Economics Apprenticeships

What are the best apprenticeships for budding economists?

Are you curious about the world around you? Do you have great attention to detail? Are you interested in behavioural sciences?

You might have what it takes to become an economist.   

Economics Apprenticeships: a Charging Bull

Why Economics is useful for apprenticeships

Economics affects everything from the price of milk to the national living wage. It drives change from the smallest non-profit organisation to national Governments. 

An economist is a researcher, an analyst, a communicator and a mathematician. They advise and sometimes implement policies that filter into every aspect of our lives. Labour, transport, health care, finance, and many more industries employ economists to ensure they make the best decisions with the data available.

An economics-based apprenticeship enables you to take the first step in your career while studying for the necessary qualifications. 

Transferable skills

You may or may not have been taught economics as a specific subject in school. Either way, you have likely already cultivated some of the hard and soft skills needed to become an economist, including but not limited to:

  • Analytical thinking – finding patterns and reaching logical conclusions
  • Written and verbal communication skills – you will need to explain your thinking so it can be shared and interpreted
  • Maths – specifically statistics and calculus
  • Attention to detail 
  • Curiosity – this is probably the most important criteria
  • Research skills
  • An interest in the social sciences – history and sociology indicate social trends which can then be related to economics

You may also have learned some economic theories – such as Marxist, Keynesianism, Hayekianism, and classical economics, which will form the foundations of your learning.   

Intermediate roles

Leaving school can be scary, but it should be exciting, too. Many job opportunities await, so you must decide what career path you want to follow.

The first step is deciding whether to continue into higher education, college and then university, get a likely minimum wage job, or apply for an apprenticeship.

There is no wrong answer. In this article, we will focus on apprenticeships, specifically those based in economics.

Arguably offering the best of both worlds, UK apprenticeships enable you to earn as you learn. You will be employed by a company that will pay you at least a living wage salary for your age group. Alongside your job, you will study for a nationally-recognised qualification suitable for the level of apprenticeship. Your studies will be partly funded by your employer, with the rest from the UK Government.  

The lowest level of UK apprenticeship is, somewhat confusingly, Level 2, also known as an entry-level or intermediate apprenticeship

Entry Requirements

To be eligible to apply for a UK apprenticeship, you must:

  • Be 16 or older
  • Not be in full-time education
  • Have the right to live and work in the UK

Every UK apprenticeship must comply with national standards designed by industry experts. However, employers may also have requirements.

Most providers will require a good GCSE or equivalent in the core subjects of Maths and English Language. A GCSE in History or Sociology may be beneficial in some roles.   

As noted, economists must have excellent critical and analytical thinking, strong maths skills, written and verbal communication and a curious and agile mind. 

Qualifications gained

Completing an entry-level apprenticeship will earn you the equivalent of five good GCSE passes.

Level 2 economics-related apprenticeships include:  

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Advanced/Higher/Degree targeted at A-Level

Many who complete an entry-level apprenticeship move on to a higher-level apprenticeship to gain the necessary knowledge and qualifications to progress in their chosen field.

The higher levels are structured as follows:

As you move up the levels to degree and masters-equivalent apprenticeships, they may be longer and more complex. Your salary may also increase upon completion to reflect the more senior position. 

Entry Requirements

To study for an advanced economics studies apprenticeship, you will likely need good GCSEs in Maths, specifically calculus and statistics, English language and sociology or economics. 

Higher and degree philosophy apprenticeships usually need A levels in the same subjects. 

Qualifications gained

Completing an apprenticeship will earn you the equivalent of the following qualifications:  

  • Advanced apprenticeship = 2 A-Level passes. 
  • Higher apprenticeship = a foundation degree
  • Degree apprenticeship = a full Bachelor’s or Master’s degree, depending on your level of study. 

Advanced, higher and degree economics apprenticeships include: 

Industry Focus

Most economists work in offices, either in the public or private sector depending on their specialism and the nature of their employment. They may be part of a wider research team or work independently while liaising with other departments.

Economics can be broken down into several specialisms. There are also several other careers related to economics.

Financial Economics

Financial economics focuses on monetary activities such as interest rates, exchange rates and share prices. 

A subsection of finance economics, public finance economics studies the Government’s effect on the economy through welfare programmes and taxes. 

Macroeconomics & Microeconomics

These types of economics sit at opposite ends of the spectrum. Macroeconomics studies the whole economy and looks at large mass areas. Microeconomics focuses on individuals or small groups and their effect on eg demand as prices rise.

Both types of economists look at trends and research extensively, and both contribute to the overall efficiency of the country. 

Public Sector Economics

This is a section of economics concerned with Government funding and economy. Data is analysed to help government officials deduce the best fiscal and economic policies.

There is some cross-over between economists and chartered accountants. Both are trying to maximise profitability and efficiency, as well as forecasting and providing risk analysis.  They may work within a small business or for a national Government.

You can find accountancy apprenticeships at different levels with The Chartered Institute of Management Accountants

Actuarial analysts have the same attention to detail as economists but analyse data to create statistical reports. They must be proficient in statistical maths and are responsible for assessing financial risk and forecasting financial outcomes. They may work in the public or private sector. 

A proposal is being developed for an actuarial analyst apprenticeship.

Other Opportunities 

  • Economics teacher or professor
  • Policy officer
  • Quantity Surveyor
  • Business reporter
  • Business development manager
  • Corporate lawyer
  • Statistician
  • Senior marketing analyst
  • Quantitative analyst
  • Labour economist – studies wages, employment trends and employment levels
  • Industrial economist – works with large-scale businesses such as hotels, theme parks and museums, using past trends to boost tourism 
  • International economist – analyses historical trends concerning goods trades, international investment and international services
  • Econometricians – use maths principles such as calculus and game theory to analyse and test economic relationships

Conclusion

This is a quick overview of economics-related careers and apprenticeships, we hope you have found it useful. 

Do you have a question we haven’t answered? Please don’t hesitate to get in touch. In the meantime, our handy topic and location filters help you find relevant apprenticeships in your area.

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