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Top Economics Colleges in UK

Bhavya Rawal Bhavya Rawal
Study Abroad Expert

Over the years the UK has earned its place as one of the most desired places to pursue Economics studies around the globe. Economics colleges in the UK come in the top colleges for Economic studies in the world. According to QS Subject rankings for Economics, the United Kingdom houses some of the top economics universities. Along with this, UKs 2-year stay back policy is an added advantage for international students 

  • The London School of Economics and Political Science (#6), University of Oxford (#9) and University of Cambridge (#10) are the top ranking economics schools in UK.
  • Graduates from economics colleges in UK can work in sectors such as business, finance, and marketing, with finance and investment analysts and advisers accounting for 17% of the jobs available in the UK. 
  • If statistics are to be believed 65% of the masters in economics graduates in the UK are employed within six months after graduation.

Best Economics Schools in UK

With London being the one of the leading financial centers, studying in the UK, is the second most popular choice among international students seeking higher education in Economics. Given below is the list of top economics universities in UK:

University/CollegesQS Ranking 2020(Subject)Courses Offered
The London School of Economics and Political Science(LSE)65 Bachelors , 6 Masters , 4 Masters Double Degree, +more courses in all disciplines in related subjects
University of Oxford91 Bachelors, 3 Masters , 1 Doctoral Courses
University of Cambridge102 Bachelors, 3 Masters , 1 Doctoral and 1 advanced diploma
University College London171 Bachelors ,3 Masters,1 Masters Double Degree and 1 Doctoral degree
The University of Warwick282 Bachelors , 3 Masters , 1Masters Double Degree, 1 Doctoral and 2 diplomas
London Business School361 Doctoral
The University of Manchester51-1003 Bachelors, 3 Masters, 1 Doctoral Degree
University of Nottingham51-1002 Bachelors , 4 Masters , 1 Masters Double Degree, 1 Doctoral Degree
The University of Edinburgh51-1003 Masters Degree, 1 Doctoral Degree

Economics Schools in UK: Degree Types and Specialization

There are various course disciplines as well as plenty of specializations in the field of Economics offered by the top universities of the United Kingdom. Some of the popular specializations offered are given below in the table.

Specialization
Economics and EconometricsEconometrics and Mathematical Economics
Economics FinanceEconomics and Management
Economics for DevelopmentEconomic History
International Financial EconomicsEconomic Geography
Philosophy,Politics and EconomicsEconomics, Risk and Society
Real Estate Economics and FinanceEnvironmental Economics and Climate Change
Local Economic DevelopmentQuantitative Economic History
Comparative Business EconomicsConstruction Economics and Management

Degree Types: The types of degrees offered at different levels of higher education at economics colleges in the UK are as below:

  • Undergraduate Courses: 3-4 year long full time bachelors degrees as BA, BSc
  • Postgraduate Courses : 1-2 years long master's degrees as MA, MSc and 3-6 years long double masters degrees as MPhil/PhD,MRes/PhD
  • Doctoral Courses:2-8 years long doctoral degrees as DPhil,PhD

Top Economics Colleges in UK: Undergraduate Degrees

The undergraduate courses in Economics in the UK are mainly delivered in bachelors of arts or bachelors of science disciplines. Few of the economics schools in the UK conduct their own entrance exams like Oxford. It is hence suggested that international students must go through the application procedure of the university. Here is a list of the best economics schools in UK offering bachelor's degree.

University/CollegesProgramDurationTuition Fees/ Annum (in GBP)
The London School of Economics and Political Science(LSE)BSc3 Years21,570
University of OxfordBA3 Years30,030
University of CambridgeBA(Hons)3 Years21,168
UCLBSc3 Years23,290
The University of WarwickBSc3 years25,770
BASc3 years full-time/ 4 years full time with intercalated year25,770
The University of ManchesterBSc3 years22,500
BA3 years23,500
University of NottinghamBA(Hons)/ BSc(Hons)3 years17,550

Fees and Funding for Undergraduate Economics Degrees in the UK

The tuition fee for pursuing an undergraduate degree in Economics from the United Kingdom ranges around 17,500 GBP to 30,500 GBP per annum. Along with the tuition fees an international applicant is also required to spend a huge amount on living abroad. To lessen the financial burden students can opt for various external and government funding available for international bachelors applicants in UK

Admission Process for Undergraduate in Economics in the UK

International students looking to take admission for their undergraduate studies of Economics in universities of UK can apply through UCAS portal. The intake season for most of the universities in the UK is September to October but it may vary depending on the program and institute.

Eligibility Criteria 

For pursuing economics courses in UK at bachelors level, eligibility criteria for international students are specific to their nationality and vary with universities. However, there are some common eligibility requirements that applicants need to meet:

  • Qualifications: 75% to 80% in classes X and XII/Higher Secondary Certificate 
  • Language proficiency: IELTS- 7.0 (6.5 per component) / TOEFL-100 min / CAE-185 (175 per component)

**University of Oxford conducts an admission test for applicants in Economics and Management (BA)- All candidates must take TSA (Thinking Skill Assessment) as a part of their application. It is a paper-based test, divided into two parts: a 90-minute, multiple-choice Thinking Skills Assessment and a 30-minute writing task.

Documents: Academic Transcripts, A personal statement of the student, Suitable references, Visa. 

Top Economics Colleges in UK : Postgraduate Courses

In the UK, postgraduate courses in Economics are delivered either as master of science or master of art. The duration of the programme is 10 months to 2 years in general, it varies depending on the course type. Some of the masters degree in economics in the UK are detailed below: 

University/CollegesProgramDurationTuition Fees/ Annum (in GBP)
The London School of Economics and Political Science(LSE)MSc10 months - 1 year22,608-29,760
MSc2 years1st year-22,608 & 2nd year-30,960
MSc(Rescarch)Full time-1 year/ Part time - 2 years22,608
Masters Double Degree(MPhil/ PhD, MRes/PhD)3-4 years / 5-6 years19,368
University of OxfordMSc9 months45,000/28,040
MPhil21 months22,050
University of CambridgeMPill11 months30,681
UCLMSc1 year28,530
Masters Double Degree (MRes + MPhil/PhD)Full Time-4 years/ Part Time-7 yearsFull Time-20,000/ Part Time-10,160
The University of WarwickMSc1 year25,330-35,000
Masters Double Degree(MRes/PhD)Full Time-2+4 years18,800
The University of ManchesterMScFull time-1 year / Part time-2 yearsFull time -21,500/ Part time -10,750
MAFull time -1 year/ Part time -2 yearFull time-20,500/ Part time -10,250
University of NottinghamMSc1 year23,175-29,970
Masters Double Degree(MRes/PhD)1+4 years18,420
The University of EdinburghMScFull time -1 years / Part time -2 yearsFull time-23,950/ Part time-11,975

Fees and Funding for Postgraduate Economics Degrees in the UK

The tuition fee for postgraduate in Economics ranges from 20,000 GBP to 45,000 GBP per annum. With a degree costing so much an international student on budget is always looking for funding options. You can apply for various scholarships available to masters students in the UK.

Eligibility Criteria for Postgraduate in Economics in the UK

  • Qualification: A first-class or strong upper second-class undergraduate degree economics. This is equivalent to at least 80% in bachelors. 
  • A recent GRE score (not older than 5 years) with typically over 163 in the quantitative section. 
  • Language proficiency: IELTS- 7.5(min 7 in each component),TOEFL iBT-110, CAE-191.

Documents: Previous academic transcripts, Personal statement, Letter of recommendations, Official transcript, CV, Relevant experience in developing countries is desirable but is not essential.

Top Economics Colleges in UK : Doctoral Courses

The duration for doctoral studies in Economics in the UK is mostly 3-4 years which may increase to 7-8 years for part time courses. Below given are the doctoral courses delivered by top economics colleges of the UK.

University/CollegesProgramDurationTuition Fees/ Annum (in GBP)
University of OxfordDPhilFull Time-3-4 years / Part Time-6-8 yearsFull Time-20,920 /Part Time-10,460
University of CambridgePhD3-4 years24,531
London Business SchoolPhD5 years
The University of ManchesterPhD4-5 years19,000
The University of EdinburghPhD with Integrated Study4 Years20,100

Fees and Funding for Doctorate in Economics in the UK

Tuition fee ranges between 18,000 GBP to 24,500 GBP for pursuing doctoral degree in Economics from the UK. Universities in many cases offer stipend to its doctorate students. In case you do not receive the stipend, there are always scholarships available for international doctoral students in UK that can help you support your expenses. 

Eligibility Criteria for Doctorate in Economics in the UK

  • Qualification:A good performance in a rigorous master's course in economics; and 

A first-class or strong upper second-class undergraduate degree with honours in economics or another approved subject. GPA 3.3 out of 4.0.

  • Language proficiency: IELTS- 7.5 (7.0 in each component) TOEFL iBT-110, CAE-191(Min 185 per component). It is important for international students to submit the scores of these tests required to study in the UK as a part of fulfilling the eligibility criteria. 

Documents: Two references with the application, CV, A personal statement, Research Proposal, UK student visa

Top Economics Colleges in UK with Scholarship

The UK Government provides various financial aid and scholarships for international students pursuing studies in UK, there’s also other means of financial support available that the international students can opt for like personal loans. Some well known scholarships available for international students are:

ScholarshipsApplicable forScholarship Stipend(in GBP)
Oxford and Cambridge Society of India ScholarshipsIndian students in all disciplines in University of Oxford and University of Cambridge4,538
Rhodes ScholarshipInternational students in Oxford Postgraduate Program15,900
Irene Hallinan ScholarshipInternational students in Cambridge masters and doctoral programs4,900
1st Formations Business ScholarshipInternational students in all UG programs at Universities of the UK647
The Global Study AwardsInternational students undertaking UG and PG programs at Universities of the UK10,000
Great ScholarshipInternational students in all UG and PG courses in universities of UK10,000
Brokerfish International Student ScholarshipInternational students in all programs in universities of UK1,000

Top Economics Colleges in UK : Scope

Economists are employed in a variety of settings in both the public and private sectors in the UK. The largest employer of economists is the Civil Service through the GES. The Bank of England also provides vacancies through its graduate programme. Economics graduates can also find employment in areas such as:

  • Banks (high street and city)
  • Charitable and not-for-profit organisations
  • Consultancies
  • Insurance and accountancy firms
  • Government departments and think tanks. 

Given below is a graphical image representing the percentage of graduates employed in various sections in the UK:

Percentage Employed vs. Sector

Few of the popular companies in the UK offering jobs to students in the field of Economics are - Barclays Bank PLC, Barclays Capital Inc, European Bank for Reconstruction and Development, Frontier Economics. Below is the tabulated section along with the average salary of the job prospects.

Job PositionExpected Salary/Annum(in GBP)
Economist25,000-65,000
Economic Analyst25,000-55,000
Economic Consultant26,000-56,000
Senior Economist41,000-101,000
Strategic Planner21,000-43,000
Data Analyst19,000-40,000
Operations Manager24,000-54,000
Investment Analyst23,000-50,000
Research Analyst20,000-40,000

There’s a growing demand for skilled professionals in the field of economics due to the increasing complexity in the global economy, competitive business environment, and additional financial regulations.

With a variety of sectors requiring skilled professionals with an economics background, students of Economics can land up with high paying jobs in the UK or abroad. So, pursuing a course from Economics schools in UK will allow an international student to have a career and future of their dreams.

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