Economics may be assumed to be solely about money, however, in reality, it combines maths, science and social theory. Economics analyses the distributions of wealth, services and good, and how they are consumed and produced. The word ‘economics’ derives from the Ancient Greek word ‘Oikonomia’ which refers to managing a household or administration. Short for economic science, economics is considered the standard house rules in a production society.
Each institution will ask for varying grades and specific subjects for their admission process, some university entry requirements may ask for A*AA and an A in maths A-Level, while others may require ABB and prefer related degrees, such as Economics, Accounting, Finance or Science.
Students are advised to research their universities and chosen courses to ensure they understand what is needed for admission and what to aim for when studying. It’s possible that students may be invited for a university admissions interview or to complete an admissions test.
You can also see our Economics personal statement examples; these will help you to gain an insight into what you need for your personal statement.
Economics is split into main branches as a subject, which includes microeconomics and macroeconomics. Microeconomics is concerned with individual companies and their places within a market, while macroeconomics studies how these markets interact with each other as a whole and on a domestic and global scale. These two branches are usually covered early within the degree to give students a core understanding of each, allowing individuals to choose modules in the second and final year providing them with their personal choices and more of a tailored degree.
The majority of institutions will encourage their students to gain industry experience through placement years – which are included in a sandwich course, increasing the degree length to four years. Completing a placement will aid students to apply the knowledge they have learned within a practical and real environment while providing individuals with valuable work experience on their CV – (Learn more – Writing a student CV).
There will also be joint degrees available allowing students to study two areas, and economics is commonly paired with Accounting, Business, Finance, Politics, Journalism or Law. Examples of undergraduate degrees available are; BA Accounting Economics, BA Economics and Finance, BA Economics with a Foreign Language, and BA Politics Philosophy and Economics.
When students study specialised areas and tailor their degrees to their interests, this will make studying more enjoyable as students will feel that they are exploring areas that they are passionate about while preparing themselves for the world of work, making the decision for choosing the right university and course vital.
As economics is the combination of maths and science, the course can be tough and hard to process in certain areas and modules. There will be formulas, equations and just pure and utter maths that may cause a headache to the best of us.
Assessments vary depending on the course at the university, two different institutions with a course titled the same could assess their students differently. Based on your preference; whether you prefer to take exams or work on coursework, we advise checking how your course is assessed at each institute before applying, so you can filter down your choices by the course breakdown and what suits you best.
However, the most common forms of assessments include written examinations, coursework, presentations, group work and a dissertation which is during the final year.
Studying economics will enable individuals to apply critical thinking in all areas of their life, as well as the ability to solve problems and work under pressure. For written examinations, students need to remember pages of formulas and equations which will come in handy through employment after graduating.
Attending and moving away to university offers students the ability to gain skills that they can carry through many areas of their life, such as employment. Students will gain skills in organisation, time management and the ability to work to a deadline. Additionally, candidates will possess social skill through conducting presentations and group work project which will aid them later in life.
This type of degree tends to appeal to students who hold a strong grasp of mathematics, and even those who are also fascinated by the social sciences. Economics focuses on the understanding of how as a society, we distribute resources while grasping on the financial, legal and moral implications this can have on different social groups.
Economics also usually achieves an excellent graduate to jobs ratio meaning many students find it easier to walk into employment after graduating than those who hold a degree in a different subject.
Economics affects all aspects of our lives as a society including what we eat, learn, work and earn, and with the option of completing a joint or combined degree, the areas of study are endless.
There is a wide variety of career options for graduates who wish to enter the world of work upon graduating, from investment, banking, finance to marketing and advertising. For the individuals who have an entrepreneurial flair and a creative spark may be interested in setting up their own company. Students, also, can choose to continue their studies and move on to a postgraduate course.
Economics builds useful skills that can be implemented within employment and throughout life, which is valuable for most companies and organisations. Numerical skills, researching and the ability to remember large amounts of information are also highly sought by businesses.
Economics degrees open many doors for graduates, and they can gain employment in an array of career sectors such as; statistics, civil service, actuary work, quantity surveyor, risk analyst, economist, chartered accountant, investment banking and working for a local or/and national government.
Individuals who want to continue their studies can gain a Master’s degree in economics, accounting and in financial economics, applied econometrics, development economics and computer science with internet economics.
Arnold Schwarzenegger, also known as The Terminator studied Bachelor’s in Business and International Economics at the University of Wisconsin in the USA, and Lionel Richie, who is the master of love songs gained a Bachelor’s in Economics at the Tuskegee Institute.
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