applied economics personal statement

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• Economics Masters Personal Statement Sample

Written by Hannah Slack

This is an example personal statement for a Masters degree application in Economics. See our guide for advice on writing your own postgraduate personal statement .

The notion of financial risk has always fascinated me. Risk is involved all parts of our life, and learning economic theory and statistics can help mitigate some of the larger financial risks that can massively impact our economy. Since my undergraduate course I have been intrigued by the theoretical side of economics and statistics. I particularly enjoy learning how to project potential outcomes, as this is a vital skill desired by many corporations to strengthen their decision-making processes.

Currently I am in my final year of an Economics undergraduate degree and I am projected to graduate with a first. Modules in Behavioural Economics, Finance and Investment have been a strong interest of mine since the beginning of my degree. I have also enjoyed learning more about economic policies across the globe. In order to keep up to date with the latest economic policies I make sure to follow governmental and news outlets, such as the Financial Times.

In my second year I completed a four-month placement with a national bank. This allowed me to learn more about the practical implications of economic theory in a financially focused setting. I grew very interested in the work of the Risk Manager, who further enlightened me on the many different factors that must be considered before making a major financial decision. The main thing that I enjoyed about financial risk was the tangibility of it. As history has demonstrated, financial decisions can have a major impact on society, both positive and negative. Learning how to restrain negative impacts, and how to manage risks appropriately, intrigues me as an essential part of our modern world.

My third year I spend abroad studying Economics in Australia. I found it particularly interesting to learn the differences between the Australian economic system and the UK’s, which will become increasingly important with the advent of post-Brexit trade deals between the countries. This experience only contributed to my enthusiasm with economic theory as I was able to learn more about its role within other countries.

I have decided to apply for this course because it is one of the finest in the country, with excellent links to industry. To contribute to financial risk management in the way I aspire to, I believe that I need the best education possible. This course not only has a compelling combination of modules and specialisms, but its reputation and research quality will help propel me as a competitive graduate on the job market. I truly believe that with my passion and intrigue in the subject, and this course’s quality resources, this university will be the best place for my studies.

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Successful Personal Statement For Economics At Cambridge

Last Updated: 12th April 2022

Author: Chloe Hewitt

Table of Contents

Welcome to our popular Personal Statement series where we present a successful Personal Statement, and our Oxbridge Tutors provide their feedback on it. 

Today, we are looking through a Economics applicant’s Personal Statement that helped secure a place at Cambridge University. The Economics Course at Cambridge provides a rounded, rigorous education in Economics which is valuable for a wide range of career paths.

Read on to see how this candidate wrote a Personal Statement that helped secure their place on a reputable degree. 

Here’s a breakdown of the Personal Statement:

SUCCESSFUL?

The universities this candidate applied to were the following:

Enrolling on our Cambridge Economics comprehensive Programme will give you access to Personal Statement redrafts. 

With our  Oxbridge Economics Premium Programme, your tutor will give you regular actionable feedback with insider tips on how to improve and make your Personal Statement Oxbridge quality for the best chances of success.  

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Economics Personal Statement

The right answer – does such a thing even exist? When considering the field of mathematics, my response would be an unequivocal yes – indeed, I find its simplicity and elegance some of its most attractive qualities. For economics, however, the question of a right answer is not so straightforward. My interest in economics was sparked when I read “Freakonomics” and “SuperFreakonomics”. I found the search for a logical explanation behind seemingly illogical behaviour intriguing, and the idea that small changes to incentives could effect such large changes to those behaviours fascinating.

To further my understanding, I attended lectures at the LSE, including one given by Ha-Joon Chang. His arguments challenged much of what I had learned – deregulation and trade liberalisation would not, apparently, stimulate competitive growth, while education, it turned out, could not be counted on to increase entrepreneurship or productivity. These contradictions made me eager to read his “23 Things They Don’t Tell You About Capitalism” and “Bad Samaritans”. Although relishing his controversial stance on almost everything, I found his central thesis – that by using protectionism to support fledgling domestic industries, other poor nations can emulate South Korea’s success – overly optimistic and one-size-fits-all. As Paul Collier argues in “The Bottom Billion”, many are trapped by conflict or bad governance, with even bleaker prospects after “missing the boat” on which many Asian economies sailed away to prosperity.     

While economics is rooted in the world around us, with all its fascinating, messy complexities, mathematics derives its beauty from its abstract nature. It is unique in that it can lead us to an answer that is not merely the right one, but is true in an absolute sense. This was emphasised by G. H. Hardy in “A Mathematician’s Apology”, where he spoke of a mathematical reality distinct from the ordinary one, of which we can only ever hope to produce a “partial and imperfect copy”. Another of the appeals of mathematics is its breadth of application. I was able to explore this over the past three years in a series of Royal Institution master classes covering topics from graph theory to the mathematics of juggling. My decision to continue with mathematics was confirmed when I undertook the AEA; I found it challenging but immensely satisfying to be able to use simple concepts from the A-level core modules to solve even the most daunting problems.

Over the past year, I have mentored two students in mathematics. Explaining concepts to them helped deepen my own understanding and led me to explore proofs behind theorems I had previously accepted. In addition, acting as a primary school classroom assistant inspired me to set up my own volunteering scheme, in which I and other students help children learn to read. I have enjoyed competing in the UKMT Mathematics Challenge, in which I won a medal at Olympiad level, and the UK Linguistics Olympiad, in which I twice progressed to the selection round for the national team. I have also represented my school in the Hans Woyda competition, and am excited to be doing the same in the Target 2.0 challenge later this year.

Despite their differences, the authors I mentioned above hold something in common: their use of empirical methods to reach conclusions. It is here that the attraction of combining the study of mathematics and economics becomes especially apparent. Without mathematics, economics risks beginning to earn its title “the dismal science”, reducing to speculation and rhetoric without even the emotional investment enjoyed by politics. This is not to dismiss the importance of normative economics, but to say that it draws meaning from a basis in fact. I am not arguing for sound bite solutions to complex questions, but rather that, even in a field as hotly debated as economics, the right answer is still a worthwhile goal, reachable through the use of data and copious amounts of trial and error.

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Your Personal Statement is only one step in your Economics application, so discover everything you need to know in The Big Book Of Oxbridge Applications , available for free here! Through over 350 pages , you will find:

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Good Points Of The Personal Statement

This statement is thoughtful and interesting, and conveys clear motivations for studying Economics, as well as demonstrating a good level of preparation for university study. The student elaborates on their response to each preparatory activity they engaged in, rather than falling into the trap of simply listing books read and lectures attended. They are clearly passionate about the subject, and show promise as an economist, which they demonstrate in, again, not only listing their achievements, but explaining what they took from the experience, and subtly indicating what this says about them as a student.

Bad Points Of The Personal Statement

I have very little to say in criticism of this essay except that, perhaps, it could come across as a little cliché. Questioning whether there is such a thing as ‘the right answer’ in the introduction, and concluding that pursuit of the field to which they’re applying for further study is worthy are both very common.

UniAdmissions Overall Score:

This is an exceptional personal statement. Not only is the student accomplished, they convey this without bragging, and in enough detail that we gain insight into their abilities, motivations, and personal interests, rather than simply receiving a list in prose form. Though the ideas with which the student begins and concludes the statement are somewhat unoriginal, the explanation found in between is exceptionally strong, and justifies the unoriginal sentiments – they’re clearly not being added just as throwaway lines.

This Personal Statement for Chemistry is a great example of demonstrating motivation and development which is vital to Admissions Tutors.

Remember, at Cambridge, these Admissions Tutors are often the people who will be teaching you for the next few years, so you need to appeal directly to them.

Check out our other successful personal statements and our expert guides on our Free Personal Statement Resources page.

Successful Personal Statement For Natural Science (Physical) At Cambridge

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Our expert tutors are on hand to help you craft the perfect Personal Statement for your Cambridge Economics application.

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Writing an economics personal statement: expert advice from universities

Get your economics personal statement in top shape with these insider tips

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Read around the subject 

• Read more:  how to write an excellent personal statement in ten steps

Let your passion for economics shine through in your personal statement

• Read more:  teacher secrets for writing a great personal statement

Make sure you really understand what economics is all about

Do your research into the course.

• Read more:  personal statement FAQs

Keep your personal statement personal

Talk about how you engage with the world around you.

• Read more:  the ten biggest mistakes to avoid when writing your personal statement

Show your interest in collecting and analysing data

• Read more:  universities reveal all about personal statements

Don’t only focus on finance

• Read more:  universities explain how to end your personal statement with a bang

Include extracurricular activities with relevant skills

• Read more:  how to write your personal statement when you have nothing interesting to say

You could talk about your plans for your future, but don’t worry if you don’t have a definite career trajectory all mapped out

• Read more:  how long does it take for universities to reply to your application? 

It shouldn’t matter if you haven’t studied economics before

Proofread your personal statement before you send it out, you may want to look at these..., personal statement secrets – universities reveal all.

Want to know how to craft an amazing personal statement? Take some advice from the experts...

How to write an excellent personal statement in 10 steps

Help and advice on putting your application together

Personal statement FAQs

We've gone through some of the most commonly asked personal statement questions and put all the answers in one place

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Economics personal statement examples

On this page is a collection of economics personal statements, all written by real students. Among them are some that have helped students make successful applications to universities such as Cambridge, LSE and Manchester.

Some also feature review comments from The Student Room personal statement review team.

By reading through a few of these samples, you can gain inspiration for your own economics personal statement. 

Economics personal statement examples - top rated by students

We have lots of economics personal statement examples that you can read through. To help you find the best ones, we asked students to vote for which they found the most useful. 

The following personal statements are those that were the most highly rated.

Economics degree personal statement example (1c) LSE offer Submitted by: Anonymous "For me, the uniqueness of economics lies in its ability to combine both Arts and Science disciplines. Such a synergy creates a diverse subject which..."

Economics degree personal statement example (2h) Cambridge offer Submitted by: Anonymous " Observing the world around me, it is clear Economics can clarify so much. Take the stock market: an intricate web of transactions, demand and..."

Economics and finance degree personal statement example (1g) with review Submitted by: Anonymous " In today's world, economics associated disciplines are of fundamental significance..."

Economics and management personal statement example (1c) Oxford offer Submitted by: Anonymous " Economics in the current climate is inescapable; it dominates the media and is at the forefront of..."

Economics degree personal statement example (1h) Submitted by: Anonymous " Logic, fresh ideas, and a strong applicability to real life: the fundamentals of economics are based on..."

Economics degree personal statement example (1q) Cambridge offer Submitted by: Anonymous " Everyday, we are faced with choices. Whatever their magnitude, economics encourages a logical approach to..."

Business and economics personal statement example (1a) Submitted by: Anonymous "Economics was the first subject which caught my attention, and got me thinking about its relevance outside..."

Economics degree personal statement example (1s) Cambridge offer Submitted by: Anonymous " Ever since my Year 9 history teacher told me of the "circle of prosperity", a phenomenon we now know better as..."

Economics degree personal statement example (1e) UCL offer Submitted by: Anonymous "Travelling around the world, and having visited places including America and Iran, has allowed me to personally witness..."

Economics degree personal statement example (2d) with review Submitted by: Anonymous " I am applying to study a degree in economics principally because of the diversity of both the subject and..."

Full list of economics personal statement examples

Studying economics at university.

Study for an economics degree and you will be exploring how people, businesses and governments produce and allocate resources.

Economics degrees cover a wide range of topics, including microeconomics, macroeconomics, econometrics, international economics and business economics.

Economics degrees can also be combined with other subjects, such as history, politics, or philosophy. Economics graduates might go into careers in various sectors; such as banking, consulting, education, or public policy.

Explore economics degrees at UK universities on The Uni Guide .

Advice on writing your economics personal statement

On The Uni Guide, we've got advice from universities on what they want to see in an economics personal statement . 

Among the tips shared by these admissions experts:

• Show that you've read around the subject
• Find ways to demonstrate your passion for economics
• Do your research into the course and show that you understand what to expect from it
• Write about more than just an interest in finance

More help with your personal statement

You can find personal statement examples for other courses by using this subject list, or by returning to our personal statements by subject page.

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How to Write your Economics Personal Statement

Are you applying to economics courses at university this year? If so, this guide might come in handy. Based on my experience helping students with personal statements, as well as discussions with other Cambridge students and fellows, I have built up an understanding of what makes a very good economics personal statement. Below I present a series of steps for how to write the personal statement.

Decide on your course

It sounds obvious, but make sure you have decided on the courses which you would like to apply to. If you are unsure, you can consider your A-levels, particular interests, or whether you have a particular job in mind for after university.

From this point onwards, I will assume you are interested in applying for some kind of economics degree. However, the advice below generally applies to joint degrees and other courses however.

Supercurricular activities for economics

Given you have decided on the course for which you are applying, the next step I recommend is to write a list of all your supercurricular activities .

This is not the same as an extracurricular activity. You can think of the difference like this:

• A supercurricular activity is an activity that takes place outside of school lessons, that is directly related to your university course of choice. An example is reading an economics book.
• An extracurricular activity is, again, an activity that takes place outside of school, but that is not directly related to the course you are applying to study at university. An example of this is being part of a sports team.

Supercurricular activities should form the bulk of your personal statement. Some universities post recommendations such as 75 to 80% of the personal statement should be about supercurricular activities exclusively. Other universities will state that they are only interested in your academic pursuits (in other words, supercurriculars).

Complete Guide

For the complete economics personal statement guide, click the link here (paid resource):

Types of Supercurriculars

Supercurricular activities can include, but are not limited to:

• Online or in-person lectures.
• Magazines or journals.
• Online courses.
• Essay competitions.
• Reading blogs.

In a future blogpost, I will outline some examples for various areas of economics.

How should you choose your supercurriculars?

I recommend choosing activities based on your particular interests within the subject of economics. For example suppose you are interested in labour economics (in other words, what decides the wage and employment level in an economy or labour market). Then I would recommend finding activities relating to these topics. This could include entering an essay competition by writing on a labour economics topic such as migration, minimum wages or inequality, or searching in YouTube for lectures relating to migration (such as Alan Manning’s LSE lectures, for example here ). You may be able to find podcast episodes covering these particular topics.

Another example is let’s say you had an interest in environmental economics. Then you could look into a podcast episode on carbon taxes (for example here ). You could then look into books, blogs or online courses on the topic and so on.

One possible way to structure your personal statement is to have one paragraph for each topic area. You could have a paragraph discussing labour economics, then another discussing the economics of crime, and a third paragraph discussing macroeconomic policy as an example. However supercurricular activities may not naturally group into topics. So you can choose to link them together in other ways, such as the type of activity or a common skill the activities show.

Several economics courses are looking for you to be proficient in mathematics. Hence it may be worth devoting some part of the statement to discussing economics supercurriculars that relate to mathematics, covering areas such as the use of calculus in economics, statistics, econometrics, game theory and so on. Alternatively you could simply includes pure mathematics supercurricular activities such as maths challenges or reading.

Activities to avoid mentioning

Ideally you should avoid mentioning books where economics and popular culture overlap. This includes books like Freakonomics and the Armchair Economist for example. While these are very enjoyable books to read in their own right, these books are too frequently mentioned and are often seen as too basic by some universities.

If you are applying to a very competitive university that does not interview, for example LSE, then it would be preferable to find books that are less frequently mentioned.

Work experience is not necessary for an application to an economics course. This is because work experience is often acquired through connections rather than ability, so it would be a poor indicator for admissions staff to use in assessing students’ abilities. Also work experience is often not directly relevant to the economics course. However work experience can be mentioned if you work on something that is relevant to the economics course, such as working as a research assistant or an economics journalist.

Generally you should not be mentioning your A-levels. Almost everybody applying is doing A-levels and so speaking about what you have covered in your A-levels will not help you to stand out. In any case your teachers will be mentioning your A-levels in your teacher reference anyway, so it is better to devote the personal statement to activities beyond your A-levels. If there are one or two relevant ideas from A-level that you really want to mention, as they are very relevant, then you can do so. But I would not recommend devoting a whole paragraph to your A-levels for example.

I have my supercurriculars. What next?

Suppose now you have your list of supercurricular activities. You can use these to form the main body of your personal statement.

For these activities, as above, group them into particular paragraphs. This grouping could be based on the topic of the supercurricular activities. You could aim for 2-4 activities per paragraph.

To discuss each activity I recommend three steps:

• Name the activity. For example name the book you read or name the essay competition title.
• Discuss what you specifically did. For example what did you write about specifically in your essay competition, or what was involved in your online course?
• Explain your personal takeaway. Did you agree with the book? Or did you find something particularly fascinating about the essay competition?

Note this is just one possible way of doing things. Depending on the activity you are discussing, you may find a different structure appropriate.

Between activities and paragraphs, it is often a good idea to try to create linking clauses. For example if you discussed your mathematical ability in one paragraph, then you could easily transition into discussing the use of statistics in economics in your next activity or paragraph.

I plan to expand more on how to write about your activities in a future article.

Other Paragraphs

I will now pay particular attention to other paragraphs you may need to write.

Introductions

Often students spend too much time trying to write a good introduction at the very start of the writing process. I recommend leaving the introduction until you have been writing about your supercurricular activities.

One mistake when writing introductions is to start with “from a young age” or “since I was five….”. This way of starting your statement is far too common.

Instead you could jump into discussion of a particular supercurricular activity. This could be an activity that summarises well why you want to study economics for example. You might also have supercurricular activities that do not fit well into a particular paragraph. The introduction could provide a good place to put those kinds of activities too.

Extracurricular Activities

It is possible to put a small paragraph in the statement discussing your extracurriculars (in other words activities not related to economics), for example sports teams, societies, positions of responsibilities, other hobbies etc. Some universities will want to see you are well rounded candidate while others will only care about your academics. I recommend inspecting the applications pages of the universities you are applying to, in order to verify the importance of extracurricular activities to the universities you are applying to.

You may wish to round off your personal statement with a few concluding sentences. I have seen this done in a few ways:

• A short sentence summarising why you think you would be a good candidate for the course.
• A couple of sentences discussing the most important part of your application or something you want to emphasise. This could be a research interest in a particular area, or a particular strength within the field.
• Alternatively, if you think there is a common idea linking most or all of your personal statement activities, you could mention it here too.

See if you think any of these ways are appropriate for your statement. Alternatively you could find your own way to conclude.

Checking and Revising

Get your statement checked by multiple people. Also different teachers will give different advice, so do not feel like you have to accept one’s person entire advice (including my own advice). After all, this is your personal statement and nobody else’s.

In revising the statement, one process most students go through is cutting down characters to fit the UCAS character and line count limits. If you are exceeding these limits, see if you can make points more succinctly. Often a second pair of eyes is very helpful in this instance. Beyond that, you may have to choose one or two of your activities to leave out, based on which you think offers least value to your personal statement.

Best of luck in writing your statement. More will follow on specific ideas for economics supercurricular activities.

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How to Write an Economics Personal Statement

Many students are unsure of how to write an Economics personal statement as they haven’t written one before. Starting your personal statement can be daunting, but you are not alone! We are here to give some pointers for students wishing to study Economics at university, particularly those applying to UK universities via UCAS. We have separated the process into three stages – research, writing and editing.

What to Research for your Economics Personal Statement

What to include in your economics personal statement, how to edit your economics personal statement, research your economics courses.

Research is vital for writing your Economics personal statement. First, you should have good knowledge of the Economics courses you are applying to. How does the university describe the Economics course (e.g. how Mathematical is it?). What content does the course include? Will your interested area in Economics be taught in the course?

Research Advice on How to Write an Economics Personal Statement

Second, you may want to read Economics personal statement examples from past applicants. This will give you some information what a good Economics personal statement includes, and what you should aim for. It is also good to look up any advice on writing personal statements. For example, this article you are reading! LSE also provides some general advice to writing any personal statement.

Research Which Aspect of Economics you are Interested in

Finally, you should research into the topic in Economics that you are interested in, which we will discuss more below. Google Scholar is a great way of searching for academic papers/essays regarding a specific Economics topic you want to learn more about. Another option may be to look through any suggested texts/reading for the university course you are applying to – does any topic in particular catch your eye? Finally, our article on Economics books to read for your personal statement may also help.

An Economics personal statement consist of many different components, and we explain the reason behind including each one in the sections below.

Area of Interest in Economics

In your statement, more than half of it should be used to show academic interest for a key topic/theme in Economics. The topic can be an extension to A-Level/IB syllabus that is slightly more advanced, or it can be something that will be explored further at degree level. This shows your understanding of Economics, and is a good opportunity to impress the admissions tutor with your enthusiasm. Remember – if you are interested in studying Economics, you should be self-motivated to learn more than what you are required to! Ideally, the topic/theme should also be tied to your personal reason to study the subject. This will make your interest more genuine, consistent and convincing. Have a specific topic in mind? Ask us about it !

Your Opinion on Economics

It is all well and good to explain what aspect of Economics you are interested in. However, that is not enough – admissions tutors would want to know your opinion on the issue/concept you discussed. They want to understand if have processed and understood what you have learnt, rather than just regurgitating it. It also demonstrates your ability to think and evaluate about a topic in Economics critically, showing independence of thought.

Motivation to Study Economics

Of course, you need to specify why you wish to study your subject in your statement. It is important to figure out a good reason here that is relevant to you personally, in order to stand out. Avoid generic reasons like ‘I wish to study Economics to understand the world better’ or ‘I wish to study Economics as my father works in finance’. Think deeper – what is it that is uniquely different about your environment, or what you experienced, that causes you to be interested about Economics?

Interest in Mathematics

For most, if not all Economics courses, there is a large amount of Mathematics involved. This is because Economics pursues a more scientific approach via Mathematical Modelling and Econometrics at higher levels of study. Hence, it is important for you to demonstrate your interest in Mathematics, and the use of it within Economics. You can reduce emphasis in this component if the course you are applying for involves less Mathematical modules.

Extra-curricular activities

It is important to include some extra-curricular activities relating to Economics, as it demonstrates your interest in the subject outside of your studies. Ideally this can relate to your area of interest in Economics and your motivation to study the subject. The activities can range from anything such as reading books on Economics , attending Economics events, to having a related work experience. If you want to include any experiences not relevant to Economics to show what you are like as a person, that is certainly acceptable, but should be less than 25% of your statement. Ask our Economics admissions advisor a free question below if you would like to know more about the various activities, and how to write about them.

Please enable JavaScript in your browser to complete this form. Ask Wilfred a Free Question on GCE, IB or GCSE Economics * Email * We will answer your question by email and send you relevant notes/materials for your Economics course. Email Ask

After a first draft, it is important for you to get someone to review your Economics personal statement. This can help give you an objective perspective on what others think. Show it to your careers advisor at school, your Economics teacher, your Economics classmates, maybe even parents/siblings that have gone through a similar process. Of course, those who have more exposure to the subject may be a bit more helpful, like someone who applied for an Economics degree a few years ago. If you need professional, personalized advice on your Economics personal statement, you can reach out to our qualified admissions advisor for suggestions. After receiving feedback, you can edit your personal statement accordingly, taking into account each reader’s unique perspectives. You will then have to compare the suggestions and decide which parts/sentences to keep, change or remove. After many changes/edits your personal statement will finally be concise, unique and polished enough for submission!

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Sample Economics Personal Statement (admitted to Oxford, Cambridge, LSE)

by Talha Omer, MBA, M.Eng., Harvard & Cornell Grad

In personal statement samples by field.

The following personal statement is written by an applicant who got accepted to top graduate programs in economics. Variations of this personal statement got accepted at Oxford, Cambridge, and LSE. Read this essay to get inspiration and understand what a top economics school PS should look like.

You might also be interested in reading this Statement of Purpose in Economics  that got admitted to Harvard, Yale and Princeton.

Sample Personal Statement Economics

“Flick…chuggachuggachuggaa…puttt-putttt-puutttttt…rizzzz…”

The sounds coming from near the doorway may have startled an outsider but were barely noticed by the people lounging on charpoys and mooras (wicker stools). With the atmosphere abuzz with their chatter, the sputtering sound of the diesel generator lent more time to catch up as the bulbs lit up and fans whirred on throughout the haveli (palace) on an otherwise hot evening. But on days when it refused to crackle, my grandmother would enkindle gas lanterns filling the veranda with hissing sounds and soothing moonlight rays.

I still cherish these memories from my childhood trips to XYZ, my native village, some 450kms from the closest city. At the time, the short sojourns from Kuwait felt rather adventurous. However, the perspective turned wrong when I permanently moved to XYZ. Due to unannounced electricity breakdowns, we would find ourselves groping in the dark to the closest candle stand while sweating in the scorching summer.

And just when we thought it couldn’t get worse, the occasional power breakdowns segued into a full-blown crisis of the decade. Over the next seven years, we witnessed unprecedented power outages averaging 15-18 hours daily. People weren’t just lamenting the loss of mental peace; they were mourning the monetary losses worth billions of rupees translating into 1.5% of GDP.

Fast forward 15 years, and I found myself in a position to alleviate the situation. As Deputy Administrative Head of the Government’s Economic Affairs division, I administer a departmental budget worth $500 million. I am currently undertaking solarization projects. A recent shift towards renewables has occurred after public unrest during the early decade led to hasty investments in thermal-based power plants. Unfortunately, seven years later, we are still reeling from the aftermath of a bitter public backlash as we have the lowest regional electricity consumption per capita.

In addition to high tariffs, the energy sector has been marred by the accumulation of circular debt of $30 billion. This has been caused by multiple factors, such as electricity theft, transmission losses, and non-payment of dues. Having worked in Economic Affairs Division, I have also been part of a team that took massive power sector reforms, including:

• elimination of subsidies
• policy formulation on electricity theft and conservation 
• overhaul of sectoral regulatory bodies
• privatization of distribution companies et al.

However, as the Program ended, so did the reforms.

Regrettably, negative externalities from these energy woes have had spillover effects on all socio-economic sectors. The environment has especially poorly been affected by the process for the lack of an integrated generation and transmission policy framework in the renewable industry. Being a lower riparian state has also exacerbated climate change. We face extreme weather conditions – floods, droughts, smog, and diminishing water tables. Unable to agree on water issues not covered under the Indus Water Treaty has led to regular skirmishes and legal battles in the International Court of Justice.

Given the background, my country’s economic and Energy woes require a holistic understanding of the subject. This makes Economic policy specializing in Energy the right choice for my graduate studies. Furthermore, I can become an effective leader and economist in the sector through the interdisciplinary pedagogical approach covering policy, economics, management, law; practical skills; quantitative and qualitative analysis within an international context.

My aim is socio-economic development in tandem with confidence-building measures and strategic partnerships with the neighboring countries. Studying at Oxford will provide this learning opportunity in and out of the class as I will interact with some of the most brilliant minds worldwide and work in teams with them. I also look forward to student-led events, conferences, guest lectures, field trips, and panel discussions to augment my understanding of supranational political demands. This will help me lead economic policy reforms for the next 25 years.

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Ms in applied economics.

Healthcare. Finance. Foreign policy. Any sector related to national and global markets depends on the analytical skills of an economist. We can’t make informed, important decisions without their expertise.

MS in Applied Economics Program Overview

Part business, part social science, economics is an incredibly broad field with more career opportunities than most people first realize. Economists can work in state and federal government, in research and development, and in finance and insurance—and it’s a field in high demand. The U.S. Department of Labor expects demand to increase faster than the average occupation through 2030 1 .

With its range of electives, the Johns Hopkins MS in Applied Economics gives you the flexibility to design a degree plan that fits your professional goals and economic interests, such as:

• Environmental economics
• Financial economics
• Health economics
• International economics and development
• Spatial economics
• Public policy

You’ll gain plenty of practical experience in quantitative methods, and you will explore emerging areas like machine learning.

Study on Your Terms

Your career keeps you busy, and we designed our graduate program with that in mind. We offer courses online and on-campus, and you can attend school on a full- or part-time basis.

Upcoming Events

MS in Applied Economics Information Session

I wanted to pivot my career to focus on economics and public policy. The degree led me to the Office of Management and Budget as a Presidential Management Fellow and policy analyst.

Why to Pursue an MS in Applied Economics at Hopkins

Experienced and Acclaimed Faculty

Our faculty members are acclaimed scholars and accomplished practitioners. Their analytical and policy experience spans the public and private sector, from institutions like the Federal Reserve and agencies like the FTC and USDA to financial and consulting firms.

What You Will Study

Develop analytical skills and a solid foundation in economics in your core classes. Then, let your career interests guide your electives: Choose from behavioral economics, international trade, machine learning in statistics, game theory and dozens more.

Complementary Credentials

Customize your studies of applied economics by pursuing two credentials at once and you may find exactly the right educational focus to help you to advance your career. In addition, these combinations will help you to earn the credentials in less time than if pursued separately.

Applied Economics News

Take the Next Step

Gain the analytical skills you need to help decision-makers make sound decisions. Learn more about the Johns Hopkins' flexible MS in Applied Economics.

Contact Us for More Information

Advanced academic programs admissions, connect with us.

Sources The salary data for potential applied economics career options are from the U.S. Bureau of Labor Statistics, Occupational Outlook Handbook :

1 “Economists: Summary.” Accessed online on November 19, 2021.

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The MAE program offers admission for the fall term only. The online application opens in the fall and the deadline for submission is January 15. Decision notifications are typically sent in March. The application and admission process requires applicants to work with both the Rackham Graduate School and the MAE graduate program. It will be very helpful for applicants to reveiw an overview of the application process available  here . For questions specifically about the MAE program, please contact [email protected].

We are no longer accepting new applications for Fall 2024 admission. The online application for Fall 2025 admission will open in late August 2024. The application deadline will be January 15, 2025.

Applicants must submit the following supporting documentation with the application, along with the application fee:, statement of purpose.

The statement of purpose should be a concise, well-written statement about your academic and research background, your career goals, and how Michigan’s graduate program will help you meet your career and educational objectives.

More information about statements of purpose can be found here .

Personal Statement

Your personal statement should indicate how your background and life experiences, including cultural, geographical, financial, educational or other opportunities or challenges, motivated your decision to pursue a graduate degree at the University of Michigan.  There is a 500 word limit.

More information about personal statements can be found here .

GRE Scores - Required for Fall 2024 Applications

GRE Requirement for Fall 2024 Applications

Submission of official Graduate Record Examination (GRE) scores is required for MAE program applicants. To submit a GRE score report (General Test), applicants should use the University of Michigan institution code 1839 . The GRE report should be received by the application deadline, January 15, 2024. Because some test centers may be closed, the GRE General Test at home version will also be accepted. The MAE program does not have a minimum requirement for GRE scores.

Letters of Recommendation

Three letters of recommendation from undergraduate teachers or others in a position to evaluate the applicants' potential for graduate study. Electronic letters should be submitted with the online application. Detailed instructions for requesting reference letters, and the submission process, are included in the application.

More information about letters of recommendation can be found here .

Resume or Curriculum Vitae

Your resume or curriculum vitae may be up to 4 pages in length and should include:

• Work experience
• Research experience
• Teaching experience
• Professional affiliations
• Volunteer activity and community engagement
• Honors and awards
• Publications

Transcripts and Academic Records

Upload a Scanned Copy of the Official Transcript to ApplyWeb

All applicants are required to upload a scanned/electronic copy, front and back, of their official transcript/academic record issued by the institution's Registrar or Records Office, to the online application for each bachelor’s, master’s, professional, or doctoral degree earned or in progress. Do not upload academic records printed from your school’s website or student portal--these are not official transcripts. If you completed coursework for your degree at multiple institutions, provide a copy of the official transcript from each institution.

If you attended or have graduated from a non-U.S. institution, review the Required Academic Credentials from Non-U.S. Institutions here .

The scanned copy of the official transcript is used for initial review by our admissions committee. You are not required to have your official transcript sent to the Rackham Graduate School to complete your application. If the MAE program recommends you for admission, you will then receive a message from the Rackham Graduate School notifying you that your official transcript(s) are required in order to complete your admission. Instructions for sending official transcripts to Rackham will be provided at that time.

Applicants should review the detailed information about transcript requirements provided by the Rackham Graduate School here .

Report Your GPA

All applicants should report their Grade Point Average (GPA) on page 5 “ Education Information ” of the online application. The GPA should be reported using a standard U.S. four point scale. Applicants who attended an institution outside the United States should follow the instructions to convert their international average grade point to a U.S. four point GPA. Review the instructions provided here: How to Convert Grades to a U.S. GPA .

English Language Proficiency (For International Students)

Rackham English Proficiency Requirements:

Applicants whose native language is not English must demonstrate English proficiency unless they meet one of the criteria for an exemption. Language test scores are valid for two years from the test date. The scores must be received from the testing agency no later than the application deadline, January 15.

For detailed information about which test scores are accepted and the Rackham Graduate School's minimum score requirements for admission consideration, please review the information here .  (NOTE: Both the TOEFL iBT® Special Home Edition and the IELTS Online tests will be accepted.)

To qualify for an exemption, the applicant must have completed their entire undergraduate studies (typically 4 years) in the U.S. or other English-speaking country (e.g. Canada, Australia, United Kingdom, New Zealand). International students who completed part of their undergraduate degree at a non-U.S. university, then transferred to a U.S. school and graduated from that institution, do not qualify for an exemption. Additional information regarding exemption criteria is available  here .

It will be helpful for applicants to review the information provided here:

Steps in the Admissions Process

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Questions about the online application process can be answered by the  Rackham Graduate School  (email: [email protected]).

For questions about the MAE program, please contact:  [email protected] .

If you are a current Rackham graduate student interested in applying to add the MAE program as a second degree, the application process is different. Please refer to the dual degree applicant page .

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MSc in Applied Economics

Producing quantitative-oriented researchers and analysts with strong theoretical insights

An interdisciplinary programme for thought leaders

The MSc in Applied Economics (MSAE) aims to provide rigorous post-graduate training in Applied Economics that would be useful in both the private and public sectors, and in all facets of economic research activities. Our curriculum is unique for its focus on producing quantitative-oriented researchers and analysts with strong theoretical insights.

Specifically, this NTU programme specialises in equipping students with the necessary skills to excel in economic policy analysis by utilising techniques such as applied econometrics, financial econometrics, cost-benefit analysis, project evaluation, and financial modelling, etc. Such skills are very useful for economic analysis of social policy, investment and portfolio management. Employment opportunities for graduates with these skills include public service, investment banks, broking houses and consultancies.

Application for Nov 24 intake is now CLOSED! Look out for our Aug 25 intake. Application opens from 15 Oct 24 to 31 Jan 25. Join the ranks of aspiring scholars and innovators just like you!

Embark on a fulfilling and exciting masters programme with us. Our programme aims to provide rigorous post-graduate training in Applied Economics that would be useful in both private and public sectors.

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PERSONAL STATEMENT EXAMPLE Economics and Finance Personal Statement

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Economics and Finance Personal Statement

Over recent years I have developed a passion for looking at current events and how they affect the economy. This interest originates from the enjoyment I get from using maths to analyse a problem, as many situations can be explained clearly using maths. Economics is a subject that is very much alive and this is what makes it interesting to me. Every day there are new situations that economists can explore and analyse and I find this prospect extremely exciting.

Studying Pre-U Economics has increased my enthusiasm for the subject as I enjoy following macroeconomic debate in the UK and learning how globalisation changes markets. I have gained insights about how firms have had to react to globalisation and how nations use protectionism as a way of preventing industries from collapsing. The analytical skills that I have developed in Physics have proved particularly helpful as I can transfer these skills to Economics, despite them being quite different subjects. I enjoy following financial markets where you can see how the economic impacts of global events play out and have recently setup a paper trading account.  The trading application helps further my understanding of the impacts of economic events.  I can test my hypothesis of a particular event against the change in markets and improve my understanding.

I became interested in the socioeconomic elements of development and international aid after reading ‘Dead Aid’ by Moyo. The idea of ‘trade not aid’ resonated with me and led me to conduct further research which led me to conclude that having a skilled labour force would be more economically beneficial than trade. Reading ‘Awakening Giants’ by Bardhan gave an interesting insight at the speed at which China has become a leading economy.

I have also enjoyed exploring the world of economics through work experience, the first of which was with Tradition, a global financial services firm.  I learnt how to analyse and rank different trading strategies based on historical data modelling.  At Guardian Stockbrokers I witnessed in real-time the impact of macro and microeconomic data on different asset classes. I set up a demo trading account on the company’s platform to experience first-hand how the slightest change in the economic outlook  can influence the market price. Last summer I secured a place in HSBC’s work experience programme for 6th form students. I learnt about different aspects of retail banking and gained insight into how a retail bank works. This helped put some perspective as to how banking has changed over the years after the financial crisis.

Last year, I was selected to represent my school in a Physics symposium and as part of the team my role was to apply my analytical skills and communicate the results to my team. This opportunity helped with my team building skills.  I have also experienced how to set up a company and run a profitable business when I was appointed the company Financial Director for the young enterprise scheme. I gained insight into how to conduct meetings and improve my presentation and negotiation skills. I enjoy playing classical guitar and have had the opportunity to perform in school concerts throughout my school years. As an active member of the school Charity and Community Service committees I help the local community by volunteering at the day shelter for the homeless and the YMCA cafe. This experience provided me with a different perspective on life. Throughout school I have captained and toured with many school teams playing tennis, football and cricket.

Everyday something new happens in the economic world, I would love to be part of an undergraduate course that analyses these events. This is why Economics is my chosen course and I look forward to expanding my knowledge in this field at undergraduate level and, hopefully, further.

This student also took a year abroad too. 

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Economics and accounting personal statement example.

Accounting to me is not just a subject, but a life skill. It invokes not only the core disciplines of business and economics but it provides these in both a local and global context.

I see Accounting as an international common language between businesses, to analyse accounts and influence future decisions companies will make.

The application of business within the accounting degree has been one of the major pulling factors that have influenced my decision to study the subject.

After studying GCSE business and discovering the accounting and finance aspect of it, I have become fascinated to learn more, going on to extend my knowledge of the subject by reading outside of the school environment.

As an avid reader of the Accounting blog on the tutor2u website, I have gained a good grounding in the fundamental application of accounting, especially in the way websites such as ‘facebook’s’ growth is driven by their own growth through advertising, and the fact that their books and accounts continue to stay cash flow positive, despite their impressive rate of expansion.

I am particularly interested in the law aspect of the course and how decisions made can influence an individuals’ desire to defraud their accounts to avoid taxation, and the often extensive amount of time it takes to bring these people to justice.

Although initially studying psychology may not seem to have a direct influence on accounting, I feel the knowledge I have learnt about the interaction of people’s behaviour in social situations will help me greatly. This would especially be within the aspects of the course that involve management methods and organisational behaviour.

By studying Economics at A level I have found that it has had a profound effect on accounting.

The understanding I have acquired of the financial world as a whole has provided me with a strong awareness of international sections of the course. The barrier for trade inside and outside of the EU and how this affects profit margins, with relevance to extra costs on balance sheets is one example.

This awareness will help equip me to have a better understanding of real world accounting situations, where I hope to find my self in the future.

Last summer I was accepted on a two week work experience placement at the Bank of England to do shadowing and accounting of my own, however due to circumstances beyond my own control, it fell through, much to my disappointment. Nevertheless I have tried to keep in touch with current Accounting developments through the newspapers and internet.

I am currently completing my silver Duke of Edinburgh award scheme and I am planning an eight day trip, alongside “World Challenge Organisation”, to Norway next summer for my Gold expedition. The trip will be funded entirely through the money my team raise. I feel these experiences have helped me develop valuable life skills such as the desire to achieve, self-confidence and discipline.

I believe that these skills I have learnt will provide the perfect platform for a degree in accounting and aid me on into the workplace. I also play hockey for the North of England and have captained both Yorkshire and South Yorkshire sides as well as my School and Club teams.

Hockey is a major part of my extracurricular life, giving me teamwork and leadership skills and I feel I could contribute greatly to a wide range of university activities.

I look forward to studying accounting at degree level. This will allow my interest in the subject to flourish. I hope to immerse myself fully in the experience and challenges the university will provide.

Profile info

This personal statement was written by ash4932 for application in 2011.

ash4932's Comments

I believe that this a one of the best personal statements around i hope to use this to help others. I received 5/5 offers last year with this but unfortunatly missed out on my grades by 4 marks i have applied again this year and within a week i had 4 conditional offers. Hope this helps!

Related Personal Statements

Universities.

Sun, 10/07/2011 - 20:20

to which universities have you applied for? Is Oxford, Cambridge and LSE one of them?

P.S.: It is really nice one

It is a very strong and

Fri, 19/07/2013 - 16:51

It is a very strong and smooth personal statement, what I wanted to know was how my offers did you receive once to sent out the personal statement to your chosen universities?

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Thinking of Pursuing a PhD in Economics? Info on Graduate School and Beyond

Kasey Chatterji-Len and Anna Kovner

Becoming a PhD economist can provide a fulfilling and financially secure career path. However, getting started in the field can be daunting if you don’t know much about the preparation you’ll need and the available job opportunities. If you’re wondering what it means to be an economics researcher or how to become one, please read on. We’ll review how to prepare for a career in economics research, what an economics PhD program entails, and what types of opportunities it might bring. Economic education is a core component of the Federal Reserve Bank of New York’s mission to serve the community. To empower would-be economists, this post provides information for students who seek a career in economics research. We hope this information will be helpful to students interested in economics, regardless of their background and economic situation.  This information is most applicable to students applying to programs in the United States.  

The Breadth of Economics Research  

Academic disciplines conduct research in different ways, so it’s important to have a basic understanding of the types of questions economists ask and how they approach answering them. There are many definitions of economics, but a broadly useful one is the study of how people, organizations, and governments make decisions under different constraints, and how those decisions may affect their outcomes. 

When answering these questions, economists seek to ground their analyses in models and to be quantitatively precise about the effects they assign to any given cause. The range of topics economists can study is wide, but the accepted approaches to answering questions are stricter. Some examples of what economists might ask: 

• How do different public housing programs affect the children who live there? 
• Does a certain type of law encourage businesses to innovate? 
• How will a change in the interest rate affect inflation and unemployment rates? 
• How much does affordable health insurance improve people’s health? 
• How can poor countries eradicate poverty? 

There are many different subfields within economics, including, but not limited to behavioral, econometrics, energy/environmental, development, financial, international, monetary, public, and urban economics. You can familiarize yourself with the latest work in economics by subscribing to working paper series, such as NBER’s New This Week or the New York Fed’s Staff Reports . To get an idea of the breadth of questions economists can answer, you could listen to Stephen Dubner’s “ Freakonomics Radio ” podcast. You may also want to explore the Journal of Economic Perspectives , the New York Fed’s Liberty Street Economics blog, VoxDev , or VoxEU .  

What Is a PhD Program Like?    

Economics PhD programs typically last five to seven years. Unlike masters programs, they are often fully funded with a stipend, though most require students to complete teaching assistant and/or research assistant (RA) work as part of their funding package. In the first two years, students take classes, many of which are mathematically demanding. The rest of the program can include additional classes but is primarily devoted to original research with the aim of producing publishable papers that will constitute the dissertation.  

Faculty advisors are a central part of PhD programs, as students look to them for guidance during the research process. Economics PhD programs are offered within university economics departments, but there are similar programs in public policy and business schools. You can look at their websites to understand any differences in coursework and subsequent job placements. 

What Can You Do with an Economics PhD?  

Upon graduation, students can obtain jobs in a variety of industries. Many PhD students hope to become university professors. Governments and public policy-related institutions such as the Federal Reserve System, the U.S. federal government, the World Bank, and the International Monetary Fund (IMF) also hire economists to work on policy, lead programs, and conduct research. Finally, economics PhD graduates can also find employment at a variety of private sector companies, including banks, economic consulting firms, and big tech companies. The pay for these different positions can vary. According to the American Economics Association (AEA), the average starting salary for economics assistant professors in 2022-23 was approximately $140,000 at PhD granting institutions and $98,000 at BA granting institutions. 

Programs often publish the placements of their PhD graduates, so you can look online to see specific employment outcomes. See, for example, the University of Maryland’s placements . Ultimately, economists are highly regarded as authorities on a variety of topics. Governments, nonprofits, philanthropic foundations, financial institutions, and non-financial businesses all look to economists to answer important questions about how to best achieve their goals. Thus, earning an economics Ph.D. can potentially help you to influence issues that are important to you. 

Preparing for an Economics PhD Program  

There are several components to an economics PhD program application: college transcripts, GRE scores, letters of recommendation, and personal statements. Please download the Appendix linked below to learn more about transcripts and letters of recommendation. The Appendix details ways in which you can select coursework, obtain research experience, and develop relationships to position yourself for success as a PhD applicant.  

If you feel that you are too far along in your academic career to take enough of the classes described in the Appendix, this does not necessarily preclude you from pursuing an economics PhD. For example, it’s possible to take some of these classes through a master’s program, or through a pre-doctoral RA job. Some pre-doctoral RA jobs, such as the one here at the New York Fed , may enable you to take classes in preparation for graduate school. If you are concerned about your transcript, reach out to an economist at your university for advice; program standards for coursework and grades vary, and it’s a good idea to get more personalized advice. 

Research Experience   

If you’re interested in becoming an economics researcher and applying to PhD programs, it’s best to get research experience as soon as possible. Working as an RA is a great way to learn how to conduct research and get a better idea of whether it’s the right career path for you. Additionally, it can help you obtain a letter of recommendation for graduate school applications and improve your qualifications.  

All types of academic research can be enriching, but it’s beneficial to gain experience working directly with an economist. To find a position, you can reach out to professors whose work you find interesting or find an RA program at your school. Typical RA tasks may involve data collection and cleaning, as well as running analyses and creating charts to represent results. This is where coding skills become crucial; having taken math, statistics, and econometrics courses will also enable you to take on more responsibilities. 

You may also have the opportunity to conduct your own research, possibly under the supervision of a professor at your university. This research could be self-initiated or part of a course such as a thesis workshop. Self-directed research is a great opportunity to learn about all stages of the research process. It’s also an excellent opportunity to create a writing sample for graduate school applications. Ultimately, though, your motivation for conducting your own research project should be that you want to answer a question.  One thing economists have in common is a love of answering questions using data and theory. 

Research experience is also often obtained after completing an undergraduate or master’s degree. Taking on a full-time RA position before applying to PhD programs is very common and can make you a more competitive applicant. You may either get an RA job working for a professor or participate in a pre-doctoral RA program.  

Research assistant programs are more structured than positions with individual professors or projects, which could be helpful. Universities, parts of the government, think tanks, research organizations, and the Federal Reserve System are all good places to look for research assistant programs. To help you decide which opportunities are most desirable, you may want to ask potential employers : Where do people in this program tend to go afterward? Will I be working directly with an economist? How much of my time will be spent on academic research work? Will I be able to take classes as part of this program? Considering whether an economist will be able to evaluate your performance is an important factor for recommendation letters. The ability to take classes, either through tuition reimbursement or waivers, can also be an important benefit. 

The Research Analyst program here at the Federal Reserve Bank of New York is one example of these programs and you should check it out here . The Federal Reserve Board of Governors also has a large program, and many other regional Federal Reserve Banks have similar programs. In addition, the PREDOC website and the  NBER post listings of RA opportunities. J-PAL and IPA also tend to recruit RAs for economic development projects. Another source of RA opportunities is the @econ_ra account on X. 

Who Should Get a PhD in Economics?  

A PhD may not be for everyone, but it is for anyone—people of all genders, religions, ethnicities, races, and national origins have PhDs in economics. Many economists majored in economics, but others majored in math, physics, or chemistry. Because economics is such an integral part of policymaking, it is important that economists come from a wide range of backgrounds so policy can be stronger and more effective. The inclusion of differing perspectives helps ensure that the contribution of economists to work in public policy, academia, and beyond effectively serves the broadest range of society. 

• Coursework Appendix

Kasey Chatterji-Len is a research analyst in the Federal Reserve Bank of New York’s Research and Statistics Group.

Anna Kovner  is the director of Financial Stability Policy Research in the Bank’s Research and Statistics Group.

How to cite this post: Kasey Chatterji-Len and Anna Kovner, “Thinking of Pursuing a PhD in Economics? Info on Graduate School and Beyond,” Federal Reserve Bank of New York Liberty Street Economics , May 31, 2024, https://libertystreeteconomics.newyorkfed.org/2024/05/thinking-of-pursuing-a-phd-in-economics-info-on-graduate-school-and-beyond/.

You may also be interested in: AEA: Resources for Students

PREDOC: Guidance for Undergraduates

RA Positions-Not at the NBER

Disclaimer The views expressed in this post are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author(s).

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