Economics

I am deeply interested in Economics, and I will probably apply for it next year, but i do have a few reservations...

I do understand that only a ridiculously small number of economics graduates go into a starting profession that is directly related to economics (Ive heard between 3 and 15%), but surely this must mean that there are just not enough jobs in this sector? (I am intending to apply to 3/4 of the Big 5), but even regardless of that, where are the jobs?

Also, wouldn't a business and management course be better for job prospects, and make you more suited to life in the corporate world? Obviously, this makes Oxford's Economics and Management course very preferably, but only 80 places and ridiculous competition...

Reply 1

MagicNMedicine

I would say less than 3% go into a profession directly related to economics.

However a lot of economics graduates go into different jobs in the financial sector, accountants, actuaries, various jobs in insurance, risk management etc. There aren't that many graduate opportunities as an economist but there are more prospects as an experienced hire for economics graduates eg Big 4 firms run economic consulting arms and hire former economics grads who have ACA.

Most graduate economist opportunities are with the Government Economics Service but they have a long and demanding recruitment process and you have to get on the Civil Service Fast Stream to be accepted, so you can't just rely on your knowledge of Economics. There are private sector consultancies and I think PWC makes a small number of graduate hires every year but compared to the number of economics graduates that come out of university every year it is a tiny proportion.

Overall though you generally find most economics graduates do OK but partly that's because its competitive to get in so even at the universities outside the top 10 there are lots of AAA students with strong Maths backgrounds, so most companies who recruit in the financial sector have a lot of Economics grads on their books.

Reply 2

Krov

Get a Bachelor in Economics.
Go for a Master in Business or Finance.

Perfect combo, get rich etc.

Reply 3

goodboy4444

If you are very very keen of doing economics related things after graduation...do a mphil/phd.The answer to your second question relating business and management courses is NO!Economics is a much more respected degree than business!the more mathematical content your degree has the better it is for finance related job.

Reply 4

W.H.T

I'm afraid that economics along with most social science, arts and humanities degree is likely to lead to a career unrelated your course.

Then again, the same could be said for physics, chemistry and Biology as well.

Reply 5

SPMS

Original post by DonFahad

i) No it doesn't mean that there aren't enough jobs in this sector. Economics graduates are one of the most sort after graduates out there, it is really about what do you want to do and I reckon Economics can you get there. (Except health and engineering etc.)
ii) Business and management < Economics.

Reply 6

asdfg0987

Business and Management at undergraduate would be so mundane though. I presume the highest level of math you'd come across is solving a balance sheet.

But I could be blatantly wrong :indiff:

Reply 7

danny111

Do a PhD and then work for the IMF or World Bank.

Then some years down the line realise that you should have take that Goldman internship, since you don't need a soul if you have 6 0's * in your bank statement.

* before the .

(edited 13 years ago)

Reply 8

amelle

Original post by Krov

Get a Bachelor in Economics.
Go for a Master in Business or Finance.

Perfect combo, get rich etc.

agreed

Reply 9

Bakeyy

Don't be afraid that an economics undergraduate degree isn't going to turn you into professional economist - it's the best starting point, normally followed by an MSc and perhaps a PhD later on.

A large proportion of graduates end up in finance/banking, consulting, accounting etc. Economics is a better-respected degree than business or management studies, as attested to by the fact many top universities don't offer that course at undergraduate level.

Reply 10

yoyo462001

A deep interest in Economics should mean a big disinterest in business management as a degree.

Reply 11

Krov

Original post by yoyo462001

A deep interest in Economics should mean a big disinterest in business management as a degree.

If you don't understand economics, you'll be a really ****ty manager. So no, Economics is very good.

Reply 12

yoyo462001

Original post by Krov

If you don't understand economics, you'll be a really ****ty manager. So no, Economics is very good.

Wait are you disagreeing with me? :confused:

Reply 13

Krov

Original post by yoyo462001

Wait are you disagreeing with me? :confused:

Both are two sides of the same coin, so no Interest/Disinterest dichotomy as you seem to imply...

Reply 14

DonFahad

Original post by yoyo462001

Wait are you disagreeing with me? :confused:

He is.

Reply 15

danny111

I think Krov is saying if you are interested in management you should be interested in economics, and yoyo that if you are an economist you should not be interested in management?

Reply 16

DonFahad

He says 'So no', which means obviously that he is disagreeing with the man above.
He says economics is crucial to management.
He then says Economics is very good.

What is so difficult to understand

Reply 17

yoyo462001

Original post by DonFahad

He says 'So no', which means obviously that he is disagreeing with the man above.
He says economics is crucial to management.
He then says Economics is very good.

What is so difficult to understand

Yes but those points don't refute what I said.

Reply 18

MagicNMedicine

A good economist is not necessarily a good manager.

You can be a good manager and not know much economics, as long as you have somebody reliable working for you, who does.