Economic Consulting

We help organisations with some of their most difficult problems using economics. They may be developing a new strategy, facing a regulator or engaged in litigation.

 

We’re one of the UK’s leading economics consultancies and are part of a wider economics presence through our global network. We come from a diverse range of backgrounds with a team currently comprised of people from 12 different countries, speaking 22 languages.

 

Economics

We help organisations with some of their most difficult problems using economics. They may be developing a new strategy, facing a regulator or engaged in litigation.

In the boardroom, in front of regulators and courts and with policy makers, coming up with big, distinctive ideas and key insights that are grounded in robust economic analysis to help our clients is at the heart of what we do. If you have what it takes to tackle the toughest issues for some of the world’s most ambitious organisations, you’ll never run out of opportunities to develop here.

Join us in Economics Consulting and you’ll get to work closely with the best in industry, finance, government and academia, bringing fresh insights to the problems our clients face. Whatever their goals, you’ll help them get the results they need while building skills, knowledge and confidence that will stay with you for life. If you are interested in undertaking cutting-edge economic analysis to solve difficult challenges, and at the same time engage with executives from the world’s top organisations, this is the place for you.

What's Economic Consulting?

Economics is the science of business and every day it shapes the world we live in, cutting across the most pressing issues facing businesses, investors, regulators and governments. Our clients span the most senior levels of leading private and public sector organisations. They rely on us to help them solve their most difficult problems.

We pride ourselves on being a diverse, meritocratic, intellectual and supportive team. We all help shape our practice, and we foster a sense of entrepreneurship – everybody plays a role in identifying and capitalising on new business development opportunities.

We’re one of the UK’s leading economics consultancies and are part of a wider economics presence through the PwC global network. We come from a diverse range of backgrounds with a team currently comprised of people from 12 different countries, speaking 22 languages.

Our clients trust and value us as advisers. A high-performing culture is critical to our success, and our position as a top graduate employer reflects our commitment to career development and your work life balance.

Competition economics and disputes

We regularly work alongside high-profile clients and law firms to undertake sophisticated economic analysis to support them during competition investigations and commercial disputes. We help clients build their cases with economic arguments and empirical evidence that they can present to competition authorities, regulators and courts in a clear and compelling way. Our expertise includes:

  • Antitrust litigation – such as abuse of dominance or cartel cases

  • Market studies and investigations

  • Merger analysis

  • Preparing and providing expert testimony before competition authorities, regulators and courts in the UK and overseas

  • State aid support – rescue and restructuring plans and implementation of the Market Economy Investor Principle (MEIP).

Our specialists have represented clients on competition issues in front of the Competition and Markets Authority and its predecessors (for example, the Competition Commission), the European Commission, the UK High Court, the UK Competition Appeal Tribunal, several UK sectoral regulators such as Ofcom, Monitor, Ofgem, ORR and Ofwat, arbitrators and public enquiries; and several national competition authorities and courts around the world.

Find out more

Financial economics

We help clients to determine where and how to invest scarce capital in the most efficient and effective manner and then provide the tools to help them manage those investments and make value enhancing decisions. Our team provides practical, evidence based solutions that combine traditional financial economics with strong quantitative skills, fluency in finance, and in-depth industry expertise, to provide expert analysis, evidence and testimony. We work with our clients to help them assess the cost of capital and appropriate investment hurdle rates, value businesses more accurately, understand and price risks more effectively and assess a sensible level of debt to finance a business.

Market design and regulation

We help governments, regulators and regulated companies understand the incentives and mechanisms required to help shape efficient and competitive markets where customers are protected and companies invest to deliver value. We also provide insights on the most important strategic, regulatory and commercial questions faced by organisations which are experiencing change. Our expertise includes:

  • Advising policy makers on sector policy, as well as the development of implementation strategies, including setting targets, proposing monitoring mechanisms and formulation of suitable regulations, such as access regulation, regulated pricing, tariff modelling and design.

  • Efficiency and cost benchmarking using a range of techniques (including econometric modelling)

  • Assisting financial services clients to conduct stress-testing and advising both regulators and regulated companies on the appropriate cost of capital to include in price controls

  • Advising on healthcare market reform

  • Supporting market liberalisation, development of regulatory frameworks and access charges for telecommunications, utilities and transport networks

  • Assessing the economic, social environmental and fiscal impacts which align with the regulatory impact assessment standards of the regulators.

Our specialists have represented clients on competition issues in front of the Competition and Markets Authority and its predecessors (for example, the Competition Commission), the European Commission, the UK High Court, the UK Competition Appeal Tribunal, several UK sectoral regulators such as Ofcom, Monitor, Ofgem, ORR and Ofwat, arbitrators and public enquiries; and several national competition authorities and courts around the world.

Behavioural economics: designing for humans

We use our expertise in behavioural economics to provide clients with valuable insights into the reasons why people make poor decisions. Understanding these behavioural insights can help clients develop strategies, products and information, which encourage customers to make better decisions, and improve outcomes for governments, regulators, companies, and individuals. We follow a structured approach that entails:

  • Understanding the customer, citizen or employee decision environment

  • Using the PwC BE 5 lens methodology to understand which insignificant changes to their decision environment lead to significant behavioural change

  • Apply prioritized interventions to small (but statistically robust) treatment groups to understand the effects of the ‘nudges’.

We have developed a series of offerings that we routinely use to help our clients:

  • Behaviourally targeted debt and tax collection strategies

  • Customer experience, loyalty and churn

  • Behaviourally optimised pricing strategy

  • Managing costs of insurance claims through behavioural engagement

  • Increasing pension saving and financial sustainability

  • Boosting employee engagement and satisfaction.

Impact assessment

We work with clients in both the public and private sector to help them understand the potential impacts so that they make the best choices, for example when they are considering key strategic questions, evaluating investment options and developing partnerships and alliances. These decisions are becoming increasingly complex as they need to recognise the challenges and opportunities of the digital age and issues like sustainability and demographics which are climbing up the political agenda.To do this, we help them to develop a clear understanding not only of the short- and long-term direct financial effects of their decisions but also the wider economic, fiscal, social and environmental impacts. Our impact assessments typically quantify and monetise three types of impact:

  • Direct impacts - such as the employment, output and fiscal contributions generated by the sector/company itself

  • Indirect and induced impacts - employment and output supported by the sector/company via purchases from its supply chain and by the spending of those employed directly or indirectly by the sector/company

  • Wider impacts - the extent to which the activities of the relevant sector/company contribute to improved productivity and performance in other sectors of the economy.

We distinguish four kinds of impact

  • The economic impacts which gauges the effects on the economy in a given area, by measuring changes in economic growth (output or value added) and associated changes in employment

  • The social impacts which reflect the consequences of activities on aspects of society such as its health, education and community cohesion

  • The environmental impacts which value the impact on natural capital e.g. through emissions to air, land and water, and the use of natural resources

  • The fiscal impacts which assess the impact on the public finances, including taxes on profits, people, production and property, as well as environmental taxes.

Econometric modelling and quantitative analysis

Our team of highly skilled econometricians works with clients across all sectors, employing a range of leading edge techniques to deliver real insight based on using the increasing amount of information that businesses and policymakers have at their fingertips. By relying on econometric modelling techniques that are transparent, flexible and robust, we help public and private clients by performing:

  • Demand modelling and elasticity analysis

  • Forecasting of key economic variables

  • Constructing counterfactual scenarios, for example analysing the impact of anti-competitive activity

  • Estimating Calculating the impact of businesses and/or policies on economy, society and environment

  • Identifying barriers to achieving highest efficiency and optimal input mix

  • Cost-benefit analysis and strategy evaluation

Foresight

We develop thought-provoking, evidence-based insights into the biggest economic issues affecting our clients. We conduct financial and econometric analysis on behalf of our clients to demonstrate the impact of change to key decision makers. We also produce regular reports on macroeconomic trends and their influence on countries, sectors, companies and customers. Our thought leadership includes:

  • Leaving the EU: Implications for the UK economy

  • Macroeconomic projections (Global Economy Watch, UK/NI Economic Outlooks)

  • Women in Work Index

  • Young Workers Index

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 and addressing 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.

Way to meet us
Take a look at our economic events.
What we look for
You'll need to have or be on course for a 2.1 degree or above in an Economics based subject
Application deadlines
Apply for a full-time job or summer internship by 11pm on Wednesday 31 October.

Our London Economics Consulting roles are deadline driven. Timelines for this are -
  • The deadline for applications is 31 October 2018
  • The deadline for online assessments is 1 November 2018
  • If you are successful at online assessments you will be invited to take a video interview on 5 November 2018. You will need to complete this by November 2018
  • We’ll let you know if you have been invited to assessment centre on 3 December 2018
  • Application process
    For more information on the application and assessment process please see the information provided on in our “hints & tips” section.

    For all Economics Consulting roles as part of the final stage you will also attend attend a senior interview with the business. More information on this will be provided by your local recruiter.

     

    Read our case studies