Applying For Economics - full guide

Economics Personal Statement - how important is this?

Applications to economics at the top-ranked universities are not becoming any less competitive year-on-year, and meeting the grade requirements is not enough to secure offers from institutions like Oxford, Cambridge, LSE, Warwick, UCL etc. As a result, admissions officers use the personal statement increasingly to differentiate between similarly qualified candidates, so it’s important that you devote enough time and effort to ensuring it is of a high standard.

What's the Personal Statement all about?

Personal statements are your answer to the question ‘Why do you want to study this course at university?’. It is primarily an academic essay, with a limit of 4000 characters and 47 lines, showcasing your passion for the subject/subjects you’ve chosen to apply for (in this case, economics or joint degrees including it).

The bulk of your personal statement (80% according to LSE) needs to demonstrate both your interest in economics and aptitude for the subject, in a way that goes beyond what you’ve learnt at A-level. In order to demonstrate this, you need to include plenty of examples of super-curricular activities: independent research and study of economics outside the curriculum.

Examples of economics super-curriculars:

  • Books or undergraduate level textbooks
  • Articles or publications such as the Economist and Financial Times
  • Online courses (MOOCs) in a field of economics
  • Free online economics lectures provided by universities
  • Podcasts
  • Economics essay competitions
  • Starting an economics society at your school and running talks/presentations
  • Attending a summer school or university-led program related to economics
  • Doing an EPQ related to economics
  • Work experience directly related to economics, such as experience in an economic think-tank, the civil service or consultancy. Finance and banking experience is a separate field from from economics so don’t waste characters discussing them too much!

Please see the section titled ‘Advice on Super-curriculars’ for more info on this

Any economic theories or concepts that you’ve addressed directly at A-level therefore don’t count as super-curricular activities so it isn’t worth using up characters to discuss these.

However, you aren’t expected to know everything about university-level economics before you apply, or to pretend that you do in your statement! Instead, aim to delve into a few areas of economics in depth and showcase your interest in learning more about them at university.

Structuring your statement

A typical personal statement would look roughly like this:

Introduction – try to find an interesting ‘hook’ to draw the attention of the admissions officer. Often, applicants use personal anecdotes or current affairs which they link back to economics.

E.g.  Perhaps witnessing extreme poverty in slums sparked your interest in development economics and using it to improve living standards. Or seeing debates and discussion about the impact of Brexit on the UK made you interested in international economics.

Do not worry if you can’t find something super interesting for your introduction! In my case, the introduction was one of the last parts of my personal statement which I wrote. The main body of your personal statement is the most important part to secure an offer.

2-4 Paragraphs discussing areas of economics you are interested in with relevant reading or research. You could split these in many ways: by different fields of economics, different real-world issues to which you’re applying economic theory etc.

Extra-Curriculars – This is not massively important and is not what will get you into a top university over another candidate (I had only 233 characters for it). Discuss anything you do outside of school which develops your ‘transferable’ skills for any university degree.

E.g. I described how being a Maths and English tutor improved my time management and ability to explain complex concepts clearly.

Conclusion – can be one sentence, just summing up why you want to study economics and tying the statement together.

If you’re struggling with the 4000 character limit, try to keep your intro and conclusion as succinct as possible first. It is better to have a shorter section for extra-curriculars than to cut down on your super-curriculars.

Relevant Skills for Economics

LSE is notorious for using the quality of the personal statement as a main way to select students, so if you’re able to receive an offer from them, your other 4 UCAS choices should also be well within reach. Therefore, I focus on LSE’s website and the skills they have stated they are looking for in an Economics student below:

1- an ability to apply logic
2- quantitative aptitude and the ability to follow complex lines of mathematical reasoning
3- an ability to be creative and flexible in approaching problems
4- an ability to think independently
5- good communication skills
6- intellectual curiosity
7- motivation and capacity for hard work

Source: https://www.lse.ac.uk/study-at-lse/Undergraduate/degree-programmes-2024/BSc-Economics

Also carefully read through LSE’s own guidance for personal statements: https://www.lse.ac.uk/study-at-lse/Undergraduate/Prospective-Students/How-to-Apply/Completing-the-UCAS-form/Personal-Statement

https://www.lse.ac.uk/study-at-lse/Undergraduate/Prospective-Students/How-to-Apply/Completing-the-UCAS-form/Personal-Statement

1 and 2: Clearly, LSE is looking for candidates who can prove that they are comfortable with handling challenging maths. For single honours economics degrees, I would recommend devoting a paragraph to the applications of maths in economics and any competitions/courses you’ve done that demonstrate mathematical ability.

Maths Resources

The textbooks below outline some of the mathematical tools used at undergraduate level economics. They could be used in a personal statement but they don’t always have direct applications to economic theory, so be a little careful with them.

  • Ian Jacques – Mathematics for Economics and Business – easier but still useful as preparation for a maths question at Oxbridge interviews
  • Pemberton and Rau – Mathematics for Economists – this is more advanced

To see how maths is applied in economics, any undergraduate-level textbook could be useful. Reading a few chapters gives you some interesting economic theory to discuss in your personal statement.

  • Intermediate Microeconomics (Varian)
  • Macroeconomics (Mankiw)
  • Economics of the Public Sector (Stiglitz)

To build up your general mathematical ability, you can try:

3, 4 and 5: These points indicate that these universities are interested in your ability to evaluate economic arguments and form your own judgements. You need to critically analyse what you are reading/watching and consider different arguments before reaching your personal but well-substantiated conclusion. This skill could be demonstrated by completing essay competitions or by reading economists with different views. See the list of essay competitions below.

  1. John Locke Institute
  2. NCH/Northeastern University London
  3. LSESU
  4. IEA
  5. Minds Underground
  6. Marshall Society
  7. Cambridge Society for Economic Pluralism
  8. Royal Economic Society
  9. FCDO Next Generation Economics Essay Competition

6 and 7: These final two points can be covered by having a solid range and depth of super-curricular activities, and also by having high current/predicted grades.

Advice on Super-curriculars

The quality of your personal statement depends heavily on how you use super-curriculars. Try to make sure that your discussion of super-curriculars is:

  • Relevant – to the exact course you’re studying.

If you’re unsure about this, check out the university module lists below and tailor your statement to what they are teaching/offering. These also offer recommended reading, which are a great starting point for you to research different applications of economics.

https://warwick.ac.uk/fac/soc/economics/current/ug/modules

https://www.lse.ac.uk/resources/calendar/programmeRegulations/undergraduate/2022/BScEconomics.htm

https://www.econ.cam.ac.uk/ba/PrelimReadingList.pdf

If you want to be hyper-focused on the course a certain university is offering, you could try to find a lecture/book etc. written by a professor at that university. For example, since I was applying to LSE, I referenced Tim Besley in my personal statement as he’s a professor there.

  • Reflective – in considering what you’ve learnt, rather than simply regurgitating or explaining an economic theory. Provide some personal opinions and don’t shy away from agreeing or disagreeing with an economist, as long as you back up your conclusions with evidence. You could also try to link what you’ve learnt to the real world/current affairs or how a certain economic model/idea could inform policymaking.

E.g. you could explore how economics could inform climate change policy, regulating AI, reducing inequality etc. 

Clearly, some areas of economics lend themselves less well to having an opinion on than others. For example, it’s harder to be opinionated on econometrics compared to inequality economics, but you can still reflect on what you’ve learnt.in both. 

Some sentence starters to spark a personal comment could be: I began to question, this revealed/emphasised/made me realise, I believe/I think/I concluded, this challenged my assumption that/I was surprised by, I concur, I disagree

Here’s an example from my personal statement (referring to Stackelberg competition models)

Seeing how sequential output decisions enable a leading firm to use backward induction of a follower’s best response made me appreciate the profound impact of changing rules on rational behaviour. I assumed that this first-mover advantage in new markets may primarily explain the rise of large technology firms, but Philippon’s ‘The Great Reversal’ challenged my idea as he argued that their market power was established through unregulated lobbying against antitrust, and causes under-investment. I concluded that the over-step of free markets into politics harms long-run growth. 

  • Well-motivated – your reasons for reading/watching/researching a certain topic should be clear, and you should try to smoothly transition between different super-curricular activities – try to have some ‘flow’ in your writing.

E.g. Reading about the future of economic growth in ‘Good Economics for Hard Times’ (a popular economics book) inspired you to investigate how economists formally model growth, leading you to complete an online course on the topic where you saw the mathematical foundations of the model etc.

Recently, the standard of personal statements as well as applicants have been increasing, so at least some of your super-curriculars also need to be reasonably challenging.

Try to avoid including more than 1 or 2 popular economics books that are widely known and accessible to the general public. They are still valuable for a personal statement, but your comments on them have to be more novel and insightful to stand out from other applicants citing the same books. I would use them as a starting point before going into something more niche/advanced and closer to an undergraduate level. I’ve colour-coded these types of books below.

Other books are so overused that they are not worth including in a personal statement (read only for interest) – Freakonomics, The Undercover Economist, the Armchair Economist et

Some Book Recommendations

Bold and underlined suggest they are either highly or quite common:

Development Economics: Why Nations Fail (Acemoglu and Robinson), Gambling on Development (Stefan Dercon), Poor Economics (Banerjee and Duflo), The Bottom Billion (Collier)

International Economics: Globalisation and its Discontents (Stiglitz), The Globalisation Paradox (Rodrik)

Inequality: Capital in the 21st Century (Piketty), The Price of Inequality (Stiglitz)

Game Theory: The Art of Strategy (Dixit and Nalebuff), The Predictioneer’s Game (Bueno de Mesquita)

Heterodox/Pluralist/Multidisciplinary: Narrative Economics (Shiller), Identity Economics (Akerlof and Kranton), Doughnut Economics (Raworth), Why We Fight: The Roots of War and the Paths to Peace (Blattman)

Political Economy: The Magic Money Tree and Other Economic Tales (Forni) and others from this collection – https://www.agendapub.com/page/series-results/comparative-political-economy/?SF1=series_exact&ST1=COMPARATIVEPOLITICALECONOMY

The Great Reversal: How America Gave Up on Free Markets (Philippon)

The Third Pillar: How Markets and the State Leave the Community Behind (Rajan)

Environmental Economics: The Climate Casino: Risk, Uncertainty, and Economics for a Warming World (Nordhaus)

Econometrics: Mastering Metrics, Mostly Harmless Econometrics (Angrist and Pischke)

General state of the discipline: Good Economics for Hard Times (Banerjee and Duflo), Cogs and Monsters (Coyle), Beyond the Invisible Hand: Groundwork For A New Economics (Basu), Economics Rules (Rodrik)

Undergaduate-level: Public Finance and Public Policy (Gruber), Collective Choice and Social Welfare (Sen, but this is philosophy and economics), any other undergraduate textbook, academic papers on uni module lists and so on..

Lectures and other super-curriculars

YouTube channels for many top unis will have free online lectures to watch!

Cambridge University-https://youtube.com/playlist?list=PLudnvJrRHL1e9oC_3An43tVVJclkBK42V

LSE – https://www.lse.ac.uk/lse-player?category=5241d76f-bac0-4383-8ea3-286ab285aa3e&facet=all

Select any department related to economics

MIT –  Introduction to Micro: https://youtube.com/playlist?list=PLUl4u3cNGP62oJSoqb4Rf-vZMGUBe59G-
Development Economics: https://youtube.com/playlist?list=PLUl4u3cNGP61kvh3caDts2R6LmkYbmzaG

VoxEU/CEPR – https://youtube.com/@VOXViewsCEPR

Cambridge Society for Economic Pluralism –  https://youtube.com/@cambridgesocietyforeconomi3855

Trade Talks Podcast – https://tradetalkspodcast.com/podcast/

Other Super-Curricular Opportunities:

Christ’s College, Cambridge offer a lecture series in economics which you can be selected for, available here: https://www.christs.cam.ac.uk/admissions/open-days-prospective-applicants/economics-taster-day

Sutton Trust economics summer school (they have needs-based eligibility requirements so make sure you meet those before applying): https://summerschools.suttontrust.com/course/university-of-cambridge/economics-4/

Examples of strong Personal Statements

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