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Economic Regulation Consultant - Manager

Posted: 8 Jun 2021 Closes: 9 Jul 2021
London Competitive
Permanent & Full-time PwC_205886WD-int

PwC's UK Economics team is looking for an experienced regulatory economist at Manager or Senior Manager grade to join the firm's expanding practice.

Who we are and what we do

We are one of the UK's leading economics consultancies, and part of PwC's global network of economists. Our team of c.60 economists and policy specialists works alongside a wide range of clients, using economic insights to inform strategic choices, guide the development of policy and assess the impact of major investments. In the boardroom, in front of regulators and with policy makers, we develop big, distinctive ideas and important insights that are grounded in robust economic analysis. We are known for our leading-edge analysis and thought leadership, such as our annual Women in Work Index and UK and Global Economic Outlook, which regularly feature in the UK and international media. This provides our people the chance to prepare analysis that matters and influences CEOs, governments and regulators alike.

We work as a core part of the firm's strategy consulting practice. Our team works on the practical application of economics to develop real-world solutions to important problems - aligned to the purpose and mission of PwC. We work on stand-alone projects and in collaboration with our colleagues across a range of disciplines and sectors, meaning we offer a huge variety of opportunities for our people to apply their expertise in a range of exciting and different contexts. For example, in the last twelve months our team has:
  • Assisted Ofwat to protected water consumers, as the regulator's PR19 Price Review delivery partner, examining and assessing a £51bn investment programme over the coming five years.
  • Supported a number of energy networks to ensure they receive adequate funding from the regulator to ensure the continued safe and secure provision of electricity and gas to consumers.
  • Examined the impacts of drones on the UK economy, assessing the potential £42bn impact they could have by 2020.
  • Supported a central Government Department on their post-Covid economic recovery plans.
  • Helped a European financial services firm to develop proposals to expand the reach and impacts of sustainable finance.

As well as taking pride in the breadth of the work we deliver and opportunities we offer, we enjoy working as part of a diverse team. Our Economics team comprises people from 12 different countries, speaking 22 languages. As a firm, PwC is committed to building a culture that empowers all of our people to thrive and feel a sense of belonging.

Who we are looking for

We are looking for candidates with a strong background of professional experience, most likely gained in economics consultancy, but potentially gained in an economic regulator or competition authority, a regulated company, government, international organisation or think-tank. The successful applicants will need to demonstrate an ability to apply economic theory in real-world contexts. You would ideally also possess a Masters in Economics or equivalent professional experience.

The successful candidates will need to be at ease with applying economic theory and techniques to analyse regulatory issues, and able to demonstrate extensive knowledge and experience of delivering successful projects in or one or more of the following areas:
  • Design and implementation of regulatory mechanisms
  • Incentive design
  • Cost benchmarking and cost analysis
  • Deals-related economic, commercial and regulatory due diligence
  • Regulatory finance (including experience of CAPM and WACC)
  • Market analysis
  • Industrial organisation
  • Experience of econometrics - especially microeconometrics (e.g. panel data and non-parametrics) - would be particularly valuable.

The ideal candidates will also be able to demonstrate an ability, with appropriate support, to play a role in the expansion of PwC's economic regulation work.

Whilst the successful candidates will work across a range of industrial sectors, we would be especially interested in candidates with experience in one or more of the following industries: energy; water; telecommunications; and transport.

We envision the role to be based in our London office, but we are also open to discussions with regards to being based in one of our regional offices. We have also launched new flexible working arrangements for our staff which envisages a flexible hybrid working model with time spread across our offices, client sites and home working.

Responsibilities
  • Leading and managing projects in the economic regulation space, including: regulatory Business Plan development and review; incentive design; cost benchmarking; RoRE analysis.
  • Applying relevant experience and knowledge of UK regulation to support transaction due diligence and advisory work.
  • Managing junior staff on projects, between 2-10 at any one time.
  • Coaching and mentoring junior staff and upskilling them to aid their progression.
  • Authoring reports based on client commissions.
  • Providing expert assistance on economic regulatory matters in large consultancy assignments.
  • Leading and supporting in team tutorials on regulatory economics to benefit the whole team.
  • Reviewing broader team work in line with PwC standards to ensure quality delivery for clients.

Essential Requirements
  • Demonstrable professional experience in regulatory economics, gained from working in consultancy, economic regulators or regulated companies.
  • Previous relevant experience focusing on projects in one or more of the following industries: energy; water; telecommunications; and transport.
  • Fluency in spoken and written English is a key requirement, and knowledge of another language is preferable.

Desirable Requirements
  • Masters in Economics or equivalent professional experience.
  • Experience in using one or more of the following systems such as Alteryx, Stata, R, Matlab, Python to conduct microeconometric analysis.
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