This is the transcript for the video Economics Options
Associate Professor Olena Stavrunova 0:01
Hi everyone. Thank you for joining us today at UTS Open Day 2021. My name is Olena Stavrunova and I’m an Associate Professor in Economics here in UTS Business School. I also coordinate the Bachelor of Economics course. I’m joined today by Ben Robinson, who is currently studying Economics Honours after completing a Bachelor in Economics degree here in UTS, thank you for joining us here in the Open Day, Ben.
Ben Robinson 0:29
No problem. Thanks very much for having me. I’m looking forward to it.
Associate Professor Olena Stavrunova 0:33
Great. So, before we begin, I would like to say Acknowledgement of Country. I would like to acknowledge the Gadigal people of the Eora Nation upon whose ancestral lands our city campus now stands. I would also like to pay respect to the Elders both past and present acknowledging them as the traditional custodians of knowledge for this land.
So before we talk about studying Economics here at UTS, let us recall what is economics. Economics is a very broad discipline. Basically, it is a social science, which takes a very rigorous approach to analyzing economic and social issues and phenomenon. In particular, economics focuses on two big questions. First, how individuals and societies decide how to allocate scarce resources to meet the needs and wants, and how economic incentives shape with economic behavior. And second big question of economics is what are the consequences of economic decisions for social welfare? And how can economic and social policies change economic behavior and welfare? Understanding economics is fundamental for making good business decisions, good government decisions, and for study of many social issues.
So why should young school graduates like yourselves be interested in studying economics? Many reasons for that, I will only point out the most important ones. The first reason is that economics graduates are highly employable. Economics graduates have very diverse employment opportunities in industry and government. They also have great further education opportunities in tertiary education sector. What graduate recruitment programs in large organizations employ economists include including financial institutions, consultancies, government departments, and so on. Economists are valued for their analytical skills, their ability to work with data, and for a systematic approach, they take the understanding in a given issue or problem. Second reason is that economics is a very broad field of study, which has applications in many industries, not only the traditional ones, like banking, finance, consulting, but also health, education, urban development, and others. This means that you can pursue many passions and interests while studying economics. And that your potential career path after economics degree, can be very diverse, and can be chosen to suit your passions and interests. Ben, could you please share with us what attracted you to the economics degree initially? And what do you think are the best things about economics now that you have completed your bachelor’s degree and are doing Honours in Economics?
Ben Robinson 3:24
Yeah, sure. So when I say I think it’s probably in the same position as a lot of the people in the webinar now where I was sort of in year 12. And I’d done a bit of Economics as part of high school. And I knew that I really enjoyed it. And I found it really fascinating as well. And it was something I was pretty good at. But I sort of didn’t really know what I wanted to do after school. So I took a gap year after year 12 and then sort of throughout that gap year, I ended up reading a couple of economics books. And that really just sparked my interest. I was kind of hooked from that point in. And then I pretty much decided that was what I wanted to do for study. And then in terms of what I enjoy about economics; are now at the end of my degree is how, how easily that real life scenarios can be applied using the theory you use in, you learn in economics classrooms. A lot of the students here will see a lot of supply and demand graphs and that kind of stuff throughout their degree ; there really isn’t a problem and a recession or an economic problem that can’t be articulated using this very simple framework. So for me, my favorite thing about economics now, looking back on the past few years of my degree is just how applicable, the theory is to real life scenarios.
Associate Professor Olena Stavrunova 4:46
Thanks, Ben. I agree. I agree with you, Economics is very applicable to everyday life. So like we said, economics is a very broad discipline that is applicable to a variety of economic and social issues. Here are example of some biggest economic and social challenges of our time. studying economics can help you understand and help propose solutions. One of the biggest economic challenges of modern times is growing economic inequality. Economic inequality is an inequible distribution of income, wealth and other economic opportunities between different groups of society. Economics can help you understand why inequality has been rising? What are the consequences of this for people in societies? So its being able to understand and evaluate different policy options for dealing with it. Climate change is another global challenge, which can be tackled with the knowledge of economics. Reduction in greenhouse gas emissions is the key to reducing global warming. The main question is how governments across the world can create incentives for companies to reduce emissions. And we know that economics is all about incentives and how they affect behavior. So understanding of economics is crucial for being able to formulate effective policies for combating climate change. In fact, all policies that governments use to mitigate climate change are economic policies, including emissions trading scheme, carbon tax subsidies for firms and households and investing in green energy. Economy concepts such as demand supply externalities are central to understanding and formulating these policies. Gender wage gap is another important issue that economics have been working with for decades. Currently, in Australia, the gender pay gap is 13.4% among full time workers. What are the reasons behind this pay gap? Differences in job types and labour market characteristics between men and women can play a role. Labour market discrimination may also be a contributing factor. Economics has made massive advances in understanding gender wage gap, and you will understand this topic better better after studying economics.
The current COVID crisis is another illustration of the importance of economics in dealing with global social challenges. COVID is a complex crisis affecting public health in economy profoundly. Economists have been heavily involved in debating about and formulating policy responses. Many policies people may have implemented during COVID times are founded in economics, for example, programs such as JobKeeper JobSeeker, an example of a fiscal policy that governments often implement to combat economic recessions. Such policies are very important for keeping the economy moving, for keeping people at work and preventing them from falling into poverty. So to understand and contribute to political debates during the COVID crisis, it is important to be well versed in economics. There will be many more exciting topics that you will learn about while studying economics here in UTS.
So what do students learn as part of the economics degree? The students who have completed in economics degree are very much regarded as analytical thinkers. They tend to be professionals who are very skilled in working with data, they know how to approach a problem systematically, and how to take into account interplay between various factors. But they also learn about a variety of economic business and social issues where economic approach can provide effective solutions. Our subjects in the economics degrees here are very applied. Most of our subjects will include case studies, real life applications of analytical tools, that students learns throughout the degree, media, videos and so on. And as I was saying earlier, because it is such a general field, the skills that economists have are valued very broadly among a variety of industries, occupations, employers.
So by now, hopefully, I have convinced you that studying economics is a good idea. So now let’s talk about why it is a good idea to study Economics at UTS in particular. You should know that economics department here in UTS is a young department, but they have been consistently ranked among the top economics departments in Australia for research in economics. Taking an economics degree at UTS you will be learning from nationally and internationally recognized experts in this field. Secondly, not only we’re great in research, we’re also great at teaching economics. Our teachers are highly regarded as engaging and innovative educators. They tend to have high student evaluations and win teaching awards at the Business School and university levels. The advantage of studying economics at UTS is a geographic location UTS is 10 minutes from Central Station so it is easily accessible from all city suburbs also it is close to the CBD so it is convenient for students to combine their work and study. But importantly, the engagement opportunities with employers, that UTS has are fantastic. We have all sorts of things for students in terms of engagement, including alumni events, guest lectures, recruitment events, and so on. This stems not only from our geographic location, but also from concerted effort by the UTS Business School and Economics Department to build close links with industry. Ben, could you please tell us so you’ve completed the economics degree here in UTS? So what did you particularly enjoy about your study here?
Ben Robinson 10:45
So for me, I think one of the biggest plus sides of economics at UTS is the quality of the lecturers and the academics. What I have found is that there’s a real; so I’ve had some lecturers who have been in academia their whole careers, some who used to work in the public sector doing policy advice and other people who’ve come from the private sector. So you’ve got a lot of people with a lot of diverse backgrounds and those diverse backgrounds lead to diverse opinions, lots of different debates about different things in the classroom. It’s just a really varied skill set and backgrounds. And that’s just something that goes with you throughout the whole degree. And that’s, that’s brilliant.
Associate Professor Olena Stavrunova 11:31
Thanks, Ben. Thanks. Thanks for your kind words. I appreciate it.
Okay, so where can economics take you career wise? Economics alumni end up everywhere. They’re particularly concentrated in the corporate world, such as financial institutions, banks, consultancies. Some of the biggest employers of our graduates are actually big Australian banks and consulting companies. But our graduates also work in other sectors such as insurance, logistics, energy, real estate, public sector and others. Why do not all of our alumni end up in public sector in places like Treasury, Reserve Bank, Department of Education, so on? As far as the roles economics graduates can be employed in a variety of roles, including economists, financial analysts, investment analyst, and any authors you see them listed here on this slide. So job title ‘Economist’ is only one among a variety of career path of an economics graduate.
Okay, so what are your options are studying economics in UTS? There are two options for your study in Economics here at UTS. Bachelor of Business, and Bachelor of Economics. Bachelor of Business is a degree which provides you with a broad business education and includes an option of learning economics as part of your major, extended major or sub-major. Bachelor of Economics is a specialized degree developed in consultation with industry. The Bachelor of Economics, you can really specialize in economics, and also study in depth one or two other business disciplines as part of your major or sub-major.
Let’s talk about your economics study options in the Bachelor of Economics. You can study economics in this degree by selecting a major which has eight economic subjects, an extended major which has 12 economic subjects, or an economics or econometrics sub-majors, which have four subjects each.
Bachelor of Business is a very flexible degree. Whichever economics option you choose, you can tailor your degree to suit your interests in other business fields. The Bachelor of Business degree has eight business compulsory core subjects here in the first year. This includes finance, economics, accounting, management, statistics, and marketing subjects. Starting from the second year, students will specialize in their chosen business disciplines by choosing majors, sub-majors and electives. You have three options to study Economics in the Bachelor of Business shown here. Option one includes Economics Major. With this option, you can then choose the second major in a different business discipline, or two sub-majors or a sub-major plus four elective subjects. We have a flexible set of eight elective subjects. Option two includes economics extended major. With this option, you can then choose a sub-major in another business discipline of four elective subjects. And finally, option three includes Economics sub-major, you can also have Econometrics sub-major. With this option, you can then choose all these different combinations listed here in this box.
This slide shows economics subjects included in the Bachelor of Business Economics Major. In addition to two economics subjects that are part of the Business core Economics Major includes five compulsory economic subjects listed here, this subject that can equip you with the fundamental skills of economic analysis that essential for economists in a sector and role. Then you choose three subjects from a set of economics electives, listed here. But have a very wide choice of economics electives, you can tailor your choice to your interest in economics.
In the Extended Economics Major, you will take 12 economics subjects. So this means that in addition to the two economic subjects from the Business core, there will be six compulsory economic subjects listed here, plus you choose six elective subjects from the same list as before.
And this slide slide shows the structure of Economic sub-major. It includes four subjects that are selected from core and electives with the previous two options.
So the second option to study Economics at UTS is the Bachelor of Economics degree. Let me briefly describe the structure of this degree.
The Bachelor of Economics is a flexible degree in which you will be able to fully specialize in Economics by completing 11 core subjects, and three elective Economics subjects. You will also specialize in another Business discipline, such as Finance Marketing, Management by completing an eight subject major, which is option one here, or you can also learn about two business disciplines by completing two four subject sub-majors option two. Or you can learn about one additional business discipline by completing option three here, which includes one sub-major plus six electives. Please note that all these options one, two, and three, include electives, two electives here, two electives here, six electives here. You can use these electives to specialize even deeper in Economics, or in the business field of your major or sub-major or any other economics, sorry or any other business discipline that you’re interested in.
This slide here shows 11 core subjects in the Bachelor of Economics. These subjects provide you with a broad and deep economic analysis skill set that is in demand in industry and government. For example, we’ll get an advanced training in data analysis through the sequence of three statistics in econometric subjects in the core. You can also extend this by choosing time series analysis is one of your electives. Starting from 2022, we included subject Behavioral Economics in the core of the Bachelor of Economics. Behavioral Economics studies how psychological, cognitive, emotional, and social factors affect economic decisions. Behavioural Economics approach is very popular in industry, government and UTS is a great place to study Behavioural Economics, because we have extensive academic expertise, and industry connections in this area. So another interesting subject that we have in the course is the Capstone subject called Economic Policy and Analysis. It is an integrative subject, where you learn to apply analytical and data modeling skills to the analysis of important real world economic and social issues and policies. Here’s the list of Economic selective subjects available to the Bachelor of Economics students. Some of our most popular electives include Economics of the Environment, Economics of Monetary Policy and Central Banking, and Economics of Competition and Strategy. So Ben, could you please share what was your favorite economic subjects using your study at the Bachelor of Economics degree here in UTS?
Ben Robinson 19:55
Well, it’s tough to pick just one but for me, my absolute favorite was the Economics of Monetary Policy and Central Banking. I’m very sort of policy-focused. My the thesis that I’m doing in my honours year is very policy-driven. And that was basically that I did that in ’18; it just sort of ticked every box for me. And that’s run by Peter Docherty, who is just the most amazing lecturer his passion for the subject and for the content is infectious in a classroom like it’s, it’s unbelievable and Peter’s actually one of my supervisors in my honours year as well. So it goes to pay that if you do have good relationships with some of your lecturers, and you get an opportunity to you sort of get on, well, you have a good rapport with some of your lecturers, later down the track, you might have an opportunity to actually work with and collaborate with some of these great people that UTS has.
Associate Professor Olena Stavrunova 20:51
Thanks, Ben. Yeah, yeah, I know, Peter is a great, great educator. So this slide shows Majors and Sub-majors available in the Bachelor of Economics. And please take a few moments to look at this slide, we have a wide variety of majors and sub-majors that you can take as a part of your Bachelor of Economics, including Finance, Human Resources Management, IT Management, Marketing, and many others.
So we almost reached the end of our presentation. And now I’m supposed to give you my top tip, you know, for you people considering studying Economics. So my top tip for you, is to follow your passions and your interests in choosing your degree. And once you make the choice and enroll in the university, less, please make a full use of everything the university has to offer. For example, our academics here in UTS, is the greatest resource that the university has. And if you’re thinking of Economics, you should know that academics in Economics group here at UTS, are exceptional in their knowledge of economics, and in their willingness to engage with this students. They also have a lot of extracurricular activities in societies for students, for example, students economic society, that offer great opportunities for networking, and engagement. If you come to us, please take advantage of all these opportunities. The knowledge and connections you gain from these interactions will be available so he will be invaluable for your professional growth as an economist, and what will be your top team Ben, as a student?
Ben Robinson 22:32
For me – if you’re, if you think you’ve studied economics and you apply and you get in, before you start, I think it would be really helpful to do a bit of light research into economics, and find a guiding interest or a guiding principle that sort of has you hooked. It does, it could change throughout your degree, it doesn’t necessarily have to be super specific, but when I started I knew that macro was for me. So that was sort of every and then I sort of became more interested in the policy side of things as I went along as well. And then that informed kind of how I saw all of the subjects I was doing. And when I had an opportunity to do an assignment, I could sort of give it, gear it towards a sort of policy-focus, I take that opportunity. So if you if you are study economics, UTS do a little bit of light research beforehand. And just to sort of find that guiding interest that could sort of take you through throughout your whole degree.
Associate Professor Olena Stavrunova 23:33
Thanks, Ben. Great tip. I agree with you.
So this concludes our presentation. If you want more information about Undergraduate Business courses here at UTS, please download our Business Undergraduate Course Guide for 2022. And now it’s time for the Q&A. We’re happy to answer your questions.
Professor Sara Denize 23:57
Olena, I answered one last question for you. What degree do you think you should do if you wanted to be Australia’s next best Treasurer?
Associate Professor Olena Stavrunova 24:08
Oh, I think you should definitely do Economics degree. So I know that Australia, what is it; Shadow Treasurer? Yeah. So Andrew Leigh, of the Labour Party. So he’s a very well known Economist. So he used to be an Academic Economist before he became a Politician and I think how he talks about things you know, you can clearly see that he’s an Economist and it’s of great help, his economics background to what he’s doing right now as a Shadow Treasurer.
Okay, so one question is how many people are enrolled in Bachelor of Economics? So, off top of my head, I don’t remember the exact number but about every year would be every year we get about 100-120 incoming students.
So graduate salary? Oh, that’s an excellent question. I don’t know the answer. I will be happy to provide the answer for you a bit later.
So can you do Economics first and then enter into Law? How do we do this? So one way how you can do Economics in Law is actually do double degree Bachelor of Economics Bachelor of Laws, I think that’s a five year degree. And you can enroll there and you can study single thing is Economics and Law. That would be one option. I hope that’s a suitable option for you. But that degree has somewhat higher selection rank than Economics as in Bachelor of Economics alone.
Thank you very much for coming to this presentation. If you have any further questions, you can chat with us in the Open Day Business School Advisory Chats, reach out to us by phone in this number (02 9514 3074) or by email using this email address (business@uts.edu.au). Thank you very much and good luck with your choices.