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 Turkey
Studying Economics in Turkey is an excellent option for studying abroad. There are many universities in Turkey to study Economics. One of the departments that international students in Turkey favor the most is economics since degrees earned in Turkey are respected worldwide. On the other hand, the Turkish Department of Economics makes sure that nations, businesses, institutions, or other types of organizations watch, monitor, and examine economic activities to produce effective sales and marketing outcomes. Additionally, most of the universities in Turkey give education in modern learning circumstances, the latest technology, and international academic staff.
Advantages of Studying Economics in Turkey
- Studying economics in Turkey offers a singular chance to acquire experiences that prepare the student to enter the working world well-versed. Turkish colleges that provide economics degrees are known for having knowledgeable and competent professors.
- Universities are also outfitted with everything necessary for students to complete their academic obligations, including libraries and reference materials. Additionally, the way that economics is taught in Turkey is thought to be scientifically cutting edge and up to speed with other countries' teaching practices.
- Turkish public universities are relatively reasonably priced; tuition for out-of-country students ranges from 100 to 4,000 EUR per academic year.
- Turkey's costs are really low for foreigners. You can live comfortably if you have a monthly budget of 400–600 EURO.
- Turkey has colleges that are taught Economics in English. Therefore, international students can study Economics in either English or Turkish.
- Turkey gives scholarships to foreign students. Foreigners who wish to enroll in a Turkish institution might choose from a variety of scholarships.
- There are many international students in Turkey. Therefore, as an international student, you won't feel alone.
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 various situations if you pursue an economics degree. Yet, if you are still hesitant, contact us, and we can be an advisor to you to find out if Economics is suitable for you.
How long it takes to be Economist?
Your Bachelor's degree in Economics will be earned in four years in Turkey. Depending on the curriculum, earning a master's degree at the graduate level will take two years. Therefore, becoming an Economist took almost six years.
The Best Universities Study Economics
Turkey has one of the best universities to study Economics, so here are the four best universities in Turkey that gives Economics education:
- Bilkent University: Bilkent University is regarded as one of the best universities in Turkey and is known worldwide. Bilkent University was founded in 1984 and is the first private, non-profit institution of higher learning in Turkey. Bilkent is one of the most diversified universities in Turkey, offering 58 graduate and 29 undergraduate programs to 13,000 students from all over the world, so it is open to many international students. It is known for its high quality of education. Bilkent University is ranked 643 in the Best Global Universities list.
- Middle East Technical University: Middle East Technical University (METU) is a public university established in 1956. Middle East Technical University is one of the best public universities in Turkey's Ankara. The 2023 QS, World University Rankings, place METU #501 and #510. About 27,000 students are enrolled at METU. There are also many international students at METU. In addition to this, METU offers English as its language of instruction.
- Koç University: Established in 1993, Koç University is a private, non-profit research institution. Koç University has an overall rating of 4.3 stars and is number 501 in the world, according to Times Higher Education, and it's also ranked 477 in QS World University Rankings 2023. It is known for its high quality of education and work options after graduation. Therefore, the top students from Turkey and beyond are drawn to Koç University because of its excellent academic foundation, opportunities for research, worldwide accomplishments, vibrant social environment, and variety of work options after graduation.
- Boğaziçi University: Boğaziçi University established in 1863. One of Istanbul's leading public universities is Bogaziçi Üniversitesi. Bogazici University is well known for its high quality of education. The QS World University Rankings for 2023 place it between 701 and 750.
Economics Admission Requirements in Turkey
The "Turkish Yös" test, or the "American SAT," and a high school transcript with a minimum set of grades, which varies from university to university, are requirements for admission to Turkish public universities. They also demand evidence of language proficiency or enrollment in a yearlong language preparation program. The prerequisites for studying economics at private institutions in Turkey include high school graduation with a minimum grade average of 50% and documentation of language fluency.