MSE Alumni Diaries
How a MSc in Economics can fuel a dramatic career switch
From a young age, we have always been told to follow our dreams and be single-minded about our lifelong pursuits. However, studies have shown that the human brain undergoes a rewiring process that is not complete until the age of 25. At the same time, another 2019 survey revealed that almost half of respondents have made a dramatic career shift — and another 65 per cent were thinking about doing so. Contrary to popular belief, a set career trajectory might not be as well-trodden a path as one would expect. Coupled with a global economy that has faced recent flux, the impetus to explore professional alternatives and personal passions, even mid-way through a successful career, might seem a prudent choice.
The field of economics, in particular, is popular with students seeking to further their studies in pursuit of a different career pathway. The SMU Master of Science in Economics (MSE), for example, is a strong core programme that includes an entry path for students without prior training in economics, a track system that allows for a more practice-oriented, more data-analytic, or a more theoretical focus.
We chat with two SMU MSE graduates — a pharmacist-turned-health-tech-analyst and a teacher-turned-financial-associate —on their personal journeys towards fulfilling career transformations:
Aaron Jason Martin
Principal Analyst (Health Technology Evaluation, Utilisation review and Adoption)
Agency for Care Effectiveness, MOH
Former Pharmacist
MSE Class of 2019
Why did you decide to pursue a Master's in economics, given a background in pharmacy?
I had largely been shoehorned into science-based subjects in school and consequently, science-based roles. After some time, I felt I lacked the ability to formulate broad-based arguments or conversations. Science taught me to see things in black and white and provide unequivocal proof for statements made. I missed constructing nuanced arguments and approaching issues with the kind of open-endedness that we see outside of hard science. I considered a range of postgraduate programmes in business, economics, and even international relations, but ultimately settled on economics. I felt it provided the best broad-based curriculum to develop writing skills, public policy formulation, and finance skills and knowledge.
Tell us more about your current role as a Health Technology Assessment Analyst?
Health technology assessment is a policy decision-making tool that uses rigorous frameworks to assess the safety, clinical effectiveness, and cost-effectiveness of health technologies such as drugs or medical devices to determine if the government should fund such technologies. While very much guided by scientific and economic evidence, there are nuances that can be applied to the assessments that consider larger societal issues such as ethical considerations and organisational feasibility.
How has the MSE programme contributed to your current job?
The SMU career services team was instrumental in preparing me for myriad aspects of the job search process, including maximising social media outreach, strengthening my CV and salary negotiations. All of these were put to good use and bore fruit during the job application process. While there is a direct application of content knowledge from the programme in my daily work, the main takeaway is the ability to frame problems and solutions at a higher level. This is the result of the hours spent debating and discussing current economic issues in classes and guidance from the outstanding academic and teaching staff.
Why did you decide on SMU for your post-graduate programme?
SMU has a reputation for its pedagogy of active class participation and developing graduates who thrive in the “real world”. I wanted to challenge myself in that environment. There were less compelling practical reasons, like the reputation of the career services team which has a huge network for students to leverage on, the vibrant city campus, and proximity to central Singapore.
What were some of the challenges you’ve faced and how did you overcome them?
The technical-economic content and the way of thinking about problems differ from the study of science. Fortunately, discipline and hard work are transferrable, regardless of what you are studying. Following an initial break-in period, the process gradually became easier. It helped that some of the tools sharpened from my years of doing science: a good memory, hypothesis testing, attention to details, gave me a bit of breathing room to work on the things I was truly weak at, like some of the unfamiliar content, broad-based problem solving and the substantiation of arguments with real-world data. There really is no big secret for excelling at something new. Ultimately, I had to throw myself into the deep end, sink or swim.
Zhong Mengna
Financial Associate
Straits Financial Services
Former English Teacher
MSE Class of 2020
Why did you decide to pursue a Master's in economics, having completed a Master in Education and given a background in education?
Ever since I attended my first economics course during my freshman year in University, I was interested in daily life's economic principles. At its core, economics is the study of choice. It is about why we need to make choices, how those choices affect the quality of life. When making decisions in real life, many fundamental concepts in Economics such as resource scarcity, elasticities of demand and supply, opportunity costs, production possibility frontier and marginal utility are applied.
Although teaching is a stable job, I was eager to explore my interest in economics and the business world. As a teacher, I focused on helping young people achieve their goals and dreams. At the same time, I also wondered about other opportunities that could unfold in my life.
Could you describe your current role as an Associate with Straits Financial Services?
My job at Straits Financial, a Singapore-based financial brokerage firm, includes iron ore clearing and brokering, conducting commodity market research, and organising educational webinars for business development. I also conduct market research to provide the management with market intelligence and discover new market trends to decide on business development plans and new business initiatives.
How has the MSE programme contributed to your current job?
Being an over-the-counter commodity clearer and broker requires insights into market dynamics and a quick reaction to market fluctuations. The MSE programme has taught me fundamental economic principles and helped cultivate an interest and intuition in the commodity market.
From readings assigned by professors to the numerous talks and information sessions by industry leaders, SMU provided every opportunity for me to explore the field I’m passionate about. Even though I had no prior industry experience, I quickly picked up the financial knowledge and passed the Monetary Authority of Singapore exams required for a role in the financial industry.
Although each project is unique, the underlying application of economic principles learned in class to real business problems is highly relevant to my line of work.
Why did you decide on SMU for your post-graduate programme?
My first impression of SMU was that it was very open, inclusive, culturally diverse and energetic. As a student who has switched majors and industries, the University provided academic knowledge and equipped me with a business mindset and the ability to communicate and network with people in the industry. The small class size, seminar-style teaching mode, various projects and presentations gave us multiple opportunities to communicate and express ourselves.
What were some of the challenges you’ve faced and how did you overcome them?
Achieving academic excellence at a Master’s level was a challenge since I did not have a background in economics and math. Thus, I went beyond completing the required workload, such as approaching professors for advice, attending info sessions, and reading relevant news reports to deepen my understanding of concepts and principles. I also organised and joined various study groups to share and learn from my cohort. I received SMU SOE MSE Merit 1 Scholarship and graduated with a distinction, which I consider as a personal achievement in the new chapter of my life.
Last updated on 31 Aug 2021 .
