Chief Economist

What does a Chief Economist do? – Tasks and Work Environment

A Chief Economist has overall responsibility for economic analysis, planning, and strategy at the highest level within an organization. The role involves interpreting macroeconomic trends, analyzing social economic conditions, and advising management and the board on issues related to economic development and policy. Tasks often include report writing, forecasting, environmental scanning, and representing the organization in media or public contexts. The work environment is primarily office-based, characterized by a fast pace, high demands on analytical skills, and significant responsibility for both personnel and operational results.

Salary development over time

The salary of a Chief Economist has steadily increased over the past three years. In 2022, the average salary was 47,800 SEK per month. In 2023, it rose to 54 000 SEK, representing a salary increase of approximately 13%. In the most recent year, 2024, the average salary increased further to 57 100 SEK, a rise of over 5% from the previous year. This development can be linked to continued high demand for qualified economists with expertise in macroeconomics and social economic analysis, while competition for the most experienced candidates has driven up salary levels. Generally, the increasing complexity of the industry and the need for strategic leadership have contributed to the role of Chief Economist becoming more valuable and better paid.

Chief Economist Salary – Complete Overview

• Average salary: 57 100 SEK/month
• Lowest salary: 41,300 SEK/month (female, private sector employee, high school education)
• Highest salary: 65,200 SEK/month (male, private sector employee, unspecified education level)
• Hourly wage: 343 SEK
• Women earn: 92% of what men do (54 800 SEK vs 59 400 SEK)
• Regional differences: Data on regional variations is currently unavailable

Education and Qualifications

To work as a Chief Economist, a solid academic background in economics is usually required, often at an advanced level, along with many years of experience in qualified analysis. Many have a master's degree or equivalent in economics or financial economics, and it is common that the role is preceded by work as an economist, analyst, or similar. Besides formal education, strategic thinking and leadership skills are central qualifications.

• Formal degree: Master's in economics, 5 years
• Additional studies: Courses in statistics, financial economics, and social economics
• Internship: Recommended during studies, preferably within government agencies, banks, or larger companies
• Prerequisites: Bachelor's degree in economics or related field
• Certifications: Meritorious but not always required, e.g., CFA or equivalent

Common Benefits and Compensation

Chief Economists are often offered comprehensive benefit packages that can include pension schemes, wellness allowances, bonus agreements, flexible hours, and options for remote work. Other common perks include insurance, extra vacation days, and sometimes profit sharing or stock programs, especially within larger companies and organizations.

Competition and Challenges

Reaching the role of Chief Economist involves competing with some of the most qualified and experienced economists on the job market. The number of positions is limited, and recruitment processes are often lengthy and demanding. Challenges in the profession include not only delivering accurate analyses but also managing complex stakeholder relationships, communicating economic messages to diverse audiences, and quickly adapting to changing market conditions. For those who thrive on high responsibility and continuous development, the profession offers great opportunities but also a high-pressure and sometimes exposed position.

Tips for Aspiring Chief Economists

To succeed as a Chief Economist, it is good to focus early on building strong analytical skills and an interest in social economics. Being meticulous and structured in work makes it easier to interpret complex data and turn it into strategic decisions. Developing communication skills is also crucial, as the role often involves presenting analyses to management and external stakeholders. An inquisitive and outward-looking attitude helps stay updated on trends and changes in the environment. Leadership ability is essential, as Chief Economists often lead teams and drive development projects. Finally, integrity and the ability to stand by one's analyses are central, especially in situations where economic decisions may be controversial.

Key Facts about Chief Economist

• Educational level: Master's in economics (5 years)
• Work environment: Office-based, often in larger organizations or government agencies
• Working hours: Regular office hours with occasional overtime during deadlines
• Demand: High competition, 758 available jobs in the profession
• Special skills: Advanced analysis, macroeconomics, policy work

Career Paths and Future Outlook

After 3–5 years as a Chief Economist, opportunities may open for advancement to roles such as economic director, CEO, or advisory specialist within government agencies, consulting firms, or international organizations. Forecasts from the Employment Service indicate no clear assessment of future prospects for the specific role of Chief Economist, as the profession is part of a broader occupational group with limited data. Nonetheless, demand for qualified economists remains stable, especially within larger companies, banks, and public institutions. Digitalization and increased globalization contribute to the evolving and broadening role, which can create new career paths even for those wishing to specialize further.

Frequently Asked Questions about Chief Economist

• What does a Chief Economist earn?
  - The average salary is 57 100 SEK per month, but variations occur depending on experience, gender, and sector.
• How does one become a Chief Economist?
  - Typically, a master's degree in economics and several years of experience in qualified analysis are required.
• What are the job responsibilities of a Chief Economist?
  - Tasks include economic analysis, report writing, policy work, and strategic support to management.
• Are there gender pay differences among Chief Economists?
  - Yes, women earn on average 92% of what men do within the profession.
• What are the future prospects for Chief Economists?
  - No specific forecasts exist, but demand for qualified economists remains stable.
• What benefits are common for Chief Economists?
  - Common benefits include pension schemes, bonuses, wellness contributions, and options for remote work.
• What career paths are available after the role of Chief Economist?
  - Possible career paths include economic director, advisor, consultant, or CEO.