Economics

Economics at Cambridge

Our course provides a sound understanding of core, pure and applied economics. However, while you study economics in considerable depth in this specialised degree, you employ ideas and techniques from many other disciplines too; including history, sociology, mathematics and statistics, and politics. Therefore, our graduates are extremely well qualified for a wide range of jobs and further courses. 

Teaching and resources

Past and present Faculty members, such as Alfred Marshall and John Maynard Keynes, have played a major role in the subject’s development and several have been awarded the Nobel Prize in Economics (Sir John Hicks, James Meade, Sir Richard Stone, Sir James Mirrlees and Amartya Sen). The present Faculty remains committed to using economics to improve public policy and recent staff have been active on, among other bodies, the Monetary Policy Committee of the Bank of England and the Competition Commission, and advise international agencies such as the United Nations, World Bank, IMF and OECD.

Other benefits for Cambridge Economics students include access to an extensive range of statistical databases and software, and the Marshall Library of Economics, which holds a comprehensive collection of books, journals and other papers in economics. The student-run Marshall Society organises social events and informal lectures from distinguished visiting speakers.

Additional course costs

Year 1

• A University approved scientific calculator - Estimated cost £20

Year 2

• Printing and binding of dissertation work - Estimated cost £20
• Optional: Some students may wish to travel or may incur other expenses depending on topics chosen - Estimated cost £20

Year 3

• Software for and printing and binding of project work - Estimated cost £50
• Optional: some students may wish to travel or may incur other expenses depending on topics chosen

Teaching is provided through lectures, classes and supervisions and you can expect between 10 and 15 lectures each week in the first year.

Assessment is through formal written examinations that take place at the end of each year, and the compulsory dissertation in Part IIB. Typically, you have one three-hour exam for each paper covered that year. There is also a project within the Econometrics paper in Part IIA.

Year 1 (Part I)

Part I provides an introduction to the subject, a common core of knowledge which can subsequently be extended. There are five compulsory papers:

• Microeconomics
• Macroeconomics
• Quantitative Methods in Economics
• Political and Social Aspects of Economics
• British Economic History

Through these papers you cover topics such as supply and demand, the role of prices and markets, employment, inflation, the operation of financial institutions and monetary policy.

The Quantitative Methods paper provides an introduction to the use of mathematical and statistical techniques in economics, and is assessed by a written exam.

Year 2 (Part IIA)

Part IIA consists of three compulsory papers:

• Microeconomics
• Macroeconomics
• Theory and Practice of Econometrics

You also take one optional paper, chosen from:

• International Trade and Development
• Modern Societies
• Mathematics and Statistics for Economists
• Labour
• Analysis of Modern Politics
• International Relations
• History and Philosophy of Economics

Through these papers, you acquire a knowledge and understanding of a range of key topics and analytical techniques in microeconomic and macroeconomic theory, develop knowledge of key econometric techniques, and learn the IT skills needed to undertake a project in applied econometrics.

Year 3 (Part IIB)

The final year consists of two compulsory papers:

• Microeconomic Principles and Problems
• Macroeconomic Principles and Problems

In addition, you take two optional papers and write a compulsory dissertation of 7,500 words.

One of the objectives of the final year is to extend your knowledge of economic theory and train you to apply this theory to practical issues and public policy. Therefore, the optional papers available can vary from year to year but recent examples include:

• Economic Theory and Analysis
• Political Economies
• Banking and Finance
• Public Economics
• The Economics of Developing Countries
• Industry
• Theory and Practice of Econometrics
• World Depression in the Interwar Years
• The Politics of Europe
• The Political Economy of Capitalism
• The Family

• All applicants to the University of Cambridge must submit an application to UCAS (the Universities and Colleges Admissions Service) by the relevant deadline.
• The Attestat o (polnom) Srednem Obshchem Obrazovanii (Certificate of Secondary Education) is not considered to be suitable preparation for a competitive application to the University of Cambridge. We strongly recommend that you undertake further study if you wish to apply for an undergraduate degree. Examples of the qualifications that would be considered suitable for admission to Cambridge are A Levels, the International Baccalaureate (IB), five or more Advanced Placement (AP) courses, or possibly the first year of an undergraduate degree at a university outside the UK. We recommend that you contact the College that you wish to apply to directly for further advice and guidance.
• IELTS – normally a minimum overall grade of 7.5, usually with 7.0 or above in each element.
• Cambridge English: Advanced – grade A or B.
• Cambridge English: Proficiency – grade A, B or C.
• The pre-interview written assessment for Economics will be taken on 2 November 2017.

• Cambridge Commonwealth, European and International Trust

Your living expenses may be higher than for a Home student (eg if you stay in Cambridge/the UK during vacations). The minimum resources needed in Cambridge for the year (excluding tuition and College fees) are estimated to be approximately £10,080 in 2017-18 and £10,310 in 2018-19, depending on lifestyle (you should allow for increases in future years).