Economist
Both public and private sectors employ economists. They obtain and study data and statistics using them to offer advice on future trends and efficiency by applying economic theories and knowledge. They could be employed in areas of research ranging from health to international development. GES (Government Economic Service) is the UK’s largest recruiter taking 120-150 graduates each year. It has 1400 professional economists in over 30 departments. These fast stream assistant economist appointments demand a 2:1 degree with at least 50% of the modules in economics. The GES website has a forum for staff and interested students to communicate with each other. Other major employers are the Bank of England, regional development agencies, local authorities, international agencies, financial services and political parties.
Society for Business Economists www.sbe.co.uk
Government Economic Service www.ges.gov.uk
International Monetary Fund www.imf.org
Institute for Fiscal Studies www.ifs.org.uk
Royal Statistical Society – RSS www.rss.org.uk
www.bankofengland.co.uk
Statistician
Statisticians collect, analyse, interpret and present complex quantitative information. They design and manage the collection of data, advising on the results. The Government Statistical Services is the largest recruiter of statisticians with over 1000 staff in the Office for National Statistics. The ONS is responsible for collecting and publishing official statistics about our society and the economy. The census is also in their remit. Other major employers are local government, research establishments, NHS, market research, pharmaceutical companies, private consultancies and financial services. Statisticians often work in teams with professionals from other disciplines so strong interpersonal skills are required.
Office for National Statistics – ONS www.statistics.gov.uk/recruitment/gss
Royal Statistical Society – RSS www.rss.org.uk
Higher Education Statistical Agency – HESA www.hesa.ac.uk
Medical Research Council www.mrc.ac.uk
Eurostat www.epp.eurostat.ec.europa.eu
Office of Communications www.ofcom.org.uk
Statisticians in the Pharmaceutical Industry www.psiweb.org
Actuary, Insurance or Consulting
Nearly half of trainees work in consultancies but the majority work in the insurance industry, mostly in life insurance companies. Actuaries make assessments of risk and probability using theories based on analysis of past events and these forecasts are subsequently used in financial planning. Studying for exams can take 15 hours a week in addition to normal working hours. An associateship is the first stage after preliminary exams and a year’s experience. Full fellowship usually takes six years but an economics graduate might have exemption from some exams. Check out the support on offer for training when you are selecting companies to apply to. The pass rates for the professional exams can be as low as 30% so it is important to be tenacious, determined and hard working. Specialist insurance choices include health, life, general, pensions or investments.
The Actuarial Profession www.actuaries.org.uk
Actuarial Education Company – ActEd www.acted.co.uk
Government Actuary’s Department www.gad.gov.uk/Careers/
www.insidecareers.co.uk
Monthly Magazine www.the-actuary.org.uk
Insurance Underwriter
Insurance underwriters assess an insurance application for risk of likely claims. They subsequently decide on the terms of acceptance to offer the policy holder. There are two main sections – general insurance (eg marine, workplace) and assurance (life insurance). Most underwriters specialise in one area. Generally graduate training schemes last two years followed by two years of specialisation. The CII Diploma in Insurance is the starting point for most trainee underwriters. Lloyds of London require additional risk management qualifications including the LLMIT (the Lloyd’s & London Market Introductory Test).
Lloyd’s of London www.graduatesatlloyds.com
Chartered Insurance institute www.insurancecareers.cii.co.uk
Association of British Insurers www.abi.org.uk
International Underwriting Association of London www.iua.co.uk
Insurance Times – weekly www.insurancetimes.co.uk
Post Magazine www.postonline.co.uk
www.insurancejobs.co.uk
www.insidecareers.co.uk
Investment Analyst
Fund managers use the expertise of investment analysts to make decisions relating to their portfolios. Some analysts work for management companies providing information in-house. Others may work for stockbrokers or investment banks perhaps assisting clients with distributing funds for pension schemes or life assurance companies. Investment analysts use financial information such as company accounts, political events, statistics and economics and may choose to specialise in a particular sector such as retailing, utilities or Far East companies. The Investment Management Certificate is the minimum required qualification from the FSA and new graduates in a company will be supported in their studies for this. The larger companies offer structured training programmes.
Securities and Investment Institute www.sii.org.uk/careers
Financial Services Authority www.fsa.gov.uk
Chartered Financial Analyst Institute www.cfainstitute.org
Association of Private Client Investment Managers & Stockbrokers www.apcims.co.uk
London Investment Banking Association – LIBA www.liba.org.uk
Trader
This career is not for the faint hearted. The recruitment selection is rigorous and since the recession started the number of vacancies is very tight. The work is high pressure with early responsibility. The majority of traders are employed by investment banks, financial houses which finance the trading and commercial activities of others. The jobs vary as there are flow traders, proprietary traders and sales traders. You need to research into the roles to find which interests you before making any applications as the three roles differ substantially. Carefully targeted speculative applications are expected. Networking and experience are invaluable so try to secure an internship while a student. Most investment banks offer internships and graduate traineeships but the closing dates are usually early October.
Securities and Investment Institute -SII www.sii.org.uk/careers
Financial Services Authority – FSA www.fsa.gov.uk
Lloyd’s of London www.graduatesatlloyds.com
London Stock Exchange www.londonstockexchange.com
www.bankofengland.co.uk
Intercontinental Exchange – ICE www.theice.com
Management Consultant
There is a wide range of management consultancy companies, many smaller ones serving a niche market such as transport. Competition for jobs is fierce and you will need to demonstrate strong business awareness, confidence, resourcefulness and the ability to see the bigger picture. The rewards are high but the work can be stressful with a long hours’ culture. Further qualifications, such as MBA, may be gained after a settling in period and your firm will sponsor you.
Management Consultancies Association www.mca.org.uk/careers
Institute of Business Consulting www.ibconsulting.org.uk
Chartered Management Institute – CMI www.managers.org.uk
www.mindbench.com
Top Consultant www.top-consultant.com
Management Consultancy magazine www.managementconsultancy.co.uk/
www.insidecareers.co.uk
Accountant
You enter the profession as a graduate trainee but to qualify as an accountant you need to then obtain a professional qualification. All prospective accountancy trainees must be aware of the demands of studying while working potentially long hours. Your economics degree from LUBS might give you some exemptions from some parts of professional exams. There are four main types of accountancy qualifications – chartered accountant (ACA), chartered certified accountant (ACCA), chartered management accountant (CIMA) and chartered public finance accountant ((CIPFA). Spend time researching before you choose the sort of career and qualification that you want to aim for. There is a wide range of companies, local, national or international who offer varied and excellent training. Think carefully whether you want to work for one of the top blue chip organisations, public or private sector, a medium sized company or a smaller organisation which might serve a niche clientele.
Institute of Chartered Accountants in England & Wales – ICAEW www.icaew.com
Association of Practising Accountants (small and medium sized firms) www.apa-uk.co.uk
Association of Chartered Certified Accountants – ACCA www.accaglobal.com/graduates
Chartered Institute of Management Accountants – CIMA www.cimaglobal.com
Chartered Institute of Public Finance & Accountancy – CIPFA www.cipfa.org.uk
(up to date training opportunities) www.cipfa.org.uk/students/prospective/vacancies.cfm
www.insidecareers.co.uk
