Masters in Economics in UK, a one-year postgraduate course that trains students to analyze data on the production of goods and resources. The program involves the investigation of both small scale (microeconomics) and global (macroeconomics) economic factors, which can result in improving the prosperity of customers and economic goods. Pursuing masters from top economics schools in UK can range between 16,000 to 30,00 GBP. For Indian students planning their masters in economics from UK, this approximates to around 15 lakhs to 29 lakhs INR.
When investing a huge amount like this, students usually look for work opportunities that can offer decent returns. With UK introducing a 2-year post-study work visa for international students, you can look forward to working with some of the top recruiters like Barclays Bank PLC, Barclays Capital Inc, Frontier Economics, Reed Business Information, European Bank for Reconstruction. The average annual basic salaries offered to students in the economics sector range between 30,000 GBP to 60,000 GBP (~29 LPA to 59 LPA) for a fresher.
Why Study Masters in Economics in UK?
- The UK has top universities for a master’s degree in economics namely Oxford University, University of Cambridge, London School of Economics and Political Science, etc.
- The United Kingdom is one of the leading and oldest economic centers in the world.
- 65% of the masters in economics graduates in the UK are employed within six months after graduation (as per prospects.uk.ac). Most of these land up in various top jobs in the UK such as business, finance, and marketing.
- Business, HR, and financial sector account for 57% of the jobs available. Given below is the distribution of graduates with masters in economics in UK among various sectors:
Top Universities for Masters in Economics in UK
UK is among one of the top international student destinations. Ranked #2 in the worl by QS rankings, there are 59 colleges offering masters in economics in UK. Listed below are the top-ranking universities offering masters in economics in UK as per QS 2020 rankings along with the program offered and tuition fees details.
|QS Ranking 2020||Top Universities||Course Offered||Program Fee (in GBP)|
|9||Imperial College London||MSc Economics and Strategy for Business||29,500|
|27||University of Manchester||MSc in Economics||21,500|
|44||London School of Economics and Political Science (LSE)||MSc Economics||29,760|
|49||University of Bristol||MSc in Economics||18,800|
|62||University of Warwick||MSc in Economics||25,330|
|154||Cardiff University||MSc in Economics||21,950|
|173||Queen’s University Belfast||MSc in Economics||17,900|
|246||University of Sussex||MSc in Economics||20,950|
|314||Heriot-Watt University||MSc in Economics, Banking, and Finance||16,400|
|368||University of Kent||MSc in Economics||16,200|
|462||Swansea University||MSc in Economics||17,900|
Apart from the above-mentioned programs, Oxford University offers an MSc in Financial Economics, a nine-month full-time program through its Saïd Business School. London School of Economics and Political Science offers a variety of study programs at the graduate-level which include Econometrics and Mathematical Economics, Economic History, etc. for students.
Masters in Economics in UK: Course Highlights
Economic degrees can be more theory-focused or career-focused. Masters in Economics courses include topics such as economic theory, microeconomics, macroeconomics, development economics, corporate finance, etc. The subject of economics mainly involves looking at goods and services from the perspective of economic agents and the market as a whole.
Specializations and Courses Offered
International students can choose to expand their knowledge in a known topic or can select a new specialty. Below are some of the standard specializations which can be studied in the UK:
- Econometrics – It is a combination of basic economic theory and statistical methods in developing a deeper understanding of the data. It’s a mixture of theoretical and application in a more detailed way.
- Financial Economics - This field mainly involves learning about domestic and international financial markets. You can also study international financial economics in a particular way that includes foreign exchange markets and global capital markets.
- Microeconomics – It will cover topics of mathematical techniques and also explore issues involving consumers, markets, and the firm. It includes problems of supply-demand, market operations, and consumer demand.
- Macroeconomics – From this course, one can gain an understanding of the interaction of economic agents in the short, medium, and long term. This course covers topics, namely inflation, employment, and interest rates.
|Number of Universities offering program||55+|
|Eligibility||Relevant bachelors with 50-60%|
GRE (for some institutions)
|Tuition Fees||15 Lakhs to 29 Lakhs|
|Top Recruiters||Reed Business Information, European Bank for Reconstruction, Barclays Bank PLC, Barclays Capital Inc, Frontier Economics|
|Entry-level salary package||29 LPA to 59 LPA|
Admissions to Masters in Economics in UK
Interested applicants can complete their admission applications for Masters in Economics in the UK online through the respective university websites. Students who wish to pursue masters in economics are required to fulfill both academic and English language proficiency requirements to secure a position with UK universities.
Eligibility for Masters in Economics in UK
To be eligible for a masters degree in Economics in UK, and the applicant must fulfill the following eligibility criteria:
- A globally recognized bachelor degree with a minimum 2:1 honors degree or 60% in economics or a related subject
- Proof of English language proficiency through one of the exams such as TOEFL, IELTS, etc.
- GRE test scores for students coming from non-UK institutions.
These are the basic eligibility requirements you need to fulfill while entering UK for an economics degree. Detailed below is a table specifying the requirements for pursuing masters in economics in top UK universities:
|Imperial College London||60% or more
|University of Manchester||60% or more in relevant bachelors|
|LSE||First-class honors degree,
linear algebra and calculus must be in curriculum
GRE required (161 in quant)
|University of Bristol||60% or more aggregate,
80% or more English can waive off language requirements
Admission statement required
|University of Warwick||60% or more in bachelors
Mathematics must be a part of UG curriculum
|Cardiff University||60% or more in bachelors|
|Queen’s University Belfast||60% or more,
|University of Sussex||55-70% base on UG university
Must have macro & microeconomics in UG
|Heriot-Watt University||50-60% in UG from British recognized universities|
|University of Kent||55% or 5.5 CGPA|
Applicants must note that for most UK universities you will be required to have an aggregate of 50-70% in bachelor’s degree and proof of language proficiency to get into master in economics program. GRE scores may be required by some universities, but plenty of these offer admissions without GRE as well.
English Language Requirements for Masters in Economics in UK
|Universities||IELTS Scores||TOEFL (iBT) Scores||PTE Scores|
|Imperial College London||6.5||92||62|
|University of Manchester||7.0||103||73|
|University of Bristol||6.0||-||-|
|University of Warwick||6.5||92||62|
|Queen’s University Belfast||6.5-7.0||90-105||55-67|
|University of Sussex||6.5||88||62|
|University of Kent||6.5||90||62|
Cost of Studying Masters in Economics in UK
Studying abroad includes a number of expenses that international students need to pay. The cost of studying in the UK basically involves the tuition fees for that course, pre-arrival cost, and living cost.
Pre-Arrival Expenses in UK
Before arriving to the study destination, one must make sure of the following pre-arrival costs like airfare, application for a student visa to the UK, test scores, etc. The estimated expenses are tabulated below:
|Expenses||Costs (in GBP)|
|Airfare||Depends on the city|
|Application Fee (non-refundable)||60- 90|
Tuition Fees for Masters in Economics in UK
The cost of studying masters in economics in UK's top universities goes up to 29 lakhs INR for a year. The cheapest of these top universities is University of Kent, offering a masters in 15 lakh INR. You can either choose to study with these top economics schools or look for alternatives like colleges offering cheaper economics degree. However, before looking for alternative schools, you must first invest your time in finding a scholarship that can help you graduate from any of these top universities. There are numerous scholarships available for pursuing masters in UK that can cover your tuition and living expenses making the overall cost of studying bearable for a student on a budget.
Cost of Living in UK
The relatively high wages in the UK makes the cost of living higher. Although living in the UK is expensive, in some areas it is affordable. A tabulated section is shown for the estimated cost of living in the UK for international students:
|Utilities||Expenses/month (in GBP)|
|Rent for single room off-campus||468 – 607|
|Food||195 – 217|
|Clothes, shoes, and accessories||30 – 43|
|Water, gas, electricity||46|
Scholarships for Masters in Economics in UK
For international students, UK offers a vast number of scholarships for the undergraduate as well as for postgraduate students. Studying in the UK allows you to get admitted to some of their best universities. Most international students need some form of scholarships to fund studies in the UK. Below is a tabulated section of the scholarships offered in the UK for Masters in Economics degree which are as follows:-
|Universities||Scholarships offered||Scholarship value (in GBP)|
|Imperial College London||GREAT scholarship||10,000|
|Heriot-Watt University||Postgraduate Merit Award||1500-3000|
|University of Sussex||Chancellor’s International Business Scholarship 2020||5,000 to 7,500|
|Swansea University||MBA CENTENARY SCHOLARSHIP 2020||20000|
|Queen’s University Belfast||Queen’s Loyalty Scholarship||20% tuition fee off for 1 year|
|Cardiff University||Vice Chancellor’s International Scholarship||2,000|
|University of Kent||British Council GREAT Scholarship||10,000|
|University of Bristol||Global Economics Postgraduate Scholarship||Five scholarships worth 5000 each|
|University of Manchester||GREAT Scholarships 2020||800,000|
Jobs after Masters in Economics in UK
Some of the popular career choices among Masters in Economics graduates include consultancy firms, banks, universities, financial or international agencies. A degree in economics offers a variety of highly transferable skills which is respected by employers. Graduating with a master’s degree opens various job opportunities in UK.
Below is the tabulated section along with the average salary of the job prospects after this degree.
|Job Titles||Average Annual Salary (in GBP)|
The growing demand for economists because of the increasing complexity in the global economy, competitive business environment, and additional financial regulations has opened high demanding positions for graduates of Masters in Economics in UK.
With a variety of sectors requiring skilled professionals with an economics background, graduates of a master's in economics can land up with high paying jobs in the UK or abroad. The ROI for the course is good with an investment of around 25,000 GBP- 35,000 GBP and returns of about 32,000 GBP- 64,000 GBP. Overall, the program offers an opportunity to make a career in UK and can be hence, considered a lucrative choice for international applicants.
Ques. Can I apply for Part-time Masters in Economics in UK?
Ans. Most UK universities do not offer a part-time program. The one’s that do offer a part-time degree do not enroll international students for part-time course. Hence, international students cannot opt for part-time degree options. However, there are various online economics masters degrees that you can enroll with.
Ques. What are top universities offering masters in economics in the UK?
Ans. The top universities in the UK for this course program are Oxford University, Sussex University, University of Manchester, University of Kent, Cardiff University, University of Bristol, etc.
Ques. What are the eligibility requirements for Masters in Economics in UK?
Ans. An applicant is required to have a bachelor's degree with 50-70% in economics or a related study field from a recognized international institution or a UK university. Alongside a bachelors degree you will be required to fulfill English language proficiency requirements and submit additional test scores like GRE, when required.
Ques. How much does Masters in Economics in UK cost?
Ans. The tuition fee for a full-time Masters in Economics in UK’s top universities ranges from 16,000 to 30,000 GBP (15 lakhs to 29 lakhs INR). Additionally, the cost of living in UK ranges from 12,000-20,000 GBP (11 lakhs to 20 lakhs INR) a year depending on your city.
Ques. What is the scope after pursuing masters in economics in UK?
Ans. Candidates after a master's degree in economics can work as an Economist, Economic Consultant, Senior Economic Consultant, etc. A fresher can expect a salary of around 30,000-50,000 GBP. With a mere 2 years of experience you can earn up to 80,000 or more. The basic salaries offered to a fresher may also vary as per the organization you work with.