More on student finance: p 120 [Transcriber's Note: page number of the printed edition. End of note]
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What is Economics and Management?
Economics is the study of how consumers, firms and governments make decisions that together determine how resources are allocated. An appreciation of economics and the general workings of the economy has become increasingly necessary to make sense of government policy-making, the conduct of businesses and the enormous changes in economic systems which are occurring throughout the world.
Management is concerned with the effective use and coordination of materials and labour within organisations in the pursuit of the organisation’s defined objectives. It considers the inter-relationship and interactions between distinct parts of an organisation, and between the organisation and its environment. Management students look at theories, models and frameworks in order to understand how managers behave and consider their role in the process of decision-making.
Economics and Management at Oxford
The top-ranking Economics and Management undergraduate degree programme examines issues central to the world we live in: how the economy and organisations function, and how resources are allocated and coordinated to achieve the objectives that are set. Economics and management are ideal intellectual partners, each particularly fitted to strengthen and cross-fertilise the other. Economics provides the broader understanding of economic activity within which all organisations function; management in turn analyses the character and goals of that functioning.
The lectures and seminars are provided by the Department of Economics and the University’s Saïd Business School.
A typical weekly timetable
A typical week will involve attending six lectures and two tutorials. Prior to and after attending a lecture, students are required to undertake study to reinforce their understanding of the material introduced in the lecture. The tutorials involve discussing an essay with a tutor. Preparation for a tutorial will typically take up to two and a half days and will require extensive reading around the subject as well as the time to write the essay.
What are tutors looking for?
Economics and Management tutors are looking for candidates with: an interest in and a motivation for studying the organisation of businesses and the economy; independence and flexibility of mind; an ability to analyse and solve problems logically and critically; a capacity to construct and critically assess arguments; and a willingness and ability to express ideas clearly and effectively both on paper and orally.
Throughout the admissions process, tutors are trying to detect the candidate’s potential as an Economics and Management student. Final decisions about offers of places will use the full range of evidence available, including past and predicted exam results, the school report, the personal statement, the Thinking Skills Assessment and the interviews. Entry is competitive, which means that not all candidates who satisfy the admissions criteria will receive offers.
We do not interview everyone who applies, only those who have a realistic chance of getting in. Candidates from overseas may be considered without interview.
The interview is aimed primarily at assessing the candidate’s potential for future development. Interviewers will be looking for evidence of genuine interests and enthusiasms, and the motivation to work hard at them: candidates are expected to give reasons for their expressed interests in the course. The interview is not primarily a test of existing knowledge and, in particular, is not a test of economics or management, unless these subjects have been studied before.
Students interested in this course might also like to consider History and Economics, or Philosophy, Politics and Economics (PPE).
Graduates in Economics and Management are among the most sought-after in the University. Employers of Economics and Management graduates include both leading international organisations in traditional activities, as well as new start-up companies in a variety of high-tech fields. Recent graduates have secured positions in banking and finance, consultancy, research and teaching, and include a senior associate consultant and an economist for a national bank.
Katharine joined the Financial Services Authority (FSA) in 2002, following graduation. After a secondment to the energy regulator Ofgem, she returned to the FSA to work as a policymaker and now specialises in negotiating and developing EU and domestic regulation of investments. Katharine says: ‘The ability to analyse information and make judgements was crucial from my very first role at the FSA – my degree gave me confidence in my own analysis, and in my ability to explain my thinking.’
Dean, who completed his degree in 2009, is an Analyst for Greenhill & Co, a leading independent mergers and acquisitions advisory firm. He says: Oxford provided an unparalleled opportunity to enhance my self-confidence, develop thorough analytical skills, and hone my ability to communicate in a clear and articulate manner – prerequisites for a career in investment banking.
For more information about careers after Oxford, please see p 122 [Transcriber's Note: page number of the printed edition. End of note].
Oxford Economics ranked 5th in the world
The Oxford Economics Department has been ranked 5th worldwide in the 2011 QS World University Rankings by Subjects. The rankings are based on academic reputation, employer reputation, and research citations.
Three courses are taken:
First University examinations: Three written papers
2nd and 3rd years
Compulsory core courses:
Optional courses, of which at least two must be in Management.
Choose from more than 20 options papers including:
Final University examinations: The core Economics papers and five optional papers (including at least two from Management) are examined by written examinations It is possible to replace one optional paper by a thesis in either Economics or Management
It’s not just about doing the work - it’s about engaging fully in the subject. You’re going to discuss this subject each week with a world expert, who is passionate about it as well. Dara