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Course overview

What is Economics?

Economics is the systematic study of questions such as: how much of its income a household chooses to save and what goods it chooses to buy; how many people a business chooses to employ and how it sets its prices; how the price system in a market economy allocates resources and incomes; and how all the households and businesses in the country interact to determine national output, the balance of payments, inflation and unemployment. It reveals why purely self-interested behaviour may nevertheless produce a desirable outcome for society as a whole. But it also reveals how easily this process can go awry, justifying government intervention. A case in point is the need for coordinated international action to limit environmental pollution. Above all, the study of economics develops a mental approach suitable for analysing a whole range of problems, often well outside what is conventionally thought of as the domain of economics.

A first degree in Economics or Econometrics will not only prepare you for a career as an economist in industry, the City or government, but will also be an excellent preparation for a range of related careers such as accountancy, banking, and managerial jobs in general.

BSc Economics vs. BA Economics

BSc Economics

Students studying on a BSc Economics degree course will learn pure mathematics and statistical theory and techniques for application in economic theory. Consequently, universities offering BSc Economics programmes expect candidates to offer Mathematics to A2 level (or equivalent). Most leading redbrick universities now offer BSc Economics programmes, considered to be of more worth and academic satisfaction than the BA. Note the Cambridge BA Economics, Durham BA Economics and any Oxford Economics-related BAs are still very quantitative - it is the tradition of these two universities that all Oxbridge and Durham degrees are BAs (even Mathematics and science).

The use of mathematical methods has become increasingly more important in economics, allowing a more rigorous analysis of economic theory and permitting the precise formulation of abstract economic situations. This has lead to a greater development in the field, progressing economic theory. In fact, econometrics is the study of testing economic theory using data statistical methods such as hypothesis testing. Interestingly, the mathematical tools used in physics and economics are becoming increasingly similar. In fact, many mathematical descriptions formulated in physics are now being applied to economics, leading to the formulation of a new branch of economics known as Econophysics.

BA Economics

Students studying on a BA Economics degree course may use some mathematics, but to a much lesser extent than those on a BSc Economics programme. Often universities will only demand GCSE Mathematics (a B or above) for this programme. BA Economics involves a lot more discursive arguments and essays, and involves greater amounts of qualitative study, sometimes possibly in related social science fields. There is less competition for entry onto this course than on BSc Economics.

Career Prospects

BSc Economics tends to offer a wider range of career opportunities, as the quantitative element is especially appealing to jobs in the financial services industry requiring an affinity for numeracy, or even quantitative ability. Careers in quantitative finance, such as investment banking, prefer BSc Economics graduates (or Oxbridge and Durham BAs) because of the mathematics and statistics they have learnt, which is not only a key aspect of the job, but demonstrates rigorous and analytical thinking. However it is important to note that if one seeks extrememly quantitative financial careers, one would be more suited studying Mathematics at university.

Universities offering Economics

Due to the popularity of the subject amongst students, its career prospects and its increasing importance in today's world, the majority of universities in the UK offer degree programmes in Economics or subsdiary degree programmes with an Economics component. For a complete list of all universities that offer Economics, refer to the UCAS database.

It would also be wise to refer to the online prospectuses of universities, to see which courses you would enjoy or which university you would like to study at. Reputable universities, known as the big 5, include Cambridge, Oxford, The London School of Economics and Political Science, University College London, and The University of Warwick.

Joint-honours Economics courses

There are two-types of joint-honours courses. If the course title is 'Mathematics and Economics', then you will spend half of your time studying Mathematics, and the other half studying Economics. Here, both subjects have an equal weighting in your degree. However, if the course title is 'Mathematics with Economics', then three-quarters of your time will be spent learning Mathematics, and the other quarter will be spent studying Economics. Here, the Economics has only a subsidiary weighting to your final degree mark.

The nature of Economics is such that it can be combined with several different subjects, because of its multidisciplinary nature. Different universities offer different subject combinations - the joint-honours courses available and which universities offer them can be found on the UCAS database.

The most popular combinations include:

• Politics/government
• Philosophy
• Economic history
• Econometrics
• Finance
• Mathematics/statistics
• Geography
• Sociology.

Admissions

Academic Requirements

For Economics at the top universities i.e those in the top 20/30 in the country the mandatory requierment is A level Maths,(this is not true of all of them, there being around 4 exceptions). Further maths is viewed very highly when applying. A level Economics is rarely required but many universities will view it as a positive so if it is available to take do so. The Top two universities will look for AAA in 3 academic subjects, these universities being Cambridge and LSE. For LSE it must be noted that unless you have an excellent set of GCSE's i.e 6A*s+ you have a very slim chance of being accepted. Universities such as Warwick, York*, Durham*, Bristol, UCL will require AAB. The top universities entry requierments are all generally above ABB/BBB. Lower ranked universities will in general not require maths and have lower entry standards.

• Maths is not a Mandatory requierment for the *, Nottingham and Manchester are the others where it is also not requiered but it is very helpful.

Undergraduate Economics University League Table

According to The Times Good University Guide, the best universites for Economics are: Economics 2007 Economics 2006 Economics 2005 Economics 2003

UCAS Form & Personal Statement

Course Structure

Life as an Economics Student

Graduate Destinations and Career Prospects

For many candidates a degree in economics is the starting place for a career in IB (Investment Banking) or other financial sectors. An economics degree will be viewed very highly by any company and can pave the way into most types of careers.

Frequently Asked Questions

Is A-level Economics essential for university?

No is the basic answer, economics A level may help you but for many universities it is not required. To find out which universities do require it or have it as a recommended subject you will have to visit their websites or look in prospectuses. Maths is the key subject for economics at the top universities, again each universities entry requierment will vary so check prospectuses and websites.

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