why do we need to study economics as a students
There are many reasons to study economics- from the huge range of skills you will gain, to the exciting types of employment you will be geared for. For example, our careers cloud identifies the most popular careers you can pursue with an economics degree. You can also look at our on the types of skills an economics degree will give you. It is worth noting that salaries for economics graduates are among the highest of any discipline. Different research tends to find different starting salary values but it emerges that
economics graduates are comparatively very well paid. The Institute for Fiscal Studies found that economics is the second most lucrative degree subject after using anonymised tax data and student loan records for 260,000 students up to ten years after graduation. It is estimated that around 12% of male economics graduates earned above бе100,000 some ten years after graduation; by contrast, 6% of those studying medicine or law earned more than бе100,000. In terms of females, it is estimated that around 9% of economics graduates earned above бе100,000 some ten years after graduation; by contrast, just 1% of those studying medicine and 3% of those studying law did so (Institute for Fiscal Studies). It is good to remember that, as Professor Karen Mumford at the University of York put it, БEconomics has a very broad application base : economics graduates can easily find jobs in the civil service, the City, industry or educationБif you want to make a difference you can.
If you donБt want to make a difference, at least you can make a lot of moneyБ. James McCullagh, runner-up in the 2011 Young Apprentice series on the BBC, has written a short piece on why students should study economics. For me, economics is about the world around us; itБs current; itБs always changing; itБs always interesting. ItБs the subject that allows you study TescoБs and ASDAБs methods of competition one day, and learn about the environment and pollution permits the next. ItБs about the modern world; itБs about how we behave, how businesses behave and how the government behaves. Economics teaches how to make well-informed decisions. A large part of the subject is decision making: what should the government do to cut the budget deficit; what should a business do to raise profit margins. It teaches us how to go about making choices, which is vitally important in business. I am of the belief that everyone needs to know what is going on in the world. How can you make decisions like what to do for a career, what to invest your money in or what bank to use, without having some knowledge about the economy? Through studying economics, you develop a financial awareness that is extremely beneficial, no matter what your career aspirations may be.
Indeed, economics is a great foundation for many careers. Personally, having a keen interest in business, economics has helped immensely. It shows employers that I am interested in the economy, that I have an understanding of how a business works and that I know how to analyse markets. The subject looks impressive on your CV as it displays high levels of both analytical and communication skills and many of the large companies I have spoken to after my experience on The Young Apprentice have said just how important economics is in this current climate. I have also spoken to doctors, taxi drivers and hairdressers who have told me how important an understanding of the economy is to their careers. I spent eight weeks taking part in The Young Apprentice 2011. It was during this time that I realised what economics really meant to me. ItБs not just looking at graphs, analysing statistics and predicting growth. ItБs about how you think and it is an invaluable source of knowledge in the business world. In each week of The Apprentice, I used some economics. Whether that was demand and supply when deciding on quantities of produce, or indeed looking into markets and deciding on the price elasticity of demand for specific products, economics was always at the forefront of each business decision.
Email: James, 17, is currently studying for A-levels in English, Spanish, Biology and Economics in County Derry, Northern Ireland. He describes economics as his passion and he got the joint highest score in Northern Ireland in the subject at GCSE. Previous: Next: Study Economics at Otago and learn about economic theory, develop your skills of logical thinking and pick up some great interpersonal skills along the way! Choice is at the heart of all decision-making. Individuals, businesses and governments are all faced with making choices in situations where resources are scarce. This is where a knowledge of Economics is vital. Economics applies to most aspects of everyday life. By studying Economics you will examine topics of obvious importance to human well-being. Economics is applicable in a wide range of fields, including: Increasingly, policy debate in all areas is being cast in economic terms. Understanding most current issues requires knowledge of Economics. Economics is more than just a subject it s a way of thinking. It provides a logical way of looking at a variety of issues. These are crucially important in many areas. Often these insights are not obvious, and can be counter-intuitive to those who don't apply economic reasoning.
In today s working world, transferable skills and flexibility, together with strong personal characteristics, tend to be more important than specific training in a narrow, vocational area. Employers are particularly keen on graduates with good analytical and problem-solving skills. Training in Economics emphasises these skills. The wide range of skills developed through studying Economics (especially to degree or Honours level) opens up many, diverse career opportunities for graduates. There is sometimes a mistaken perception that employment prospects for Economics graduates are not as favourable as for graduates from other Commerce areas. In fact, although Economics does not provide vocational training in the same way as some other Commerce disciplines, Economics graduates enjoy similar employment rates as students of other Commerce degrees. According to the latest data from the Ministry of Education, people who graduate with an Economics degree, on average, earn 173% of the national median earnings five years after graduating, while 73% are employed, and another 15% are undertaking further study. (PDF 947KB). Where are our graduates headed? In recent years Otago Economics graduates have found employment in a tremendously wide range of niches, both in the private and public sectors.
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