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Successful Personal Statement For Economics At Cambridge

Last Updated: 12th April 2022

Author: Chloe Hewitt

Table of Contents

Welcome to our popular Personal Statement series where we present a successful Personal Statement, and our Oxbridge Tutors provide their feedback on it. 

Today, we are looking through a Economics applicant’s Personal Statement that helped secure a place at Cambridge University. The Economics Course at Cambridge provides a rounded, rigorous education in Economics which is valuable for a wide range of career paths.

Read on to see how this candidate wrote a Personal Statement that helped secure their place on a reputable degree. 

Here’s a breakdown of the Personal Statement:

SUCCESSFUL?

The universities this candidate applied to were the following:

Enrolling on our Cambridge Economics comprehensive Programme will give you access to Personal Statement redrafts. 

With our  Oxbridge Economics Premium Programme, your tutor will give you regular actionable feedback with insider tips on how to improve and make your Personal Statement Oxbridge quality for the best chances of success.  

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Economics Personal Statement

The right answer – does such a thing even exist? When considering the field of mathematics, my response would be an unequivocal yes – indeed, I find its simplicity and elegance some of its most attractive qualities. For economics, however, the question of a right answer is not so straightforward. My interest in economics was sparked when I read “Freakonomics” and “SuperFreakonomics”. I found the search for a logical explanation behind seemingly illogical behaviour intriguing, and the idea that small changes to incentives could effect such large changes to those behaviours fascinating.

To further my understanding, I attended lectures at the LSE, including one given by Ha-Joon Chang. His arguments challenged much of what I had learned – deregulation and trade liberalisation would not, apparently, stimulate competitive growth, while education, it turned out, could not be counted on to increase entrepreneurship or productivity. These contradictions made me eager to read his “23 Things They Don’t Tell You About Capitalism” and “Bad Samaritans”. Although relishing his controversial stance on almost everything, I found his central thesis – that by using protectionism to support fledgling domestic industries, other poor nations can emulate South Korea’s success – overly optimistic and one-size-fits-all. As Paul Collier argues in “The Bottom Billion”, many are trapped by conflict or bad governance, with even bleaker prospects after “missing the boat” on which many Asian economies sailed away to prosperity.     

While economics is rooted in the world around us, with all its fascinating, messy complexities, mathematics derives its beauty from its abstract nature. It is unique in that it can lead us to an answer that is not merely the right one, but is true in an absolute sense. This was emphasised by G. H. Hardy in “A Mathematician’s Apology”, where he spoke of a mathematical reality distinct from the ordinary one, of which we can only ever hope to produce a “partial and imperfect copy”. Another of the appeals of mathematics is its breadth of application. I was able to explore this over the past three years in a series of Royal Institution master classes covering topics from graph theory to the mathematics of juggling. My decision to continue with mathematics was confirmed when I undertook the AEA; I found it challenging but immensely satisfying to be able to use simple concepts from the A-level core modules to solve even the most daunting problems.

Over the past year, I have mentored two students in mathematics. Explaining concepts to them helped deepen my own understanding and led me to explore proofs behind theorems I had previously accepted. In addition, acting as a primary school classroom assistant inspired me to set up my own volunteering scheme, in which I and other students help children learn to read. I have enjoyed competing in the UKMT Mathematics Challenge, in which I won a medal at Olympiad level, and the UK Linguistics Olympiad, in which I twice progressed to the selection round for the national team. I have also represented my school in the Hans Woyda competition, and am excited to be doing the same in the Target 2.0 challenge later this year.

Despite their differences, the authors I mentioned above hold something in common: their use of empirical methods to reach conclusions. It is here that the attraction of combining the study of mathematics and economics becomes especially apparent. Without mathematics, economics risks beginning to earn its title “the dismal science”, reducing to speculation and rhetoric without even the emotional investment enjoyed by politics. This is not to dismiss the importance of normative economics, but to say that it draws meaning from a basis in fact. I am not arguing for sound bite solutions to complex questions, but rather that, even in a field as hotly debated as economics, the right answer is still a worthwhile goal, reachable through the use of data and copious amounts of trial and error.

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Good Points Of The Personal Statement

This statement is thoughtful and interesting, and conveys clear motivations for studying Economics, as well as demonstrating a good level of preparation for university study. The student elaborates on their response to each preparatory activity they engaged in, rather than falling into the trap of simply listing books read and lectures attended. They are clearly passionate about the subject, and show promise as an economist, which they demonstrate in, again, not only listing their achievements, but explaining what they took from the experience, and subtly indicating what this says about them as a student.

Bad Points Of The Personal Statement

I have very little to say in criticism of this essay except that, perhaps, it could come across as a little cliché. Questioning whether there is such a thing as ‘the right answer’ in the introduction, and concluding that pursuit of the field to which they’re applying for further study is worthy are both very common.

UniAdmissions Overall Score:

This is an exceptional personal statement. Not only is the student accomplished, they convey this without bragging, and in enough detail that we gain insight into their abilities, motivations, and personal interests, rather than simply receiving a list in prose form. Though the ideas with which the student begins and concludes the statement are somewhat unoriginal, the explanation found in between is exceptionally strong, and justifies the unoriginal sentiments – they’re clearly not being added just as throwaway lines.

This Personal Statement for Chemistry is a great example of demonstrating motivation and development which is vital to Admissions Tutors.

Remember, at Cambridge, these Admissions Tutors are often the people who will be teaching you for the next few years, so you need to appeal directly to them.

Check out our other successful personal statements and our expert guides on our Free Personal Statement Resources page.

Successful Personal Statement For Natural Science (Physical) At Cambridge

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Ensure your enthusiasm for economics stands out

It's key to explain in your personal statement why you’re interested in economics and why you want to study it.

Think about the following:

• Show an appreciation of mathematical concepts.
• Reflect on something that has given you an insight into local, national, European or global economic issues, and explain what interests you about it.
• If you have already been studying economics at A level (or equivalent), talk about an area of the course you’ve found especially interesting.
• If you haven’t studied economics before, explain what has inspired your interest in it.
• What especially appeals to you about the subject or the courses you’ve chosen? You can look up specific course details using our course search .
• Demonstrate that you have a real interest in economic principles and concepts.
• Show some understanding of economic theory.

What to include in your economics personal statement

• Your long-term goals: explain how your degree choice fits with your future ambitions and career aspirations.
• Wider reading: do pick out one or two specific issues that had an impact on you – just saying you subscribe to ‘The Economist’ or ‘The FT’ or that you’ve read ‘Freakonomics’ or ‘The Undercover Economist’ won't have an impact unless you elaborate. Better still, think outside the box and write about something you’ve read that’s slightly more obscure. As one admissions tutor said: 'If I read about ‘Freakonomics’ one more time, I’ll scream.'
• Economics-related experience: reflect on any work experience, responsibilities, or non-academic interests or achievements that are relevant to economics or demonstrate appropriate skills or qualities.
• Other relevant insights: if you’ve undertaken an economics-related project, Extended Project Qualification (EPQ) or summer school, reflect on any insights this has given you.
• Demonstrate your skills: give examples of skills you possess that will serve you well as an economics student and mean you're able to proactively contribute to the course. These could include self-motivation, teamwork, the ability to think logically, effective time management, good communication, or problem-solving skills.

What not to include in your economics statement

We've also picked up some tips on what to avoid:

• Don’t skim the surface – be specific.
• Don’t give a shopping list of things you’ve read or done.
• Don’t exaggerate.
• Don’t waste space trying to impress with things you’ve done that aren’t relevant – relate everything to the courses you’re applying for.
• Don’t make sweeping claims about your 'passion for economics', how you’ve 'loved it from an early age' and 'what an honour it would be to get accepted at your university'.
• Avoid grammar and spelling mistakes.

As the University of Bristol's ' Why Study Economics? ' website says, 'a straightforward personal statement that gets all the core points across in a coherent way serves the purpose best'. So do say something that will stand you out from the crowd, but avoid being too off-the-wall.

Don't be too bland and generic, either. London School of Economics says 'your statement should be as original as possible to differentiate you from other applicants' while the University of Nottingham looks for 'students with a wide variety of interests and enthusiasms from a wide variety of backgrounds'. Strike the right balance by demonstrating your enthusiasm, your intellectual curiosity, and the quality of your insights.

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Please note UCAS will detect any form of plagiarism. PSE and its contributors do not take any responsibility for the way in which personal statements are used.

Tim Walz's working-class cred: no stocks, no bonds, and he doesn't own a home

WASHINGTON — Tim Walz's personal finances are something of an anomaly in presidential politics: He has no investments. No bonds. No stock holdings. No real estate. And he does not currently own a home.

The limited financial portfolio of Walz , who Vice President Kamala Harris named Tuesday as her running-mate, speaks to the blue-collar pedigree that attracted Harris to the Minnesota governor and former six-term congressman.

Many presidents and vice presidents came from humble beginnings. Yet Walz's modest means as a candidate are drawing financial comparisons to President Harry S Truman, the working-class running-mate of Franklin D. Roosevelt in 1944, as perhaps the best comparison.

"In recent years, he stands out considerably. If you look at the folks who have been chosen as running-mates, they've been relatively financial secure," said Mark Updegrove, a presidential historian and president and CEO of the Lyndon Baines Johnson Foundation.

"He has a far more prosaic background than any of the other candidates I can think of, with the exception of Truman, in the last 75 years," Updegrove said.

More: Why Kamala Harris chose Tim Walz over Josh Shapiro as her running mate

Walz, 60, and his wife Gwen Walz reported earning $166,719 in 2022, according to a federal tax return that year , the couple's most recent tax filing made public. Most of the income, $115,485, came from Walz's salary as governor, while $51,234 was earned by Gwen Walz's salary as an educator, which she lists as business income. The couple paid $24,062 in federal income taxes.

The tax return is otherwise mostly bare: Line-items for IRA distributions, taxable interest and capital gains, for example, are all blank.

Walz listed no property ownership, securities, business ownership, book royalties or other forms of income besides his job as governor in his 2023 annual statement of economic interest filed with the Minnesota Campaign Finance and Public Disclosure Board.

In his 2019 economic interest statement, Walz disclosed ownership of his home in Mankota, Minnesota. But the Walz family sold the 3,223 square-foot home on one acre in 2019 for $304,000 after Walz was elected governor.

More: The new 'Swift Boat?' Tim Walz's military service targeted by Trump campaign

The Walz family resides in the state-rented Eastcliff Mansion, the historic home of the University of Minnesota's president, while the state-owned governor's mansion undergoes renovations. The state is paying $4,400 a month for the rental.

Walz's assets are limited to his state and federal pensions as a former teacher and former congressman, life insurance and college savings, according to his 2019 financial disclosure report as a member of Congress. He does not have a 401(k) account. These assets were valued then between $112,007 and $330,000. An analysis from the Wall Street Journal found the pensions could add about $800,000 to their net worth.

Like Walz, two other Minnesota Democrats − former vice presidents Walter Mondale and Hubert Humphrey − had limited wealth compared to most vice presidential and presidential candidates. Mondale lost his White House bid to Ronald Reagan in 1984 and Humphrey lost to Richard Nixon in 1968

Similarly, Mike Pence had few investments and no significant mutual funds when he was elected in 2016 as Donald Trump's vice president and left his job as Indiana governor.

If Harris and Walz are elected, Walz's earnings would nearly double with the vice president's annual salary of $284,600. 

Walz joined the Army National Guard at age 17 after graduating high school, serving in the Minnesota National Guard from 1981 to 2005 before retiring to run for Congress. Walz also worked as a high school social studies teacher and football coach. He served in Congress from 2007 to 2019 and is serving his second term as governor in a term that lasts until 2027.

More: What is JD Vance's net worth? A look at Donald Trump VP pick's fortune

As a congressman, Walz co-sponsored the STOCK Act, which former President Barack Obama signed into law in 2012 to prevent lawmakers and congressional staffers from trading on non-public information. "This is about restoring faith," Walz said of the bill in 2011 after introducing it.

Some on the right have taken aim at Walz's finances, arguing his lack of investments means he doesn't have command on fiscal issues. "He's financially illiterate," Brianna Lyman, of the conservative online publication The Federal, said this week on Fox Business .

The Harris campaign declined to comment on Walz's finances. Under federal law , Walz has 30 days from the time his candidacy for vice president began to submit financial disclosure reports with the Federal Election Commission.

In comparison, Ohio U.S. Sen. JD Vance − Trump's running mate and a former venture-capitalist investor and author − has stock in more than 100 companies, according to financial disclosures submitted as U.S. senator.

Vance, author of "Hillbilly Elegy," which chronicles his humble roots in Appalachia, reported book royalties of $121,376 in 2022. He also reported having cryptocurrency valued between $100,001 and $250,000. Vance reported earning between $15,001 and $50,000 in rental income in 2022 from renting out a Washington D.C. rowhouse .

Forbes Magazine valued Vance's net worth at up to $10 million and estimated the net worth of Harris and second gentleman Doug Emhoff to be $8 million . Trump's net worth is $7.5 billion, Forbes estimated this year .

In their 2023 tax returns made public this year, Harris and Emhoff reported gross income of $450,380 before taxes and paid $88,570 in federal income taxes.

When Harris ran in 2019 for president in the Democratic primary, Harris and Emhoff, a prominent entertainment attorney, released 15 years of federal tax returns. The couple reported earning $3.2 million income in 2019, with Harris' income jumping heavily after she married Emhoff in 2014.

Harris disclosed more than 40 mutual fund accounts , securities, bonds and other investments in a 2019 federal disclosure as U.S. senator of California.

Reach Joey Garrison on X, formerly Twitter, @joeygarrison.

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Mathematics and economics personal statement example 2.

Every day we make decisions and interact with others; the laws of economics help us make rational choices and consider the irrationality of others, as well as understand the world better. Maths and statistics are the necessary tools for me to understand the modern economics.

Being raised in China, I have witnessed the rapid development of my home city, the huge wealth gap and experienced the struggles of dealing with inflation.

I love behaviour economics because I believe the well-being of the economy ultimately depends on people's decision.

I want to prove that by predicting their behaviours correctly we can create a much more efficient economy. I became familiar with game theory by reading 'Prisoner's Dilemma' by William Poundstone, and it made me realise that the US Election campaign is no more than a game of two players outdoing each other for popular votes by campaigning for different policies.

I further studied the theory by reading 'Games of Strategy' by Avinash Dixit. I have learned how the Nash Equilibrium can be found in a continuous function, and I applied it to predict the US election campaign outcome.

I frequently think as a game theorist; I found that the monetary and fiscal policies decided by the Bank of England and the government on inflation targets can be modelled by a two-player game, I discovered that the Nash Equilibrium outcome does not help to achieve the inflation target effectively.

I criticised the Prospect Theory for its ignorance of the individual's value system such as the culture and ideological difference, and the frequent failures to adjust to the neoclassical model, seeking alternative superior factors that should be taken into account such as confidence. My EPQ investigated how game theory is used to predict people's behaviour alone with its limitations.

I am strongly mathematically inclined and I love the satisfaction obtained from thinking and solving complex problems.

After reading 'A Concise Introduction to Pure Mathematics' by Martin Liebeck, I appreciated the fundamentals of maths through the proofs in set theory, I particularly enjoyed in the proof on the existence of gaps on the number line, and how we can construct real numbers to fill these gaps, although the numbers seem inherently natural, but they are just an imaginary concept to describe what we see in the real world.

I love Maths because of its applications to the real world economic phenomena, such as using Cobweb theory to explain the invisible hand.

After reading 'Essential Mathematics for Economics and Business' by Teresa Bradley, I learned and applied the Difference Equation to predict the daily number of customers in the restaurant I work in which I estimated the revenue by using differentiation.

As my schools sole candidate for Additional Further Maths A2, I studied statistics in greater depth, such as using the t-student and F-distribution and I was then able to calculate the confidence interval for my revenue estimation, which we deal with all the time in the real world. I also provide courses on mathematical economics to my classmates.

I founded the school's Investment Club and I provide seminars weekly. We participated in The Student Investor Challenge. I have also made a good return with my small personal investment portfolio. I have become familiar with fundamental and technical analysis, such as using PE ratio. I have also received the 'UBS award for outstanding students'. My initiative has greatly contributed to my leadership and presentation skills.

Outside school, I play tennis and I have designed Maths revision websites. Debating club has improved my confidence in public speaking.

As a prefect, I am responsible for organising events. Broader knowledge and teamwork are the two key assets I obtained through participating in these activities. I am enthusiastic and believe my achievements demonstrate an ability to thrive and enjoy the challenging course.

Profile info

This personal statement was written by asas78978 for application in 2013.

asas78978's university choices Cambridge University London School of Economics University College London The University of Warwick University of Bristol

Green : offer made Red : no offer made

Degree Mathematics and Economics at London School of Economics

asas78978's Comments

English is my second language so it wasn't great grammatically speaking. Best of luck to everyone who apply for the same course, you can do it! :)

This personal statement is unrated

Related Personal Statements

Thank you for sharing your ps.

Fri, 26/07/2013 - 06:03

Thank you for sharing your PS, it's very well written and I wish you all the best in whichever uni you're going!! :)

Awesome!! What grades did u

Fri, 13/09/2013 - 17:27

Awesome!! What grades did u get in a levels and what sibjects did u opt for?

hi just wanna know what's

Tue, 24/09/2013 - 10:39

hi just wanna know what's your AS grade, thanks a lot.

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