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|Dat||Mohammad Zeqi||28 Apr 2023||Econometrics||Very easy to understand.|
|Juan||Shubh||24 Apr 2023||Econometrics||Shubh is a fantastic tutor and he has a very good knowlege on econometrics|
|Dat||Mohammad Zeqi||18 Apr 2023||Econometrics||Really love the way of teaching of Mohammad, very patient and considerate. My last Econometrics coursework got 65 with the help of Mohammad and this has been my second time coming back to seek help from Mohammad. Greatly recommend.|
|Nour||Neha||12 Mar 2023||Econometrics||It was good, I understand the concepts that we went through.|
|Dat||Mohammad Zeqi||15 Jan 2023||Econometrics||Brilliant, as always.|
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Econometrics is an area of economics that bridges a lot of different fields. It is at its best when it can bridge the gap between economic theory and statistical methodology. Econometrics looks at the effect that changes in one or more independent variables have on their dependent variable. So, it's what you want if you are interested in discrete events (random variables) or quantitative models with continuous variables. It's a field of applied statistics akin to regression analysis and economic modeling.
It's sort of like physics and chemistry; they're related disciplines that work together to solve a problem but they don't do as well on their own. These days economists have more data than ever before, but they need better methods for analysing it - this is where econometricians come in.
Some popular applications include forecasting business cycles, understanding household consumption, and savings decisions, modeling human capital acquisition.
Some topics studied by econometricians are the relationship between consumption and income, how the change in income tax rate affects tax revenues and what factors predict changes in a countries’ GDP over time.
Who invented Econometrics?
Econometrics was the first field to be pioneered by Lawrence Klein, Ragnar Frisch as well as Simon Kuznets. The three were awarded the Nobel Prize in economics in 1971 for their contribution to economics. It is still used frequently by academics as well in the field of practice, such as Wall Street traders and analysts.
What is the value of Econometrics?
The importance of Econometrics in Economics is down to a number of reasons. The most significant being that it allows economists to evaluate existing theories or hypotheses and to test new ones. Additionally they can turn the data to a particular mathematical model, supporting evidence-based decisions. Econometrics lets economists convert theories into tangible metrics.
Econometrics is essential for finding trends among datasets. Based on these patterns economists are able to predict future economic or financial developments. They also help to extract the pattern or outcome from a cluttered set of data.
A typical application of econometrics is studying the impact of income on spending with observable data. The economist might suggest that when someone increases their income, the amount they spend will also increase. If the data prove that this relationship is evident, regression analysis could be carried out to discover the significance of the relationship between consumption and income, and whether or not it is statistically significant - as it seems unlikely to be the result of chance.
What is the difference between Statistics and Econometrics?
The main difference between econometrics and statistics comes in their fundamental areas of study. Statistics is primarily concerned with applied maths while Econometrics is an area of economics. Additionally statistics encompasses an extensive area of study. While econometrics does include statistics, it's not as quite as extensive.
Econometrics is dependent on statistical models and statistics for its operation. But, it doesn't just contain these as it also encompasses economic and math theory, both of which are core to econometrics. The statistical methods used in econometrics only cover a certain segment within the discipline. In addition the field encompasses different areas, like causal inference, time series and so forth. These areas, though they are covered in statistics, aren't so prominent in the field.
Economics is the study of how people and societies choose to allocate their limited resources. One thing economists have noted is that it's easier to create new wealth than it is to redistribute what already exists in a society.
This means that econometrics stands as an important tool for understanding how society manages the use of its scarce resources. By studying econometrics, students learn how to answer important questions about the economy and can apply their knowledge to the benefit of society.
Is Econometrics important in Finance?
The development of both financial econometrics and statistics has made them very important tools for empirical research in both finance and accounting.
Using economic modeling methods can be useful when estimating asset prices, corporate finance, options and futures, and conducting research in financial accounting.
What are the two branches of Econometrics?
Econometrics has two branches: theoretical econometrics and applied econometrics.
Methods, both in terms of their properties and in terms of developing new ones, fall under the first category. It describes assumptions and properties of a particular method based on mathematical statistics. The condition of their fulfilment is of particular importance.
In Applied Econometrics, the theory of econometrics is applied to branches of economics, such as unemployment figures, portfolio theory, demand functions, and so forth.
What careers can studying Econometrics lead to?
Econometrics is a broad spectrum of finance, statistics, and economics. A degree in econometrics can lead to many different positions including data scientist or risk analyst. Moreover, if you are also fluent in other languages and cultures outside the UK & USA - such as Spanish or Mandarin - you may be able to find even more opportunities with big companies that operate internationally. Some typical job titles may include:
- Econometrics Analyst
- Quantitative Data Science Professional
- Risk Analysis Consultant
- Mathematical Economist
- Macroeconomic Forecaster and Modeler
- Operations Research Analyst
- Marketing Data Analyst
- One of Spires' Expert Econometrics Tutors!
Economics graduates earn the most in the UK according to the latest data from the Department of Education.
The salaries of 148 universities and institutions were examined to discover which degree earned the highest salaries for graduates. In addition to economics, medical, computer science and engineering were among the highest-paid graduates.
The report also highlights the effect that the institution you attend can influence your earnings for the future as some universities graduate earning less in certain fields.
For instance, graduates of the economics department at the London School of Economics (LSE) receive an average salary that of £55,200 (~US$70,500) five years after they graduate and the highest 25% earning over £120,000 (~US$153,200). However, students of economics from Cambridge University University of Cambridge (more highly ranked than LSE) have a higher average wage five years after graduation, of £61,000 (~US$77,900).
A recent study based upon the Forbes World Billionaires list in the US found that Economics was the most common major of the 100 wealthiest billionaires, with Harvard the most common undergraduate college. Of course, students of econometrics, economics, and statistics will note two important caveats. But there’s no doubt that economics provides helpful insights for those on their way to earning a billion dollars.
The first caveat is that correlation does not imply causation. Are billionaires becoming billionaires because of an economics related degree? People who wanted to become billionaires chose their field of study because it seemed most likely to help them reach their goal? They may have succeeded regardless of their degree, or perhaps their success was influenced by their university.
A second caveat is that we should be cautious about drawing conclusions from small samples. Only 16 economics graduates were found among 100 - does that reflect the millions of people in business who have a degree in economics?
Econometrics lessons with a tutor can provide a structured approach for a student to really understand and apply Econometrics concepts. A tutor is there to help you understand the concepts and help you to work through the problems and solutions. A tutor is not there to finish your homework for you.
If you have Econometrics assignments and you are struggling to figure out the answers then a tutor will help explain the question. A tutor will help guide you to figure out the answer for yourself.
However, by guiding you through the materials, and explaining the concepts to you, then you will develop a better understanding and be able to answer future questions more quickly and easily!
Your expert tutor will explain Econometrics concepts to you from a different perspective. He (or she) will have additional resources that you may not have access to that can help deepen and broaden your understanding of Econometrics. Your tutor may also have supplementary questions and resources to help you with concepts that you just can’t quite grasp yet.
Your expert tutor can be considered your guide, your resource to help you answer and learn about Econometrics.
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Our tutor’s pricing is much more competitive than that of many tutoring companies because prices are set through an auction system. It's easy to learn through Spire's online classroom. This classroom features an electronic whiteboard and students can access recorded classes at any time.
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It doesn’t matter if the tutor is near you, is in London, New York, or elsewhere; but it does matter if the Econometrics tutor is familiar with the material that you are studying. Spires database has tutors familiar with the UK, USA, Canadian, Australian systems; as well as those from many other countries. Make sure to include full details in your job posting.
When you choose your Econometrics tutor, make sure that the tutor is familiar with the topics or curriculum that you are learning. This will ensure that you receive the help that you need to learn the concepts in the course that you are taking.
This is all up to you. You have a huge choice of experienced instructors to choose from and you will get many replies. You can look through their profiles, check reviews and bids, their qualifications and backgrounds. There are many published authors among the teachers. All have many hrs taught to students in English with Spires. Your teacher will help with your preparation for an exam, revision, or with assignments.
Then, communicate with your favorites to see if they are right for your needs and learning style. You can have a chat over zoom, then pick the person you’d like to help you - and schedule your first lesson!
We currently have over 100 Econometrics Tutors with academic and professional experience specialising in a wide range of topics from GCSEs to postgraduate support, and everything in between.
All of our tutors must hold at least a Bachelor’s degree and have tutoring experience. The majority of the tutors have higher degrees, Master’s or PhD in specialised areas. All of our tutors are DBS checked or have had equivalent background checks.
A tutor’s role is to help a student understand different concepts and subjects. The tutor will first assess the student’s current knowledge, strengths, and weaknesses and then create a learning plan in conjunction with the material that the student is studying.
A tutor will review the student’s course material used in class, explain (as necessary) these topics as well as answer questions, and help guide a student to the correct answers.
A tutor is not there to complete the student’s homework. A tutor will provide one on one support to a student to explain concepts, clarify questions and guide a student to understand the material.
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Yes, you certainly can, and at any level. Our large database of Econometrics tutors has many teachers with lots of hrs taught and a lot of repeat students. Just use the filter to search for tutors for your level and browse through available candidates.
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Yes, we do! With Spires, you can find experienced tutors familiar with the US University system in a whole range of subjects. The same goes for the US high-school system as well as the Australian, South African, Canadian, and New Zealand University and school systems. We have students from all these countries and more studying accounting, banking, Econometrics, business, economics and even engineering all year round.
Although this is maybe not the worst bad opening line, we strongly recommend that you give it some more thought. What do you need? What are you trying to achieve? Think about what level you are and what you need to improve on, whether you need help with GCSE level guidance, or help with a University admissions letter, put it in your advert.
For example, a great opening for many of our clients could be: ‘Econometrics support required to help with Oxbridge Admissions Test’. The more details, the better the match!
Yes, we do! Our database of Economics and Business experts offer a wide range of specialisations and expertise. Just use the Find A Tutor feature to search for Econometrics tutors for your level and browse through available candidates.
You can choose from a wide range of specialisations whether you are preparing for a university entrance exam, looking to advance your career, or just to brush up on your analytical and writing skills. We are confident you will be able to find what you are looking for from over a hundred professional academics in our network.
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