British Economics Olympiad:
Best practices
UK's Experience
In the United Kingdom, the national selection for the IEO began with the enthusiasm of a dedicated student eager to compete. Over the past two years, the contest has evolved significantly, culminating in an impressive achievement: all four members of Team UK secured medals at the IEO 2024 and excelled in the Business Case round. We met with David Hodges, the IEO National Coordinator for the UK and Team Leader, to discuss his experience of organizing the selection and preparing the team.
David Hodges
IEO Team Leader, UK
Head of Economics and Business at Rochester Independent College
Head of Economics and Business at Rochester Independent College
Launching the contest
The competition in the UK started with the initiative of the former Rochester Independent College A-level student Angelina Samsonova who is now studying Economics at KCLand: she reached out to the management team of the College and inspired them to launch the national selection in the United Kingdom. Since then, the UK team and rounds of the competition have been sponsored by Rochester Independent College, part of the Dukes Education family of schools.
The British Olympiad has grown since then: in 2023/2024 academic year, 1,200 students from England, Wales and Scotland registered for the first round of the selection. Initial outreach was conducted through email campaigns sent to all high schools across the UK, enabling participation from students nationwide. David notes that the event's history strengthens these campaigns, as more schools are encouraged to join upon seeing the team's past successes. It is also important to lauch a social media page or a website to consolidate all the information in one place. According to David, it does not have to be on a professional platform: the main focus should be on providing all the essential details.
The Olympiad in the UK is primarily organized by David, with assistance from college staff and various team members. David emphasizes the time commitment involved and stresses the importance of time management, particularly during the first round, which in his case coincided with the Christmas holidays. He advises participants to plan their schedules in advance and seek help whenever needed.
The British Olympiad has grown since then: in 2023/2024 academic year, 1,200 students from England, Wales and Scotland registered for the first round of the selection. Initial outreach was conducted through email campaigns sent to all high schools across the UK, enabling participation from students nationwide. David notes that the event's history strengthens these campaigns, as more schools are encouraged to join upon seeing the team's past successes. It is also important to lauch a social media page or a website to consolidate all the information in one place. According to David, it does not have to be on a professional platform: the main focus should be on providing all the essential details.
The Olympiad in the UK is primarily organized by David, with assistance from college staff and various team members. David emphasizes the time commitment involved and stresses the importance of time management, particularly during the first round, which in his case coincided with the Christmas holidays. He advises participants to plan their schedules in advance and seek help whenever needed.
“
Don't be shy about asking your colleagues for help. Don't make it so that one person runs the whole competition: make it a team effort.
The British Economics Olympiad consists of three rounds: an online multiple-choice economics round, an online financial literacy round, and an on-site business case round. In the final round, students collaborate in groups to research, prepare, and present their business case to a panel of judges. In designing the competition, David drew inspiration from the International Economics Olympiad (IEO) format to enhance the selection process. He emphasizes the importance of optimizing the chosen formats to ensure that the overall structure of the competition is both efficient and logical.
“
Don't try to reinvent the wheel by doing things from scratch, all on your own, all over again. It's very difficult. Study the IEO structure, get in touch with an established team leader and learn from them.
However, David noted that the UK final focused more on A-level economics, which is less mathematical than the tasks of the IEO. Hence, he highlights the importance of training students to incorporate more mathematical concepts in their preparation.
Business Case: effective practices
Team UK became one of the two winners of the Business Case round, and their success can be attributed to three key factors.
Firstly, the national business case round is designed to support contestants' growth in this area. Prior to the competition, participants engage in a training session that provides valuable tips for tackling tasks and presenting results effectively. Contestants are given 2.5 hours to complete their assignment, which helps them develop essential time management skills.
Following their presentations, judges offer constructive feedback throughout the process, sharing insights and suggestions to enhance the students' performance. Notably, each judge specializes in a specific field, which enriches the feedback and makes it more targeted. For example, the chief financial officer advised on presenting numerical data clearly to avoid overwhelming the audience; the deputy director of the local council focused on considerations related to the environment, sustainability, and community impact; and an economics professor provided insights on the economic aspects of the presentation. This diverse feedback helped contestants refine their strategies comprehensively.
Secondly, understanding the grading criteria in advance is crucial. By doing so, contestants can concentrate on what judges will specifically evaluate. Team UK recognized that presentation skills were vital for success and prioritized their performance during the business case presentation. This brings us to the third important tip: ensure you get a good night's sleep before the round.
Firstly, the national business case round is designed to support contestants' growth in this area. Prior to the competition, participants engage in a training session that provides valuable tips for tackling tasks and presenting results effectively. Contestants are given 2.5 hours to complete their assignment, which helps them develop essential time management skills.
Following their presentations, judges offer constructive feedback throughout the process, sharing insights and suggestions to enhance the students' performance. Notably, each judge specializes in a specific field, which enriches the feedback and makes it more targeted. For example, the chief financial officer advised on presenting numerical data clearly to avoid overwhelming the audience; the deputy director of the local council focused on considerations related to the environment, sustainability, and community impact; and an economics professor provided insights on the economic aspects of the presentation. This diverse feedback helped contestants refine their strategies comprehensively.
Secondly, understanding the grading criteria in advance is crucial. By doing so, contestants can concentrate on what judges will specifically evaluate. Team UK recognized that presentation skills were vital for success and prioritized their performance during the business case presentation. This brings us to the third important tip: ensure you get a good night's sleep before the round.
“
We discovered that many teams actually worked for the entire 24 hours on their business case. We also accidentally learned that we were, in fact, the first country to submit their finalised business case. And I would say what we often say in the UK: work smarter, not harder. You always present better when you've had a good night's sleep. A lot of marks are given for the presentation and you present best when you are at your best. I still do wonder whether our guys did better on their business case because they were the ones who got the best night's sleep.
The national final in business case helped the team to develop strong bond, so they already knew their individual strengths and weaknesses and could plan accordingly during the IEO.
General advice
After participating in the IEO in both formats, David strongly advocates for in-person participation, emphasizing the unique and enriching experience it offers for both students and team leaders.
“
I really do recommend trying your very best to participate in person rather than remotely. I think our finalists have had an experience of a lifetime: they've made lifelong friends and lifelong connections by going and meeting up with all of these people from all of the world.
Read more
See our Experience Exchange materials to learn about other countries' tips on organizing the National Selection
IEO National Coordinator for Japan on the best practices of Japanese Financial Literacy Tournament
IEO EB member and Team Latvia coordinator on the development strategy for well-established contests
Singapore Economics Olympiad creator on how networking helped him to launch the national selection from scratch
OBECON co-founder and venture capital analyst on sponsorship and fundraising for educational projects
Tilda Publishing
Join us!
Anna Bondareva
ab@ecolymp.org
Contact our Partner Manager to get a personal consultation on joining the IEO or reach out to share your experience.