Economics

What would I study and how do courses differ?

Undergraduate degrees in Economics seek to explain the way people and businesses react to economic events and provide policy solutions for governments to deal with the increasingly critical economic issues which shape the world in which we live.

Many topics in Economics are controversial. What caused the economic crisis of 2008 and were the policies used to respond to the crisis appropriate? Is globalisation increasing inequality? How should government deal with underemployment? Should the railways be re-nationalised? Is the housing market broken and how can we fix it?

Using a wide range of analytical techniques, Economics degrees tackle a broad range of problems such as those set out above. The method of study is usually focused around formal modelling of economic relationships and testing hypotheses against data. Aspiring undergraduates should therefore have excellent problem-solving skills, including mathematical and statistical abilities. Equally, economists need to be able to explain their ideas clearly, to non-specialists, meaning you will also require the ability to interpret complex theoretical models and communicate the impact of real-world events with clarity.

The majority of Economics degrees use the first year to teach students the essential foundations of Economics, covering core microeconomic and macroeconomic theory. The second year is then often used to apply this knowledge to a wide range of topic areas, from International Economics to Political Economy. It is usually the case that third year courses give students the opportunity to specialise in areas of the subject which interest them, which tends to include writing a dissertation. You should explore university websites to get more detail about the courses in which you are interested, as each institution has its own particular approach to the study of Economics.

An increasingly important field of Economics is Econometrics. Economics must be tested against empirical data and applied to the real world; Econometrics is the statistical branch of Economics which develops and applies mathematical techniques and is an essential tool for modern economists. Again, different institutions put a different emphasis on this area of the subject, and you need to decide how mathematical an Economics degree you want to study. Broadly, BSc Economics courses are more technical in nature than BA Economics courses, although you should look at individual websites for a more accurate picture.

What are typical entry requirements?

Economics courses are highly competitive: the majority of Russell group universities will require you to achieve A*AA. It is difficult to find a straight Economics course at a competitive university with a standard offer of less than AAA.

Joint Honours courses (e.g. Economics & Management, Economics & Finance) often have a lower offer, requiring you to achieve AAA-AAB at most Russell group universities.

Standard offers made for the three Oxbridge courses are:

Cambridge Economics: Cambridge Land Economy: Oxford Economics & Management: A*A*A A*AA A*AA

Do be aware that these are subject to change and some exceptions apply.

The full range of degree course offers can be found by consulting HEAP 2020 in the Careers library. Note that as Haberdashers’ students you should expect to be offered at the top of the grade range some universities display – for example, whilst Bristol states a grade range of A*AA-AAB for Economics in order to meet access targets, Haberdashers’ students are unlikely to be made offers below A*AA.

Are there any essential or recommended A Levels?

All Russell group universities require you to study Maths to A Level for pure Economics courses. Studying Economics to A Level is recommended by most universities. Whilst not an official entry requirement, studying Further Maths to A Level is highly recommended if applying to Cambridge or LSE for Economics.

BSc courses are more likely to require Maths than BA courses.

The precise entry requirements can be found by consulting www.ucas.ac.uk and clicking Course Search, or researching individual university websites.

Which are the best universities for Economics?

The top ranked, and among the most competitive, courses can be found at Cambridge, Oxford, Warwick, St Andrews, LSE and UCL (The Complete University Guide, 2020).

Whilst this may help guide your choices, be careful to consider other factors as well. The courses offered at different universities often vary hugely, with different levels of mathematical content and different option papers in the second and third years. You should choose the courses which look most interesting to you and should not base your choices solely on a rankings list which changes each year anyway!

Is there any special advice for Oxbridge applicants?

Cambridge Economics applicants should be aware that there is a strong correlation between high GCSE and AS marks and receiving an offer – very broadly, successful applicants tend to have scored at least eight A*/equivalent at GCSE and above 90% in their top three AS Levels. 2016/17 saw the introduction of an admissions test for Economics. This comprises an 80-minute paper split equally between problem solving and Advanced Mathematics and a 40-minute essay paper based on an unseen extract. Additional assessment generally occurs at the time of interview while the interviews themselves focus on discussion of a wide range of topics and sometimes

have a mathematical component. All Haberdashers’ students who have received offers in recent years have studied Further Maths to A2 Level.

Much of the same advice holds for the Cambridge Land Economy course. Many Land Economy applicants will have studied Economics, Geography and Maths in the 6th Form. Land Economy and Oxford Economics & Management applicants will be required to take the Thinking Skills Assessment (TSA) which tests a range of problemsolving skills and is used to screen applicants prior to interview. Practice papers are available online and support is offered through the Enhancement and Enrichment programme in school. At interview it is particularly important to have considered why you want to study Management alongside Economics. Please note that E&M at Oxford is an extremely competitive course with less than 100 offers made in total and over 18 applicants per place according to the most recent statistics.

Enhancement classes are run by the Economics Department in preparation for rigorous academic interviews. In all cases, wider reading and a passion for Economics is essential to a successful application.

What is important for my personal statement or interview?

University admissions tutors are looking for students who have researched the course they are applying for and have a genuine passion for the subject. Regular reading of a quality newspaper and The Economist can help you develop a more informed understanding of the current global macroeconomic climate and may stimulate questions which you can demonstrate in your personal statement that you have sought the answers to. Successful applicants also need to be able to show strong technical skills and should not be surprised if they are faced with difficult Economics or Maths questions at interview. Most importantly, do your best to stand out from the thousands of applicants who say they are passionate about studying Economics by reading widely around the subject, attending external events and demonstrating what you have learnt from your academic subjects and your reading in your personal statement. Showing that you have conducted personal research through wider reading, delivering a presentation, working on an original topic for your Aske Project, an essay competition entry and writing an article for ‘Equilibrium’ stand you in a strong position and provide inspiring material for interviews.

Do I need to do work experience?

Economics is an academic degree, so work experience is not an entry requirement for undergraduate courses. Applicants should not make the mistake of reeling off a list of work experience placements at financial institutions under the assumption that this will impress admissions tutors. This, if anything, will harm your application, as it sends a signal that you are studying Economics because of its potentially lucrative career prospects upon graduation rather than a love for the subject.

Instead, you should use work experience placements to highlight any skills or areas of interest you have developed which, crucially, will make you a better or more inquisitive economist at university. It is therefore what you have learnt from your work experience placement which is significantly more important than where you did it. After all, even the smallest firms are presented with the decision making and external challenges with which the study of Economics can help.

Which jobs can I do with Economics?

Economics degrees provide students with decision making, research and analytical skills which are highly valued by employers. As such, Economics graduates find themselves with a wide range of career options open to them upon leaving university, which may or may not be related to the discipline they studied. Many go on to work in financial services, but it is equally possible that you could go onto work in education, communications, government agencies, consulting or charitable organisations.

Additional information

The following website, funded by the Royal Economics Society and developed by academics and students from Bristol and other leading universities, provides further detail on many of the issues outlined above: http://whystudyeconomics.ac.uk/

You should also log onto The Economist’s website, from which you can access a range of topical articles which will broaden your understanding of the subject and may stimulate areas of interest for you to investigate: http://www.economist.com/ (Unlimited access is available via the Library section of Habsnet)

Related degrees

Because Economics is a social science, it relates closely to and overlaps with a wide range of subjects. As such it is not uncommon for Haberdashers’ students to study a Joint Honours course which combines theoretical and practical interests, such as Economics and Finance or Economics and Management. Equally, degrees combining Economics with a modern language or History are becoming increasingly popular, alongside the prestigious combination of PPE offered by many leading universities.

Many students choose to study Finance, Business or Management related degrees without Economics. These courses are generally less competitive. You should also look out for opportunities to spend a year abroad. Such alternative options are too numerous to list here, but you should research these possibilities further using the Course Search function on the UCAS website.

Do also consider there are an increasing number of attractive higher level and degree apprenticeship opportunities available as an alternative to going to university. See Mrs Nash for further details.