Economics

Ever wondered what economists do? Leading economist and Head of the Department of Economics at Essex, Professor Carlos Carrillo-Tudela answers your biggest questions about economics.

"Economics is the study of the production, distribution, and consumption of goods and services. But, at its core, economics is about understanding human behaviour. It's about how we make decisions with limited resources to satisfy our unlimited wants. By studying economics, you'll be able to interpret the very essence of our value system. It's a fascinating and hugely insightful discipline."

Some of the key economic concepts you will study at degree level include:

• Scarcity: The fundamental economic problem of having limited resources to satisfy unlimited wants.
• Choice: The decisions individuals, businesses, and governments make to allocate scarce resources.
• Incentives: The factors that motivate people to make certain choices.
• Markets: The places where buyers and sellers interact to exchange goods and services.

Economics is divided into two main branches:

• Microeconomics: Studies the behaviour of individual economic agents, such as households, firms, and markets.
• Macroeconomics: Analyses the economy in its entirety, focusing on factors like GDP, inflation, and unemployment.

Why study economics?

"It's a great question, and one many students are deliberating as they weigh the cost of higher education. Economics offers a versatile blend of analytical skills, economic theory, and real-world application. It can help open doors to a wide range of high-paying and influential careers."

Some of the key benefits of studying economics include:

• High earning potential: Graduates of economics consistently rank among the top earners.
• Strong job prospects: Economics is a versatile degree which you can apply in many diverse industries.
• Advanced critical thinking: You will learn how to analyse complex problems and make data-driven decisions.
• Make a global impact: You can contribute to economic policy and research at a challenging time in our economic outlook.

With years of experience teaching economics at degree level, Carlos shares his thoughts on the value and application of an economics degree:

"I've had the privilege of watching countless students graduate and thrive in diverse fields after studying economics at degree level. So, whether you're interested in understanding global markets, shaping economic policy, or building a successful career in finance, a degree in economics can provide the foundation you need to get ahead in a competitive job market."

Is economics a good degree?

"I get asked this a lot - of course I'm somewhat biased, but I believe that an economics degree remains one of the strongest choices you can make if you choose to pursue a university education. The field continues to be relevant and in-demand due to its broad applications across various industries and its ability to equip graduates with valuable skills."

Here are some reasons why economics can be a good degree choice:

• Promising financial rewards: Economics graduates often command competitive salaries.
• In-demand skills: Economics provides valuable skills like critical thinking, problem-solving, and data analysis, which are highly sought after by employers.
• Global relevance: Economics is a field with global implications, and understanding economic principles can help you navigate complex issues and make informed decisions.
• Career flexibility: An economics degree offers a versatile foundation for various career paths, allowing you to adapt to changing economic conditions.

Carlos is mindful when advising students on the worth of an economics degree:

"Whilst the job market can fluctuate, and it's certainly changeable at this point in time, economics graduates continue to be in solid demand. It's a very viable choice for those seeking a challenging and rewarding academic pursuit."

Professor Carlos Carillo-Tudela is the Head of the Department of Economics at the University of Essex. He is also co-editor of Labour Economics, the official journal of the European Association of Labour Economists.

His research focuses on the effects of human capital on unemployment and earnings inequality. Carlos's work has influenced UK policymakers including; HM Treasury, the Department of Work and Pensions, the Bank of England, and the Low Pay Commission. He regularly speaks at central banks, international conferences, and institutes including the International Monetary Fund.

When he's not teaching or researching, Carlos enjoys playing guitar in a band, taking long walks, running and tennis.

Unsure about studying economics? Professor Eric Smith, Director of Student Recruitment in the Department of Economics at Essex, talks about the challenge and rewards of studying economics. With years of experience guiding students, Eric provides valuable advice on what to expect.

"Economics can be intellectually demanding, which is why it is often financially rewarding. Over the years, I have watched countless students arrive with initial uncertainty, only to flourish as they tackle challenging concepts and develop their skills."

Several factors impact how hard an economics degree is. They include:

• Your mathematical background: A strong foundation in mathematics, particularly calculus and statistics, is helpful.
• Your interest in the subject: If you find economics interesting and engaging, you may find it less difficult.
• The specific course: Some economics degrees may be more demanding than others.

There are a few areas which economics students often find challenging:

• Quantitative methods: Econometrics and statistical analysis can be tough for those without a strong mathematical background.
• Economic theory: Understanding complex economic concepts and models can be a challenge.
• Research: Conducting research and writing papers can be time-consuming and intellectually demanding.

"All students start their economics degrees with differing levels of knowledge and experience. It's what makes that undergraduate journey so special and unique. But with dedication, hard work and a passion for the subject, many students make exponential progress as they become more invested in the discipline."

Which qualifications do you need to study economics at university?

"Ah - the million dollar question. Grades are top of everyone's mind as they start to consider making a university application. While three GCSEs are typically the minimum requirement for an economics degree, specific subject and grade requirements can vary between universities and courses."

Some common requirements for an economics degree include:

• Strong academic record: Good grades in subjects like mathematics, statistics, and economics are often preferred.
• Entrance exams or interviews: Some universities may require standardised test scores or an interview process.
• English language proficiency: If you're an international student, you'll likely need to demonstrate proficiency in English (eg. IELTS, TOEFL).

Eric encourages students to consider economics, even if they are concerned about qualifications. Here is Eric's advice on how to research different universities and courses to find the best fit:

"Make sure you check the specific admission criteria, and take note of any additional requirements, such as coursework or work experience. If you're in doubt, try reaching out to the university - many institutions will be happy to offer personalised advice and guidance."

Do you need maths for an economics degree?

"A good understanding of mathematics is helpful if you're going to study economics at degree level. But don't worry if you're still learning - we can help you develop your skills if you're passionate and willing to commit."

How strong math skills can support a degree in economics:

• Quantitative methods: Economics heavily relies on mathematical tools like calculus, statistics, and linear algebra to analyse data and build models.
• Economic theory: Many economic theories and concepts are based on mathematical principles.
• Career prospects: A strong mathematical background can enhance your career opportunities in fields like finance and economics research.

Eric believes a strong mathematical foundation can benefit economics students. But he stresses not all economics degrees are equal:

"The amount of maths needed to complete your economics degree will vary between universities and courses. Which is why it's important to choose a course that aligns with your interests and skills. For example, a BA in economics may require less advanced math in comparison to a BSc in economics."

Can you do an economics degree if you fail maths A-Level?

"Economics can still be an option if you don't get the maths grades you need. Some universities offer foundation years for students not yet ready for the full degree."

If you don't pass maths A-Level, a foundation degree in economics can help you:

• Acquire skills: A foundation in economics will develop the skills you need for the degree course.
• Consider your options: Gain time and experience, and decide if this is the subject you want to study.
• Gain confidence: A foundation year can build your confidence, and gently introduce you to university life.

Eric offers some words of advice for students worried about grades:

"I encourage students not to worry - everyone realises their academic potential at different times. If you fall short of the degree requirements, a foundation year can provide a fantastic entry point to a full degree. Not every university will offer this option, so I recommend finding a prospective course sooner rather than later if you are worried."

What is the difference between BA economics and BSc economics?

"This is a common questions I get asked by prospective students. Essentially, the difference between a BA and a BSc in economics can be found in the focus and mathematical content of the course."

Here's a brief outline of the differences between BA and BSc economics degrees:

• BA (Bachelor of Arts): Typically emphasises theoretical and qualitative aspects of economics, with a broader range of coursework. It may involve less mathematical content.
• BSc (Bachelor of Science): Often has a stronger emphasis on quantitative methods, statistics, and data analysis. It may require more mathematical proficiency.

Eric reminds students that universities will teach a different blend of quantitative and applied course content:

"The distinction between a BA and a BSc in economics can vary between universities. Some institutions may offer BA and BSc courses with similar content, whilst others have more pronounced differences. This is why it's important to do your research and really consider your desired outcome, before choosing a course."

Which is better BSc economics or BA economics?

"Ultimately, your best choice will depend on your individual interests, strengths, and career goals. If you prefer a more philosophical and qualitative approach, a BA might be better choice for you. However if you have a strong mathematical background and you're drawn to quantitative analysis, a BSc could be a better fit."

Eric advises students to think carefully about their gaols and personal interests:

"Choosing a course that supports you and your interests is always prudent. It can be tempting to choose a degree based on prestige alone. But that is like choosing a branded pair of shoes without trying them on for size. Know yourself, take your time, and consider your goals - there are plenty of fantastic economics degrees to choose from."

Professor Eric Smith is the Director of Student Recruitment in the Department of Economics at the University of Essex.  He is also an Associate Editor of the European Economic Review.

Eric's research focuses on the labour and housing markets. His work has been featured in the Review of Economic Dynamics, the International Economic Review, Labour Economics journal, Economics Letters journal, the Journal of Human Capital, and Macroeconomic Dynamics journal. He has held long-term visiting positions at the University of British Columbia, McMaster University, the University of Pennsylvania, Georgetown University, Rutgers University, the University of North Carolina, and the Federal Reserve Bank of Atlanta.

When Eric isn’t teaching students about macroeconomics, he enjoys making coffee in the morning for his wife, bicycling to and from school and around the countryside with his son, and traveling almost anywhere with both.

Considering a career in economics? Professor Marco Francesconi gives the lowdown on career options for economics graduates. Marco is an influential economist, author, and the Director of Employability in the Department of Economics at the University of Essex.

"An economics degree can lead to many exciting and fulfilling career paths. It's a truly versatile degree with incredible upside potential. As society becomes increasingly data-driven, the demand for skilled economists will continue to grow."

Here are some popular sectors and jobs you can do with an economics degree:

Finance:

• Investment banking
• Financial analysis
• Risk management
• Hedge fund management
• Financial planning

Consulting:

• Economic consulting
• Management consulting
• Strategy consulting

Government:

• Economic policy analyst
• Budget analyst
• Public administration
• International development

Academia:

• Professor
• Researcher
• Policy analyst

Other:

• Data analyst
• Market research analyst
• Actuary
• Business analyst

When helping students get career-ready, Marco often advises they begin with a careful consideration of their economics degree focus:

"The specific job you pursue will often depend on your degree specialisation. Many of my econometrics students find themselves drawn to more data-driven roles. In contrast, my students whose degree includes a more qualitative focus - for example, development economics - tend to pursue careers in international organisations."

Who hires economists?

"That's a fantastic question because the answer isn't always obvious. Many applicants considering an economics degree think initially of career options involving banking or finance. However, the employment potential for economists is far broader. You'll find economists working everywhere, from tech companies to health care."

Economists are sought after by a wide range of organisations, including:

• Government agencies: Economic policy departments, central banks, regulatory bodies
• International organisations: World Bank, International Monetary Fund, United Nations
• Private companies: Financial institutions, consulting firms, multinational corporations
• Research institutions: Universities, think tanks, research centres
• Non-governmental organisations (NGOs): Economic development organisations, humanitarian agencies

Marco shares his insights about the day-to-day responsibilities of employment as an economist:

"Your specific role and responsibilities can vary depending on the organisation and the industry you find yourself in. However, economists are often found analysing economic data, conducting research, and providing expert advice on economic issues."

How much money does an economics undergraduate make?

"As the global economic outlook has tightened, students and parents are becoming more focused on salary outcomes post-graduation. This increased cost-benefit analysis is now an important part of the decision to continue higher education. The good news is economics offers a diverse employment landscape, which includes some very financially rewarding career paths."

The salary for an undergraduate economics graduate can vary significantly depending on several factors, including:

• Location: Salaries in major cities and financial centres tend to be higher.
• Industry: Finance, consulting, and technology often offer higher salaries.
• Experience: Salaries generally increase with experience and higher levels of academic qualifications such as a masters degree.

Marco carefully advises his students on how to maximise their future earning potential:

"Starting salaries for undergraduate economics graduates can vary widely. Many find themselves in well-paying positions. But don't forget - earning potential is contingent on several factors. Your career choice, geographical location, qualification level, and work ethic all play a role in determining your financial outcome. Generally speaking, the more advanced your education, the greater your career options and starting salary tend to be."

Which masters degrees can you study with an economics degree?

"For students that want to go all the way, you have a broad range of options ahead of you. Because an economics undergraduate degree provides such a strong foundation for learning, you can advance your studies in a number of ways."

Here are some popular masters degrees that complement an economics undergraduate degree:

Economics-related masters degrees:

• MA / MSc in Economics: Deepen your understanding of economic theory and quantitative methods.
• MA / MSc in Financial Economics: Specialise in financial markets, investments, and risk management.
• MA / MSc in International Economics: Focus on global economic trends, trade, and development.
• MA / MSc in Econometrics: Develop advanced quantitative skills for data analysis and modelling.

Complementary masters degrees for economics undergraduates:

• MBA: Gain business management skills to complement your economic knowledge.
• MA in Public Policy: Focus on policy analysis and implementation.
• MA in International Development: Explore economic development issues and strategies.
• MA in Management Economics: Study the economic aspects of managerial decision making.

Marco has helped countless students choose their academic path to support a future career goal. He offers some practical insight on how best to do this:

"Ultimately, your choice of higher education should support your career goals and personal interests. I often get asked which career makes the most money - a logical question if you're considering becoming an economist. However, I always encourage my students to consider their personal goals - not just their financial ones. Your interest level, passion, and determination can have a more profound and far-reaching impact on future earnings than your course choice."

Professor Marco Francesconi is the Director of Employability in the Department of Economics at the University of Essex.  He is an Associate Editor of the European Economic Review and an Editor-in-Chief of Labour Economics.

Marco's research focuses on family economics, gender, income inequality, early child outcomes, and health. His work has appeared in the Journal of Political Economy, Economic Journal, Journal of Health Economics, European Economic Review, International Economic Review, Journal of the European Economic Association, and Journal of Human Resources. Marco also holds many research roles in institutions across Europe.

When Marco isn't helping students progress their future careers, he enjoys travelling with his family, going to concerts, and cooking.

Considering a masters in economics? Economist and Director of Postgraduate Taught Studies in Economics at Essex, Dr Ahrash Dianat answers your most asked questions about studying economics at masters level.

"A masters degree in economics can give you a strong foundation in analytical thinking, economic theory, and practical application. It's an advanced degree which can lead to many well-paid and influential career opportunities."

Some of the key benefits of an economics masters degree include:

• High earning potential: Graduates often secure high-paying jobs.
• Strong job prospects: A masters degree in economics is versatile and applicable to many industries.
• Enhanced critical thinking: Develop your ability to analyse complex issues and make informed decisions.
• Career advancement: A masters in economics can help you gain specialised knowledge to boost your career progression.
• Global impact: Postgraduates in economics can contribute to shaping economic policies and research.

Do you need a masters in economics?

"That's a tough call, and the short answer is - it depends. Progressing from a bachelors degree to a masters degree is a big commitment. I always advise my students that an undergraduate degree can open doors to many roles. But if you have your heart set on a senior position, then a masters degree in economics can significantly enhance your prospects."

Here's when a masters in economics can be beneficial:

• Specialised roles: If you want to work in economic research, policy analysis, or academia, a masters is often required or highly preferred.
• Career advancement: For those seeking leadership positions in finance, consulting, or government, a masters can provide a competitive edge.
• Industry-specific knowledge: Some industries, such as investment banking or international development, often prioritise candidates with advanced economic qualifications.

When a masters in economics might not be essential:

• Entry-level positions: Many entry-level economic roles, such as financial analysts or market research analysts, can be accessible with a bachelor's degree.
• Alternative paths: Strong work experience, certifications, or additional skills can sometimes compensate for a lack of a masters degree.
• Personal circumstances: Your career aspirations and personal goals will ultimately determine the best path for you.

Ahrash offers some open and honest advice for those considering an economics masters degree:

"It's important to be realistic about your goals. If you're aiming for a top finance role, a masters degree in economics can give you the edge. But if you want to gain practical industry experience, climbing the career ladder might be a better option for you right now."

Is a masters in economics worth it?

"Ultimately, the "worth" of any degree is subjective, so you can only judge in hindsight. However, advanced economics degrees often lead to lucrative careers. Whilst nothing is guaranteed, your skills, dedication, education, and even geographical location can play a role in determining your financial success."

Here are some considerations when determining the worth of an economics degree:

• Return on investment: Weigh the cost of the degree against your potential future salary.
• Career goals: Determine if a masters aligns with your desired career path.
• Alternative paths: Explore other ways to gain the necessary skills and experience.

Ahrash offers a balanced perspective on the value of a masters degree:

"It's a hugely personal decision which rests upon your circumstances and career goals. It's invaluable for students wanting to advance their knowledge in a new direction - for example, switching from marketing to behavioural economics. It can also be a fantastic investment if you're thinking of joining a competitive industry such as finance. But don't forget, masters degrees aren't the only means to advance your career." 

What is the return on investment for a masters in economics?

"The return on investment for a masters in economics can be incredible. But your financial success rests upon many factors - not just your level of education. The more skilled you become, the greater your ability to work in more specialised roles and industries. This specialisation tends to drive starting salaries upwards and increase your ability to access these careers." 

Factors affecting return on investment for a masters in economics:

• Specific career path: Areas like finance, consulting, and economic research tend to offer higher salaries.
• Geographic location: Salaries can vary significantly depending on where you work.
• Individual performance: Your academic achievements and practical skills will influence your earning potential.

General trends to be aware of:

• Higher starting salaries: Economics graduates, especially those with a masters, tend to have higher starting salaries than many other graduates.
• Long-term earning potential: The earning potential of economics graduates often grows over time.
• Job security: Economics is a field with relatively stable job prospects.

Ahrash offers some cautionary words to those making higher education decisions based solely on financial outcomes:

"Return on investment for an economics degree - or any degree - is not guaranteed. There are so many factors at play. Economic conditions, individual career choices, and even luck, to name a few. What a masters degree in economics can do is quickly advance your understanding and suitability for specialised careers. It's a way of evidencing your capabilities and commitment to your chosen career path. It gives you the best chance of elevating your skillset and CV in a competitive world."

Dr Ahrash Dianat is the Director of Postgraduate Taught Studies in the Department of Economics at the University of Essex. Ahrash is a passionate and committed lecturer. He teaches students at Essex about experimental economics, behavioural economics, and market design.

His research uses lab experiments to understand choices, games and markets. His work is frequently published in leading journals including Experimental Economics and Games and Economic Behaviour.

When he's not helping masters students become skilled economists, Ahrash enjoys watching movies and playing poker.

Could you do a masters in economics? Professor Marcus Chambers, Deputy Director of Postgraduate Taught Studies in the Department of Economics at Essex, outlines what you need to study a masters in economics.

"Everyone assumes that a masters degree in economics requires a degree in maths. You might be surprised to know this isn't always the case. Of course, some economics degrees, such as an MSc or an MRes, will require some form of undergraduate study in a related field like maths or statistics. But many MAs do not. An MA can be an excellent choice for graduates transitioning into the field."

Things to consider when researching the requirements for a masters in economics:

• Exact entrance requirements can vary significantly between universities and courses.
• Some degrees will have additional requirements, such as specific coursework or work experience.
• It's crucial to check the specific admissions criteria of the degrees and institutions you're interested in.

If in doubt, Marcus always advises that students reach out to their prospective institution:

"Many universities will be more than happy to help you understand if you are a suitable candidate for an economics degree. I think there are some real myths to debunk about who can take a masters degree in economics. It isn't just about having crazy maths skills. I teach students from various academic backgrounds - it's part of what makes economics at masters level so fascinating and diverse."

What's the difference between an MA, MSc, and MRes in economics?

"Without a doubt, this is one of the most common questions I get asked by prospective students. In short the primary distinction between an MA, an MSc, and an MRes degree in economics is their focus on taught elements versus research."

Marcus offers a quick summary of each type of economics masters degree:

MA (Master of Arts) in economics:

• Focus: Typically emphasises economics in the context of policy analysis and historical understanding.
• Structure: Often involves a mix of coursework and dissertation.
• Career paths: Suitable for roles in government, policymaking, journalism, business, or teaching.

MSc (Master of Science) in economics:

• Focus: Emphasises economic theory, quantitative methods, econometrics, and statistical analysis.
• Structure: Combines coursework and research, often with a significant dissertation component.
• Career paths: Ideal for roles in finance, research, data analysis, or government.

MRes (Master of Research) in economics:

• Focus: Primarily research-oriented, with a strong emphasis on independent research.
• Structure: Advanced coursework with a research project and dissertation.
• Career paths: Prepares students for PhD programs or research-intensive roles.

"When choosing between degree types, it is essential to consider your career goals and academic strengths. I think there is a tendency to view a particular degree type as more valuable than another. But in reality, that's not the case. They are differently structured and focused because they provide entirely different academic outcomes."

What is the best type of economics masters degree?

"That's a common question, but truthfully, the answer depends entirely upon the person asking the question. The "best" degree type depends upon your interests, skills, and career goals. For example, if you want to understand the social consequences of government policy, I would probably recommend an MA degree rather than an MSc or MRes. However, if you want to dig into the more technical aspects of economics and are considering a research career, an MSc or an MRes might be better for you. There really is no one size fits all."

Key factors to consider when selecting an economics masters degree:

• Career aspirations: Align your degree with your desired industry and job role.
• Quantitative abilities: Choose a program to match your mathematical skills.
• Curriculum: Ensure the program covers relevant subjects for your career goals.
• University reputation: Seek programs with strong academic standing, research outputs, and industry connections.
• Career support: Evaluate the university's career services, alumni network, and placement support.

Marcus offers some practical advice on how to find the best economics masters degree for you:

"Before you begin searching for a degree, take the time to consider your skillset and your career goals. Once you have identified your strengths and aims, you can narrow down the courses and institutions that best support you. Taking this measured approach will help you find the best possible masters degree for you."

How long does a masters in economics take?

"I get asked this over and over again! Often, eager students want to get into the world and start earning. Typically, a masters degree in economics lasts one or two years. Ultimately, your chosen course length depends on your background and desired outcome."

• One-year courses are perfect for students with a comprehensive undergraduate background in economics and quantitative subjects.
• Two-year courses cater for students who need additional time to develop the necessary foundation in economic theory and quantitative methods.

It's essential to note that these are general guidelines. The exact duration can vary depending on:

• The specific course: Some courses offer accelerated or part-time options.  
• The institution: Different universities have varying program structures.
• Your academic background: Students with strong quantitative backgrounds might be able to complete the program in less time.
• Your location: UK universities generally offer one-year masters degrees in economics, which makes it a favourable destination to study economics at masters level.

Marcus notes that flexibility is often a key concern for students:

"Students at this stage of their education are often balancing multiple priorities. Work and family commitments can start to creep into their schedule, which can be a real challenge. I think universities offering full and part-time options are far better suited to the real needs of students. Some of my students want to get it over and done with, so a full-time one-year degree is an excellent choice for accelerating their learning curve. However, I have many students who need something more flexible, and the part-time two-year options enable them to balance life with study."

How hard is a masters in economics?

"Masters degrees in economics are generally considered challenging. That said, the level of challenge can vary significantly depending on the degree type and your chosen course. Economics courses with a more quantitative focus, such as the MRes and MSc degrees, are often considered more academically challenging than an MA in economics. Whichever course you choose, you can expect a rigorous workload, complex coursework, research projects, and potentially a thesis."

Factors affecting difficulty:

• Degree type: Econometrics and quantitative economics programs tend to be more mathematically demanding.
• Research intensity: Some programs require a significant research component, which can be time-consuming and intellectually challenging.
• Personal background: Your undergraduate preparation and skill level will influence your experience.

Tips for success:

• Choose the correct course: Select a degree that aligns with your skills and career goals.
• Time management: Effective time management is crucial for balancing coursework, research, and personal life.
• Seek support: Utilise your available resources like professors, lecturers, teaching assistants, and study groups.

Marcus shares his insights on how best to tackle a challenging economics degree program:

"It's true that many students find their masters degree in economics demanding. But there are a few tips to help you get ahead. Finding a university with strong student support is essential if you're concerned about academic performance. A good university will offer extensive resources such as peer and academic mentorship programmes. At Essex, we even have a dedicated drop-in laboratory run by data analysis experts to help students improve their quant skills."

Can you do a masters in economics without a background in maths?

"While challenging, it's entirely possible to pursue a masters in economics without a formal mathematical background. Many of my masters students do not come from traditional maths-focused degrees. Instead, they have graduated from social sciences or humanities degrees such as business or politics, before deciding to progress with a masters in economics."

Marcus offers some sound advice for those looking to complete an economics degree without a maths background:

"The key is to select the right degree and the right institution. An MA in economics can often be a fantastic choice for students who are more inspired to understand the social and philosophical aspects of economics as opposed to the numerical ones. If you pair the right degree focus with good academic support, you'll be off to a great start."

To increase your chances of success:

• Choose wisely: Opt for MA programs with a less quantitative focus.
• Bridge the gap: Explore preparatory courses, workshops, or short courses by your chosen institution.
• Seek support: Choose a course and institution with strong academic support and personal tutoring services.

Marcus offers some tips to improve your application to an economics masters degree if you haven't studied maths:

"Remember, mathematics is essential for many economics degrees, but not all. A strong interest in economic theory and policy can also be valuable. I recommend considering how you can evidence your interest. Past studies or even personal projects can certainly help your application stand out. Your passion and persistence are of as much importance as your academic credentials. You are more than your grades -  a good university will recognise that."

Professor Marcus Chambers is the Deputy Director of Postgraduate Taught Studies in the Department of Economics at the University of Essex. Marcus is currently a Co-Editor of the Journal of Time Series Analysis, a former member of the Editorial Board of Econometrics, a former Associate Editor of the Journal of Econometrics, and Deputy Director of the Essex Centre for Macro and Financial Econometrics.

His research interests include econometric theory, time series, macro and financial econometrics, commodity prices, and exchange rates. His work has been published in leading journals such as Econometric Theory, Journal of Econometrics, Journal of Political Economy, and International Economic Review.

When he's not teaching or researching, Marcus enjoys reading, playing guitar and astronomy.

Wondering where a masters in economics will take you? Professor Kate Rockett, a leading economist and lecturer in the Department of Economics at the University of Essex discusses the career path for postgraduates in economics.

"A masters degree in economics will equip you with a strong foundation in analytical thinking. You'll gain a brilliant insight into economic theory and data analysis. It's a versatile degree that can open doors to many career paths and industries worldwide. It is a truly global opportunity."

Potential career paths for masters graduates of economics:

• Finance: Investment banking, financial analysis, risk management, and hedge funds.
• Consultancy: Economic consulting, management consulting, and strategy consulting.
• Government: Economic policy, research, and public administration.
• International organisations: World Bank, IMF, UN, and other global institutions.
• Academia: Research, teaching, and policy analysis.
• Analysis: Data scientist, business analyst, and market research analyst.

Having guided countless students towards successful careers, Kate has observed the diverse career paths taken by masters students:

"I have watched my masters students achieve high-flying positions in many industries, from tech start-ups to research institutes and everything in between. It never ceases to amaze me how flexible a masters in economics can be. It speaks to the versatility of this path of study and the resourcefulness of economics students."

Which jobs can you get with a masters in economics?

"This is often the first question on everyone's mind as they consider a masters degree. After completing an undergraduate degree, you want to be sure that your next step will lead you closer to your ultimate career path."

Common sectors and roles for masters in economics graduates:

Finance and investment:

• Financial analyst
• Investment analyst
• Risk analyst
• Investment banker
• Hedge fund manager
• Financial advisor

Government and public sector:

• Economist
• Policy analyst
• Budget analyst
• Economic advisor
• Public sector consultant

Consulting:

• Management consultant
• Economic consultant
• Data analyst
• Business analyst

Other industries:

• Data scientist
• Journalism
• Marketing and market research
• Actuary
• Accountant
• Professor or researcher

Kate urges masters applicants to consider their next step carefully:

"Your career path often depends on your degree focus. For example, students with a quantitative focus, such as econometrics, are well-suited for research or data analysis roles. Those with a more qualitative focus, like development economics, may pursue diverse careers in journalism, policy, or international organisations."

How much money does a masters in economics make?

"This is the most common question I get asked, for obvious reasons. As students consider spending more time and money on higher education, they carefully weigh the risks and rewards. Salaries and future earnings are on everyone's mind - and it's completely understandable."

Salaries for a masters graduate in economics vary widely. Factors impacting salary include:

• Industry: Finance, consulting, and technology typically offer higher salaries.
• Role: Specific job titles like financial analyst, economist, or data scientist have different salary ranges.
• Geographic location: Salaries in major financial cities tend to be higher.
• Experience: Salaries generally increase with experience.

Kate outlines the financial outcome for masters of economics graduates:

"Masters of economics graduates generally enjoy competitive salaries. Starting salaries can vary wildly, but the long-term earning potential can be significant - especially in finance and consulting. But remember, nothing is guaranteed. If financial outcome is your motivation, I urge you to research specific job roles and salaries before embarking on the next step in your journey."

What is the salary potential for postgraduates of economics working in finance?

"Finance is a sector renowned for its competitive salaries, and an economics masters degree can be a valuable asset in this field."

Here is a general overview of potential salary ranges:

• Financial analyst: £45,000 - £70,000 (entry-level)
• Investment banker: £60,000 - £115,000 (analyst level)
• Hedge fund analyst: £75,000+ (can vary significantly based on fund size and performance)
• Risk manager: £55,000 - £95,000

Please note: These are rough estimates and not guaranteed. Actual salaries can be much higher or lower.

Several factors influence earnings within the finance industry:

• Job location: Financial hubs like London offer higher salaries.
• Company size and reputation: Larger, more prestigious firms often pay higher salaries.
• Bonus structure: Many finance roles include performance-based bonuses, which can significantly impact total compensation.
• Specialisation: Quantitative finance or investment banking may offer higher earning potential.

Kate offers some priceless advice for applicants hoping to gain entry to a top financial institution:

"Many well-known institutions offer graduate schemes. These programs don't necessarily guarantee permanent employment. They are more of an extended interview process, helping companies recruit the best talent. Pay during the program is often good, albeit much lower than the starting salary for permanent employees. A graduate scheme can be a fantastic route, allowing you to decide whether this is the company and industry for you."

Can you do an MBA after a masters in economics?

"Yes, you can pursue an MBA after completing a masters in economics. In fact, economics can provide a strong foundation for an MBA. However, depending on your chosen MBA program, a masters degree is not always necessary. It is also worth noting that an MBA can be completed at a much later stage in your career so you have plenty of time to decide whether this is the path for you."

Key benefits of combining a masters in economics with an MBA:

• Strong analytical skills: Your economics background will provide a solid base for quantitative subjects in the MBA.
• Broader business knowledge: An MBA complements your economic expertise with business management skills.
• Career opportunities: This combination of degrees opens a wider range of career options, particularly in finance, consulting, and management.

As always, Kate advises caution before making a commitment:

"Consider your career goals before deciding your next step. If your interest lies in economic research or policy, you might find a PhD more suitable. If you are unsure, it is always worth contacting your preferred university for help. Many will be happy to help you consider your options."

What can you study after a masters in economics?

"After completing a masters in economics, several academic paths are open to you. I often get asked this by students considering their future careers. Not everyone arrives at the postgraduate level with a firm idea of their ideal job, and that's ok. Understanding which options are available to you post-graduation is a wise move."

Here are some typical paths of study for masters graduates in economics:

Doctoral Studies:

• PhD in Economics: Deepen your research expertise and pursue a career in academia, research, or policymaking.
• PhD in related fields: Finance, statistics, or political science are just a few suggestions.

Professional Qualifications:

• MBA: Broaden your business knowledge and prepare for leadership roles.
• Chartered Accountant (CA): Combine economic analysis with financial expertise.
• Chartered Financial Analyst (CFA): Use financial data to develop investment strategies.
• Actuarial Science: Apply statistical and economic knowledge to risk assessment.

"The best choice depends on your career goals and personal interests. Before making your application, take the time to consider what sparks your interest. A masters in economics can lead to so many fascinating careers - you might find yourself spoilt for choice!"

Professor Kate Rockett has worked in the Department of Economics at the University of Essex since 1999. Before joining Essex, she worked in high-profile institutions worldwide, including the Institut d’Analisi Economica in Barcelona and the Kellogg Graduate School of Management at Northwestern University in Evanston, Illinois.

Her research interests include the economics of research and development, new technologies, firm organisation, and licensing. Kate has worked with the European Commission on a report on the interplay between intellectual property and competition policy. Her work has appeared in the Journal of Industrial Economics, the Journal of Public Economics, the Rand Journal of Economics, and the American Economic Review.

When Kate isn't lecturing or researching, she enjoys exercise, reading, and minor DIY. She also spends an unhealthy amount of time on crosswords and Sudoku.