Economics Undergraduate. BSc Economics BSc Economics and Politics

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1 Economics Undergraduate BSc Economics BSc Economics and Politics

2 Welcome to the Department of Economics The Department has a strong international research reputation in mainstream economics. Our teaching is internationally respected and our students are in demand by employers. We pride ourselves on being a lively and friendly Department. The University campus is compact, safe and vibrant with world class sports facilities. The campus is situated 2km from the centre of the beautiful historic city of Bath and is just a 90 minute train ride away from central London. This brochure has been specifically designed to help you better understand the provision we offer and the options available. In particular, you will find details of our excellent placement scheme, supported by an experienced Placement Team. We look forward to meeting you! Professor Michael Finus, Head of Department

3 Choosing the programme that is right for you Economics helps us answer questions, such as how should the banking system be regulated to prevent another credit crisis? Should we raise taxes to reduce pollution? You will be taught how to reason analytically in solving economic problems by critically appraising economic theory and using quantitative techniques. At Bath it is possible to study Economics as a single honours subject or jointly Economics and Politics Economic theory is divided into microeconomics and macroeconomics. As well as core economics units there are many optional units, e.g. International trade, Money and finance, Environmental economics, Econometrics and the Economics of incentives. Politics as an academic discipline is concerned with theory and practice in the exercise of power in societies, and the resolution of conflict about power and policy. League tables show that economics programmes at Bath are among the best, particularly for graduate employability. Some of the features which contribute to our success are: Excellent reputation for teaching and research Dynamic and friendly Department Flexible choice of programmes Established experience in industrial training placements Strong links with prestigious public and private sector organisations, including; the Bank of England, HM Treasury, HSBC, Goldman Sachs and many others Strong emphasis on marketable and transferable skills, favoured by employers. In the Department of Economics it is possible to study our BSc (Hons) Economics or BSc (Hons) Economics and Politics degree programmes for three years full time or four years including optional professional placement. The Department also offers a three or four year BSc (Hons) degree programme in Economics and Mathematics. Please see our separate brochure on this programme The Faculty also offers a three or four year BSc (Hons) degree programme in Politics with Economics, please see our separate brochure on Politics Undergraduate programmes offered by the Department of Politics, Languages and International Studies. The Department of Economics is part of the Faculty of Humanities & Social Sciences 3

4 Degree programmes Our degree programmes are delivered over three or four years, with teaching taking place across two semesters. The first semester being September to January and the second February to May with the usual Christmas, Easter and summer vacations. Each semester consists of 11 weeks of formal teaching, one week for revision and then a two or three week assessment period. Our programmes of study are modular, consisting of selfcontained units, taught and assessed on a semester basis. As you progress through each semester and successfully pass the examinations, you will receive credit for the units, thus providing you with a clear indication of your academic progress. Students must take ten units per annum, usually five per semester. The size of each unit (measured through the number of credits awarded) is proportional to the number of learning hours, which includes formal teaching contact. Students must accumulate 60 credits per year from 6-credit units. The programmes contain compulsory and optional units, and there is an opportunity in each semester to take at least one unit from another department. This allows students to maintain a broad course of study or to build in a specialist stream, for example in finance and accountancy or foreign languages. Teaching takes the form of lectures, classes and seminars, involving you in about contact hours each week. Teaching contact is likely to be greatest in the first year. Lectures in the first year are quite formal, in large groups, whereas classes and seminars involve interaction between the lecturer and a small number of students for problem solving and discussion. The units are assessed individually and within the semester in which they occur. Assessment consists of a combination of coursework essays, class exercises, projects, oral presentations and examinations. We have designed programmes of study which will provide you with excellent analytical and problem solving skills appropriate to your academic discipline, and additionally you will be able to acquire many transferable skills which are required in the work place. These include written, oral and visual communication skills, self-confidence and selfreliance in assimilating and appraising new information, team working and flexibility, initiative and leadership. Moreover, all our academic staff members are research active and incorporate their research interests and experiences into their lectures, ensuring a contemporary curriculum content. 4

5 Economics degree structures BSc (Hons) Economics BSc (Hons) Economics and Politics Year 1 Core units common to both programmes Introductory macroeconomics; Introductory microeconomics; The modern world economy; Statistics and data analysis; Mathematics 1; Introduction to probability and statistics Compulsory units Mathematics 2; Economic policy in the UK Compulsory units Key concepts in politics; International relations & global politics; Political ideologies Optional units An introduction to law; Corporate finance for managers; Development economics: microeconomic perspective; Introduction to accounting; Introduction to international development; Key concepts in politics Optional units British politics; Development economics: microeconomic perspective; Economic policy in the UK; Introduction to politics of development; Mathematics 2 Year 2 Core units common to both programmes Intermediate macroeconomics 1; Intermediate microeconomics 1 Compulsory units Intermediate Microeconomics 2; Intermediate Macroeconomics 2; Introduction to Econometrics Compulsory units Economics of politics; Economic thought & policy; European political thought Optional units include for example: Development economics: macroeconomic perspective; Economic thought & policy; Intermediate accounting; Intermediate corporate finance for managers; International economics; Money and finance; Public economics; Public finance Optional units include for example: Conflict and international security; European Union politics; Foreign policy-making and its analysis; International politics of development Year 3 Optional placement year Final Year Compulsory Units Advanced Macroeconomics; Advanced Microeconomics Optional units include for example: Development finance; Econometrics 1 & 2; Economics of banking; Economics of financial markets; Environmental economics; Experimental, behavioural and neuro economics; Game theory; Growth theory; Health economics; Investment and trading Optional units include for example: Analytical development economics; Comparative elections and voting; Culture and religion in international relations; Economics of incentives; Europe in global politics; International trade; The politics of ethnicity, religion, and nationalism; US global politics Dissertation option for both programmes For further details on the type of optional units available please see the study pages: 5

6 Core units for Economists in both degree programmes Year 1 The Modern World Economy How has the financial crisis affected the world economy? This is the type of question asked in this unit, which aims to equip you with a critical analysis of important economic issues and of international institutions in a global context. The unit will take a theoretical, analytical and empirical view of the topics covered. Statistics and Data Analysis You will be introduced to the practical side of statistical analysis in this unit, associated with accessing and interpreting economic data. This aims to enable you to become competent users of Excel to represent and analyse economic data and to develop teamwork and presentation skills. Mathematics 1 This unit will provide you with the knowledge of areas of mathematics that are relevant to undergraduate economics, using examples from the economics literature and to prepare you for more advanced units in economics and econometrics. Introduction to Probability and Statistics This unit will introduce you to the necessary background in statistics for the Computing and Data Analysis unit and second year Introduction to Econometrics. More specifically, the unit aims to provide you with experience in the analysis of data and a fuller understanding of probability and statistical inference techniques. Introductory Macroeconomics You will gain from this unit an ability to derive policy conclusions from simple economic models and evaluate their realism and usefulness in policy making. The unit is designed to provide you with an introduction to the methods of macroeconomic analysis, including the use of simple macroeconomic models and their application in a UK policy context. Introductory Microeconomics This unit is designed to provide you with an introduction to the methods of microeconomic analysis, including the use of simple economic models and their application. The aims of the course are to enable you to derive conclusions from simple economic models and evaluate their realism and usefulness. Year 2 Intermediate Macroeconomics The aims of these units is to develop your understanding of macroeconomic theory and to enable you to use macroeconomic models to interpret modern policy problems. It also discusses the main contributions of the leading schools of macroeconomic thought such as New Keynesian and Neo-Classical. The importance of intuition in motivating and explaining economic problems is stressed throughout the unit. Intermediate Microeconomics These units are designed to build on your first year microeconomics by providing a more in-depth and rigorous approach to microeconomic analysis. The emphasis will be on consumer theory, both in the context of certainty and uncertainty, and production theory as applied to the perfectly competitive firm. As with the macroeconomics, the importance of intuition in motivating and explaining modern economic problems is stressed throughout the unit. Economics compulsory units Economic Policy in the UK Should the Bank of England continue with Quantitative Easing? This is the type of question addressed by this unit. Specifically it provides you with a knowledge base with respect to the goals, instruments and institutions in key areas of UK economic policy. It aims to present an analysis of how policymakers address major problems of the British economy, including an analysis of the achievements of economic policy initiatives with respect to solving these problems. Mathematics 2 This unit further explores the types of mathematical techniques used by you in economic analysis, building on the approaches begun in the first semester. Again it provides you with knowledge of areas of mathematics that are relevant to undergraduate economics and to prepare you for more advanced units in economics and econometrics. Introduction to Econometrics How can we prove whether reducing taxes increases economic growth? Econometrics enables you to answer these types of question, as this two semester unit provides you with an introduction to econometric methods, a technique which allows you to provide evidence on whether certain economic policies actually work in the real world. Building on your knowledge of statistical hypothesis testing and regression, the unit follows a systematic approach to model building focusing on formulation, estimation, interpretation and evaluation. These concepts will be reinforced through practical workshops using specialist econometrics software. 6

7 Advanced Macroeconomics The unit further explores the main theories and policies concerning modern Macroeconomics and aims to build on Intermediate Macroeconomics and introduce topics that are the subject of recent academic research. The aim is that you will achieve an understanding of the scope of modern macroeconomics and its applications, an ability to read and understand current macroeconomic literature, an ability to use advanced macroeconomics concepts in analysing specific issues and recent UK policy. Advanced Microeconomics This unit is designed to build on Intermediate Microeconomics and to introduce some of the theory that underlies much of the more recent academic research and how it impacts on recent UK economic policy, such as addressing issues relating to modern industrial policy. Economics and Politics compulsory units There are a number of compulsory units for this degree which focus on the political concepts and theories which have been developed in recent times. These include Key Concepts in Politics, which seeks to provide you with an introduction to the essentials on political institutions, agents and ideas at national, regional and international levels. Similarly the Political Ideologies unit aims to provide you with a grounding in the study of political ideologies, whilst International Relations and Global Politics introduces you to the international political economy. Both the units on Economics of Politics and Economic Thought and Policy explore politics and its inter-relationship with economics, whilst European Political Thought explores politics from a European perspective. Optional Units In both the first and second years there are a number of units introducing you to the world of finance, these are popular because many of our students go on to work in the finance sector on graduating. These include units such as Corporate Finance for Managers, and Money and Finance which aim to introduce you to the world of finance and how it affects the wider economy, such as through the financial crisis. In the second and especially the final years you can tailor your options to particular areas of economics. For instance in your final year, if you like the more quantitative and analytical aspects of economics, you could choose units such as Econometrics or Welfare Economics. However if you prefer the more policy orientated angle to the economy, you could choose from a selection of units covering modern policy debates. These include units on International Trade, Environmental Economics and Experimental, Behavioural and Neuro Economics. Similarly if you wish to concentrate on the financial aspects of economics, you could choose Economics of Financial Markets or Investment and Trading among the finance options. A further option is to do a dissertation, which is conducted over two semesters in the final year. As many of our students choose to take a placement, they often base their dissertation on their placement work, and so conduct their data collection and initial analysis in their third year. 7

8 Economics Why study Economics? Central to the teaching and learning of any degree in economics is an understanding of the theoretical underpinnings of economics and its applications to real world problems. The ability to manipulate economic theory provides valuable skills in being able to solve a variety of problems. Economists frequently have to understand the interaction between various economic agents e.g. firms and consumers, and thus an understanding of rational human behaviour is important to the understanding of economic principles. Why study Economics at Bath? By studying economics at Bath, you will be in a dynamic department with an excellent reputation for teaching and research. You will have access to modern facilities, including up-to-the-minute data on computer networks and the latest economics based computer software. You will also have the opportunity to participate in a rich and stimulating environment of economic debate, including contributions from popular outside speakers. To supplement the theoretical approach to economics, there is also an emphasis on applying this knowledge, which is assisted by the strong departmental links to industry, in particular the financial sector and government. These links are further enhanced by the increasingly popular placement scheme, which allows students to directly apply their knowledge to the workplace. Name: Tom Gallagher Programme: BSc (Hons) Economics The Economics degree at the University of Bath is unique in terms of the flexibility it offers. The aspect I enjoyed most was the choice of units. Students have a comprehensive list of options to choose from, ranging across vast areas of the subject, for example, Public Policy, Health and Environmental Economics. There was also the opportunity to take units from other departments and I found the finance units from the School of Management very useful. The selling point for me was the opportunity to undertake an industrial placement. I knew that due to the competitive job market in this field, the placement would be vital in allowing me to pursue a career in finance. The Economics Degree at Bath gives students the opportunity to get relevant work experience, and the vast array of other activities available complements the studies such that students become not only educated but well rounded and interesting individuals. I have thoroughly enjoyed my time at Bath and now look forward to starting my graduate role in Sales and Trading at Citigroup Investment Bank, London. 8

9 Economics and Politics Why study Economics and Politics? Politics is concerned with developing an understanding of government and society. Understanding people, ideas and institutions allows a student to appreciate how values are allocated and resources distributed. Central concepts include power, justice, order, conflict, legitimacy, accountability, obligation, sovereignty and decision-making. Politics at Bath has a particular focus on understanding the institutions and intergovernmental operations of the EU. However, in the sphere of international relations, students also have the opportunity to study foreign policy-making in the EU and beyond, and the broader functioning of the international system, including the role of the US and international organisations. Why study Economics and Politics at Bath? Studying economics and politics as joint honours will help you to develop a thorough understanding of crucial issues in the world today. Whether it is the global credit crisis, the much touted decline of the nation-state in the face of economic globalization, the dynamics of peace and security in the Middle East and beyond, or western foreign policy towards a resurgent Russia, the major challenges facing us as individuals, as countries, and as an international community, are inextricably linked to both economic and political dimensions. By taking this joint honours, you will learn about and engage with a wide range of social theories. Name: Laura Hopkins Programme: BSc (Hons) Economics and Politics I chose Bath because of its excellent academic record and sports facilities. I also love the city and the fact that the University is quite a lot smaller than others. Economics and Politics complement each other well as subjects to study and help to explain the workings of the world around us. I have come to realise that I enjoyed Economics more, and so have been able to choose units to reflect this as there is a lot of scope for options in the course. My best experience at Bath has been to undertake a year-long project in my final year, where I have been able to blend all the skills I have developed throughout my University career and tackle an up-to-date research issue. I have gained experience in modern econometric modelling and software packages, as well as learnt how to handle data and use theory to guide an investigation. I couldn t recommend this more to future students! 9

10 Placements All undergraduates in the Department of Economics have the opportunity to undertake a four-year degree with a one-year placement during the third year. Over the years, the University has built up contacts with a large number of organisations that can provide the high standard of training we expect. The excellent employment rate of our students is due in no small measure to the hands-on experience and skills they acquire from their placement. All placement jobs are at a junior professional level. Ideally, you will be given a project or piece of work that will be your individual responsibility. The job will provide you with a challenge and allow you to use existing skills, as well as develop new ones. All placements involve an element of routine work as well. The following are some of our recent placement providers: Why choose to do a placement? The placement is an opportunity to use the theory you have learnt in a practical context It will enable you to learn about the organisation and its area of work, and is an excellent opportunity to evaluate potential future career paths A year of professional work is highly valued by employers and gives you an advantage in the competitive job market when you graduate Students are frequently offered permanent graduate jobs by their placement providers It is sometimes possible to acquire additional professional qualifications, particularly in accountancy, whilst on placement Many students develop skills in applied economics and gain insight into economic policy making You will acquire transferable skills such as teamwork, communication, planning, prioritising, problem solving, decision making and project management The placement often provides the inspiration and material on which to base your final year dissertation. What kind of job could I do? There are placements in a wide range of organisations in the private and public sectors. You could choose to work as a research assistant with a team of economists, at the Bank of England or in a large government department such as the HM Treasury. A variety of different roles are offered within the banking sector, including Investment Banking, Operations, Marketing, Risk etc. You could work for a Professional Service Firm, some of whom enable our students to study for accountancy qualifications whilst on placement. If your degree programme includes politics, you could work in the public affairs department of a large company, in political lobbying or as an assistant to an MP or MEP. Gain solid business and management skills working for a vast array of national and international organisations, in any sector of your choice. JP Morgan Barclays Corporate Morgan Stanley Intel EY IBM KPMG Hewlett Packard PriceWaterhouseCoopers BP Grant Thornton Exxon Mobil Deloitte GlaxoSmithKline HSBC Investment Bank Lloyds Banking Group BlackRock HM Treasury Bank of England Dept of Energy & Climate Change DEFRA HM Revenue & Customs Foreign & Commonwealth Office OFGEM Ministry of Defence Private Sector Public Sector Goldman Sachs Reuters Public affairs companies Investment consultancies Nomura Bank International development consultancies and NGOs American Express UBS Airbus Disney Corporation Microsoft Accenture Amazon BNY Mellon NBC Universal Dept for Transport House of Commons Welsh National Assembly Office for National Statistics Confederation of British Industry Dept of Health Ministry of Justice Home Office Pension Protection Fund 10

11 Placements Undergraduate Economics When do I need to decide? It is possible to postpone the decision to undertake a placement until the end of the first year. To help you decide, there will be an opportunity to see poster presentations given by students who have done placements at the Placements Event held on campus in October. How would I get a placement? What support would I get whilst on placement? You will be supported by your supervisor at work, your designated placement tutor at University and the placements staff If you are on placement in the UK, your tutor will visit you You will receive regular information from the Placement Office keeping you up to date with life on campus. At the end of the first year you will be given information on how to make a successful application for a placement and what choices are likely to be available. From the beginning of your second year you will start applying for placements. These are advertised online by our full-time Placements Officer. You should also make your own speculative applications. The recruitment process is competitive, giving you good practice for the graduate job search later on. How will my placement be assessed? Within the first four weeks of your placement you will agree your personal learning objectives with your immediate line manager. During your placement you will submit two reports which will assist you in monitoring your progress, and observing what you have learnt in the workplace. Your final report will be a 2000 word document which will enable you to adopt a reflexive approach to your time spent on placement. You will receive an appraisal at the end of your placement from your employer, this is also a key component of your assessment. You will create a poster and present it at the Placements Poster Event This work is required in order to pass the placement year, but the placement will not contribute to your final degree classification. You will receive one-to-one guidance on CV and letter writing, and interview skills from the Placement Officer with input from the Careers Service. Please note - there are nationality restrictions on Civil Service placements; applicants must have either UK or EEA nationality, according to the job. Will I be paid? Most business and banking placements pay salaries which typically range from 16,000-35,000 per annum, with some falling above and below this range Many politics and international development placements are unpaid, but many offer a subsistence allowance instead Approximately half of the normal year s student loan is available for the placement year. 11

12 Name: Laura Tingle Programme: BSc (Hons) Economics Placement: Bank of England What really makes the programme at Bath special is the placement year. During my placement year I worked at the Bank of England in the corporate team within Monetary Analysis as a Research Assistant. The main focus of my work was gathering and conducting basic analysis of data on Prices, Supply and Investment, with a view to helping my team generate a short term inflation forecast. Towards the end of my placement I was given much greater responsibility, being able to write indicators. These briefed the entire Bank, including the Monetary Policy Committee about recent PPI releases. The experiences, opportunities and training I received during the placement year have been really useful in my final year as well as for interviews and jobs in the future. The well-established placement scheme at Bath is good because many employers know that they can trust Bath students to be of a certain standard. It also enabled me to make many contacts which have helped me be better prepared for interviews and also for the challenges of final year study. I really enjoyed my placement and looked forward to the more analytical opportunities that arose. This encouraged me to look further into a career in economic analysis and has helped me to find a job as an Economist in the Civil Service. 12

13 Placements Careers and destinations Bath economics graduates are very successful in today s competitive labour market, pursuing a range of careers in both the private and public sectors. The majority of graduates enter employment as economists, financial or business analysts, researchers, accountants or tax professionals International and national employers include PWC, KPMG, Morgan Stanley, Deloitte, HSBC, JPMorgan and specialist economic consultancies The Economics Department is ranked 8th in the UK for the success rates of graduates in the employment market. (The Complete University Guide 2014). Where Bath really excelled was in combining a rigorous course with healthy dose of applied reality - very useful in the financial world. Philip Shaw BSc (Hons) Economics alumnus Now Chief Economist at Investec, London Name: Ashley Wang Programme: BSc (Hons) Economics Graduate post: Equity Capital Markets Analyst at Mitsubishi UFJ Securities I chose the University of Bath because of the beautiful city and industrial placement culture. There seemed to be a lot of support for students and excellent employability prospects. I enjoyed the flexibility of the economics programme, such as the Management School options, as it allows students to pursue opportunities offered outside the pure economics route. Of course, the placement year has been the most significant factor contributing towards my career; I undertook an industrial placement as an analyst in Operations at Morgan Stanley in their commodities department, working in the Confirmation/Affirmations team. This allowed me to realise what I wanted to do as well as providing me with invaluable experience. I am now in a graduate role at MUSI. 13

14 About Bath Bath is a great place in which to be a student. Our welcoming, purpose-built campus is safe and friendly, with a vibrant international community, excellent student services, outstanding arts facilities and a first-class sports complex. The campus is located about 2km from the World Heritage City of Bath - one of the most interesting, elegant and vibrant cities in the UK, home to several excellent museums and galleries, parks, numerous restaurants, cafés and pubs and a great range of shopping. Frequent bus services link the campus, city and major student residential areas. Bath is not far from Bristol International Airport. By train, London is approximately 90 minutes and Bristol about fifteen minutes away. You are always connected to your work, your home and your social life when studying. 14

15 Key Facts BSc (Hons) Economics Three years L100 Four years with placement L101 BSc (Hons) Economics and Politics Three years LL12 Four years with placement LLC2 The Faculty also offers a BSc (Hons) degree in Politics with Economics Contact us For more information about this programme, entry requirements and admission, please visit our website: For further enquiries on entry requirements and admission to the programme, please contact: Undergraduate Admissions Tel: +44 (0) admissions@bath.ac.uk Typical offers: A Level A*AA 234 places available 1310 applicants A level Mathematics is required at grade A or above My experience at the University of Bath was invaluable. The programme has not only equipped me with a rigorous discipline in economics, but also cultivated my soft skills necessary in the business environment. This has undoubtedly opened up many opportunities for me. I want to give my wholehearted recommendation to any prospective student. Jeffrey Kin Chung Cheung BSc (Hons) Economics Disclaimer: Every effort has been made to ensure the accuracy of this information, but as courses and personnel change over time, this information may also change. It should therefore be treated as a guide rather than a definitive statement.

16 Department of Economics Published July