Economics Undergraduate Open Day

1. Economics UndergraduateOpen Day Ian Walker Professor of Economics Slides available at:http://go.warwick.ac.uk/iwalker

2. Welcome to Warwick • This meeting is for students thinking about applying for Economics here • Parents, partners, teachers, etc. • To tell you about Economics at Warwick • So you know what to expect • Chance to see if we might be a good match • NOT a hard sell • We only want students who will do well here • Not sure about studying economics? • See WhyStudyEconomics?

3. Timetable • 50-minute talk • Note any queries you might have • Check out links, chat later, or email me • If you like what you see and hear today • Apply to us • If you get an offer, we’ll invite you back • Sometime Jan-May 2009 • Another talk, chat to students and staff, tour … • And come to our Economics Summit • Usually every February

4. My 50 mins • Finance/Accommodation/Campus life • Something about the programme • Why its distinctive • Something about our reputation • Research and teaching • Something about what our students go on to do • careers • Offers

5. Accommodation • Campus room for all 1st years • £70 - £115 pw • All have free broadband / wi-fi • Price depends on facilities and cleaning • All self-catered • Campus supermarket, Tesco’s nearby • Lots of campus dining options • Post 1st year • Warwick leased or private sector house

6. Finances • Warwick’s current fees are £3145 p.a. • Min living expenses £100+pw including rent • AimHigher for info about loans etc. • WUAP scholarships £1800 / £1100 p.a • for “home” full-time students (i.e. pay full fees) • if family gross incomes < £36k pa / £39k • Plus £2k p.a. if on IS, JSA, HB, CTB • Disabled? • DSA and practical help • Money is not a reason not to come

7. Campus life • Student Union • Scheduled for renovation • Sport, Health, Security, Arts Centre • Library and Learning Grid • Fully renovated • Careers Service • Economics is world class department • So its a multicultural environment • >60% of Economics staff not UK born • >30% of undergrad students not from UK

8. Economics at Warwick • Warwick is top-5 in UK by every metric • Times (4), Guardian (3), Good University (4) • QAA teaching quality top marks (24/24) - BUT • RAE (official research rating) was 5* • Along with LSE, UCL and Essex • 4th in EU’s Mapping of Excellence • 34th in world (by publications) • Oxford (31st), Cambridge (39th) • Closer to Harvard (1st) than to Nottingham (80th) • But LSE (12th)

9. Why this matters for students • Our reputation leverages a lot of cash • Cross-subsidises our teaching • More resources for learning • Better library, computing facilities ….. • Staff • Better staff, More of them • More favourable SSR, Better class tutors, etc • Greater visibility in the job market • Warwick Economics is in the “magic circle” • Get short-listed more often by best employers

10. Research led teaching • Warwick Economics is a research dept • …… that also teaches • We are researchers who lecture • …… we have no “teachers” • But faculty are enthusiasts for learning • How well you learn depends on you! • Warwick is for students who want to learn • If you want to be taught go to ……. • And if you don’t want to work at learning • Study ……..

11. Warwick BSc Econ programme • A professional training in economics • A specialised programme • aims to make you think like an economist • Flexibility is limited • Only a little each year that’s NOT economics • no more than 25% of load can be non-economic • E.g. finance, maths, a language, or ….. • Not sure that you want to specialise? • Go to ….

12. Warwick BSc Econ programme • This is an intensive 3 year programme • We don’t do sandwiches • If you want a year in “industry” • Go to ……… • We do provide an excellent springboard for careers – especially in finance areas • More on careers later • And we do offer the possibility of a year of study abroad • “Erasmus” and US

13. Study abroad • Between years 2 and 3 (so 4 years) • Only at the BEST institutions • EU • Amsterdam , Carlos III , Munich, Sorbonne, Pompeu Fabra • USA • California • Reserved for our “good” students • Complements regular Warwick studies • Some help with fees and expenses • Check out Erasmus

14. Course delivery • Lectured by permanent full-time faculty • We have no “temps”, no “PT”s, no “TF”s • We are ALL heavily in engaged in research at all levels • Supporting classes by PhD students • Top researchers = best research students • We train them to provide support • We pay them well for a few hours of work • Excellent administrative support • Helps faculty to help you

15. Teaching • We teach from first principles • A-level Economics is NOT required • No prior knowledge is assumed • But if you think that you have done it before • You probably haven’t understood what we said • But we will assume that you are clever • And not worried by a little maths • So it moves very fast • You have to work very hard to keep up • But we have (almost) no dropouts

16. The course structure • Year 1 • Micro, Macro, Quant Tech, Econ Hist + 1 Option • Industrial Econ, Math Econ, Language, WBS ….. • Year 2 • Micro, Macro, Econometrics + 1 Option • Industrial, Public, …, Language, WBS ….. • Year 3 • No rocket science • Research Project + 3 options • Labour, Econometrics, Development,…. Language, WBS…..

17. Year 3 research project • Really important part of our programme • Seriously difficult • Its your idea • Consolidates previous training • Develops generic skills • Bridge into world of work • We provide a lot of expensive support • We get some weird ideas • And some great projects • Best projects presented in Washington DC • Some published in Reinvention • Some fine tuned as MSc dissertations

18. Warwick’s other programmes • We have a number of other degrees • Industrial Economics • Economics and Economic History • PPE • EPIS • Maths and Economics • MORSE • These have more complicated structures • See the Handbook on our website

19. Time use • Our courses (really) are full-time • Contact time will be about 15 hrs per week • The course moves fast • You’ll need to work hard to keep up • The “return” to doing well is very high • Most of our students become very successful • We advise against a heavy (paid) workload • A few hours a week is fine (possibly beneficial) • If you need more money than this …. • Borrow!

20. Difficult? • Yes • technically demanding, analytical approach • Other places fudge this – we don’t • But our drop-out rate is tiny • On the other hand • A small amount of maths goes a long way • Basic algebra, calculus, a little stats … • We teach all this from first principles • You will get many examples to work with to test your understanding • important that you don’t have a maths phobia

21. Other training opportunities • Warwick Skills Certificate • Can be incorporated for credit • Or just dip into it for career enhancement • “Recipes for success” • Study skills advisors • E-Learning for skills development • Language Centre • Academic or “leisure” courses

22. “Pastoral” support • University has a range of support facilities focussed on UCS • Economics Department • Every student has a Personal Tutor • See minimum 3 times a year • Writes your references, advises/helps with your career planning, holds your hands • Bails you out of jail • Brings you flowers in hospital • Smacks your wrists …….. • And we have (almost) no drop-outs

23. Quality assurance • SSLC • Student led and organised • Programmes are overseen by “externals” • Assure standards, suggest improvements • Criticise content and assessment procedures • University has its own review processes • Assures existing courses meet targets • “HEFCE” also has QAA procedure • But we know we produce quality ………

24. Gus O’Donnell Class of ‘73 MPhil Nuffield, Oxford ‘75 Economist at HMT 1985+ HMT’s “Humphrey”, 2002 Cabinet Secretary 2005 Head of Civil Service, KCB Salary ~£280k Referred to in No. 10 as GOD A few exemplars

25. Katie Hobbs BSc Ind Econ, 1st, 2004 Goldman Sachs Equity markets team A few exemplars • Ali Browning • BSc EPIS, 2.1, 2006 • Goldman Sachs • Investment analyst

26. Jeremy Franklin BSc Econ, 1st, 2006 Home Office, Economist Working on crime and immigrants A few exemplars • Leena Sukhram • BSc Econ, 2.1, 2005; MSc 2006 • DWP Economist • Working on child support reform

27. Meera Shah BSc EPIS, 2.1, 2006 Erasmus year at the Sorbonne Management trainee at Shell Paolo Caruso BSc Econ, 2.1, 2006 Research Assistant to an MP (no relation) A few exemplars

28. What’s an economics degree worth?Estimates from the LFS 1993-2007 • About 40% (men) and 67% (women) extra for 40 years • £400k (men) • £500k (women) • These are national averages • Warwick students much better than average Source: Walker and Zhu, ScanJE 2008

29. How do you get in? • We are overwhelmed with applicants • conditional offers only to students expected to get straight A’s • Standard L100 (plain vanilla BSc Econ course) offer is • AAB at A2 (incl Maths) plus a B at A/S level • Or IB 38 points • Our other courses are a bit less demanding • HINT: if you want to come and don’t have Maths A-level, apply for BSc Industrial Economics

30. We don’t do strategy • We don’t discriminate in favour of non-EUs • We have lots of non-UK students • Everyone here, is here on their merits • Our admission mechanism is “needs blind” • But if you don’t achieve the offer • you are very unlikely to get in. • Sorry • We don’t negotiate and never use “Clearing” • we are (a bit) flexible only with IB students • We are usually happy to “defer” entry • And if you change you mind • and decide to go elsewhere - we won’t mind

31. Apply to Warwick Economics if…. • Your referee will say that you’re a you’re a straight A’s student • You’re sure you want to specialise in Economics • You want a professional, vocational training • You want a fast pace • You are prepared to be challenged • Work things out for yourself • Seek help when you’re stuck • You want to be very successful

32. If not Warwick, where else? • We are similar to UCL and LSE • but have some advantages over them • And similar to Soton, Bristol, Notts • but quite different from Durham, Bath, Manchester, Glasgow, Exeter, Sheffield,….. • Good places you might not have considered • Leicester, Edinburgh, Essex • Our training is probably more reliable than Oxford and Cambridge • But perhaps they have other advantages???

33. Somewhere else? • Warwick is pretty good at: • Macro, Micro, Econometrics • Finance, Labour, Education, Development, Industrial, Public Economics • But we don’t really do: • Health (York, Bristol) • Environment (UEA, York) • Want a good course, but won’t get 3 A’s? • Try Essex, Leicester, Edinburgh …. • Don’t want a specialised course try: • Manchester, Bath……

34. Made up your mind? • If you haven’t been put off….. • Apply to Warwick ….. • Get those A-grades • Get to know what economists do with their time • Subscribe to The Economist (£166 for 3-yrs) • Read about what interests economists • Steve Levitt’s “Freakonomics” • John Kay’s “The truth about markets” • But if I have put you off …. • Good luck, wherever you go