Economics is a social science that examines how products and services are produced, distributed, and consumed as well as the decisions that people, corporations, governments, and nations make when allocating resources. Economics is the study of how individuals and groups allot limited resources for production, distribution, and consumption. Microeconomics and macroeconomics are the two subfields of economics. Efficiency in production and exchange is the main concern of economics. As a result, economics majors research how people, groups, businesses, and even entire countries choose to use their finite resources. The study of economics may be applied to food and water, health care, education, environmental policy, and more, despite having a reputation as being exclusively about money. Thus, it can be said that Economics is a diverse field.
Study Economics in Canada
One of the greatest places in the world to finish an economics degree is Canada. Some universities in Canada provide a variety of degrees and courses in numerous specialties. Therefore, it can be said that economics is regarded as a strong major. Of all the alternatives available, picking the top universities in Canada for economics is difficult. In addition to having some of the most outstanding economics programs in the world, the nation also provides a high standard of living at reasonable prices. Additionally, most universities include courses that help students prepare for their impending studies in this field. Canada's educational system is very promising, and many experts consider its universities to be among the best in the world. Furthermore, due to its multicultural makeup and diversity of ethnic groups, it consistently ranks among the top five countries in the Quality of Life Index. English and French are Canada's two official languages, allowing students to improve their linguistic abilities. Consequently, with its excellent educational system and study options, Canada is one of the best options for studying Economics.
Advantages of Studying Economics in Canada
- In the QS world university rankings for Economics & Econometrics for 2022, over 20 Canadian universities rank among the top 500.
- Working part-time while attending classes is an option for international students who want to pay for their living expenses and gain work experience in Canada.
- Studying at universities in Canada is less expensive than in the USA, Australia, etc., in terms of tuition fees.
- The accessibility of scholarships is one of Canada's most prominent advantages of pursuing a bachelor's or master's in Economics. Those deserving might apply for scholarships to receive generous financing for their study.
Career Path for Economics Degree Majors
Regardless of your sector, a degree in economics will increase your employability in numerous sectors. The global job market has a high need for highly educated graduates. Because economics majors build highly transferable analytical and problem-solving skills, there are a wide variety of economics careers to choose from. Additionally, Bachelor's degree holders are frequently qualified for entry-level positions with the federal government. An advanced degree is frequently necessary to rise to higher-level positions. Most graduates of economics bachelor's programs go on to work as market research analysts, financial analysts, or research assistants. They might hold equivalent positions in consulting, finance, and business. Therefore, the field of Economics gives students the majority of different job opportunities. Here are five options that can give you information:
- Market Research Analyst: Market research analysts use their understanding of industry trends to predict how certain goods or services will perform in different economic environments. They receive the same training in study design, data collection, and analysis as economics majors. Results must be quantified, and they must be able to communicate this knowledge to clients.
- Economic Consultant: To assist firms in operating better, they examine market trends. Businesses might employ them in various sectors, including commerce, finance, healthcare, education, and more. Aside from calculating economic losses, examining the intellectual property and antitrust issues, and addressing regulatory violations, economic consultants can also testify as expert witnesses in court disputes.
- Compensation and Benefits Manager: They analyze labor market trends and gauge the supply and demand for various job categories.
- Economist: A marketplace's creation and allocation of resources, services, and goods are studied by economists. They study market patterns, gather information, and draw conclusions from statistical models. As they provide solutions for various economic difficulties, these specialists frequently work for corporations and governmental organizations. To help people, businesses, and government entities, economists, must have good decision-making, problem-solving, and critical-thinking abilities.
- Actuary: For people, companies, and governmental entities, actuaries manage financial risk. They look at the costs, gauge the risk, and offer suggestions for how to proceed. They gather information, analyze patterns, and predict the future using business models using their knowledge of statistics. These experts create charts and reports illustrating uncertainty and utilize their mathematical prowess to estimate the likelihood of financial danger. Actuaries frequently work for health, life, or property insurance firms, which depend on their guidance when creating policies and determining premiums.
What Skills Do I Need to Become Economist?
- It is crucial for economists to be able to spot trends, analyze data, and draw logical conclusions. For instance, some economists use historical employment trends to predict future job trends. Therefore, you should have analytical skills.
- Economists must be able to explain their research to others in a straightforward manner. Additionally, they may present to clients, clarify reports, and give financial advice. They must be able to explain economic concepts to people who don't have a background in economics because they frequently work with multiple colleagues in different specialties. Thus, you should have communication skills.
- For the most part, economists must use logic and reasoning to unravel difficult issues. They might have to explain how specific economic trends might have an immediate impact on a business. So, you should have critical-thinking skills.
- Detail-oriented economists prosper. Specific data analysis is required to make sure their findings are correct. So, you should be detail-oriented.
- To deliver and discuss their economic assessments, economists frequently use the principles of statistics, calculus, and advanced mathematics. Due to this, you should have mathematical skills.
Is Economics Right for Me?
If you want to utilize analytical thinking to research behavioral trends, policy issues, or corporate practices, majoring in economics might be the best decision for you. Your ability to think critically will come in handy in a variety of situations if you pursue an economics degree. Yet, if you are still hesitant, contact to us, and we can be an advisor to you to find out if Economics is right for you.
How long is it take to be Economist?
In Canada, a bachelor's degree in economics is a three- or four-year undergraduate program that gives students in-depth knowledge of economic topics like inflation, unemployment, the national debt, taxation policy, labor force analysis, social policy reform, international trade policy, and economics of natural resources and the environment. A Master's program in Economics also takes 1- or 2 years. So, it took 5 or 6 years to become Economist.
Best universities to study Economist
Canada has the best universities to study Economics. So here is the list of some best universities in Canada to study Economics:
- University of British Columbia: The University of British Columbia was founded in 1908 and is located in Vancouver, British Columbia, Canada. It is a globally known institution for research and instruction. The University has campuses in Okanagan and Vancouver. The University of British Columbia is listed among the top architectural schools worldwide by QS World University Rankings.
- University of Toronto: The University of Toronto is one of the world's best universities, established in 1827 in Canada. It is also considered one of the most prestigious universities in the world, ranked 21st best in the world. Therefore, the University is known for its quality of education.
- McGill University: Established in 1821 and situated in Montréal, Québec is one of Canada's top institutions and ranks 44th globally. Numerous undergraduate and graduate degrees are available at the University. It is a nationally diversified institution with students admitted from 150 different nations.
- University of Montreal: The University of Montreal is a public university in Canada that was established in Montreal, Quebec, in 1878. It offers instruction in a variety of subjects, including the humanities and social sciences, education, law, medicine, theology, architecture, social work, and criminology. It is ranked 73rd on the list of the world's finest universities and one of Montreal's most outstanding universities.
- University of Waterloo: The University of Waterloo was established in 1950. The University of Waterloo, one of Canada's leading institutions of higher learning, provides courses in business, engineering, health, humanities and social sciences, the environment, math, statistics, and science. The world's most extensive for-profit cooperative education program is located in Waterloo.
Economics Admission Requirement in Canada
Economics undergraduate entry criteria differ from province to province and institution to school. However, a solid foundation in the language of study and courses in social sciences in high school are advised. Thus, foreign applicants pursuing a bachelor's degree may be subject to different entry requirements at each institute. However, the typical high school GPA ranges from 3.40 to 3.80 on a scale of 4.0. a minimum IELTS score of 6.5-7.0 or 80 on the TOEFL IBT and a minimum SAT score of 1260. Additionally, master's degrees require at least a bachelor's degree in a relevant field and a TOEFL score of 90 or an IELTS score of 7.0.