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Why is economics at top unis such a competitive course to get into?

I know other subjects are very popular as well, but economics in particular is incredibly difficult to get into at top universities like Oxbridge, LSE, UCL etc...

What makes this degree so popular? I'm going to be doing an economics joint honours course at a good uni but I just chose it because it was interesting. Is it popular because so many people are fascinated by it or is it popular because of some 'prestige' associated or because of 'grad prospects'?

Because i don't see why economics would be seen as more prestigious or as having better prospects than a degree like engineering, which seems more useful and perhaps more prestigious yet doesn't have as many applicants per place?

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Investment banking. In a nutshell.
Reply 2
Avatar for jon2016
jon2016
9
Supply and Demand. A degree in economics gives you a solid foundation to work in Investment Banking. In Investment Banking your starting salary will be higher, than what 90% of people earn at the end of their career.Think of Economics like England and students as refugees. Everyone wants to go to England, Germany is a great country to live in, but its not england.
(edited 7 years ago)
Reply 3
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Pato1
13
All the international students come from abroad to study it with their super high grades.
Original post by desaf1
I know other subjects are very popular as well, but economics in particular is incredibly difficult to get into at top universities like Oxbridge, LSE, UCL etc...

What makes this degree so popular? I'm going to be doing an economics joint honours course at a good uni but I just chose it because it was interesting. Is it popular because so many people are fascinated by it or is it popular because of some 'prestige' associated or because of 'grad prospects'?

Because i don't see why economics would be seen as more prestigious or as having better prospects than a degree like engineering, which seems more useful and perhaps more prestigious yet doesn't have as many applicants per place?


People equate it to money and it's less technical than a STEM subject = more people are interested in it.

The bottom line is money drives students' choices (and equally their parents influences on them). There's no prestige nonsense here, just money and 'security' chasing.

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Original post by jon2016
Supply and Demand. A degree in economics gives you a solid foundation to work in Investment Banking. In Investment Banking your starting salary will be higher, than what 90% of people earn at the end of their career.Think of Economics like England and students as refugees. Everyone wants to go to England, Germany is a great country to live in, but its not england.


It reaaaaaallly doesn't.

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Reply 6
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jon2016
9
Original post by Princepieman
It reaaaaaallly doesn't.

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by work, I meant get accepted into IB graduate schemes
Original post by jon2016
by work, I meant get accepted into IB graduate schemes


It doesn't, that's much more about your interview skills, experience and grades than anything subject wise. This is what I mean, IB = Econ to most people - when in reality it has very little to do with it.

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Reply 8
Avatar for jon2016
jon2016
9
Original post by Princepieman
It doesn't, that's much more about your interview skills, experience and grades than anything subject wise. This is what I mean, IB = Econ to most people - when in reality it has very little to do with it.

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Well I guess its a free country and everyone has right to an opinion. The stuff you learn as part of a economics degree, the theory and quantitative skills are what employers are attracted. Experience isnt really that important for entry level jobs, they are more interested in potential Doesnt matter if your good at interviews but dont have the technical or economics knowledgeGetting onto a economics course, shows you have good grades and were able to get onto a top course and succeed . Getting a 1st in a degree which had little demand is less impressive
Original post by jon2016
Well I guess its a free country and everyone has right to an opinion. The stuff you learn as part of a economics degree, the theory and quantitative skills are what employers are attracted. Experience isnt really that important for entry level jobs, they are more interested in potential Doesnt matter if your good at interviews but dont have the technical or economics knowledgeGetting onto a economics course, shows you have good grades and were able to get onto a top course and succeed . Getting a 1st in a degree which had little demand is less impressive


I would urge you to speak to an investment banker about this and see what they say, because as of now you're just speculating.

Experience is extremely important... Try getting onto a grad scheme without an internship of any kind and we'll talk again.

If you suck at interviews, you will get rejected. Simple.

I think you're falling into the idealistic trap of what 'IB employers value', truth is, they don't care. They want people who can work hard, are smart, and have good communication skills - whether you know the intricacies of Keynesian economics or not is not a requirement.

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Original post by Princepieman
People equate it to money and it's less technical than a STEM subject = more people are interested in it.

The bottom line is money drives students' choices (and equally their parents influences on them). There's no prestige nonsense here, just money and 'security' chasing.

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I'd say that people do apply because of the 'prestige' attached to it due to having one of the highest applicants per place ratios. This prestige then causes applications to be high.

And I agree, people equate economics at a top uni with money and financial careers.
Original post by Trapz99
I'd say that people do apply because of the 'prestige' attached to it due to having one of the highest applicants per place ratios. This prestige then causes applications to be high.

And I agree, people equate economics at a top uni with money and financial careers.


Prestige is synonymous to money for pre-uni students and their parents.

Traditional parents advise their kids to choose medicine, engineering or law because of the perceived path to financial stability and pre-uni kids associate econ/law with a high paying glamorous career in the city.

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It's easier than engineering :redface:
Well it's because it's the best degree for getting into finance. Sure, every degree can get you into finance, but STEM subjects are too difficult, humanities subjects are too boring and accounting isn't prestigious enough so economics fits the bill perfectly- not too difficult, very interesting and is seen as being quite prestigious.
Original post by Princepieman
People equate it to money and it's less technical than a STEM subject = more people are interested in it.

The bottom line is money drives students' choices (and equally their parents influences on them). There's no prestige nonsense here, just money and 'security' chasing.

Posted from TSR Mobile


Lol like there's any 'security' in a banking job
Original post by Trapz99
Lol like there's any 'security' in a banking job


*shush* don't tell people that

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It's because economics is seen as an alpha course for males. Men who study economics at top universities tend to be high achievers not just academically but also in terms of sports and music and volunteering. This, combined with the knowledge that is gained, makes economics students more alpha on average and attractive compared to engineering students or humanities students. Women want men who strive to be the best and who are competitive and strong- that's exactly what a lot of economics students are and that's why so many people aim to go into economics degrees at top universities.
Original post by Princepieman
*shush* don't tell people that

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Although tbh if you're a very good banker/trader who has networked and generated a lot of revenue your security would probably be quite good.
Original post by desaf1
I know other subjects are very popular as well, but economics in particular is incredibly difficult to get into at top universities like Oxbridge, LSE, UCL etc...

What makes this degree so popular? I'm going to be doing an economics joint honours course at a good uni but I just chose it because it was interesting. Is it popular because so many people are fascinated by it or is it popular because of some 'prestige' associated or because of 'grad prospects'?

Because i don't see why economics would be seen as more prestigious or as having better prospects than a degree like engineering, which seems more useful and perhaps more prestigious yet doesn't have as many applicants per place?


Applicants are likely to see economics degrees at a very narrow set of universities, and hence target these universities in particular for entry, whereas applicants for engineering degrees are more likely to apply to a much wider range of universities, hence applications are spread out much more rather than targeted at a few particular universities.
Reply 19
Avatar for Virgil.
Virgil.
2
Original post by desaf1
I know other subjects are very popular as well, but economics in particular is incredibly difficult to get into at top universities like Oxbridge, LSE, UCL etc...

What makes this degree so popular? I'm going to be doing an economics joint honours course at a good uni but I just chose it because it was interesting. Is it popular because so many people are fascinated by it or is it popular because of some 'prestige' associated or because of 'grad prospects'?

Because i don't see why economics would be seen as more prestigious or as having better prospects than a degree like engineering, which seems more useful and perhaps more prestigious yet doesn't have as many applicants per place?


Courses with most demand are the ones that have highest earning potential. End of.

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