Economics

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Making the World Go Round

Got a head for figures and an interest in how money makes the world go round? Then perhaps you should consider studying economics.

Ask the average person on the street to define what economics is and you might get an interesting mix of answers. It’s difficult to pin down because it embraces so many different disciplines and issues, but essentially economics looks at how people, companies and governments produce, use and disseminate goods and services. It’s a subject that incorporates a variety of different aspects of our everyday lives such as employment, government spending, consumer choices, corporate decisions, education and many more.

A DIVERSE SUBJECT
Because of the range of issues it covers, economics is a great subject to study at university, and can lead to good employment prospects. “One of the subject’s selling points is that it doesn’t tie you down very narrowly and is highly regarded by a wide variety of potential employers,” explains Dr Stuart Sayer, Head of Economics at the University of Edinburgh. And thanks to a recent announcement that more than £20 million is being invested into universities to boost Scotland’s economic research capabilities, it seems there’s never been a better time to study economics.

A number of Scottish universities offer economics degrees, whether you want to study it on its own or combine it with another course. Aberdeen Business School (based at the Robert Gordon University) offers a BA (Hons) in management with economics, which senior lecturer David Gibbons-Wood describes as “a modern degree which provides students with the knowledge and skills necessary for work in a dynamic business environment.” Other universities combine economics with subjects as varied as Gaelic studies, theatre studies, mathematics, Czech and Chinese.

LEARNING THE BASICS
So what might studying a degree in economics involve? The subject will provide you with a good level of literacy and numeracy, as well as being intellectually challenging. You’ll usually learn via a combination of large lectures and smaller tutorials. Students might also take part in lab classes during which they can apply what they’ve learned to practical projects, such as working in a team to produce a poster which simplifies a key economic concept. If you haven’t studied economics at school, many universities will give you the chance to learn the subject from scratch – a simple introductory course as part of the degree can teach you about the ins and outs of different theories and key applications of economics, as well as providing the opportunity to get a grasp of important mathematical concepts.

An economics degree covers a vast range of subjects, from management skills and business policy to industrial economics, research methods, public sector debt and development aid. There might also be the opportunity to take part in work experience – students on the Robert Gordon University’s management with economics honours course undertake paid work experience during third year. “We offer an excellent placement programme that is well respected and supported by local and national employers,” explains David Gibbons-Wood. “It offers a 48-week paid work opportunity and there have been opportunities in banking, health services, logistics, marketing and many other areas. Placement employers vary from year to year but this year a number of students were successful in getting placements with Shell.” Work placement opportunities, whether they’re part of your course or organised by you, are a great way of figuring out which sector you want to work in as well as potentially earning some extra money.

When it comes to being tested on what they’ve learned, group work during seminars gives economics tutors a chance to assess students’ capabilities. Many degrees require the completion of a research project or dissertation and other methods of assessment include essays and PowerPoint presentations. Tutors and students at the University of Edinburgh make use of online programmes which provide learning resources along with regular self-testing so students can see for themselves how they’re getting on. However, the main method of assessment for most university economics courses is via end-of-year exams.

THE NEXT APPRENTICE?
Entrance requirements for degrees in economics are often quite high, and you will usually be expected to have at least two Bs and two Cs in your Highers. Although universities don’t always ask for them, Highers in maths or economics will often give you a better chance of getting in. As for the type of person you’ll need to be, David Gibbons-Wood says: “The kind of people who will like this course will be those who enjoy TV programmes like Dragons’ Den or The Apprentice. We want people who are interested in learning something that will make them employable and capable in the business world.”

If you think you’re cut out for a degree in economics, you’ll be interested to know about the range of jobs that will be open to you once you’ve graduated. David Gibbons-Wood believes that the prospects for graduates are very good, with many students entering the business service sector (encompassing accountancy, management consultancy, human resources and other related areas) in a range of well-paid positions: “Economics graduates earn salaries comparatively higher than most other qualifications, including computer science or business studies graduates,” he says. Many graduates pursue an accountancy qualification, some work in the Government Economics Service, while others work abroad in sectors such as international development. Edinburgh University’s Dr Sayer says that his graduates are often lured into finance by the high salaries of investment banking and other roles in the financial sector: “In their first year after leaving most of them end up earning more than their tutors! The prospects are frighteningly good.”

So if you’re looking for a challenging degree which can open up a range of exciting and rewarding career opportunities, choosing economics might make the best business sense for you.

“IT TEACHES YOU TO THINK”
“I wasn’t sure what I wanted to do when I left school,” explains economics graduate Miriam McKay, “but I knew that I wanted to go to university rather than go straight into a job.” After the course she first applied for at the Robert Gordon University was cancelled, Miriam chose to undertake a degree in applied economics (which is now called management with economics). And although she didn’t originally apply for the subject, the 23-year-old quickly began to enjoy it, especially the classes on international trade and political economy.

Having never studied economics before, Miriam was worried whether she had sufficient maths skills to see her through the course. “I hated maths at school,” she admits. “I could be top of the class for understanding and knowledge but problem solving was not my forte at all.” However she says there wasn’t too much “hardcore maths stuff” in the degree – “what there was you could understand because it was clearly explained to you.”

Since graduating last year Miriam has taken a job in Aberdeen with an offshore company where she co-ordinates business development and works with clients. It’s a job she feels fits in well with the skills she learned during her degree, and Miriam is happy with her choice of qualification. “A degree in economics doesn’t pigeonhole you, you don’t have to go and work in a specific area,” she explains. “It teaches you to think in a certain way and you can apply what you’ve learned to so many different things.”

Find out more
Aberdeen Business School
01224 262 728
www.rgu.ac.uk/abs

The Royal Economics Society
www.res.org.uk

UCAS
0870 112 2211
www.ucas.ac.uk

University of Edinburgh
0131 650 8361
www.econ.ed.ac.uk

Why Study Economics?
www.whystudyeconomics.ac.uk

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