Macroeconomics analyst

The KPMG Audit function is a cornerstone of our business. We do work that matters to our local business and communities – supporting investment and economic growth across the UK. Working on complex audit engagements, which could include big retailers, UK banks, Insurance Houses and multinational organisations, our team strives to provide best-in-class Audit solutions to audited entities who trust us to get it right first time.

KPMG is one of the world's largest and most respected consultancy businesses, we've supported the UK through times of war and peace, prosperity and recession, political and regulatory upheaval. We've proudly stood beside the institutions and businesses which make the UK what it is.

The Macroeconomics Centre of Excellence is a specialised team within the UK audit practice with the primary goal of assessing and challenging the economic models and assumptions employed by audited entities as part of the overall audit process. Comprising Economics experts from various central banks and think tanks around the globe, our team of Economics bring a wealth of experience and insight to this essential role.

With Banking audit fees at around £60m, a key part of our response to regulatory feedback on our audit methodology has been to continuously strengthen our requirements and output related to Macro Economic scenarios, variables, and modelling. This is required on all banking engagements and therefore audit needs to have its own macroeconomic support team to guarantee availability of this expertise.

Within audit we see opportunities to expand the use of macroeconomic scenarios to work on insurance audits, climate risk and in the areas of impairment and going concern on a case-by-case basis. The work will involve the assessment and development of economic scenarios for IFRS9 purposes, going concern, impairment testing, claims inflation, climate risk etc to appropriately challenge the economic assumptions considered by audited entities and allow audit teams to reach a robust conclusion.

What will you be doing?

• The role will encompass supporting the delivery of high quality macro-economics analysis:
• Assessment and development of in-house economic scenarios for IFRS9 purposes and stress testing regulatory exercises using macroeconomics and econometric models
• Enhancement and development of in-house econometric models (statistical and structural economic models) with an understanding of the accreditation of these tools for audit use
• Production of thought leadership highlighting key trends and risks at sector business level
• Clear and effective communication of economic concepts and findings to non-economist audiences, verbally and in writing
• Other responsibilities will typically include supervising teams, coaching and development in technical, risk & compliance management, operational and quality management, project management including budgeting and planning and delivery of quality reports.

Due to the nature of this position, you may be working at/visiting client sites and/or other KPMG offices.

What will you need to do it?

• A 2.1- or First-class undergraduate degree in Economics
• A 2.1- or First-class master’s degree in economics from a top-rated university
• Demonstrated experience of engagement within a macroeconomics team/unit at a professional services company, Central Bank, or Think Tank
• Strong understanding of primary sources of global and UK macroeconomic data sources and data providers
• Ample experience in data wrangling and cleaning datasets for time series estimation purposes (e.g., data transformation, pre-estimation tests)
• Experience using R and Python for the estimation of time series and structural models such as Dynamic Factor models and Structural VARs
• Excellent communication skills, both orally and in writing
• Ability to clearly explain complex economic concepts in clear, simple terms, and apply economic concepts and techniques to real world situations.
• Practical experience developing climate models that effectively incorporate physical and transitions is desirable.

With 20 sites across the UK, we can potentially facilitate office work, working from home, flexible hours, and part-time options. If you have a need for flexibility, please register and discuss this with our team.