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Subject guide

Economics

Delving into the field of Economics can be a stimulating journey within higher education, and it can open your mind to the intricate dynamics governing our resources. This complex discipline incorporates a vast array of topics such as micro and macroeconomics, fiscal policy, economic development, and international trade. With focused study, you will acquire the ability to assess economic relationships, interpret financial data, and understand economic principles. All of these are highly valued skills in various industries. Even if your goal is not to become an economist, an understanding of economics can contribute towards making informed decisions in your professional and personal life. This field could be a major stepping stone for you in achieving your career aspirations.

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Economics study and career guide

Economics

If you're contemplating a leap toward the field of Economics, a comprehensive understanding of how wealth is produced, distributed, and consumed can surely make a substantial difference in your future career. Taking Economics as a subject in higher education offers a window into critical issues, including poverty, inflation, unemployment, and economic growth. It's not just about monetary systems and policies, but also about synergizing numerous factors such as human behavior, government influence, and societal trends. Every step forward you take in this illuminating discipline can empower you to impact policy, inform strategy, and shape both fiscal and social outcomes. By embracing this line of study, you're not merely acquiring a degree but also fostering the mind of an economist equipped to decipher and address crucial economic dilemmas.

Explore this subject within Business, Liberal Arts.

Economics Program goals

You're taking the plunge into studying economics, a challenging yet rewarding field that can open up an array of career opportunities. Economics will not only equip you with numerical competencies, but also enhance your understanding of human behaviour, decision-making processes, and societal structures. Here are some goals you may have when studying Economics:

  • Acquire strong quantitative skills and analytical abilities that enable detailed examination of data and trends.
  • Develop a deep understanding of the complexities of economies, their impact on businesses and the world at large.
  • Improve problem-solving skills by understanding the economic cause-and-effect relationships.
  • Elevate strategic thinking skills, to prepare for leadership roles in fields like finance, consultancy, and government.
  • Gain the ability to communicate complex ideas effectively – a valued skill in many professional settings.

Studying Economics can provide you with the tools, knowledge, and perspective needed to make positive contributions in your future role. Remember, the journey may be challenging, but every step is a progress towards reaching your goals.

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What are the Student Learning Outcomes

By pursuing a program in Economics, you're setting yourself on a path to gain valuable insight into the systems that drive our world. Economics ties together numerous aspects of society, and studying it can equip you with a multifaceted perspective of how businesses, governments, and individuals allocate resources and relate within a complex global marketplace. The skills and knowledge acquired from an Economics program can be applied in countless professional arenas. Although curricula can vary, here are some key learnings you can generally expect:

  • Deep understanding of economic theories and models.
  • Aptitude for conducting economic research and analysis.
  • Ability to interpret complex economic data and draw meaningful conclusions.
  • Proficiency in using statistical software to handle large economic data sets.
  • Familiarity with global economic issues, policies and regulations.
  • Strong critical thinking and problem-solving skills.
  • Abilities to communicate economic findings effectively.

Remember, achieving these outcomes would not only fuel your understanding of the world but also make you an invaluable asset in a wide range of careers. Embrace the challenge and start looking forward to the rewards that will follow.

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What experience do I need to be able to apply for Economics

If you're considering beginning a higher education program in Economics, there are certain prerequisites and experiences that can enhance your success. Generally, you'll need a solid background in mathematics as economics is a discipline that often employs mathematical models and statistical analysis. Besides math, having experience in fields such as history, philosophy, or political science would also facilitate your understanding of contexts and concepts in economics. Additionally, skills in critical thinking, problem solving, and data analysis are indispensable in economics studies. Moreover, hands-on experiences such as internships, leadership roles, or part-time jobs related to economic research or policy-making are highly recommended. They not only enrich your academic progress but also shape your career path in this field.

  • Solid mathematical competence
  • Experience in ancillary fields like history, philosophy, or political science
  • Skills in critical thinking, problem-solving, and data analysis
  • Relevant hands-on experience (internships, leadership, part-time jobs in economic-adjacent fields)
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Economics careers

You've invested the time and effort into completing your degree in Economics, and now you're ready to translate your knowledge into a meaningful career. Your degree can open doors to a diverse range of opportunities in various sectors, and your analytical skills combined with your understanding of economic principles can be incredibly valuable in today's job market. From analyzing market trends in finance to shaping public policy, the possibilities are numerous and promising. As a postgraduate in Economics, rest assured that your skills can be applied in a multitude of fields.

Potential careers options for Economics postgraduates can include:

  • Financial Analyst: Use your analytical skills to evaluate investment opportunities and provide investment advice.
  • Economist: Conduct research, collect and analyze data, monitor economic trends, and devise economic forecasts.
  • Public Policy Advisor: Use your understanding of economic principles to provide guidance on public policy issues and decisions.
  • Market Research Analyst: Understand what people are buying, why they're buying it, and what they will buy in the future.
  • Actuarial Analyst: Use mathematics and statistics to predict and manage risk, mostly in the insurance industry.

Your journey toward a fulfilling career starts with an investment in your education. Your hard work has prepared you for diverse career opportunities that could allow you to make a significant impact in your chosen field.

According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for economists was $115,440 in May 2024. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $62,340, and the highest 10 percent earned more than $212,710. Most economists need a master’s degree or higher to enter the occupation.

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If you're studying for a post-graduate degree in Economics, you're on a path that can lead to an expansive array of career opportunities. Jobs in both public sector institutions like government agencies or central banks and private sector businesses such as consultancies, finance institutions, and large corporations value economic expertise. You might find work as an Economic Consultant, Financial Risk Analyst, Data Analyst, or Economist. In these roles, you'll have the chance to apply the extensive economic knowledge you've gained during your studies. This is more than a job; it's an opportunity to shape economic policy, guide fiscal decisions, or provide needed economic insight to organizations.

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