Applied in: Winter 2013
University Offers: Cambridge Interview, LSE, UCL, St Andrews, Warwick
Given my heritage from a country that has had a practising economist as Prime Minister, yet is in a spectacular financial shambles compared to its BRIC neighbours, it is perhaps understandable that I have a strong attraction to Economics. I discovered the subject whilst revising for my GCSEs and was so smitten that I taught myself the AS microeconomics course in July. I have since read a range of contemporary and classic economic titles. Reading 'Das Kapital' gave me a fascinating insight into why Karl Marx preached such a radical overhaul of the economic system and allowed me to appraise the free market more analytically. It surprised me to find elements of the concepts floated by Marx in contemporary economic theory, as Marx is often viewed a radical economist. For example, Marx implies that division of labour leads to lower productivity and morale for workers in large firms, a concept that is often used to explain diseconomies of scale. Reading 'Das Kapital' inspired me to write my own book - a student guide for AS Economics. Writing a book helped to further increase my appreciation for the books I have read.
I recently took part in a Villiers Park Economics residential course where I learnt that there is often a strong disconnect between economic theory and reality. In order to practically apply Economic theory, I decided to undertake an internship with Lloyds Banking Group. I spent two weeks at the Chief Economist's office where I witnessed the extensive role played by economics in finance. I helped to develop prediction models for the economy, whilst producing presentations, reports and briefings on various economies. I carried out econometric analysis on a range of economic indicators, which helped me to appreciate the vital role played by maths in economics. I spent six further weeks in a Halifax branch where I experienced trade-offs and diseconomies of scale occurring in the bank. I developed a statistical platform for Halifax that allows mass data collection and real-time analysis of the branch, which enabled me to implement changes based on live data. In three weeks service ratings for the branch doubled, an unprecedented rise for a Halifax branch. My platform has now been implemented in 12 branches. Getting to live and breathe pure Economics has been a life changing experience for me, which has helped to cement my desire for a career in economics.
My college subjects were chosen purely to help me prepare for studying Economics at university. Through physics and maths I have enhanced my ability to comprehend complex theoretical models, which proved invaluable during my self-study of A2 economics in the summer. My two mentors through the Career Academy, who shared their experiences of economics in business with me, inspired me to set up business and economics mentoring conferences in College. The conferences are helping to boost the confidence and employability of the mentees, and to revitalise their passion for Economics. The success of the conferences encouraged me to found an Economics Society at my college, where students are academically coached and debate the latest economic issues. Debating current affairs with my peers helped me to realise that theoretical economic models are often differently interpreted by economists. This has given me a finer appreciation for econometrics - a branch of economics which is attempting to provide a statistical analysis of the economy. In 2013 I was awarded the prestigious Rotary International Scholarship in order to help me to realise my academic potential, which was being held back due to my disadvantaged background. The scholarship has given me the confidence to explore economics in greater detail and has led to me becoming a voracious reader of Inflation Reports issued by the Bank of England.
I am fully committed to a long-term career in economics and I wholeheartedly look forward to the unique demands and challenges that an economics degree entails.