Is it worth going to university to study Economics?

[NotCure172]

Not sure if this is the right but here I go!
A backstory of my life…
So I’ve been in a dead end job in retail since I have been 16 after getting very poor GCSE results, I didn’t get anything above a D. I dropped out of college as I was horrendously bullied by students and the teachers didn’t seem to care but I wasn’t really academically driven either. So I just drifted along working in a supermarket.

Eventually I got sick of working unsociable hours, long days, dealing with awful customers, and poor pay so I decided to go back into education. I’m now 24 and I did an Access Course and I got a distinction. I also have redone my GCSE Maths & English and got a Grade 6. My parents and partner were so happy for me! I couldn’t believe I did so well. I currently do unpaid work as a trainee treasurer remotely while working at a supermarket.

I have been in contact with a few universities and they have informed me I meet the entry requirements to study a BSc in Economics.

So my question is, is it worth it me going to university? Has anyone here studied Economics? I would love to be an Economist/Policy Advisor/just anything in finance. I have read so many forums about people studying Economics and it didn’t financially help them. I have looked at sandwich courses which have a year’s placement - is this a good option?

Thank you!

Congratulations! I did an economics degree; I’d warn caution as even with A level Maths the quantitative side was hard going. A joint honours degree might be worth considering?

Maybe consider if you can get onto an apprenticeship, course paid for and work experience at the same time:
www.gov.uk/government/publications/the-government-economic-service-degree-level-apprenticeship

OP you have done so well!, you should be so proud of yourself. Economics is a fantastic course to study at university with very, very good job prospects. As you mention 'Policy Advisor' in your OP perhaps look into the BA Economics which I think lends more to that sort of path within the Civil service. However, the BSc in Economics spreads across all sectors. Since you say you've contacted some unis and you could post about them here to ask further questions.

Good luck and keep posting!

Hmmm. I guess you never really know unless you try and even then you will never know what the other route would have been.

It is possible to get jobs in accountancy and finance firms and then do your training as you work. This could make you better off financially in terms of less debt and more years earning.

However, having a degree may be beneficial in some jobs such as the civil service that may require them but often these kind of places will consider people without a degree but extensive experience too.

I guess if you were going for the financial practical route I think getting a job in that area would probably be the side I would lean to.

Having said that you only get one shot at life and if getting a degree means a lot to you then that is an experience in your life. Only you can decide how much an education means to you.

I studied through Thr Open University which may be another option for you. I value the education I have gained but I must say for how much effort, time and money it cost me in a practical sense I would have been better of working more and studying less. I don't think degrees are valued as much as they used to be sadly which is a shame given everything it takes to get one. I guess that my degree may pay off in the future though I have young children right now.

All the best.

I was going to say to look into apprentiships too.

You can get advice from the national careers service too, who can talk to you about all the pathways. There’s no age limit on apprenticeships , whhich could be a good option

Economics is a fantastic degree. It also has two distinct subsets and by that I don’t mean the obvious micro and macro economics. Many economists focus on money and finance, but many focus on decision making. Once you realize economics is really the study of how people determine the value of anything, including an idea, it opens it up to a huge range of applications.

Was also going to suggest the GES apprenticeship scheme. Congratulations on your achievements- it’s really great that you persevered.

Have you looked into degrees in social policy at all?

Thanks everyone for the suggestions! I honestly have no idea I went from underperforming student to getting top grades later in life. The things working in retail does to you .

I have always wanted to attend university and naturally thought it was out of my reach but clearly not! I have read that BSc in Economics is maths heavy so may do a joint honours. What do you do now, @Myusername2015? I have in writing that Loughborough and Aston are happy with my grades which are my first choices.

Thanks for the suggestions about the GES, @Chronicallymothering @Ohsugarhoneyicetea! That’s a really good suggestion. I am quite interested in that.

Loughborough is way better than Aston. Why Aston?

Why Economics? I think role of policy adviser is exceptionally difficult to get into. One of DDs friends works for an economic policy advice think tank and these are hard jobs to get. They are also mostly in London.

Have you thought about a management degree? I know it’s not economics but a good management degree is a great springboard for many jobs. Not economics policy but certainly finance, marketing and other interesting work. What else is there at Loughborough? You’ve done really well so far but I would consider a variety of avenues.

Have you thought about a management degree? I know it’s not economics but a good management degree is a great springboard for many jobs.

I think economics is a much better springboard than a management degree. But I agree that the OP is maybe being rather binary wanting to be a policy advisor or economist. It's a very narrow field and very competitive.

I have read so many forums about people studying Economics and it didn’t financially help them.

OP I think you need to be aware that no degree is a guarantee of financial gain. A degree opens doors to more potential opportunities but it really is down to the individual (and their capabilities - which may not fully be within their control) re what they make of those opportunities.

I think you may struggle with a straight Economics degree with a 6 at GCSE maths and no A level. You should delve a little deeper into the course contents to see how much maths is required and whether you will have to do a catch up module. This aspect alone could make the experience miserable for you. I agree with PP that a more vocational degree may suit you better and provide a wider range of options afterwards

I think the question is: What would make it worth it for you?

• What kind of salary would be worth it for you?
• What kind of work / working conditions?
• Where do you want to live?

Then you can assess whether studying economics would bring you these things you want or not.

I don't agree that wanting to be an economist or a policy advisor is a narrow or limited aspiration. It is if you are only thinking about government roles and think tanks, but actually 'Economist' and 'Policy Advisor' are pretty nebulous job titles covering a vast array of roles in different types of organisations. Same for 'finance'. What draws you to these roles?

If you are keen on doing a placement, then Loughborough and Aston are both excellent choices, as placements are quite fundamental to how they run a lot of their degree courses. This means they will have the experience and support infrastructure to make sure, as far as possible, that you have a good and productive placement experience.

@HundredMilesAnHour
The reason I suggested Management was the possible issue with no maths A level. The jobs mentioned are unlikely with an Economics BA I think. So trying to be realistic.

Also the Institute of Fiscal Studies studied the salary returns for economics degrees. There is a huge variation. Wolverhampton was the worst snd LSE was top. LSE grads were earning multiples of that earned by Wolverhampton economics grads. So that’s why some degrees are less likely to get you into think tanks and economics policy jobs where there’s big money. Loughborough would be the best shout. However, decent management grads can earn well. Certainly ones from Bath or Warwick have decent futures. It is worth remembering that not all economics grads are well paid. Many from lower tariff universities are not.,

My DS graduated with an Economics degree this summer, he’s just started a job earning 30k, he’s 21. I think somebody without a high grade maths A level would have struggled on his course.
I went to university as a mature student and think if you choose a subject you love then it’s worth it.

Two of my DDs have Economics degrees.

My new graduate works in the civil service so is very much working on policy. 3 months in and she is loving it. She has already presented papers to the top boss.

Economics is about the allocation of limited resources, which is not always money, and it is not always about casino banking. DD's elective modules were typically about the family, environment, health.

@CraftyGin
Where did she go to university?

Congratulations on all your success - I think economics can be a very useful degree, and lead to well paid and interesting jobs - look a bit deeper into that to see if they are jobs you fancy.

It's important to go to a university with a good reputation, so check out the course reputations - where you go really does make a difference to your employability. Also - not having a maths A level might present some problems? Could you study for one this year?? - I'd at least talk to the university about how to make up the A level Maths study most economics undergrads would have.

[quote TizerorFizz]@CraftyGin
Where did she go to university?[/quote]
One went to Royal Holloway University of London and the other to Edinburgh.

OP

Is university a goal?

Have you thought about Accounting and Finance too?

If university isn't a 'must have' then you may want to look at Accounting and Finance apprenticeships.

Have a look at the UCAS ( apprenticeship) site, notgoingtouni, and Get My First job.

I’m going to go against the grain. Sorry OP. You’re looking at the basic minimum requirements. That isn’t the same as what you need in reality to get in and do well.

Whilst it’s great that you have stretched yourself, a 6 in maths gcse is not enough to get accepted on most decent university courses for economics. Economics is fundamentally a branch of maths. Some BA courses will be less mathsy but they all need good maths levels and the number of applicants for those courses who DO have the qualifications the universities really want (A level maths or at least AS level or Core Maths) will be high and so very competitive. But the harsh reality is that if you sat gcse maths in a situation where you were only doing two subjects and you still only got a six then you will really struggle with an economics degree.

In your situation is also think carefully about where you apply. Loughborough is one of the most competitive universities due to the sporting achievements. They have hundreds of applications per place and you will generally need to show sporting excellence if your grades aren’t immaculate. They will have lots of kids applying who are also applying to the top universities in the country.

I think you should look first at a higher maths qualification and see how you get on.

This isn’t meant to be unkind but university is expensive and I think you’re being unrealistic.

I studied economics at Loughborough and it was a fantastic experience. I went straight from school though.

The reasons it was a fantastic experience were:

Interesting subject
First proper experience of living independently
Sport
Parties!!!
Met my husband

I think perhaps at your age and stage of life, only one or two of these will apply to you. And it is far more expensive now than when I went.

When I left I trained in accounting and now have a job I enjoy that pays very very well.

At your age, where (I presume with a fiancé and many years work under your belt) you are a bit over the partying and stuff,I would suggest a more sensible option is to look at studying alongside working? AAT is a good option if you're interested in Finance and Accounting, or look at traineeships/apprenticeship/night classes etc.

Really a career in economic policy will be very difficult to achieve, without a degree and living in (or at least working in) London. If it's something you truly have a passion for, go for it. But if you want to make a nice comfortable life for yourself with an interesting job and a good salary, there are MUCH easier (and cheaper!) ways to go about it.

Good luck whatever you decide.

@cloudtree
Universities do make exceptions for mature applicants. My friend went to Liverpool after an access course. Not Economics admittedly. Loughborough has said OP should apply. That’s obviously no guarantee of success but it’s worth trying. However it’s why a few of us are saying she should look at alternative courses.

Universities do make exceptions for mature applicants

I understand that. But my post is as much about the fact that if the OP only got a 6 in maths then she is likely to struggle with the course.