Being an Economist at a Bank
Hi,
I have the opportunity to do an Economics MSc. Ideally I would like to work in an economic advisory role at a bank/consultancy firm
Does anyone know a little bit about what economists in a bank do (some specifics)?
More importantly, to become a chief economist or at least a senior economist at a bank will I eventually need a PhD? I am under the impression that a masters and years of experience in an economics role may be enough but a lot of articles say you will not be taken seriously without a PhD...
I interviewed for one of these types of jobs. Technically I did not have the required work experience, but I got the interview anyway. The thing I would not like about the job is that it would require lots of travel if I was to be promoted. I would compare this job to an internal-consultant/rockstar who travels around and makes statements to generate publicity for the company. This is a good job for those who want a cushy job for those who like them. However, I would rather have a trader job where people yell, scream, and throw things. Also there is the good part about less travel.
Other than what I already mentioned. Create Macroeconomic models to predict what will happen to the economy.
You need a masters degree for consulting if you want to get past being an analyst. You do need a PhD to work in a Chief Economist role at a government organization, but a masters will allow you to get your foot in the door. All you need to work as an economist at a bank is an undergraduate degree in economics.
You pretty much need a masters to even get an entry level Economist job with the government. My wife is a government Economist in a pretty good career track position, but without a PhD your odds of getting to the Senior Executive Service would be incredibly slim. Division Chief is possible and would take years, but probably not Director of Economics/Chief Economist.
The only government Economist job you could get with just an undergrad degree might be some kind of Army Corps of Engineers job paying $40k in the middle of nowhere. Certainly not something at a good agency in DC.
This is only true if you want a pure economist job. However, do you REALLY want that? Why not leverage your econ degree into a much more interesting and cool career?
There are two agencies a hell of a lot more fun than Treasury (the IA team at treas is decent granted) or another fed finance agency that hire economic analysts with just an undergrad degree. One is in Foggy Bottom, the other in Langley.
And it is very possible to come up in both without a PhD. Hell the latter just had its former acting director with only a master's in econ from a "non-target".
you do not need a ph.d to be a senior economist at a bank but it helps immensely in terms of moving up. Look at the bios of guys like Buiter and Hatzius. There are those like LaVorgna (DB head economist) who I believe only have an undergrad econ degree (don't know where) and Riccadonna (DB as well) that has a MSF from princeton. Mind you Lavorgna and DB have been really poor with their econ assessments these last few years. Vincent Reinhart at MS is another with a masters that rose to the top.
However most VP's and above in Econ Research have a masters minimum if not PhD.
Daggett is also right about generating publicity/making statments to support the bank. Back when Tom Keene was running Midday Surveillance on Bloomberg TV he was notorious (out of any other finance program on tv) on having more pure econ people from banks/financial institutions/government on. I loved that show and I hate how they dropped that to what they do now on Bloomberg noon slot.
To get an idea of what econ research teams do at banks, check out the economics research notes that are put out by various banks on a weekly or monthly basis. You can find pdf copies floating around on scribd and other sites. You analyze various macro factors and datapoints that shape the market(s) that you are tasked to cover, develop econometric models test and project your theses, can provide support to other areas of the bank that want economics forecasting input.
Also I would try to contact some of the people you see listed on those economics notes. I cold emailed econ researchers a year or two ago at all the BB's and I will say that JPM, Citi, and GS GIR ECS guys were VERY friendly in responding and willing to have a conversation with me.
Are there any particular areas within economics research that interest you? US/Developed markets? EM economics? housing? ficc?
The advice I got from multiple people was (and its something similar to what Reinhart and LaVorgna did if you look at his career) is UG/Masters econ -> fed reserve (at a branch or board of govs) for a couple of a years -> Bulge Bracket.
What about consulting jobs? Can you guys describe what Econ PhD's do in a consulting firm?
http://www.wallstreetoasis.com/blog/economic-consulting-qa-0
Economist positions (Originally Posted: 09/11/2011)
I'm having trouble finding good information on entry level economist positions. I know this is a good amount to ask for but can anyone give me a breakdown of the profession? Starting salaries, hours and stuff like that if you don't mind. Thanks for the help
usually 100k+ ,but you need a Ph.D ; lol.
Economists on the street (Originally Posted: 10/21/2011)
So I currently work as an Economist for the Government but I am very eager to transfer to the financial services sector. My ideal job would be to work in economic research at at a bank, specifically macro strategy for LATAM because I am familiar with the area and have regional language skills. I have no interest in being a banker, broker, or money manager. I hardly ever see job posting for Economists on the street so I was wondering if anyone had advice on how I can get my foot in the door.
I'm also interested in working as Macro or EM FX/ Rates strategist at a BB so I would appreciate any insight as well.
What did you write your dissertation on?
I dont' have a PhD so no dissertation there. I do have an MA in Econ but my program didn't require a thesis.
Banks' economists (Originally Posted: 10/12/2008)
I'd like to know who the well-regarded economists are at different banks, but too lazy to dig through the individual websites. It'd be great if everyone could post the name of the person(s) at his or her bank and a couple of public articles by them that they've found interesting. I'll start:
GS: Jim O'Neill http://www.ft.com/cms/s/1ab52c24-88b9-11dd-a179-0000779fd18c,dwp_uuid=3…
MS: Stephen Roach, Teun Draaisma (not an economist, as such, but relatively famous) http://www.ft.com/cms/s/af349090-959a-11dd-aedd-000077b07658,dwp_uuid=1…
LB: Paul Sheard
people might be reluctant to post something that would reveal their employer...
Whats wrong with that?
any idea about economist position at JP Morgan asset/wealth management - Regrading economist position (Originally Posted: 04/05/2012)
dear all,
i have an interview coming, regarding the economist position within the investment strategy team in Private banking business in JP Morgan.
any idea how the interview gonna be like? i am guessing it would be much about macroeconomy?
thank you all!
My Jewish girlfriend loves doing it in the economist position.
LOLLLLLL
OP, out of curiosity, what is your background (both educational and professional experience)?
MA in econ, and couple of years experience at some reseach institution
i am always wondering what kind of questions they will ask. Like the big picture question? how is the market? what should the fiscal/monetary policy be? Or very technical question,like building econometric model,etc.?
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