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Humanities  

Study Economics in the UK

Saumya Singh      October 03, 2023

In a world where the pulse of nations beats to the rhythm of market forces, where policy decisions shape the destinies of societies, and where the ebb and flow of resources dictate the course of development, the study of economics emerges as a guiding light. It is a discipline that unveils the intricate dance of supply and demand, deciphers the mysteries of economic growth, and offers the tools to unravel the complexities of global financial systems. For those with a curious mind and a penchant for understanding the forces that drive our world, immersing oneself in the study of economics becomes an intellectual odyssey.

 

The United Kingdom, a realm known for its venerable academic institutions and a history of profound scholarly contributions, stands as an inviting haven for aspiring economists. Beyond its picturesque landscapes and storied architecture, the UK is a breeding ground for cutting-edge economic thought, a hub where theories are forged, and policies are debated. As you embark on the journey of studying economics in the UK, you delve into a realm of knowledge that extends beyond the classroom, offering insights into the very foundations of modern civilization.

 

From the hallowed halls of the University of Oxford, where timeless traditions meet groundbreaking research, to the bustling corridors of the London School of Economics and Political Science (LSE), where economic theories are tested against the pulsating currents of real-world finance, the UK's academic landscape offers a tapestry of institutions, each weaving a unique thread into the fabric of economic exploration. It is within these institutions that minds are ignited, perspectives are broadened, and the seeds of economic understanding are sown.

 

Yet, studying economics in the UK transcends the boundaries of textbooks and lecture halls. It is an endeavor that nurtures a global perspective, where students from diverse corners of the world converge to dissect economic paradigms through their unique lenses. The multicultural mosaic of the UK's academic community mirrors the interconnectedness of today's economies, offering an opportunity to learn not just from professors but from peers, each bearing a piece of the economic puzzle from their homeland.

 

This journey, however, is not limited to theory alone. The UK's emphasis on research and real-world application equips aspiring economists with the analytical tools required to navigate the complexities of a data-driven world. Through hands-on experiences and collaborations with esteemed faculty, students are empowered to not only comprehend economic models but to challenge and contribute to them.

 

As the sun rises over the spires of academia, it casts a spotlight on the vibrant tapestry of career opportunities that await economics graduates in the UK. The country's financial epicenters, including the global powerhouse of London, offer a stage upon which economic insights transform into policy decisions, and theories evolve into tangible change. Here, internships, workshops, and networking events serve as bridges between academia and the professional sphere, forging connections that extend beyond graduation.

 

In this exploration of economics in the UK, we shall journey through the annals of history and the corridors of innovation, delving into the programs, opportunities, and intellectual treasures that await those who seek to decode the language of markets and the narratives of economies. Join us as we unravel the intricacies of studying economics in a land where tradition meets progress, where theory meets application, and where curiosity is the compass guiding us through the intricate pathways of economic understanding.


Why Study Economics?

 

When it comes to pursuing higher education in economics, the United Kingdom (UK) emerges as a beacon of opportunity, drawing students from around the world into its hallowed halls of learning. As the crossroads of tradition and innovation, the UK offers a captivating landscape for those who wish to delve into the intricate workings of economies, understand the forces that shape societies, and become architects of positive change. Here, we unveil the compelling reasons that make studying economics in the UK an enticing and rewarding endeavor.
 

1. Historical Pedigree Meets Modern Innovation: The UK's rich academic legacy is deeply intertwined with the study of economics. Institutions like the University of Oxford and the University of Cambridge, steeped in centuries of tradition, have laid the foundations for economic thought. These venerable institutions continue to be at the forefront of innovation, fusing their historical pedigree with cutting-edge research to offer students a unique blend of academic heritage and contemporary insight.
 

2. Expert Faculty and Thought Leadership: The UK hosts an array of distinguished economists, many of whom are thought leaders in their respective fields. Engaging with these experts, students gain access to a wealth of knowledge, diverse perspectives, and a front-row seat to the evolution of economic theories. The guidance of such faculty members fosters critical thinking and encourages students to contribute to the global discourse on economic challenges.
 

3. Diverse Range of Programs: Whether your interest lies in behavioral economics, development economics, or financial economics, the UK's universities offer a diverse range of specialized programs that cater to every facet of the discipline. The flexibility of the UK education system allows students to tailor their studies to align with their career aspirations, ensuring a comprehensive and relevant education.
 

4. Cultural Mosaic and Global Perspective: The multicultural environment of the UK's universities mirrors the global nature of economics. Engaging with peers from around the world provides a unique opportunity to grasp the nuances of economic challenges faced by various countries and regions. This exposure enhances cross-cultural understanding and equips students to tackle global economic issues with sensitivity and insight.
 

5. Research Opportunities: The UK's commitment to research excellence opens doors for students to actively participate in groundbreaking research initiatives. Whether through collaborative projects, research assistantships, or independent studies, students can contribute to advancing economic knowledge and gain practical experience in conducting rigorous analysis.
 

6. Networking and Industry Connections: The UK's status as a financial and business hub presents a myriad of networking opportunities. Proximity to prominent financial institutions, multinational corporations, and policy-making bodies creates a dynamic environment for internships, guest lectures, and industry partnerships. These connections facilitate a seamless transition from academia to the professional world.
 

7. Practical Skills and Employability: Economics programs in the UK emphasize the development of practical skills, including quantitative analysis, data interpretation, and critical reasoning. These skills are not only essential for excelling in academia but also highly valued by employers across various sectors, ensuring that economics graduates are well-equipped for diverse career paths.
 

8. Influence on Global Policies: Many economic theories and policies that shape the world today have origins in the UK. Studying economics in this dynamic environment enables students to engage with the historical and contemporary forces that have moulded economic thought and policy. Armed with this knowledge, graduates are better positioned to contribute to policy-making processes on a global scale.


In the UK, master's programmes typically cost between £16,000 and £30,000 per year. The UK has also updated its post-study work regulations and now provides international applicants with a two-year post-study work visa. It aids job seekers in finding employment opportunities with top employers in this industry, including Reed Business Information, Frontier Economics, Barclays Capital Inc., Barclays Bank PLC, and many others.
 

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
     

Types of Economics courses in UK


In the United Kingdom, a wide array of economics courses are offered at various levels of education, catering to students with diverse interests and career goals. These courses span undergraduate, postgraduate, and doctoral levels, each designed to provide a comprehensive understanding of economic principles, theories, and applications. Here are some of the types of economics courses you can pursue in the UK:
 

1. Bachelor's Degrees:
 

  • Bachelor of Economics (BSc/BScEcon): These programs offer a comprehensive foundation in economics, covering areas such as microeconomics, macroeconomics, econometrics, and economic theory. Students often have the flexibility to choose elective modules to specialize in areas like international economics, development economics, or finance.

     
  • Joint Honors Economics: Some universities offer joint honours programs where students can combine economics with another subject such as mathematics, politics, or languages. This interdisciplinary approach can provide a unique skill set and a broader perspective.

     

2. Master's Degrees:
 

  • Master's in Economics (MSc/MScEcon): These programs are suitable for students who wish to deepen their understanding of economics or transition from another field into economics. They offer specialized coursework and sometimes require a research component such as a dissertation.

     
  • Master's in International Economics: Focusing on the complexities of global markets, trade, and international finance, these programs prepare students for careers in international organizations, multinational corporations, and government agencies.

     
  • Master's in Development Economics: These programs delve into economic challenges faced by developing countries, exploring topics like poverty, inequality, and sustainable development. Graduates often work in NGOs, international development organizations, and research institutions.

     
  • Master's in Financial Economics: Geared toward students interested in the financial sector, these programs combine economics with finance, providing insights into financial markets, investment, risk management, and more.

     

3. PhD/Doctoral Programs:
 

  • PhD in Economics: Doctoral programs in economics are research-intensive and provide the opportunity to contribute original research to the field. Students work closely with advisors to develop their research interests and specialize in a particular area of economics.

     

4. Short Courses and Certificates:
 

  • Short Courses in Economics: Some universities offer short courses or summer schools in economics that provide an overview of key concepts in a condensed time frame. These are often aimed at individuals looking to upskill or gain foundational knowledge.

     
  • Postgraduate Certificates/Diplomas: These shorter programs are designed to provide a focused study in economics without the commitment of a full master's degree. They are often suitable for professionals looking to enhance their skills.

     

5. Online Courses:
 

  • Online Economics Courses: With the rise of online education, many universities offer economics courses that can be completed entirely online. These courses provide flexibility for individuals who are unable to attend traditional on-campus programs.

     

It's important to note that the specific courses offered may vary from one university to another. When considering an economics course in the UK, take into account factors such as the curriculum, faculty expertise, research opportunities, and the career support provided by the institution. Whether you're interested in pursuing a broad understanding of economics or specializing in a specific subfield, the UK offers a diverse range of options to cater to your academic and professional aspirations.

Top Universities in the UK for Studying Economics
 

The United Kingdom is home to several prestigious universities renowned for their economics programs. These institutions offer a combination of academic excellence, faculty expertise, research opportunities, and connections to industries that make them top choices for students aspiring to study economics. Here are some of the top universities in the UK for studying economics:
 

1. University of Oxford:
 

  • The University of Oxford, with its rich history and academic reputation, offers a world-class economics program.
  • The Department of Economics at Oxford is known for its research contributions to various fields within economics.
  • The tutorial system fosters personalized learning and close interactions with faculty members.
     

2. University of Cambridge:
 

  • The University of Cambridge's Faculty of Economics is another prestigious destination for economics studies.
  • The faculty is known for its emphasis on interdisciplinary research and collaboration across different areas of economics.
     

3. London School of Economics and Political Science (LSE):
 

  • LSE is globally renowned for its social sciences programs, including economics.
  • The Department of Economics at LSE boasts a strong faculty lineup and offers a diverse range of economics courses.
     

4. University of Warwick:
 

  • The University of Warwick's Economics Department is known for its research excellence and innovative teaching methods.
  • The department collaborates closely with various industries and policymakers, providing valuable networking opportunities.
     

5. Imperial College London:
 

  • Imperial College London offers economics programs within its Business School, emphasizing the intersection of economics with business and technology.
  • The institution's strong emphasis on research and innovation contributes to a dynamic learning environment.
     

6. University of Manchester:
 

  • The Alliance Manchester Business School at the University of Manchester offers a comprehensive range of economics programs.
  • The school is known for its engagement with real-world economic challenges and its focus on employability.
     

7. University College London (UCL):
 

  • UCL's Department of Economics offers a diverse curriculum and strong faculty expertise.
  • The university's central London location provides access to various economic institutions and events.
     

8. University of Edinburgh:
 

  • The University of Edinburgh's School of Economics is known for its research impact and strong focus on international economics.
  • The school offers various undergraduate and postgraduate economics programs.
     

9. University of Bristol:
 

  • The University of Bristol's Department of Economics emphasizes research-led teaching and provides opportunities for students to engage in real-world projects.
     

10. University of Glasgow: - The Adam Smith Business School at the University of Glasgow offers a range of economics programs. - The university's connections to Scottish economic policy and industry contribute to a vibrant academic environment.
 

The top universities in the UK for master's in economics are listed below for your consideration:


 

2023 QS Subject Rank

Institution

Course

Cost of the Course

6

London School of Economics (LSE)

MSc in Economics

£29,760

8

University of Oxford

MSc in Economics

£30,330

10

University of Cambridge

M.Phil/PhD in Economics

 

17

UCL

M.Phil/PhD in Economics

£32,100

25

The University of Warwick

MSC Finance & Economics

£36,000

37

London Business School

MSc in Economics

£39,200

39

Imperial College London

MSc in Economics and Strategy for Business

£31,800

62

The University of Manchester

MSc in Economics

£25,500

73

The University of Edinburg

MSc in Economics

£34,700

90

University of Nottingham

MSc in Economics

£25,000


These universities are just a snapshot of the top institutions in the UK for studying economics. When choosing a university, consider factors such as the specific areas of economics that interest you, faculty expertise, research opportunities, industry connections, and the overall academic environment. Each of these universities offers a unique blend of academic excellence and resources to nurture your passion for economics and prepare you for a successful career in the field.


Let's examine each in more detail:


Imperial College London

 

The research-focused education provided by Imperial College of London exposes you to current economic issues. In its one-year, full-time MSc Economics & Strategy for Business program, the university combines contemporary economics and cutting-edge strategic analysis. The coursework is designed to prepare students for lucrative careers as economic and management consultants and in the financial services industry.

 

Type

Public

QS World University Ranking 2023

6

QS Subject Ranking 2023

39

Program Offered

MSc Economics and Strategy for Business -1 year

Program Fees (Annual)

Approx-

GBP 30,133 (INR 28,82,600.82)


Manchester University

 

Public university with a strong emphasis on research is the University of Manchester. It is a premier location for economics research and research-based education in Europe. Through both practical and theoretical learning, students enrolled in the course will be introduced to concepts, tools, and economic theories. To prepare for a demanding work environment, the university provides rigorous training in contemporary economics.

 

Type

Public

QS World University Ranking 2023

28

QS Subject Ranking 2023

62

Program Offered

MSc in Economics

Program Fees (Annual)

Approx-

GBP 21,900 (INR 20,95,010.72)



London School of Economics and Political Science (LSE)


Social science and economics courses with a practical learning component are offered by the London School of Economics and Political Science. A centre for cutting-edge research and genuine intellectual stimulation, the School. You can gain a solid foundation in economic theory and quantitative methods through the programme, and you can also develop your skills to the point where you're qualified to enrol in the main MSc Economics programme during the first year.

 

Type

Private

QS World University Ranking 2023

56

QS Subject Ranking 2023

6

Program Offered

MSc Political Science and Political Economics- 1 year

MSc in Economics- 2 year

Program Fees (Annual)

MSc in Political Science and Economics- GBP 24,456 (INR 23,23,507)

MSc- GBP 30,398 (INR 29,07,951.41)


University of Bristol 


A one-year economics programme is available at the University of Bristol that will assist in developing the skills necessary for an economics career. Graduates in economics or another subject with a lot of numbers are suitable. Through the program's specialty routes, you can choose to specialise in Macroeconomics, Economic Policy, or Economics and Data Science. Each pathway combines fundamental and specialised courses in a way that maximises your skill level and breadth of knowledge in the topics you are passionate about.

 

Type

Public

QS World University Ranking 2023

61

QS Subject Ranking 2023

103

Program Offered

MSc in Economics and Finance- 1 year

MSc Economics, Finance and Management- 1 year

Program Fees (Annual)

Approx- GBP 28,400 (INR 26,98,218)


Cardiff University


Cardiff University's multidisciplinary programme places a lot of emphasis on economics applications in the real world. Your education will give you the skills and knowledge necessary to deal with the strategic issues that modern businesses and organisations must resolve in order to remain competitive on both domestic and global markets.

 

Type

Private

QS  World University Ranking 2023

166

QS Ranking 2023

251-300

Program Offered

MSc in International Economics, Banking and Finance-1 year

MSc in Financial Economics- 1 year

Program Fees (Annual)

Approx

MSc in International Economics- GBP 25,250 (INR 23,98,943)

MSc in Financial Economics- GBP 23,950 (INR 22,75,433)


Eligibility Criteria for Studying Bachelors in Economics in the UK
 

The eligibility criteria for studying a Bachelor's degree in Economics in the UK can vary slightly from one university to another. However, there are common requirements and guidelines that most universities follow. Here's a general overview of the typical eligibility criteria for studying Bachelors in Economics in the UK:

 

Academic Qualifications:
 

  1. Educational Background: Students should have completed their secondary education, usually equivalent to UK A-levels or International Baccalaureate (IB) diploma. Some universities may also consider other international qualifications.

     
  2. Subject Requirements: While not all universities require specific subjects at the high school level, some may prefer or recommend subjects such as mathematics, economics, business studies, or related disciplines.

     
  3. Entry Requirements: Different universities have different entry requirements in terms of grades or points. Entry requirements can vary based on the university's prestige and the competitiveness of the program. As a general guideline, strong academic performance is typically expected.

     

English Language Proficiency:
 

Since the medium of instruction is English, international students are usually required to demonstrate their English language proficiency. This is often done by providing scores from recognized English language tests such as the IELTS (International English Language Testing System) or TOEFL (Test of English as a Foreign Language).

 

The required English language scores may vary from university to university, but a common benchmark is an overall IELTS score of around 6.0 to 7.0, with no individual component (reading, writing, listening, speaking) falling below a certain threshold.
 

Application Process:
 

The application process involves submitting an application form through the university's online portal. Some universities may use the UCAS (Universities and Colleges Admissions Service) system, which is a centralized application platform for undergraduate programs in the UK.
 

The application typically requires the following:
 

  1. Personal Statement: A written statement in which you describe your motivations, interests, and why you want to study economics.

     
  2. References: You will usually need to provide references from teachers or educators who can vouch for your academic abilities and potential.

     
  3. Transcripts and Certificates: You'll need to submit transcripts or certificates from your high school showing your academic performance and completed qualifications.

     
  4. English Language Test Scores: If applicable, you'll need to provide your English language test scores.

     
  5. Interviews or Additional Assessments: Some universities might require interviews or additional assessments as part of the selection process.

     

It's important to note that each university might have its own specific application timeline and requirements. Therefore, it's recommended to visit the official websites of the universities you're interested in to get the most accurate and up-to-date information regarding their eligibility criteria and application process for studying Bachelors in Economics in the UK.

 

Eligibility Criteria for Studying Masters in Economics in the UK
 

Eligibility criteria for studying a Master's degree in Economics in the UK can vary among universities and programs. However, there are common requirements and guidelines that most institutions follow. Here's a general overview of the typical eligibility criteria for studying a Master's in Economics in the UK:
 

Academic Qualifications:
 

  1. Bachelor's Degree: You will need to hold a relevant bachelor's degree from a recognized institution. The degree does not necessarily have to be in economics, but a strong foundation in economics, mathematics, or a related discipline is often preferred.

     
  2. Minimum Grades: Most universities require a minimum grade or GPA (Grade Point Average) from your bachelor's degree. The specific minimum can vary depending on the university and program, but a competitive GPA is usually expected.
     

English Language Proficiency:
 

Since the medium of instruction is English, international students are usually required to demonstrate their English language proficiency. This is typically done by providing scores from recognized English language tests such as the IELTS (International English Language Testing System) or TOEFL (Test of English as a Foreign Language).

The required English language scores may vary among universities, but a common benchmark is an overall IELTS score of around 6.5 to 7.0, with no individual component falling below a certain threshold.
 

Letters of Recommendation:
 

Most Master's programs require you to provide letters of recommendation from academic or professional references who can attest to your qualifications and potential for success in the program.
 

Statement of Purpose:
 

You will need to write a statement of purpose (SOP) or personal statement outlining your academic and career goals, why you're interested in pursuing a Master's in Economics, and how the program aligns with your aspirations.
 

Transcripts and Certificates:
 

You will need to submit transcripts and certificates from your bachelor's degree, along with any other relevant academic qualifications.
 

Application Process:
 

The application process typically involves the following steps:
 

  1. Online Application: Submit an online application through the university's application portal. Some universities use centralized platforms like UCAS for postgraduate applications.

     
  2. Documents: Upload all required documents, including transcripts, certificates, English language scores, letters of recommendation, and your statement of purpose.

     
  3. Application Fee: Pay the application fee, if applicable.

     
  4. Interviews or Additional Assessments: Some universities or programs might require interviews or additional assessments as part of the selection process.

     
  5. Application Deadline: Be aware of the application deadlines for the programs you're interested in. Deadlines can vary, so make sure to submit your application on time.

     

Remember that each university and program may have specific requirements and deadlines, so it's crucial to thoroughly research the institutions you're interested in and check their official websites for the most accurate and up-to-date information on eligibility criteria and application procedures for studying a Master's in Economics in the UK.
 

Fees for studying Economics in UK
 

The tuition fees for studying economics in the UK vary depending on the university and the level of study. However, the average tuition fees for an undergraduate degree in economics in the UK is between £15,000 and £23,000 per year. For a postgraduate degree in economics, the average tuition fees are between £16,000 and £30,000 per year.
 

Here are some of the universities in the UK with the highest tuition fees for economics degrees:
 

  • University of Oxford: £28,190 per year (undergraduate)
  • University of Cambridge: £27,950 per year (undergraduate)
  • London School of Economics and Political Science (LSE): £27,500 per year (undergraduate)
  • Imperial College London: £30,000 per year (undergraduate)
  • University College London (UCL): £25,500 per year (undergraduate)

 

Here are some of the universities in the UK with the lowest tuition fees for economics degrees:
 

  • University of East Anglia: £9,250 per year (undergraduate)
  • University of Brighton: £9,250 per year (undergraduate)
  • University of Lincoln: £9,250 per year (undergraduate)
  • University of Sheffield: £9,250 per year (undergraduate)
  • University of Warwick: £9,250 per year (undergraduate)

     

The cost of living in the UK also varies depending on the city. London is the most expensive city in the UK, while other cities, such as Manchester and Birmingham, are more affordable.
 

The average cost of living in the UK for an international student is around £12,000 per year. This includes accommodation, food, transportation, and other expenses.
 

There are a number of scholarships and financial aid options available to international students studying economics in the UK. These scholarships can help to offset the cost of tuition and living expenses.

 

Scholarships for Studying Economics in the UK
 

Studying economics in the UK can be a rewarding but also financially demanding endeavour. Fortunately, there are various scholarships and funding opportunities available to help ease the financial burden for international students. These scholarships can be offered by universities, government bodies, private organizations, and international institutions. Here are some scholarships you might consider when studying economics in the UK:

 

1. Chevening Scholarships:
 

  • Offered by the UK government, Chevening Scholarships provide fully-funded opportunities for outstanding international students to pursue postgraduate studies, including economics, in the UK.
  • These scholarships cover tuition fees, living expenses, and travel costs.

     

2. Commonwealth Scholarships:
 

  • The Commonwealth Scholarship Commission offers scholarships for citizens of Commonwealth countries to study in the UK.
  • Various scholarship schemes are available, including Master's and PhD scholarships, covering tuition fees, living expenses, and travel.

     

3. British Council Scholarships:
 

  • The British Council offers various scholarships, including the GREAT Scholarships, which are designed to support students from specific countries in pursuing higher education in the UK.
  • These scholarships cover a portion of tuition fees.

     

4. University Scholarships:
 

  • Many universities in the UK offer scholarships specifically for international students, including those studying economics.
  • These scholarships may be based on academic merit, research potential, or a combination of factors.

     

5. Erasmus+ Scholarships:

  • If you're an EU student, the Erasmus+ program offers scholarships for studying abroad, including in the UK.
  • These scholarships provide financial support for tuition fees and living expenses.

     

6. Joint Japan/World Bank Graduate Scholarship Program:
 

  • This program offers scholarships to students from developing countries to pursue Master's degrees in development-related fields, including economics.
  • The scholarship covers tuition, a monthly living stipend, travel, and insurance.

     

7. Fulbright Scholarships:
 

  • The Fulbright Program offers scholarships for students from the United States to study in the UK.
  • These scholarships cover tuition fees, living expenses, and other costs.

     

8. The Infosys Prize: 
 

  • The Infosys Prize is a prestigious award in economics that is given to outstanding scholars from India. The prize includes a monetary award and a citation.

     

9. Aga Khan Foundation Scholarships: 
 

  • The Aga Khan Foundation Scholarships are scholarships for students from developing countries to pursue a master's degree in economics at the London School of Economics and Political Science.

     

10. University-specific Scholarships:
 

  • Many universities have their own scholarships for international students, which may be available for economics programs.
  • Check the official websites of universities you're interested in for information on available scholarships.

     

11. Private Organizations and Foundations:
 

  • There are private organizations and foundations that offer scholarships for international students studying in the UK, including those pursuing economics degrees.
     

10. Professional and Industry Associations:
 

  • Some professional and industry associations related to economics and finance offer scholarships or funding opportunities for students pursuing degrees in these fields.

     

When applying for scholarships, make sure to carefully review the eligibility criteria, application deadlines, required documents, and any specific application procedures. It's also a good idea to explore scholarship databases, both from the UK and your home country, to identify additional funding opportunities that may be available to you.
 

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.

 

Attendance Fees
 

The following expenses are typical for taking an economics master's course: 

  • Tuition costs range from £16,000 to 30,000 (INR 16 to 30 lakhs) annually.
  • The cost of the visa is £348 (INR 34,800).
  • £468-607 (INR 39,426-51,158) per month is spent on lodging.
  • Monthly food expenditures of £195-217 (INR 19,000-22,000).
  • Clothing, accessories, and footwear amounting to £30-43 (INR 3,300-4,300) per month.
  • Laundry costs amount to £30 (INR 3,000) per month.
  • Gas, electricity, water, and other utilities cost £46 (INR 4,600) per month.


Cost of MA Economics Studies at UK Universities


For international students, the cost of study provides a clear indication of the sum that will need to be invested. You should be aware of the cost of living and tuition if you plan to pursue an MSc in Economics in the UK.

1. Tuition Fees


The best universities in the UK for economics each have different cost structures. Your study level and the area of the UK in which you choose to enrol in the particular university also affect the fee. Around GBP 28,400 is the average annual cost in the UK to pursue an economics degree (INR 26,98,218)


2.  Cost of Living


UK is quite expensive. So you need to have a proper idea about the cost of living. The average monthly cost of living in the UK is around GBP 1276 (INR 10,18,54.97).


 

Facilities

Cost Per Month

Accommodation

GBP 830 (INR 79,555.87)

Food

GBP 50 (INR 4792.52)

Transportation

GBP 32 (INR 2576.27)

Study Materials

GBP 1000 (INR 95,850.45) yearly



UK Student Visa


To apply for a UK study visa, international students need to have the acceptance letter from the applied university. The average processing time for a UK study visa is three weeks, though during busy periods it may take longer.


Admission Process for Economics Universities in UK


To complete the admission process, you need to have all the required documents. Below are the steps to follow for the admission process:

  • Check the official university website to see if you match the eligibility requirements for your desired program.
  • Look over the necessary paperwork and licenses you must submit with your application.
  • Finish filling out the online application and paying the fee.
  • You can access the admission portal after submitting your application.
  • While you wait, gather all the paperwork required to submit an application for a study permit in the UK.
  • The university will invite you to take the entrance exam if you satisfy the prerequisites.
  • The college administration sets the cut-off for the entrance exam. The next step is processed if a candidate does well on the entrance exam and meets the cut-off.
  • You can obtain an acceptance letter from the requested university once it has reviewed your application materials and test results.
     

The Visa Process

 

To pursue an MS in economics in the UK, you must have a Tier-4 student visa or a visa under the Student Route. You must be older than 16 and have the necessary reading, speaking, and writing skills in English. You must also present documentation of your financial support and your offer letter from a local institution. You must achieve a B2 language proficiency level on the CEFR (Common European Framework of Reference for Languages) or pass the SELT (IELTS Life Skills).

 

Tier4 UK Student VISA

 

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.

 

Career Scope for Economics Graduates in the UK
 

Economics graduates in the UK enjoy a wide range of career opportunities due to the versatile skills and knowledge they acquire during their studies. The understanding of economic principles, data analysis, and critical thinking that economics programs provide equips graduates to excel in various sectors. Here are some of the career paths and sectors that economics graduates can explore in the UK:

 

1. Financial Services:

 

  • Many economics graduates find roles in the financial sector, including investment banking, asset management, financial analysis, and risk management.
  • They can work as financial analysts, portfolio managers, or investment bankers, leveraging their analytical skills to make informed financial decisions.

     

2. Consulting:

 

  • Consulting firms hire economics graduates to provide strategic advice to businesses, governments, and nonprofit organizations.
  • Graduates often work as management consultants, economic consultants, or data analysts, helping clients solve complex problems.

     

3. Government and Public Policy:

 

  • Economics graduates can work for government agencies and policy think tanks, contributing to economic research, policy analysis, and program evaluation.
  • They can be involved in shaping economic policies, addressing issues such as taxation, trade, and social welfare.

     

4. International Organizations:

 

  • Graduates can pursue careers with international organizations such as the United Nations, World Bank, and International Monetary Fund.
  • They may work on global economic development projects, poverty reduction initiatives, and international trade policies.

     

5. Data Analysis and Research:

 

  • Economics graduates with strong quantitative and analytical skills are in demand in roles related to data analysis and research.
  • They can work as data analysts, research economists, or market researchers, contributing insights to various industries.

     

6. Corporate Sector:

 

  • Graduates can work in the corporate world, particularly in roles related to business analysis, market research, and strategic planning.
  • They can contribute to decision-making processes by analyzing market trends, consumer behavior, and industry competition.

     

7. Nonprofit and NGOs:

 

  • Economics graduates interested in social issues can work for nonprofit organizations and NGOs, focusing on economic development, poverty alleviation, and social impact projects.

     

8. Academia and Research Institutions:

 

  • Graduates interested in furthering their education can pursue postgraduate studies and eventually enter academia as researchers, lecturers, or professors in economics departments.

     

9. Journalism and Media:

 

  • Economics graduates with strong communication skills can work as financial journalists, business reporters, or economic commentators, helping the public understand complex economic concepts.

     

10. Entrepreneurship: - Some graduates choose to start their own businesses, applying their analytical skills to identify market opportunities, analyse competition, and develop business strategies.

 

Economics graduates in the UK have the advantage of being part of a thriving job market with numerous opportunities for professional growth. The skills acquired during their studies enable them to contribute meaningfully to various sectors and make informed decisions that drive economic progress and societal change.

 

In the pursuit of a comprehensive understanding of economic systems, the decision to study economics in the United Kingdom is one marked by wisdom and foresight. As we draw the curtains on our exploration of this academic journey, it becomes evident that the UK stands as a bastion of intellectual excellence and a thriving hub for economic education. From the venerable institutions steeped in centuries of tradition to the dynamic research environments and globally focused curricula, the UK offers a landscape where aspiring economists can flourish and make an indelible impact on the world's financial fabric.
 

In the backdrop of the UK's rich academic heritage, we've uncovered the diverse array of programs that cater to students' passions and career aspirations. Whether it's the meticulously designed undergraduate courses that forge strong foundational skills or the specialized postgraduate programs that hone expertise in intricate economic nuances, the UK's offerings are designed to empower students for success in a multifaceted professional landscape.
 

Our journey has also navigated through the avenues of opportunity that scholarships provide. With financial considerations being a crucial factor for many students, the UK's commitment to supporting education through various scholarships and funding options opens doors that might have otherwise remained closed. These scholarships not only alleviate financial burdens but also symbolize the UK's dedication to fostering global academic talent.
 

As we conclude, it's evident that studying economics in the UK transcends the confines of a mere academic pursuit. It's an immersion into a world where historical legacies meet innovation, where theoretical frameworks intertwine with real-world application, and where intellectual growth is nurtured in an environment that reverberates with global perspectives. Graduates emerge not only as bearers of knowledge but as torchbearers of economic insight poised to influence industries, societies, and policies.
 

In this journey, we've explored the intricacies of eligibility criteria, uncovered scholarships that pave the way, and illuminated the vast career avenues awaiting economics graduates. The destination is not merely a degree but an evolution, an awakening, and an empowerment to contribute to a world in flux. As you stand at the crossroads of possibility, armed with knowledge and fueled by ambition, the choice to study economics in the UK resonates with the promise of a brighter future—one characterized by intellectual prowess, global connections, and the potential to reshape economic landscapes.

Embarking on a journey to study economics in the UK is a transformative step towards a future of academic excellence and global opportunities. As seasoned study abroad consultants, we're here to be your compass, guiding you through the intricacies of application processes, scholarship opportunities, and program choices.
 

With our in-depth knowledge of the UK's renowned universities and dynamic programs, we're equipped to tailor your educational path to align with your aspirations. Whether you're seeking a Bachelor's or Master's degree, our expertise will streamline your path to success.

 

Don't let uncertainties hold you back. Let us be your partners in turning your dreams into reality. Contact us today, and let's embark on this exciting journey together. Your future in the world of economics awaits – reach out and seize the opportunity!


Frequently Asked Questions


Ques 1. What can you do with a master’s in economics in the UK?


Ans. A career in business, economic, or financial analysis, research, data science, statistics, or stock market knowledge can always be pursued at a variety of global financial and banking institutions, research and consultancy firms, and policy organisations. Additionally, there are numerous related fields you can enter, including investment analysis, chartered accounting, and financial risk management. You have the option of continuing your research in the UK or searching for lucrative positions in your industry.


Ques 2. Is economics a good degree in the UK?


Ans. The UK is a great place to pursue an economics degree, largely due to the top-notch environment for learning and research that it provides. In addition, it is home to some of the top economics universities in the world and presents a wide range of employment opportunities at prestigious public and private companies. You can pursue a career in global finance, banking, or consulting with a degree from the UK.


Ques 3. Which is the best university to study economics in the UK?

Ans. A lot of prestigious universities in the UK offer MS in economics programmes. The University of Oxford, Imperial College London, University of Cambridge, London Business School, University of Bristol, University College London, and the University of Manchester are just a few of them.


To study economics in UK, students need to list down some of the top universities which are mentioned above. Overall the career of aspirants remains open once the course is completed. For more assistance on university and the best economics in the UK connect with our study abroad partners today!
 

Ques 4. Is a Master's degree necessary to excel in economics? 

Ans. While a Master's degree can enhance your expertise, a Bachelor's degree in economics can also open doors to numerous job opportunities in various industries.
 

Ques 5. What are the career prospects for economics graduates in the UK?

Ans. Economics graduates have diverse career paths, including finance, consulting, government, academia, international organizations, and more.
 

Ques 6. Can I work part-time while studying economics in the UK? 

Ans. Yes, as an international student, you can work part-time during your studies, usually up to 20 hours per week during term time and full-time during holidays.
 

Ques 7. Do I need to have a background in economics to pursue a Master's in economics? 

Ans. Not always. Some Master's programs accept students with related backgrounds, but a strong foundation in economics can be advantageous.
 

Ques 8. How much are the tuition fees for studying economics in the UK? 

Ans. Tuition fees vary by university, level of study, and your residency status (home/EU or international). On average, international students can expect to pay around £15,000 to £30,000 per year for postgraduate programs.
 

Ques 9. What are the research opportunities for economics students in the UK? 

Ans. UK universities are known for their research contributions. Many programs offer opportunities to engage in cutting-edge research projects under the guidance of experienced faculty.
 

Ques 10. How can study abroad consultants help me navigate the process?

Ans. Study abroad consultants offer personalized guidance, helping you choose the right program, assisting with application processes, and providing insights into scholarship opportunities.
 

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 EngineeringMedicine and, even Management to figure out which one is the most suitable based on your profile and long term goals.

Saumya Singh
Saumya Singh

Content Writer

Saumya is an enthusiastic reader with a keen inclination toward literature, academics, and marketing. Ideas, strategy, and impact are what keep her belief in marketing intact. Oh, and playing with content is her hobby.

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