How to Write the Perfect Economics Personal Statement
Economics, in its essence, is the study of how the world works. If you decide you study Economics at university, you’ll explore human behaviour, decision making, and statistics. With postgraduate career options in finance, business, and government, it’s easy to see why Economics is an appealing and exciting degree choice.
To get into the very best universities for Economics - as well as joint degrees, such as PPE and Economics & Management - you need a first-class personal statement. We’ve researched what the top universities in the UK are looking for in prospective Economics students. Read on to find out how to make your UCAS application stand out from the rest.
Write the Perfect Economics Personal Statement
Make Your Economics Personal Statement Stand Out
At the heart of every UCAS application is the personal statement. Economics personal statements need to show a strong understanding of the mathematical and statistical side of the subject as well as an interest in global economic issues. Reading, watching documentaries, and listening to podcasts are fantastic ways to improve your Economics personal statement - and what’s more, you can do them from the comfort of your own home.
What to Read
Several Economics professors have noted that there are some books that students reference every year. Freakonomics by Stephen D. Levitt and Stephen J. Dubner, Thinking, Fast and Slow by Daniel Kahneman, and 23 Things They Don’t Tell You About Capitalism by Ha-Joon Chang are among the common culprits - books that every Economics students claim to have read. If you love these books, do not fear - you can still mention them in your personal statement. Just be sure to add in your own original thinking, too - you’ve got to make your personal statement stand out.
What’s better, though, is reading books that are a little more under the radar. Our top five recommendations are:
Animal Spirts by George A. Akerlof and Robert Shiller. If you’re interested in macroeconomics, this is the book for you. Akerlof and Swiller explore the link between psychology and economics.
Poor Economics by Abhijit Banerjee and Esther Duflo. This book, fro, the winners of the 2019 Nobel Prize in Economics, examines decision making while living on the poverty line.
Mastering Metrics by Joshua Angrist and Jörn-Steffen Pischke. Mastering Metrics makes data and statistics interesting. The authors take you through the basics of econometric methods, as well as linking the field to everyday issues.
The Drunkard’s Walk by Leonard Mlodinow. Mlodinow highlights the power of randomness in our everyday lives, drawing on statistics and psychology.
The Black Swan: The Impact of the Highly Improbable by Nassum Nicholas Taleb. While economics is, in part, about trying to predict what will happen, Taleb explores how uncertainty governs our world.
It’s also a good idea to get to grips with the mathematical and statistical side of Economics, too - show that you’re ahead of the game. Statistics for Business and Economics by Newbold, Carlson, and Thorne, and Essential Mathematics for Economic Analysis by Sydsæter, Hammond, Strøm and Carvajal are both recommended by university Economics professors.
Finally, a good Economist stays aware of current affairs. The Economist, The Financial Times, and The Guardian Weekly are all great options for rigorous, in-depth journalism - don’t just rely on social media. Save articles that you really enjoy, and discuss them in your personal statement. Form an opinion on the articles that you read: an average personal statement will say ‘I regularly read The Economist’, while an excellent personal statement will say ‘I read about the technology industry in The Economist and I thought…’ - add in your own independent thinking.
What to Watch
Documentaries are also a great way to broaden your knowledge of economics. Our top three are:
Inside Job is about the 2008 financial crisis. It features interviews with academics, politicians, and financial insiders.
The Ascent of Money is a documentary version of Niall Ferguson’s book. It charts the history of money.
The True Cost examines the darker side of the global economy. It investigates working conditions in garment factories, and in turn, explores globalisation.
What to Listen To
Podcasts are more popular than ever, and you can find episodes on pretty much any subject that interests you. What’s great about podcasts is that you can listen to them whilst doing something else - so, if you need to boost your economics personal statement in a short amount of time, stick on a podcast when you’re stuck on a long car journey or doing chores.
Econtalk has a huge back catalogue of episodes on various economics topics, featuring specialists and academics.
The Reith Lectures are an annual lecture series hosted by the BBC and are available as podcast episodes. The 2020 lectures were given by former Bank of England governor, Mark Carney.
More or Less examines the statistics behind current affairs - a great way to combine the global and statistical elements of economics!
Macro Musings, hosted by David Beckworth, features an interview with a different industry expert every week.
NPR Planet Money looks at real-world stories from an economist’s perspective.
50 Things that Made the Modern Economy is a BBC podcast that combines history with economics.
Once you’ve read, watched, and listened to everything you can, it’s time to put together your personal statement. Whether you need advice on how to start writing your statement, or if you want an expert to proofread your statement before you submit it, our team can help you secure a place on your dream Economics course! Find out more here.
