experience, as can volunteering for a charity. See Durham University Student Volunteering
and Outreach, DUCK and Do IT Life to find volunteering opportunities.

How can I find opportunities?

Graduate schemes
Graduate training schemes are available in careers in economics, although competition is
high and some employers have specific selection criteria including type and level of study. It
is important to research employers carefully as entry requirements will very according to the
type of organisation and the nature of the position. Typically, employers will expect a strong
academic profile; some economic consultancies and research organisations will specifically
recruit candidates at Masters or PhD/MBA level. Specific work experience is not essential
but commercial and organisational experience is important, as is evidence of your ability to
think analytically and solve problems as well as strong communication and interpersonal
skills. This can be evidenced through your academic study and extra-curricular activities as
well as work experience.
The types of employer that recruit economics graduates are incredibly varied but in terms of
technical, economics specific career roles, it can be broadly classified as:
 Central Banks and International Financial Organisations (e.g. Bank of England and World
Bank)
 Civil Service (e.g. Government Economic Service, Foreign and Commonwealth Office)
 Economic think tanks and research organisations
 Economic consultancies
Not all of the types of organisations listed above will offer graduate programmes or entry
level roles, and, as previously mentioned, some will target PhD level candidates. The
transferable skills economics graduates have, e.g. analytical, quantitative research and
modelling skills, put them in a strong position when applying for other graduate schemes,
particularly within management consultancy, banking and finance and professional services.
Graduate training schemes typically have closing dates between September and January of
your final year but there is considerable variation so check with individual organisations.

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Refer to the main graduate job sites such as Inside Careers , Target Jobs, Milkround and
Prospects for information on graduate schemes. The Royal Economic Society provide
resources for economists and support for education and the training of students, teachers
and researchers. A student membership option is available.

Examples of economics graduate schemes and job opportunities:

 Bank of England (Economist stream)
 Frontier (2 year Analyst programme)
 PWC (Economic Consulting)
 Capital Economics (Macroeconomics)
 Ofcom (Economist pathway)
 Vivid Economics (strategic economics consultancy)
 NERA Economic Consulting (Associate and analyst roles available at UG, Masters and
PhD level)
 Oxford Economics (Graduate and placement year opportunities )
 Financial Conduct Authority (2.5 year graduate economics programme)
 Brattle – US based consultancy with research analyst roles in London office

Other employment opportunities

In addition to training schemes, it is not uncommon for organisations to recruit graduates on
an individual basis into trainee or entry level roles (e.g. research assistant, analyst). This is
particularly so in small and medium sized enterprises (SMEs) but also not-for-profit
organisations. Another good source of vacancies is the professional bodies that represent
the different aspects of economic consultancy and research. Further information on these
bodies but also relevant job sites and recruitment agencies can be found on the sector
specific pages of the Prospects and National Careers Service websites.

There are specialist recruitment agencies for this sector. They will typically work with experienced
individuals but some may be able to support graduates. For a comprehensive directory of
recruitment agencies refer to the REC website. You can find out more about recruitment agencies
on Prospects.

Job vacancy websites

There are many websites featuring economic consultancy and research jobs opportunities,
some of which provide sector specific news and updates:
Econ-Jobs, The Economist, EconomistJobs, efinancialcareers

Postgraduate study

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For those who have studied economics at undergraduate level there are opportunities to
access the job market without a postgraduate qualification. A relevant postgraduate
qualification is, however, something that is sought by a growing number of employers and
consequently it is important to check the entry requirements of individual employers
carefully. In some situations, provision may be made to enable you to study a Masters part-
time. Frontier is one example of an economic consultancy that expects new entrants without
a Masters qualification (with an undergraduate degree) to study a part-time Masters whilst
working; they will part-fund the Masters.
Further information on postgraduate courses can be found on the Prospects FindaMasters and
FindaPhD websites. Jobs.ac.uk is a useful source of postgraduate studentship opportunities.

Professional bodies
Professional bodies (also known as associations, organisations or societies) are non-profit
organisations concerned with developing, and supporting, a particular profession. They
represent a valuable resource for anyone considering entering a particular profession, as
they will provide information on employment and training opportunities. Professional bodies
will often accredit relevant professional and postgraduate courses; they can also provide a
range of other services linked to job and training vacancies, network events, conferences
and careers information.
 The Royal Economic Society
 Institute of Economic Development
 Society of Professional Economists
 National Association for Business Economics
 World Economics Association

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Further information
This Fact Sheet is one of many available in our Career Sector series. If you’re interested in this
field, you may also wish to explore our other Fact Sheets on:

 Management Consultancy
 Banking and Finance
 Public Policy and Social Research
 International Governmental Organisations

If this Fact Sheet is required in an alternative format, please contact us at

[email protected].

Any questions?
Ask a careers question to get in contact with us about anything careers-related.

Our services
You can find out more about the services we offer on the Careers & Enterprise Centre website.
Current students can also access our Supporting Students website.

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