Economics is the study and analysis of resource allocation. It encompasses many human activities, from trading resources for money to delivering services. Economics concerns the linkages that emerge in a resource exchange system and how humans interact with them. Economics is about much more than money. It is about comprehending the decisions people make and why they do so. Pursuing economics lets you grasp complicated and significant topics such as poverty, tax rates, and inflation.
Adam Smith is credited with developing modern economics when The Wealth of Nations was published in 1776. Thoughts and practises that gave rise to Smith’s article evolved across many decades and regions of the world. The necessity for communities to account for resources, make plans, exchange things, and distribute them led to the development of economic theory. These fundamental accounting tools evolved into more intricate financial models throughout time by fusing the mathematics needed to compute compound interest with morality and ethics.
The significance of studying economics is that it will strengthen your employment chances since it gives graduates options in various sectors and industries. A degree in this discipline can provide a unique perspective on political, current, and historical events and how they connect to society functions. More precisely, studying economics may provide students with an in-depth understanding of how resources should be accounted for and how to balance them for the economy to flourish.
Students who major in economics will have a strong foundation in macroeconomics, microeconomics, mathematics, and statistics. In addition to modules given by other schools and departments at the university, students will be free to choose from various optional modules covering a wide range of economics topics. Students who complete the course will have a broad knowledge of economic theory and how it may be used in real-world scenarios.
- Introduction to Macroeconomics.
- Introduction to Microeconomics.
- Quantitative Economics.
- Economic Integration 1 and 2.
- Current Economic Issues.
- Growth and Development in a Long-Run Historical Perspective.
- The Politics of Economics.
Economists research how societies use land, labour, and resources to create and dispense products and services. To predict their economic interpretations, they study and look at patterns. Inflation, unemployment, taxation, business cycles, interest rates, and a wide range of other subjects are all studied by economists. To understand economic data, economists undertake surveys and utilise mathematical modelling.
By teaching students the skills that almost all employers value in high-level analysts and decision-makers, such as the capacity to think critically, apply information-processing skills, and communicate results succinctly to a broad audience, undergraduate and graduate degrees in economics prepare students to work in a variety of careers.
Why Study This Program
You Acquire A lot of knowledge
Economics is exceptionally diverse, and you can learn much by studying just one subject. When studying economics in Malaysia, it encourages you to learn more about the global economy and teaches you how it works. You’ll learn about the significant economic problems and how to deal with them. Since economics encompasses many disciplines, such as psychology, politics, mathematics, sociology, international relations, history, and business, economics provides many prospects and career pathways.
In this manner, you get a wealth of information that will always be useful. At its foundation, economics in Malaysia is the study of assessing options and making better decisions. It fosters critical thinking and problem-solving abilities to make sound decisions. It aids analytical abilities for analysing facts and making sound judgements. These abilities are sought after in both the public and private sectors. In addition, employers value the abilities learned while studying economics—the ability to make decisions, solve issues, gather and process information, evaluate statistics, and write and communicate effectively.
Getting You Ready For An Ever-Changing World
Studying economics in Malaysia helps people comprehend their surroundings. It lets individuals better understand people, businesses, markets, and governments and respond to the challenges and possibilities that arise when things change. Economics majors have a strong future in an ever-changing world because they possess problem-solving and analytical abilities that allow them to flourish in a variety of professional fields. These include law, risk management, actuarial, finance, foreign affairs, administration, world affairs, policy research, healthcare management, entrepreneurship, market research, journalism, and many more.
A degree in economics in Malaysia has the breadth and flexibility to equip students to adapt to unanticipated developments and capitalise on unexpected opportunities. According to a LinkedIn study, graduates change jobs and careers four times in the first ten years after graduation. Economics is an excellent choice in an ever-changing world because of its wide-ranging applications.
Your Career Chances Will Improve
An education in economics in Malaysia can boost your employment in various areas. According to the World Economic Forum’s Future of Jobs Report, critical skills and increased resulting skills will be progressively crucial to employers by 2025, both of which can be obtained by studying economics. Nevertheless, many jobs demand an understanding of economic ideas, models, and linkages.
Not only are economists typically well-paid, but they are also in high demand by many businesses. You will develop a complete grasp of modern-day economic theories and models by studying economics in Malaysia, and you will quickly be able to demonstrate to employers that you are prepared for a successful career as an economist. Finance, banking, insurance, politics, and healthcare administration are also possible job routes for economics majors. You will also be able to advance your career in your current industry, as understanding the economics that drives your industry will allow you to be more effective in your role.
Create Transferable Skills
Studying economics in Malaysia teaches you various soft skills that you may use for any job. Communication and cultural awareness are equally crucial skills for our globalised society, which an economics program will help you develop. You’ll also strengthen your business knowledge, a valuable asset in every aspect of the working world.
While studying economics in Malaysia will prepare you for a career as an economist, it will also help you develop valuable hard and soft skills such as critical thinking, communication, mathematical and analytical abilities, data analysis, time management, teamwork, problem-solving, computer science, and cultural and commercial awareness. As a result, your abilities will be sought after by a wide range of businesses in several sectors. Economics is one of the best programs for you to enter as an international student and ensure that you have the capabilities to learn and enhance more skills.
Combine Economics With Other Courses
Since economics is a social science, you can study it at university independently or as part of a joint degree with another subject. For example, you may study economics in Malaysia or mix it with topics such as business or politics. This is referred to as a joint honours degree. Joint honours degrees are divided 50/50, so you will commit equal time to each topic during your university studies.
Some universities, however, may allow you to split your course 75/25 if you want to major in economics and minor in the second subject. If you pursue a combined honours degree in economics in Malaysia and another field, you can study both equally. This will give you insight into two different areas of study and will allow you to approach those subjects differently. You’ll also grasp how the topics link to one another and be more prepared for any future job routes you choose.
Why Study In Malaysia
It is Detail Oriented
Economics in Malaysia is a highly theoretical discipline with numerous factors that may affect anything from manufacturing patterns to consumer goods demand. As a result, having an excellent eye for detail is essential since you will be scrutinising numerous reports and data, working with figures and statistics, and conveying your findings via presentations and reports.
Comprehend the Economy’s Underlying Workings
If you’ve always wanted to know what drives the economy or how businesses and governments function, Economics in Malaysia will provide the basis to grasp these topics from a broader perspective. This program can be your way into economies worldwide and how they function.
Affordable Course Fees
The fee required to study economics in Malaysia is comparatively less than that required in many other countries, such as the USA, the UK, Australia, and Canada, to name just a few. With economics degree expenses shooting up worldwide, Malaysia comes across as a reliable option to receive a high-quality education at an affordable cost.
Globally Recognised Degrees
Economics degrees from Malaysian universities enjoy global recognition. Studying economics in Malaysia allows students to pursue the program in Malaysia and then move anywhere globally. Several students continue their master’s and specialisation in Malaysia or transfer to other countries to pursue different pathways.
International Education Standard
The standard of economics programs in Malaysia meets international standards. This ensures exceptional education for students who enrol in this course. The course curriculum is rigorously developed, keeping in line with international benchmarks to ensure students learn the latest developments in economics.
Excellent Campus Facilities and Infrastructure
Malaysia offers excellent campus facilities, modern infrastructure, and innovative teaching aids for studying economics in Malaysia. The schools in Malaysia offer a great learning atmosphere. Several leading universities have developed in-house labs and testing facilities dedicated to helping students learn with hands-on experience, operate with state-of-the-art machinery, and stay up to date with the latest innovations.
A specialist in economics examines the connection between a society’s resources and its output or production. Economists study various social systems, including local groups, entire countries, and the worldwide economy.
Economic policies, including interest rates, tax laws, employment programs, international trade agreements, and company strategy, are partly shaped by economists’ professional judgement and research results.
Making business decisions that maximise a firm’s financial health can be facilitated by having an economics specialist on the team. Economists have a sophisticated grasp of how markets operate. They may use this expertise to determine a product’s pricing points, identify untapped markets, and enhance user interfaces depending on user behaviour.
Here are some roles and responsibilities you will have as an economic professional:
- Gather and examine data.
- Research interpretation and economic forecasting.
- Evaluating government regulations.
- Do surveys.
- Establish budgets.
- Describe the issues facing the economy and provide remedies.
- To coworkers, explain complex economic patterns.
- Offer corporate strategy guidance.
- Cost projections.
- To maximise profitability, compare changes in sales and customer demand.
- Write articles about different industry trends.
Being an economist requires various abilities, some more crucial than others. One of the top abilities an economist – and academics in general – should have is the ability to filter through complex theoretical and scientific publications and gather the information you need. You must be proficient at reading since you will do it so frequently.
Here are some skills you will need to be employed as an economist:
- Maths expertise.
- Understanding of accounting and economics.
- Ability to think analytically.
- Outstanding verbal communication abilities.
- To do anything thoroughly and carefully.
- A drive for success and ambition.
- Outstanding written communication abilities.
- The capacity for clear reasoning and logic in thought.
- To be capable of using a computer and the major software programs.
Personal Finance Advisor
Personal financial advisers work with individuals to assist them in accomplishing short and long-term financial objectives. They examine people’s financial situations and assist them in making personal decisions about things like savings, loans, stocks, insurance, and other assets. Financial advisers may work directly with their customers or for institutions such as banks or investment firms.
As a compliance officer, you will guarantee that a company’s external and internal regulatory standards are met. In short, you are responsible for ensuring that your employer follows the rules.
Supply Chain Analyst
Supply chain analysts examine the processes that occur across the operations of a supply chain to identify inefficiencies and opportunities for improvement. They are ultimately accountable for boosting output at the slowest possible rates.
In the case of life insurance, this may entail calculating the average life expectancy of various populations to establish the policy rates that should be charged to each. Analysts work with specialised computational software and spreadsheets, so an interest in and aptitude for using technology is advantageous. You might work in various areas of the financial services business.
Economic consultants frequently collaborate with legal experts to create analysis, data, evidence, and other resources in economics or finance-related legal disputes. While paralegals typically handle most of these responsibilities, consultants may be called in for more significant, sophisticated matters.
As a chartered accountant, you will advise clients, audit accounts, and provide accurate information regarding financial records. Financial reporting, taxation, auditing, forensic accounting, corporate finance, company recovery and bankruptcy, or accounting systems and procedures may be included.
Statisticians may work in almost any field, answering issues for both public and private entities using statistical methods. Statisticians can work on initiatives such as risk management, boosting company efficiency, and others.
Product managers provide strategies and plans for organisations’ new and current products’ development, launch, and testing. They frequently lead teams dedicated to the many tasks required in developing a product.
Compensation managers create and manage employee compensation and benefits schemes, such as retirement plans and wellness initiatives. They may be responsible for presenting and answering employee inquiries and researching and negotiating the best plans for employees.
Quantitative analysts do risk management and finance-related research using various mathematical and statistical approaches. They may collaborate with public or private entities to research sales or purchasing behaviour to identify profitable prospects.
The duration to study economics in Malaysia is three years for the bachelor’s program. English is the medium of instruction followed in schools across all major international private universities.
The first year will have a number of common subjects between different specialisations. As students progress to years two and three, their modules and subjects will become more specialised as per their field of choice.
Students can sometimes switch from one specialization to another, but it will require approval from the University faculty and the relevant authorities in Malaysia.
Students who want to opt for program transfers to another University will usually need to prepare the transfer paperwork and start processing from their second year onwards to ensure all the paperwork and approvals are in place so the program transfer can be done.
The Malaysian Qualifications Agency (MQA) sets the entry requirements and guidelines for university admissions in Malaysia, which all universities must adhere to. All prospective international students must meet the minimum entry requirements, as the Ministry of Higher Education (MOHE) takes these standards into account during the application acceptance and processing phases.
The admission requirements to study economics in Malaysia for international students may vary from one university to another. However, the basic entry requirements are the same for most universities.
Usually, there are two pathways to entering a degree program in Malaysia:
- First, students can join a foundation program after completing their secondary schooling, O levels, or equivalent qualifications. After completing the foundation in the business program, they can continue to the bachelor’s degree as per their choice.
- Second, students who have completed their higher secondary school or A levels or equivalent will be able to join the bachelor’s degree programme directly into year one.
If a student fails to meet the entry requirements for a bachelor’s degree programme, the faculty may offer different pathways into the degree programme, for example, through a foundation or a diploma programme.
Universities may raise the entry requirements to ensure incoming students are academically prepared for the rigours of their programmes. So, prospective international students should consult with an admission advisor to determine the precise entry criteria for their chosen programme and their preferred university.
General Entry Requirements For Bachelor’s Degree
- A Levels: 2 Passes in A-Level in any 2 subjects, and a Credit in Mathematics and a Pass in English at SPM/O-Level/IGCSE or its equivalent.
- Foundation: Passed the relevant Foundation programme (minimum CGPA of 2.0)
International students who wish to study economics in Malaysia will need to also provide proof of their English language proficiency with IELTS or TOEFL exams. Students who have studied the British or American curriculum are generally exempted from the English proficiency requirements since the medium of instruction for that curriculum is in English by default.
Students who have studied other curriculums where the medium of instruction is also English will usually need to provide a supporting letter from the school stating that the instruction language for their schooling has been English. With that letter, English language requirements are proven to have been completed.
Fees & Cost
Students sometimes only look at the tuition fee during the comparison. However, depending on how forthright and clearly the fee guidelines from the university are, the extra fees can be a hefty amount that could be a surprise. So students are advised to correctly add all the fees and decide which university fits their budget requirements to study economics in Malaysia.
Various factors will contribute to the overall cost structure, such as:
- Tuition fees
- Accommodation fees
- Admission fee
- Registration and Visa fees and
- Other one-time fees.
These fees vary from university to university and can depend on varying factors. The quality, infrastructure, facilities and teacher-to-student ratio will also determine how much a university charges.
You must find the right balance between quality and cost to get the best education possible. The average cost to study economics in Malaysia is between RM30,000 to RM40,000 per year, depending on the University.
For reference, that’s around USD $7,500 to $10,000 per year for a 3-year economics degree program at the current exchange rate.
Accommodation cost is going to be another recurring fee for international students. Generally, students have two options: they can either stay at the on-campus accommodation provided by the university or at private accommodation. The prices will differ according to which university and area you choose.
Generally, campus accommodations at major universities start at around US$150 per month and can go up to $400 per month. The pricing for on-campus accommodation is determined by the size of the room, whether a student will be sharing the room or will be staying alone, or if the student is taking a master room which generally comes with an attached bathroom or decides to stay at a sharing room with shared bathroom.
Some universities also offer cooking facilities and on-campus accommodation, which are shared facilities which will also be factored into the accommodation costs. Utility costs are generally an add-on fee.
While choosing the university, you can check with your admissions advisor on the options available for accommodation and how much they will cost so that you have an idea of how much of a monthly budget you will require as a student.
Researching, applying and managing overseas admissions is a tedious, time-consuming and often confusing process. Incorrect application submissions can lead to lengthy processing, delayed approvals, or rejections. You can visit education, exhibitions and fairs to collect information. However, that is not enough. You can only collect cursory information at these places. However, your admission processing will usually take much longer. During that time, you will need consistent and dedicated support to ensure your application is in the right experienced hands.
This is where we help.
Edmates helps international students from around the world with complete admissions processing. Our integrated one-stop centre helps international students with everything. We help you find future-driven programs that match your abilities and interests in leading universities.
We handle the entire process from the beginning until you have joined the university. Our international support system will manage everything for you, absolutely free.
Each student is assigned with a dedicated admission advisor who will manage the complete admission process and also guide the student throughout the admissions process. The advisor will also liaise with the university admissions department to ensure clear communications and faster processing.
You can speak with your assigned advisor anytime by booking a free call online through the website. You will also receive regular updates regarding your application via emails, SMS and WhatsApp.
To learn about each step of the admission process, you can read our complete guide to start applying for your higher education the right way.