10 Reasons for and against studying Economics (Expert Oxford & Cambridge Application Advice)
Economics at Cambridge is one of the most popular courses on offer. While Oxford does not offer economics as a discipline on its own, there are many courses at Oxford which include economics as a key element:
For:
1) You have an interest in economics:
This is the most obvious and important reason and a necessary condition for applying to any of these courses, without a passion and interest you will struggle to get through the application process. You must enjoy keeping up to date with economic events and learning about new models used by economists.
2) You love using data:
The use of data and its statistical analysis in quantitative economics is increasingly important within undergraduate courses, this is particularly the case at Oxbridge compared to some less academic economics courses elsewhere. A good economics applicant will have a passion for using statistics to interpret quantitative data.
3) You like to take a scientific approach:
Economics is fundamentally a social science, while in the past the science part of the subject may have been lacking, this is certainly no longer the case. In order to approach economics well and to a high level, an economist must be methodical and logical, using data and experimentation to support their hypothesis.
4) You are passionate about economic history:
While experimentation and quantitative analysis have become increasingly important, this is not always possible or enough for an economist. An economics student will need to be passionate about using economic history to support the theories of today.
5) You want to help your career:
Economics is one of the best subjects to study as a student. It consistently comes out in the top few subjects for graduate prospects and employability. This is due to the diverse nature of the course, it gives students a great insight into using and interpreting data, which is increasingly important in the workplace, but also allows them to be able to write and structure arguments. Many students who study economics go on to work in careers such as consultancy and finance.
Against:
6) You don’t have a passion for the subject:
Sadly, a lot of economics students do not have a passion for the subject and take in in combination with another subject they are passionate about for the purpose of advancing their career. If you lack passion for the subject you will struggle to make it through the applications process and if you do get in will find it hard to motivate yourself to do the necessary work. While economics can be great for future careers, I would recommend looking at other subjects if you do not enjoy studying economics.=
7) You aren’t very good with numbers:
Economics relies heavily on statistical analysis of data and mathematical models to interpret past events and predict the future. If you struggle with A-level maths you will struggle with economics at Oxford.
8) You struggle to communicate in writing:
Your economics studies will be focused almost entirely around essays. While sections of economics include shorter questions on theory and maths, there is still largely an emphasis on essay writing. If you struggle to communicate your arguments in writing, then you will struggle with economics.
9) You can’t separate fact from opinion:
A lot of incredibly gifted economics students struggle by failing to disassociate their opinion from their answer. While having a strong opinion can be a good thing, you need to understand where it is appropriate and always support it with economic theory and evidence. In addition, you can’t be selective with the theory and evidence you use, you must include even theories that disagree with your beliefs. If you have strong economic beliefs, make sure to think carefully about whether you are able to evaluate theories fairly still before deciding on studying economics.
10) You struggle to make connections with the real world:
You could have an incredibly strong understanding of economic theory and be able to expertly analysis data, however, without being able to make these connections to the real world, economics might not be the best choice. While a maths and theory play an important role in economics, it is worth remembering that this all with the purpose of being able to apply it to the real world. A good understanding of economic history and current economic events is crucial to testing and analysing these economic theories and their usefulness of predicting future events.
Doxa provides both classes and one to one support for Economics at Cambridge and Economics and Management, Philosophy, Politics and Economics & History and Economics at Oxford.
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This article was written by Emrys (Oxford - PPE).
If you find this content useful, please visit Emrys' profile for further information on applying to Oxbridge. Alternatively, book support now with Emrys, using the form below.
Author: Emrys - Oxford
BA Philosophy, Politics & Economics
I have provided tuition internationally to students from Dubai, China and Pakistan. Through this I have a wealth of experience offering support for Oxford applicants, providing help with interviews and the TSA, where I managed to achieve a score of 80+ which is considered exceptional.
