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5 Reasons to Study Economics

5 Reasons to Study Economics

There are many reasons to study economics at either A-Level or as a university degree. Studying economics at A-Level or university develops transferable skills like numeracy, problem-solving, analytical skills and communication.

One of the main benefits of studying economics is that it gives you the ability to take economic principles and models and apply them to real-life scenarios in banking, business and finance. This enables you to assess complicated data, so it can be more easily understood in a broader context.

At Oxford Learning College, we offer a range of courses including A-Level Economics to get your career in finance off to a great start.

What is economics?

Economics is the study of finance and the way we make choices around financial issues. We all make decisions about finances every day, on the most basic level. This can include things such as whether to buy an item in a shop, or which job to take based on income. These decisions become more complex in a broader context, such as whether to start a business, take up an insurance plan, sell your home, and so on.

When people hear the word ‘economics’ they quickly associate it with money, but it goes far beyond this. Economics is about finance in different contexts. It is about considering different decisions around investments and spending and examining how this ties into everyday life. In business, economics determines whether a company is successful and makes a profit.

Economics also involves the study of finance in politics and international markets and looks at how decisions in these areas affect us all. The study of economics covers topics like the manufacturing and consumption of goods, environmental economics, why people make the decisions they do, and how resources are allocated and spent.

The subject of economics is split up into two main sections:

  • Microeconomics (the study of how individual people or companies use their wealth)
  • Macroeconomics (the study of whole economies, countries and continents from a financial perspective)

Why study economics at A-Level?

Let’s take a look at some of the key benefits of studying economics at A-Level.

1. You’ll study economics from a financial, social and economic perspective

As mentioned, economics isn’t just about studying finance and money. It also looks at the background and context of the financial world, and how finance impacts and influences our everyday lives.

If you’re considering studying economics at A-Level, one advantage is that you’ll learn more about how finances work across various marketplaces and industries. You’ll learn about how economies allocate resources, how businesses work to make sure they drive a profit, and how governments put in place policies that influence business and the economy.

2. You’ll learn key skills that are transferable across workplaces

Getting transferable skills is one of the main reasons to study economics. You’ll learn good analysis skills that will enable you to identify key and important information in text and statistics. From this data analysis, you’ll be able to make decisions that are informed by fact. This skill is very useful in many situations in a business or political environment. You’ll also develop complex problem-solving skills that you can apply to real-life scenarios.

Then there are numerical skills. Economists are often required to look at figures or statistics and point out trends that can inform actions. Many employers across a wide range of industries highly value these numeracy skills.

Finally, you’ll develop cultural awareness and communication skills that are highly valued by employers. Companies trade all over the world, so studying economics will expose you to different cultures, different political systems and economic events across the globe. Studying economics at A-Level will also develop your communication skills, which will help you to communicate both verbally and in writing with people from across the globe in business and finance.

3. There are plenty of career and study options to choose from

Studying for an A-Level in economics doesn’t necessarily mean that you’ll have a career in number crunching. You might find that you take a job in the public or private sectors, in consulting or in a number of industries or businesses that are finance-related. Some of these roles include:

  • Accountant
  • Investment consultant/analyst
  • Risk analyst
  • Government officer or advisor
  • Financial manager
  • Insurance manager
  • Underwriter
  • Financial advisor
  • Building society/banking roles
  • Charity worker
  • Roles in Blue-chip companies

4. You can combine economics with other subjects at university

Economics is considered a social science, so if you decide to study it at university, it can be taken either on its own or as part of a joint degree with another subject. For example, you may decide to study economics with a foreign language like French or Spanish, or combine it with subjects like business or politics.

This is known as a joint honours degree. Joint honours degrees are split 50/50, so you’ll have equal amounts of time in your university studies devoted to each subject. Some universities however may let you split your course to 75/25 if you want to major in economics and then have the second subject as a minor.

If you study a joint honours degree with economics and another subject, you’ll be able to study both in equal amounts of detail. This will give you insight into two different areas of study, and will help you take different approaches to those subjects. You’ll also understand how the subjects relate to each other and prepare for any future career paths you may want to take.

5. Economics can prepare future entrepreneurs

If you’re looking to start your own business rather than head to university, knowledge of economics at A-Level can help you along the way in the skill set it gives you. You’ll be able to organise cash flow and company overheads more easily and do financial planning with more ease based on your knowledge.

If you’re also looking to earn a high wage, either through your own business or by working for someone else, it’s good to know that economic-related careers are some of the best paid, with high earning potential. So it’s worth considering a career in economics if you are motivated by a high salary.

Qualifications to study economics at university

Regardless of whether you decide to have a single or joint honours, you will most likely need to have studied maths at GCSE and A-Level if you want to study economics at university. If you don’t have maths, a university may consider business studies, politics or management science, or a qualification in finance.

Mainly though, you will need a good grade in maths, because this will demonstrate that you are analytical with statistics and numbers. Competition for economics degrees can be very fierce, so many institutions have high-grade expectations of economics A-Level students.

Most entry requirements range from BCC to AAA. Many institutions ask for AAB at A-Level. Or they may ask for Level 3/Level 6 diplomas/qualifications as an alternative to A-Levels. In your application, you’ll also need to demonstrate problem-solving, analytical and research abilities.

Career paths with economics

An economics qualification is always in demand, as there are so many jobs in the banking and financial sectors that need people to think strategically and logically. If you’re armed with the problem-solving skills given to you by an economics degree or A-Level, you should have a rewarding and exciting career with plenty of new opportunities at hand.

Economics courses and qualifications

Whether you are thinking of gaining A-Level qualifications or an accredited diploma for the first time, or you wish to retake an A-Level exam for career progression or to study economics at university, we have a range of economics courses at Oxford Learning College, with flexible payment options to suit your needs.

You can enrol on the courses at any time, and receive continued support throughout your studies from our tutors. Our diplomas are CPD-certified, and accredited by CIE global.

Our more advanced diploma courses cover practical implications, theory and practice, and knowledge and understanding of a wide range of topics within economics. These include trade patterns, globalisation, macroeconomics, microeconomics, government roles and economic policy, and aggregate supply and demand.