If you’re considering a career in economics or currently studying the subject, understanding the earning potential is key to making informed decisions. The economics salary landscape in the UK varies significantly based on industry, experience, and specialisation – from public sector research roles to private sector financial analysis.
In this guide, we’ll break down current salary trends for economists and closely related roles like data analysts, actuaries, and statisticians. Whether you’re just starting out or aiming for a high-paying role in finance or government, this guide will help you map your career path with confidence.
What Is the Average Economics Salary in the UK?
The average economics salary in the UK varies widely depending on experience level, sector, and location. According to Prospects.ac.uk, the UK Government’s Office for National Statistics (ONS), and the National Careers Service, here’s a breakdown of average earnings for economics-related roles:
Entry-Level Economists (e.g. Research Assistants, Graduate Analysts):
£25,000 – £35,000
These roles are common among recent graduates working in public sector bodies like the Government Economic Service or think tanks.
Mid-Level Economists (e.g. Policy Advisors, Economic Analysts):
£40,000 – £60,000
Professionals with 3–5 years of experience often work in financial services, consultancy firms, or regulatory bodies.
Senior Economists / Specialists (e.g. Principal Economists, Directors of Research):
£65,000 – £100,000+
Senior positions in central banks, international organisations, or major consultancies often exceed six figures, especially in London.
Sector Breakdown:
- Public Sector: £35,000 – £60,000
- Private Sector: £50,000 – £90,000
- Academia/Research: £30,000 – £55,000
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Salary Progression: Entry-Level to Senior Economist Roles
Economist salary progression is influenced by several key factors – from advanced qualifications to sector moves and niche expertise.
- Postgraduate Qualifications: A Master’s or PhD in Economics or a related field (e.g. Econometrics, Finance) can fast-track progression, especially in research, government, and academia.
- Sector Mobility: Moving from the public to private sector can lead to significant pay increases – often £10,000–£20,000 higher at the same level of experience.
- Specialisation: Professionals with expertise in areas of economics like behavioural economics, data science, or macroeconomic forecasting are in high demand, often commanding premium salaries.
- Professional Development: Certifications in data analysis (e.g. Python, R, Stata), financial modelling, or policy design can boost earning potential.
| Career Stage | Typical Timeline | Key Role Types | Salary Movement |
|---|---|---|---|
| Graduate Economist | 0–2 years | Research Assistant, Junior Analyst | £25K → £35K |
| Early-Career | 2–5 years | Analyst, Policy Advisor | £35K → £50K |
| Established Career | 5–10 years | Senior Analyst, Principal Economist | £50K → £70K+ |
| Senior Leadership | 10+ years | Chief Economist, Director | £70K → £100K+ |
Progression speed can vary. Some professionals reach senior roles within 5–7 years through accelerated civil service schemes or by switching into high-paying private firms like consultancy, finance, or tech.
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Economics-Related Career Salaries Compared
Many economics graduates pursue careers in related fields where analytical, quantitative, and strategic skills are in high demand. Below is a breakdown of average UK salaries across roles that overlap with or branch off from core economics careers – ideal for those considering alternative or complementary career paths.
Data Analyst Salary
- Average Salary: £35,000 – £50,000
- Senior Roles: £60,000+ (Lead Analyst or Analytics Manager)
According to Glassdoor, entry-level data analysts typically start at around £28,000, rising to £50,000+ with 5+ years of experience. Analysts with strong skills in Python, SQL, and machine learning can command higher salaries, especially in tech and finance.
Actuary Salary
- Graduate Actuary: £30,000 – £35,000
- Fully Qualified Actuary: £60,000 – £100,000+
- Senior Partner-Level Roles: £150,000+
Actuarial roles are among the best-paid economics-adjacent careers, particularly in insurance, pensions, and risk management. According to the Institute and Faculty of Actuaries, qualified actuaries see sharp salary increases after certification.
Investment Analyst / Banking Analyst Salary
- Graduate Analyst: £40,000 – £50,000 + bonus
- Associate / Senior Analyst: £60,000 – £100,000+
- Top Firms: Total compensation can exceed £150,000
These roles are competitive but financially rewarding. Investment analysts in asset management or investment banking often receive large performance bonuses, particularly at firms in the City of London.
Statistician Salary
- Average Salary: £35,000 – £55,000
- Senior / Government Statistician: £60,000 – £75,000
Statisticians work across healthcare, government, research, and data science. According to National Careers Service, salaries increase significantly with experience and specialisation (e.g. medical or social statistics).
Compliance & Risk Roles
Compliance Officer Salary:
- Average Salary: £30,000 – £50,000
- Senior Compliance Manager: £60,000 – £80,000
Compliance officers ensure organisations meet regulatory standards. Demand is particularly high in banking, finance, and healthcare sectors.
Financial Risk Analyst Salary:
- Typical Range: £40,000 – £70,000
- Senior Risk Manager: £90,000 – £130,000+
These roles are ideal for economists with strong forecasting and modelling skills. Risk analysts assess exposure to financial volatility, often using tools like Value at Risk (VaR) models or stress testing.
Chief Compliance Officer Salary UK:
- Salary Range: £100,000 – £150,000+
- Bonuses in Finance: Can significantly increase total compensation
CCOs typically sit on the executive board, overseeing regulatory and ethical governance. Experience in law, finance, or audit is often required.
Finance Career Overlaps
Financial Manager Salary UK:
- Mid-Level: £50,000 – £70,000
- Senior/Head of Finance: £80,000 – £120,000+
Financial managers supervise budgets, forecasting, and reporting. Their strategic input often mirrors the role of an economist in corporate environments.
Stockbroker Salary UK:
- Base Salary: £30,000 – £60,000
- With Commission/Bonuses: £100,000+
While base salaries can be modest, high performers in trading and broking can earn substantial commissions and bonuses.
Tax Adviser Salary:
- Graduate Level: £25,000 – £35,000
- Experienced Adviser: £50,000 – £70,000
- Chartered Tax Adviser (CTA): £70,000 – £100,000+
A common route for economics graduates, tax roles span corporate advisory, personal taxation, and policy consulting. Salaries increase quickly with CTA qualification and sector expertise.
Trends Impacting Salaries in Economics
The economics job market in 2025 is shaped by evolving global and domestic challenges – from inflationary pressures to technological innovation and sustainability policy. These broader shifts are directly influencing salaries and job opportunities in the field.
Demand for Data-Driven, Technology-Savvy Economists
Employers now seek economists with advanced data science skills, blending quantitative economics with big data analytics. This hybrid expertise often commands higher pay, particularly in fintech, consultancy, and government forecasting.
Additionally, employers face pressure to keep up with the global cost of living crisis and ensure their employees can afford necessities.
Remote & Hybrid Work
Flexibility is now expected in many economist roles. Companies offering remote or hybrid working arrangements often attract top talent without needing to significantly raise base salaries – although this may affect negotiation power in high-cost regions like London.
Sustainability & ESG Roles on the Rise
As businesses respond to environmental and social governance (ESG) pressures, economists are increasingly involved in modelling long-term environmental impacts, carbon pricing, and sustainable growth policies. These emerging roles offer strong salary growth potential.
How to Maximise Your Economics Salary Potential
Whether you’re just starting out or aiming for a senior role, there are strategic moves you can make to increase your salary throughout your economics career.
Pursue a Reputable Economics Degree
Earning an economics degree from a top university significantly boosts your long-term salary prospects. Employers value graduates from academically rigorous institutions, often offering higher starting salaries and faster progression into senior roles.
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Pursue Postgraduate Education
A Master’s or PhD in economics or a specialised area (e.g. behavioural or financial economics) opens doors to more senior and better-paid roles – especially in academia, think tanks, and international bodies.
Develop In-Demand Skills
Learn complementary skills such as data analysis (Python, Stata), econometrics, policy evaluation, or financial modelling. These can set you apart from traditional economists and push you into higher salary brackets.
Certifications & CPD
Qualifications like CFA (Chartered Financial Analyst) or certifications in risk management and ESG can boost salary prospects, particularly in finance and consulting.
Switch Sectors Strategically
Moving from the public to private sector – or even between private sub-sectors – can result in substantial salary uplifts. Consulting and financial services remain top earners for economists.
Negotiate Intelligently
Use salary benchmarks (like those in this guide) to inform your expectations when applying for new roles or negotiating a raise. Once you’ve demonstrated your value and it’s clear the employer is interested, don’t hesitate to negotiate. Highlight your unique or transferable skills, and back up your case with clear evidence of how you can contribute – whether through past results, specialist knowledge, or relevant achievements. Tailor your pitch to the role’s responsibilities, location, and market rate to strengthen your position.
FAQs
A good starting salary for an economist in the UK typically ranges from £27,000 to £35,000, depending on the employer, location, and sector. Graduates entering roles in government departments may start at the lower end, while private-sector analysts can earn more.
Economists with a master’s degree often command higher salaries, especially in specialist or analytical roles. On average, they can earn between £35,000 and £50,000 early in their careers, with faster progression into senior positions compared to those with only a bachelor’s degree.
An economics degree opens doors to a wide range of roles, including:
- Economist (public or private sector)
- Data Analyst
- Actuary
- Investment or Banking Analyst
- Statistician
- Compliance Officer
- Financial Risk Analyst
- Policy Advisor
It also provides a solid foundation for careers in finance, law, consulting, and academia.
Generally, economists in the private sector earn higher salaries, especially in industries like banking, finance, and consulting. However, public sector roles (e.g. HM Treasury, ONS, Bank of England) often offer strong job security, pension benefits, and structured career progression.
Conclusion
Economics remains one of the most versatile and rewarding career paths in the UK — both intellectually and financially. While entry-level roles already offer competitive salaries, the real opportunity lies in strategic career progression and specialisation.
Whether you’re aiming for the civil service, financial services, or a data-driven consultancy role, understanding the UK economics salary landscape is key to making smarter career decisions and maximising your earning potential. By staying informed, upskilling with purpose, and knowing your market value, you’ll be better positioned to reach the top end of the salary spectrum.
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