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.
What A Levels do I need?
Each institution will ask for varying grades and specific subjects for their admission process, some universities may ask for A*AA and an A in maths A-Level, whilst others may require ABB and prefer related degrees, such as economics, accounting, finance and a 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.
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.
What are my study options?
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, whilst 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, and then allow individuals to choose modules in the second and final year letting them to create 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 knowledge they have learned within a practical and real environment, whilst providing individuals with valuable work experience on their CV.
There will also be joint degrees available allowing students to study two areas, and economics is usually 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.
What should I expect from studying Economics?
When students are able to study specialised areas and tailor their degrees to their interests, this will make studying more enjoyable as students will feel that they are studying areas that they are passionate about whilst preparing themselves for the world of work.
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.
How will I be assessed?
Assessments vary depending on the course at the university, two different institutions with a course titled the same could actually assess their students differently. If you prefer to take exams, or to work on coursework check how your course is assessed before applying or you may not enjoy it as much when you start.
However, the most common forms of assessments include written examinations, coursework, presentations, group work and a dissertation which is during the final year.
What skills will I learn from studying Economics?
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 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 gain social skill through conducting presentations and group work project which will aid them later in life.
Why study Economics?
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 whilst 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 is endless.
What happens after I graduate?
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.
Will it help me get a job?
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.
What types of jobs can I get from studying Economics?
Economics degrees open many doors for graduates and they are able to 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 local and national government.
What can I study after Economics?
Individuals who want to continue their studies can gain a Master’s in economics, accounting and in financial economics, applied econometrics, development economics and computer science with internet economics.
Famous Economics studies alumni
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.