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4 Skills An Economics Master’s Will Give You That Could Help Launch Your Global Career

Find out how an Economics Masters can help you mould technical and soft skills that will make you an asset at companies across the world

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By  Laura Wise

Thu May 25 2023

BusinessBecause
At business school, economics is often grouped with finance, banking, and accountancy. While careers in those sectors often attract economics graduates, there are more opportunities from studying economics than just the traditional business sectors. Expertise in economics can help solve problems across every industry, from healthcare to aviation to retail. 

The scope of economics is broad and highly rewarding. A master’s degree in economics can allow you to pursue a range of challenging careers in a variety of different fields. 

Graduates possess not only a deep understanding of economic concepts but also analytical and problem-solving skills that are transferable across a wide range of industries.

Here are four skills you will gain from an economics master’s that will help you launch a global career.


1. Understanding of global economic systems

Throughout an economics master’s you will gain a deep understanding of global economic systems and how they work. This can be valuable in a global career as it will allow you to navigate complex economic environments and make informed decisions.

Understanding economic theory within a global context is something that the University of Liverpool Management School’s MSc in Economics emphasizes. 

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The core modules on the MSc are Macroeconomics, Microeconomics, and Econometrics and within those Liverpool specializes in Applied Economics—how you can use economic theory and research to solve real-world problems. 

While the MSc in Economics touches on theory, it emphasizes how economics applies to current issues facing the world economy. These include Brexit in the UK and rising trade barriers, money and banking, economic inequality, global climate change, and health and social care.

“You have the theoretical base, but then we show you how we actually use it in the real world,” says Ian Burn, economics professor and chair in applied microeconomics at the University of Liverpool.

This was a major advantage for Ruchika Keshav (pictured), an MSc in Economics alumna, and one that she uses in her current role as a market intelligence analyst.

“There was a lot of discussion around applications of economic theory to the real world, and how the theory fits into the into the messier scenarios that we actually see in real life,” she says.


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2. Data analysis and modeling

Along with giving you a strong understanding of global economics systems, you will learn how to interpret data, build models, and analyze trends, a key asset in today’s world. 

Ian explains that students are introduced to programming languages: python, R, or STATA, depending on their course options.

Throughout the course at Liverpool students work building up their computer and data literacy, starting by learning simple statistics and ending with an independent dissertation.

“At the end of the program, students complete 15,000 words of original research, showing off everything they've learned.” Ian explains. “With the coding, we’ve figured out how we build their computer literacy from not knowing how to code, such that at the end of spring semester, they're self-sufficient and can write that dissertation.”

Ruchika’s dissertation focused on streaming services and how they had been affected by COVID-19 lockdowns. Her analysis found that the rise in streaming service subscriptions came from unemployment not lockdowns, demonstrating the ability of data analysis to problem solve. 


The University Of Liverpool Management School MBA Application Insider

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3. Critical thinking and problem-solving

Liverpool’s MSc in Economics emphasizes critical thinking and problem-solving skills, an asset in a global career where you will be faced with complex challenges. 

“One of the biggest skills I've learned in the master’s at Liverpool was to not only analyze data, but also to make sense of it very intuitively.” Ruchika explains “Building a coherent, data-driven story provides actionable insights to businesses. This leads to better decision making at every level of the organization.”

Ian approaches his 10-week Applied Microeconomics class in a practical way. He uses one week covering the theory of a skill and the next having students do hands on problem-solving themselves.

“I go into the method. What's the math behind it? Where did it come from? How is it used? And then in the second week, the seminars are hands on. They’re on computers, they're working in groups, they're coding themselves,” Ian says. 

Being able to analyze complex problems, break them down into smaller components, and develop creative solutions is a skill you will be able to harness throughout your career across industries.  

“I think that the kind of the skills that you get from working on real world projects helps you think about the nuances of different industries, and the different problem-solving skills that you'd need to tackle these things that you don't necessarily get in an academic-only setting,” Ruchika says.


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4. Communication skills

As well as the technical side of economics you will also develop soft skills during your master’s.

A Master’s in Economics requires students to communicate complex ideas and concepts effectively. The ability to articulate ideas clearly, both verbally and in writing, is valuable in a global career where effective communication is essential.

“It’s about considering every situation. Say you’re presenting you need think about colorblind people, you can't just put up green and red slides. I'm making sure that lessons don’t stop in the classroom, and we really think about the skills and how they translate into the workplace,” Ian says. 

Ruchika was able to network throughout her MSc and apply her knowledge beyond the classroom. She worked on a team project with one of the UK’s leading tech companies, CNC Robotics, on a consultancy challenge, which gave her opportunities to network with students from different master’s programs including Marketing and Project Management. 

“That helps you think about the nuances of different industries, and the different problem-solving skills that you'd need to tackle these things. 

“I now understand a lot of the marketing world and understand how you pitch what you're trying to sell to different stakeholders in different kinds of environments, whether it's online or face-to-face,” Ruchika explains.


For Ruchika, who works in health technology on innovating cancer diagnostics, economics goes far beyond what people may expect. 

She and Ian emphasize that economics and having the tools to address and solve real-world problems through analysis is an invaluable asset across global industries, and the suite of Economics programs Liverpool offers allows students to develop those tools.

“Every single industry needs economics skills, and economists in top positions driving strategy. It is crucial to understanding what is happening in the business and how other macroeconomic factors can affect different parts of your internal business,” Ruchika adds.

Student Reviews

University of Liverpool School of Management

Karan

Verified

28/09/2023

On Campus

My experience in UOL

Well I won't tell you about all the great things about this university. But I'll just tell you my honest experience about it. I have visited almost all the places here. This university knows how take care of their students. Be it any aspect, be it career and placement department, be it societies, be it organising committees, they know what all issues a student can face and they are ready with the solutions already. Professors here are so welcoming. You can literarily bother them ample number of times but they will still be so nice with you. They actually put a lot of efforts to make letures more fun. They try their best to focus on each and every student and check if they are comfortable or now. Coming to the offerings. They know that there will be a lot of international students and there will be a lot of issues they will face in adjustment over here. So they organised a lot of events, distributed a lot of free vouchers just to make students feel welcomed over here. Trust me if you are looking for a Uni for yourself or for someone, do add this one on your priority list.

Hani

Verified

26/09/2023

On Campus

Fantastic school

The lecturers are incredibly experienced in their field of study, and it shows when they teach. They know what they are talking about, and that instills a level of trust that you have made the right choice coming to this university. They are supportive and charismatic - exactly how lecturers should be! The accommodation is all fantastic too. Homely, comfortable, so close to campus. Even Greenbank, which is a 15 minute bus journey from campus, has its perks (heavily discounted bus pass - from £400 to £60 and free gym membership). There are so many societies too! Literally one for everything. During the society fair, they were all so welcoming which is so great to see. The lecture theatres are all top-notch too. It feels so modernistic. It really feels like I have had a big step up from sixth form to university. I made the right choice by coming to UoL!

Keira

Verified

10/09/2023

On Campus

Original RedBrick Review!!

The Marketing Course at this uni a great course with exceptional industry connections - for example a brand assessment centre from The Hut Group and an assessment centre at Anfield Football Stadium! The campus is great as it is all connected and everything can be found there - so whether you are a Starbucks or Cafe Nero kind of person the campus has everything. Freshers is great with campus tours, city walks and course talks to connect you with fellow coursemates. Halls was also a great experience - I loved the halls packs where you can get free tshirts, baking kits and we even got free dominoes pizzas!!

Francesca

Verified

5/09/2023

On Campus

Enjoyed every aspect of it!

My experience studying Marketing at the University of Liverpool has been amazing! All the lecturers and students have been so lovely and helpful. The management school building is my favourite place to study. I would recommend studying Marketing at the University of Liverpool because the content is so engaging and the assignments are creative.

Ramy

Verified

11/07/2023

Online

Quality

Perfect learning methodologies and curriculums, the most i liked about my learning experience with University of Liverpool is the professionalism, in delivering the subjects and helping the students gaining more knowledge.

Jessica

Verified

30/04/2023

On Campus

Amazing course

The marketing course at UOL is great the lecturers are helpful and provide in-person and online resources to succeed in assignments, and the careers department is extremely helpful. The modules are all relevant and have expanded my understanding of the marketing industry and consumer behaviour, social media and so on

Imogen

Verified

30/04/2023

On Campus

The Best Experience

Currently in my Second Year studying Marketing at the University of Liverpool. Due to the big student culture in Liverpool, you soon feel completely at ease and at home. Staff are extremely helpful - there is always opportunities to ask for additional support/guidance. Each module is clear and well organised - this definitely helps in first year when it can be easy to feel overwhelmed with the new workload. It’s very easy to find your way around due to it being a campus university as everything is in close proximity. I lived at Greenbank accommodation in my first year and the staff are so helpful and make you feel very well settled. There is a huge community feel and the modules are interactive meaning making friends is much easier and a lot less intimidating. If you’re considering attending this university and I honestly couldn’t recommend more - you’ll have the best experience!

Student

Verified

6/02/2023

On Campus

Culture

One of my favourite things about this university is the diversity of its people. I met so many different people during my time here, from all different backgrounds and experiences. Not only did these people provide me with insight and knowledge into their own cultures and beliefs, they also allowed me to learn about and understand different ways of life that I would have otherwise never been exposed to. The tutors were also incredibly supportive on this course and allowed me to excel.

India

Verified

29/11/2022

On Campus

Great university!

I did my undergrad in film studies at LJMU and I honestly could not recommend it enough. It has the perfect mix of practical and theory work that prepares you for any job possible in the film industry, from lighting tech to AD. The university lecturers were also very attentive, and I felt comfortable enough with them to seek their help if I ever had an issue or concern, academic or personal. LJMU gave me experiences I would not have got anywhere else, offering summer placements completely free that broadened my horizons. The fact the campus is interspersed around the city also makes it very convenient.

Student

Verified

27/12/2023

On Campus

Law Program

UoL has been a great school to attend so far. I attend UoL's campus in the Cayman Islands, Truman Bodden Law School. Being on such a small island, it has been great with the personal face-to-face with lecturers in understanding topics.

Karan

Verified

28/09/2023

On Campus

My experience in UOL

Well I won't tell you about all the great things about this university. But I'll just tell you my honest experience about it. I have visited almost all the places here. This university knows how take care of their students. Be it any aspect, be it career and placement department, be it societies, be it organising committees, they know what all issues a student can face and they are ready with the solutions already. Professors here are so welcoming. You can literarily bother them ample number of times but they will still be so nice with you. They actually put a lot of efforts to make letures more fun. They try their best to focus on each and every student and check if they are comfortable or now. Coming to the offerings. They know that there will be a lot of international students and there will be a lot of issues they will face in adjustment over here. So they organised a lot of events, distributed a lot of free vouchers just to make students feel welcomed over here. Trust me if you are looking for a Uni for yourself or for someone, do add this one on your priority list.

Hani

Verified

26/09/2023

On Campus

Fantastic school

The lecturers are incredibly experienced in their field of study, and it shows when they teach. They know what they are talking about, and that instills a level of trust that you have made the right choice coming to this university. They are supportive and charismatic - exactly how lecturers should be! The accommodation is all fantastic too. Homely, comfortable, so close to campus. Even Greenbank, which is a 15 minute bus journey from campus, has its perks (heavily discounted bus pass - from £400 to £60 and free gym membership). There are so many societies too! Literally one for everything. During the society fair, they were all so welcoming which is so great to see. The lecture theatres are all top-notch too. It feels so modernistic. It really feels like I have had a big step up from sixth form to university. I made the right choice by coming to UoL!

Keira

Verified

10/09/2023

On Campus

Original RedBrick Review!!

The Marketing Course at this uni a great course with exceptional industry connections - for example a brand assessment centre from The Hut Group and an assessment centre at Anfield Football Stadium! The campus is great as it is all connected and everything can be found there - so whether you are a Starbucks or Cafe Nero kind of person the campus has everything. Freshers is great with campus tours, city walks and course talks to connect you with fellow coursemates. Halls was also a great experience - I loved the halls packs where you can get free tshirts, baking kits and we even got free dominoes pizzas!!

Francesca

Verified

5/09/2023

On Campus

Enjoyed every aspect of it!

My experience studying Marketing at the University of Liverpool has been amazing! All the lecturers and students have been so lovely and helpful. The management school building is my favourite place to study. I would recommend studying Marketing at the University of Liverpool because the content is so engaging and the assignments are creative.

Ramy

Verified

11/07/2023

Online

Quality

Perfect learning methodologies and curriculums, the most i liked about my learning experience with University of Liverpool is the professionalism, in delivering the subjects and helping the students gaining more knowledge.

Jessica

Verified

30/04/2023

On Campus

Amazing course

The marketing course at UOL is great the lecturers are helpful and provide in-person and online resources to succeed in assignments, and the careers department is extremely helpful. The modules are all relevant and have expanded my understanding of the marketing industry and consumer behaviour, social media and so on

Imogen

Verified

30/04/2023

On Campus

The Best Experience

Currently in my Second Year studying Marketing at the University of Liverpool. Due to the big student culture in Liverpool, you soon feel completely at ease and at home. Staff are extremely helpful - there is always opportunities to ask for additional support/guidance. Each module is clear and well organised - this definitely helps in first year when it can be easy to feel overwhelmed with the new workload. It’s very easy to find your way around due to it being a campus university as everything is in close proximity. I lived at Greenbank accommodation in my first year and the staff are so helpful and make you feel very well settled. There is a huge community feel and the modules are interactive meaning making friends is much easier and a lot less intimidating. If you’re considering attending this university and I honestly couldn’t recommend more - you’ll have the best experience!

Student

Verified

6/02/2023

On Campus

Culture

One of my favourite things about this university is the diversity of its people. I met so many different people during my time here, from all different backgrounds and experiences. Not only did these people provide me with insight and knowledge into their own cultures and beliefs, they also allowed me to learn about and understand different ways of life that I would have otherwise never been exposed to. The tutors were also incredibly supportive on this course and allowed me to excel.