Economics

What Is an Economic Degree?

Whether personal, business or public, economics plays a crucial role in everyone’s everyday lives. Economics is the study and distribution of wealth, both in personal and public finance. When a society discusses the health of its “economy,” it is discussing the financial condition of the community itself and the citizens who live within it.

A good economy signals prosperity; a bad one signals poverty. Students earning their economics degree learn to identify and analyse the economic factors that lead to prosperous and poverty-stricken times. Identification and analysis plays a crucial role in how money is managed within a community and can, at times, prevent prosperous times from turning into poverty-stricken ones.

On those occasions when an economy unexpectedly fails, economists are tasked with designing solutions to bring the failed economy back into a successful working order. Without these economists, business, financial and real estate markets, among others, would lack the necessary insight to determine why the economy failed and what it needs to do to succeed again.

Governments rely on economics to keep the money flowing throughout their governed body; businesses rely on economics to keep the money flowing into their business; people rely on economics to keep their personal finances in order. Economics plays that important of role in society.

Students who thrive in mathematics and quantitative analysis are well-suited to study and earn their degree in economics.

Economic Degree Job Opportunities

Becoming an economist is the primary goal of an economics student. This field of work applies the skills learned to analyse, predict and, if necessary, resolve economic conditions. Economists can work in either the private or public sector, and generally earn starting salaries at £25,000. After working in the field for 10 to 15 years, economists might be able to command over £50,000.

Other job opportunities that suit students graduating with an economy degree include becoming a financial risk analyst, a statistician or an actuary.

Financial risk analysts study and predict the risks associated with credit, market conditions, operational and regulatory changes that might impact the economic conditions of banking and credit-related businesses. When working in big business, experienced financial analysts have the potential to earn over £100,000, but most positions start at £22,000.

A statistician is another well-suited role for an economics graduate. Statisticians employ the data analysis learned at university to both private industry and government. Statisticians earn anywhere from £22,000 to nearly £70,000.

Actuaries analyse data and provide strategic and financial advice to businesses. Much like a financial risk analyst, actuaries have the potential to earn over £100,000 once they reach the senior level. Newly-graduated actuaries will begin earning approximately £25,000.

Economic Degree Curriculum

An economics curriculum is a mathematical curriculum, and students must be strong in mathematics and analysis. Economics students will study economic analysis and quantitative methodology. Students will learn how to apply this methodology to determine how economic factors, such as unemployment and housing markets, impact a society’s overall economic condition.

Students will learn how economics overlaps into the social sciences, including sociology and psychology. Students will also learn how economics applies to business and government. Through the tools presented at university, economics students will be able to research, gather data, analyse the data using the quantitative principals of economics and then provide a successful interpretation of, and solution to, the data.

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