Applying For Economics and Management: Reading, Super-curriculars, Oxford Interview Questions and More
Economics & Management, or E&M as it is more commonly known, is a subject inherently interested in people. In economics, students will understand why individuals demand certain products or act in particularly ways and how those behaviours, when combined across an entire country, produce the macroeconomics news we observe in our daily lives. Management is a practical subject, looking at the day to day management of businesses and their people, as well as teaching students the intricacies of finance and asset valuation.
The beauty of E&M is in its breadth, with a plethora of routes students could take to their final degree, from a focus on macroeconomics to strategic management to econometrics. This allows students to explore a range of interests throughout their degree and develop a well-rounded, interdisciplinary area of expertise which will go on to shape their future careers.
What Should I Read for Economics and Management at University?
The best advice in deciding what to read for your application is simply, read what you are interested in. That being said, it is important for students to show they are interested in the main three facets of the course (micro, macro and management).
Economics Reading
Daniel Kahneman, Thinking, Fast and Slow (2011) – Nobel prize winning economist and ‘father of behavioural economics’ excellent introduction to economics’ newest and fastest growing discipline.
Kenneth Binmore, Game Theory: A very short introduction (2007) – Part of OUP’s excellent series. This is for the more mathematically minded applicants.
Joseph Stiglitz, The Price of Inequality (2013) – Another nobel prize winning economist opining on the inefficiency of the inequal distribution of resources in western economies.
Michael Lewis, Boomerang (2011) – Author of the book that inspired the Big Short, in this outing Michael Lewis discusses the causes of the financial crisis around the world, from Iceland to Greece.
Kate Raworth, Doughnut Economics (2017) – Oxford based economist Raworth outlines her framework for human prosperity.
It is also vital to keep on top of current affairs, particularly those which relate to economics. As such, reading periodicals such as the FT, the Economist or similar is important for any budding applicant.
Management Reading
Naomi Klein, No Logo (1999) – A cutting analysis of the corporate and branded world in which we live.
Richard Whittington, What is Strategy? (1993) – Basic overview of different schools of thought in strategy studies.
Erin Meyer, Culture Map: Decoding How People Think, Lead, and Get Things Done Across Cultures (2016) – An anecdote-laden book describing the differing approaches to management across the globe.
What Should I Watch/Listen to?
Reading isn’t the only way of consuming content relevant to E&M. There are many podcasts and films which can expand one’s knowledge of the subject:
American Factory (Netflix) – Oscar winning documentary. A study in the difficulties facing businesses seeking to operate cross-borders and across cultures.
The Inside Job (Amazon) – Narrated by Matt Damon, this Oscar winning doc studies the causes of the economic crisis in America in a compelling and shocking account.
Capital in the 21st Century (Amazon) – The film to accompany Pikkety’s magnum opus (which at a dense 1000 words I would never recommend students read).
Freakonomics radio (Spotify) – Podcasts focussing on interesting applications of economic theory.
Economics explained (Spotify) – Each episode focusses on different policies or news events and applies economic principles to explain them.
Talking Politics: History of Ideas (Spotify) – For the political economists out there, this podcast provides an episodic overview of history’s great thinkers.
Other Activities for Economics and Management Preparation
To have a strong personal statement and to truly engage with the subject students need to engage in active as well as passive activities. Joining your school economics club is a good start. I your school doesn’t have one, well then set one up. Debating ideas with peers can help students shape their opinions and beliefs as well as understanding opposing points of view.
Essay competitions are also an excellent way to both bolster one’s personal statement credentials as well as broaden one’s knowledge on specific topic areas. The Royal Economics Society’ essay competition is the pinnacle but others do exist.
Public access lectures are another way to learn about niche areas of economics. Many of these are available for free online (for example, Oxford Economics Society posted their lectures on their Facebook page during lockdown). Otherwise, see what your local university is offering.
Finally, work experience can be relevant, particularly to management studies, although bear in mind universities won’t want to credit you just because your mum’s a CEO.
Topical Questions to Consider
Why are we facing inflation?
What is the role of business in social justice?
What is the role of immigration in a modern economy?
Do people really act rationally?
N.B. These may also make for the foundation of interview questions.
Admissions Test (TSA) for Economics and Management
E&M applicants are required to sit the Thinking Skills Assessment (TSA). This is a critical thinking test divided into two types of questions: numerical and verbal. There are numerous resources online, but the best way of preparing on your own is by doing past papers. Check out U2’s blog post on how to prepare for the TSA here.
This is also an area that tutoring can help students substantially improve. U2 Tuition has a fantastic team of TSA tutors who can support you in preparation for the test. View U2’s example TSA to interview course here (courses are individualised to students based on their requirements).
Preparing for an Economics & Management Interview
Interviews can take a number of different formats. The most common two are general questions, as outlined in the question list below, or by setting problem questions. Students may also be given some reading to do before going into their interview which will then be discussed. This will be a short article or book review that the interview will then be based around.
Past Economics and Management Interview Questions
1. What is the quickest way to become rich?
2. How many cricket pitches are there in the world?
3. What is the best way to pursue a policy of ‘levelling up’.
4. What is the value of the Coca Cola brand?
5. “Cutting taxes is the best way of reducing inflation in 2022”. Do you agree?
6. Why do people go to university?
7. Is Bitcoin inherently a deflationary currency?
8. Students may be asked to derive cost or revenue curves.
9. Why does profit maximisation occurs when marginal profit equals marginal revenue?
10. Should price discrimination be illegal?
By Karim (U2 Mentor: Oxford Economics & Management graduate)
Looking for Tuition To Support Preparation For Your Oxford Economics and Management Application?
We have a large team of Oxford Economics and Management tutors, including 1st Class, Master’s and PhD level graduates.
The Process:
1) We suggest an Oxford Economics and Management tutor (from the exact course) and send their full CV for review. Our tutors are deeply familiar with the admissions process to study E&M and related degrees at the University of Oxford and Cambridge, and are well-placed to guide you through personal statement curation, the TSA and the interview process. We may suggest a range of application tutors to choose from with slightly differing rates depending on qualifications and level of experience.
2) We typically suggest beginning with a 1.5 hour informal assessment/ taster session, where the tutor will informally assess the student’s current performance level for application, including test and interview. Following this, we issue a report with feedback, and structure a plan to best prepare.
3) U2’s approach for regular Economics and Management application sessions: The main focus of tutorial sessions will be to explore material that can be discussed in the personal statement and at interview - this may sometimes stretch from A-Level standard to First Year Undergraduate. Tutors ensure each student refines their interests within Economics and Management and is exposed to a range of approaches and new concepts, guiding students in their reading and wider subject exploration. Together, we build a case for the student, solidifying the stance and direction they will take during interview and honing skills for the TSA.
Frequency of sessions can be decided between student and tutor. Students can take either ad hoc sessions, or we structure a full programme for preparation, which may include further co-curricular opportunities such as our research projects, and Oxbridge mock interview days. Honing the skills necessary to succeed for Oxbridge ideally requires long-term preparation and mentoring presents a wonderful opportunity to learn from some of the very best Oxbridge has produced. We also provide GCSE, A-Level or IB Economics support if needed.
Sessions from £75/h.