If you aren’t sure what Economics exactly is, check out this neat summary of the subject.
- Predict the future
Want to know the price of a Freddo in five years? Economists look at questions like this. We are forecasters, employing statistical and theoretical methods to predict the future. There are two types of forecasts; aggregate and disaggregate. The former looks at the bigger picture: GDP, employment, inflation. The latter focuses on specific areas of the economy and firms.
- Read the news
One major benefit from the study of Economics is the ability to read the newspaper in its entirety. You will be able to understand phrases such as ‘credit crunch’, ‘liquidity’, ‘inflation’ and ‘GDP’. Building on this, you will begin to use your economical knowledge of government taxes and spending to help formulate political views. Conservatives want to reduce taxes on the rich. Sounds silly right? Well an economist might disagree.
- You don’t need Mathematics
Contrary to popular belief you don’t need to be a mathematical whiz to study Economics. At A level the subject is highly theoretical and maths is not required. The subject does incorporate a substantial amount of maths throughout undergraduate and postgraduate courses, but by the time you reach that stage you will have developed such a passion for the subject that you will be willing to take on the basic maths to develop your knowledge.
- Opens door to your future
Economics is the study of choices. Whether individuals, corporations or economies. It is naturally a highly analytical subject, making it highly desirable for employers. Economists find themselves at advertising firms, financial institutions, non-profits, consultancy firms, governmental departments and accountancy firms. Every major CEO, CFO or Partner of a company will have a knowledge of economics, therefore it is vital you know how the economy works to have a successful career!
- Get rich
A lot of people assume as an economist you can pick the right stocks and make money on the stock market. Picking stocks is an exceptionally difficult skill, and learning economics isn’t going to make you rich overnight, but it does play a major part in your ability to analyse the effects of economic events on individual stocks. This means you make smarter decisions and receive better returns. A recent survey also shows that economics commands a premium over other subjects, ranking it third in graduate earnings. Meaning your graduate prospects are higher.