For those who are currently in the business of looking to understand data about the economy and market with a private tutor, there are a number of fields and kinds of knowledge that this may apply to beyond just being economists: macroeconomics, microeconomics, financial planning, financial analysis, higher education, a high-level training programme for work or being run in schools.
The options are far more varied than you'd think.
For this reason, there is a high number of well-trained professionals who can help you in your programme and training, whose knowledge extends from markets to finance and policy, to management, to microeconomics and macroeconomics.
What's more, the market to learn this kind of knowledge has both a local and international scope, so no matter where you're based, the market can be saturated.
Before starting your courses about international business or the economy, consider:
- Choosing a person or people whose training matches yours
- Finding people who have a level of study higher than your own level
- Reaching out to tutors who are just as interested in being partners while you learn about your economics, business, and market study, so that your training is more fruitful
- What schools and levels they have taught to before to help your development throughout the year
- What kind of models do they use to explain the curriculum
- Where they are based and what supply and demand is like in that area
It could be public policy, big data policy, microeconomics, macroeconomics, development theory and principles, or just review some general supply and demand and financial free-market knowledge from the first level of your education, consider getting in touch with a VCE or HSC level economics educator.
What Level of Experience to Expect from your Economics Tutor
A key consideration for your economics tutor before engaging their service is how much experience they have since the higher this is, the more people are expected to pay.
Think about whether they only study at school or college currently, or have a knowledge level that permits them to teach students at school or college. Also consider if they work in business, finance, or management currently or have only studied it for a year or couple of years.
The amount of training they have isn't necessarily the best model for understanding their quality as a tutor, since year on year economists and other professionals continue to learn about the economy once their official university training programme has ended.
Nonetheless, it's an efficient way to start looking for a tutor, especially if you're in the beginner group of students yourself, and need extra help to develop your knowledge. If it seems like they are well trained, then they may be in high demand from many people, due to the fact that they have a great experience and knowledge level working with students in international quality lessons.
Their degree and university or professional qualifications, whether international or in Australia, can also impact the price.
Think: Are they a qualified teacher? Are they a trained business coach? Is their ability to model and understand finance higher than mine? Do they take an approach to analysis of the international market in a way only someone trained in a Masters or PhD can?
It's not foolproof, but this can be a sign that they're able to tutor high school economics students.
It's up to the students (you) at the end of the day who you choose to tutor you throughout your learning about the economy in your courses.
However, you will want trained people who have already found learning partners in other budding economists and used their high level of knowledge and education since they will know exactly what it is you need to be learning.
At least an undergraduate degree is therefore recommended to work with you, especially if they've worked in detail on microeconomics, macroeconomics, finance, international markets, ability to model, financial policy, and business management policy.
Obviously, the higher the degree, the more they can advise on.
Whilst the final decision on how to ask to be your economics tutor is down to you, it’s good to have an idea of just how far your tutor’s economics education went.
As a general rule of thumb, if you’re looking for the best tutors, you should choose an instructor that has graduated from university with at least an undergrad economics degree, although a master or PhD would be even better.
Get a good VCE or HSC level Economics tutor here.
Check the Amount of Economics Courses You Want
This also goes for where you're based - how many classes do you want and do you or your tutor have to move to get to them?
Think also about how many times a week you may be wanting these lessons.
This can help guide the tutor in knowing how much preparation they will need to do, as well as your learning expectations. It will also help guide you as a student in pacing your learning. This is an effective way of assisting both of you to meet your educational needs.
Thinking about your purpose for getting learning support before your lessons is also a key idea. Do you have an exam coming up? Are you unsure about the VCE or HSC syllabus for the upcoming year? Do you need to consolidate your learning throughout the year?
The skills and amount of time the tutor will offer for each of these will differ based on what you need.
Once you've considered this, you can work out how much content you want in your lessons. It might be that you need to focus intensely on one topic and review it over and over, such as a financial model that you don't understand.
This would therefore entail a more intense block of lessons over a shorter period. It could however be that you simply need to refresh the main themes from class, so will only need a session once or twice a week, but would benefit from spacing this out over the year.
Different Specialisations of Economics Tutors
Their preference can actually have an impact on your learning, as it may be more suited to your goals.
Assessing their Specialisation Based on their Qualifications
Your tutors will generally have at least a VCE or HSC in economics, and it's highly likely that many will have an even higher degree from university or college.
Throughout their course of learning, it's quite likely that they came across a particular area of economics that they like, so are more qualified to teach this given their greater experience with it.
Also, if they are an experienced and well-trained tutor themselves, they will have a preference for the kind of student or level they like to work with - young learners, high school students, undergraduate or postgraduate university students, adults in the workforce etc.
This will generally be stated on their profile as to what they prefer to work with.
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Understanding their Interest in Particular Topics
Like we said, you might want to focus on special things for school, including topics and exams, and tutors can often match this.
This might include:
- International trade; or
- Economic history
It could also be that you're struggling in a particular area, like microeconomics or monetary policy, or maybe even simpler supply and demand issues.
The general overview of economics or more specialised knowledge can be offered by the tutor to match you.
The sooner you let your tutor know what your issues and interest areas are, the more fully prepared they can be to boost your learning.
It will also help guide them in understanding what skills you need to focus on to effectively achieve these goals, especially when it comes time to sit an exam or submit an assignment.
If you're an excellent student, perhaps also consider focussing on a specific part of economic theory to get ahead that the tutor can help you with. It can supplement your economics classes really well, especially if you're aiming to study the subject at university.
Get an Economics tutor Adelaide here
Your Desires and Needs for your Economics Classes
The final step to consider before committing to private economics classes is how you'd like you economics classes to be delivered.
This can involve the location, mode, material use, learning type of the student, and intensity.
This could mean learning remotely with a webcam online to suit your schedule as you don't have the time to commute, or alternatively the tutor coming and working off a book that you already have rather than them having to plan something for you.
It doesn't always have to be online either - you can meet in an agreed location like a library or at university, or you can alternatively meet in your own home, but this will likely come at a premium if the tutor is not located nearby.
If you're budget-constrained, or just prefer to learn with others, a small study group that meets with your tutor could be of great benefit.
It's also a way of ensuring that you and your peers learn at the same pace, which in turn means you can support each other better with school curriculum content.
There are a few things to keep tabs on if you're in the market for an economics tutor for VCE or HSC. Essentially, consider:
- How much knowledge and experience your tutor has in the field themselves, including their degree
- Whether you and your tutor have the availability to commit to the intensity and location of lessons agreed upon
- If you would prefer online, in-person, private, or group lessons
- Whether your tutor is adaptable to your learning needs, such as using materials you already work with and adapting to your auditory, visual, kinaesthetic etc learning styles
These variables will be the most useful guide when selecting the right tutor for you in the saturated market. It will also help you review the profiles of the range of high quality and well-trained tutors on Superprof who can meet your learning goals.
How Much you should Pay for your Economics Instructor
If you've ever looked for a tutor or even heard them mention their prices, you will have noticed a large variety of prices across the industry.
The way that people can get away with this is that they themselves employ a cost-benefit analysis and consider how affordable their lessons should be.
This is why we mentioned the factors above to take into consideration also.
Beyond these suiting your learning needs, they also factor into how much you're likely to pay for your classes. For this reason, private teachers may or may not be able to offer lower class costs.
Also bear in mind that if you buy classes in bulk, you may be able to pay less, but have to pay upfront. This is particularly recommended if you're considering taking courses across a whole year.
Some key factors that influence the price of academic tutoring include:
Depending on where you're based, the tutor may charge more for a number of reasons. Principally, this comes down to how remote the area is, how close they live, the socioeconomic status of the area, and whether it's a business or residential area.
If you live somewhere with no public transport, or that takes 2 hours to drive to, the overheads for the tutor will be higher, and the time it takes to get to you can be much greater, thus entailing a premium.
Likewise, if you're learning at home in a wealthier area, you can expect that a tutor may fluctuate their prices as they assume you will have fewer financial constraints and want to commit to more classes.
Finally, if you're asking the tutor to come to your office or university, they may have other students in this zone, therefore it's financially viable for them to spend a few hours there. However, if they're coming to your home, it might only be for you, so this can make it more expensive for the student.
This goes for qualification and teaching experience. If the private tutor is professionally trained and has experience using this qualification in schools or university, they may be a) more familiar with the curriculum, and b) more adept at addressing different learning styles, which understandably makes your sessions dearer.
Likewise, if their qualification is a research masters or PhD, they will want it to be financially viable for them to tutor given that they've spent so long studying, and will thus charge more.
- The Subject
The area of economics under study can also vary, with certain subject areas being more niche and not having as a great an amount of teachers to service this. They can therefore charge more given that there is less supply for the demand, but they may also be quite specialised and already highly sought after elsewhere, hence have less availability for you.
Making time in their calendar may require a few more dollars per hour from your end.
If you're a child, teenager, or adult; high school, HSC / VCE, or professional looking for a tutor, this can also have an impact on your fees.
Likewise, you might be a beginner in economics regardless of which of these levels you're at. If you're an absolute beginner that requires lots of hands on attention from the tutor, it might be that they charge more due to the higher focus required by them, and the specialised materials they provide. If you're slightly more advanced, this might not be the case and you can be more independent, thus making lessons cheaper.
Highly advanced students will be looking at highly specialised knowledge, which will mean that it is more intellectually draining for the tutor, and the concomitant price is greater.
Ways to Save on Tuition Fees
The price can go up if you want one-on-one tutorials, and can also be expensive if the content is highly specialised. Consider some of the below tips to get costs down, even if you're only having sessions once or twice a week.
- take group lessons as this can save you plenty of dough. Because the tutor only has to plan once but can give the same lesson to multiple people, they actually end up making more money than they would if it were just you in the class.
- reduce the frequency of tutorials by working out how much you actually need to see your tutor in a given week, or over an extended period. Try looking ahead in your curriculum for areas that are difficult for you to see more of your tutor these times.
- engage in more independent study by consulting your own materials and working at your own pace. That way, there will be less to cover in tutoring sessions, thus requiring less of them.
- select a tutor with fewer qualifications. This won't necessarily mean they're less capable, quite the opposite, it might just mean that they're newer to the field and thus ask less.
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