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BRITISH EDUCATION
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Economics at Cambridge University
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2014-06-18
Economics at Cambridge University
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Words cannot describe how ecstatic I was when I was accepted to read economics at Cambridge University. I had always wanted a career in the financial sector and to succeed in the dog-eat-dog world that is the financial industry, I wanted to read economics at university to become a competitive, fierce and strong financial broker. And in my opinion, there was no better place to read economics than at Cambridge University.
Economics is one of the most competitive courses at Cambridge University. Cambridge economics is where economics was born and it has produced some of the greatest economists such as Keynes, Pigou, Ricardo, and Marshall. This prestige of studying in the economics mecca is what attracts around 1200 students to apply from all around the world for just around 140 places. This may not sound too competitive to us (because we are used to numbers such as 30:1 for a job at Samsung or in the public sector), but we have to bear in mind that these applicants are not just any applicants, but students who are all good enough and are expected to receive four As in their A-levels. The application process somehow distinguishes between these 1200 very similar-on-paper applicants by comparing their exam grades, their test scores and most importantly, their interviews. And then the lucky 140 students then are chosen to embark upon their three year economics course at Cambridge University.
Most students who apply for economics at university have found economics A-level somewhat easier than other subjects. Economics at A-level required above all else common sense, and as long as one was sensible, one could not be much wrong. However, it must be noted that economics at A-level, compared to that at university, is over-simplified, under-explained and sometimes even wrong. If you found economics A-level easy and you expect economics at university to be of similar style with a little more difficulty, then you are seriously mistaken. It is even said that economics A-level misguides the students when studying the course at university. A lecturer even said that it is easier to teach a student, who had not studied economics before university and therefore does not assume anything that are wrongly taught at A-level, than someone who had studied it. If you are choosing to apply for economics at university because you found the A-level fun and bearable, then I urge you to reconsider.
Once admitted, one should forget all their expectations about the amazingly fun university life with lots of drinking, boyfriends/girlfriends and partying etc. If that is what one wants, then Cambridge is probably not right for them. Sure, one can still have fun. There are lots of pubs, bars, clubs and other exciting places in Cambridge, but the all important balance between work and leisure should not be forgotten.
On admission, one should be fully prepared to work many hours a day. The first year economists have only about 3 hours of lectures a day, from Monday to Thursday, giving them 3 day weekends, but this does not equal partying. Every student in Cambridge is strongly urged to attend, aside from the lectures, supervisions. Whereas the lectures are held with all 140 students, supervisions are held with only 2~3 students per supervisor. It is the perfect opportunity to ask what one did not understand in lectures, and also the perfect opportunity to answer questions on those lecture topics that may come up in the end of year exams. Homework given out in supervisions takes around 5~10 hours per homework, and to do well in the exams, one must put in extra time to revise further what were taught in the lectures, leaving very little time for the much wanted leisure.
Prospective applicants should note that the material that is taught at Cambridge is not what many expected, or rather, the material that many expected to be taught is in fact not. Many students, who go to Cambridge University to read economics, like myself, want to partake in the financial career. These students want this top qualification to become investment bankers, stock brokers, risk managers, and private wealth managers etc. And these students expect to learn the finance and banking skills within the economics course. However, on admittance, many, like me, are surprised to learn the topics covered at Cambridge University. First year students learn microeconomics, macroeconomics, mathematics and statistics, politics and economic history. One may think that economics at Cambridge is very mathematical and that it does not require much essay writing. It is true that economics at Cambridge is one of the most mathematical economics courses anywhere in the world, but still essay writing is essential. In the end of year politics and economic history exams, one is required to write 4 essays in 3 hours. It is indeed a shock to those, including me, who chose economics so that they no longer have to endure the pain of writing long essays. Second year students learn microeconomics, macroeconomics, econometrics and mathematics, if one has the mathematical abilities, or development, if one has more artistic, essay-writing abilities. And then the third year is when we finally learn the more specific topics, such as finance and banking, labour, and public that will be helpful in our future careers.
Economics is one of the most competitive courses at Cambridge University. Cambridge economics is where economics was born and it has produced some of the greatest economists such as Keynes, Pigou, Ricardo, and Marshall. This prestige of studying in the economics mecca is what attracts around 1200 students to apply from all around the world for just around 140 places. This may not sound too competitive to us (because we are used to numbers such as 30:1 for a job at Samsung or in the public sector), but we have to bear in mind that these applicants are not just any applicants, but students who are all good enough and are expected to receive four As in their A-levels. The application process somehow distinguishes between these 1200 very similar-on-paper applicants by comparing their exam grades, their test scores and most importantly, their interviews. And then the lucky 140 students then are chosen to embark upon their three year economics course at Cambridge University.
Most students who apply for economics at university have found economics A-level somewhat easier than other subjects. Economics at A-level required above all else common sense, and as long as one was sensible, one could not be much wrong. However, it must be noted that economics at A-level, compared to that at university, is over-simplified, under-explained and sometimes even wrong. If you found economics A-level easy and you expect economics at university to be of similar style with a little more difficulty, then you are seriously mistaken. It is even said that economics A-level misguides the students when studying the course at university. A lecturer even said that it is easier to teach a student, who had not studied economics before university and therefore does not assume anything that are wrongly taught at A-level, than someone who had studied it. If you are choosing to apply for economics at university because you found the A-level fun and bearable, then I urge you to reconsider.
Once admitted, one should forget all their expectations about the amazingly fun university life with lots of drinking, boyfriends/girlfriends and partying etc. If that is what one wants, then Cambridge is probably not right for them. Sure, one can still have fun. There are lots of pubs, bars, clubs and other exciting places in Cambridge, but the all important balance between work and leisure should not be forgotten.
On admission, one should be fully prepared to work many hours a day. The first year economists have only about 3 hours of lectures a day, from Monday to Thursday, giving them 3 day weekends, but this does not equal partying. Every student in Cambridge is strongly urged to attend, aside from the lectures, supervisions. Whereas the lectures are held with all 140 students, supervisions are held with only 2~3 students per supervisor. It is the perfect opportunity to ask what one did not understand in lectures, and also the perfect opportunity to answer questions on those lecture topics that may come up in the end of year exams. Homework given out in supervisions takes around 5~10 hours per homework, and to do well in the exams, one must put in extra time to revise further what were taught in the lectures, leaving very little time for the much wanted leisure.
Prospective applicants should note that the material that is taught at Cambridge is not what many expected, or rather, the material that many expected to be taught is in fact not. Many students, who go to Cambridge University to read economics, like myself, want to partake in the financial career. These students want this top qualification to become investment bankers, stock brokers, risk managers, and private wealth managers etc. And these students expect to learn the finance and banking skills within the economics course. However, on admittance, many, like me, are surprised to learn the topics covered at Cambridge University. First year students learn microeconomics, macroeconomics, mathematics and statistics, politics and economic history. One may think that economics at Cambridge is very mathematical and that it does not require much essay writing. It is true that economics at Cambridge is one of the most mathematical economics courses anywhere in the world, but still essay writing is essential. In the end of year politics and economic history exams, one is required to write 4 essays in 3 hours. It is indeed a shock to those, including me, who chose economics so that they no longer have to endure the pain of writing long essays. Second year students learn microeconomics, macroeconomics, econometrics and mathematics, if one has the mathematical abilities, or development, if one has more artistic, essay-writing abilities. And then the third year is when we finally learn the more specific topics, such as finance and banking, labour, and public that will be helpful in our future careers.
For those who wish to work in the financial or the public sector, I suggest they consider studying economics. It is the obvious course to read for a career in the financial sector, and it has adequate balance between mathematics and literature (which Korean students tend not to like). However, it must be noted that wherever it is that you study, being good at economics A-level, will not get you very far at the university level. Extra work and effort, inside and outside of lectures and supervisions must be put in. Only then, the opportunities to work in the financial industry will open up.
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