Finance and Economics Personal Statement
My interest in the field of finance grew from visiting the Lahore Stock Exchange, which motivated me to develop an understanding of the vast repercussions of global economic issues. I then studied the Guide to Financial Markets by Mark Levinson, from which I gained an insight into contemporary theory and practice. The knowledge of finance that I had gained helped me in competing in my schools annual entrepreneur project, where I was given the task of investing part of the endowment fund of our school, amounting to 0.10 million rupees, in stocks, treasury bills or real estate. I decided to invest in treasury bills as the risk factor was zero and they guaranteed a fixed income on the basis of their interest rate. These experiences made me realize the importance of gaining a thorough understanding of financial markets, their tools and their effective functionalities. Studying economics, I have been particularly interested in the ways that firms act in pursuit of their interests, such as in the case of an oligopoly where rival firms collude. To broaden my understanding, I explored the concept of game theory and the limitations of Nash equilibrium, applying my knowledge of market structures to analyze the cellular industry in Pakistan which was initially dominated by only three firms. They colluded and adopted policies, such as charging a high price of 20 rupees per minute on incoming calls and covering a small network area. Access to essential facilities such as local loops, telephone numbers and frequency spectrum, along with the use of cross subsidization, price discrimination and the fact that new firms had to interconnect with these networks resulted in these firms retaining their dominance until the Government intervened.
In order to gain practical experience, I have worked as an internee in the accounts department of ICC Textiles Ltd. I studied their chart of accounts and accounting manual as well as the procedure through which final accounts were prepared from the trial balance. I studied the format of Profit and Loss Statement as well as Balance Sheet and became familiar with their purpose. As an additional exercise, I also worked out accounting ratios from the previous years' Annual report, working out the profitability and liquidity ratios and learning about their significance and impact. I not only developed the ability to evaluate decisions, arguments and the reliability of information but also gained experience of applying the theory I have learnt in a workplace environment.
Studying Chemistry and Physics has developed my analytical and problem solving skills and ability to confront problems logically. These skills, in conjunction with the reasoning skills I have developed by studying Further Maths and Maths, strengthened my quantitative abilities, which have helped me to understand economic concepts.
My desire to improve my community motivated me to become a volunteer teacher at The Humza Academy for the Deaf, teaching Maths and Arts. During this time I also helped organize the school's mural competition by managing the budget for the event. This experience improved my social skills and taught me to manage my time between academics and extra-curricular activities. I am also the Community Service President, improving my leadership abilities in raising social awareness amongst fellow students.
Studying in the UK will give me an opportunity to compare the economic and financial situations of developed countries with those of developing countries. Choosing to study in a field that intrigues me and has a global impact will ultimately help me to achieve my goal of improving the lives of millions, or even billions, around the world.
If you are thinking of applying to study Finance, have a look at this Finance and Economics personal statement sample for relevant content and good structure.