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Table of Contents
1. What Is Economics?
Economics or sometimes referred to as a social science, is the study of how societies, governments, businesses, households, and individuals allocate their scarce resources. Scientific and mathematical methods are used as principles and frameworks to craft policies that will shape how these resources are allocated, whether through the government’s direct hand or market forces.
Why it matters?
- Government uses economic tools and sets the right policies to stimulate the economy and boost wealth among its people. Learning economics allows you to understand what key drivers are involved.
- Conversely, economic crises like hyperinflation or a recession can be tempered and managed using the right economic tools.
- Malaysia have bilateral relations with many countries in the form of trade. The economic policies set are not just for internal purposes but to accommodate international relationships that will result in win-win situations.
Check out this introductory video to see if an Economics Course is for you:
2. Where To Study Economics Courses In Malaysia?
Here are 8 best universities to study Economics courses in Malaysia.
- #1 Monash University Malaysia
- #2 University Of Nottingham Malaysia
- #3 HELP University
- #4 Sunway University
- #5 UCSI University
- #6 Universiti Tenaga Malaysia (UNITEN)
- #7 Universiti Tunku Abdul Rahman (UTAR)
- #8 TARUMT
- BONUS #1 — Universiti Malaya (UM)
- BONUS #2 — Universiti Sains Malaysia (USM)
3. Economics Course Pathways & Entry Requirements
There are 2 pathways one can consider to qualify for a career in economics.
Pathway 1: SPM/O-Levels ➔ Pre-University/Foundation ➔ Economics Degree
The pathway that the majority of students take to specialise in Economics is through a Pre-University course (A-Level, SACE, STPM) or a Foundation course offered by the university of your choice.
As an SPM / O-Level leaver, the entry requirement is 5 credits including English and Mathematics to enter Pre-U or Foundation.
A Pre-University course or Foundation typically takes 1 to 2 years to complete and will qualify you to enter into a Degree in Economics.
An Economics Degree takes 3 years to complete. Here are the general requirements to enter with qualifications from popular pre-university courses or a foundation course:
| Qualifications | General Requirements |
| A-Level | 2D |
| AUSMAT/SACE | ATAR 50 |
| CIMP | 50% |
| STPM | 2C |
| UEC | 5B |
| Foundation | CGPA 2.0 |
Note: Actual minimum requirements will differ between different universities.
In total, this pathway generally takes 4 years to complete.
Pathway 2: SPM/O-Levels ➔ Diploma ➔ Economics Degree
This pathway is rarely considered as there aren’t many institutions that offer a Diploma in Economics except for Tunku Abdul Rahman University of Management and Technology (TARUMT), which is a 2-year Business in Economics course.
As an SPM / O-Level leaver, the entry requirement is 3 credits including English and Mathematics to enter Diploma.
If you choose to complete your Economics Degree, you only need to enrol for 2 years at an institution that recognises your Diploma qualification with a minimum result of CGPA 2.0.
Most economics graduates seek a career at financial institutions, research houses, corporate strategy units or economic planning agencies that tend to look for a minimum Degree qualification.
How Can Uni Enrol Help?
Uni Enrol’s experienced counsellors help you compare the pros and cons of studying an Economics Course at different universities and different locations.
4. What You Learn In An Economics Course
These are the subjects you will be exposed to when taking an undergraduate Economics Course. Note, they may vary slightly from one university to another.
- Applied Econometrics
- Behavioral Economics
- Current Issue in Economics
- Development, Poverty and Famine
- Econometrics
- Economics of Social Policy
- Economy and Politics
- Experimental and Behavioural Economics
- Industrial Economics
- International Trade
- Labour Economics
- Law and Economics
- Macroeconomic Theory
- Malaysian Economy
- Mathematical Economics
- Microeconomic Theory
- Monetary Policy
- Money and Financial Technology
- Personal Financial Planning And Management
- Quantitative Economics
- Quantitative Techniques
- Statistics
- Strategic Thinking: Game Theory
- World Economy
5. Why Should I Study Economics?
There is a reason why ‘’Introduction to Economics’’ is included as a core subject in every first year business undergraduate course. Here are reasons why you should major in the full Economics course:
- Flexible Skillset – Having a degree in Economics does not mean you can only work in a bank or government. Many financial institutions, research houses, and consultancy firms hire people with an economics background as they are able to understand how macro trends impact their business or their clients.
- Malaysia’s Role in ASEAN Economic Policies – Understanding trade agreements like the RCEP (Regional Comprehensive Economic Partnership) is vital for economic policymakers.
- Islamic Banking Growth – Economists specializing in Islamic finance contribute to Malaysia’s leadership in Shariah-compliant financial systems.
- Focus on Sustainable Development Goals (SDGs) – Malaysia’s economic policies align with the SDGs, creating opportunities in environmental and economic sustainability sectors.
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6. RIASEC Compatibility To An Economics Course
The John Holland Theory of Career Choice states that in choosing a career, people will choose one similar to their personality to ensure job satisfaction, job performance, and career success. The test generates 6 different personality types:
- Realistic (R)
- Investigative (I)
- Artistic (A)
- Social (S)
- Enterprising (E)
- Conventional (C)
With the RIASEC Test, the 6 personalities can generate up to 720 combination possibilities to provide career compatibility. You can try the test yourself here.
The Top 3 RIASEC traits advantageous for an Economics undergraduate student would be:
INVESTIGATIVE
- Economists analyze thousands upon thousands of data points to identify trends, and solve complex problems. You must be curious to uncover the meaning behind the numbers as and that may require you to engage with many stakeholders before forming a solution or policy reocmmendation.
CONVENTIONAL
- Economists frequently work with numerical data and need to be meticulous in their analysis. This trait is characterised by a preference for structured tasks and an ability to manage data effectively.
ENTERPRISING
- While not all economists lead teams, those in positions of influence often need to advocate for policies or economic theories. This trait encompasses skills in leadership and the ability to persuade others based on empirical evidence.
7. Career Opportunities For Economics
Your expertise in understanding macro and micro economics developments can be applied in various job settings:
| Areas of Opportunity | Types of Roles |
| Financial and Banking Sector | Economist, Financial Analyst, Investment Banker, Risk Analyst |
| Government and Public Policy | Policy Analyst, Public Sector Economist, Urban and Regional Planner, International Development Economist |
| Business and Corporate Roles | Business Consultant, Market Research Analyst, Data Analyst/Data Scientist, Supply Chain Analyst |
| Research and Academia | Research Economist, University Lecturer/Professor |
| International Organizations and NGOs | Development Economist (poverty, education, healthcare focus), Trade Economist |
| Quantitative and Analytical Roles | Quantitative Analyst (Quant), Economic Consultant |
| Media and Communication | Economic Journalist/Writer, Public Relations Specialist (Economic Focus) |
Recommended Course Guides
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About the Author:
Ken Hoong is the co-founder of Uni Enrol and a contributing writer. Drawing on his close work with Uni Enrol’s counsellors, he brings keen insight into Malaysia’s evolving private higher education landscape and the shifting preferences of students in learning and career choices.
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