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A trio of Old Elizabethan Economics graduates gave senior pupils interested in following in their footsteps valuable career and life insights in a series of talks.

Zainul Jafferji (2000-2007), Zain Gulamali (2005–2012) and Yemi Falana (2008–2015) gave advice on topics ranging from critical thinking to internships during the programme of talks organised by the Economics department.

Headmaster Neil Enright said: “Our alumni are heavily involved in helping current pupils in a wide variety of ways, from mentoring to conducting mock interviews. I am very grateful to Zainul, Zain and Yemi for giving their time so generously to guide QE economists of the future.”

Zainul visited on three consecutive weeks, while Zain and Yemi gave virtual talks.

It was, Zain told the Headmaster afterwards, “lovely to get a chance to ‘give back’… always keen to help where I can. I still remember how I felt when I was in their shoes and how important QE has been in my life since I left.”

Zainul Jafferji,  who took a Master’s in Economics (MPhil) at Cambridge, told Year 12 members of the Economics Group about applying for, and studying, Economics at Cambridge; he set out career paths, and he explained how to think like an economist.

On his first visit, he told members of the Economics Group about Cambridge’s Economics admissions process. Not only had taking a diverse range of A-level subjects (Mathematics, Economics, Physics, German) given him an edge and enabled him to stand out from the crowd, but his German is useful even today when he is advising German companies in his role as a Management Consultant, he said.

He urged the boys to start researching universities and courses early, suggesting they use the School’s online alumni network, QE Connect, to speak to OEs before applying. This was doubly important for Cambridge where the choice of college is important: he advised researching a college’s financial situation, location and, perhaps most importantly (!), menus, before applying.

Zainul stressed the importance of regularly reading The Economist and other Economics literature to prepare for interviews and advised the boys to hone their speaking skills by getting involved in debating and taking LAMDA speaking examinations.

He concluded the session by telling the boys to expect an intense, independently led course at Cambridge:  they would be either alone or in small groups in their tutorials and so would have nowhere to hide if they had not prepared correctly, he advised.

In week two, he outlined the four main career paths for Economics undergraduates: investment banking, management consulting, public policy and further study.

University of Cambridge career fairs begin three weeks after term starts, and applications for ‘Spring Weeks’ (an Easter internship) start soon after. It was, he said, important to apply early for “ferociously competitive” areas such as banking and consulting.

Zainul was able to secure a Spring Week at Royal Bank of Scotland in his first year. (He maintained that the bank’s financial collapse soon after, in 2008, was despite, rather than because of, his work there!)

In his final session, Zainul spoke on critical-thinking skills. He outlined the key skills required to think like an economist and to construct powerful, compelling arguments.

Students then split into three groups, looking at topics covering macroeconomics, microeconomics and econometrics. One group tackled the most current of issues: the impact of sanctions on Russia on the UK economy. He helped them to move beyond CPI as a measure and to better understand the worry of a wage-price spiral taking hold.

Afterwards, Economics teacher Sheerwan O’Shea-Nejad  said: “Zainul has been an excellent guide for the students through the process of choosing a university, thriving there, getting a job and excelling once employed.”

In his virtual talk, Zain Gulamali, who read Philosophy, Politics and Economics (PPE) at Warwick, said boys should start at university as they meant to finish, rejecting any thoughts of “the first year doesn’t count so I will work harder in the second and third years”.

He advised them to start applying for work experience immediately: there was no such thing as bad work experience, since even a boring placement could show them what to avoid.

Zain previously worked at an accountancy firm to qualify as an ACA accountant, but is now employed in the finance department of multi-national mining company Anglo-American.

He warned of the dangers of ending up in an unfulfilling repetitive career just to earn a large salary and impress others.

In his talk, which was also delivered online, Bristol graduate Yemi Falana related how he had switched from Medicine to Economics at university. He said frankly that his parents were keener on Medicine than he was.

Yemi stressed the importance of applying for internships early – even during A-levels. His included two with Goldman Sachs, where he then went on to take up a full-time post as an analyst in 2018.

Now an Associate with the investment bank, he advised researching the work-life balance and job security of different roles carefully, remarking on how he works shorter hours than the deal-making teams, and appreciates the opportunity to have more of a personal life.

Three interns from the University of Connecticut helped deepen boys’ knowledge of American healthcare at a meeting of QE’s Personal Finance Society.

Pupils heard about the high costs and complexity inherent in the US system, with the session ending in a discussion of the pros and cons of healthcare on both sides of the Atlantic.

The meeting was organised by Ugan Pretheshan, who runs the society along with fellow Year 11 pupil Roshan Patel with the aim of helping boys manage their finances both now and in the future in their adult lives. Other topics covered in its meetings include buying a house and maintaining a good credit score.

Headmaster Neil Enright said: “I am grateful to our three current interns, Evan Burns, Nathaniel Austin-Mathley, and Ben Duncan, for their contribution to this meeting and to our enrichment programme more generally. Our relationship with the University of Connecticut extends back over a number of years and it is great that we can again welcome interns this year. It is a connection which gives us fascinating insights into the differences in pedagogy and educational culture between our respective countries.

“Their presence allows boys here to more readily make international comparisons and to understand different contexts and policy approaches: the opportunity thus to interrogate a different system is valuable, not least in helping pupils think critically about our own systems.”

“I congratulate Ugan and Roshan on their work with the society: like other pupil-run societies, it is of great benefit both to those who lead it and to those who attend. The Personal Finance Society complements the work of my colleagues who teach topics such as personal finance and other life skills through formal programmes of study, such as QE’s Personal Development Time programme.”

During the meeting, which was overseen by Economics teacher Sheerwan O’Shea-Nejad, the three History interns spoke extensively on American healthcare, telling the boys that it is a complex system that leaves many suffering, both physically and financially.

US healthcare spending grew 9.7 per cent in 2020, they said, reaching $4.1 trillion, or $12,530 per person. As a share of the nation’s Gross Domestic Product, health spending accounted for 19.7 per cent.

“It was eye-opening to understand the complex and diverse methods of insurance and financing these large hospital bills,” said Ugan. The boys attending learned that insurance companies dominate US healthcare industries, presenting American citizens with a welter of quotation pathways and options – encompassing premiums, walk-in fees and ‘deductibles’ – that can be very difficult to understand. The contrast with the relative simplicity achieved by the NHS system in the UK was highlighted.

The meeting also heard a story about what a woman who had got her leg caught between a train and the platform in the US told onlookers: “Don’t call an ambulance. It’s $3,000. I can’t afford that. Call an ‘Uber’.”

Asked what they would do in such a medical emergency in the UK, the boys responded that they would not hesitate to call an ambulance.

The interns, who are supporting the History, Politics and Religious Studies departments this term as part of their Master’s programme, happily answered boys’ questions, before the meeting concluded with a weighing-up of the advantages and disadvantages of both systems, with arguments about price, accessibility and waiting times all factors in the debate.

Mukund Soni (starting Year 12) took first prize in the national Young Financial Journalist Competition with his impressive analysis of the decline of cash.

His carefully researched essay beat hundreds of other entries to take the top place in the 14-15 age group, drawing fulsome plaudits from the judges.

Mukund won £150 for himself as well as ten free places for QE pupils on the London Institute of Banking & Finance’s Lessons in Financial Education programme. The competition was run by the LIBF in collaboration with the Financial Times.

In his appraisal, FT columnist and TV mathematics expert Bobby Seagull wrote: “Excellent article! With a clear, nuanced view about how society might transition to cashless and a judicious use of data to back up key points! Sometimes, younger writers try to convince readers through an over reliance on stats, but this didn’t do that.”

His fellow judge, Claer Barrett, an award-winning journalist who has been the Editor of FT Money since 2015 and Consumer Editor at the FT, was equally impressed: “A fantastically well-researched piece on the decline of cash, which drew on international examples – and some from ancient history – to hammer the main points home.

“Highlighting the increased costs that small businesses face from using card payment and contactless machines instead of cash was particularly insightful. As well as what happens with digital payments if your phone runs out of battery!”

An abridged version of Mukund’s 830-word essay was published in the FT and he appeared in a LIBF podcast with his Economics teacher, Gus Ornelas.

Mukund, who this month was awarded a level 9 grade in his Economics GCSE, as well as eight other grade 9s and one grade 8, explained how he had benefited from taking part in the competition: “It was interesting to look at the topic in more detail, and I gained a much greater understanding of the benefits of a cashless society. I also think some of my other skills – like researching, finding good sources, referencing them and writing an extended piece – they increased quite a lot!”

Congratulating him, Dr Ornelas said: “This was a skilfully executed piece of writing in which Mukund not only investigated the reasons for the decreasing use of cash, but also highlighted the considerable problems that a cashless society presents.”

• Read Mukund’s article in full here

Sixth-form economists turned out in force for a lunchtime Zoom talk on ‘Covid-19 and the Economy’ from a leading Oxford economist.

The speaker, Michael McMahon, Professor of Economics at the University of Oxford and Senior Research Fellow at St Hugh’s College, is a leading expert on communications in central banks. His interests also lie in monetary economics, fiscal policy, business cycles, and applied econometrics. He worked at the Bank of England for many years and now serves as a member of the Irish Fiscal Advisory Council.

Professor McMahon is also a Lead Editor of the Economics Observatory, a website that seeks to make economic research and government policy accessible to the general public, to which his latest contributions have focused on understanding the effect of the current pandemic on the UK economy.

His talk was given to QE’s Economics Group: Advanced Lectures – an enrichment activity targeted at those wishing to read the subject at the best Economics departments in UK universities. It was organised by Economics teacher Gustavo Ornelas-Almaraz following an initial approach to Professor McMahon by Year 12 pupil Ethan John. After Professor McMahon finished his presentation, there was a short period for questions.

Dr Ornelas-Almaraz praised the strong attendance at the event, especially given that it was held on a Wednesday – a day when many of QE’s sixth-formers are free to leave early. “The talk was both well attended and well received by our Year 12 economists. “

“They were particularly attentive to the portions of Professor McMahon’s lecture in which he laid emphasis on how the current economic situation will impact young people as they are thinking about their job prospects for the future.

“In all, it was an interesting and timely talk to our Economics students, and I am grateful to Professor McMahon for the time he spent in preparing and delivering his presentation; we have invited him to visit us in person in Barnet when the time is right.

“I have shared the resources that Professor McMahon provided amongst the students, and I am sure they will use them in their preparation for their A-level exam next year.”

Economics is a popular choice of degree subject at QE. Of this year’s 39 Oxbridge offers, seven are to read Economics at Cambridge, while one boy has an offer to read Economics & Management and another to study Politics, Philosophy & Economics, both at Oxford.

A QE team have won the Year 11 category in the Bank of England’s schools film competition with their analysis of the likely lasting effects of the pandemic on business and employment.

Abir Mohammed, Dhruv Syam and Ansh Jassra put together a polished three-minute film featuring footage from around the world on the competition theme of The changing workplace: same spaces, new realities. The 2020 competition, entitled Bank Camera, Action, challenged entrants to explore the effects of the coronavirus pandemic on the way we work, on jobs and on the economy.

Congratulating the boys on their success, the judges in the annual competition said they enjoyed watching the boys’ film, The Bank of QE, and were impressed by their filmmaking skills.

QE teacher of Economics Krishna Shah said: “I am extremely proud of the three of them and delighted that all their hard work in putting the film together has been rewarded.”

All three boys took on the role of producer, with Abir also acting as editor, while Dhruv was the narrator and Abir and Ansh were both interviewed on-camera.

The film looked at the possible permanent impacts of the pandemic both on individuals and on different sectors of the economy. The boys stated, for example, that:

• Those without access to the technology needed for remote working could lose out, leading to a possible rise in inequality;
• Small firms could find themselves unable to compete with large businesses on economies of scale;
• Unlike those in “on-line service hubs”, such as London, people living in areas of the country concentrated on manufacturing could find it difficult to work from home, putting such areas at risk of mass unemployment and poverty.

It considered the environmental benefits of reduced levels of commuting and outlined possible technological solutions to the difficulties in maintaining work-life balance that working from home often entails, such as using separate electronic devices for work and personal life and screen-time blocking apps.

And Dhruv added: “New technologies have the potential to transform the future of work – things like low-latency whiteboards and faster 5G internet completely bringing back the spontaneity of the office.

“Ultimately, the question is not whether remote working is here to stay, but to what extent.

“Most firms will choose a mixture of both [office working and working from home], but even small shifts in global work patterns will have a profound effect on all our lives. Let’s see what the future holds,” Dhruv concluded.

They won £300 for the School to spend on filmmaking equipment, as well as a £25 Amazon eGift voucher each and a certificate signed by Bank of England Governor Andrew Bailey.

• The film may be viewed on the Bank of England’s competition web page here.

A Year 13 pupil has been named runner–up in a highly regarded international Economics competition, beating off other participants from around the globe. 

Ayushman Mukherjee ranged widely in his entry to the Institute of Economic Affairs (IEA) competition, drawing on experts and episodes from across the centuries to reinforce his contentions. 

His arguments, which even included suggestions for improvements to the A-level Economics syllabus, found favour with the judges as they evaluated entries from sixth-formers around the world. Ayushman was in Year 12 when he submitted his entry. 

A record-breaking total of more than a thousand students from Hungary to India took part in the competition to win the Dorian Fisher Memorial Prize. The prize is named after the wife of Sir Antony Fisher, the founder of the IEA. Sir Antony was also a co-founder of the Fraser Institute, the Manhattan Institute, the Pacific Research Institute, the National Center for Policy Analysis, the Centre for Independent Studies, and the Adam Smith Institute.  

This is Ayushman’s second major success in an IEA competition this year: in the spring, he was part of a QE Year 12 team which took second place in the institute’s Budget Challenge event.

QE’s Head of Economics Shamendra Uduwawala said: “We congratulate Ayushman on his achievement. His essays have demonstrated his thorough grasp of economic principles and history, and it is underpinned by the additional research he undertook. He should be very proud of himself.” 

All contestants were offered a choice of essay titles in the competition. Ayushman, who is looking to read Economics at Cambridge and is the current House Captain for Leicester House at QE, had to produce three pieces of writing: firstly, there was a 1,200-word essay, for which he chose the title, What exactly is economic growth and why do some parts of the world grow more rapidly than others? He began this by citing one of the “founding fathers of Economics, Alfred Marshall who famously advised, ‘Every short statement about Economics is misleading.’” 

Secondly, he wrote a 500-word article on What does the concept of rationality mean in economics – in which, inter alia,  he explored the question of whether it could ever be rational to burn a £50 note – and, thirdly, he penned another 500–word essay entitled Identify an area of economics that you think should be given more attention in the A-Level or IB syllabus and say why this is so. 

Ayushman said: “My entry explored the determinants of economic growth, the nature of rationality, and the role of economic history in the classroom. 

“Initially, I was somewhat bewildered by the 500-world limit – it really isn’t a lot to work with! But I felt as if I managed to get a concise and polished message across. I tried quite hard to make it accessible to the average person, not just to academics. I believe this resonated with the judges.” 

In the three pieces, he explored the roles of institutions in economic development (looking at the aftermaths of two important events in English history, the 1381 Peasants’ Revolt and the 1688 Glorious Revolution), economic growth after civil wars, and the role of ideas and innovation. He also looked at the intricacies of economic rationality, and at the drawbacks of a “homo economicus” (that is, an individual with an infinite ability to make purely rational decisions).  

Finally, he articulated the need, in his opinion, for a rigorous education in economic history to be included in the A-level syllabus, suggesting it would better to explain the models that are currently taken for granted in economic education and to portray them as less infallible. 

Ayushman, who received a £250 prize, added: “This year’s competition was particularly fierce, so I’m grateful to have seen my effort pay off. I explored some really fascinating topics, which I think is going to be a great head start for university.”  

He was particularly surprised at the “great” reception he has received since the result of the competition were announced. “I’ve had people messaging me to ask about certain topics I’d mentioned – like certain periods in economic history, or recommendations for wider reading in that particular subject. It’s a really great feeling.”  

• To read Ayushman’s competition entry in full, click here.