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ECONOMICS GRADUATES AND CAREERS

ECONOMICS GRADUATES AND CAREERS. Jenny Keaveney Careers Advisory Service For a copy of this presentation, go to: www.kent.ac.uk/careers/slides.htm. AFTER YOU GRADUATE - WHERE NEXT??. POSTGRADUATE STUDY?. NO IDEA?. GRADUATE JOB?. WHAT SORT OF JOB?. TIME OUT?. TEMPORARY JOB?.

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ECONOMICS GRADUATES AND CAREERS

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  1. ECONOMICS GRADUATES AND CAREERS Jenny Keaveney Careers Advisory Service For a copy of this presentation, go to: www.kent.ac.uk/careers/slides.htm

  2. AFTER YOU GRADUATE - WHERE NEXT?? POSTGRADUATE STUDY? NO IDEA? GRADUATE JOB? WHAT SORT OF JOB? TIME OUT? TEMPORARY JOB?

  3. What do Economics graduates do? • What do they do in broad terms? • Jobs where the degree is useful • Feedback from past graduates • Postgraduate Study • Improving your job prospects • Help from the Careers Advisory Service

  4. Some of the options available

  5. Some of the jobs obtained by 2009 Economics graduates from Kent University • Trainee Chartered Accountant • Financial Services Assistant – Wealth management • Trainee Management Consultant • Retail Merchandiser • Trainee Revenue Accountant • Insurance Trainee • Research Assistant • HR Assistant

  6. What can Economics graduates bring to these jobs? Apart from an understanding of the forces underlying political, social and financial issues and events, studying Economics also helps you to develop skills such as: • Communication • Numeracy • Problem-solving • Analytical skills

  7. But I want to be an economist! • Government Economic Service • Bank of England • Other public sector bodies • Consultancies • Banks • NGOs NB - all but the first two will usually require or prefer candidates to have a Masters degree

  8. What do graduate economists actually do? “My long-term work is mostly project-based. I am currently working on a project on personal tax and the potential relationship between the top rate and migrations of high-net-worth individuals. This involves trying to assess if and how the main rates influence highly-skilled and highly-mobile labour and their choices of where to work. This is to be used as part of the Taxation of the Wealthy project carried out within my directorate” 2009 graduate in HM Treasury

  9. What do graduate economists actually do? My job involves briefing statisticians and non-specialists on the state of the UK and world economy to provide a consistency check for National Accounts and Labour Market statistics. I also teach non-economists some introductory economics and brief the office on potential risks associated with ONS economic outputs (with regard to external expectations). 2007 graduate in the Office for National Statistics

  10. What do graduate economists actually do? I specialise in US and European banking sector performance, inter-linkages and developments impacting financial stability. I continuously monitor bank financial statements, official filings, regulatory surveys and media to identify developments in markets risks and credit risks arising in US and European household and corporate sectors. I also represent the bank abroad to develop new, external contacts and discuss major development with foreign central banks, regulators and private sector institutions Financial Economist in the Bank of England

  11. What do graduate economists actually do? I am currently working on four projects, the North West Food and Farming Strategy evaluation, a food branding research project, a business support study and an evaluation of the Renew North Staffordshire housing strategy. My main tasks include reviewing and summarising relevant background documents and obtaining, designing and analysing quantitative and qualitative research tools. Research Consultants also tend to chip in wherever they are needed in a project – including helping to write proposals, conducting consultations and attending meetings Graduate with SQW Consulting

  12. What do graduate economists actually do? “I am in charge of evaluating the economics of upstream assets and ensuring that acquisition and divestment decisions are in line with the strategy of the company. I am also assessing the economic viability of new exploration and development projects in the UK and internationally. I am also involved in the activities of the commercial team through the calculation of prices and tariffs for our portfolio, and by analysing ways to maximise value from our assets”. Petroleum Economist, Centrica

  13. I don’t want to be an economist! Other jobs where an Economics degree is particularly useful: • Accountant • Actuary • Investment analyst • Journalist • Librarian • Management consultant • Market researcher • Solicitor • Transport planner www.prospects.ac.uk/links/occupations

  14. What does the work involve? –Accounting I pull together figures from all over the business and analyse them so that we can report to the directors on the Group’s performance and monitor whether everything is going to plan or not. I also deal with ad hoc requests and queries which may include looking at how to improve our processes, analysing the impact of a change on the business or helping plan a finance conference. I get to use a lot of skills through the day from accountancy and reporting to people skills and elements of project management. CIMA trainee, Lloyds TSB

  15. What does the work involve? –Insurance “My main role is to underwrite life, critical illness, and income protection products on a daily basis. I also contribute to the overall managing of client relationships, client business plan preparation and carrying out project work. I'm also responsible for preparing a weekly report for my team on the number of cases we receive and the turnaround, for updating our internet-based program - a proprietary software tool, which is a guide for Munich Re's underwriters - and have also recently joined one of our client management teams”.

  16. What does the work involve? –Market Research Every day is different: working for a range of different clients and juggling 6 or 8 projects at once keeps you on your toes. Today for example, I had to design a questionnaire, some changes to tables that I had run, and a request for extra analysis. My afternoon will hopefully be spent writing a report about some mystery shopping. I enjoy the analysis stage of projects, except when it needs to be rushed because a client wants it yesterday.

  17. How much could I earn? Management Consultant £34 - £52K Economist £24 - £40K Financial Analyst £21 - £59K Chartered Accountant £25 - £59K Financial Controller £32 - £57K Average graduate starting salary in 2009: £22-27K

  18. Improving your job prospects • A good degree! • Work experience • Volunteering • Extra-curricular activities and possibly • Further study

  19. Some employers offering work experience in economics & finance • IFS – deadline 18 February www.ifs.org.uk/aboutIFS/jobs/jobDetails/24 • Government Economic Service • Barclays Bank – deadline 11February • Mercer www.mercer.com/ukgrads • Accountancy firms For further information, and for other areas, see: www.kent.ac.uk/careers/vacwork.htm

  20. To PG or not PG? • What is postgraduate study? • Will employers value it? • Will employers pay for it?? • If not, who else might? • When should you start applying?

  21. What is postgraduate study? • Further study in Economics - general or specialist • Studying a new subject • Vocational courses • Conversion courses

  22. Postgraduate study taken by 2009 Economics graduates from Kent University • MSc Economics – University of Kent • MSc Economics– LSE • MSc Economics & Finance – Univ. of Warwick • MSc Banking & International Management – Cass Business School, City Univ., London • MSc Management – Université Jean Moulin, Lyon • MSc Management (Marketing) – University of Kent • LLM International Commercial Law– University of Kent

  23. Will employers value it? • RBB Economics: • “Entry level candidates should have excellent academic credentials, generally to postgraduate level, in economics …. We are looking for consultants with a range of quantitative and analytical skills, and an ability to communicate complex economic concepts in a clear concise style” • Government Economic Service • The average starting salary is approximately £2K more for entrants with a postgraduate degree than for undergraduate entrants

  24. Postgraduate quote … “The MSc has opened up new paths for me, made me more attractive to the labour market and has improved my capacity to earn higher wages. Just as crucially the MSc has enhanced my intellectual and personal development capacity. It is a must for those who wish to understand and/or pursue employment within economics or a complementary field”

  25. Will employers pay for it?? • Bank of England • For graduates joining our ACT Programme, there is a longer-term possibility of sponsored study - ranging from summer school at the London School of Economics to postgraduate study.  Your eligibility for sponsored study will be assessed once you have been with the Bank for at least a year, and will be based upon your performance record and suitability for such study • Government Economic Service • “My MSc in Economics was fully sponsored by the GES, including full pay throughout the entire study period. The GES believes it is vitally important for its economic advisers to have Masters degrees”

  26. If not, who else might? • ESRC (research degrees only) ??? • Individual universities ??? • You ??? When should you start applying? • Not usually any deadlines, but start early • There are deadlines for funding applications

  27. What might you do after your degree? Begin by thinking about yourself (your interests, preferences etc – what you want from your career and what you have to offer)  Then do some research into opportunities that will fit with your criteria. Resources to help you do this include PROSPECTS PLANNERwww.prospects.ac.uk/links/Pplanner and  Attend talks/workshops/presentations etc  Talk to a careers adviser - www.kent.ac.uk/careers/dutyca.htm  Be aware of employers or postgraduate study options with early closing dates

  28. Some useful resources: on the Web • Kent Uni Careers Website:www.kent.ac.uk/careers/ Includes: • What can I do with my Economics Degree? www.kent.ac.uk/careers/economics.htm • I want to work in … (90+ career areas) www.kent.ac.uk/careers/workin.htm • Prospects website www.prospects.ac.uk • Includes: • Options with an Economics degree www.prospects.ac.uk/links/EconomDeg • Occupational profiles for 600 career areaswww.prospects.ac.uk/links/Occupations • Postgraduate Study information and database www.prospects.ac.uk/links/PGStudy

  29. Other useful resources: the Careers Advisory Service Where to find us Opening Hours: 9-5, Mon - Fri

  30. What we offer … • careers guidance • job vacancy database • careers library • careers website www.kent.ac.uk/careers • quick queries • careers interviews • computer-aided guidance

  31. Careers for Economics graduates Jenny Keaveney Careers Advisory Service www.kent.ac.uk/careers/slides.htm

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