Author: Mohamed Nawfal (article originally taken from uniclues.com)
Course: xxx
It is the study of how different stakeholders, from governments to consumers, can allocate their scant resources efficiently through effective decision-making.
The two can be quite different. While the former involves more essay writing, the latter involves more mathematical work and requires students to use calculus, linear algebra and statistical analysis in their work.Â
After my A-Levels, I decided to read my JC Economics notes once again. I was intrigued by how Economics is prevalent in our everyday lives and how the study of Economics teaches us to make decisions in our own lives as well. Also, when I was in JC, I attended a seminar organised by my JC where they went through a bit on Econometrics. I found it interesting and decided, there and then, that Economics is what I want to do at university.
Interest in JC Economics can be an indicator of whether you will like the study of Undergrad-level Economics, albeit weak because of the sheer amount of mathematical work involved in the latter that is somewhat absent in the former.
For those wondering if they are really interested in the study of Economics, I would advise you to read the news to see if you are interested in how policy-making affects economies because that is essentially a big part of what you will be analysing in Economics, especially if you take Applied and Policy Economics.
I have a penchant for Economics and the Social Sciences. The only other course I was considering was Politics, Law, and Economics (PLE) at SMU but I wasn’t accepted. For some odd reason, I did not consider Business school at all at that point.
Business is the study of how individual businesses are managed while Economics is the study of how different stakeholders, like individual businesses and consumers, interact in the economy. My take is that if you are interested in subjects like marketing and finance, where you focus on enhancing individual business’ profits, business school is the clear choice. However, if you are more interested in forecasting economic trends and studying the big picture, you might want to consider Economics!
NUS FASS and NTU Economics offered a spot whereas I was rejected by SMU PLE. As someone who still had doubts about her interest in Economics, I was drawn to the flexibility of the NUS FASS curriculum. The curriculum allows students to change majors relatively easily if they realise that a particular major is not for them. For NTU Economics, however, you would be matriculating into the course itself and have little room to jump to another major if Economics doesn’t fit you.
Secondly, there are some Economics modules that I want to take which are only offered at NUS Economics. One example is this module called “Economics of Education”. However, this doesn’t mean that NTU is inferior as each school has its own strengths. For instance, NTU is known for its strength in Behavioural Economics. It just depends on where your interests lie and what you prioritise in your education.
Other minor factors that tipped the scale in favour of NUS were accessibility of the campus and residential life. I was keen on joining a Residential College at NUS whereas NTU did not have such a thing.
On a side note, I didn’t get into a Residential College because there is so much competition between students to get into them, especially Tembusu (chiefly because of Professor Tommy Koh).
I would say it is not very important. Doing Economics at the tertiary level is not a prerequisite to enter NUS Economics. I have coursemates who hadn’t done Economics in their lives before university and were from polytechnic courses like Business and Engineering. In my opinion, competency and interest in Mathematics are more important factors to consider when deciding whether to do Economics or not.
In my opinion, I’d say there was a smooth transition into NUS Economics because the professors kickstarted the course with an Introduction to Economic Analysis module. Following this, we did microeconomics, which is simpler than the microeconomics I took in JC. However, macroeconomics is more quantitative compared to JC macroeconomics and hence required a bit more work from me when I was doing that module.
Those who are not willing to improve their mathematical knowledge should stay away. I’ll say that I am not a huge fan of mathematics but I still worked on it. Eventually, I started to find it interesting and useful because I could understand the application of mathematics to economic problems.Â
You could attend the Economics orientation camp to get to know more people and seniors! It was through these seniors that I got valuable tips on how to survive NUS Economics, like which lecturers are good. This information can be crucial when choosing your modules as different lecturers set exam papers differently. I also sourced for university notes on Carousel before university and skimmed through them to get a gist of what I was going to study. Keep in mind that I did this out of interest and enthusiasm and there is no need to do this before you start university!
Contrary to other FASS majors, NUS Economics modules typically do not need as much reading and essay writing, at least for the core modules. Instead, we have examinations, one in mid-semester and another at the end of the semester. Usually in class, we go through our weekly problem sets which are usually short-answer questions!Â
Different modes of grading are class participation, weekly quizzes, mid-terms & finals. Some modules have graded group projects too!
My favourite module so far has been Quantitative Methods for Economic Analysis. Even though the module is heavy on Mathematics, I love how passionate the professor is. Other useful modules that I am looking to take include Programming Tools for Economics, which is an essential skill that employers look for, and Economic and Financial Forecasting, which is useful if you intend to enter the field of economic research or other related fields.
I like the people I have met! They have been really nice and helpful. I would say some of the professors are really passionate about the subject they teach while the others are pretty mundane.
The more common second majors people take alongside Economics are Business Management and Statistics. I have heard of one student who is taking Economics with Mathematics. Personally, I am doing a minor in Business Management and History. I am doing Business Management because I am interested in Marketing and hope to work in that field in the future. History is just out of pure curiosity and interest in the subject as I have heard that it is more unorthodox compared to JC History. Apart from these, I am also doing basic Korean language modules at NUS. NUS FASS can be really flexible in allowing students to explore their interests. However, with that said, sometimes, you might not get the module you want to do, especially with the new module allocation system. There are several factors they take into account.
These are:
The most common industry Economics students go into is the banking and finance sector. I know that the finance industry is open to students from majors other than business. There are several factors that affect your job prospects in the banking industry. These include, but not limited to, internships and finance modules taken in school. Â
The second most common one would be the public sector, specifically statutory boards and agencies like the Economic Development Board, Ministry of Trade and Industry, Ministry of Education, and Ministry of Finance.
There is one job opening that I am aware of that is specifically for Economics graduates only and that is the Economist Service at the Ministry of Trade and Industry.
I hope to further my studies by doing a Masters in Economics at the London School of Economics (LSE). Another option is a Masters in Public Policy at NUS. If that isn’t possible, I want to work in Data Analytics or Marketing! Being young, I am open to various options.
I was part of the Students Against Violation of the Earth (SAVE) club at NUS. I helped organise a flea market for second-hand clothing which was really enjoyable! I am taking a break from it as I am currently serving on two organising committees of two different orientation camps, the Economics camp and the Community Service Clubs camp. If you don’t overload modules, I would say it is entirely possible to juggle your schoolwork and extracurricular activities.
Cultivate an interest in things outside of school! Don’t restrict your learning to the school curriculum. Economics won’t teach you everything that you will need in the workforce later on. For example, I know of several people who learn to code on the side. The Internet provides so many opportunities to learn so use it well!
The views and opinions expressed here are solely those of the interviewees and do not reflect the official policy or position of any institution. They are also not intended to malign any religion, ethnic group, class, individual or organisation.
The information contained in this website is intended to provide general guidance only. It should not be relied upon as professional advice and does not 100% guarantee admission into any course.
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