Money makes the world go around. It plays a major role in politics, society, law, geography, and almost everything else in life. Understanding how people, companies, and countries control their money is one of the most valuable skills to any employer.
But, economics is much more than managing currencies. It’s a captivating study of psychology, of why people make the decisions they make, and how resources are spread out around the world. Economics is studied in two main strands:
Microeconomics is the study of how individual parties (people, groups, and businesses) use their wealth.
Macroeconomics looks at entire economies. The unemployment, inflation, and monetary challenges of cities, countries, and continents.
Why Study Economics?
London is one of the leading global financial centers in the world.
World’s largest banks and accountancy firms have their headquarters in the UK.
Economics has an impact on all walks of life and, unsurprisingly, universities offer a wide array of modules to reflect this. You could be studying anything from public policy to environmental economics.
Economics students dedicate a lot of their learning time to independent study. This empowers them to deal with the challenges of the real world, where people are expected to take responsibility for their own decisions and development.
With economics affecting every element of our lives, it reflects that the subject complements others subjects so well. Many universities offer dual honors degrees so you can combine your Economics degree with another area of interest.
The case-based learning emphasis in Economics degrees makes it really easy to see how the theory can be liked with the real-life applications, particularly when considering the recent instability of global markets. Many universities also offer their the opportunity to apply learning in the working world while studying, with a year in industry.
What all programs are available in Economics in the UK universities?
- BA Accounting and Economics
- BA Economics and Finance
- BA Politics, Philosophy and Economics
- BA Economics with a foreign language
- MA Economics
- Applied Economics (Banking and Financial Markets)
- MSc Health Economics
- MSc Finance Economics
- Innovation, Enterprise and Circular Economy Postgraduate Certificate.
- MSc Public Economics
- MSc Behavioural Economics and Finance
- MSc Management in a Digital Service Economy
Career options for an Economics graduate in the UK
Economics degrees teach respected transferable skills such as presentation, research and communication, as well as how to deal with facts and figures that change every single day. Particular job roles include accountant, economist, risk analyst, investment banker, statistician, actuary, civil servant, quantity surveyor and in government. Economics graduates can also find work as consultants in banking and finance, national treasuries, central banks and bureaus of statistics. Positions are also available in manufacturing, transport, communications, insurance, charitable institutions, investment and retail industries.
Average starting professional salary: £30,000/year
Average starting non-professional salary: £18,000/year
Entry requirements to study Economics in the UK
Entry requirements will be different from university to university. Top ranking universities in the UK will have higher entry requirements than others. An international student will need to meet the English Language Requirements to get a Tier 4 (General) student visa. For an economics course - A Level (or equivalent) in Mathematics is usually mandatory.
- Typical International Baccalaureate requirements: 36 points.
- Typical A-levels requirements: AAA including mathematics (90% or above)
- Typical IELTS requirements: 6.5 overall, with no lower than 6.0 in any one component.
- Bachelor's degree awarded after a minimum of three years of study with a Cumulative Grade Point Average (CGPA) of 3.5/4, 5.5/7, 6.5/8, 7.5/9 or 8/10.
- Statement of Purpose
Top universities in the UK to study Economics
Below are the top ten ranking Economics universities in the Guardian University Guide 2021 below:
- University of Oxford
- University of Cambridge
- University of St Andrews
- University of Strathclyde
- University of Stirling
- University of Warwick
- University of Leeds
- University of East Anglia
- University of Bristol
- Durham University
Cost of studying Economics in the UK
The tuition fee for an international student wishing to study economics at a top UK university is ranges between £ 15,000 and £ 23,000/ year for an undergraduate program and for postgraduate program it ranges between £15,000 to £30,000 depending on the university. The more prestigious university, the more is the tuition fee for the same.
Other than tuition fee, the overall cost of living in London per year can be around £12000, while outside London can be around £9000 to £10000 depending on which UK city you are studying in.
Scholarships available to study Economics in the UK
Every year, UK and Indian governments, universities and private organisations make a limited number of scholarships available to students who wish to study in the UK.
Because of the limited availability, competition can be aggressive. Some scholarships are for students who needs financial support to study in the UK, and some are for academic excellence, but all will enable you to ease off the financial burden of how to cover the expense of studying in the UK. Apart from scholarships, student loans to study in the UK can play a significant role in easing financial stress.
Popular Scholarship Programmes for Indian Students
•Chevening UK Government Scholarships
•Fulbright-Nehru Master’s Fellowships
•Royal Society Grants
•The Mahatma Gandhi Scholarship Programme
•Commonwealth Academic Fellowships
•Commonwealth Split-site Doctoral Scholarship
To apply for a UK student visa, check the documents listed below for a seamless process.
- letter of acceptance from the university you have been accepted to (CAS)
- Proof of funds.
- A valid passport and recent photographs.
- Details of your university and accommodation.
- Report of your health checkup
- A valid passport. (keep a page blank for the visa)
- Original mark sheets/transcripts
After collecting all the documents, Follow the steps below to apply for a UK student’s Visa.
- Sign up and submit your visa application form online. It is advisable to check the online appointment calendar to book an appointment. After submission, you will get an email with an application number.
- After receiving the email, Pay the fees, and collect the receipt.
- Now appear for the visa interview as per the scheduled appointment and submit the necessary biometrics, photograph, application, and other documents.
You will get your tier 4 student visa in 6 weeks time.
Zoom Abroad is a great platform that can help you find the best Economic program for you in the UK. Register here and create your profile today to get matched with the best-fit Economics programs offered by the top UK universities. Book a 30 mins FREE consultation with an expert advisor today. Other than Economics there are a variety of STEM courses available in the UK. You can choose from Engineering, Medicine and, even Management to figure out which one is the most suitable based on your profile and long term goals.