Economics Undergraduate Open Day Ian Walker Professor of

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

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 Why. Study. Economics?

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

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

Accommodation • Campus room for all 1 st 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 1 st year – Warwick leased or private sector house

Finances • Warwick’s current fees are £ 3145 p. a. – Min living expenses £ 100+pw including rent • Aim. Higher 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 < £ 36 k pa / £ 39 k • Plus £ 2 k p. a. if on IS, JSA, HB, CTB • Disabled? – DSA and practical help • Money is not a reason not to come

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

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 • 4 th in EU’s Mapping of Excellence • 34 th in world (by publications) – Oxford (31 st), Cambridge (39 th) – Closer to Harvard (1 st) than to Nottingham (80 th) – But LSE (12 th)

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

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 ……. .

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 ….

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

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

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 Ph. D 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

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

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…. .

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

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

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!

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

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

“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

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 ………

A few exemplars • 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 ~£ 280 k • Referred to in No. 10 as GOD

A few exemplars • Katie Hobbs – BSc Ind Econ, 1 st, 2004 – Goldman Sachs • Equity markets team • Ali Browning – BSc EPIS, 2. 1, 2006 – Goldman Sachs • Investment analyst

A few exemplars • Leena Sukhram – BSc Econ, 2. 1, 2005; MSc 2006 – DWP Economist • Working on child support reform • Jeremy Franklin – BSc Econ, 1 st, 2006 – Home Office, Economist • Working on crime and immigrants

A few exemplars • Paolo Caruso – BSc Econ, 2. 1, 2006 – Research Assistant to an MP (no relation) • Meera Shah – BSc EPIS, 2. 1, 2006 • Erasmus year at the Sorbonne – Management trainee at Shell

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

How do you get in? • We are overwhelmed with applicants – conditional offers only to students expected to get straight A’s • Standard L 100 (plain vanilla BSc Econ course) offer is – AAB at A 2 (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

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

Apply to Warwick Economics if…. • Your referee will say that 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

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? ? ?

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……

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