The Best Online Econometrics Tutors

What is Econometrics? 

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.

Why study Econometrics?

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?

Which one of Spires online Econometrics tutors will deliver my tutoring?

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!

How many Econometrics tutors are available?

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.

What Econometrics qualifications do tutors need?

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.

What will my tuition cover?

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.

How much does a private Econometrics tutor cost per hour?

Tuition is priced according to level:

1. School level: For Primary school, Secondary and Higher Education prices start at €25/hr

2. University level: For Undergraduate and Postgraduate tuition, prices start at €35/hr

3. Professional level: For Chartered Qualifications and Admissions Test tutoring, prices start at €45/hr.

The average price per hour ranges based on the tutors’ experience, expertise, and students’ level.

How much is an Econometrics tutor in London per hour?

The average tutor pay is £40/$53/€45 per hour depending on a teachers’ experience and level of students. This is higher than other areas in the UK due to the higher living costs that come with living in London.

Can I arrange revision help?

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. 

Do you offer admissions help?

Yes, we do, for all common entrance tests and examinations. Our network of expert private Tutors offering admissions help at various levels for as UCAS, Oxbridge Entrance, and even IELTS and TOEFL certificate preparation. We offer help with personal statements during lessons and students are encouraged to do many hrs preparation at home in preparation to meet their tutor in a lesson.

Can I get dissertation help?

Yes, you can! There are numerous University-level professional tutors who can provide dissertation support as well as admissions help and exam preparation. Just communicate with your tutor before telling them your specific needs.

Do you offer varsity tutors?

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.

Is 'Teacher wanted' a suitable title for my advert?

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!

Do you offer lessons for adults?

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.

We help students from all over the world

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