This personal statement was part of this student’s successful application to Imperial College London (Economics, Finance and Data Science), University College London (Statistics, Economics and Finance), University of Warwick (MORSE), University of Bristol (Economics and Finance).
To be a monopolist is to be a capitalist. I first noticed this concept when I saw my school food vendors charging higher prices compared to regular stores outside – this phenomenon attracted me to Economics. After reading the “Myth of Capitalism: Monopolies and the Death of Competition” by Jonathan Tepper, I realised that the modern economy is advancing towards diminishing competition and the rise of monopolies. I feel that this progression contradicts Adam Smith’s theory on how capitalism is accompanied by competition. In my view, monopolies are inevitable in the current economy, which prompted me to reflect on how Malaysia’s protective policies have fostered monopolistic behaviours that amplify the economic divide between East and West Malaysia. East Malaysia’s contradictory cabotage policy has facilitated the dominance of monopolistic shipping firms by allowing them to capitalise on limited competition. This action deterred foreign direct investment and impeded the region’s economic growth. I wonder whether a different policy might have been more effective.
The intricate relationship between economics and statistics forms the basis of econometrics, which demonstrates whether a hypothesis is true, much like a scientific experiment. “Essentials of Econometrics” by Damodar Gujarati ignited my fascination in how the law of demand is quantified into an equation using the linear regression model to forecast future demand based on past data. Building on this interest, as the treasurer of Initiative Club, I wanted to explore the application of regression analysis in predicting fundraising profits based on the level of competition. Conducting a simple regression analysis allowed me to conclude that higher profits arise when there is no competition and that the two variables formed a statistical relationship. Shadowing an Economics professor at a local university, I learnt about the pivotal role of econometrics in providing empirical evidence to substantiate economic theories. The application of econometrics in macroeconomics where statistical models are used to predict economic indicators drives me to delve further into this field. Without econometrics, economic theories, for me, are abstract ideologies that neglect real-world data.
Data is a growing asset. I find the synergy between data science and finance increasingly enthralling, with data now fueling profitability in the financial world. While taking an online course about the global capital markets, I was intrigued by the equity market and began exploring how leveraging data could boost profits by predicting changes in stock markets. Doing further research in how hedge funds use alternative data to improve their investment strategies through machine learning deepened my appreciation for the field. I resonate with Clive Humby’s phrase: “data is the new oil” because like oil, data is increasingly exploited. Financial institutions today hold immeasurable amounts of client information, blurring ethical lines; I can’t help but question where the limit lies for capitalism.
Participating in the Kijang Economics Competition exposed me to topics beyond the textbook- inspiring me to create a blog “EconNews” where I linked economic theories to recent events. Holding various leadership roles in the past has shaped me into a confident leader. Being Vice President of my high school’s Peer Mentor Group, I organised volunteering activities that helped marginalised communities which exposed me to various personalities and strengthened my communication skills. During my Duke of Edinburgh Silver Award Expedition, I learnt to put others before myself when my teammates were injured and had to move at a slower pace. These experiences have not only built my leadership skills but also reinforced my commitment to make a positive impact and lead with compassion.
I am excited to explore complex quantitative methods to complement my analytical skills and tackle real-world challenges at university.
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