What is economics?
Economics is a branch of social science that studies how people interact with value. An economics degree will teach you about the production, distribution, and consumption of goods and services. Economics explores how economies work, and the behaviour and interactions of people, companies and organisations. Economics looks at how nations, individuals, governments, and businesses make decisions regarding the economic resource allocations. The field can be separated into macroeconomics, focusing on the economy as a whole, and microeconomics, which focuses on individual businesses and people. If you’d like to know more about why to study economics, read on.
Why study economics?
1. Economics and the world
Economics affects nearly all aspects of our lives. It's a broad subject area that equips you with skills that are needed in a variety of sectors and professions. Economics helps us understand the world around us and how it really works. It also helps us to understand people, governments, businesses and markets and why they make the economic choices they do. Studying for an economics degree will equip you with analytical and problem-solving skills, which will allow you to succeed in a wide variety of careers such as law, actuary, finance and foreign affairs.
2. High salaries
Economics graduates’ typical starting salaries vary between £25,000 and £35,000, and once you have three or four years’ experience, you could expect to earn £40,000 or more. Senior economists earn a great salary, ranging from £50,000 to upwards of £75,000. The figures vary depending on location, experience, and chosen sector. Typically, those working in financial services, banking and consulting, earn the highest salaries.
3. Job prospects
Economics is such a versatile subject and so widely used in day-to-day life, that graduates of the subject can expect great career prospects. Employment in the economics profession is already high and is projected to grow over the next decade. Organisations across many industries use quantitative methods and analysis to create accurate forecasts for market trends. Demand is expected to be very strong for skilled professionals who understand big data in pricing and advertising.
4. Combine economics with other subjects
Economics is so versatile and widely relevant, that it works perfectly in combination with other subjects. As one of the social sciences, economics can easily partner with sociology, political science, anthropology and psychology. All of these subjects study the human behaviour, both individually and in groups. Not only is economics related to these other disciplines – they all actively complement one another.
5. Transferable skills
An economics degree will provide you with subject-specific skills, such as the application of economic models and principles, financial markets and so on. However, you will also gain skills that can transfer to many other subjects and professions. Some of these include:
- Communication - explaining complex information and presenting findings
- Numeracy - applying statistical analysis and mathematical methods
- Problem Solving – gathering of information, making recommendations, and drawing conclusions
- Computing - Using various forms of IT software
- Time Management - completing tasks within tight deadlines and managing competing priorities
- Analytical skills - finding new research methods, observing data, and making recommendations
Reasons to study economics in the UK
Globally recognised degrees
United Kingdom universities are some of the most prestigious in the world – the country is known for its high academic standards and world-leading research. Studying in the UK will give you an internationally recognised and respected degree, and will make you stand out to employers once you graduate.
Professional experience and study abroad opportunities
Royal Holloway International Study Centre will give you all the tools you need for a successful career once you graduate. CareerAhead was created to help you find and improve your employability skills and increase your confidence. CareerAhead’s personal development plan will teach you skills including communication, teamwork, and continuous self-improvement.
While studying, you’ll also have the opportunity to gain valuable real-world work experience via work placements or part-time employment.
Career opportunities / further study
Having a UK degree will make you popular with many recruiters, both in the country and around the world. Many large businesses, investment banks and management consultancies are based in the UK, and actively recruit graduates. Other financial companies such as accountancy and insurance firms also have offices or headquarters in the UK.
Once you graduate from your undergraduate economics degree, you might prefer to further develop your skills on a master’s degree. The UK is a great place to study for a graduate qualification, and a UK degree will provide a perfect pathway.
Your pathway to economics
Royal Holloway, University of London combines a prestigious British education with culture, tradition and an international academic and professional network. Royal Holloway has three different economics pathways to choose from, depending on your level of study.
- International Foundation Year in Management and Economics is a foundation programme leading to undergraduate management and economics degrees. This International Study Centre’s pathway will prepare you to go onto full-time degree study at the School of Management at Royal Holloway.
- International Year One in Economics is the equivalent of the first year of an undergraduate degree. This pathway at the International Study Centre will prepare you to join the second year of your chosen degree.
Why study Economics at Royal Holloway, University of London?
Royal Holloway is a Top 25 UK University
It ranked 7th in the UK for research impact in the latest Research Excellence Framework (2014)
Have the opportunity to gain work experience on a placement year
Royal Holloway is accredited by CIMA (Chartered Institute of Management Accountants)