A-Level Economics: A Complete Guide
Contents
Choosing A-Level subjects is a big step for students, and A-Level Economics is a popular choice. But why pick Economics? It's because this subject helps us understand how the world works, like why things cost what they do and how businesses operate. If you're interested in how countries manage their money, how companies grow, or why we pay taxes, then Economics might be a perfect fit. It's a subject that can open many doors for your future. Find out everything this subject has to offer in our comprehensive guide.
Is Economics a good A-Level to do?
Choosing A-Level Economics is a wise decision for students looking to broaden their understanding of both the global and local economic landscapes. According to education experts, students who pursue Economics at A-Level gain valuable skills in critical thinking, data analysis, and effective communication, making them highly attractive to universities and employers alike.
- Universality: Economics principles apply to a vast array of sectors, from finance and business to public policy and international relations.
- Skill Development: It enhances analytical skills, problem-solving abilities, and quantitative analysis.
- Employability: A background in Economics is highly valued in the job market, with many graduates finding roles in banking, finance, consulting, and beyond.
- Academic Pathways: It provides a solid foundation for further study in various fields, not just Economics but also Law, Business, and Social Sciences.
Here is what an expert A-Level Economics tutor has to say:
"If you are thinking of what subject to choose for your A-Level then I'd say go for A-Level Economics. It's not just about money and markets, it's a great way to learn how to think smart and make good decisions. If you're into the idea of making good money, think starting salaries around £40,000, or even running your own business one day, economics can really help. Plus, it opens up loads of job options. Trust me, it's a choice you won't regret."Educational statistics indicate that students with A-Level Economics have a higher likelihood of pursuing successful careers in financially rewarding and intellectually stimulating fields. This is backed by the fact that many leading universities prefer candidates with a strong understanding of economic theories and principles.
Graph showing number of students who took A-Level Economics exams in the past 10 years in the UK
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Is Economics hard in A-Levels?
The question of whether A-Level Economics is challenging or not is asked a lot. The answer is that it is considered the 8th hardest A-Level subject by students and it does present unique challenges that require dedication and specific skills to overcome.
- Content Complexity: While the content is manageable, it delves into detailed economic theories and principles that require a good understanding and the ability to apply this knowledge critically.
- Analytical Skills: A significant part of succeeding in A-Level Economics involves developing strong analytical and evaluative skills to tackle essay questions effectively.
- Mathematical Elements: The course contains mathematical components, necessitating a decent level of numeracy to interpret data and construct economic models.
| Year | A* | A | B | C | D | E | U |
|---|---|---|---|---|---|---|---|
| 2019 | 6.5% | 22.2% | 28.9% | 23% | 12.9% | 4.6% | 1.9% |
| 2020 | 13.4% | 27.6% | 28.9% | 20.7% | 7.3% | 1.9% | 0.2% |
| 2021 | 18.5% | 28% | 26.5% | 17.3% | 6.8% | 2.5% | 0.4% |
| 2022 | 13.5% | 24.6% | 28.5% | 19.3% | 9.4% | 3.4% | 1.3% |
| 2023 | 7.3% | 21.7% | 29% | 22.2% | 12.5% | 5.3% | 2% |
Table showing A-level Economics grades distribution
Educational experts highlight that students find A-Level Economics demanding mainly due to the need for high-level essay writing skills and the application of economic theories to real-world situations. However, with the right approach to study and exam preparation, students can excel in this subject. The success rate in A-Level Economics reflects that students who engage deeply with the material and develop a robust exam strategy can achieve high grades, demonstrating that while the subject is challenging, it is by no means inaccessible.
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What is in A-Level Economics?
A-Level Economics encompasses a complete and comprehensive curriculum designed to equip students with a deep understanding of economic principles and their applications in the real world. The syllabus is divided into two main areas: Microeconomics and Macroeconomics.
- Microeconomics: This section explores how individual decisions impact market outcomes. It covers topics like supply and demand, market structures, the theory of the firm, and market failure.
- Macroeconomics: Here, the focus shifts to the economy as a whole, examining issues such as inflation, unemployment, fiscal and monetary policy, and international trade.
CIE A-Level Economics Syllabus
The CIE A-Level Economics syllabus covers microeconomics and macroeconomics, teaching students about market dynamics, policy impacts, and global economic issues. It emphasizes applying theory to real-world situations, developing critical thinking and analytical skills.
- Cambridge International AS Level students study topics 1.1–6.5.
- Cambridge International A Level students study all topics 1.1–11.6.
| Topic No. | AS Level Topics | Topic No. | A-Level Topics |
|---|---|---|---|
| 1.1 | Scarcity, choice and opportunity cost | 1.1-6.5 | All AS Level Topics |
| 1.2 | Economic methodology | 7.1 | Utility |
| 1.3 | Factors of production | 7.2 | Indifference curves and budget lines |
| 1.4 | Resource allocation in different economic systems | 7.3 | Efficiency and market failure |
| 1.5 | Production possibility curves | 7.4 | Private costs and benefits, externalities and social costs and benefits |
| 1.6 | Classification of goods and services | 7.5 | Types of cost, revenue and profit, short-run and long-run production |
| 2.1 | Demand and supply curves | 7.6 | Different market structures |
| 2.2 | Price elasticity, income elasticity and cross elasticity of demand | 7.7 | Growth and survival of firms |
| 2.3 | Price elasticity of supply | 7.8 | Differing objectives and policies of firms |
| 2.4 | The interaction of demand and supply | 8.1 | Government policies to achieve efficient resource allocation and correct market failure |
| 2.5 | Consumer and producer surplus | 8.2 | Equity and redistribution of income and wealth |
| 3.1 | Reasons for government intervention in markets | 8.3 | Labour market forces and government intervention |
| 3.2 | Methods and effects of government intervention in markets | 9.1 | The circular flow of income |
| 3.3 | Addressing income and wealth inequality | 9.2 | Economic growth and sustainability |
| 4.1 | National income statistics | 9.3 | Employment/unemployment |
| 4.2 | Introduction to the circular flow of income | 9.4 | Money and banking |
| 4.3 | Aggregate Demand and Aggregate Supply analysis | 10.1 | Government macroeconomic policy objectives |
| 4.4 | Economic growth | 10.2 | Links between macroeconomic problems and their interrelatedness |
| 4.5 | Unemployment | 10.3 | Effectiveness of policy options to meet all macroeconomic objectives |
| 4.6 | Price stability | 11.1 | Policies to correct disequilibrium in the balance of payments |
| 5.1 | Government macroeconomic policy objectives | 11.2 | Exchange rates |
| 5.2 | Fiscal policy | 11.3 | Economic development |
| 5.3 | Monetary policy | 11.4 | Characteristics of countries at different levels of development |
| 5.4 | Supply-side policy | 11.5 | Relationship between countries at different levels of development |
| 6.1 | The reasons for international trade | 11.6 | Globalisation |
| 6.2 | Protectionism | ||
| 6.3 | Current account of the balance of payments | ||
| 6.4 | Exchange rates | ||
| 6.5 | Policies to correct imbalances in the current account of the balance of payments |
Table showing CIE A-Level Economics syllabus
Edexcel A-Level Economics Syllabus
The Edexcel A and B specifications for A-level Economics differ primarily in their structure and approach to teaching economics. Here's a general overview of the distinctions:
- Theme-Based Approach: Economics A is structured around specific themes, with each one focusing on a particular aspect of economics. There are four themes: Introduction to Markets and Market Failure; The UK Economy - Performance and Policies; Business Behaviour and the Labour Market; A Global Perspective.
- Focus on Micro and Macro Economics: The course evenly balances its focus between microeconomics and macroeconomics across the four themes.
- Real-World Application: Emphasizes applying economic theories and concepts to real-world scenarios, including current economic situations and policies.
- Assessment Structure: The assessment typically involves multiple-choice questions, short-answer questions, data response questions, and extended open-response questions.
| Theme | Description |
|---|---|
| Theme 1 | Introduction to markets and market failure |
| Theme 2 | The UK economy – performance and policies |
| Theme 3 | Business behaviour and the labour market |
| Theme 4 | A global perspective |
Table showing Edexcel A-Level Economics A syllabus
- Business Economics and Economic Efficiency: Economics B takes a more focused approach on business economics, including themes on business growth, business strategy, and market structures.
- Context-Driven Learning: This specification is designed around different business contexts, making it more applied and practical for students interested in business alongside economics.
- Global Economics: While it still covers both micro and macroeconomics, Economics B includes a specific focus on the global economy, including international economics and development economics.
- Assessment Structure: Similar to Economics A, but with a stronger emphasis on context-based questions and case studies, reflecting the course's focus on applying economic theory to business and real-world contexts.
| Theme | Description |
|---|---|
| Theme 1 | Markets, consumers and firms |
| Theme 2 | The wider economic environment |
| Theme 3 | The global economy |
| Theme 4 | Making markets work |
Table showing Edexcel A-Level Economics B syllabus
Key Differences
- Content Focus: Economics A is more traditional, offering a balanced view of micro and macroeconomics, while Economics B leans towards business economics and the application of economic concepts in business and real-world scenarios.
- Approach: Economics A is thematic, focusing on broader economic concepts, while Economics B is context-driven, using business case studies and scenarios to explore economic theories.
- Suitability: Economics A might be more suited to students interested in a broad understanding of economics, including public policy and economic theory. Economics B may appeal more to students interested in pursuing careers in business, finance, or management, where understanding economic principles in business contexts is crucial.
When choosing between the two, it's important to consider your interests, career goals, and the teaching approach that you think will best suit your learning style.
AQA A-Level Economics Syllabus
The AQA A-Level Economics syllabus explores economic fundamentals, including the operation of markets, economic decision-making, and the role of government in the economy. It encourages a critical approach to discussing current economic issues and policies, with a strong emphasis on both theoretical and practical aspects of economics. Students develop analytical skills by applying economic theories to real-life contexts.
| Topic | Content |
|---|---|
| 1 | Economic methodology and the economic problem |
| 2 | Individual economic decision making |
| 3 | Price determination in a competitive market |
| 4 | Production, costs and revenue |
| 5 | Perfect competition, imperfectly competitive markets and monopoly |
| 6 | The labour market |
| 7 | The distribution of income and wealth: poverty and inequality |
| 8 | The market mechanism, market failure and government intervention in markets |
| 9 | The measurement of macroeconomic performance |
| 10 | How the macroeconomy works : the circular flow of income, AD/AS analysis, and related concepts |
| 11 | Economic performance |
| 12 | Financial markets and monetary policy |
| 13 | Fiscal policy and supply-side policies |
| 14 | The international economy |
Table showing AQA A-Level Economics syllabus
Statistics from examination boards show that students who engage with this diverse range of topics not only gain a solid foundation for further study in economics or related fields but also acquire a versatile skill set that is highly valued across multiple career paths.
What is the A-Level Economics exam structure?
The A-Level Economics exam structure varies slightly depending on the exam board but generally consists of a mix of multiple-choice, short-answer, and essay exam style questions designed to assess a student's understanding of both microeconomics and macroeconomics concepts.
- Multiple-Choice Questions: These assess basic knowledge and understanding of economic principles.
- Short-Answer Questions: These require concise explanations of economic theories and concepts.
- Essay Questions: These are more in-depth and test the ability to apply, analyse, and evaluate economic information and arguments.
CIE A-Level Economics Exam Structure
The CIE A-Level Economics exam structure is divided into multiple papers, focusing on both microeconomics and macroeconomics. Students are assessed through a combination of data response questions, essay writing, and case study analyses to evaluate their understanding of economic theories and their application to real-world scenarios. This structure aims to test students' analytical skills, their ability to interpret economic data, and their proficiency in presenting coherent arguments.
| Paper No. | 1 | 2 | 3 | 4 |
|---|---|---|---|---|
| Name | Approaches, Issues and Debates | Research Methods | Specialist Options: Approaches, Issues and Debates | Specialist Options: Application and Research Methods |
| Time | 1 hr | 2 hr | 1 hr 15 min | 2 hr |
| Total Marks | 30 | 60 | 30 | 60 |
| Assessment | AS Level Multiple Choice | AS Level Data Response and Essays | A Level Multiple Choice | A Level Data Response and Essays |
| % of the A Level | 17% | 33% | 17% | 33% |
Table showing CIE A-Level Economics exam structure
Note: Paper 3 and 4 questions are based on the A Level subject content; knowledge of material from the AS Level subject content is assumed.
Edexcel A-Level Economics Exam Structure
The Edexcel A-Level Economics A exam features a mix of multiple-choice, short-answer, and extended essay questions across different papers, focusing on microeconomics and macroeconomics. This structure tests students’ knowledge, analytical skills, and their ability to apply economic concepts to contemporary issues.
| Paper No. | 1 | 2 | 3 |
|---|---|---|---|
| Name | Markets and business behaviour | The national and global economy | Microeconomics and macroeconomics |
| Time | 2 hr | 2 hr | 2 hr |
| Total Marks | 100 | 100 | 100 |
| Assessment | Questions drawn from Theme 1 and Theme 3 | Questions drawn from Theme 2 and Theme 4 | Questions drawn from all themes |
| % of the A Level | 35% | 35% | 30% |
Table showing Edexcel A-Level Economics A exam structure
The Edexcel A-Level Economics B exam combines real-world business contexts and economic theories, assessed through data response and extended-writing questions. This approach evaluates students' understanding of economics in practical scenarios and their ability to analyse and solve economic problems.
| Paper No. | 1 | 2 | 3 |
|---|---|---|---|
| Name | Markets and how they work | Competing in the global economy | The economic environment and business |
| Time | 2 hr | 2 hr | 2 hr |
| Total Marks | 100 | 100 | 100 |
| Assessment | Questions drawn from Theme 1 and Theme 4 | Questions drawn from Theme 2 and Theme 3 | Questions drawn from all themes |
| % of the A Level | 35% | 35% | 30% |
Table showing Edexcel A-Level Economics B exam structure
Key points to note for Economics B:
- For Paper 3, there will be a pre-released context document issued on Edexcel website in November of the previous year. A new context will be given to centres each year and will relate to the examination series for the following summer.
- Students cannot take any of their research or investigation data carried out as part of the pre-release into the examination.
AQA A-Level Economics Exam Structure
The AQA A-Level Economics exam structure includes multiple-choice, short-answer, and essay questions, covering both microeconomics and macroeconomics. This format assesses students' grasp of economic principles, their analytical abilities, and their skill in applying knowledge to current economic issues.
| Paper No. | 1 | 2 | 3 |
|---|---|---|---|
| Assessment | Markets and market failure | National and international economy | Economic principles and issues |
| Time | 2 hr | 2 hr | 2 hr |
| Total Marks | 80 | 80 | 80 |
| Syllabus | Content 1–8 | Content 9–14 | All content 1–14 |
| % of the A Level | 33.3% | 33.3% | 33.3% |
Table showing AQA A-Level Economics exam structure
According to exam statistics, the structure is designed to challenge students to think critically and apply their knowledge to a range of economic issues. This approach helps develop valuable skills for further education and employment, making A-Level Economics a rigorous and rewarding subject to study.
Choosing the Right Exam Board
Selecting the right exam board for A-Level Economics is crucial for aligning with your learning preferences and examination strengths. Each board- AQA, Edexcel (Pearson), OCR, and CIE - offers a distinct syllabus and assessment style that can significantly impact your study experience and performance.
- CIE (Cambridge International Examinations): Recognised as the most chosen board globally, CIE is renowned for its comprehensive coverage and international perspective on economics.
- Edexcel: With approximately 20,000 UK candidates in 2023, Edexcel is favoured for its structured approach and clear assessment criteria, making it a popular choice among students who prefer a more defined study path.
- AQA: Attracting 14,787 UK candidates, AQA is known for its engaging syllabus and emphasis on contemporary economic issues, appealing to students interested in current affairs and their economic implications.
- OCR: Though chosen by 2,860 UK candidates, OCR offers a unique approach with a focus on critical thinking and application, suited for students who thrive on applying theoretical knowledge to practical scenarios.
Experts in education and economics recommend considering factors such as syllabus content, assessment format, and access to available resources when choosing an exam board. This decision can influence not only the enjoyment of your study but also your performance in the exams, ultimately impacting your future academic and career opportunities.
How do you get an A* in A-Level Economics?
Securing an A* in A-Level Economics necessitates a blend of strategic study practices, comprehensive understanding, and proficient examination techniques. Drawing on educational research and expert opinions, key strategies for attaining the highest marks include:
- Consistent Revision: Regularly revising the syllabus content to reinforce understanding and retention of economic theories and concepts.
- Practise with Past Papers: Familiarising yourself with the exam format and question styles by completing past papers and complete revision practise under timed conditions. This practise not only enhances time management skills but also aids in identifying areas for improvement.
- Effective Use of Study Notes: Creating comprehensive and organised study notes that cover key theories, diagrams, examples and case studies. These straightforward study notes including A-Level Economics Q&A Revision Notes, are invaluable for revision and ensuring a complete grasp of complex concepts.
- Engagement in A-Level Tutoring: Considering tutoring to deepen your understanding of challenging topics and refine exam strategies. Tutors can provide personalised feedback and targeted support to address specific weaknesses.
- Active Participation in Class: Engaging actively in class discussions and exercises. This promotes a deeper understanding of economic principles and their real-world applications.
Statistics indicate that students employing these strategies not only excel in A-Level Economics but also develop skills beneficial for higher education and beyond. The practise with past papers and the effective use of study notes, in particular, are underscored as critical for students aiming for an A*, providing the tailored guidance and consolidated knowledge essential for mastering the subject.
Have a look at our comprehensive set of A-Level Economics Study Notes developed by expert A-Level teachers and examiners!What are the best 5 A-Levels for Economics?
Choosing the right combination of A-Levels alongside Economics is crucial for students aiming to enhance their university applications and prepare for economics-related degrees. The following five subjects are highly recommended by educational experts and university admissions teams for their complementary skills and knowledge:
- A-Level Mathematics: Essential for understanding the quantitative aspects of Economics. A-Level Maths provides the analytical and statistical skills necessary for economic modeling and analysis.
- A-Level History: Offers insights into economic development and historical financial trends, improving a student's ability to evaluate economic policies within a historical context.
- A-Level Politics: Enhances understanding of government policy-making and its impact on the economy, crucial for topics covered, like fiscal and monetary policy.
- A-Level Further Mathematics: Further Maths is ideal for enhancing quantitative skills, crucial for economics degrees. It covers advanced mathematical concepts, improving analytical and problem-solving abilities vital for economic analysis.
- A-Level Business Studies: Business Studies provides practical insights into business operations and economics applied in real contexts. It covers marketing, finance, and management, preparing students for careers in business or entrepreneurship.
Graph showing grades distribution of A-Level Economics in UK 2021-2023
Universities and employers value the breadth and depth of skills developed through these subjects. They not only complement the study of Economics but also equip students with a versatile skill set, opening up a wide range of career paths in finance, economics, and beyond.
Best A-Level Economics Resources
Securing top resources is essential for excelling in A-Level Economics. High-quality materials are instrumental in enhancing comprehension and performance. Below, we outline some of the top resources endorsed by educational authorities and high-achieving students:
- Textbooks and Revision Guides: Always opt for the most recent editions aligned with your exam board. These resources simplify complex economic concepts into more digestible sections and feature practise questions reflective of those in exams. Noteworthy titles include "Exam Success in Economics for Cambridge AS & A Level", "Edexcel AS/A Level Economics Student book", "AQA A-level Economics Fifth Edition" and "OCR A Level Economics".
- Online Platforms and Websites: Resources like EconplusDal offer extensive materials, including video tutorials, case studies, and specific exam guidance tailored to A-Level syllabus requirements.
- Past Exam Papers and Mark Schemes: Vital for familiarising with exam layout and expectations. Practising with these materials from your exam board’s website aids in honing time management and examination techniques.
- YouTube Channels: Paj Holden is renowned for its thorough breakdowns of critical concepts and strategies for tackling exams, making intricate topics more approachable.
- Online Forums and Study Groups: Engage with communities such as The Student Room to share resources, exchange ideas, and discuss complex subjects with fellow students.
- Tutoring Services: Personalised tutoring can pinpoint and address individual challenges, providing bespoke methods to navigate difficulties and deepen subject comprehension.
- Study Notes and Resources: Developing detailed study notes and exploring additional resources from platforms like TutorChase can offer fresh perspectives and clarify challenging concepts. Effective note-taking and the utilisation of diverse resources are crucial for reinforcing learning and ensuring a thorough understanding of the syllabus.
Leveraging a mix of these resources in your study regimen can significantly boost your mastery of economic theories and principles, as well as your capability to apply this knowledge adeptly in examinations. Education experts recommend a balanced strategy, integrating traditional study materials with interactive and digital tools, to optimally prepare for exams while gaining a broad understanding of economics.
Common Challenges and How to Overcome Them
A-Level Economics students often face several common challenges, but with the right strategies, these can be effectively overcome.
- Understanding Economic Theories: Many students struggle with the abstract nature of economic theories. To combat this, actively engage in class discussions and utilise a variety of resources like videos and podcasts that explain theories in real-world examples and contexts.
- Applying Theories to Real Situations: The application of economic theories to current events can be daunting. Regularly reading economic news and practising case studies can bridge this gap, enhancing the ability to critically analyse and apply knowledge.
- Mathematical Elements: Economics involves mathematical concepts which can be challenging for some. Strengthening maths skills through targeted practise and applying them in economic contexts can improve confidence and ability.
- Exam Technique: Mastering exam techniques is crucial for success. Practising past papers, under timed conditions, and seeking feedback on answers can significantly improve exam performance.
Experts suggest that overcoming these challenges requires a combination of regular study, application of knowledge, and the development of exam strategies. Engaging with tutors and peers for support and clarification can also provide a more rounded understanding, ensuring that students are well-prepared to tackle A-Level Economics effectively.
Past Papers and Practise Questions
Utilising past papers and practise questions is a cornerstone of effective A-Level Economics revision. This approach offers several key benefits:
- Familiarisation with Exam Format: Regular practise with past papers helps students understand the structure of the exam, including types of questions and marking schemes.
- Time Management: Completing past papers under timed conditions allows students to develop the ability to manage their time effectively during the actual exam.
- Identification of Weak Areas: Through practise, students can identify areas where they need further study or clarification, allowing targeted revision.
- Application of Knowledge: Practise questions and past papers provide an opportunity to apply economic theories and concepts to different scenarios, enhancing understanding and retention.
Educational experts and exam boards alike stress the importance of incorporating these resources into study routines. Data shows that students who consistently work with past papers and practise questions tend to achieve higher grades. They not only become more adept at answering exam questions but also build confidence in their ability to tackle the challenges of A-Level Economics.
Opportunities with A-Level Economics
A-Level Economics opens a gateway to a great number of opportunities, both academically and in the career sphere, by equipping students with a deep understanding of economic principles and their real-world applications.
Pie chart showing gender distribution across A-Level Economics
Majors in Higher Education:
- Economics: Provides a strong foundation for diving deeper into economic theories, econometrics, and financial economics.
- Finance: Essential for understanding financial markets, investment analysis, and corporate finance.
- Business Studies: Offers insights into business strategy, marketing, and management from an economic perspective.
- International Relations: Integrates economic policies with global politics, ideal for those interested in the global economic landscape.
- Public Policy: Prepares students for roles in government and nonprofits, focusing on the economic impact of policy decisions.
Career Paths:
- Economic Analyst: For those interested in analysing economic conditions to inform business and policy decisions.
- Financial Consultant: Advising businesses and individuals on investment, planning, and economic strategies.
- Market Research Analyst: Involves examining market trends to help companies make informed decisions.
- Public Sector Roles: Working within government to shape and implement economic policies.
- Banking and Finance: A vast sector offering roles from investment banking to financial planning.
Skills Development:
- Critical Thinking: Enhances the ability to evaluate complex problems and economic policies.
- Analytical Skills: Develops proficiency in interpreting data and economic trends.
- Communication: Equips students with the ability to articulate economic concepts clearly and persuasively.
- Problem-Solving: Encourages innovative thinking in addressing economic challenges.
Pursuing A-Level Economics not only boosts academic credentials but also enriches students with analytical and problem-solving skills, making them highly desirable for competitive university courses and in demand in a variety of industries, from finance and consulting to government and international organisations.
Conclusion on A-Level Economics
A-Level Economics is a vital subject that prepares students for diverse futures in both higher education and professional careers by developing critical thinking and analytical skills. It offers insights into economic theories and real-world applications, making students attractive to both universities and employers. Experts affirm the importance of Economics for its role in fostering a deep understanding of global and local economic issues. With the right resources and strategies, students can overcome challenges, excel in their exams, and open doors to numerous opportunities in fields such as finance, policy-making, and international relations, showcasing the undeniable value of this subject in a student's academic and career journey.
FAQ
Do you need maths for economics A-level?
For A-Level Economics, having a strong grasp of maths is highly beneficial, though not always formally required by all schools or colleges. The subject involves analysing data, interpreting graphs, and understanding models, which are skills rooted in mathematical principles. Some exam boards might include mathematical questions, albeit at a level accessible with GCSE Maths knowledge. It’s advisable to check the specific requirements of the course offered by your school or college, as they can vary.
What is the highest paying job with an economics degree?
With an economics degree, one of the highest paying careers is in investment banking. Investment bankers help their clients raise money in capital markets by issuing debt or selling equity in the companies. Other lucrative positions include roles as an economic consultant, where you can provide expert advice on legal and business strategies, and positions in corporate finance, which involve managing a company's financial activities. Chief financial officers (CFOs), who oversee a company's financial operations, also rank highly in earnings, often benefiting from a background in economics.
What GCSEs do you need to do economics A-level?
To study Economics at A-Level, most schools and colleges require you to have a strong set of GCSEs, typically including Maths and English at grade 5 (C) or above. While specific requirements can vary, a good understanding of Maths is often emphasised due to the analytical and numerical aspects of the subject. It's not uncommon for institutions to also look for grades in related subjects such as Business Studies or History, although these are less frequently mandatory. Always check with the specific entry requirements of the institution you're interested in.
Can I study economics if I'm bad at maths?
Yes, you can study economics even if you find maths challenging. Economics at A-Level does involve some mathematical concepts, but these are generally accessible with GCSE level maths. It's important to focus on improving your mathematical skills through practise, as a basic understanding of graphs, percentages, and equations is necessary. Many economics courses also emphasise theoretical and qualitative aspects, such as understanding economic principles and evaluating policies. Dedication and the right support can help overcome mathematical hurdles in economics.
Do you need economics A-level for LSE?
For admission to the London School of Economics and Political Science (LSE), having an A-Level in Economics is not universally required for all courses but is highly recommended for economics-related degrees. LSE looks for strong analytical skills, which can be demonstrated through various A-Levels, including but not limited to Economics. For specific courses like Economics or Econometrics, demonstrating a strong proficiency in mathematics is crucial. Always check the specific entry requirements for the course you are interested in on the LSE website, as they provide detailed information about preferred subjects and grade requirements.
Is economics a STEM degree?
Economics is often considered a social science rather than a traditional STEM (Science, Technology, Engineering, and Mathematics) degree. It studies the production, distribution, and consumption of goods and services and examines how individuals, businesses, governments, and nations make choices on allocating resources. However, modern economics heavily incorporates mathematical models and statistical methods, bridging it closer to the quantitative aspect of STEM fields. Some institutions and organisations may categorise economics under STEM due to its analytical and empirical research methods, especially in courses focused on econometrics and quantitative economics.
What A-levels do I need to study Economics at Cambridge?
To study Economics at the University of Cambridge, it is highly recommended that applicants have A-Level Mathematics. The Cambridge Economics course is mathematically rigorous, and a strong aptitude in mathematics is essential for success. While A-Level Economics is not a requirement, it can be beneficial for building foundational knowledge. Other facilitating A-Levels, such as Further Mathematics, History, or Physics, can also strengthen your application by demonstrating analytical skills. The University of Cambridge values a combination of A-Levels that showcase your ability to handle abstract concepts and quantitative reasoning. Always refer to the latest admissions guidelines on the Cambridge website for the most current advice.
How much maths is involved in A-Level economics?
The mathematical content in A-Level Economics can be quantified as roughly 20-30% of the curriculum, focusing on statistical analysis, interpretation of graphs, and basic algebra. This estimation aligns with the requirements set by major exam boards, ensuring students apply mathematical concepts to economic theories and data analysis.
How relevant is A-Level Economics for entrepreneurship?
A-Level Economics is highly relevant for entrepreneurship, offering valuable insights into market dynamics, consumer behaviour, and financial planning. It equips aspiring entrepreneurs with the knowledge to make informed decisions, understand economic trends, and develop strategies for business growth. Key topics such as supply and demand, market structures, and the impact of government policies on businesses are directly applicable to starting and running a successful enterprise. Furthermore, economic principles can help entrepreneurs analyse competition, optimise resource allocation, and navigate the complexities of the global economy, enhancing their ability to innovate and adapt in competitive markets.
Can I study Economics without a Maths A-Level?
Yes, it's possible to study Economics without a Maths A-Level, but having a strong foundation in mathematics can significantly enhance your understanding of economic concepts. Many universities prefer applicants for Economics degrees to have Maths due to the quantitative methods used in the course. However, if you're passionate about Economics and lack a Maths A-Level, look for programmes with less emphasis on mathematical content or consider taking a foundation year to build your maths skills. It's crucial to check the specific requirements of each university before applying.
What's the difference between Economics and Business Studies A-Level?
Economics and Business Studies A-Level cover distinct but complementary areas. Economics focuses on understanding how economies operate, including the study of supply and demand, economic theories, and the impact of governmental policies on the economy. It's more theoretical and analytical, often involving graphs and some mathematics to analyse economic models and concepts. Business Studies, on the other hand, is more practical, concentrating on how individual businesses operate, including aspects of marketing, management, finance, and organisational structure. While Economics provides a broader view of economic systems, Business Studies delves into the inner workings of companies and their strategies.
How does A-Level Economics support a career in law?
A-Level Economics offers valuable insights and skills relevant to a career in law, especially in areas like commercial, corporate, and international law. Understanding economic principles can help lawyers analyse and interpret the financial implications of legal cases, regulations, and policies. Economics teaches critical thinking and analytical skills, enabling lawyers to construct compelling arguments and understand the broader economic impact of legal decisions. Additionally, knowledge of market structures, economic policies, and their legal implications can be particularly useful in antitrust cases, financial regulation, and economic consultancy within legal practice.
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Written by: Dr Rahil Sachak-Patwa
LinkedInRahil spent ten years working as private tutor, teaching students for GCSEs, A-Levels, and university admissions. During his PhD he published papers on modelling infectious disease epidemics and was a tutor to undergraduate and masters students for mathematics courses.
