This page has been written by Pamela Andrew, the relevant Careers Adviser for this occupational area. To see how you can meet Pamela, or any of our advisers, visit our website.
What do they do?
- Economic consultants apply techniques of economic analysis to help businesses, regulators and policy makers evaluate and implement strategic decisions.
- They use microeconomic theory, econometrics, quantitative techniques and financial modelling in conjunction with sector expertise to formulate tailored advice to organisations.
- Typical problems may include helping a company with a merger opportunity, advising a company on how to respond to new taxation regulation, or analysing drivers of demand for public services.
- Economic consultancies often specialise in certain sectors, such as financial services, telecommunications, or utilities. They will also provide particular kinds of consultancy expertise, such as competition policy, regulation, or market analysis. Economic consultants use their economic expertise to advise others.
Where do they work?
- They may be members of a consultancy firm or they may offer their expertise within their own organisation which will either be large, eg Deloitte, or specialist, eg Government Economic Service.
What is the work like?
- Working as an economic consultant can be very varied because of the project based nature of the work. Projects will vary in length and scope, and you may well develop specialist expertise. The number of specialist consultancies is small at around 50 in the UK. However, many management and social research consultancies also employ economists whose work is focused around economic analysis.
- One key difference to management consultancy is that firms are usually much smaller, employing 10-100 staff. Nonetheless, several economic consultancies have more than one regional office.
- Two key areas of growth are in energy and health. In the energy sector the increasing international emphasis on energy provision, regulation and rules of access has generated a great deal of work. In the health sector with an ageing population and limited budgets economics is not just about looking at the costs and benefits of a new drug, treatment or service but also, in a world of limited budgets, the consequences of making that decision in terms of what cannot then be provided for other patients.
- Graduate entrants to this sector are typically called ‘Analysts’ or ‘Research Analysts’, and will work on a variety of projects, including data collection and analysis, background and theory research, economic modelling, client liaison, and drafting reports with senior colleagues.
- Later on, graduates will become consultants or economists.
Economic Consultancy attributes/skills profile
|Key attributes/skills needed for the role||Where you could develop these skills or attributes while at university|
|Analytical and problem solving skills with the ability to produce accurate facts, figures and reports. Evidence of competence in economic modelling is often a requirement for roles. Ability to handle figures easily, need to be able to apply economics to problems in real world.|
Through academic studies.
|Demonstrable interest in economics and how economics addresses real world problems.||Keep up-to-date with business and sector news, especially through publications such as the Economist. Through societies such as Enactus and the Economics Society.|
|Produce clear and accurate written work||Through academic studies.|
|Strong communication & interpersonal skills|
Many of these skills you will develop through your academic studies and extra-curricular activities.CAPOD offers courses on these kinds of skills regularly within its Professional Skills Curriculum
|Ability to organise time and work methodically whilst paying attention to detail|
|Leadership qualities and effective team working skills|
|IT skills||Using the University’s subscription to the Microsoft IT Academy can help to develop your skills with programmes such as Excel, the latter is particularly valued in the finance industry.|
Networks - why and how to use them
Why are networks important?
- Networking is particularly important and can help you succeed with your applications. If you have been in contact with someone working for the organisation then you have extra information to back up your application. Visiting the Careers Centre Graduate Management and Finance Fair and turning up to employer run events is a great way to make valuable connections, it helps to introduce yourself to representatives from the companies ask for their card so you can make contact in the future. Use social media sites such as LinkedIn and Facebook (many organisations have their own page).
Where alumni work now
- Recent St Andrews graduates have gone on to work for Deloitte, Bain and Company, McKinsey & Company, PwC, Ernst & Young, European Development, Mercer Consulting Middle East, Factset, Belgian Foreign Office , Future Foundation, Forex Capital Markets (FXCM) Ltd., Bavarian US Office for Economic Development, Strategic Asia and Financial Supervisory Authority in Iceland. You will find St Andrews alumni at many of the large economic consultancy firms all over the world ranging from graduate trainees to CEOs. These alumni can make extremely useful contacts, giving you an "edge" with your applications and interviews.
There are several ways to make contact with alumni.
- Saint Connect- is the new networking platform which allows you to connect with alumni and join discussion groups. Find out how to use Saint Connect by viewing the 'Video Tour' (bottom right-hand side of Saint Connect screen).
- Groups -School of Economics and Management Consultancy by joining these groups you will receive updates on events, competitions, jobs and other sector related news.
- LinkedIn – Alumni Tool, this feature shows the career paths of over 30,000+ alumni you can find graduates working at particular organisations in an economics capacity eg PwC, Bank of England, Scottish Government and NHS. Watch the YouTube video on how to use this resource.
- Graduate recruiters - ask if they can put you in touch with any alumni now working for their company.
- Friends and family - ask around your immediate social network for any contacts in the organisations which interest you.
- This networking video produced by Cass Business School gives excellent tips on effective networking.
How to gain experience/internships
To gain a graduate position in economic consultancy, it’s certainly an advantage if you have relevant experience or have completed an internship.
- Summer internships - Many economic consultancies run programmes in the summer vacation and the deadlines for applying usually come in the early spring – but check employer websites for up-to-date details of closing dates. Some paid internships are only open to penultimate year students so if you are in first or second year you could also consider work-shadowing and working voluntarily or a speculative approach to smaller employers - see below for advice on finding employers.
- Work shadowing - Try to arrange work shadowing by adopting a speculative approach this can be a real advantage when applying for summer internships - see our networking section on the Careers Centre website and speculative applications for more advice.
- Organisations which offer internships in Economic Consultancy include:
- Accenture regularly look for penultimate year students as part of their Summer Vacation Scheme.
- The Adam Smith Institute recruit interns 4 times a year, not just in the Summer. Shorter periods of work experience can be gained by joining their ASI's Next Generation group on Facebook.
- Frontier Economics offer short and long-term internships
- Government Economic Service advertise options for 6-12 week Summer internships, 12 month "sandwich" placements as well as a list of contacts for short periods of work experience.
- NERA Economic Consulting have opportunities worldwide for internships.
- The Institute for Fiscal Studies (IFS) offers several placements each summer to economics students who are interested in how microeconomics can be applied to public policy issues and who are considering a career in economic research.
- Oxera provide internships built around the interests of their interns.
- PwC offer summer internships and work placements.
- Social Market Foundation are a Think Tank that have research internships for economists interested in public policy.
- The Bank of England:
- First Year Internship (NB These opportunities are targeted at students who have 2 further years of study - so although they advertise for 1st years, this means 2nd year at St Andrews) – These internships run for six weeks giving you the opportunity to support a team on a specific project across all areas of the Bank, it could lead to a summer internship the following year..
- Penultimate Year Internship - Runs for eight weeks, focuses on an individual project, working closely with economists and analysts to collect and analyse data. Graduate offers are made to outstanding performers at the end of the internship.
The following websites include listings of numerous internship opportunities, and may include some in Economic Consultancy:
See also the employers listed in the next section - check their websites to find out if they are offering internships.
Professional bodies and trade associations can be a good source of employers - look for their member or partner listings, which you can often search by location. See links below.
How to get a (graduate) job
- Qualifications required - For Analyst positions, the majority of employers will look for a minimum 2:1 degree in Economics (or related degree). Some firms, however, will require a postgraduate qualification.
- Graduate Programmes - Many economic consultancy firms run graduate programmes for those new to the sector, which can vary in length from six months to two years. Deadlines will vary – check with your preferred employer/organisation for up-to-date details.
- Smaller organisations - With smaller economic consultancies you will need to be more proactive. Look in The Guardian on Tuesdays for vacancies with an education focus and Wednesdays for those with a development or health focus. Also look at the Financial Times, in The Economist and look at the links below.
- Professional bodies and trade associations - Can be a good source of employers - look for their member or partner listings which often have direct links to the employers’ websites. See links below.
A selection of employers by sector (this is not an exhaustive list!) NB. Some of these employers may not offer graduate positions every year so check their websites for the latest vacancy information.
|Economic Consultancy Employers|
|Private Sector||Public Sector|
US Economic Consultancy employers
Applications, interviews and assessment centres
- Application procedures - Can vary for this sector - the application process for the larger organisations tends to be an on-line application followed by an assessment centre then successful candidates go onto the interview stage. Smaller organisations use CVs and a covering letter. Check with your preferred employer/organisation for up-to-details.
- Numerical/data interpretation tests - Often form part of the assessment tests. The Careers Centre has many resources for you to practice.
- Technical exercises/case studies – Many companies include these in the selection process, you may be closely questioned on your economic and commercial knowledge. Prepare for interviews by reading any economic journals produced by the organisation you are applying to, by reading The Economist, The Financial Times and specialist journals.
- Visit the application process section of our website for further advice.
Relevant postgraduate study
- Is it a requirement? - A growing number of employers in this sector require applicants to have a relevant postgraduate qualification (eg Masters, PhD). Some employers may expect you to study for a part-time, part funded-Masters which you can complete on-the-job (eg Frontier Economics).
- Popular further study courses - St Andrews economists have gone on to do further study at the London School of Economics, the University of Oxford and the University of Milan. Search for relevant postgraduate courses on Prospects.
|For further information on researching and planning for a postgraduate qualification, please visit the postgraduate studypage.|
Key links and resources
Careers Centre resources
Use CareerConnect, your central careers hub, to:
- Book an appointment with a careers adviser
- Search for vacancies (Job Shop, internships/work experience, graduate jobs)
- Register for events
The Careers Centre has the following free take-away brochures which contain careers information and listings of graduate opportunities in Economics:
- eFinancial Careers: Careers in Banking & Finance
- Inside Careers:
- Banking, Securities & Investments
- City & Finance
Useful Background Information
Finding an Economic Consultancy Job
Professional Bodies, Trade Organisations & Journals/Magazines
I applied online. The process took 3 weeks. I interviewed at Frontier Economics.
Applied online and got an offer to interview two weeks later in the London office, even though first office choice was Brussels. Interview took an hour, with a partner and a younger consultant, first half focused on my experience, skills and knowledge of the company (which you should definitely read up on), second half was a economic consulting case study. The case study part required basic theoretical knowledge of industrial economics (drawing and explaining monopolies and other types market power), and econometrics knowledge (how to find at which point to set prices, what kind of regression would you use). Shouldn't be a surprise for anyone applying but economic consulting deals not only with companies operating in a sector but very often with governmental regulators of the sector itself, so good to start thinking from this alternative perspective too.
Both interviewers were extremely pleasant all throughout the interview, it was clear they were looking more for a conversation than a 'I ask - you reply' dynamic. Regarding my feedback when I received my rejection, I was told to I should've made greater use of 'relevant economic frameworks', what I think means I should have further structured my answer to the case study part of the interview.
- How would you use a regression to decide where to set prices in a natural monopoly? 1 Answer