Economics and Finance - using your degree
From CareersWiki
Contents |
Introduction
A degree from Scotland's first university is an excellent start to any future career. St Andrews has a reputation for excellence and the ability to attract the brightest students world wide. With this as a starting point you are well on the way to impressing future employers.
Economics graduates are sought after, and they end up in a wide variety of interesting professions. Popular career choices for economics graduates include: accountancy; fund management; personnel management; stockbroking; investment analysis; tax consultancy; management consultancy; the armed forces (officer training); banking; the civil service; journalism; academia; etc. Many of our graduates go on to further study (e.g. Diploma, MSc, PhD). To the best of our knowledge ALL of our students who graduated in 2006 either found work or entered further education.
Independent research suggests economists earn more than almost all other graduates. One study found that after 11 years, male economics graduates earned more than all other graduates except dentists (Belfield and Sloan 1996). Another study (Conlon et. al., 2002) showed that the graduate premium (the extra salary enjoyed relative to a peer who left school with two A levels or more) for male economics graduates is 26.8% and 39.3% for female economics graduates. This premium is lower amongst other Arts students, Social Sciences students, Maths students and Engineering students.
Well known people who studied Economics:
- Kofi Annan - Secretary-General of UN, (Malcaster College,USA)
- Alex Salmond - First Minister of Scotland, (St Andrews)
- Mick Jagger - Rock Icon, (LSE)
- Diane von Furstenberg - Fashion Designer, (University of Geneva)
- Tiger Woods - Professional Golfer
- Arnold Schwarzenegger - Actor and politician
The Careers Centre can provide information on a comprehensive range of careers including those detailed above. There are specialist advisers for different occupational areas. We offer 20 minute drop-in sessions on a first come, first served basis. Drop-in is available for all students and recent graduates of the University of St Andrews on Mondays, Tuesdays, Thursdays and Fridays from 2.00pm - 4.00pm.
Students who are in their penultimate or final year and those studying for a Masters or Phd, can book an appointment with a careers adviser. Booked appointments generally last up to 30 minutes. Visit Careers advice for further details.
Student / Alumni Profiles
Students and alumni from the School of Economics and Finance have kindly agreed to share their experiences of work and other career-related activities with you. These profiles illustrate the wide range of careers, internships, volunteering and other work experience opportunities open to students and alumni from your School. Check regularly to see what's new.
Where Our Graduates Go
| Year | Organisation/Company | Position | Economics/Finance Required |
|---|---|---|---|
| 2011 | Deloitte | Associate Auditor | Yes |
| 2011 | HSBC | Finance Advisor | Yes |
| 2011 | Thames Water | Strategic Asset Planner | Yes |
| 2011 | Blackrock | Analyst | Yes |
| 2010 | KPMG | Tax Consultant | Yes |
| 2010 | Deloitte | Audit Associate | Yes |
| 2010 | Bank of America Merrill Lynch | Wealth Management Analyst | Yes |
| 2009 | University College London | MSc Economics | Yes |
| 2009 | James Hair & Co | CA Trainee | Not directly |
| 2009 | Ernst & Young | Audit Associate | Not directly |
| 2009 | Volterra | Economic Consultant | Yes |
| 2009 | Royal Navy | Logistics Officer | Not directly |
| 2009 | Department of Work & Pensions | Statistical Intern | Yes |
| 2009 | Tesco | IT Trainee | Not directly |
| 2009 | Imperial College London | MSc Finance | Yes |
| 2005 (CAN) | Rye, Man & Gor Securities, Moscow | Equity Sales Analyst | Yes |
| 2005 (CAN) | University of Cambridge | Doctoral Researcher | Yes |
| 2005 (CAN) | Freshfields Bruckhaus Deringer | Solicitor Associate | Not directly |
| 2000 (CAN) | Government of Japan | Deputy Director of Division | Yes |
| 1991 (CAN) | Wall Street Journal | Broadcaster/columnist - case study | Not directly |
| 1987 (CAN) | Foreign & Commonwealth Office | Diplomat,First Secretary | Yes |
| 1985 (CAN) | The Hibernian Football Club Ltd | Finance Director | Yes |
Careers Alumni Network (CAN) indicates these alumni are willing and keen to be contacted to help St Andrews students with their careers search.
Where Our Postgraduates Go
| Year | Organisation/Company | Position | Economics/Finance Required |
|---|---|---|---|
| 2010 | Decision Institute | Research Consultant | Yes |
| 2010 | Goldman Sachs | Banker | Yes |
| 2010 | Bank of America | Credit Risk Analyst | Yes |
| 2010 | Spreelabs UG (haftungsbeschrankt) | Co-founder | Yes |
| 2010 | McGraw-Hill | Project Management Analyst | Yes |
| 2010 | The Carron Consultancy | Management Consultant | Yes |
| 2010 | United Nations | Project Leader | Yes |
| 2010 | Devnit | Financial Consultant | Yes |
| 2009 | National Institute of Economic Research, Sweden | Economist | Yes |
| 2009 | Proctor & Gamble | Financial Consultant | Yes |
| 2008 | Franklin Templeton | Futures Associate | Yes |
| 2008 | Lazard Asset Management | Portfolio Manager European Equities | Yes |
| 2008 | Blackrock | Investment Analyst | Yes |
| 2008 | Accenture | Analyst | Yes |
| 2007 | Camco Group | Commercial Director | Yes |
| 2007 | Roland-Berger | Junior Consultant | Yes |
| 2007 | Foreign & Commonwealth Office | Operational Officer | Yes |
| 2007 | Saville | Valuer | Yes |
Popular Jobs for Economics Graduates Nationally
In 2010, destinations information collected six months after graduation showed that nearly half of all economics graduates were in full-time employment and over a quarter were undertaking further study either as a full-time option or by combining work with study.
Economics as a degree places emphasis on numerical and problem solving skills. This is reflected in the destinations of economics graduates as six months after graduation, nearly 40% entered professions which fall within the category of business, finance and associate professions. A further 13% of economics graduates went into commercial, industrial and public sector management and 6% went on to become numerical clerks and cashiers.
Civil Service fast Stream
Analytical Fast Stream- St Andrews graduates have been successful in securing places on this prestigious programme. It has three streams; an Economist in the Government Economic Service (GES), a Social Researcher in the Government Social Research Service (GSR)and a Statistician in the Government Statistical Service (GSS). These streams close earlier than the main programme.
International Opportunities
Overseas Development Institute Fellowship Scheme - recently qualified post-graduate economist are recruited to work in the public sectors of developing countries on two-year placements.
Summer Internships & Work Experience
It can be very valuable to gain experience of work in various areas, but particularly in those areas that you are considering as a future career.
- A small number of internships may be advertised on our website. Organisations who have contacted us about economist internships in the past include the IPPR, Aberdeen City Council, The German Institute for Economic Research, the Institute for Fiscal Studies, Highlands and Islands Enterprise and the Government Economic Service. The Bank of England also offers internship opportunities.
- Remember to network with students in more senior years, tutors, family and friends. They may have suggestions and contacts.
- Places such as Investment and Retail Banks, Accountancy Firms and Actuarial Companies are large organisations who are particularly interested in attracting economics/finance students to their placements.
- The Undergraduate Research Internship Programme (URIP) was launched in 2008 by the University of St Andrews. Under the URIP scheme, the University funds 20 undergraduates to carry out research over ten weeks during the summer vacation. The students work on independent projects under the guidance and supervision of a member of academic staff. Look out on the website for application forms which normally have to be returned by the end of April.
- Several penultimate year students have been successful in getting a paid summer internships with the Saltire Foundation, these are global experiences in USA, Japan, Cayman Islands and others.
- The St Andrews Summer Internship Scheme offers opportunities for second and third year students
- If you are interested in working for an international organisation or a multi-national business in the UK, being proficient in a foreign language(s) will give you the edge. You may wish to consider applying for an evening language programme run by the University of St Andrews. Another option is to spend your summer overseas picking up language skills while you work or spend time Teaching English as a Foreign Language (TEFL).
- If you are interested in teaching or other work with children the University runs schemes in partnerships with local education authorities which give students access to school pupils. To find out more contact the staff involved by e-mail, schools.access@st-andrews.ac.uk .More Schools are offering the UK Undergraduate Ambassadors Scheme, which requires students to spend up to 25 hours working within a Primary or Secondary school or Science centre. The module is assessed and contributes towards the final degree outcome.
- Joining a society and particularly taking on a role of responsibility can impress future employers and also enhance employability skills such as - team working, negotiation, event management, controlling budgets, leadership etc. Have a look at the case study from a student who made the most of his time at St Andrews through involvement in societies. At St Andrews you have a wealth of societies to choose from. Here is a relevant example:
- Economics Society A student-run organisation with the purpose of raising awareness among students on theoretical and practical economic issues.
Be prepared to apply early for internships as many large organisations take applications the preceeding year, ie for an internship in June 2010, you would need to apply in October 2009.
The table below aims to give some examples of the experiences of Economics students.
| Year | Organisation/Company | Position |
|---|---|---|
| 2011 | Association of International Cancer Research | Administration Assistant - case study |
| 2007 | Goldman Sachs | Summer Analyst |
| 2007 | Pricewaterhouse Coopers | Audit and Assurance Placement |
Employability Profile
Over the course of your degree you develop a good mix of subject specific and transferable core skills (communication, team work, time management, presentation etc). Consider these alongside your other activities, such as paid work, volunteering, family responsibilities, sport, membership of societies, leadership roles, etc. Think about how these can be used as evidence of your skills and personal attributes. Then you can start to market and sell who you really are, identify what you may be lacking and consider how to improve your profile.
Skills
The profile below identifies the skills that can be developed through the study of your discipline based on subject benchmark statements developed by UK higher education academic communities.
This table is able to help you to identify the valuable skills that you can offer to potential employers.
| A graduate in Economics typically will have the ability to: | Evidence: |
|---|---|
| Abstract and simplify in order to identify and model the essence of a problem. | |
| Analyse and reason – both deductively and inductively. | |
| Marshal evidence and to assimilate, structure, and analyse qualitative and quantitative data. | |
| Communicate concisely results to a wide audience, including those with no training in Economics. | |
| Think critically about the limits of one’s analysis in a broader socio-economic context. | |
| Draw economic policy inferences and to recognise the potential constraints in their implementation. | |
| Apply literary and information-processing skills, as well as interpersonal skills. |
Economics and Finance Careers/Employability Link
Each School has a Careers/Employability Link who "champions" employability. Yours is Fabio R Arico. If you have any information you consider important for your fellow students please let him know. Alternatively you can complete a "profile" which enables you to share your experiences with other students.
Links to Useful Resources
- Destination Statistics of St Andrews graduates
- Higher Education Academy Student Employability Profile: Economics
- Royal Economic Society A professional association promoting the encouragement of the study of economic science in academic life, government service, banking, industry and public affairs.
- Economics Social Network a social network for economists which is a social space for economists to chat, discuss, and post useful resources related to economics. This site is a useful resource for university students, who will be able to use the site to talk to economists who are already working in government and the private sector.
- eFinancialCareers Graduate jobs in banking, finance, IT & related graduate job offers, recruitment & careers within the financial markets: Finance, technology & banking jobs for graduates & interns
- Economics Departments, Institutes and Research Centers worldwide
- Economist jobs The world's leading site for Economist jobs. Providing jobs in Economics, Econometrics, and Finance.
- The Financial Services Skills Council (FSSC) Specialist information on careers in financial services.
- Online Industry Sector Profiles - Scotland This online resource has been produced by Heriot-Watt University Careers Service to help explore Scotland's main industries. It provides industry facts and figures, significant Scottish employers, job options, vacancy sources and case studies.
