Pym was educated at Marlborough College, an independent school in the town of Marlborough in Wiltshire, followed by Christ Church at the University of Oxford in Oxford, graduating with a degree in Philosophy, Politics, and Economics in 1981.

A financial and political journalist now working for the BBC, Pym was a BBC radio journalist from 1986 to 1987, then producer of Business Daily at Channel 4, 1987—1988, correspondent with ITN, 1988—1998, and a freelance broadcaster with Sky Television in 1999-2000. He was a BBC special correspondent covering Economics until 2008, when he took on the role of acting Economics Editor during the maternity leave of Stephanie Flanders. Following her return, he became the BBC's Chief Economics Correspondent, a newly created role.

He has published books: What Happened? And Other Questions About the Credit Crunch (co-author with Nick Kochan), A Study Of Gordon Brown's First Year in Office as Chancellor of the Exchequer (also co-written with Nick Kochan). In the 2001 General election Pym stood as Liberal Democrat parliamentary candidate in the North Wiltshire constituency.

Hugh Pym has a wife and three children aged 19, 16 and 14.