Economics & Finance Personal Statement Example

Poverty is something which is very common. Yet I never understood how the people in one country could be extremely poor while those in another can be very wealthy.Throughout my life, I have had the opportunity to witness the high standard of living in the UK as well as the abject poverty experienced by the people in Argentina when I lived in these countries during 2001 - 2005. While there were numerous factors that may have contributed to the poverty situation in Argentina at that time, I believe the economic crisis also played a key role. The contrast between these two countries gave birth to my interest in Economics. Subsequently, even though I was a science student at secondary school, it was without hesitation I chose to study Economics for my tertiary studies upon being offered a scholarship by MARA, a distinguished entity in my country's education system.

During A Levels, the lessons I have learnt from Economics studies have been significant and have laid down the necessary foundation for me to further understand the world of economics and finance. For example, governments play a fundamental role in ensuring the economic well-being of a country. In the case of Argentina, through my research using mainly past articles and the site Investopedia as reference, I learnt that the Argentine government was unfortunately incompetent and was plagued with corruption. It was therefore not surprising riots became prevalent and the poverty situation worsened in tandem with the economy. This showed me how interlinked the government, politics, economy and national security are and how the instability in any of these aspects could lead to the downfall of society's standard of living.In addition, I am also intrigued by the Game Theory model in an oligopoly market - in particular the behaviour of the market players in preserving market equilibrium as well as the impact on price elasticity. I have also started reading Thomas Schelling's 'The Strategy Of Conflict' to learn further the applicability of the theory in real life.

From my accounting studies, I now understand the importance and how interlinked the various financial statements are (i.e. Income statement, statement of financial position and statement of cash flow). For example, in an economic recession, it is crucial that the management of a company/entity focus on cash flow management to avoid closure or excessive debt.

I also believe it is important to give back to the society by taking part in CSR activities whenever possible. Furthermore, there is also significant out of the classroom learning that can be gained which I believe to be extremely beneficial. Recently, I volunteered in a local community event to tutor mathematics to rural students. A few months ago, I represented my college at the International Model United Nations- SPECPOL committee where I debated the potential solutions to excessive urbanization in China and India. I found the above events to be very interesting and rewarding as my communication and team-working skills have improved considerably. I have in fact registered my interest to participate in the next Model United Nations. In my spare time, I try to take part in as many running events as possible. I am quite selective in choosing the running events to participate in as I am still recovering from a major operation. The running events have taught me the importance of perseverance and hard work to achieve results. I also strongly believe the same kind of unwavering dedication is an absolute necessity to be successful in life.

I look forward to be a part of the UK education system - regarded as one of the best in the world. In the long-term, I intend to seek the potential solutions to economic decline and eventually to become a market analyst.