In economics, you study how people, communities, businesses and even countries choose to utilise their finite resources.
Despite the perception that it is merely a study about money, economics can be applied to food, water, health care, education, environmental policy, and other areas.
Read on and find out how the study of Economics can benefit you in your life and your career.
What is Economics?
Economics is a social science that examines how products and services are produced, distributed, and consumed as well as the decisions that consumers, corporations, governments, and countries make when allocating scarce resources.
Microeconomics and macroeconomics are the two aspects of economics.
Microeconomics studies individual and corporate decisions, whereas macroeconomics emphasises the activity of the economy in general.
Why Should You Study Economics?
You want to know how the economy works
A fresh perspective and an understanding of how the world economy works are gained by studying economics in university.
You will have a greater understanding of the global economy, for example inflation, interest rates, taxation, and unemployment.
Economic studies also help us understand how the world is constantly evolving and its impact on our daily lives.
You enjoy analysing data
In economics you will combine data with theories and models to demonstrate how to establish a competitive yet healthy market and attract more customers.
This mix of abilities makes economists a great asset to businesses.
Organisations rely on data to help them make decisions, whether it’s on marketing campaigns, production, or sales.
You like dealing with numbers
Economists regularly work with mathematical concepts such as algebra (e.g. arithmetic, matrices, vectors), calculus (e.g. differentiation, integration) and statistics (e.g. probability, distribution curves) when it comes to economics principles.
What Do You Study in Economics?
There are two main areas in Economics: Microeconomics and Macroeconomics.
Microeconomics look at the relationship between an individual and businesses.
Macroeconomics examine the economy of a country or an industry, such as the central bank’s function, interest rates, and monetary and financial policies.
Here are some of the subjects you will learn in Economics:
International trade and finance
The study of international trade and the transfer of funds and payments across different countries.
Topics such as globalisation and the balance of payments with other nations are also included.
The study of hiring decisions made by businesses and employees’ work decisions.
This covers factors such as salary determinants, employees incentives, and the significance of minimum wage regulations, unions, pensions.
The study of why certain nations have developed while others have not, with a particular emphasis on the world’s least developed nations. Including topics such as how developed nations boost development chances across the world.
What Are the Popular Economics Pathways?
After earning your SPM or IGCSE/O-Level qualification, you have the option of enrolling in a Foundation in Arts or Business programme for 1 year or a Pre-University (A-Level, SACE etc.) course for 1-2 years.
The next step for you is to pursue a Bachelor’s Degree in Economics programme.
You also can pursue a Diploma in Economics.
After completing your Diploma in Economics, you have the option of going into the workforce or continuing on to a Bachelor’s Degree in Economics (often enrolling from Year 2 onwards).
So what does your pathway look like?
Diploma in Economics
To qualify for a diploma course, you only need to have 3 credits in SPM/O-Level, including a pass in Mathematics and English.
Diploma courses usually take between 2 to 2.5 years to complete and cost from RM 28,000.
You can enter the workforce immediately after graduation.
Bachelor’s Degree in Economics
For degree courses, you will need to have 5 credits in SPM/O-Level qualification, including a pass in Mathematics and English, and the following pre-university course:
A-Level: Min. 2Es
STPM: Min. 2Cs
AUSMAT/SACE: Min. average of ATAR 60
CIMP: Min. average of 60%
Relevant Diploma: Min. CGPA of 2.00
Relevant Foundation: Min. CGPA of 2.00
A pre-university course can take up to 2 years to complete and cost from RM 14,000.
Once you’ve completed your pre-university course, you can then move on to the degree course.
Degree courses take 3 years to complete and cost from RM 70,000.
Diploma students who want to continue their studies can do so with a degree course and they begin in Year 2.
Different universities may have varying entry requirements. Feel free to contact us for more information!
What Are the Skills Required in Economics?
Good with numbers
You will have to be at ease dealing with numbers and using mathematical concepts because you are going to be analysing visual data like graphs and working with huge datasets.
This is why many economists enrol in maths prerequisite courses before starting their employment or academic careers in economics.
Can analyse data
Economics work with large amounts of data in order to produce solutions.
You must be experienced in analysing data to identify trends and potential causes of a complicated problem.
It is through your analytical skills that you can draw meaningful solutions for your organisation.
Capable of understanding complex concepts
The reality is that economics is a tough field that looks into complicated and interconnected systems.
To succeed, you must be able to combine knowledge from several areas and sources to support your views.
It takes time, effort, and patience as it requires a lot of reading to keep up with the most recent theoretical advancements.
Top Economics Universities in Malaysia
All degrees offered by Nottingham’s Malaysia campus mirror the syllabus in the UK main campus and are subject to the same quality assurance processes by QAA, UK as those offered in the UK campus.
The Nottingham University Business School (NUBS) was ranked among the top 6 business schools in the UK for research power in the UK Research Excellence Framework.
Economics courses offered:
- Foundation in Business and Management
- Business Economics and Management BSc (Hons)
- Economics BSc (Hons)
- Economics and International Economics BSc (Hons)
HELP is one of the 3 universities in Malaysia awarded with 5 stars in Online Learning by QS.
It offers training and internship with multinational companies like Alibaba, Sheng Tai International and techno-entrepreneurs.
Economics courses offered:
- Foundation in Arts (Business, Education, Communication)
- Foundation in Arts (Business, Education, Communication) at Subang 2
- Diploma in Business
- Bachelor of Economics (Hons
- BSC (Hons) Economics
UCSI has over 30 years of exceptional education service, and is one of Malaysia’s popular choices for higher education.
It has a co-op programme with 4,200 companies for industry placement annually.
Economics courses offered:
- Foundation in Arts (Business)
- Foundation in Business
- Diploma in Business Administration
- BA (Hons) Business Economics (2+1) with University of Essex, UK
- BA (Hons) Economics With A Modern Language (2+1) with University of Essex, UK
- BSc Economics (2+1) with University of Essex, UK
- BSc Economics And Mathematics (2+1) with University of Essex, UK
- BSc International Economics (2+1) with University of Essex, UK
- BSc Management Economics (2+1) with University of Essex, UK
Things You Need to Know About Economics Career
In terms of future employment areas, economists would be well qualified for positions related to Big Data.
This involves analysing vast amounts of data to detect trends and using it to assist businesses or governments to make better decisions.
Your familiarity with Big Data will greatly widen your job opportunities.
The more experience you gain in this path not only will bring you better job opportunities but also greater remuneration.
Popular Economics related Jobs
There are multiple jobs available for graduates with an Economics degree.
The average base salary for an Economics graduate starts from RM 50,000.
Economists: Economists gather and analyse data, explore trends, and assess economic concerns related to resources, products, and services.
Financial risk analysts: Financial risk analysts evaluate and analyse possible risks to an organisation’s assets, earning capability, or success in the field.
Investment analysts: Investment analyst specialises in analysing financial and investment data in order to provide buy, sell, and hold recommendations for stock.
Data analysts: A data analyst gathers, tidies, and evaluates data sets to answer questions or solve problems and make better business decisions.