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Why study economics?
If you thought economics was all about maths, think again. Economics is about how stuff is produced and distributed in society: how it’s made, who’s got it – and what it will cost you to get your hands on it!
If you're a naturally curious person and love to find out how things work, studying economics at GCSE or A-level could be a good move for you. The skills that you'll learn from studying this subject can help open up a lot of career options.
'Studying economics will help you develop a range of applied skills that employers look for'
What is economics?
Economics is about the production, distribution and consumption of goods and services in society. Goods are physical things like smartphones and cars, while services are things that are provided for us but which aren’t things we can own – like being served a coffee, going to the cinema or visiting a theme park, as well as a host of other things like healthcare and legal support.
When you study economics at school, you will learn how this plays out in the real world. As well learning about basic economic concepts, you will typically cover:
- The allocations of resources within an economy: How do we decide where a country should spend its money?
- Government intervention: The ways in which different government policies can influence the economy and impact our lives.
- Production and efficiency in business: How do businesses ensure that they make a profit?
Teachers, bring economics careers into your classroom…
Our colourful guides and posters are a great way to make careers learning interactive while ticking off all eight Gatsby benchmarks!
- Gatsby Subject Guides – Explore how the skills and knowledge students develop in economics lead to real jobs – packed with case study interviews! All subjects available – buy individually or as a set. Browse in our shop now.
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What employability skills will I get?
Economics is one of those subjects where you will learn key skills that will directly help you in the workplace. Some of the skills that you will learn from studying economics includes:
- Analysis – you’ll break down data and case studies to spot patterns, trends and what they tell us about the wider economy.
- Business skills – you’ll explore how businesses grow, compete and respond to economic events and government policies.
- Commercial awareness – you’ll stay up to date with economic news and understand how decisions affect industries, markets and everyday life.
- Numeracy – you’ll use graphs, percentages and statistics to understand markets, make comparisons and support arguments with data.
- Research – you’ll gather information from articles, reports and data sources to back up your arguments and build your knowledge.
What subjects does economics go with?
Economics is considered a social science and so fits well with subjects like:
- Geography
- International studies
- Politics
- Psychology
- Sociology
However, because of the financial elements of economics, the subject is also frequently studied alongside business subjects like:
- Business
- Maths
- Statistics
The subjects that you decide to study alongside economics will be influenced by what career you have in mind. If you would prefer to work more in the financial sector, then choosing subjects from the second set of bullet points will be beneficial. However, if you would rather have a career that deals with the social and cultural aspects of economics, then you might want to choose a subject from the first set of bullet points.
What degrees do I need economics for?
At university level, economics can be studied as a subject on its own or as part of a joint degree with another subject. Typically, economics is studied in conjunction with subjects like business management, accounting and finance, and statistics.
Most economics courses at university will require you to have studied maths at GCSE and A-level. Similarly, business studies and/or management science will also help you secure a place on a university economics course.
Each university has different entry requirements, so you should check with specific universities as to the exact grades that you will need in these subjects.
What apprenticeships is economics useful for?
Relevant apprenticeships span many areas of work, from banking and business to government, research and even trade unions. Here are five ideas to get you started:
- Employability practitioner – Help people overcome barriers to finding a job by providing tailored support and guidance.
- Financial services professional – Advise clients on financial products and services, helping them plan for their financial futures.
- Professional economist – Analyse data and trends to inform policy and business decisions across various sectors.
- Social researcher – Conduct research to understand societal issues, providing insights that shape public policies.
- Trade union official – Represent and support workers, advocating for fair working conditions, rights and pay.
What careers can economics lead to?
As a subject, economics lends itself to a wide variety of careers and not necessarily those in economics or finance. Some of the career options you will have include:
- Accountant
- Auditor
- Economist
- Fast Stream Civil Servant
- Investment analyst
- Political researcher
- Politician
- Tax inspector
- VAT officer
With an economics qualification, you can find work in both the public and private sectors for a range of different companies over many different industries. Some people find work in areas including:
- Banks and building societies
- Blue-chip companies
- Charities and voluntary organisations
- Consultancies
- Insurance firms
If these sound like the types of areas that you'd like to work in, take a look at our 60 Second Interview with an insurance underwriter.
Top five Career Zones to explore:
