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    Economics Colleges in the UK: Courses, Eligibility, Fees, Scholarships, Scope and Salaries

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    Anam Shams

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    Over the years the UK has earned its place as one of the leading financial centers in the world. 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, the UKs 2-year stay back policy implementing from 2021 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.
    • Economics is considered to be a science or art degree in different universities, for instance, LSE offers BSc in all subject areas whereas Oxford offers exclusively BA and MA qualification.
    • BA economics is designed around application theory and factors influencing key policy-making decisions, BSc economics is more technical in nature with a focus on statistics. 

    Table of Contents

    Best Economics Colleges in UK

    With UK being home to the big four giants Barclays, HSBC, Lloyds Banking Group, and Royal Bank of Scotland Group, study abroad in 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/Colleges QS Ranking 2020 (Subject) Courses Offered
    The London School of Economics and Political Science(LSE) 5 5 Bachelors , 6 Masters , 4 Masters Double Degree, +more courses in all disciplines in related subjects
    University of Oxford 9 1 Bachelors, 3 Masters , 1 Doctoral Courses
    University of Cambridge 10 2 Bachelors, 3 Masters , 1 Doctoral and 1 advanced diploma
    University College London 17 1 Bachelors ,3 Masters,1 Masters Double Degree and 1 Doctoral degree
    The University of Warwick 25 2 Bachelors , 3 Masters , 1Masters Double Degree, 1 Doctoral and 2 diplomas
    London Business School 36 1 Doctoral
    The University of Manchester 51-100 3 Bachelors, 3 Masters, 1 Doctoral Degree
    University of Nottingham 51-100 2 Bachelors , 4 Masters , 1 Masters Double Degree, 1 Doctoral Degree
    The University of Edinburgh 51-100 3 Masters Degree, 1 Doctoral Degree

    Economics Colleges 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 United Kingdom. Some of the popular specializations offered are given below in the table.

    Specialization
    Economics and Econometrics Econometrics and Mathematical Economics
    Economics Finance Economics and Management
    Economics for Development Economic History
    International Financial Economics Economic Geography
    Philosophy, Politics and Economics Economics, Risk and Society
    Real Estate Economics and Finance Environmental Economics and Climate Change
    Local Economic Development Quantitative Economic History
    Comparative Business Economics Construction Economics and Management
    International Public Policy and Economics Geography with Economics

    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/Ph.D., MRes/PhD
    • Doctoral Courses: 2-8 years long doctoral degrees as DPhil, PhD

    Economics Colleges in the UK: Undergraduate Program

    The undergraduate courses in Economics in the UK are mainly delivered in bachelor of arts or bachelor 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. 

    International students looking to take admission for their undergraduate studies of Economics in universities of UK can apply for UK Univeirsities 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.

    Here is a list of the best economics schools in UK offering a bachelor's degree:

    University/Colleges Program Duration Tuition Fees/ Annum (in GBP)
    The London School of Economics and Political Science(LSE) BSc 3 Years 21,750
    University of Oxford BA (Hons)  3 Years 30,030
    University of Cambridge BA(Hons) 3 Years 23,607
    UCL BSc 3 Years 23,290
    The University of Warwick BSc 3 years 25,770
    BASc 3 years full-time/ 4 years full time with intercalated year 25,770
    The University of Manchester BSc 3 years 22,500
    BA 3 years 23,500
    University of Nottingham BA(Hons)/ BSc(Hons) 3 years 17,550

    Economics Colleges in the UK: Fees and Funding for Bachelors

    The tuition fee for pursuing an undergraduate degree in Economics from the United Kingdom ranges from 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 Scholarships for international students in UK

    Economics Colleges in the UK: Eligibility for Bachelors

    For pursuing economics courses in UK at the 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)

    Note: 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. 

    Economics Colleges in UK: Postgraduate Program

    In the UK, postgraduate degree in economics are delivered either as master of science or master of art. The duration of the program is 10 months to 2 years in general, it varies depending on the course type. The main difference between undergraduate and postgraduate courses is the level of mathematical sophistication.

    University/Colleges Program Duration Tuition Fees/ Annum (in GBP)
    The London School of Economics and Political Science(LSE) MSc 10 months - 1 year 22,608-29,760
    MSc 2 years 1st year-22,608 & 2nd year-30,960
    MSc (Research) Full time-1 year/ Part-time - 2 years 22,608
    Masters Double Degree(MPhil/ PhD, MRes/PhD) 3-4 years / 5-6 years 19,368
    University of Oxford MSc 9 months 45,000/28,040
    MPhil 21 months 22,050
    University of Cambridge MPill 11 months 44,323
    UCL MSc 1 year 28,530
    Masters Double Degree (MRes + MPhil/PhD) Full Time-4 years/ Part Time-7 years Full Time-20,000/ Part Time-10,160
    The University of Warwick MSc 1 year 25,330-35,000
    Masters Double Degree(MRes/PhD) Full Time-2+4 years 18,800
    The University of Manchester MSc Full time-1 year / Part time-2 years Full time -21,500/ Part time -10,750
    MA Full time -1 year/ Part time -2 year Full time-20,500/ Part time -10,250
    University of Nottingham MSc 1 year 23,175-29,970
    Masters Double Degree(MRes/PhD) 1+4 years 18,420
    The University of Edinburgh MSc Full time -1 years / Part time -2 years Full time-23,950/ Part time-11,975

    Economics Colleges in UK: Fees and Funding for Masters

    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.

    Economics Colleges in UK: Eligibility for Masters

    • 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.

    Economics Colleges in UK: Doctoral Programs

    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/Colleges Program Duration Tuition Fees/ Annum (in GBP)
    University of Oxford DPhil Full Time-3-4 years / Part Time-6-8 years Full Time-20,920 /Part Time-10,460
    University of Cambridge PhD 3-4 years 24,531
    London Business School PhD 5 years
    The University of Manchester PhD 4-5 years 19,000
    The University of Edinburgh Ph.D. with Integrated Study 4 Years 20,100

    Economics Colleges in UK: Fees and Funding for PhD

    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 a stipend to its doctorate students. In case you do not receive the stipend, there are always scholarships for international doctoral students in UK that can help you support your expenses. 

    Economics Colleges in UK: Eligibility for PhD

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

    A first-class or strong upper second-class undergraduate degree with honors in economics or another approved subject. GPA of 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 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: Scholarship Offered

    The UK Government provides various financial aid and scholarships for international students pursuing studies in UK, there are 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:

    Scholarships Applicable for Scholarship Stipend(in GBP)
    Oxford and Cambridge Society of India Scholarships Indian students in all disciplines in the University of Oxford and University of Cambridge 4,538
    Reach Oxford Scholarship International students undertaking UG belonging to a country receiving DAC and OECD assistance. Variable
    Rhodes Scholarship International students in the Oxford Postgraduate Program 15,900
    Irene Hallinan Scholarship International students in Cambridge masters and doctoral programs 4,900
    1st Formations Business Scholarship International students in all UG programs at Universities of the UK 647
    The Global Study Awards International students undertaking UG and PG programs at Universities of the UK 10,000
    Great Scholarship International students in all UG and PG courses in universities of UK 10,000
    Brokerfish International Student Scholarship International students in all programs in universities of UK 1,000

    Economics Colleges in UK: Career Scope

    Economists are employed in a variety of settings in both the public and private sectors in the UK. Studying Social policy and financial markets as a part of an economics degree opens up opportunities in finance, accountancy and government departments as well. The largest employer of economists is the Government Economic Service (GES). The Bank of England also provides vacancies through its graduate program. 

    • Banking Sector (high street and city)
    • Not-for-profit organizations
    • Charitable organizations
    • 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

    A 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 tabulated are job prospects in UK with the average salary. In addition, the average salary of an economics graduate in India is mentioned for comparative analysis. As economics is a multidisciplinary subject taught in a theoretical as well as analytical aspect the career prospects also vary as per that in India. Prospects range from government jobs (through entrance exams) at central and state levels to lecturerships, think tanks, banking sector, government organizations, and more. 

    Job Position Expected Salary/Annum(in GBP) Average Salary in India (Lacs)
    Economist 25,000-65,000 7.5-8
    Economic Analyst 25,000-55,000 5
    Economic Consultant 26,000-56,000 5-5.5
    Senior Economist 41,000-101,000 8-10 
    Strategic Planner 21,000-43,000 8-10
    Data Analyst 19,000-40,000 7-7.5
    Operations Manager 24,000-54,000 7.5 and above
    Investment Analyst 23,000-50,000 6-7
    Research Analyst 20,000-40,000 8.5-9

    An economics graduate from LSE earn an average salary of 55,220 (in GBP) 5 years after graduating while the University of Cambridge graduate earns a higher average salary after 5 years of the graduating hat is 61,000 (in GBP). The most lucrative program for the highest salary considered is Economics and Management, Oxford (71,700 GBP) and Economics, LSE (55,200 GBP). 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 international student to have a career and future of their dreams.

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