Economics

What to expect

Getting a degree in economics

What to expect

According to the broadest definition, economics examines how human societies make, distribute and use products and services. It is both an academic discipline and an occupation.

You can do a degree or major in economics because you want to be an economist but even if you don’t, you might find it offers one of the most fascinating and broadening of educations.

Some have criticised economics courses for being too focused on doing sums and making mathematical models about production, distribution and exchange rather than understanding them.

Academics in economics have expressed concern about a decreasing focus on the history and big ideas that got this discipline going. Perhaps this is one reason that not all graduates are satisfied with their experience in the field.

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Getting a degree in economics

Visit the University Ratings section for economics course ratings.

Courses and specialisations

You can study economics in a Bachelor of Economics of course, but you can also specialise in economics within other degrees, such as business, commerce or finance.

There is a fairly wide range of courses and on offer in the field, covering specialisations such as business economics, transport economics and econometrics (see more above). The range of specialisations reflects the different styles and approaches that economists bring to their work.

Some are very mathematical and focus on the statistical and analytical modelling that are applied to economic problems. Others focus on practical problems or relate to specific regions (Asian economics) or industries (agricultural economics). Then there are those that get you to think in bigger-picture terms focusing on economic theory.

Economics can also be paired with anything from arts or law to engineering or science in a double degree.

Which course is for you?

Traditionally, the straight Bachelor of Economics covers a core curriculum that runs through micro- and macro-economics, history, theory and an introduction to the analytical and mathematical tools of the economics trade. After that, students can specialise.

On the other hand, if you do an economics specialisation as part of a commerce, business or finance degree, the general rule is that you will get less economics and more of these disciplines, and you might also get economics streams that reflect this focus on business or finance. However, there are plenty of exceptions to these course descriptions.

The message? Look carefully at the course structure of any economics degree you are considering to make sure it’s what you want.

Getting in

Entry requirements are not too tough in general but some courses and institutions will be more difficult to get into than others. Prerequisites will probably include maths and English.

Where to study

Economics is available at universities throughout the country. Because this is one of the older and more academic disciplines, it is not usually offered at TAFE institutes or by private higher education providers.

What to look for

If this is really your passion and you plan to go all the way through to postgraduate research work, try to do your first degree at a university with a strong track record in research in this area.

In addition, check out the skills that you will gain in any economics degree you're considering. A recent survey of nearly 30 employers revealed that many found new graduates lacking in one key respect: communication skills. Make sure that your course or your extracurricular activities demonstrate the possession of these skills.

Careers for economics degree graduates

Economists often work in an advisory capacity, reporting and forecasting or even planning and making policy based on their findings. They often work in the government sector. However, while the federal treasury or the Reserve Bank might offer the holy grail of graduate positions, consider the range of other organisations that employ economists: think tanks, unions, publicly-listed corporations, finance and insurance companies, industry associations and universities.

Although graduate satisfaction is below average overall, the experience of graduates varies between courses and institutions so check out ‘Is it worth it?’ below. Not all economics graduates go into jobs as economists. Economics provides a good starting point for careers in a variety of occupations and organisations. Perhaps some of the 28 per cent of graduates who undertook further study after their economics degrees in 2009 were preparing for these other careers. However, many others might continue with an honours year in economics, which is recommended for those aspiring for the top jobs in the field. Graduate job prospects are average, with 27 per cent of graduates in 2009 still looking for work after several months, but starting salaries are comparatively high ($51,187). Professional economists’ salaries are also very high but as a profession it is small, with only slight growth predicted in the coming years and few vacancies.

For more information

Other fields of study likely to appeal to someone interested in economics include business and management, and accounting. You could even take a look at the humanities and social science profile. If numbers are your thing see mathematics and perhaps areas like engineering or computing .

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