A Complete Guide for International Students to study Masters in Economics in UK
Masters in Economics in UK is a one-year postgraduate course that trains students to analyze data on the production of goods and resources.
- The course fees for a master’s degree in Economics at universities in UK range from 16,200 GBP to 29,500 GBP for international students.
- Candidates working in the economic sector in the UK earns an average salary of 36,000 GBP.
- The job prospects in the Master’s degree are Economist, Economic analyst, Economic Consultant, Senior Economist, etc.
- Companies hiring Masters in Economic graduates from UK universities are Barclays Bank PLC, Barclays Capital Inc, Frontier Economics, Reed Business Information, European Bank for Reconstruction.
Why Study Masters in Economics in UK
A master's degree in economics provides a student with an array of subject-specific and transferable skills that are highly sought after by employers. A master's degree in economics from the UK offers excellent career prospects with a wide range of job possibilities.
- The UK has top universities for a master’s degree in economics namely Oxford, 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.
- Economics graduate land up in various top jobs in UK such as business, finance, and marketing, with finance and investment analysts and advisers accounting making 17% of the jobs available in UK.
Top Universities offering Masters in Economics in UK
Studying in UK is second most popular choice among students looking for higher education with several top universities for various types of courses. Below is the tabulated section for some of the top universities for masters in economics in the UK:
|Top Universities||QS Ranking||Course offered||Program Fee (in GBP)|
|Imperial College London||9||MSc Economics and Strategy for Business||29,500|
|University of Manchester||27||MSc in Economics||21,500|
|London School of Economics and Political Science (LSE)||44||MSc Economics||29,760|
|University of Bristol||49||MSc in Economics||18,800|
|University of Warwick||62||MSc in Economics||25,330|
|Cardiff University||154||MSc in Economics||21,950|
|Queen’s University Belfast||173||MSc in Economics||17,900|
|University of Sussex||246||MSc in Economics||20,950|
|Heriot-Watt University||314||MSc in Economics, Banking, and Finance||16,400|
|University of Kent||368||MSc in Economics||16,200|
|Swansea University||462||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 graduate-level which include Econometrics and Mathematical Economics, Economic History, etc. for students.
Masters in Economics in UK: Course and Curriculum
Economic degrees can be more theory-focused or career-focused. Masters in Economics in UK course includes 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
The breadth of the real-world applications of economic knowledge is shown in the vast range of specializations available at the graduate level. 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 are studied.
- 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.
Comparative study between Masters in Economics and MBA
MBA in UK is one of the popular programs and good strength of students who want to pursue it. Students are often confused about what to choose between a Masters in Economics or an MBA. The comparative analysis of the two programs below analyzes some of the major differences in the two programs.
|Masters in Economics||MBA|
|designed for the students who wish to study economics at higher levels||prepares students for a wide range of business-related careers.|
|One year duration||1 to 2 years of duration.|
|Graduates of these degrees can opt for an economist or managerial career.||MBA Graduates work in a variety of administrative and managerial posts in different industries.|
Masters in Economics in UK: Admissions
Admissions to Masters in Economics in the UK are open for students who fulfill the admission requirement. Interested applicants can complete their admission applications for Masters in Economics in the UK online through the respective university websites.
Admission Requirements: To be eligible for a masters degree in Economics in UK, and the applicant must fulfill the following eligibility criteria:
- Good bachelor degree from a recognized university abroad or in UK (minimum 2:1 honors degree or equivalent) in economics or a related subject
- Proof of English language proficiency through one of the exams such as TOEFL, IELTS, etc.
- General GRE test scores for students coming from non-UK institutions.
Eligibility Criteria for Masters in Economics in UK
Below is the tabulated section of the eligibility criteria for the Masters in Economics in the UK which shows the minimum required English proficiency scores required by respective universities:
|Universities||Minimum Required IELTS Scores||Minimum Required TOEFL (iBT) Scores||Minimum Required PTE Scores|
|Imperial College London||6.5||92||62|
|University of Manchester||7.0||103||73|
|London School of Economics and Political Science (LSE)||7.0||100||65|
|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 in the UK, 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)|
|VISA Costs(for Tier 4)||348|
|Airfare||Depends on the city|
|Application Fee(non-refundable)||60- 90|
Tuition Fees for Masters in Economics in UK
The tuition fees for Masters in Economics in the UK are depicted in the chart below:
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 cost of living in the UK for international students:
|Utilities||Expenses per month (in GBP)|
|Rent for single room off-campus||468-607|
|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|
Scope of Masters in Economics in UK
A Masters in Economics in UK can open the doors for you in a wide range of sectors in many types of organizations. Common economic careers include consultancy firms, banks, universities, financial or international agencies. Economic careers spread across the world and gain experience working in different countries. A degree in economics offers a variety of highly transferable skills which is highly 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.
Ques. What is a Masters in Economics in UK?
Ans. It’s a one year full-time or a two years part-time course in UK universities for students who wish to study economics at high study levels.
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, etc.
What are the eligibility requirements for Masters in Economics in UK?
Ans. An applicant is required to have a good honors degree (minimum 2:1 or equivalent) in economics or a related study field from a recognized international institution or a UK university.
What is the tuition fee for studying Masters in Economics in UK?
Ans. The tuition fee for a full-time Masters in Economics in UK ranges from 16,200 to 29,500 GBP for international students.
What are the job prospects after pursuing this course?
Ans. Candidates after a master's degree in economics can earn job titles like Economist, Economic Consultant, Senior Economic Consultant, etc.