BSc Economics with Mathematics

Program Overview

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How do individuals and organisations produce, consume and sell goods and services? How can a country or individual make better use of the resources it has? Economics is not only about stocks, shares, and financial markets; it relates to every aspect of our lives where there is a demand to produce and supply goods and services. Economics at Essex is a home for the tenacious and bold: we encourage you to ask difficult questions so you can work with us to break intellectual boundaries and pioneer new solutions to issues of global concern. Mathematics develops strong problem-solving skills that will complement the economics side of your course and allow you to understand the more complex elements of the subject. Our course gives you a thorough introduction to all aspects of economics and mathematics. You explore topics including:

• Micro and macroeconomics
• Qualitative and mathematical research methods
• Statistics
• Linear algebra
• Calculus

You examine the decisions of individuals, the strategies of firms and the policies of individuals to understand and challenge the standard rules of economics. Our Department of Mathematical Sciences is genuinely innovative and student-focused. Our research groups are working on a broad range of collaborative areas tackling real-world issues. Here are a few examples:

• Our data scientists carefully consider how not to lie, and how not to get lied to with data. Interpreting data correctly is especially important because much of our data science research is applied directly or indirectly to social policies, including health, care and education.
• We do practical research with financial data (for example, assessing the risk of collapse of the UK’s banking system) as well as theoretical research in financial instruments such as insurance policies or asset portfolios.
• We also research how physical processes develop in time and space. Applications of this range from modelling epilepsy to modelling electronic cables.
• Our optimisation experts work out how to do the same job with less resource, or how to do more with the same resource.
• Our pure maths group are currently working on two new funded projects entitled ‘Machine learning for recognising tangled 3D objects’ and ‘Searching for gems in the landscape of cyclically presented groups’.
• We also do research into mathematical education and use exciting technologies such as electroencephalography or eye tracking to measure exactly what a learner is feeling. Our research aims to encourage the implementation of ‘the four Cs’ of modern education, which are critical thinking, communication, collaboration, and creativity.

Why we're great.

• We are 4th in UK for research power in economics and econometrics (Times Higher Education research power measure, Research Excellence Framework 2021)
• We are 18th in the UK for economics in the QS World University Rankings by subject 2023
• We give you diverse employment potential and the chance to meet future employers

Study abroad

Your education extends beyond the university campus. We support you in expanding your education through offering the opportunity to spend a year or a term studying abroad at one of our partner universities. The four-year version of our degree allows you to spend the third year abroad or employed on a placement abroad, while otherwise remaining identical to the three-year course. Studying abroad allows you to experience other cultures and languages, to broaden your degree socially and academically, and to demonstrate to employers that you are mature, adaptable, and organised. If you spend a full year abroad you'll only pay 15% of your usual tuition fee to Essex for that year. You won't pay any tuition fees to your host university.

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Placement year

Alternatively, you can spend your third year on a placement year with an external organisation, where you learn about a particular sector, company or job role, apply your academic knowledge in a practical working environment, and receive inspiration for future career pathways. If you complete a placement year you'll only pay 20% of your usual tuition fee to Essex for that year.

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Our expert staff

Study and work alongside some of the most prominent economists. Our researchers are at the forefront of their field and have even received MBEs. Many of our academic staff also provide consultancy services to businesses in London and other major financial centres, helping us to develop research for today's society as well as informing our teaching for the future. As well as being world-class academics, our mathematics staff are award-winning teachers. Many of our staff have won national or regional awards for lecturing, and many of them are qualified and accredited teachers – something which is very rare at a university. Our Department of Mathematical Sciences is committed to providing you with the academic support you need to succeed. Our flexible policy means some staff are always available, whilst others maintain regular drop-in times. Staff are always happy to arrange appointments for longer discussions, and no issue is too big or too small.

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Specialist facilities

Take advantage of our extensive learning resources to assist you in your studies:

• Extensive software for quantitative analysis is available in all computer labs across the university
• Join our lively Economics Society , an active and social group where you can explore your interest in your subject with other students
• In addition to teaching, we have a Maths Support Centre , which offers help to students on a range of mathematical problems. Throughout term-time, we can chat through mathematical problems either on a one-to-one or small group basis
• We have a dedicated social and study space for Maths students in the department, which is situated in the new £18m STEM Centre

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Your future

As a graduate of our BSc Economics with Mathematics you will have strong problem solving, data analysis and quantitative skills, which are valued highly by employers. In particular, you will find that you background in economics statistics and methods enhances your employability. Our students find themselves in demand from a wide range of employers in a host of occupations, including financial analysis, management, public administration and accountancy, as well as directly in roles using economic knowledge. Our recent graduates have gone on to work for a wide range of high-profile companies including:

• Bank of England
• Barlcays
• Citigroup
• Deloitte
• Ernst and Young
• Morgan Stanley
• Bank of New York
• Santander

We also work with the University’s Student Development Team to help you find out about further work experience, internships, placements, and voluntary opportunities. “I found staff in my Department very helpful, and someone was always available to help. Since leaving Essex I have trained as accountant at A4G Accountants, and many of my modules help with my day-to-day understanding of the job. My time at Essex was the best three years of my life so far.” Kate McGarry, BSc Financial Economics, 2012

Program Outline

Course structure

Our research-led teaching is continually evolving to address the latest challenges and breakthroughs in the field. The following modules are based on the current course structure and may change in response to new curriculum developments and innovation. We understand that deciding where and what to study is a very important decision for you. We’ll make all reasonable efforts to provide you with the courses, services and facilities as described on our website. However, if we need to make material changes, for example due to significant disruption, or in response to COVID-19, we’ll let our applicants and students know as soon as possible.

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Components

Components are the blocks of study that make up your course. A component may have a set module which you must study, or a number of modules from which you can choose. Each component has a status and carries a certain number of credits towards your qualification.

Status	What this means
Core	You must take the set module for this component and you must pass. No failure can be permitted.
Core with Options	You can choose which module to study from the available options for this component but you must pass. No failure can be permitted.
Compulsory	You must take the set module for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Compulsory with Options	You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Optional	You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.

The modules that are available for you to choose for each component will depend on several factors, including which modules you have chosen for other components, which modules you have completed in previous years of your course, and which term the module is taught in.

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Modules

Modules are the individual units of study for your course. Each module has its own set of learning outcomes and assessment criteria and also carries a certain number of credits. In most cases you will study one module per component, but in some cases you may need to study more than one module. For example, a 30-credit component may comprise of either one 30-credit module, or two 15-credit modules, depending on the options available. Modules may be taught at different times of the year and by a different department or school to the one your course is primarily based in. You can find this information from the module code . For example, the module code HR100-4-FY means:

HR	100	4	FY
The department or school the module will be taught by. In this example, the module would be taught by the Department of History.	The module number.	The UK academic level of the module. A standard undergraduate course will comprise of level 4, 5 and 6 modules - increasing as you progress through the course. A standard postgraduate taught course will comprise of level 7 modules. A postgraduate research degree is a level 8 qualification.	The term the module will be taught in. AU : Autumn term SP : Spring term SU : Summer term FY : Full year AP : Autumn and Spring terms PS: Spring and Summer terms AS: Autumn and Summer terms

Year 1 Year 2 Final Year How do consumers make decisions? Or firms conduct different market strategies? What impact does government policy have on inflation? Or unemployment? Develop your knowledge of economics in relation to a range of contemporary issues. Learn how to apply both micro and macroeconomic principles to the analysis of such problems. View Introduction to Economics on our Module Directory This module will allow you to build your knowledge of differentiation and integration, how you can solve first and second order differential equations, Taylor Series and more. View Calculus on our Module Directory You'll be introduced to a range of important concepts which are used in all areas of mathematics and statistics. This module is structured in such a way that during learning sessions you'll develop good practical understanding of these concepts via discussion and exercises, and have an opportunity to ask questions. Theory is introduced via recorded videos and the corresponding notes published on Moodle, and also via recommendations of textbooks. The contact hours are dedicated to interactive activities such as lab exercises and flipped lecture quizzes; also you will have some additional formative tests in Moodle. View Matrices and Complex Numbers on our Module Directory How do you apply the addition rule of probability? Or construct appropriate diagrams to illustrate data sets? Learn the basics of probability (combinatorial analysis and axioms of probability), conditional probability and independence, and probability distributions. Understand how to handle data using descriptive statistics and gain experience of R software. View Statistics I on our Module Directory COMPONENT 05: OPTIOL Option(s) from list or Outside Option(s) (30 CREDITS) Are you ready for graduate employment? Like to improve your core skills? Need to know more about the working world? Attend workshops, events and activities to build your knowledge, abilities and experience with this compulsory, zero credit module that runs during your three years of undergraduate study. View Career Skills in Economics on our Module Directory What tools can you use for macroeconomic analysis? And how can these then be applied to macro-policy issues? Learn how to build alternative macroeconomic models and apply analytical reasoning. Examine real-life macroeconomic questions, on topics such as government budgets or wage-price flexibility, and critically evaluate macroeconomic policies. View Macroeconomics (Intermediate) on our Module Directory How do consumers behave in a competitive market? And what about producers? How do various imperfections affect the outcome of decentralised markets? Study the fundamental concepts and methods in microeconomics. Understand the tools and methods of analysis for economic reasoning, and develop your critical approach to economic issues and policies. View Microeconomics (Intermediate) on our Module Directory COMPONENT 03: COMPULSORY WITH OPTIONS EC251-5-SP or MA210-5-SP or MA209-5-SP (15 CREDITS) Which econometric methods can analyse economic data? How do you critically assess applied economic literature? Learn how to carry out statistical and econometric calculations, plus gain experience of using the Stata software package. Demonstrate your subsequent understanding of the linear regression model with your own investigation on an empirical issue. View Introduction to Econometric Methods on our Module Directory Are you able to solve a small linear programming problem using an appropriate version of the Simplex Algorithm? Learn to formulate an appropriate linear programming model and use the MATLAB computer package to solve linear programming problems. Understand the methods of linear programming, including both theoretical and computational aspects. View Optimisation (Linear Programming) on our Module Directory The subject of ordinary differential equations is a very important branch of Applied Mathematics. Many phenomena from Physics, Biology, Engineering, Chemistry, Finance, among others, may be described using ordinary differential equations. To understand the underlying processes, we have to find and interpret the solutions to these equations. The last part of the module is devoted to the study of nonlinear differential equations and stability. This module provides an overview of standard methods for solving single ordinary differential equations and systems of ordinary differential equations, with an introduction to the underlying theory. View Ordinary Differential Equations on our Module Directory Are you ready for graduate employment? Like to improve your core skills? Need to know more about the working world? Attend workshops, events and activities to build your knowledge, abilities and experience with this compulsory, zero credit module that runs during your three years of undergraduate study. View Career Skills in Economics on our Module Directory What interests you? Design and implement your own research project, under the guidance and supervision of our world-leading academic staff. Demonstrate your knowledge of economic ideas in greater depth, building your professional research skills and developing further understanding of a topic that fascinates you. View Project: Economics on our Module Directory COMPONENT 02: OPTIOL Final year Economics option from list (15 CREDITS) COMPONENT 03: OPTIOL Final year Economics option(s) from list (30 CREDITS) COMPONENT 04: OPTIOL Final year Mathematics option(s) from list (30 CREDITS) COMPONENT 05: OPTIOL Economics or Mathematics option from list (15 CREDITS) Are you ready for graduate employment? Like to improve your core skills? Need to know more about the working world? Attend workshops, events and activities to build your knowledge, abilities and experience with this compulsory, zero credit module that runs during your three years of undergraduate study. View Career Skills in Economics on our Module Directory

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Year abroad

On your year abroad, you have the opportunity to experience other cultures and languages, to broaden your degree socially and academically, and to demonstrate to employers that you are mature, adaptable, and organised. The rest of your course remains identical to the three-year degree.

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Teaching

• Teaching is arranged to allow freedom in how you organise your learning experiences
• After receiving a general overview of a topic in your two-hour weekly lecture, you discuss and solve the issues it raises in a class with 15 to 20 fellow students
• Optional support classes in Economics
• Mathematics teaching mainly takes the form of lectures – you study roughly two 50-minute lectures and one 50-minute class per week, per module
• Take a mathematics careers and employability module, where you compile a portfolio of skills and experience

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Assessment

• You are assessed each year through a mixture of coursework and end-of-year examinations
• The weighting of your Economics modules is set at 50% coursework and 50% exam
• For many of your second- and final-year modules, coursework takes the form of an extended essay
• Complete your final year project in consultation with a personal supervisor