Economics Degree

Money, wealth and finances are all part of everyday life. The subject of economics involves educating you about many money factors.

Economics is a great subject to study if you are interested in economies and how they work. Studying economics can set you up for numerous career paths in finance, business or economics.

What is economics?

Economics is the study of money, and how to produce and use wealth. It involves learning the factors about the process and production of wealth.

From inequalities between countries, global warming, the credit crunch, and sustainable development to the distribution of goods and services in a consumer, capitalist society. You will learn about how to provide solutions to global economic issues and the factors that create them.

Economics is the study which looks at why people make their decisions and how the world’s resources are distributed globally. Economics is divided into two topic areas, microeconomics and macroeconomics and they vary immensely. Microeconomics is the study of individual parties using their wealth whilst macroeconomics looks at entire economies across cities, countries and continents.

What are the modules for this course?

Economics is a broad subject and teaches you about business and the wider world. The economics courses’ modules can sometimes depend on the university and the type of undergraduate course you take. Some examples of the courses' economics modules can include:

• Econometrics
• Economic history
• Economic policy
• Economic principles
• Global Finance
• International trade
• Legal studies
• Macroeconomic theory
• Microeconomic theory
• Money and banking

What are the entry requirements?

Entry requirements for an economics course can vary based on the university to which you are applying. As economics isn’t offered in many colleges or sixth forms, universities will be looking for good grades in maths. Business and statistics are also useful. Competition is high in this subject, and you can expect high-grade expectations for conditional offers.

Undergraduate economy courses generally ask for 96-160 UCAS points.

Qualifications for entry requirements may include:

• A-levels: Entry requirements differ from BBC to AAA, depending on the university or college, and generally ask for AAB.
• Scottish Highers: Entry requirements for Highers can range from BBBB to AAAAB with most universities accepting AAABB. Sometimes, universities may require Advanced Highers to supplement Highers, with the grades AAB–AA.
• BTECs: Entry requirements for BTECs will be in the higher range depending on universities, ranging from D*D*D*-MMM.
• Vocational courses: For other vocational qualifications, level 3/level 6 qualifications may be accepted as an alternative to A levels/Highers by some universities or colleges. You will need to check before applying.
• International Baccalaureate: For students who take the international baccalaureate rather than A-levels, you will be required to achieve 42-26 for most universities.

Maths is commonly required as a qualification either at A-level or equivalent for most universities. However, other subjects including further maths, economics, general studies and critical thinking may be useful. Other requirements for economics can include passing a practical element of science at A-level and passing the entry assessments and interviews some universities may offer.

Universities also like to see your level of experience, relevant to the course. Work experience can include shadowing a related area to economics such as at a bank, for an accountant or social enterprise. Any experience that includes analysis, problem-solving, critical thinking and data handling is a bonus.

Listening to talks and podcasts produced by the Society of Professional Economists can help further your knowledge. There are summer schools run by UNIQ or the Sutton Trust which will provide further opportunities to learn. You can also enter an essay competition by the Royal Economic Society can show your commitment.

How do I write my personal statement for this subject?

Writing a concise and informative economics personal statement will aid you in getting a place on an economics course. The best personal statements provide examples of your goals, strengths, motivations and interests. This helps provide the university with a sample of who you are and why you will be successful on the course.

It’s always useful to create a plan for your personal statement and include your long-term goals, wider reading, economic-related experience, and other relevant experiences. You also need to share examples of demonstrating your economics skills, breaking up each section into paragraphs.

When discussing long-term goals, you will need to explain how the degree choice fits in with your ambitions and career prospects. To demonstrate wider reading, you can write about any publication such as ‘The Economist’ and explain why it has an impact on you. Alternatively, you can research more obscure publications and discuss similar reasonings. Your economics-related experience can reflect on any relevant industry experience which demonstrates useful skills and qualities. Any other insights such as summer school or internships are also a bonus to include as it shows your commitment. When talking about your skills, you will want to include expertise such as effective time management, problem-solving, and self-motivation. You need to explain examples of how you demonstrate them, and how you can contribute to the course.

Take your time to proofread the personal statement for spelling and grammar.

The primary focus when writing your personal statement is to ensure what you are including is relevant to the course and helps to show your ability and ambitions. Try and avoid waffling and mentioning achievements or experiences that are not relevant to the course.

What books or equipment do I need?

When it comes to your economics degree, every course will be different in its specifications for books and equipment, based on the modules and placement options. However, to prepare for your course, there are many books which will come in handy to prepare your mindset for your undergraduate degree.

For example, The Undercover Economist by Tim Hartford features an introduction to the fundamental principles of the modern economy. The Economy, an entry-level test book gives first-year students a taste of what is to come in economic study. Also, any A-level maths book can help you brush up on your maths knowledge and get used to the language of maths.

How will I be assessed?

Assessment varies, depending on the module you are studying for. You can be assessed either through essays, reports, exams or project work. Projects can be in be either individually or within a group.

What are the career prospects?

Economics degrees offer a wide opportunity of career prospects, depending on the niche you would like to go into. Your degree will teach you about economic theories such as macroeconomics and microeconomics, data analysis and more, opening up your opportunities to a wider job market.

Generally, economic graduates work in finance, banking, accountancy, government and management, as they require a vast range of mathematical and analytical skills. You will also learn transferable economic skills, opening doors to other industries such as tech companies, charities and commercial businesses. These companies are looking for analytical minds and those great at problem-solving.

What jobs can I get with this degree?

Career prospects are vast, you have a wide choice of jobs you can get with this degree, whether it’s in the financial markets or government. These are the following jobs you can consider:

• Accountant
• Actuary
• Business analyst
• Compliance officer
• Data analyst
• Data scientist
• External auditor
• Investment banker
• Management consultant
• Quantity surveyor
• Stockbroker

When it comes to applying for jobs in the financial sector, employers who are looking for economic graduates can vary. Companies such as Google, the Bank of England, Amazon, Microsoft and the Civil Service are some strong examples of organisations to build your career in economics.

How does economics change at a postgraduate level?

At the postgraduate level, an economics degree is more specific. This means when you choose a postgraduate qualification, you will specialise in a certain area of economics such as regional economic development or health. You will need to see which specialisms your university offers. A postgraduate degree such as a master's should take around one to two years to complete, rather than 3 years like an undergraduate.

Postgraduate study in economics can help you with a specific career focus or gain professional qualifications to use for certain jobs such as accounting. In a highly competitive industry, it can also provide you with an advantage in job prospects, putting you ahead of your competitors.

Postgraduate degrees in economics and finance can also aid with research job opportunities. Some examples of master’s and research degrees at the postgraduate level include Economics for Development MSc, Economics MSc/MPhil/PhD and Public Economics MSc.

What is the average grad salary in this area?

The average graduate salary can vary throughout the UK, depending on the level of qualification you achieve and job location. The average salary for an economics graduate is between £27,000-£29,500. With a few years of experience in the industry, the average salary is around £46,000, whilst the most experienced economists can earn up to £85,000+^[1].