Triangle

Course overview

How can companies remain competitive in a crowded marketplace? How do regulatory systems impact profit margins, innovation and growth? How do they manage risk?

BSc Industrial Economics with Insurance will help you discover the answers to these questions and more, giving you an understanding of the complex relationships between economics and global business practices. You’ll analyse a company, taking an in-depth look at its structure, markets, competitors and external economic environment.

You can follow your individual interests and career aspirations by selecting from optional modules alongside your core subjects. You could also really enhance your CV by opting for a work placement year at a company where you can be at the front line of business.

There's also the opportunity to gain a global perspective by studying abroad at our own campuses in China or Malaysia, or at a partner institution in countries including Australia, Europe and the USA.

Why choose this course?

Accredited by

Close to top employers

Development and employability programmes bring you closer to top employers, including Deloitte, HSBC, PwC and Unilever

Study abroad

Opportunities to study abroad at the university's campuses in China or Malaysia or in locations such as Australia, Sweden and the USA

Accredited

Nottingham University Business School is EQUIS and AMBA accredited, and recognised as an ICAEW Partner in Learning


Entry requirements

All candidates are considered on an individual basis and we accept a broad range of qualifications. The entrance requirements below apply to 2022 entry.

UK entry requirements
A level AAB excluding general studies, critical thinking and citizenship studies
IB score 34

GCSEs: We require GCSE Maths grade 6 (B) 

Mature students

At the University of Nottingham we have a valuable community of mature students and we appreciate their contribution to the wider student population. You can find lots of useful information on our mature students webpage.

Notes for applicants

The school does not normally interview candidates. Our offers are made on the basis of the information contained in your UCAS application.

We welcome applications from mature candidates and consider academic and professional backgrounds on an individual basis. We also consider alternative qualifications.

Please note, we do not accept entry or transfer from another university into year two or above on any of our undergraduate degrees.

Learning and assessment

How you will learn

Teaching methods

  • Lectures
  • Seminars
  • Tutorials

How you will be assessed

Assessment methods

  • Coursework
  • Examinations

Contact time and study hours

You'll have at least 8 to 12 hours per week of contact time at lectures, seminars and tutorials, depending on your programme and year of study. You will also be expected to undertake independent study, which is likely to increase as you progress through your programme.

Study abroad

On this course, you can apply to spend all or part of your second year studying abroad at the University's campuses in China or Malaysia, or to take a semester at one of our partner institutions in locations such as Australia, Sweden and the USA.

Teaching is typically in English, but there may be opportunities to study in another language if you are sufficiently fluent.

This will give you the opportunity to broaden your horizons and enhance your CV by experiencing another culture. You can choose to study similar modules to your counterparts back in Nottingham or expand your knowledge by taking other options.

Please note: Study abroad locations are based on existing destinations. Options may change due to, for example, curriculum developments, updates to partnership agreements or travel restrictions. Where changes occur, these will be reflected on our course webpages as soon as possible.

Year in industry

This course is also available as four-year programme, including a placement year. If you apply for this route, you will have the option to spend your third year on placement with a relevant organisation.

Modules

Your first year typically includes core modules in microeconomics and macroeconomics, entrepreneurship, corporate strategy, organisational studies, business computing, and quantitative methods.

You will also normally take an additional module in insurance and risk management, including specialist content provided by our Centre for Risk, Banking and Financial Services.

Core modules

Entrepreneurship: Theory and Practice

The module presents a formal analysis of entrepreneurship in theory and practice leading on to a consideration of creativity and business concept generation. The module concludes with the practical application of these theories and concepts in business planning and business concept presentation.

Introduction to Economics

This module introduces you to microeconomics and macroeconomics. This module introduces you to the microeconomic theory of the market and the firm. Topics covered include:

  • market demand
  • supply and equilibrium
  • firm production and costs
  • market structure
  • perfect competition
  • monopolistic competition
  • oligopoly and monopoly

This module introduces you to the nature and scope of the macroeconomic policy agenda, and develops the analytical frameworks necessary for the evaluation of policy instruments. The module enables you to understand the economic arguments that under-lie different views and to evaluate relevant arguments.

Microeconomics for Business

This module introduces you to the microeconomic theory of the market and the firm. Topics covered include:

  • market demand
  • supply and equilibrium
  • firm production and costs
  • market structure
  • perfect competition
  • monopolistic competition
  • oligopoly and monopoly
Professional and Academic Development

This module covers:

  • rules and regulations of studying at university, organisational skills and time management, and how to approach reflective work and skills analysis
  • essay writing, referencing and plagiarism, taking minutes and agendas
  • team working, listening skills, values, personal attributes, networking, cultural awareness
  • problem solving, critical thinking and decision making, SDGs and project - social enterprises
  • study abroad, careers insight days, CVs and applications
  • communication - personal brand, self-awareness values
  • project management
  • interviews and assessment days - careers and some external companies, commercial awareness
  • presentation skills
  • ethics in business and technology in relation to future careers
Quantitative Methods 1B

This module covers:

  • economic application of calculus
  • confidence intervals
  • introduction to hypothesis testing
  • partial differentiation
  • optimisation of two variables
  • probability
  • random variables
  • sampling distributions

Only available to those students without A level equivalent maths:

Quantitative Methods 1A

This module introduces you to:

  • numbers
  • algebra
  • functions
  • equations
  • exponents
  • logarithms
  • descriptive statistics
  • differentiation
  • optimisation
  • integration

Optional modules

Plus optional modules from:

Business Finance

This module provides an introduction to the fundamental concepts of finance and will help you:

  • understand that there is a relationship between the risk of an investment and the expected returns
  • understand the concept of the time value of money and be able to calculate the present value of a single and multiple future cash flows
  • to be able to apply NPV to project appraisal in realistic situations
  • understand the fundamental ideas or portfolio theory and be able to apply the CAPM
  • to be able to estimate cost of capital for equity (CAPM and dividend growth model) and bonds (market value and IRR)
Business Law

This module will cover:

  • UK legal framework
  • impact of EU legislation
  • law of contract - essential elements, performance and remedies
  • business and the law of tort
  • employment law
  • law in a local and global context
  • agency
  • legal personality; sole traders; partnerships and limited companies
  • purpose and legal status of memorandum and articles
  • management and the administration of a company
  • insolvency
Computers in Business

This module will introduce the use of computers and IT in business today - and in particular spreadsheet modelling - via a lab based assessment and a case study group report and presentation.

Consumers and Markets

This module will cover the ways in which marketing and consumption drive business and shape society. It will provide an historical perspective, consider marketing professions and leadership within organisational contexts, and examine contemporary environments for marketing and consumption with particular attention to globalisation, innovation (including the transformative force of new technologies), and ethical and sustainability issues.

Fundamentals of Financial and Management Accounting

This module covers:

  • key accounting concepts
  • the impact of accounting policy selection
  • the recording and collating of accounting information, including double entry bookkeeping
  • preparation of financial statement from accounting data
  • cost concepts and allocation of manufacturing overheads
  • absorption and variable costing
  • cost-volume-profit analysis
  • relevant costing
  • budgeting
Managing Business Operations

This module explores the strategic importance of operations in business management, within and across organisations, and in addressing environmental and societal challenges. Organisations in this module refer to organisations from the public, private and third sectors; service and manufacturing.

Examples of topics include:

  • value and performance
  • the links with other business functions
  • sustainability
  • product and service innovation
  • managing the supply chain and network
  • resource management
  • excellence through improvement and quality
Managing Operations in the Digital Enterprise

This module provides an integrated overview of operations management and information systems, covering the following:

  • Key technology trends: Web 2.0, cloud, mobile computing
  • Manufacturing systems design and management (process choice, layout, location)
  • Service operations design and management
  • Balancing capacity and demand
  • Information systems analysis and design
  • Operations planning and control, including inventory management
  • Operations excellence, lean thinking and business process re-engineering
  • Supply chain design and management
  • Customer relationship management
  • Knowledge management
  • Business intelligence and analytics
Organisational Behaviour

This module will introduce you to the basic ideas of organisational behaviour. The content will encourage you to develop an understanding of managing and developing people within business organisations.

The module will draw its primary material from the major theorists and theories of both organisational psychology and organisational behaviour. The module will also develop links with other aspects of the business school curriculum such as general management and international business.

Quantitative Methods 1A

This module introduces you to:

  • numbers
  • algebra
  • functions
  • equations
  • exponents
  • logarithms
  • descriptive statistics
  • differentiation
  • optimisation
  • integration
Work and Society

This module explores the nature of work and society. It will look at the development of our understanding of work and society. The development of the industrial and the post-industrial society will be explored and its impact on the nature of work, organisation and management.

There will be a historical and critical review of the schools of thought and key writers. Examples of research into individual and group experiences of work, organisation and management will be discussed.

The above is a sample of the typical modules we offer but is not intended to be construed and/or relied upon as a definitive list of the modules that will be available in any given year. Modules (including methods of assessment) may change or be updated, or modules may be cancelled, over the duration of the course due to a number of reasons such as curriculum developments or staffing changes. Please refer to the module catalogue for information on available modules. This content was last updated on Wednesday 29 September 2021.

Second-year studies typically include core modules in the economics of innovation, pricing and decision making, organisation, international firms, quantitative methods and econometrics.

Core modules

Industrial Economics I: Economics of Organisation and Innovation

The aim of the module is to introduce you to the theoretical building blocks for the economic analysis of organisations and innovation from a variety of perspectives, as well as the application of theories toward understanding issues in the subject areas, covering topics such as organisational architecture, reward systems, performance measurement, various types of innovation, intellectual property and standards, economics of networks, innovation clusters and policy-related issues etc.

Industrial Economics II: Pricing and Decision Making

The aim of the module is to introduce you to industrial economics. The module coves two broad topics:

  1. The traditional market models (monopoly, oligopoly, decisions under uncertainty)
  2. Auctions
Quantitative Methods 2A

In this module you'll study further maths and statistics including topics such as linear algebra, constrained optimisation, difference equations and hypothesis testing. 

Introductory Econometrics

This module will provide an introduction to the theory and practice of quantitative economic modelling at a basic level. The theoretical framework will be developed around the classical regression model and its extensions, with theoretical understanding being supplemented with computer-based practical examples of modelling and data analysis. 

Firm Strategy and Internationalisation

The aim of the module is to introduce you to the economic view of firms, highlighting the implications for firms' decisions in closed and open economies.

The module intends to cover topics such as agency theory, transaction cost economics, integration, and organisational and institutional aspects of international business and their impacts.

Risk Management Decisions

This module will introduce the different aspects of corporate risk and examine how the risk of fortuitous loss may affect the various stakeholders in the operations of firms.

Insurance in a Risky World

The module examines how insurance markets operate to satisfy commercial and individual customers' demand for protection against risk, and would usually include:

  • introduction to insurance
  • private and social insurance
  • the historical development of insurance
  • why buy property/liability insurance
  • why buy life, health and pensions insurance
  • the supply of insurance
  • Lloyd's and the London Insurance Market
  • how is insurance distributed to consumers
  • the role of insurance in the economy
  • international aspects of insurance
  • insurance and catastrophes

Optional modules

Plus optional modules from:

Calculus and its Applications

This module provides key mathematical analysis and tools for advanced modelling for a wide range of applications used in business, finance and economics. Elementary calculus of a single variable is reviewed and extended and used to give insight to modelling through use of first-order differential equations. Differential calculus of functions of several variables is introduced and their applications for multi-dimensional models.

Corporate Entrepreneurship and Innovation Management

The current business climate demands that companies, large or small, develop the capability to anticipate and respond to changes in their external environment. These changes may represent opportunities or threats for companies.

Entrepreneurship has been viewed as a means through which economic actors identify and pursue such opportunities. It is often assumed that large, established organisations are constrained by bureaucracy and are not as flexible and entrepreneurial as new small firms. There are, however, several examples of large companies (such as Sony, 3M and IBM), which have been able to create and sustain a competitive advantage by being consistently innovative and entrepreneurial.

This module explores entrepreneurship in larger companies. Corporate entrepreneurship is a term used to describe entrepreneurial behaviour inside established mid-sized and large organisations.

Management Accounting

This module will introduce the following topics:

  • Activity based costing
  • Process costing
  • Transfer pricing
  • The changing role of the management accountant
  • Curvilinear cost functions (for example, the learning curve)
  • Pricing decisions and strategies
  • The range of alternative approaches to performance measurement and their respective merits/problems
Management Science for Business Decisions I

This module develops an understanding of when and how different approaches, models and methods are used in management decision-making. Areas covered include: optimisation models and methods, project management methods, queuing systems and simulation, sequencing and scheduling.

Management Strategy

This module provides you with a theoretical and applied overview of strategic management in today's operational environment. It introduces and analyses the key concepts, frameworks and techniques of strategic management, which allow them to diagnose complex situations related to real-world business development.

Managing and Marketing Tourism

The module examines the particular management and marketing issues affecting the tourism sector, using both relevant theoretical frameworks and applied cases from a range of different countries. The module covers topics such as:

  • the importance of tourism to the global economy
  • services marketing and management principles and the specific characteristics of tourism in the service economy
  • tourist consumer behaviour, including latest trends in travel patterns
  • strategic marketing tools for tourism
  • managing service quality and delivery in tourism
  • destination management and marketing, imagery and branding
  • tourism product development, marketing communications and pricing
  • ICTs, channel strategies and e-tourism marketing
  • mobile and social media marketing in tourism
  • crisis management and scenario planning
Managing Business Operations

This module explores the strategic importance of operations in business management, within and across organisations, and in addressing environmental and societal challenges. Organisations in this module refer to organisations from the public, private and third sectors; service and manufacturing.

Examples of topics include:

  • value and performance
  • the links with other business functions
  • sustainability
  • product and service innovation
  • managing the supply chain and network
  • resource management
  • excellence through improvement and quality
Marketing Management

This module is designed to focus on the strategic and operational aspects of marketing management. It will examine:

  • understanding the marketing concept
  • the role of marketing within business and its contribution to business performance and enhancing value
  • developing marketing strategy
  • segmentation, targeting and positioning
  • managing the marketing mix
  • planning and implementation
The Psychology of Economic and Business Decisions

Much economic and business behaviour deviates from the traditional views of rationality - for example, utility and profit maximisation. This module provides an overview of alternative views of decision making from behavioural economics and the economic psychology of individual choice.

The focus is both on new methods of economic enquiry and the insights they have generated into economic and business decision making. These new approaches include: experimental and cognitive economics; neuroeconomics; economics of emotions and happiness; behavioural finance; cultural economics; social preferences and evolutionary psychology.

Tourism Futures: The Challenge of Sustainability

This module will survey the international tourism industry in the 21st century. Starting with lectures on the history and sociology of tourism and its broader cultural significance, it will analyse trends in tour operation management, sustainable transport practice, niche markets like eco-tourism, and investigate and evaluate the various social, cultural and environmental impacts which the tourist industry has on destinations. 

The above is a sample of the typical modules we offer but is not intended to be construed and/or relied upon as a definitive list of the modules that will be available in any given year. Modules (including methods of assessment) may change or be updated, or modules may be cancelled, over the duration of the course due to a number of reasons such as curriculum developments or staffing changes. Please refer to the module catalogue for information on available modules. This content was last updated on

Your final year will incorporate industrial economics, corporate restructuring and governance, regulation and more.

Core modules

Industrial Economics III: Market Structure and Competition Policy

This module covers the two broad areas of market structure and competition policy. Topics covered include the measurement and determinants of market concentration, links between market structure and industrial/firm performance, advertising and R&D in the context of industrial economics, public policy on inter-firm agreements and restrictive practices, abuse of monopoly power and merger control.

Industrial Economics IV: Games and Strategies

This module will analyse the conduct and strategies of firms from a game theoretic point of view. Topics to be covered include basic game theory, models of oligopoly, pricing tactics, strategic entry deterrence, standard settings, networks and technology adoption, cooperation, communication and competition.

Financial Economics

This module will offer an introduction to some theoretical concepts related to the allocation of risk by financial institutions. Then it will apply these concepts to the analysis of financial and banking crises.

Economics of Regulation and Public Choice

This module covers the two broad areas of regulation and competition policy. Topics covered include:

  • natural monopoly regulation
  • retail price control
  • access pricing
  • universal service obligations
  • public policy on inter-firm agreements and restrictive practices
  • abuse of monopoly power and merger control
Corporate Restructuring and Governance

This module examines the antecedents and consequences of corporate restructuring. Factors triggering corporate restructuring are considered in a number of alternative organisational settings. In particular, the role of corporate governance in inducing and shaping corporate restructuring receives special attention (in particular, executive compensation and the market for corporate control).

The process of restructuring is discussed against a background of resource-based, agency and behavioural theories of the firm. The impact of corporate restructuring on the size, complexity, incentive systems and ownership structure of large firms is examined. Finally, the evidence relating to the effects of corporate restructuring on performance, employment, R&D and corporate governance is examined.

Risk, Information and Insurance

This module examines individual decision-making under conditions of risk and uncertainty, and investigates the effectiveness of insurance as a means of controlling risk.

Risk Management Processes

This module will discuss the processes utilised by corporate enterprises to manage the risk of fortuitous loss. Once corporate risks have been identified and their impact on the firm measured, risk management attempts to control the size and frequency of loss, and to finance those fortuitous losses which do occur. 

Optional modules

Plus optional modules from:

Applied Algebra

This module provides you with analytical capability in a range of key applied algebra techniques as typically used in the quantitative study of problems in business, finance and economics. The complexity of solving general (large) systems of equations is examined in terms of matrix techniques. Matrix algebra is extended to identify characteristics of matrix systems in term of eigenvalues and eigenvectors. Techniques are developed to solve difference equations and systems of equations subject to constraints. Optimisation of management and operations research type problems will be addressed with elementary linear programming techniques.

Applied Econometrics

This module will provide an introduction to econometric techniques for modelling data. Topics to be covered include:

  • panel data modelling (difference-in-difference models; regression discontinuity designs; experiments)
  • qualitative response models
  • time series models
Behavioural Economics and Finance

This module will provide you with an understanding of methods, results and models of behavioural economics and behavioural finance. We will talk about experiments and their importance in several fields. Within this context we will cover topics such as:

  • how to design an experiment
  • asset markets
  • labour markets
  • social dilemmas
  • bargaining
  • contests
  • behavioural finance
  • market structure
  • risk

You will learn how to design your own experiment and how to interpret empirical results.

Business School Dissertation

This module is an opportunity for you to work largely independently and in depth on a subject of your choice to be approved by staff from the Business School.

Business, Government and Public Policy

You will be encouraged to understand the political and institutional frameworks within which business operates. Businesses do not simply react to policies set by government however; they are intimately involved in the processes of policy formation and decision making will be examined. You will be encouraged to think critically about policy formation and the role of business in this process.

Consumer Behaviour

This module introduces and develops frameworks which enable businesses to understand the buying behaviour of consumers.

Financial Markets: Theory and Computation

This module examines the workings of the major financial markets. Markets for equity and debt are dealt with (money and foreign exchange markets are also the focus) as are markets for derivative instruments. The module covers the key theoretical models of modern finance, key market conventions and mechanisms, financial risk management with derivative instruments.

International Finance

This module discusses and analyses the management of the international finance function of firms. Typical issues include:

  • foreign exchange markets
  • foreign exchange and other international risks
  • international financial markets
  • international investment decisions
  • foreign trade 
Law and Economics

This module covers:

  • introduction to law and economics: the Coase theorem, property rights and transaction costs
  • economics of corporate law: ownership, agency and governance structures
  • economics of contract law: efficient breach and efficient remedies
  • economics of tort law: efficient liability rules
  • economics of criminal law: fines and imprisonment
  • economics of legal processes: litigation, settlement and trial
  • competitive markets: products liability
  • non-competitive markets: economics of antitrust law and regulation
Managing Equality, Diversity and Inclusion

This module covers:

  • key concepts and definitions
  • contextualising equality, diversity and inclusion (EDI)
  • EDI in organisations: equal opportunity, diversity and 'mainstreaming' approaches
  • implicit bias
  • intersectionality
  • managing for EDI: organisational interventions.
Marketing and Society

An overview of marketing and society, macro-marketing issues, responsible and sustainable marketing, consumer response to marketing activities, marketing's impact on society and consumption.

New Venture Creation

This module will engage you in the more practical elements of innovation and enterprise activity, in terms of creating new businesses and entrepreneurship within the corporate environment. You will become prepared for enterprise activity across a variety of contexts. 

Operations Strategy

This module examines the strategic importance of manufacturing and service operations, and the key links between operations and other functional strategies.

The module explores the importance of a properly formulated and explicit operations strategy to ensure the development of a successful business.

The module discusses the interdependence of policies for capacity, technology, supply networks, development and organisation.

Plant Location and Design

This module provides an understanding of the factors which influence a company's choice of location, and of how to approach the design of layouts to support a company's strategic objectives and maximise the efficiency of its operations.

Technology Entrepreneurship in Practice

This module aims to provide you with the skills, knowledge and practical experience required to respond to the challenges involved in managing, commercialising and marketing technological innovation and new business development.

The above is a sample of the typical modules we offer but is not intended to be construed and/or relied upon as a definitive list of the modules that will be available in any given year. Modules (including methods of assessment) may change or be updated, or modules may be cancelled, over the duration of the course due to a number of reasons such as curriculum developments or staffing changes. Please refer to the module catalogue for information on available modules. This content was last updated on

Fees and funding

UK students

£9,250
Per year

International students

To be confirmed in 2021*
Keep checking back for more information
*For full details including fees for part-time students and reduced fees during your time studying abroad or on placement (where applicable), see our fees page.

If you are a student from the EU, EEA or Switzerland starting your course in the 2022/23 academic year, you will pay international tuition fees.

This does not apply to Irish students, who will be charged tuition fees at the same rate as UK students. UK nationals living in the EU, EEA and Switzerland will also continue to be eligible for ‘home’ fee status at UK universities until 31 December 2027.

For further guidance, check our Brexit information for future students.

Additional costs

As a student on this course, you should factor some additional costs into your budget, alongside your tuition fees and living expenses.

You should be able to access most of the books you’ll need through our libraries, though you may wish to purchase your own copies of more specific titles which could cost up to £600. The library will hold only a limited number of copies or core texts and these are in high demand during term and revision periods, so purchasing your own copy is advisable.

Please note that these figures are approximate and subject to change.

Scholarships and bursaries

The University of Nottingham offers a wide range of bursaries and scholarships. These funds can provide you with an additional source of non-repayable financial help. For up to date information regarding tuition fees, visit our fees and finance pages.

Home students*

Over one third of our UK students receive our means-tested core bursary, worth up to £1,000 a year. Full details can be found on our financial support pages.

* A 'home' student is one who meets certain UK residence criteria. These are the same criteria as apply to eligibility for home funding from Student Finance.

International students

We offer a range of international undergraduate scholarships for high-achieving international scholars who can put their Nottingham degree to great use in their careers.

International scholarships

Careers

We actively seek to develop your practical business, leadership and management skills through a range of professional development programmes.

Our employer programme enables you to network with top employers throughout your degree, with many of these companies choosing to sponsor prizes for high-performing students.

Graduate destinations

Graduates from the Business School are highly sought after in the job market, going on to work in accountancy, banking and other financial services. Many others develop careers in management consultancy, marketing and human resource management.

Recent graduates have gone on to work at organisations such as Accenture, Amazon, Apple, Barclays, Deloitte, HSBC, Lloyds Banking Group, Morgan Stanley, PwC, RBS, Samsung, and Santander.

Average starting salary and career progression

89.7% of undergraduates from Nottingham University Business School secured graduate level employment or further study within 15 months of graduation. The average annual salary for these graduates was £30,342.*

* HESA Graduate Outcomes 2020, using methodology set by The Guardian. The average annual salary is based on graduates working full-time within the UK.

Studying for a degree at the University of Nottingham will provide you with the type of skills and experiences that will prove invaluable in any career, whichever direction you decide to take.

Throughout your time with us, our Careers and Employability Service can work with you to improve your employability skills even further; assisting with job or course applications, searching for appropriate work experience placements and hosting events to bring you closer to a wide range of prospective employers.

Have a look at our careers page for an overview of all the employability support and opportunities that we provide to current students.

The University of Nottingham is consistently named as one of the most targeted universities by Britain’s leading graduate employers (Ranked in the top ten in The Graduate Market in 2013-2020, High Fliers Research).

Chartered Insurance Institute

This course is accredited by the Chartered Insurance Institute.

Institute of Chartered Accountants in England and Wales

The school is recognised as an ICAEW Partner in Learning.

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Important information

This online prospectus has been drafted in advance of the academic year to which it applies. Every effort has been made to ensure that the information is accurate at the time of publishing, but changes (for example to course content) are likely to occur given the interval between publishing and commencement of the course. It is therefore very important to check this website for any updates before you apply for the course where there has been an interval between you reading this website and applying.