Why you should study economics in the UK

The world is changing rapidly, shaped by technological advancements and global connectivity, and selecting the right study field has become more crucial than ever for carving out a successful career. One discipline that will always stand out relevant, is economics. And all the more if you study it in the context of the UK’s rich academic heritage and its pivotal role in the global financial landscape.

Unlike finance—which is focused on money management, investments, and banking—economics delves into understanding resource allocation, the societal impact of policy decisions, and market dynamics on both micro and macro levels. With its blend of historical and modern educational institutions, the UK offers a unique vantage point for economics students. This blog further explores why you should study economics in the UK.

Why study economics?

Economics is more than just a study of supply and demand curves or a tool to forecast market trends. It's a discipline that can mould you into a critical thinker, equip you with versatile skills, and open up diverse opportunities. Here’s why pursuing a degree in economics could be a smart move for your future:

1. Skill development

The World Economic Forum, in its 2023 Future of Jobs Report, highlights the escalating importance of skills like problem-solving, critical thinking, and analytical capabilities. These aren't just the core of economics; they're essential in almost every professional field.

When you study economics, you're not merely learning about economic theories; you're training your mind to analyse complex problems, identify patterns, and develop solutions. Plus, these skills are invaluable and highly sought after in various sectors.

2. In-demand profession

As the labour market is continuously evolving, the demand for individuals well-versed in economics is also soaring. A degree in economics opens up a myriad of career opportunities.

In today's global economy, where understanding economic principles is integral to business and societal success, having a background in economics gives you a significant edge. It positions you as a versatile professional capable of adapting to various roles—a trait highly valued in our dynamic job market.

3. Leadership preparation

Studying economics isn't just about analysing models and graphs; it's about understanding how these concepts apply to real-world decisions, especially in leadership roles. Understanding how economics works allows you to make strategic decisions, considering the financial aspects and their broader economic implications.

This insight is crucial for leaders who need to navigate complex economic landscapes and make decisions that impact their organisations and the communities and markets they serve.

4. Financial literacy

On a personal level, studying economics offers the added benefit of enhancing your financial literacy. This goes beyond understanding the stock market or investment strategies, to help you develop a robust understanding of how economic forces affect personal finances and the economy at large.

Whether you're planning your budget, investing in stocks, or just trying to make sense of the economic news, the principles learned in economics provide a solid foundation. This knowledge empowers you to make informed financial decisions, an invaluable skill in today’s fast-paced financial world.

Should I study economics in the UK?

Pursuing your economics degree in the UK allows you to immerse yourself in an environment conducive to both personal and professional growth. Here's why studying in the UK is an excellent choice for aspiring economists:

1. Elite institutions

When you study economics in the UK, you are tapping into a rich academic heritage. These universities are best known for offering a curriculum that fosters critical thinking, encourages innovative research, and cultivates a global perspective among their students. By being part of an esteemed educational system, you gain access to world-class faculty, extensive resources, and a network of influential alumni.

2. Financial hub

Since the UK, particularly London, is a nexus of economic activity, studying economics in the heart of a global financial centre offers students a real-world view of the financial markets and economic policies. This proximity provides opportunities for internships, networking, and practical learning experiences.

3. Cultural diversity

Another unique aspect of studying abroad in Edinburgh, Glasgow, or any other UK city is the cultural diversity. You'll find yourself part of an international student community, sharing ideas and perspectives with peers from around the globe. This exposure is crucial in understanding different economic systems and markets. It also helps to develop a global network, which can be an asset in your future career.

Best universities for economics in the UK

If you're considering overseas education, particularly in the UK, you can kickstart your journey by reaching out to a study abroad counsellor or trying out a study abroad app. For a taste, here are two excellent universities where you can pursue economics:

University of Edinburgh

Known for its rigorous economics programme, this university equips students with a deep understanding of economic theories and real-world applications.

Studying abroad in Edinburgh, as a city, complements this learning experience with its rich cultural heritage and vibrant student life. Plus, the University of Edinburgh's strong ties with leading financial institutions and its emphasis on research and analytical skills make its graduates highly sought after in the job market.

University of Glasgow

This institution excels in research and teaching quality, with an economics department renowned for its innovative teaching methods, and a curriculum that's both comprehensive and contemporary.

As a city, studying abroad in Glasgow takes you into a dynamic cultural scene and friendly atmosphere, making it an ideal destination for international students. Plus, the University of Glasgow’s focus on critical thinking, coupled with practical exposure, prepares you for the challenges of the global economy.

To enter universities in the UK, you may need to meet a required score in an English language proficiency test like IELTS. Make sure you’re prepared with the proper, official preparation materials, which you can get through IDP, co-owner of the IELTS test.

Embark on your economics journey in the UK with IDP

Choosing the finest university for your economics degree is a significant decision, but don’t worry, there’s help available every step of the way. You can always get free advice from overseas education placement consultants, such as IDP, on how to bring your dream of living and studying in the UK well within reach.

As you embark on this exciting journey, remember that it's not just about earning a degree; it's about shaping your future in the global economic landscape. The UK provides the perfect setting for this, combining academic excellence and practical exposure.

So, take that first step towards a promising career in economics with an overseas education in the UK. For a free counselling session and tailored advice, book a time with an IDP counsellor now or hit the message button to drop us a question.