Best A-Levels for Studying Economics

Are you thinking of studying economics at university? Economics degrees are sought-after by students and employers alike, and they are highly regarded, academic degrees. Economics is the study of scarcity and focuses on the way in which people use resources, as well as how they produce goods, grow that production, and invest in their own welfare. Economics is a complicated but fascinating topic and one which has wide-reaching implications for every aspect of society.

But what A-levels will you need to study economics? What career paths could this degree lead to? And what grades might you need to be accepted onto an economics course? If you’re thinking of studying economics at university then choosing the right A-levels to reach your goal is essential. Here’s everything you need to know about the best A-levels for studying economics.

Why Study Economics?

One of the main reasons students choose to study economics is because it is such a rich and interesting subject. Students are afforded the opportunity to work on both theoretical and practical assignments which can range from analysing the economic output of entire nations to converting their own smaller theories into practical outputs. At its heart, economics is the study of people and what drives human behaviour, decisions and reactions when faced with difficulties or successes.

Economics is a highly respected and sought-after degree subject, meaning that it will present a world of opportunities to you after graduation. Not every economics graduate goes on to become an economist! Some of the most typical career paths for graduates with economics degrees include:

• Financial risk analyst
• Data analyst
• Financial planner
• Accountant
• Economic researcher
• Financial Consultant
• Investment Analyst

It is very common, as the job titles above indicate, for economics graduates to pursue careers in both business and finance, as well as focusing on economics by working as economists and economic researchers. This is because an economics degree helps prepare you for careers that require numerical, analytical and problem-solving skills. So, if you’re interested in pursuing a career in either the finance or business arena then this is another great reason to consider studying economics.

Not interested in business or finance? Economics is a useful tool to have, and one that you can go on and use in a wide variety of walks of life. Because economics will give you a solid grounding in both maths and statistics, as well as encourage you to think in a way that is analytical and focuses on problem-solving, you may also be able to use the transferrable skills you gain from your economics degree in the worlds of politics and government, the media, and marketing and communications. Economists are also highly sought after in corporate environments, where their skills can be used in practical ways as diverse as website design or marketing strategies. In terms of new employment areas, economists would also be well prepared for roles in ‘Big Data’, and they are also lending their skills and expertise to the fields of behavioural science, psychology, and neuroscience. In real terms then, this is an incredibly versatile degree and one that you could use to pursue a whole host of chosen careers.

Aside from the career stability and wide range of available career options if you choose to study an economics degree, other reasons to study economics include:

• Giving you a rich and wide educational base. You will learn about a diverse range of topics, from history to politics, to international affairs and consumer behaviour.
• Make an impact. With a background in economics, you will be able to drive change on a local and international level, enabling you to make an impact and better society.
• Gain an international perspective. Economics is a rare degree that has both a national and an international focus. This means that you will have transferable skills that you could utilise if you wanted to live or work overseas.

The Type of Knowledge Needed for an Economics Degree

Economics is a largely maths-based degree, so many of the skills and knowledge you will need to succeed when studying economics at degree level are similar to those you will need to study maths at degree level. Key skills that you will need to possess to study economics at a higher education level include an ability to analyse and solve problems, logically and critically. You will need strong mathematics processing skills and a good head for both numbers and statistics. However, economics requires much more than just pure maths: you will also need to possess the capacity to contrast and critically assess arguments. Unlike other maths-based degrees (particularly a pure maths degree), which have the tendency to be quite insular, an economics degree also requires that you have strong communication skills. As an economics student, you will need to be able to present ideas in a well-defined framework and then verbally support these ideas with evidence that uses complex data. For this reason, strong written and verbal communication skills will be essential.

Other knowledge that you should possess before you apply to study an economics degree includes:

• Problem-solving skills and the ability to use your own initiative. You will need to be an independent thinker to be successful when studying economics.
• Strong time management skills.
• Commercial and cultural awareness, both when working on local economic projects and global economic projects.
• The ability to work well as part of a team and established interpersonal skills that will enable you to form key working relationships with others.
• The ability to simplify complex issues.

Essential A-Levels for Studying Economics

For some degrees, it will be essential that you study your chosen course at A-level to proceed and study at degree level. You will need a maths A-level to take a maths degree, and an English Literature A-level to be offered a place on an English Literature degree, for example. But because not many schools and colleges offer economics as an A-level qualification, obtaining this is unlikely to be a requirement for your degree acceptance. Of course, if A-level economics is available to you, and you know you want to study economics at degree level, then you are advised to take this course. It will offer you an introduction to all of the economic theories that you will study at a deeper level, and will help you to confirm that the subject matter is the right fit for you. It will also demonstrate your commitment to studying economics to the admissions officers at your chosen university: If your school or college offers economics at A-level and you choose not to study it, they may question why. If you are able to study economics at A-level then this may give you an advantage over other students.

Economics is a largely maths-based discipline. Therefore, whilst it is not always a requirement at all universities that you have a maths A-level to apply, you are strongly advised to study maths if you know that you want to study economics at degree level. Whether or not you need a maths A-level as a hard requirement will depend on the universities you apply to. Cambridge University will ask that you have a maths A-level for example, and offers to Cambridge Economics candidates are typically conditional on achieving an A* for A-level mathematics. The University of Birmingham will not require that you have a maths A-level: however, you will need to secure higher grades to attend Birmingham University without a maths A-level (expect an offer of AAA) compared to with a maths A-level (expect an offer of AAB). If you do wish to study economics at degree level without a maths A-level then it is likely that you will be asked to take Introduction to Mathematics for Economics in the first year of your degree course, to ensure that your maths skills are up to the same standard as the other students on your course, and to ensure that you understand the depth and range of the subject matter.

A-level maths is an incredibly popular A-level, with 11.4% of all A-level students choosing to study maths beyond the age of 16. (It is a legal requirement that everyone up to the age of 16 in the UK study maths and gain a maths GCSE). This means that you can study maths everywhere, regardless of which college or school you choose to attend, which is why so many universities are able to make a maths A-level a prerequisite for entry into their economics degree programmes.

Not only is it largely important to study maths at A-level if you wish to study economics at university level, but the most successful economics applicants also study A-level further maths. This is reflective of the significant mathematical and statistical content of an economics degree: If you don’t excel at maths, then this is unlikely to be the right course for you! Whilst they are rarely listed as required subjects, most university admission officials will look favourably at applicants for economic courses with further maths and statistics qualifications. If you’re prepared to dig a little deeper into the type of maths and further maths that will help you with your higher education pursuits, then opting for pure maths and statistics modules will be more relevant than mechanics or decision maths, which have less of an impact on the world of economics.

Other A-Levels for Studying Economics

The three best subjects to study if you are focusing on applying for an economics degree are maths, further maths and economics. But there are other A-levels that you could consider adding to your armoury: Statistics is also an incredibly valuable A-level for students wishing to study economics, for example. Statistics is the practice of collecting and analysing numerical data in large quantities and then making inferences from that data gathered. It is an integral element of economics, and would therefore be a valuable A-level subject for future economists.

If economics is not available in your school or college, then you could also consider taking A-levels in geography, history or business studies. Each of these subjects will add value to your economics degree because so much of economics involves taking subjects such as politics, law, finance, geography, history, and globalisation and looking at them through an economic lens. And each will give you a slightly different perspective on the world of economics: studying business studies will broaden your understanding of business organisations, for example, and give you a deeper understanding of the ways in which economic policies can impact the business world. Often university admissions officers will place value on essay subjects (such as history or geography) because they demonstrate an ability to write long-form essays, conduct academic research, and assimilate and understand key information and then share the most integral elements of this information in their written work. If you have the capacity to study an essay subject, therefore, this will have value, but essay subjects are considered less important than mathematics-based subjects when your primary intention is to secure a place on an economics degree.

Because economics is a highly sought-after degree with a high workload, you might wish to consider taking a fourth A-level if you’re able to. This will demonstrate that you’re able to work well under pressure, manage your own workload, and cope with the academic challenges of learning more than one thing at the same time. If you are able to take a fourth A-level then some suggested A-level combinations with the highest chance of success, when applying for an economics degree, are:

• Economics, Maths, Further Maths, Statistics
• Maths, Further Maths, Statistics, Business Studies
• Maths, Further Maths, History, Business Studies
• Economics, Maths, Further Maths, History
• Economics, Maths, Statistics, Geography

Getting the Right A-Levels for Economics

As well as ensuring you study the right A-levels, it’s also important to ensure that you get the right A-level grades to study economics. Because economics is such a desirable and highly sought-after degree, most universities will expect high A-level grades from their students. Don’t worry: if you don’t get the A-level grades you need, or the grades you were expecting, it is possible to resit your A-level exams and many universities will allow you to defer your offer, and your entry, for a year so that you can take the time you need to achieve these grades.

According to The Guardian league table from 2020, the five best universities to study economics in the UK are: Oxford, Cambridge, St Andrews, Strathclyde and Stirling. The A-level grades you would need to achieve to study at these five institutions are outlined below:

• University of Oxford: You will need A*AA grades to be accepted here, including a maths A-level at either A or A* level.
• University of Cambridge: You will need A*A*A grades to be accepted here, including a maths A-level at either A or A* level.
• St Andrews University: You will need AAB grades to be accepted here.
• Strathclyde University: The offer range for this university is ABB-BBB, and some students will be required to hold a maths A-level.
• Stirling University: You will need AAB grades to be accepted to study here.