12 Characteristics of Successful

Economics Students
By James Matthew Alston
29 April 2021

What does it take to succeed as an economics student? What qualities make a good economics student –
one who thrives at university, enjoys their economics degree, and then, once it's all done and dusted, who
goes and gets a good job? These are big questions – there's no doubt – and their answers may not
immediately be clear. 

So, to put worried minds at ease, we've compiled a list of the top 12 traits that will ensure that any good
student gets the best out of their university experience. And to those now shouting 'what if I have none of
them!', well, there's no need to worry, most can be acquired with a bit of determined hard work. Let's
begin.

1. Intellectually curious
In order to be a successful economics student, or any kind of student for that matter, it's particularly
important that you're interested in and engaged with your subject. All of the other characteristics here
depend upon you caring about your studies and your specific topic. Of course, everyone finds some
topics more interesting than others, but the willingness to find something worthwhile in whatever
economics issues you are currently studying will help to keep you on form during your studies.

A good way to maintain your curiosity is by observing others who are good at what they do, and then
asking questions about anything and everything you don't understand. Asking questions of experts is a
brilliant way to learn how something works - they are experts after all! If asking questions fails, or more
likely, is not possible, there are endless alternative means of finding something out - books, journals,
the INOMICS study resources, and of course, the life-saving Wikipedia. Praise be!

2. Mathematical aptitude
Here's a real obvious one: numeracy is a key skill for any economist. From dealing with large datasets to
interpreting visual data like graphs, you'll need to be comfortable handling numbers and working with
mathematical principles. This is why many economists take preparatory classes in mathematics before
beginning work or study in economics.

If you're feeling unsure, you should think about exploring this option. 

There are many introductory statistics, calculus and linear algebra courses freely available online. What's
there to lose?

3. Knowledge of social sciences

Economics also has a lot of common ground with other social science subjects like psychology, history,
and sociology. Thus, having a working knowledge of these subjects and the methods used in them is
highly beneficial. In recent years, economics and the other social sciences have become ever more
interdisciplinary, meaning an understanding of these subjects is not only desirable but increasingly
essential if you're to keep up to date on economic theory. Knowing a little about other, related areas will
also benefit you in life in general; a bit of history knowledge gives people something else to ask you
about at dinner parties, other than inflation rates or the stock market.

4. Good at understanding complex systems

The unavoidable fact is that economics is a complicated subject which looks at complex and intertwined
systems. To excel, you'll need to be able to pull together information from different sources and different
fields to inform your theories. You’ll need to be comfortable examining data to look for trends and
possible causations of a complex problem. Learning these skills requires time, effort, and a little patience.
Above all, it entails reading, a lot, in order to get yourself up to speed with the latest developments, so
being able to sift through dense scientific texts is an essential skill.

5. Self-driven
Unlike in school, at university, you are expected to manage your own workload, attendance, and
engagement. If you start to miss classes or assessments, you will quickly find your grades slipping, or
worse, you may even fail - perish the thought! To prevent this from happening, it is essential that you can
motivate yourself. Great students will push themselves to engage in class and to do the best they can in
their assignments - without fail. Outstanding students will do even more than is officially required of them,
to be the absolute best they can be. This should be the aspiration. It's hard we know, but why not give it a
whirl?!

Commitment is a vital aspect of being self-driven. It's easy to concentrate for a short time on something
you find interesting. What's more difficult is remaining determined and motivated for sustained periods,
when you don't necessarily love everything you are having to do, read, or write about. And trust us, this is
a situation you are bound to face... Pick the right course and this will be kept to a minimum.

6. Healthy time management

The ability to organize your time and schedule is another incredibly important ability for an budding
economist. Successful students should plan their weeks and semesters well in advance to ensure they can
attend all the classes that they need to, and also have enough time for researching and working on
assessments. It's equally as important to give yourself time for hobbies, socializing, and general
fun. Taking a break is essential to avoid burnout and to ensure you have the energy and drive to study
when you need it.

And while it's important to stay on top of your classes, coursework and other assignments, taking time for
yourself and seeing your friends is a must if you are to maintain a healthy balance. With mental
health rates deteriorating among students, this is more important than ever: take the time to relax. If you
struggle with time management, do something as simple as getting yourself a planner that you can jot
down all of your commitments in. Really, it changes everything!

7. Admitting you don't understand

One quality which is often overlooked is the ability to admit when you don't understand something.
Seriously, this is important, especially in a complex subject like economics. Although you may feel
embarrassed to admit the gaps in your knowledge, it is the only way to learn. This way, the teachers or
other students around you can help by explaining the topic more clearly, and you will benefit in the long
run. Bite the bullet! This comes hand in hand with intellectual curiosity. If you aren't able to admit you
don't know something due to fear or embarrassment, you won't be able to utilize your innate curiosity -
and it's curiosity that leads to innovation, creativity and originality. So yeah, it is pretty important!

8. Lateral Thinking
The ability to come up with new ideas or new ways of thinking about a problem is a characteristic of an
exceptional student. This could not be more true of economics where new ways of thinking are the name
of the game. For that reason, don't be afraid to give your own opinion on a topic or argument, even if it's
contradictory to what others have said. As long as you can justify your view, teachers and other students
should welcome your input. Likewise, when presented with data or evidence, you should be able to adjust
your ideas and theories to explain that evidence. This is exactly how the field of economics continues to
grow and evolve!

There are lots of things you can do to improve your ability to think about theories or economic problems
creatively. One of them, as we discuss later, is reading widely and learning a range of skills. The more you
have in your toolbox, the more ways you'll be able to think about a problem and come up with an
innovative way to solve it. There's also collaboration: working with someone who has a completely
different set of strengths than you will force you to see things differently. In partnership with them, you'll
both be able to contribute to an idea that would never have been formulated if you were working alone.

But there are other ways, too. Travelling widely can help you become more creative in general by
exposing you to different environments and cultures. Practicing a rewarding hobby- like playing an
instrument, writing, or doing something else creative- can show you new ways of thinking. And of course,
connecting with people who are naturally creative is always a good idea. Surrounding yourself with
people who have a skill you want to possess can push you to improve.

9. Solid reading, writing, and analysis skills

Whatever subject you study, there are some skills that you will always need. The ability to read materials
and glean the relevant facts, the ability to write up your findings in a clear and engaging way, and the
ability to critically analyze the material you find will be needed at every stage of your academic career.
Just as essential is reading things that aren't directly related to your course - newspapers, articles about
other academic areas, even novels, can expand your knowledge outside of your chosen discipline. Of
course, it's important to make sure this doesn't interfere with your university work. This is related to
thinking laterally and seeing the bigger picture - you'll only be able to do that if you read a lot, and vary
what you read.

10. Communication skills
A further set of skills which are important, but seldom taught are communication skills. Being able to
present the information you know to both a lay audience and an expert audience is vital for
demonstrating your grasp of the material.

You should get in practice at presenting orally, making slides, and engaging in debates in order to get the
most from your studies. 
One fun way to practice this is to try describing some economic phenomena to your friends, when they
inevitably ask you for your opinion on capitalism or labor laws.

11. Performing under pressure

There are times when you need to perform under pressure, particularly in written exams. Being able to
keep calm and not panic will help you perform to the best of your ability. Fortunately, this is something
which tends to come with practice. The more exams you do, the more comfortable you will become with
them.

Another common situation is when you must present to an audience. Remember, the more prepared you
are, the less your nerves will impact you. If you know your material, and can articulate your points without
reading a script, you will be more able to respond calmly even when the audience asks you an unexpected
question. Also, you don’t need to respond to questions immediately. A pause for thought is often
warranted and can help you organize yourself before answering.

12. Understanding other perspectives

Finally, one characteristic which you may not realize that you need is the ability to listen to and
understand other people. Academic success is not only about putting forward your own views; it is also
about being able to engage productively with people who have a different perspective. Learn to listen, to
argue constructively, and not to be defensive about your own ideas, and you'll be a better student and
encourage others as well.

When all's said and done, you don't have to agree; in fact, the point in attending university is to challenge
views and be challenged yourself. What's important, though, is to be empathetic and respectful of other
people, regardless of whether you respect the perspective they have taken. Being able to do this shows
maturity and is an essential quality of being a successful economics student (and person).

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