“Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life.” – Tyler Cowan
Economics is integral to the structure of contemporary society, orchestrating the function of business and industry, and allowing us to identify exactly where we should allocate our limited resources. Through the study of societies, governments, businesses and individual households, experts are able to advise global leaders and facilitators on how to prevent or solve complicated financial issues.
“In many ways, modern civilization is based on money,” writes Reference.com. “Countries need money to pay for the work they need done, and businesses and governments, which fuel economies, need money to make investments and provide goods and services. The study of economics prepare[s] people for filling these roles, and its study covers a broad range of skills needed to work effectively.”
Through the study of fields like macro- and micro-economics, accounting, statistics, economic history and development, marketing and beyond, students can prepare themselves for an impactful career in the economic sector. But what sort of role would a successful economics graduate be likely to fulfil?
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According to the UK National Career Service, the duty of a Quantity Surveyor is to supervise construction projects with building suppliers, as well as to manage the expenditure of projects. Through the development of valuable skills like budgeting, planning, and a confident understanding of maths and IT, these people are able to work for local authorities, government factions, building contractors, property companies and civil engineering firms.
Salary: £20,000 – £60,000 average per year
Hours: 35 – 40 per week
The role of the Financial Adviser is to assist people, businesses and authorities with various things like investments, savings, pensions, mortgages and insurance products. Candidates are known for being strong communicators, able financial analysts and researchers, sound negotiators, and competent mathematicians.
Salary: £22,000 – £70,000
Hours: 35 – 40 per week
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These are the people that help organisations solve problems and boost productivity. With duties that include meeting with clients to determine their needs; interviewing; analysing data; identifying and investigating issues; developing computer models; testing business solutions; and providing ongoing business and financial support, it’s necessary for these qualified professionals to possess comprehensive skills in maths, IT, communication and presentation.
Salary: £25,000 – £90,000 per year
Hours: 40 – 50 per week
“Economics can seem deceptively simple at first, but it is a multidisciplinary field that requires a number of different skills,” continues Reference.com. “…many economists believe the field is primarily about psychology and human behavior. Effective economic work requires knowing how people will react and learning what they are interested in purchasing.”
Ultimately, without this crucial discipline, our complex world that’s so heavily dependent on finance would be deemed unable to function. This is why economists are sought-after and respected on a global scale, and opportunities in this sector are both abundant and rewarding. So if you think you have what it takes to succeed in this ever-evolving field, here are 5 outstanding UK universities for the study of economics:
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Swansea University was established in 1920 and is a research-led, student-centric institution that thrives on exploration and discovery. The university opened its Bay Campus in 2015 with an investment of £450m, standing as the only UK university with a private stretch of beach especially for students.
The Bay Campus is home to Engineering and the School of Management, a world-leading, UK provider of management, finance, and economic education. Through a prestigious portfolio of undergraduate and postgraduate economically-focused programmes, including the BSc in Economics; the BSc in Economics and Business; BSc in Economics and Finance; the MSc in Financial Management; the MSc in Finance and Business Analytics, and the brand new portfolio of specialist courses, such as the MSc Economics and the MSc Economics and Finance, Swansea School of Management is bolstering graduate career prospects and inspiring students to succeed under the guidance of qualified industry experts.
“During the second year, one of the compulsory finance modules required a group project with groups being selected randomly,” says Rahat Haque, a third year BSc Economics and Finance Student. “I extremely enjoyed this since I was able to work with some talented individuals to put together a really good project, as well as meeting more people from my course and also getting a good score overall,” Rahat concludes, highlighting how he could never have achieved this without the opportunities provided by Swansea School of Management – ranked a Top 30 Business School in 2014 by the Research Excellence Framework (REF).
Undergraduate programmes can be completed on a three-year, full-time basis, but students are also granted the invaluable option to complete the course over a four-year period, with an integrated 12-month industry placement, all the while benefitting from award-winning instructors, recognised for teaching excellence.
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Overlooking the stunning UNESCO World Heritage City of Bath sits the University of Bath, committed to delivering sterling academics and research in order to produce the leaders and innovators of tomorrow.
As the second-largest department in the Faculty of Humanities & Social Sciences, the Department of Economics offers a diverse portfolio of undergraduate, postgraduate and research degrees that boast excellent reputations in both the public and private sector, as well as in academia. Currently ranking 8th in the UK for economics by the Complete University Guide 2017, Bath’s economics graduates benefit from outstanding career prospects, including leading finance, higher education and governmental institutions.
“Our research-led teaching and strong links with industry and governmental bodies ensure our graduates are highly employable in the competitive job market,” states Professor Michael Finus, Head of the Economics Department.
On top of being named University of the Year 2016 by the Times and Sunday Times Good University Guide, the University of Surrey has also been named University of the Year 2016 for Student Experience.
Surrey’s School of Economics also enjoys a leading international reputation, ranking 11th in the Times and Sunday Times Good University Guide and the Complete University Guide. The school prides itself on its ability to foster a warm and friendly working environment that encourages students to unleash their full potential.
Through the provision of comprehensive undergraduate and graduate programmes, students are given the opportunity to use, rather than simply study, the field of economics. Teaching combines lectures, tutorials, seminars and workshop sessions, and students are urged to develop and present their own ideas to stand them in good stead for their future career.
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Lancaster’s Department of Economics is ranked 9th in the UK by the Times and Sunday Times Good University Guide. At undergraduate level, the department offers single major, internationally-recognised degrees in Economics and Business Economics, on top of a broad range of joint degree programmes. On top of this, the new MEcon degree provides a rigorous four-year route to more advanced study – perfect for those hoping to further their career or pursue PhD-level study. Other postgraduate degrees include: MSc in Economics, MSc in Money, Banking and Finance and an MSc in Quantitative Finance.
The department currently enrols around 200 students, all of whom will leave readily prepared to succeed in a variety of exciting occupations.
The University of Glasgow boasts an iconic teaching and learning culture, centred on a stunning campus, with its landmark geo-Gothic main building as its crowning glory.
Glasgow’s Department of Economics seeks to teach students about how people and societies make choices regarding the investment of resources, as well as what products are produced and the people who consume them. Undergraduate students explore the principles of macro- and micro-economics, and also get the chance to delve into the world of government policy, developing countries, the economics of business, and international trade and finance. At postgraduate level, Glasgow provides an MSc in Finance & Economic Development, and MSc in Economic Development, and MSc in Economics, Banking and Finance, and an MRes in Economics, among many more.
Glasgow’s economics graduates develop skills in research, analysis, communication, teamwork, decision making, and problem solving, helping them forge successful careers in local, national and multi-national corporations.
*Some of the institutions featured in this article are commercial partners of Study International