The study of economics includes all major areas related to micro and macroeconomics, especially about production, consumption, and international trade. Through the article, we will review the advantages of studying economics, the professional opportunities available to the most important graduates, the cost of study, and the best available universities.
What is economics?
Economics is a social science that focuses on the production, distribution, and consumption of various goods and services. The study of economics analyzes the choices available to individuals, companies, and countries for allocating scarce resources to production and distribution, and has implications for various fields, including politics, law, psychology, and business.
The economy is divided into two types: micro, which is related to the production of goods and services and how individuals consume them and focuses on the choices of individuals and companies.
Macroeconomics is related to comprehensive economic progress and international trade between countries and each other and focuses on the behavior of the economy at the macro level, Comprehensive economic growth, development, government fiscal and monetary policy, unemployment rates, inflation level, interest rates, GDP growth, and the business cycle.
Economics is based on efficiency in production and trade.
The GDP and the Consumer Price Index are among the most widely used economic indicators.
Economists analyze how resources are allocated to production, distribution, and consumption, and use macroeconomic models in formulating economic strategies.
Why Study economics?
The importance of studying economics is based on students gaining experience in understanding complex markets and the analytical skills necessary to solve problems, in addition to professional experience. Here are the most important reasons to study economics:
Understanding the world around them
Studying economics prepares you for a constantly changing world, understanding people, companies, and markets, and thus improving your response to problems and threats that may arise as situations change. Therefore, economics students enjoy a distinguished position in an ever-changing world because they possess analytical skills that enable them to confront and solve problems.
Acquiring skills
Studying economics helps provide you with the knowledge and skills necessary for employers, especially critical thinking and problem-solving skills, which contribute to making correct decisions that benefit the business. In addition to the analytical skills to support those decisions.
Achieving the public good
Economics is based on the analysis of public policies related to the market and production. The economist is concerned with immediate policies such as trade-offs, benefits versus costs, and public finance, but also with broader issues of generational economic impact, welfare effects, inequality, and promoting economic growth.
Multiple career paths
Studying economics provides you with many job opportunities in many industries, especially with the skills required by employers, especially making decisions and solving problems. This means success in work and life, ensuring a successful future and multiple career prospects.
The field of economics enhances your career in your current industry, making you more effective in your role.
Preparation for postgraduate studies and the study of law
Economics enhances the student's ability to think clearly and logically, which contributes to his personal and professional success and prepares him for graduate programs and law school.
A student may choose to undertake postgraduate studies in economics or undertake a course in economics to increase the career opportunities available.
Strengthening other specialties
Economics has breadth and flexibility that make it an ideal complement to many other disciplines. This leads to career diversification, such as accounting, marketing, finance, or non-business majors, such as computer science or healthcare administration.
Expand your vocabulary
Studying economics helps you learn about many terms, such as limited resources, opportunity cost, or equilibrium, thus giving you a better understanding of market dynamics.
What does a student study in economics?
The student studies many subjects throughout his university years that ultimately qualify him to obtain a bachelor’s degree in economics, as follows:
First-year
Business Economics I
International Economy
Introduction to Economics
Law
Mathematics I
Mathematics II
Spanish Economic History
Statistics I
World Economic History
Introduction to Accounting
second year
Statistics II
Econometrics I
Financial Statements Analysis
Integration and Economic Globalization
Macroeconomics I
Microeconomics I
Microeconomics II
Public Sector Economics
Sectoral Economics
Spanish Economics
Third year
Contemporary Economic History
Econometrics II
Economic Policy
Finance I
Game Theory
Macroeconomics II
Macroeconomics III
Microeconomics III
Public Finance
Fourth-year
Bachelor's Degree Final Project
Optional subjects
Capital Markets
Catalan Economy
Corporate Growth
Cost Accounting
Development Policies
Economic and Financial Planning
Economic and Management Control
Economic Demography
Economic Development
Economic Growth
Economics, Organisation, and Management
Entrepreneurship
Environmental Economics
Essentials of Marketing
Finance II
Financial Accounting
General Sociology
History of Economic Thought
Human Resources
Industrial Organisation
Information Economics
Public Sector Accounting
Regional Economics
Sociology of Business
Internship
Sociology of Business
Regional Economics
Marketing Management
Labour Law
Organizational Design
Strategic Management
Operations Research
Admission requirements for economics study
Admission requirements vary from one university to another. Some universities do not accept certain qualifications, such as T Levels or BTEC for specific courses, while others encourage them.
Students nominated to study economics must have a high school diploma or its equivalent and pass the prescribed credit hours, including English language and mathematics.
Admission requirements to study economics in Türkiye
Obtaining a high school diploma with a grade of no less than 60% for public universities, or 50% for admission to private universities.
Passing the Turkish YÖS test or the American SAT exam for admission to public universities.
Certificate of passing the English or Turkish language tests.
The cost of studying economics
The cost of studying an economics course varies from one university to another.
In general, the cost of studying for a bachelor's degree in economics ranges between $9,000 to $35,000 per year in the United States.
Tuition fees for international students are £30,000 for studying economics in the UK.
It costs between 15000$ and 61000$ to study economics in Canada, while it costs between $4000 to $10000 in Turkish private universities.
What are the qualities that economics students should have?
Your success as an economics student requires the availability of a set of qualities, which are the following:
Analytical skills
It includes quantitative analysis, where the ability to deal with data and statistics and perform mathematical operations skillfully. In addition to critical thinking, where the ability to evaluate and provide logical conclusions.
Research skills
Includes the ability to collect data and surveys from multiple sources, and empirical analysis to analyze data and develop hypotheses.
Communication skills
Includes written communication, through your ability to write reports and research papers, and verbal communication in discussions and presentations.
Artistic skills
The student must be familiar with statistical programs and programming necessary to analyze data.
Economic theoretical knowledge
The student must have sufficient knowledge of micro and macro economics, and understand economic principles and basic theories.
Ability to solve problems
Applying studied economic theories to real-world problems and challenges. He must also possess creative thinking to devise solutions to complex economic issues.
Interpersonal skills
Teamwork and effective cooperation with co-workers, and establishing fruitful relationships with professionals and fellow students.
Ability to manage time
Organize and manage deadlines for coursework and projects.
Dealing ethically
The economic analyst must possess the ethical dimensions of making economic decisions and policies.
Student development of these skills helps enhance their academic performance and work in all career paths in economics, finance, and related fields.
Postgraduate studies For economics
Universities provide many study options after the bachelor’s degree to obtain a master’s degree in economics, which is the technical training necessary to start a successful career, and includes master’s degrees in the following subjects:
Economics
Economic Research
Finance and Economics
Economics and Data Science
Urban Economic Development
Innovation and Entrepreneurship
Economic Analysis
Economics of Competitive Excellence
Accounting
Business Administration
Banking and Financial Sciences
Political Economy
Statistics
PhD in Economics
Job opportunities for economics graduates
Studying economics offers many successful career opportunities, including the following:
Economist
Financial risk analyst
Data analyst
Financial planner
Accountant
Economic researcher
Financial consultant
Investment analyst
Actuary
Public sector roles
Compliance Officer
Compensation Manager
Statistician
Financial Analyst
Financial adviser
Quantitative analyst
Economic Consultant
Stockbroker
Credit analyst
Policy analysis
Management consulting
What is an economics salary?
Working in the field of economics and finance is one of the lucrative professions with high income for those in these professions.
For example, The average salary for an economist is $112,826 annually in the USA, while it reaches £44,673 per year in the UK, and 89000$ in Canada.
The economist's salary in Germany is about 60,000€ per year, and 180,000TRY in Turkey.
Best universities to study economics
Here are the best universities in the world to study economics according to the 2024 ranking:
Harvard University
Massachusetts Institute of Technology (MIT)
Stanford University
University of Chicago
Princeton University
University of California, Berkeley (UCB)
London School of Economics and Political Science
Yale University
University of Oxford
University of Cambridge
The best universities in Turkey for studying Economics ranked based on their research performance:
Middle East Technical University
Istanbul Technical University
Bilkent University
Hacettepe University
Koc University
Conclusion
If you are a student passionate about working in the business and finance sector, studying economics is the right choice. Economists hold many important jobs in various sectors, and their contributions influence many roles, whether public policies or family decisions.
If you wanted to know more or have any questions, we are here to help you and you can always contact us:
Phone: 00905437394024
Or via WhatsApp through this link.
