University: The University of Western Australia

Degree: Bachelor of Philosophy (Honours), Economics

School Subjects: Mathematics Specialist, Mathematics Methods, Human Biology, Literature, Chemistry

____________________________________________

Introduction

My name is Benjy, and I am studying Economics through the Bachelor of Philosophy (BPhil) Honours program. I am entering my 3rd year, where BPhil is a 3-year degree with a 4th year of integrated honours. Economics is a social science that studies human behaviour and decision-making in allocating scarce resources to meet insatiable demands. This blog will briefly outline my general assessment of the Economics major whilst laying out some tips and things I would do differently.

Motivation

Note: UWA has changed the Economics curriculum, where the Economics I am completing has been renamed Business Economics.

My choice to study Economics was due to my lack of awareness regarding Commerce. As someone who had primarily studied STEM, I always considered studying a Commerce major at uni as it would help me better understand the world. In truth, Economics is the perfect major for this. I believe that Economics, whilst the least practical, is the most vital out of the Commerce-related majors. Economics helps you understand the underpinning behaviours and motivations of people within our society and economy. On top of this, Economics can explain how other Commerce majors work together within economics and society. If we look at Commerce as a tree, Economics is the tree stump at its core, and its stemming branches are the other Commerce majors and specialisations.

Outline

In the 1st year, there are 2 mandatory units to complete: Microeconomics: Prices and Markets – ECON1101 and Macroeconomics: Money and Finance – ECON1102. As someone with no prior knowledge of Economics, I found it interesting, manageable, and easy to understand. If you had done Economics ATAR at school, there is a decent overlap with the school curriculum. After the 1st year, the 2nd and 3rd-year units are up to you to pick.

Key classes that comprise Economic units are lectures, tutorials, and exams. Lectures can vary depending on which units you do. I would estimate and say that you would expect to have at least a 2-hour lecture per week. For lectures, it’s important to note that you may be assigned problem sets issued by the lecturer/unit coordinator. Furthermore, tutorials are ‘classes’ in which you are separated into specific classes (depending on your timetable allocation) with a limited number of people (around 20 peers). Here, you will go through solving the assigned problem sets with a tutor (with some weeks where you will also discuss group work in the tutes if it is related to the unit). A typical week doing Economic units will include at least one 2-hour lecture and 1 tutorial per Economic unit you do. Lastly, exams are where all the marks are (typically half your unit grade). Some units may have a mid-semester exam (which can either be online or face-to-face), but all Economics units have a final exam at the end of the semester—SO BE AWARE!

In terms of assessments, besides the exams, most Economic units have 1 weekly quiz and an assignment. Weekly quizzes test your knowledge of what was covered in the problem sets or lectures from the previous week. You have 1 week to complete this before it expires, and you can no longer attempt it (for which you will receive a 0 for the quiz). Some quizzes may vary in how many attempts you have. Always try to be on top of this, as they are easy marks and it’s easy to forget. For the assignment, it can vary from individual to group work. Usually, in the middle to late part of the semester, they are worth about 15-30% of your unit grade. If it’s group work, your groups will be formed in the tutorials.

Future Pathways

Like Maths, Economics is highly versatile and can be applied to various careers and disciplines. Examples include the financial sector (e.g., risk management, corporate banking, investment analysis), government roles (e.g., economist, policy analyst), academia, or international organisations like the World Bank and IMF. Economics is also increasingly relevant in the technological and environmental sectors.

Top 5 Tips for Economics

  1. DO AS MANY QUANTITATIVE UNITS AS POSSIBLE!

This is one of my regrets (as I haven’t done any), but focus on econometrics, statistics, and similar quantitative subjects. This demonstrates your analytical and quantitative skills, which are highly valued across all industries. The importance of these skills is highlighted in the World Economic Forum’s Future Jobs Report (2023).

  1. Forming Friendships with Your Cohort

Befriending and forming a study group with other people doing the same major can make a huge difference to your uni life. It will make studying less of a grind and more of a chance to work together (assuming efficient study!). This also makes a huge difference in group assignments. Sometimes you’ll be placed in a pre-assigned group by your tutor, where you have to make sure you can communicate and work well with others who you may have no similarities with (other than your major). But having friends you knew beforehand as your group for an assignment will aid not only in the immediate assessment but also in getting through uni life as a whole far more easily!

  1. Be Aware of Lecturers

One of the challenges I faced was the volatility of lecturers you typically get. Some lecturers’ passion shines through in the content they are teaching, whereas others just read off the slides in a monotone voice, which can make the unit harder to learn. However, you work with what you are given, so develop good study habits (especially during school) to help you get through uni, especially for units where the teaching style may not be what you personally prefer.

  1. Textbooks Help!

A follow-up to the tip above: if your lecturer might not seem engaging or if the slides are just too abbreviated, consider the unit textbook! It will always be announced which textbook you’re looking for at the start of the unit by the lecturer. These textbooks can be found on OneSearch or in the Unit Reading section of your unit’s LMS.

At UWA, choose the right places to study. For me, silent study spaces are key (uni can get quite rowdy!). My top three recommendations at UWA:

References

World Economic Forum. (2023). Future of Jobs Report 2023. In World Economic Forum. https://www3.weforum.org/docs/WEF_Future_of_Jobs_2023.pdf

‌