STUDYING ECONOMICS AT UNIVERSITY
What do you study in an Economics course? What careers does a degree in Economics lead to? Read on to find out more.
Economics is a social science that covers the creation, distribution and allocation of wealth in communities around the world. Human behaviour and actions when it comes to improving their health and well-being are also covered in economics. Most public and private universities offer undergraduate and postgraduate programmes in Economics.
Overview of a Bachelor’s Degree in Economics
After obtaining the necessary pre-university requirements, students can enrol in a Bachelor’s Degree in Economics. This degree is offered as a stand-alone project or in conjunction with Business and Finance programmes. A degree in economics usually takes three years to complete. Throughout this programme, students will learn a variety of economic theories and quantitative methods and how to apply them in different economic settings. In Year One, fundamental theories about Microeconomics and Macroeconomics will be taught. More specific topics such as Financial Economics and International Trade will be taught in Year Two. In the final year of an Economics degree, students need to master more advanced economic theories and complete a dissertation or thesis.
What’s Next After Graduation?
After graduating with a Bachelor’s Degree in Economics, students can pursue postgraduate courses, where they are tasked with conducting research in a specific field in Economics. Alternatively, students can enter the workforce with their undergraduate qualifications. Jobs specific to Economics include Econometricians, Macroeconomists and Monetary Economists. The job duties of an economist include analysing and collecting data on economic issues, predicting market trends, advising clients and designing new economic policies. Individuals who hold a degree in Economics may also find employment as financial analysts, investment bankers, management consultants and lecturers.
Where are Economists Needed?
Economists are hired by government sectors, think tanks, financial institutions, insurance firms, rating agencies, and consultancies among others. Some of the responsibilities of economists include examining employment levels, evaluating business cycles and analysing exchange rates. Economists utilise various statistical tools, computer software and data management programs to perform their analyses. In addition, economists have to analyse and report the effect of taxes, inflation and interest rates. Economists also look into specific areas such as cost of products, healthcare and energy. Economic analysis is needed in many fields including environment, health and education.
Skills Required to Excel in Economics
Individuals need to have sharp analytical skills as the field requires plenty of researching, looking for patterns and drawing conclusions. It is also important for economists to find ways to break down a problem into small sections and tackling them one by one. Aspiring economists also need to be familiar with mathematical concepts such as statistics and calculus. In addition, those who can think critically and pay attention to detail will excel in economics as they need to solve complex problems and ensure all their findings are accurate. Strong communication skills are essential as well as economists often need to present their findings and explain their research clearly to their colleagues and clients. Furthermore, many economists are tasked with writing reports and journal articles, making strong writing skills a must.
Economics is an interesting field to be part of. Under all the analysing and research, an economist’s purpose is to help communities, companies and governments around the world prepare for the endless changes in the global economy.