Slightly Senior Member
Join Date: Apr 2011
Re: Studying Economics for a Bachelor's degree
Originally Posted by IAmYourNightmare
1. Why not? If money is something that's bugging you, consider applying to the 6 need-blind universities in the USA. read (http://en.wikipedia.org/wiki/Need_blind
), these universities will automatically fund you if they decide to admit you. (as in automatic scholarship). Also, I don't need to remind you that the economics programs in top US universities are unrivaled. (The top 15 universities for Economics are ALL from the US). If you read a lot of economics theories, papers, non-fictions etc, you'll realize that most if not all of them are from the US.
2. NUS/NTU/SMU are all quite good in Economics. (I recommend this to be your primary option if you are ONLY considering twinning.) You will need A levels + SAT 1 and 2 (if you're using forecast results for A levels). SAT also helps if you're aiming for the US.
3. BSc Economics is generally more sought after because of its mathematical nature. BA Economics is more theoretical. However, at top institutions like Harvard, Yale, Princeton, UChicago, Berkeley, Oxbridge - Economics is only offered as a BA program (MIT Economics is a Bachelor of Science program though). Having a BA in Economics in these institutions will in no way put you at a disadvantage. Personally I think BSc and BA only makes a difference if the university is not very well-known.
4. Sorry not much input on this, but Economics majors are highly respected in the US and UK. (also its one of the most competitive courses)
5. I'm going to pursue a degree in Economics starting August this year, so I might still be too much of a greenhorn to give advice.
Hope this helps
Thanks for the tips on needs-blind
I seriously will still need to reconsider USA though, because of the costs of living there is pretty high. From your Wiki link, I sorta understand that many people still don't go to these universities to study in the end, despite getting an offer because of deficient financial awards (should be referring to living costs). One of my friends is aiming for one of those unis listed for engineering, Cornell University. Wow, I never knew that it was the US that had the best Economics reputation. All this while I thought it was the UK haha, because of LSE. Well, I have not considered taking SAT yet, but I might now, seeing that SAT is pretty much going to be needed for Singapore, should I want to go there. By the way, I've never heard of twinning to Singapore, got any info for which university or college offers that ? And I get that you are telling me a BSc would be more secure am I right ? Despite having the maths foundation, what scares me is the how will the maths look like. I've only gathered that so far, extensive use of calculus and probability will be used, since they are the key elements in econometric. And might I ask, where are you going to pursue your economics degree ?
Originally Posted by Seiryu
I think there is a little too much optimism in your views regarding an economics major.
In reality, for the school that I went to (where the PhD Program is ranked within the top 15), economics major is considered a safety net for those who cannot get into the business school. Also, when it comes to competitiveness, i would not consider Economics as one of the most competitive courses. Many courses around campus are easily more competitive, challenging, and sought after compared to economics. For example, any forms of Engineering, Mathematics, Actuarial Science, Finance, Pre-Med, Cellular & Molecular Biology, Physics, Computer Science, and to some extent statistics, are easily more quantitative and challenging compared to Economics.
Regarding the respect for Economics major, while it is true that a student will not be disrespected for having an Economics major, this field certainly doesn't get additional respect more than other fields. While I understand that many economists in the States are well-known and highly influential, they mostly hold a PhD in Economics, which is entirely different than a B.Sc. / B.A. in Economics. Most of them had a double major in math/ comp science as an undergraduate major, some don't even have Economics as their main major.
I was about to suggest topping an Economics major with a more quantitative major, like Mathematics or Computer Science. But since the tread starter might be going into the UK system, this suggestion may not be too feasible.
Originally Posted by Cactus
Thank you IAmYourNightmare for providing such a detailed and comprehensive advice. Nevertheless, I just want to remind frostbyte that: (if you want to apply to US)
There are differences between "need-blind" and "meet full need".
Yale, Harvard, MIT, Princeton, Dartmouth, Amherst are need-blind AND they will meet your full need if you are admitted. This means:
(a)need-blind: whether you are admitted or not is independent of your ability to pay
(b) meet full need: if your family can only pay USD 2000 per year (determined by the college you applied based on the documentation you provided), that's what you are going to pay, the rest will be provided by the college grant (free money), loan (depends) and work-study.
This is not the same as an automatic scholarship. If your parents are multi-millionaires (or very rich), you will not receive any money from the university no matter how excellent you are. This is the case for Ivy-League University, because they do not give merit-based scholarships.
(in other words, they only give need-based scholarships/financial aid)
Just because a school is need-blind, doesn't mean they guarantee to meet your full financial need.
E.g. Cornell University.
Some schools are not need-blind (i.e. need-aware), so applying for financial aid will hurt your chance at admission. Some of the more "famous" examples are:
Columbia University, Stanford University
For more information, check out usapps2011.wordpress.com - helping Malaysian dreamers who want to study in the USA.
(sorry, I don't know anything about econs >.<)
Thanks Seiryu and Cactus, you managed to highlight my worst fear, jobs prospects locally
I don't really have the intention of working overseas (despite how much I've hated the government since this year, thanks to JPA
) Not to mention, the job prospects in the USA are only luxurious if you have the postgraduate certs to show for it. So, you suggest a double major ? So far, I've only seen that in Singapore and not locally. NTU and NUS offers a variety of Engineering with Economics (I can do engineering, but reluctant to because of the intense Physics involved later) Actuarial Science is also one offered but it's not what I want to study, Maths too but the same reason as Actuarial Science. Law and Business in NUS however seems OK to me. I'm just worried now, should I start preparing to my SAT or wait until I make a final decision
SMU offers only a major in Economics too ... And yeah, it's not fixed yet whether I will be going to the UK or not. I'll only apply for admission for Singapore Unis and possibly UK and USA Unis when I have my trial results.
Originally Posted by Seiryu
I'm glad that you like Economics. I, too, for one am very passionate about learning economic theories ever since I was first introduced to it when I was a freshman. Perhaps you can share with us what is it about economics that you find appealing, before we give more suggestions to you?
Exactly ! It's the theories that have made me find a passion for it
Please don't tell me that passion for you died down after the years
I don't really mind the graphs. I've already drawn so many in class, that I'm too used to it already
And yeah, to me, it's surprising to me, just how much I took for granted how simple our economic system works domestically and internationally. Economics has shown me just how diverse the world works with capital, and individual behavior with their income and purchases.
Last edited by frostbyte13; 18-06-2011 at 06:02 PM.
Reason: Automerged Doublepost