Are you confused about what to study at university? Economics is the answer

I wanted to write about something personal this month. If you are thinking about your career and you are not sure about what to study at the university.

I have been there before and will tell you five reasons an Economics degree might be the best decision for you.

I was admitted to study Medicine at the age of 16 and was a Medic for four years. Apart from the course being a tough one requiring several hours of study.

I did not enjoy what I was learning and thought I would instead do a social science course even if it meant learning new subjects and doing the extra study to catch up. I knew being a medical doctor might not be the way for me, but I was not sure of what a better alternative would be.

I started talking to friends in different departments across social science, and one of them who was about to graduate recommended Economics, which according to him was the best degree as it helps your analytical and problem-solving skills. You can work in any industry which is not the case for most courses. I found this to be the case, and there are several other skills that I gained.

So, first of all, Economics enables you to work anywhere due to the analytical nature of the programme. From your microeconomics, macroeconomics to econometrics classes, you will have to be analytical and a problem-solver to excel in these courses.

I remember the first microeconomics class that I took, and how the optimisation problems appeared very difficult due to the amount of knowledge required for a proper understanding of a single question. You will need to be good at your algebra, indices and other simple mathematical concepts to translate and solve the problems.

The experience will teach you how to solve problems by breaking them into smaller parts and building it up to arrive at the final solution. You need these skills in life and at work.

Secondly, an economics degree gives you general research skills. An economist is a natural fit for any analytical role. You will be required to analyse various concepts in some of your modules, and this will sharpen your research skills. I remember some of my econometrics and finance modules, where I needed to analyse some dataset to validate or reject some hypothesis testing specific economic theories.

This exposure gave me a good grounding in conducting research, and when combined with your analytical and problem-solving skills, you will have excellent research skills that will help your future pursuits.

The third reason is your ability to use statistical and programming software. As aforementioned, data analysis is an integral part of the degree and to do this, you will need a tool to help with the task. Throughout my study, from undergraduate to masters and even at the PhD level, I always had to learn a new tool to help with my analysis. For instance, I was able to use SPSS during my undergraduate dissertation, and for masters, I used STATA and Eviews.

The ability to use this software is good and even better is the ability to learn new tools; this skill has been invaluable since I joined the world of work. I have been able to learn and become proficient in Python and R for building Machine Learning models. Naturally, as an economist, you will want to know the best software for your analysis and I have gained immensely from this mindset.

As technology evolves, you will always have to learn new tools, and the willingness to learn will help you to stay relevant and current to meet changing skills at work. Especially in the modern world of big data, cloud computing and the Internet of things.

The fourth reason why you need an economics degree is the soft skills that you gain. As a social scientist, you will take some courses in psychology and sociology, which will help your understanding of other people and the environment. Working with others will always be critical to your success personally and professionally.

You must be able to manage conflicts, relate well with colleagues and also remain professional to succeed in a competitive workplace. By understanding these dynamics through study and a growth mindset, you will be able to enjoy your work and life generally. Also, it gives you excellent leadership skills.

Lastly, an economics degree gives you financial freedom. Most organisations recognise the skills economists have, and they will reward you well for investing in yourself and helping them to drive growth in their business. Generally, if you do what you enjoy, the money will follow.

Personally, from not knowing what to do initially to studying an Economics degree, I have developed a passion for solving problems, learning and technology. These three things have helped me immensely personally and professionally. Hence, my recommendation.


Lastly, if you are socially conscious, you will be able to use your Economics degree to work in an industry that you care about and believe has a good social impact. For me, my passion lies in Energy and Technology due to the difference made in these industries in our everyday living.