What you’ll learn
What caused the financial crisis in 2008? Why do nurses get paid less than footballers? What does Donald Trump mean when he promises to put “America first”? A degree in economics will help you to explore these questions and much more.
It’s an exciting time to study this area – newspapers are full of debate about the effects of globalisation, the structures that underpin our economic systems, and the impact these have on our society and politics. Following the recent financial crisis, many courses have adapted their modules to reflect new ways of thinking.
How you’ll learn
You’ll be taught through a mixture of lectures and seminars, and will be required to do a lot of independent work. Universities also arrange talks with eminent thinkers and industry professionals. Some courses offer a chance to study abroad or spend a year in industry – both are invaluable opportunities that will help you gain further insight into your area of study, and enhance your CV. Taking economics as part of a joint degree, perhaps with politics or history, could be an option – so it’s worth asking about this at open days.
Some courses include an integrated master’s, which can further boost your employability.
Economics students can focus on particular areas of the subject, such as money, banking and finance, international economics and the EU, industrial policy, or public services, such as health and education.
By the end of your degree you’ll have a greater understanding of the financial markets and economic welfare, and know what is meant by the phrase “balance of payments”. You will learn how to assess expenditure decision, in government and in the private sector. You should learn to express your ideas cogently, confident that you have become part of a considerable intellectual tradition.
What are the entry requirements?
Maths A-level is likely to help your application – if you want to study at one of the more selective universities, it’s essential. History, business studies, computing or computer science could also be useful.
What job can I get?
Economics is one of the most lucrative degrees, with male students earning a median salary of £42,000, and women £38,000. Those who take the subject at Cambridge earn an average of £68,000 within five years of graduation.
Lots of graduates go on to work in business, banking and accountancy. If you want to feel like you’re shaping the nation, a job in the Treasury is a good bet. After all, chancellors need advice too.