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Why Economics is the Best Degree and What Do Economics Graduates Earn??

The study of how to make money is not what economics is. Social science studies the variables that affect how commodities and services are produced and distributed in a capitalist, consumer society.

An economics degree may look at ideas at the corporate and national levels, covering topics like productivity and profit, inflation and recession, and novel models like the doughnut economy.

What Economics Degrees Can You Study?

Economics undergraduate degrees include:

  • Accounting and Economics BA
  • Economics and Management BA
  • Economics with a foreign language BA
  • Environmental Policy with Economics BSc

An integrated foundation year or master’s degree are examples of degrees. Studying abroad or placement years are both possible.

What Do You Need to Get Onto an Economics Degree?

For the majority of undergraduate Economics courses, 96–160 UCAS points are required. Some courses may have lower or higher criteria, and not all universities will base their offers on UCAS points. Qualifications could consist of:

  • A Levels: CCC-A*A*A
  • D*D*D* BTECs
    –MMM
  • Highers in Scotland: AAAAA-BBBB (Advanced Highers: AAB–AA)
  • 42–26 for the International Baccalaureate
  • Most universities require that you have studied math at the A Level (or equivalent)

Additional worthwhile courses to have taken include:

  1. Further math or economics
  2. General education and critical analysis A Levels might not be included in offers.

Experiencing the following would enhance your application:

  • Internships or work experiences in a relevant field, such as accounting, banking, the business development division of a council, or a social enterprise
  • Studying business-related books, articles, or publications like The Economist, Financial Times, or other business news sources
  • Hearing lectures or podcasts, like those created by the Society of Professional Economists
  • The Royal Economic Society, the Adam Smith Institute, the Bank of England, or other organizations’ essay contests
  • If qualified, summer programs offered by UNIQ or the Sutton Trust

What Topics Does an Economics Degree Cover?

Typical training modules for this topic include:

  • Econometrics
  • Economic development and growth
  • Elementary statistical theory
  • Environmental Economics
  • International political economy
  • Macroeconomics
  • Mathematical methods for economists
  • Microeconomics
  • Principles of finance
  • Quantitative methods
  • The world economy: history and theory

How Are You Going to Be Judged?

Depending on the module, courses are evaluated in a variety of methods, which may include:

  • Essays
  • Exams
  • Project work

Why Study Economics?

Nearly every element of our life is impacted by economics. It is a vast topic area that gives you the abilities required in a wide range of industries and professions.

Job-specific abilities:

  • Strong critical and analytical thinking abilities will be developed by dealing with facts and numbers that vary on a daily basis.
  • Strong knowledge of macro- and microeconomics in economic theory
  • Data modeling, analysis, and usage of quantitative techniques
  • Having some degree of trading room experience

Adaptable abilities:

  • Communication about commercial awareness
  • IT expertise
  • Logical thinking
  • Abilities with numbers and statistics
  • Finding solutions
  • Plan strategically
  • Management of time

Certification for professionals:

  • Several professional accounting organizations, including the Association of Chartered Certified Accountants (ACCA), the Chartered Institute of Management Accountants (CIMA), and the Institute of Chartered Accountants in England and Wales (ICAEW), can accredit degrees, which can exempt students from taking certain professional exams.
  • The Chartered Management Institute (CMI) may accredit or approve certain degrees, paving the door for dual CMI Level 5 certification and Chartered Manager designation.

What Do Economics Graduates Earn?

Graduates in economics can expect to start out earning between £18,000 and £29700.

With the fiercely competitive Government Economic Fast Stream, you might earn between £28,000 and £32,000 while you train. You might earn up to £55,000 after promotion. An experienced economist may expect to make an average salary of £85,000 or even more, especially if they work in the financial services industry.

As an alternative, you could expand the local economy while working for local government and earning anywhere between £28,000 and £59,000, depending on your level of experience.

What Jobs Can You Get as an Economics Graduate?

Work in the government, the financial sector, or even as a forensic accountant may be possible with an economics degree.

  • Accountant
  • Actuary
  • Data analyst
  • Economist
  • Government policy advisor
  • Investment banker
  • Management consultant
  • Quantity surveyor
  • Risk analyst
  • Statistician
  • Tax consultant

What Are the Postgraduate Opportunities?

To pursue postgraduate courses, you could need a first degree that included economics. Examples of postgraduate taught master’s and research degrees include:
  • Behavioral and Economic Science MSc
  • Economics and Econometrics MSc
  • Economics MSc/MPhil/PhD
  • Public Economics MSc
Aaron Rigby
Aaron Rigbyhttp://newsdegree.com
I'm a skilled writer who puts my heart and soul into my work. I've been working as an author at a news degree for the last 2 months. I love to spread my knowledge, which I gain through newspaper magazines and the internet.
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