What you'll do
You'll get involved in a wide range of projects. Our clients will typically define a key question for us to consider and you’ll spend time, within a project team, framing the question in greater depth. You’ll help to give them a clearer picture of what success looks like, how to value it, and advise them on how to achieve it. Below are some examples of recent projects that we’ve completed and would be the sorts of things we’d expect you to be working on:
Shaping the future of financial markets in the UK
In early 2017, in collaboration with our strategy colleagues, we worked with TheCityUK, an industry body for the City, to set out a vision for the UK-based financial and related professional services industry in the UK.
To support the generation of policy recommendations which are aligned to broader UK initiatives (such as the UK Industrial Strategy), we interviewed senior industry executives and policy makers. We complemented this with quantitative analysis of international financial centres and economic statistics, such as trade performance. This revealed comparative advantage and market sizing, and has helped to give the report a comprehensive fact base. We also leveraged our general equilibrium modelling capability to bring new and distinctive insights on the potential economic benefits of achieving the vision, analysis which has resonated well with policymakers, and helped to build a case for implementing our proposed strategy.
The report, 'A vision for a transformed, world-leading industry', looks beyond Brexit to 2025, to the role that the industry can play in Britain's long-term success outside of the EU. Our work has gained good traction across the industry, and has been presented to top banking and legal executives, as well as to the Governor of the Bank of England.
Assessing the impact of E-commerce on competition policy in Southeast Asia
On behalf of all of the competition authorities within ASEAN (Association of Southeast Asian Nations), the Competition Commission of Singapore asked us to assess the impact of E-commerce on competition in the region, and highlight any implications from these changes for the design and enforcement of competition policy.
In addition to our own research, we also developed a questionnaire, to gather information on the current challenges being faced by competition authorities in the region. We conducted a thorough review of key competition policy principles and rules on E-Commerce as well as their economics rationale, including a review of competition cases and investigations in E-commerce markets in jurisdictions around the world.
An area of focus for our work was online multi-sided markets, such as shopping platforms and online search engines, where network externalities between distinct sides of the market affect the strategic decisions of firms, for instance in the price charged by an interlinking platform to each side of the market. We considered whether competition laws were sufficient to identify and assess alleged anti-competitive conduct in these markets. We also explored the effect of new technologies being adopted by firms, such as price-fixing algorithms which automatically respond to competitor’s price movements in online markets.
Measuring the Global Economic Impact of Artificial Intelligence
In June 2017 we published a detailed study that estimated the potential global economic impact of artificial intelligence (AI) between 2017 and 2030. Our report involved collaboration with the Global PwC network – most notably the Data Analytics teams in the US and Germany.
The project was based on three key insights into the direct impact of AI on different sectors and regions globally: 1) a comprehensive bottom-up insight into the effect of AI on over 300 product lines captured in the US and Germany Data Analytics “AI Impact Index”; 2) machine-learning estimates of automation potential in every sector and global region; and 3) robust econometric analysis measuring the marginal impact of AI-uptake on productivity using a panel-data set constructed for each region of the study.
We then used economic theory to innovatively combine these insights to estimate the scale of AI-uptake, automation and the initial impact on productivity and consumer product enhancements by region and sector over time. These impacts were then passed through our Spatial-Computable General Equilibrium (S-CGE) model, which captures dynamic interactions between households, firms and governments through consumption, investment and regional trade to estimate the net global economic impact of AI-uptake.
We estimated that AI will contribute $15.7tn to global GDP in 2030, with consumer product enhancements and productivity gains contributing roughly equally to this impact, and the US and China expected to account for the majority of these gains. Our report was presented at the World Economic Forum in Tianjin, China, and has already impacted businesses’ ability to respond to the emerging AI-revolution that is under way.
Designing a regulatory regime for Crossrail
Crossrail is a new and key high frequency underground railway through London. It represents a £14bn investment and is expected to increase London rail capacity by 10% over the next few years and result in significant time savings for passengers.
Transport for London (TfL) has had to design and implement a regulatory regime for Crossrail to facilitate fair and efficient utilisation of the infrastructure investment so that the benefits of Crossrail are delivered for passengers and London. TfL turned to us to assist them in designing a regime including:
The setting of access charges for rail operators using Crossrail
The putting in place of an incentive regime to ensure disruption is minimised and the performance of the infrastructure is improved to the benefit of passengers.
We’ve drawn on our experience in the rail industry and regulatory regime design across sectors to bring innovative ideas to assist TfL. We’ve undertaken extensive modelling to estimate the optimal level and structure of charges to ensure TfL meets its objectives and satisfies the relevant legal and regulatory requirements.
Crossrail is connected with other rail infrastructure, so this required consideration of ‘whole system’ impacts by taking into account inter-dependencies between networks. As well as advising on the regulatory regime, we also supported TfL in discussing and testing its proposals with relevant stakeholders including the regulator – the Office of Rail and Road (ORR).
Meet our people
BSc Economics at University of Warwick
Joining the Economics Consulting team with PwC has given me the opportunity to put into practice the theory and techniques that I learnt as part of my degree. Being able to work
on a wide range of high-profile client projects from the outset has enabled me to develop my skills and gain many new ones.
So far, I’ve worked on behalf of a large international airline in a competition dispute; assisted with the development of a transformation fund for a region’s health and social care services; and helped to assess the social impact of community pharmacies across England. Before joining, and throughout my first two years, I’ve received great support which has made settling into the team easy, and it’s given me a great platform to progress.
BSc Econometrics and Mathematical Economics at LSE
I joined PwC four years ago as a graduate in the Economics team. Since then I’ve worked across a variety of sectors and areas of economics. One of the most interesting projects I’ve worked on was for a mining company in Southern Africa. We were asked to
measure the economic impact of the company on a country where mining is a major contributor to Gross Domestic Product . We measured the impact on Gross Value Added and employment using input-output analysis. I was able to work in Africa, supporting the client’s engagement with senior stakeholders on the findings of our analysis. Aside from impact assessments my main focus has been on competition economics and, more recently, healthcare. One of the most enjoyable parts of working in the team is the breadth of opportunities and diversity of projects that you’re able to be involved in. From supporting a global airline as part of a state aid case to understanding devolution in Greater Manchester, I’ve felt constantly challenged.
Joined Economics 2011
Joined PwC 2006
BSc and MSc Economics at University of Warwick
I initially joined PwC as an Assurance graduate, but after qualifying as a Chartered Accountant I joined the Economics team to pursue my real passion – macroeconomics. I now work with businesses and governments around the world, advising them on how global, regional and local economic trends affect them. In a recent project I advised a bank on how to best use macroeconomic scenarios for its annual stress-testing exercise.
The most interesting part of my job is interacting with a breadth of different clients alongside colleagues with different professional backgrounds – including Assurance, Tax and Consulting. To date, I’ve worked with PwC colleagues from Brazil, Cyprus, Singapore, Sweden and the UAE.
BSc and MSc Economics at London School of Economics
I joined the Economics team at PwC almost three years ago. Over this time, I’ve been able to apply the economic theories and concepts I learnt at university in a very practical way to answer challenging questions facing industries and clients. My experiences over the years have been diverse, ranging from analysing the workforce challenges facing the NHS, to quantifying the benefits of investment in transport infrastructure and assessing the contributions of a number of national and international companies to their sectors and the wider economy. I have also been able to get involved in various pieces of thought leadership, most notably contributing to the Women in Work Index, our annual report on the economic empowerment of women in the workplace across the OECD. The wide range of opportunities I’ve been given and the support and intellect of the people in the team have made the last few years an incredible learning experience, giving me an excellent base to continue building my career.
BA International Relations and Economics at University of Birmingham and MSc Economics at University College London
My first year in the Economics team has given me the opportunity to work on a wide range of intellectually challenging projects where I have been able to apply and hone my technical capabilities. Since joining the firm, I’ve used CGE modelling and econometrics to measure the impact of artificial intelligence on labour productivity and GDP as part of PwC’s Global Impact of AI report, built hierarchical statistical models to forecast crime levels in the UK, and have undertaken performance-concentration analysis to evaluate the impact of a merger in the private social care sector.
Beyond client projects, I’ve also had the opportunity to contribute to the team’s thought leadership where I used machine-learning methods to generate accurate “nowcasts” for the UK economy. I’ve also worked with colleagues in Deals to estimate equity market risk premia for different countries. The stimulating and diverse projects on offer have provided a perfect platform for me to develop the skillset that matches my interests whilst also enabling me to grow in a well-rounded way.
Training and development
Your development journey with us begins with a one-month induction programme for all new joiners in consulting that introduces you to what we do, the way we work, and our policies as one organisation, followed by an economics-specific induction programme.
During this time you'll learn more about our practice and undergo specific training in frequently-used technical skills. These structured inductions mean you not only get to meet the Economics team but also a much wider network of new joiners across PwC.
We’ll want you to learn and improve every day – we believe we offer some of the best learning opportunities; including hands-on coaching from more experienced colleagues, a dedicated mentoring scheme, regular ‘lunch and learn’ sessions on projects and methods, and seminars with academic and client speakers.
As your experience grows, so will your exposure to client projects across a wide range of skill areas, sectors and locations across our global network – we won’t ask you to specialise early. We encourage mobility within PwC, whether in the UK or overseas through secondments. All our graduates also embark on a rotation programme within the team, which will allow you to gain experience in different parts of the economics practice. That means you’ll have plenty of opportunity to find what you’great at and develop your career path.
What we look for
Your job description
Early involvement in a project team means you’ll contribute ideas and analysis to high-profile projects. Before long, you’ll be meeting clients face-to-face, tackling their issues first-hand and helping us win business.
You’ll collaborate with a wide range of professionals at all levels within PwC as well as leading academics who have a range of financial, technical and industry expertise. Exposure to everything from specialised economics techniques (such as econometric modelling) to more general consulting techniques (such as pitching to clients) will allow you to develop a balanced and highly sought after array of skills.
Bringing out the best in you
Throughout your career, you’ll be supported by the best in learning and development – from specialist seminars, courses and toolkits to informal ‘lunch and learn’ sessions hosted by your peers. Your teammates will show you the ropes, and a People Manager will work with you to guide your career and support you in your learning. And at every stage, progression is based on merit.
What you need
You need at least a 2:1 in an Economics-related degree to apply to us. A postgraduate degree in Economics or a related subject would be preferable but it’s not a requirement.
What to apply for
Join us on a full-time basis as a graduate if you are in your final year of your Undergraduate or Master's degree. Alternatively, apply for our summer internship programme if you are in the penultimate year of your degree, or are a final year Undergraduate student and are looking to complete a Masters degree.
How to apply
Research: At interview, you’ll need to explain why you’ve chosen Economics Consulting and what you can bring to it.
Register: Once you’ve decided that Economics Consulting is the right career for you, register. We’ll then ask you to take some online psychometric tests.
Assessment day: We’ll invite you to this if your application is successful. Lasting half a day, this includes psychometric tests, a group or individual exercise, a written exercise and a technical economics exercise. The latter will test your ability to apply your economic knowledge to a choice of topical issues through a choice of technical economics questions.
Final stage interview: Your final stage interview will be with senior members of the team. This is in two parts: a competency-based interview, and a technical economics case study interview.
Offer: We’ll tell you whether we’d like to make you an offer as soon after the final stage interview as possible.
Pre-employment screening: Accept our offer and we’ll check your grades and job history, so please make sure everything’s correct before you send us your application. We’re known for accuracy, so carrying out checks like this protects our reputation.
Before you join: The support starts as soon as you say ‘yes’. So you feel part of PwC well before your first day, we’ll invite you onto our onboarding website
and Facebook app where you can keep in touch with news, advice and information. You can also network with others about to join us.
Graduate Economics jobs
Opening date: 1 September 2017
Closing date: 5 November 2017
- Online test deadline: 7 November 2017
Economics summer internship
- Opening date: 1 September 2017
- Closing date: 7 January 2018
- Online test deadline: 9 January 2018
How many people work in the PwC Economics team?
There are over 70 people in our Economics team in London consisting of people from 12 countries who bring a variety of skills and experience to our team. We’re also one of 22 economics practices in our global network.
What kind of projects can I expect to work on?
As a new graduate, you’ll be able to work with private and public sector clients across our four key areas of focus (competition and disputes, market structure and regulation, big decisions and investments, and foresight). That way, you’ll be guaranteed project experience across a range of different sectors early and can find out what you’re interested in.
How does working at PwC compare to a boutique economics consultancy?
We offer the best of a boutique consultancy, with the added benefits that come with working in one of the world’s leading professional services organisations. This means that you’ll get the opportunity to work with colleagues and clients on a truly global basis, whether on project-based work or international secondments. You’ll also work with a diverse group of individuals, including economists and other like-minded individuals (strategists, operational consultants, and many more). We frequently work with other business areas, giving you the opportunity to work on large-scale and high-profile transformational programmes.
How would you describe the culture of the economics practice?
We pride ourselves on being a diverse, meritocratic, intellectual and supportive team. Most of all, we love what we do, and we have fun doing it. We all help shape our practice, and we foster a sense of entrepreneurship – everybody has a role in identifying and capitalising on new business development opportunities and we see that as an integral part of our work. We come from a diverse range of backgrounds, and we work hard to balance this with other aspects of our lives.
What do you offer in terms of training and will I progress?
As a PwC Economics Consultant you’ll be supported by the best in learning and development – from specialist seminars, courses and toolkits in technical economics, to training in the core consulting skills. Your People Manager will work with you to develop your career with us. How you progress will be based entirely on your own merit and ambition.
Do I need to specialise?
We won’t ask you to specialise if you join our graduate programme. In fact, as your experience grows, so will your exposure to client projects across a wide range of skill areas, sectors and locations across our global network. We also encourage mobility within PwC, whether in the UK or overseas through secondments. And that means you’ll have plenty of opportunity to find your niche and carry on progressing.
Some of your competitors don't require me to undergo psychometric tests or group assessments. Why do you?
If you’re applying as a graduate you’ll need to take some online tests first, but you should get the results within 48 hours. The interview process will be conducted as efficiently as possible.
All of our work requires a certain level of numerical and mathematical literacy. Psychometric tests early in the recruitment process allow us to establish your quantitative abilities so that during the remainder of the application process we can focus on the more diverse set of skills that you will need to be a great consultant.
Similarly, teamwork and collaboration are a necessity in our team. We have a diverse group of people in our team and work with a range of clients who bring a different set of skills and point of view to each project. Group assessments allow us to get a sense of how you work with others, which is critical given we work together in teams and with client teams.