Career profile · live from the Careermash careers engine
Careermash
ExploreCareer profile
Economic Consultant
As an Economic Consultant, you play a pivotal role in shaping the economic landscape by providing insightful analyses that drive business decisions and public policies. Your expertise not only influences corporate strategies but also impacts government initiatives, making this role crucial for sustainable growth and development in the UK and beyond.
No degree needed for many routes
AI impact: medium££££ payDirect entry route
47
AI impact
how much AI is reshaping it
Robin · your guide
Curious about being a economic consultant? Here's the honest picture - what you'd really do, what you'd earn, and every way in. No need to decide anything yet.
What you'd actually do
Economic Consultants are at the forefront of understanding and interpreting complex economic landscapes. They are trusted advisors to both private sector clients and public institutions, providing the analytical rigor necessary to navigate economic challenges. This role is not just about crunching numbers; it requires a deep understanding of economic theories, market dynamics, and the socio-political environment that influences economic conditions.
In your daily work, you will be immersed in a variety of projects that may range from advising multinational corporations on market entry strategies to assisting government bodies in evaluating the economic impact of proposed legislation. The role demands a blend of quantitative skills and qualitative insights, allowing you to provide well-rounded recommendations that drive actionable outcomes.
- Research and Analysis: You will spend a significant portion of your time gathering data from various sources, including economic reports, market studies, and government publications. This data will be analyzed using advanced statistical tools to identify trends and make forecasts.
- Model Development: Constructing economic models is a critical task that enables you to simulate different scenarios and assess the potential impacts of various economic policies or market changes.
- Client Interaction: Building and maintaining relationships with clients is essential. You will need to communicate complex economic concepts in a clear and concise manner, ensuring that your clients understand the implications of your findings.
- Report Preparation: Your ability to synthesize information into comprehensive reports will be key. These reports will not only present your findings but also include actionable recommendations tailored to the client’s specific context.
- Team Collaboration: Working alongside other consultants, economists, and industry experts, you will collaborate on projects that require diverse skill sets, ensuring that all aspects of the economic analysis are covered.
- Continuous Learning: The economic landscape is constantly evolving. Staying informed about global economic trends, new research methodologies, and changes in legislation is vital to providing relevant and timely advice.
Success in this role requires not only technical expertise but also strong problem-solving skills and the ability to think critically. The challenges you face will be varied and complex, but the rewards are equally significant. By influencing key decisions that affect businesses and communities, you will have the opportunity to make a meaningful impact on the economy.
1Conduct in-depth economic research and data analysis to identify trends and insights.
2Develop economic models to forecast market conditions and evaluate the impact of policy changes.
3Prepare detailed reports and presentations to communicate findings to clients and stakeholders.
4Collaborate with multidisciplinary teams to provide comprehensive economic advice on various projects.
5Engage with clients to understand their needs and tailor solutions that address complex economic issues.
6Monitor economic indicators and prepare briefing materials on current economic conditions.
7Participate in strategy sessions to contribute economic perspectives to business development.
8Stay updated on global economic trends and legislative changes that may affect clients.
Career progression & pay
01
Getting in
Junior Economic Consultant
£30,000 - £36,000
BSc in Economics or related field
In this entry-level role, you will assist senior consultants in conducting research and analysis, gaining valuable experience in data interpretation and report writing.
02
Building up
Mid-level Economic Consultant
£45,000 - £55,000
3-5 years experience in economic consulting or analysis
At this stage, you will take on more responsibility, leading projects and directly engaging with clients to provide tailored economic insights.
03
At the top
Senior Economic Consultant
£70,000+
10+ years experience, chartered status with a relevant professional body
In a senior role, you will oversee major projects, mentor junior consultants, and play a key role in strategic decision-making for clients.
Degrees that lead here via Sport and Exercise Science
Accountancy and Sport
University of Stirling
Adventure Sport Science
Bangor University
Applied Sport and Exercise Science
South Essex College of Further and Higher Education
Applied Sport and Health Science
Truro and Penwith College
Applied Sports and Exercise Science
Robert Gordon University
Applied Sport Science
Anglia Ruskin University
Apprenticeships that lead here
No apprenticeship standard maps directly yet - the university or college route is the main way in.
Who hires - top UK employers
Oxford Economics
A leading global economic consultancy, known for its rigorous analysis and high-profile clients.
Deloitte
A top-tier consulting firm offering diverse opportunities in economic analysis and consulting.
PwC
Renowned for its economic consulting services, PwC provides a dynamic environment for economic professionals.
KPMG
Offers a range of economic consulting services, with a strong focus on data-driven insights.
The Institute for Fiscal Studies
An independent research institute providing economic analysis and policy advice.
AI & the future of this job
Economic consulting sits in genuine middle ground: AI is already reshaping the grunt work of data gathering, model-building and report drafting, but the discipline's value has always lived in judgement, client trust and the ability to defend conclusions under political and commercial pressure. Junior-level tasks like literature reviews, regression analysis and slide deck construction are increasingly handled by LLM-assisted tools, which is squeezing entry-level headcount at major consultancies. However, the senior-end work, advising governments on competition policy, appearing as an expert witness, or stress-testing a client's strategic assumptions, remains stubbornly human because it requires credibility, accountability and contextual reading that AI cannot yet replicate. This is a career worth pursuing if you are willing to climb quickly past the automatable layer.
Within 5 Years
Moderate workflow disruption
By 2031, most economic consultancies will have embedded AI research assistants that handle first-draft modelling, data cleaning and regulatory literature searches. Graduate intakes are likely to shrink at major firms like Oxera, NERA and Frontier Economics as junior task volumes consolidate. Graduates entering now will be expected to produce senior-quality output faster and with smaller teams, so those who can fluently use AI tools while spotting their errors will pull ahead sharply.
Within 10 Years
Structural role redefinition
By 2036, the traditional pyramid of one senior economist supported by several junior analysts will be largely inverted or flattened. Fewer people will do more, and the premium will fall on economists who can manage AI workflows, communicate complex uncertainty to non-technical clients, and hold credibility in regulatory or legal settings. Competition policy, public sector advisory and litigation support are likely to remain human-intensive because the outputs face direct scrutiny and challenge. Economists who have built deep sectoral expertise, in energy, healthcare or telecoms for instance, will be significantly more defensible than generalists.
Within 20 Years
Specialist-led, leaner profession
By 2046, economic consulting will look closer to medicine than to its current form: a smaller, highly credentialled profession where AI handles diagnostic groundwork and humans make the consequential calls. Entirely new roles around AI model auditing, economic impact verification and algorithmic regulation are plausible growth areas that do not yet exist at scale. The profession survives and arguably gains influence, but the number of roles at any given seniority level will be materially lower than today. Students entering now should plan for a career defined by continuous specialism rather than a stable ladder.
How to stay ahead
Go deep on econometrics and causal inference
The economists who will audit and correct AI-generated models need to understand what the models are actually doing. Investing in causal inference, instrumental variables and structural modelling at university or postgraduate level gives you the technical authority to direct AI tools rather than trust them blindly. This is the skill that separates a defensible expert witness from an expensive chatbot operator.
Pick a regulated sector and own it
Competition economics in energy, pharma or telecoms involves regulatory proceedings where outputs are scrutinised by the CMA, Ofgem or sector tribunals. These settings require human accountability and nuanced contextual knowledge that AI cannot credibly provide alone. Becoming the person who understands both the economics and the regulatory culture of a specific sector makes you far harder to displace.
Build client-facing and communication skills deliberately
As AI absorbs more of the analytical pipeline, the differentiating skill shifts toward explaining uncertainty, managing stakeholder expectations and defending conclusions in contested environments. Seek out opportunities during your degree and early career to present, write for non-technical audiences, and engage in structured debate. These are the skills that determine who gets in the room with the client.
Treat AI tools as a core technical competency
Knowing how to structure a research brief for an LLM, validate its outputs against primary sources, and identify where it hallucinates or oversimplifies is already a practical skill employers value. Students who arrive at consultancies able to cut a week of junior analyst work into a day, while maintaining rigour, will be rewarded quickly. Build this fluency now through side projects, open datasets and tools like Python, R and emerging AI research platforms.
How to get in - your routes
Careermash · your kind of work, the careers in it, and every route in - all in one place.