Are you good with numbers and statistics? Do you have an analytical mind? Econometricians are economists that work using quantitative methods. If this is an area you would like to specialise in then you’re in luck.
There are a number of courses for you to choose from and in related fields. We’ve gathered some information below that might help you on your path to finding the right postgraduate course for you.
What is econometrics?
Econometrics is the application of statistical methods to economic data in order to analyse economic relationships. This type of information can be used by governments and allows for economics forecasting. It helps to make decisions based on prices and production among other related areas.
What does an econometrician do?
An econometrician uses statistics, quantitative measures and mathematical formulas in order to produce objective results in economic study. They use statistics and mathematics, not only to study, but to project models and economic principles and outcomes.
Easily put, econometricians are quantitative economists. In this role you will analyze data using techniques such as linear regression in order to make future projections and predictions. This work is office based and may require flexible working hours. While the general hours are Monday-Friday, 9am-5pm, you may be expected to work longer hours and less predictable hours when it comes to meeting deadlines. There are also opportunities to work part-time or job sharing in this role.
There are many courses on offer in the area across the UK. Some courses offer the opportunity to study either part time or full time. Universities may have certain restrictions in place due to Covid-19 and may offer courses online. The majority of courses available under this heading are related to landscaping. Courses available include:
Economics and Econometrics
Postgraduate courses in this area will offer students the opportunity to train in advanced economic and econometric theory and quantitative methods. Students will gain all the relevant skills and knowledge in order to specialise in the area and apply their quantitative methods to their work. While gaining an education in economic theory, students will also develop their ability to apply economic knowledge, analytical tools and a range of theory to their work to prepare them for the working world in the area. Modules include Econometric Methods, Microeconometrics, Financial Econometrics among many more.
Financial Economics postgraduate courses will allow students to gain an understanding of the functions, institutions and instruments of finance and to understand how and why financial systems differ. Students will learn to take a pluralistic theoretical approach while being provided with an in-depth understanding of how the financial sector evolves through processes of innovation and growth. Modules in these courses will differ from course to course as there are quite a few with the same title. Modules may include Applied Econometrics and Economic Policy, Macroeconomic Theory and Policy as well as Financial Economics and Economic Change and Ideas.
There are many courses available under the title of Financial Economics as well as Economic Policy and Analysis, Finance and Econometrics and Quantitative Financial Economics to name a few.
Entry requirements may differ from course to course or university to university. Therefore, it is important to research your specific course in detail to ensure you meet the entry requirements. As these courses are postgraduate courses, you will need a bachelor’s degree. Some courses may accept a 2.2 degree while others will require a 2.1 in a relevant area.
Your salary as an econometrician may differ depending on your exact employment and also your experience in the field. It is believed the average salary of an econometrician in the UK is around £31,900. Starting salaries will be lower and closer to £25,000. That will rise with experience. It is also possible that as you gain experience you can earn in excess of £50,000. All figures are based on estimates and intended to be used as a guide only.
Potential employers in this area may include:
- Government agencies
- Civil Service
- Large corporations
- Self employed
Skills and requirements
Skills and requirements helpful in this area include:
- Analytical skills
- Strong communication skills
- Time management skills
- Organisational skills
- Ability to work well with others
- Ability to meet deadlines
- Mathematical skills
- Ability to work with numbers and statistics
- Critical thinking skills
- Writing skills
- Detail oriented