Important Things to Know About Work Experience for Economics Students

Companies are searching for well-rounded people with other transferable talents that they can use in the job in addition to their aptitude for economics.

After beginning your economics degree, you decide that this is what you want to pursue for the rest of your life. It’s also possible that the financial benefits of studying economics, in terms of potential job opportunities down the road, served as your driving force. Regretfully, it is possible that this served as the driving force for the 25225 students who are presently pursuing economics degrees (source: HESA). Undergraduates are facing an increasingly competitive job market. Having a strong degree when you graduate from college does not ensure a good career. So, having job experience while pursuing your degree would be quite beneficial.

Statistics of Economics Work Experience

We frequently hear that economics work experience is crucial to get a job, but as economics majors, we prefer to quantify things. According to a Gumtree survey of employers, having job experience increases your employability by 95%. Even better, according to two-thirds of employers, candidates with job experience are more competent, 44% are more confident, and 40% are more devoted.

For what reason is work experience in economics beneficial?

You’ve previously demonstrated your ability to be creative, analytical, and effective communicator. Work experience is important since companies also value personal qualities, presentation abilities, IT skills, and communication skills.

Employers have seen once more your drive for self-motivation by your participation in work experience. In addition to this, you have the choice to apply the ideas you’ve been taught to the workplace; acquire new skills, such IT or presenting techniques; and experience a genuine workplace to determine whether the industry you are in is something you want to pursue in the future. If not, this will help you rule it out.

Get a real flavor of the competitive job market by going through the application process, from cover letters to interviews, and network with other professionals in the field.

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All of them lead to a very well-groomed resume and, ideally, more employment opportunities.

How about taking a part-time job instead?

Work experience can range in duration from three-week internships to twelve-month jobs. This offers the opportunity to spend summer holidays exploring three or four distinct industries, or it might even lead to the possibility of a placement year. Let’s say you were offered a six-week work experience at Company X, but you determined after the first week that it wasn’t for you. Resigning (as you would from a job instead of work experience) is pointless because five and a half more weeks of work won’t be the end of the world. When the six weeks are up, you have a solid reference, new abilities, a sharper CV, and the confidence to declare that you have no interest in working in that particular field.

There aren’t many worthwhile part-time jobs that can aid you in your future profession when it comes to practical experience, especially in economics. However, rather of focusing just on the job, the opportunities that companies provide through work experience and internship programs typically place a lot more emphasis on developing your personal abilities. Since job experience will only occur at times when there is no study, there is no issue with balancing work and study.

Most of the time, there is also financial benefit. Employers are looking to hire talented students. Students cannot afford to labor for nothing in order to make ends meet. Companies train the students, and if all goes according to plan, the graduate is hired by the company. If that seems too good to be true, consider this: according to a research conducted by the National Council for Work Experience, 73% of businesses have hired someone permanently as a consequence of work experience.

How can I locate chances for job experience in economics?

Are you truly at a loss as to where you should complete your job experience? You’ll be faced with a variety of options, including the public vs private sector, the type of training provided, big versus small businesses, pay ranges, and experience levels. The best advice is to be as open-minded as possible, especially in the beginning stages of your search, as you never know what could come up.

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No matter how lengthy the placement or internship is, finding one will take some effort on your part. A solid CV is the first need. After that, you should research firms that interest you and submit a speculative application or complete their online application.

Restricting your options to just one or two positions could be a bit dangerous. It doesn’t take an economist to figure out that your chances of getting an interview increase if you apply to more organizations.

Getting placed is similar to getting an actual job. Congratulations! If you were selected for the interview, make sure to prepare a few “model” responses. Following an interview, you can spend a day at a training facility being observed by assessors. Of course, every company has a somewhat distinct interviewing process; big corporations frequently have training centers, whilst smaller organizations could use a more casual approach.

You now have to locate a job.

Economics is a broad and versatile topic that opens up a lot of career options. Due to the abundance of options, this may pose more difficulties in placing than it would be helpful! Apply for several jobs, ensuring sure your cover letter is tailored to the employer each time, and observe the results. Try contacting the career service at your institution; they can offer helpful advice. Try searching the internet as well; if you discover what you’re looking for, it can be time-consuming but worthwhile.

Economics student societies

Student organizations encompass a wide range of topics, such as yoga, Swahili, pizza and wine appreciation, the armed forces, and bridge club. There’s a good possibility your institution offers something you’re interested in, and if not, you can always create your own.

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Societies will involve a variety of activities, such as social gatherings, discussions, and debates, in addition to field trips to locations of economic significance.

Consult your university since each one has a somewhat different process for starting a group. But the majority of them include validating the goals and objectives of your organization, verifying that x number of individuals are willing to join (typically about 20), and identifying your board members (secretary, treasurer, etc.) and financial requirements. It doesn’t take much, and before you know it, you may have a whole schedule of events scheduled, such as a visit to the Treasury or a speaker from a prestigious company.

Still unclear about what it entails?

Creating groups on social networking platforms (like Facebook, Meetup, or GroupSpaces) helps facilitate society management. Additionally, inquire with your university; as all students have access to this, you might be able to have a page on your Virtual Learning Environment (VLE).

Economists do not necessarily make up a society focused on economics. Including participants from other fields, including politics and business, will enrich a debate with a variety of perspectives and points of view.

  • The ones that are already well-known to us
  • To include your society in this expanding list, send an email to econ-network@bristol.ac.uk.

You don’t want to form your own Economics Society and there isn’t one?

Warwick University hosts an Economics Summit each year. With the goal of “inspiring students to impact tomorrow’s world,” high-profile speakers will be discussing a variety of issues this weekend.

Professor John F. Nash Jr. (Nobel Laureate 1994), John Kay (leading UK economist and Financial Times columnist), Johannes Linn (former World Bank Vice President), Dr. Kandeh Yumkella (Director General of UNIDO), Clive Crook (then The Economist deputy editor), Tim Harford (UK economist, author, and Financial Times columnist), Vince Cable (Lib.Dem. Treasury Spokesman), Sadeq Sayeed (CEO of Nomura for EMEA), and Ewald Nowotny (Governor of the Austrian Central Bank) are just a few of the notable speakers who have attended The Summit before.