•Economics at UEA •Dr Emiliya Lazarova •Head of School of Economics More than a subject •TODAY’S AGENDA •WHAT IS ECONOMICS? •WHAT MAKES ECONOMICS AT UEA SO SPECIAL? •WHAT ARE YOUR DEGREE CHOICES? •WHAT LIES BEYOND YOUR DEGREE? Cover •HOW WILL I BE SUPPORTED and ASSESSED? Cover WHAT IS ECONOMICS? •WHAT IS ECONOMICS? •Economics is the study of how societies/firms/individuals use their resources … •… and of how societies/firms/individuals should use their resources … •… with all of the terms within this definition being (potentially) very broadly interpreted. • • •It is important to understand the diversity of economists’ specific interests and of the real world issues to which economics can be applied. •WHAT IS ECONOMICS? •I also, recently, asked each of my colleagues (teaching faculty in the School of Economics) to briefly describe a question or issue that is motivating them personally in their current work as economists … • • Cover “I'm trying to show that a well-functioning market economy doesn't depend on people being either rational or self-interested. It enables people to cooperate in achieving whatever they happen to want.” Professor Robert Sugden “I’m interested in the way people operate collectively. What is the best way to motivate workers in teams? How do groups trade off fairness and efficiency when making joint decisions?” Dr Anders Poulsen (Lecturer on Behavioural Economics) “My motivation is to communicate a better, wider, understanding of how economic policy – decisions made by governments and central banks – directly affects each of us in our everyday lives.” Dr James Watson (Lecturer on Intermediate Macroeconomics) “My work is showing that fiscal policy can have different impacts on men and women. I am trying to understand and explain how taxation and government spending can serve to reduce or amplify gender-based inequalities.” Dr Ruth Badru (Lecturer on European Economy and on Further Econometrics and Data Analysis) “I am fascinated by the relationship between technological progress and employment. Will a specific new technology create jobs, or destroy jobs? And can education change the outcome that arises?” Dr Fabio Arico (Lecturer on History of Economic Thought) “I’m interested in the relationships between natural resource wealth, economic development, and human conflict. Can institutions and policies change these relationships?” Dr Christa Brunnschweiler (Lecturer on Government, Welfare and Policy) “I’m trying to explore the full consequences of migration on individuals, families, and the economy around the world.” Dr Liliana Harding (Lecturer on Labour Economics) “I am interested in understanding how climate change policy and technical change interact to affect economic well being.” Dr Corrado Di Maria (Lecturer on Economics of the Environment) “In 2017, the price of one bitcoin rose from $959 to $18,940. I’m using financial econometric methods to explain why such “bubbles” occur, and to generate useable price forecasts when they do.” Professor Peter Moffatt “I’m intrigued by the business strategies of the digital economy. Are software updates more about fixing bugs, or stimulating demand? What do we learn from the different behaviours of the Google Play and iTunes platforms?” Dr Franco Mariuzzo (Lecturer on Industrial Organisation and Business Strategies and on Competition in the Digital Age) •WHAT MAKES ECONOMICS AT UEA SO SPECIAL? •OUR REPUTATION FOR EXCELLENCE •The School of Economics at UEA is globally respected for its research and for the quality of its academic programmes. • •The School is known particularly for its world leading work in Behavioural Economics, and also for its work in competition policy, economic theory, finance and applied econometrics. • 200 Times Higher Education World University Rankings 2018 WORLD TOP 15 The Times / Sunday Times 2018 and Complete University Guide 2019 UK TOP In the Teaching Excellence Framework 2017-20 AWARDED Cover Top 10 Cover 200 Times Higher Education World University Rankings 2018 WORLD TOP 15 The Times / Sunday Times 2018 and Complete University Guide 2019 UK TOP In the Teaching Excellence Framework 2017-20 AWARDED Cover Top 10 200 Times Higher Education World University Rankings 2018 WORLD TOP 15 The Times / Sunday Times 2018 and Complete University Guide 2019 UK TOP In the Teaching Excellence Framework 2017-20 AWARDED Cover Top 10 •Behavioural Economics (An Example) coin toss.jpg •Imagine I propose to flip a coin. •If it is tails you lose CZK500. If it is heads you win CZK ??. •Tell me how much you would have to gain on winning (if it is heads) in order for this gamble to be acceptable to you? •(CZK400? CZK500? CZK600? CZK700? … Any amount – you choose!) • • • • • •Behavioural Economics (An Example) Money “Utility” Reference point “Risk Aversion” (Conventional Economics) •Behavioural Economics (An Example) Money “Utility” Money “Value” Reference point Reference point “Risk Aversion” (Conventional Economics) “Loss Aversion” (Behavioural Economics) •Behavioural Economics (An Example) Money “Value” Reference point “Risk Aversion” (Conventional Economics) “Loss Aversion” (Behavioural Economics) Money “Utility” Reference point •Economists now use the concept of “loss aversion” to explain real world phenomena. •For example: understanding the “equity premium puzzle”. • •And policy-makers use it to effect social change. •For example: reducing the use of plastic bags, and disposable coffee cups! •Loss Aversion •COMMITMENT TO •SUCCESS & COMMUNITY •Students in ECO build relationships that last a lifetime. •The School is diverse and friendly. •Staff offices open directly to student study spaces. •We have a vibrant, student-run Economics Society, Essay Journal, and Student-Staff Liaison Committee. •And a busy schedule of in-school social and sporting activities. • AS_PMS_Bronze Award.eps Newsletter.jpg •EMPLOYABILITY EVENTS – ECO Spring Semester •WHAT are OUR MSc DEGREE CHOICES for YOU? AT Programmes3.jpeg 21/02/2020 •Core modules for the programmes •Academic and Professional Programmes •MSc Competition Economics and Policy •Academic and Professional Programmes •MSc Economics •Academic and Professional Programmes •Core modules for the programmes •Applied Training Programmes •MSc Money Banking and Capital Markets •Applied Training Programmes •MSc International Business Economics •Applied Training Programmes Cover •How will I be supported? •Individual Support •Module Teaching Teams •Formative Assessments •Office Hours •School Support Tutors •Support Sessions •One-to-one Support Meetings •School Advisers •Your Personal Adviser •School Senior Adviser •Disability Officer; Women’s Adviser •Employability Team •Individual Support •University Level •Student Support Service •Learning Enhancement Team • • • • Cover •How will I •be assessed? •Assessment Types • •Exams •Coursework: •Essays •Seminar Presentations •Computer Tests •Research Projects •(Public) Poster Presentations •(Optional) Dissertation Image may contain: 4 people, people standing Cover WHAT LIES BEYOND YOUR DEGREE? •WHY STUDY ECONOMICS? •Studying Economics provides students with a unique set of both analytical and interpersonal skills, highly demanded by employers in a wide range of roles and sectors. • •This builds very strong career prospects. • • • •EARNINGS FIVE YEARS AFTER GRADUATION Economics Business All degrees Source: Telegraph, June 2018 Data: Department for Education, June 2018 •Does having an MSc degree pay? •We use DLHE( 2014-2016) that track UEA graduates 6 mons after graduation •We see that PGT graduates earn about 22% more than UG graduate •We see that PGT graduates are 13.8% more likely to secure a professional job (86.04% versus72.29%) •EMPLOYABILITY DEVELOPMENT •Employability embedded within the curriculum •Employability activities and events •Work experience •EMPLOYABILITY IN THE CURRICULUM • •It open the opportunity to work on a project in collaboration with a non-academic partner – a business, charity, public authority •Application of economics to real-world problems •The structure and format of the report can be tailored to the individual partner requirements •May be used as a stepping stone for future work placement. • A group of people around each other Description generated with high confidence A group of people around each other Description generated with high confidence •EMPLOYABILITY ACTIVITIES •We provide a series of events and activities tailored for Economics students: •Regular Alumni / Employers Events •Employability Skills Workshops (applications, CVs, psychometric tests, interviews, etc.) •Subsidies for Career Conferences / Study Trips and Competitions A group of people standing next to a person Description generated with very high confidence •CAREERS CENTRE •Working closely with the UEA Careers Centre, we make sure that our students are well informed about the most relevant career activities and opportunities across the UEA. •Employer Fairs and Talks •Advice and Workshops on CVs / Cover Letters / Applications •Mock interviews / Assessment centres / Aptitude tests •Career Coaching & Mentoring •Students’ Enterprise •Plenty of Online Resources • • • • • • •WHERE DO OUR RECENT GRADUATES WORK? •GOVERNMENT & REGULATORS •BANKING, INVESTMENT & FINANCE •BIG 4 and ACCOUNTING •CONSULTANCIES •OTHER THANK YOU Emiliya Lzarova: E.Lazarova@uea.ac.uk •