Associate Economist

World Bank Group


(Associate) Economist

Job #: req23741
Organization: IFC
Sector: Economics
Grade: GF
Term Duration: 3 years 0 months
Recruitment Type: Local Recruitment
Location: Washington, DC,United States
Required Language(s): English
Preferred Language(s): Arabic, Chinese, French, Portuguese, Russian, Spanish
Closing Date: 8/18/2023 (MM/DD/YYYY) at 11:59pm UTC


IFC—a member of the World Bank Group (WBG) — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with unprecedented levels of uncertainty and volatility. For more information, visit

The Development Impact Measurement Department (CDI) within the Economics and Private Sector Vice Presidency (CEDVP) analyzes economic sectors with a view to identifying opportunities and solutions for private sector development and works closely with IFC Operations. It provides technical support to operations related to structuring, appraising, and monitoring investment and advisory projects and is responsible for reporting on IFC’s impact. The department is in charge of implementing the ex-ante project assessment framework (Anticipated Impact Measurement and Monitoring- AIMM) for investment and advisory projects throughout the project cycle, help ensure high-quality economic support for IFC operations teams on strategies and projects; and develop sector economic analyses with a focus on solutions for private sector development.

CDI staff comprise mainly sector economists and results measurement specialists assigned to units organized along IFC industry groupings. These include units for Financial Institutions (CDIFI); Infrastructure (CDIIN); Manufacturing, Agribusiness, and Services (CDIMA); and Funds and Disruptive Technology team (CDIDF). The department also includes staff working on economic modeling, results measurement, corporate reporting and sustainability, that support all industry groups. In short, the department offers an “end-to-end” support and impact assessments for IFC investments and advisory services, engaging upstream and downstream throughout the project cycle.

The Financial Institution Group team (CDIFI) is in charge of implementing CDI mandates and deliverables described above in relation to products including investment and advisory to Financial Institutions, supporting microfinance, insurance, loans to small and medium enterprises and women-owned businesses, and affordable housing loans, among other areas. This includes fully developing and implementing the ex-ante project assessment framework for investment and advisory projects throughout the project cycle, monitoring and evaluating impact of both investments and advisory projects, helping to ensure high-quality economic support for IFC FIG teams on strategies and projects, and developing sector economic analyses with a focus on solutions for private sector development. These activities will support operations done by FIG teams to deliver investments that support growing enterprises across emerging markets. Financial sector operations comprise a significant portion (approximately 40%) of IFC’s investment operations and make important contributions to financial sector development in client countries. These operations span commercial banking, including specialized product areas such as SME banking; insurance, microfinance, housing finance, trade finance, distressed assets, and capital markets development.

The Department is looking for an (Associate) Economist based in Washington D.C. to provide, on an ongoing basis, expert advice and operational support to Investment and Advisory operational teams and management, assess the impact of financial sector development while ensuring consistent application of standard impact measurement and monitoring frameworks, help generate relevant lessons learned and support staff to incorporate such lessons into project design, provide technical support and program quality leadership to donor funded facilities, and contribute to evaluative work beyond the project lifecycle. S/he will work in close collaboration with the Investment and Advisory Staff of the Financial Institutions Group (FIG), responsible for designing and structuring IFC’s financial sector operations, under the supervision of the CDI Manager for FIG.

Role & Responsibilities:

Duties of the (Associate) Economist include:

  •  Work with investment and advisory teams on the FIG portfolio to ensure consistent understanding and application of standard impact measurement and monitoring frameworks and methods throughout the project lifecycle.
  •  Work in close collaboration with the FIG teams on Board submissions to ensure well-articulated and well-justified analysis of developmental impacts of FIG’s engagements in private sector development citing documented and proven outcomes from academic research that support recommended interventions.
  •  Undertake strong analytical work based on rigorous applied economics in collaboration with FIG investment and advisory teams to inform sector strategies and operational decisions.
  •  Contribute to the development and implementation of an ex-ante project assessment framework for investment and advisory projects throughout the project cycle.
  •  Work with IFC’s Investment and Advisory Officers to collect and analyze project data, apply the appropriate frameworks on the basis of data and research, create narratives that support the articulation of project impacts, and rate projects.
  •  Contribute to the implementation of the monitoring system for both investments and advisory projects and better report on projects development outcomes in the FIG lines of business.
  •  Monitor data quality and improve it as needed for advisory and investment operations.
  •  Undertake rigorous analytical work analyzing trends and developments in the financial sector on the global and country level and producing reports with a focus on challenges, priorities, and opportunities for market creation and private sector development in the sector.
  •  Undertake economic and econometric research on a variety of economic topics relevant for the financial sector in collaboration with relevant FIG teams to inform sector strategies and operational decisions.
  •  Design, commission and conduct evaluations for enabling a better understanding of impact, thus shape continuous improvement of results measurement work by providing feedback and best practices to CDI and FIG Industry Departments.
  •  Train regional management and staff on results measurement related to FIG; particularly on data quality assurance and reporting of results in line with corporate guidelines and standard impact measurement and monitoring frameworks.
  •  Provide M&E inputs to donor proposals, and lead quality assurance and reporting of results internally and externally to donors.
  •  Perform other tasks as requested by CDI management.

Selection Criteria

  •  A Masters’ degree in economics/finance/business/public policy or other relevant graduate degree from a reputable university. PhD in economics/finance is a plus.
  •  At least 6-8 years of experience demonstrating analytical skills in economic analysis and/or results measurement with a focus on the financial sector.
  •  Prior work experience focusing on the financial sector in a Development Finance Institution (DFI) or in the private sector, and track record of working on financial sector strategies and policy related aspects.
  •  Subject matter expertise: previous experience in analyzing financial markets and evaluating the economic and development impact of projects in areas such as SME banking, microfinance, digital financial services, sustainable energy finance, women in banking, etc.
  •  Strong familiarity with academic and business literature on financial markets – demonstrated through the preparation of reports and models using this data. Proven knowledge of related databases and other sources of information.
  •  Proven ability to analyze and apply economic theory and principles to areas related financial markets.
  •  Knowledge of IFC or similar operational and portfolio work and a good understanding of investment and advisory projects and areas of focus is desirable.
  •  Ability to apply M&E approaches, methods, tools, and terminology of development impact to ex-ante assessments, monitoring and ex-posts evaluations. Proven experience and good understanding of investment/advisory projects’ development outcome assessment and processes methods. Knowledge of IFC’s Anticipated Measurement and Monitoring (AIMM) system and knowledge of DFIs’ additionality frameworks is a plus.
  •  Strong analytical and quantitative skills. Proven capability to handle complex assignments (e.g. project related or analytical tasks with operational relevance) and produce analytical work to a high professional standard, with minimum supervision.
  •  Experience with business analytics and results measurement methods, including, survey design and implementation, and experimental and non-experimental evaluation designs.
  •  Proven ability to work in teams and capability to work in multi-cultural environments.
  •  Strong analytical and quantitative skills with demonstrated ability to use statistical methods and interpret economic models.
  •  Proven capability to handle complex assignments and produce work to a high professional standard under pressure.
  •  Excellent written and verbal communication skills and ability to communicate effectively with different stakeholders. Knowledge of other official languages (Arabic, Chinese, French, Portuguese, Russian, and Spanish) is preferred.

World Bank Group Core Competencies

The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.

We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.

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