The “First” Exam Period at Cambridge

The first month of the semester was devoted purely to repeating the material covered in the past academic year. Unlike many Czech schools (and probably also foreign ones), this preparation took the form of solving logical/mathematical "puzzles" and problems that built on the theory presented during the previous two-year study. In other words, the student is required to have a deep understanding of the concepts discussed and the ability to apply the acquired knowledge in situations mimicking the real world and problems faced by central banks or state representatives rather than simply memorizing definitions and blindly reciting given paragraphs from textbooks. Each problem is divided into several segments, each of which tests a different aspect of one’s "intellectual maturity". The first part often focuses on the ability to identify a specific question/issue arising from the assignment. The second then proceeds to the mathematical definition of the problem. The third is the solution and the last sections are devoted to drawing additional conclusions – to what extent the outputs of this problem agree with the mainstream economic literature, how the result would be different if we changed the inputs and definitions of the environment, etc.

The second month was divided into two stages. For the first two weeks, we had to prepare an individual project. The assignment was: To identify and evaluate the factors that influenced interstate differences in the unemployment rate in 2018 and year-on-year changes in these rates in 2018-19. Using the proposed regression model to explain the variations associated with the pandemic in 2020. And last but not least, to predict changes in unemployment rates during the expected recovery of the US economy in 2021. There were no limits to creativity, the only requirement was to answer these questions using econometric techniques. In addition to evaluating adequate regression models, students were also liable for collecting the necessary data and intuitively analyzing the obtained outputs (economic and statistical significance of the results) and thus try the work of a data scientist (with a socio-economic focus) in all respects. In addition to mastering the theory perfectly, this project involved hours spent browsing econometric forums and finding answers to niche questions that arose as we delved deeper into the analysis outlined above. It was a completely different experience from the one where one has to answer a set of questions that followed in the next two weeks. Although the testing took place online, the four-hour window allocated to each test was so tight that even the ability to look at the notes did not prove to be of particular help. Intuition simply cannot be read from textbooks.

The balance mentioned in the first paragraph was mainly related to group review sessions and the joint celebration of previous successes. In addition, the preparations for the final rowing competition were at their peak. Despite Cambridge's highly individualistic reputation, this semester showed me that it is group work (preparation and mental support during the exam period) that allows one to cope with an extremely demanding and competitive environment.