Economics Personal Statement Example 19

Economics is like a jigsaw puzzle made of information pieces, pieces shaped by
rationality and randomness, which we put together to create a clearer picture of our world. Economics translates complex real world situations into simple models and its application can solve problems faced by an individual or the global community. It is for all these reasons and more that I love this discipline.

A career in Economics will help me contribute to the betterment of the society. The “2008 UN Peace Proposal” by Daisaku Ikeda, highlighted that economic disparity was the root cause of terrorism. I wish to pursue Development and International Economics, to understand why policies fail, when are they effective; especially in the context of poverty alleviation and income distribution. Having prepared business models based on Carbon Credits, an innovative hypothecated tax, I am intrigued by the application of Public Economics in the domain of sustainable development.

I relished the challenge of studying a rigorous course, Diploma in Economics from the University of London External System. I have been able to adapt to the UK educational format with ease and have learnt to study independently. Examining concepts from the author's perspective especially, questions in “Introduction to Economics” by A. Witztum and “Statistics” by M. Knott spurred me to tenaciously reach a level of command and active understanding of concepts. “Prisoner's Dilemma” mentioned in microeconomics piqued my curiosity into reading 'Game Theory' by Dixit and Skeath, and I am excited to discover this discipline.

My enthusiasm to learn and capacity to work hard were rewarded with the highest scores in my college, a distinction in Diploma in Economics, a letter of commendation from the University of London and a scholarship from my institute. Continuing second year,studying “Microeconomics” has required critical analysis and application of mathematics complemented with economic reasoning. Being naturally comfortable with mathematics,I wish to study Microeconomic Principles 2 and Principles of Econometrics, courses unavailable in my current degree.

While interning this summer at Royal Bank of Scotland, I worked from ideation to
implementation of reverse mortgage products. In six weeks, I prepared financial
forecasts, sales strategy and defining business processes which were in compliance with Basel II norms. Inspired by the trading models mentioned in “When Genius Failed” by Lowenstein, I developed a reverse mortgage calculator which calculated the spreads and prepared financial forecasts based on certain statistical methods and assumptions. The experience taught me that work was different from theory and yet in essence work was application of everything learnt.

Exerting myself as the vice president of the debating and cultural society, 'Peer Educator' from VIMHANS, member of Sokka Gakkai and member of 'Recession Research Team' at college, has been rewarding in terms of awards and skills. I plan to intern this summer in equity analysis as it gives me a chance to actually apply the econometrics I am learning. My long term goal is to have a key role in macroeconomic policy framing and research as an economist at the International Monetary Fund.