Prospects of Economics degree

[Skye]

Hi all, I was wondering what are the prospects of an economics degree from local uni be like. Currently holding onto SMU economics and will be matriculating soon and i intend to work in civil sectors like MAS, MTI or the maritime industry. Posting this here in hopes of kind and knowledgeable working veterans whom can provide insights on the industry. Thanks

[armanikode]

From what I understand, MAS looks for first class honours equivalents while MTI ES looks for how robust your knowledge in economics is: think doing well in classes like advanced micro, advanced macro and advanced econometrics.

Otherwise, I know of someone who did SMU econ with maritime specialisation having a project officer role at a maritime services company doing project tender work and market research.

Econ degree quite flexible, can do stuff from finance, audit/tax/advisory, market research, policy work, PR, to name a few. Really depends on how you market yourself and how open you are to different roles.

[Skye]

Thanks for the reply! Reason I'm asking is cause I'm still undecided whether i should go for a more specialized degree like maritime studies as compared to econs which is way more general. Either way i hope to work in the trade or maritime industry and im ok with either of the two Studies therefore in still considering the pros and cons. Would you say a degree like maritime studies be at a disadvantaged since its more specialized?

[armanikode]

If you still have the chance to change and want to work in shipping, I think go for maritime. It'll equip you better for the maritime industry than economics. Plus I'm from NTU so come to NTU lol, the people are nice in general.

Economics is an academic discipline ie. It teaches you how to think in a certain manner. In general, it does not teach you professional skills save things you might learn in econometrics or finance. This is both a pro and a con: many industries value economics graduates because of the training they had but the degree itself doesn't impart many professional skills.

Nonetheless, I value my economics training very much. But you tend to have to stand out from the pack to land a 'good' job.

Also this might change your decision: getting a 'good' degree in economics with modules like econometrics that are not fluff requires a lot of work to attain a certain level of mathematical aptitude. If you're not willing to work hard at math and statistics, the ROI of an economics degree may be less than the maritime degree.

Originally Posted by armanikode

If you still have the chance to change and want to work in shipping, I think go for maritime. It'll equip you better for the maritime industry than economics. Plus I'm from NTU so come to NTU lol, the people are nice in general.

Economics is an academic discipline ie. It teaches you how to think in a certain manner. In general, it does not teach you professional skills save things you might learn in econometrics or finance. This is both a pro and a con: many industries value economics graduates because of the training they had but the degree itself doesn't impart many professional skills.

Nonetheless, I value my economics training very much. But you tend to have to stand out from the pack to land a 'good' job.

Also this might change your decision: getting a 'good' degree in economics with modules like econometrics that are not fluff requires a lot of work to attain a certain level of mathematical aptitude. If you're not willing to work hard at math and statistics, the ROI of an economics degree may be less than the maritime degree.

If you do not have a magna cum laude, you have no chance at all. I know of many cum laudes work in non-econ jobs because they cannot find one. There is little demand and lots of supply.

[armanikode]

Originally Posted by Unregistered

If you do not have a magna cum laude, you have no chance at all. I know of many cum laudes work in non-econ jobs because they cannot find one. There is little demand and lots of supply.

You're right. An economics degree is a risky investment. The returns can be really good if you do well by working hard and smart. For NTU, students who do well have placed in places from McKinsey to Citi to MTI ES to Unilever to Big 4 Professional Services. It's also a pleasurable endeavor if you actually like studying economics.

But students who don't do well tend to have it harder for their first job out of uni. They may get something better in their second or third job though! Seen it happen.

It's OP's choice. I'm not too sure of the exact prospects of maritime but their full time employment rate is 95 per cent vs 76 per cent in economics at the same school. Less risky, but it may be harder to reach for the big names if that is what you want in life.

[Skye]

Wow after what u mentioned, I'm really leaning towards maritime studies as I've also heard some negative reviews from ppl abt an economics degree. Most likely I'll be switching to ntu as i think it has a better brand name and environment. My choice won't only be limited to Maritime studies as im also looking at courses like math and econs. Heard that course is good for ppl who have a strong aptitude in math and social sci. And the content provides some computing modules too!

[armanikode]

Originally Posted by Skye

Wow after what u mentioned, I'm really leaning towards maritime studies as I've also heard some negative reviews from ppl abt an economics degree. Most likely I'll be switching to ntu as i think it has a better brand name and environment. My choice won't only be limited to Maritime studies as im also looking at courses like math and econs. Heard that course is good for ppl who have a strong aptitude in math and social sci. And the content provides some computing modules too!

Don't get me wrong, I've personally done well with an econ degree and my peers have too. You just have to work consistently hard to stand out. Also that math econ degree is pretty intense, it seems to be excellent preparation for a PhD in Economics, but if graduate school is not what you're aiming for, it might not be worth the effort ('psychic cost' as they say in the literature lol).

Plus that maritime degree has that exchange in Norway, sounds pretty fun! Haha

Originally Posted by Skye

Wow after what u mentioned, I'm really leaning towards maritime studies as I've also heard some negative reviews from ppl abt an economics degree. Most likely I'll be switching to ntu as i think it has a better brand name and environment. My choice won't only be limited to Maritime studies as im also looking at courses like math and econs. Heard that course is good for ppl who have a strong aptitude in math and social sci. And the content provides some computing modules too!

Hey !
I am from NTU maritime studies. The Maritime Industry is really in the lows currently. You have to think what the situation will be like when you graduate. If possible , secure a scholarship. The modules taught does not specifically prepare you for a job in the maritime industry. It just gives you knowledge on many things There is a module on ship chartering , one on shipping law , one on marine insurance etc. It is simply not enough to prepare you , for instance for a ship charterer job just by doing one mod on it.

Good luck!

Originally Posted by Skye

Wow after what u mentioned, I'm really leaning towards maritime studies as I've also heard some negative reviews from ppl abt an economics degree. Most likely I'll be switching to ntu as i think it has a better brand name and environment. My choice won't only be limited to Maritime studies as im also looking at courses like math and econs. Heard that course is good for ppl who have a strong aptitude in math and social sci. And the content provides some computing modules too!

This post is really shocking. You seem to be making random choices in a wishy washy way. Like what the other poster said, maritime is not doing well at all. I sure hope you do more actual research on your career choices before stepping in. Otherwise you will become like the life science graduate who washes test tubes.