Studying Economics in the UK offers profound insight into a global economic powerhouse. The UK has a dynamic and diverse economy, with a strong focus on the services sector, significantly contributing to its GDP. The UK Office for National Statistics states that the services sector makes up 80% of the UK’s gross value added, with manufacturing and construction sectors also contributing. The UK has a GDP of $3.07 trillion in 2022, making it the sixth-largest economy globally, providing opportunities for economic analysis and investigation.
Overview Of Studying Economics In The UK
| Key Highlight | Description |
| Renowned Economics Education | In the UK, renowned universities like the London School of Economics and the University of Cambridge offer globally recognised Economics programmes. |
| Varied Course Offerings and Duration | Economics programmes range from undergraduate to PhD and last 3-5 years. Specialisations include Economic History, Finance, and Energy & Climate Change Policy. |
| Eligibility and Scholarships | To gain admission, you must show proficiency in math and English. There are scholarships available, such as the Department of Economics Masters Scholarships at the University of Sheffield, to help with expenses. |
Why Study Economics In The UK?
The UK provides abundant academic development and professional progress prospects, making it an excellent choice for studying Economics. Here are the primary factors that make studying for an Economics degree in the UK an enticing option:
- With its reputation as a prominent financial hub, the UK provides ample employment options in esteemed banks and accounting firms.
- In the UK, universities provide modern facilities and valuable practical learning experiences.
- Reputable organisations such as AACSB, EQUIS Global, and CIMA grant accreditation for economics courses.
- In the UK, undergraduate Economics degrees typically last between 3 to 4 years, while postgraduate programmes usually take 1 to 2 years to complete. PhD programmes in Economics, on the other hand, typically span 4 to 5 years.
- The requirements for Economics programmes in the UK differ, focusing on English language proficiency and strong mathematical abilities.
- Economics courses in the UK equip students with the necessary skills and knowledge to pursue successful careers in finance, consulting, government, and international organisations.
Types Of Economics Courses In The UK
Here is a brief overview of graduate and postgraduate programmes in Economics, including their typical length in years. These programmes cover a range of specialisations, allowing students to choose educational paths that align with their interests and career objectives.
| Course Category | Course Name |
| Graduate Courses | MPhil in Economics |
| PhD in Economics | |
| Joint PhD degrees in Economics and other fields (e.g., JD, Finance, | |
| Public Policy, Statistics, Applied Mathematics) | |
| Postgraduate Courses | Advanced Diploma in Economics |
| MPhil in Economic Research | |
| MPhil in Finance and Economics | |
| MSc Economics & Finance | |
| MSc Applied Economics | |
| MSc Economics & Policy of Energy & Climate Change |
Top Universities In The UK For Studying Economics
The academic landscape for economics studies in the United Kingdom is renowned for its richness, and numerous prestigious universities are standing out in this area. We have compiled a table listing the best universities to study economics in the UK, including the specific courses they excel in and their QS rankings.
| University | Famous Economics Course | Course Type | QS Ranking |
| London School of Economics and Political Science (LSE) | Economics and Economic History | Undergraduate | 3 |
| University of Oxford | Economics and Management | Postgraduate | 9 |
| University of Cambridge | Economics | Undergraduate | 10 |
| Imperial College London | Economics and Strategy | Postgraduate | 11 |
| University of Warwick | Economics | Undergraduate | 20 |
| University of Manchester | Economics | Undergraduate | 26 |
| University of Bristol | Economics | Undergraduate | 29 |
| University of Edinburgh | Economics | Undergraduate | 31 |
| University of St Andrews | Economics | Undergraduate | 35 |
| University of Glasgow | Economics | Undergraduate | 41 |
Eligibility Criteria For Studying Bachelors In Economics In The UK
Various qualifications and grades are usually required for admission into a Bachelor’s in Economics programme in the UK. The specific entry requirements may vary, but this is a general of the best economics degrees in the UK.
| Qualification | Description | Typical Entry Requirements |
| A Levels | Entry requirements can vary by university. | Grades ranging from AAB to BBB, including specific subjects like Mathematics. |
| International Baccalaureate (IB) | For IB students. | Around 35 points, including specific grades in Higher Level Mathematics. |
| English Language Proficiency | Required for international students. | Minimum IELTS score of 6.5 overall, with no component score lower than 6. |
Eligibility Criteria For Studying Masters In Economics In The UK
Meeting the critical eligibility criteria focuses on academic excellence in economics, finance, or a quantitative field, strong English language skills, and a solid foundation in economic theory and quantitative methods. Fulfilling these requirements can improve the likelihood of admission to one of the best economics colleges in the UK.
| Criteria | Details |
| Educational Qualification | Applicants must have a bachelor’s degree in economics, finance, mathematics, or a related field with at least a 2:1 honours or 60% from an accredited university. |
| English Language Proficiency | Minimum requirements for IELTS Academic: Overall score of 7.0, with 7.0 in writing and no score below 6.5. For PTE: Overall score of 76, with 76 in writing and no score below 70. For TOEFL IBT: Overall score of 100, with 25 in writing and no score below 22 in any section. |
| GRE/GMAT Scores | While not required, achieving a competitive score, such as 650 or higher on the GMAT, can improve your chances of being admitted. |
| Relevant Background | Extensive education in microeconomic and macroeconomic principles, mathematics, and statistical analysis. |
| Work Experience | Some programmes may take into account relevant work experience, but it is not mandatory across the board. |
Fee Structure For Studying Economics In The UK
Depending on the university, programme, and whether the student is from the UK or an international student, the cost of studying economics in the UK can vary considerably.
| Student Category | Programme Type | Fee Range (Per Year) |
| UK and EU Undergraduate | Undergraduate | GBP 9,250 |
| International Undergraduate | Undergraduate | GBP 15,000 – GBP 22,000 |
| All Students | Master’s (Economics) | GBP 10,000 – GBP 30,000 |
| All Students | Ph.D. Programmes | GBP 4,407 – GBP 25,000 |
Scholarships For Studying Economics In The UK
If you are interested in studying Economics in the UK, you can explore numerous scholarships that provide financial aid to students pursuing postgraduate degrees. Here, we present five scholarships that can assist you in studying Economics in the UK. For more in-depth details about UK scholarships for studying economics, Indian students can approach UniAcco.
| Scholarship Name | University/Institution | Details | Application Deadline | Notification Time |
| Department of Economics Masters (MSc) Scholarships | University of Sheffield | Covers the full home student fee for MSc Economics and MSc Finance. | May 10, 2024 | Early June 2024 |
| Think Big About Economics Postgraduate Scholarship | University of Bristol | Offers funding towards tuition fees for international postgraduates studying Economics. | Not specified | By May 24, 2024 |
| Ricardo Scholarships | UCL Department of Economics | Valued at GBP15,863 per year and includes a full tuition fee waiver. Recipients must undertake Teaching Assistant duties. | Not specified | Not specified |
| Chevening Scholarships | Funded by the Foreign and Commonwealth Council | Provides financial support for overseas students pursuing postgraduate studies in the UK, covering the first year of study. | Not specified | Not specified |
| John C Phelan General Course Scholarships | London School of Economics (LSE) | Awarded based on financial need to applicants of the General Course programme. Value not specified. | Not specified | Not specified |
Career Scope For Economics Graduates In The UK
Economics graduates in the UK have diverse career options in finance, consulting, government, academia, and research. As economics evolves, economics graduates in the UK have the chance to significantly impact emerging sectors like FinTech, green energy, and sustainability, creating new avenues for career growth.
| Course Name | Job Prospects |
| Philosophy, Politics, and Economics | Graduates can pursue careers in consulting, investment banking, public sectors, and more, with roles such as economic consultants, financial analysts, or economists. |
| International Public Policy and Economics | Careers in international organisations, government agencies, and more, with job opportunities including policy analysts, economic advisors, and consultants. |
| Economics and Econometrics | Individuals can explore careers in research and finance, with roles like data scientists, statisticians, or financial analysts. |
| Comparative Business Economics | Business analysis, economic research, and consulting, with opportunities to work as business analysts, financial researchers, or consultants after graduation. |
| Economics Finance | Students can pursue careers in finance, banking, and economic analysis by exploring job opportunities as financial analysts, data engineers, or economists. |
| Local Economic Development | Employment opportunities can be found in local government, economic development agencies, and community organisations. |
| Economics for Development | Graduates can pursue various career opportunities in development organisations, NGOs, and government agencies. They can pursue job titles like development economists, policy analysts, or consultants. |
FAQs
What Are The Criteria One Must Meet To Study Economics In The UK?
To study Economics in the UK, you need a strong academic background in Mathematics and Economics and to meet the English language requirements.
Can You Provide Information On The Costs Of Pursuing An Economics Degree In The UK?
The cost of studying Economics in the UK can differ based on the university and level of study. International students should anticipate paying around GBP 15,000 to GBP 25,000 per year for undergraduate programmes.
Do International Students Studying Economics In The UK Have Access To Scholarships?
International students studying Economics in the UK can access various scholarships and financial aid opportunities. These resources may come from universities, government entities, or private institutions.
Which Universities In The UK Are Renowned For Their Economics Programmes?
The University of Cambridge, the London School of Economics and Political Science (LSE), the University of Oxford, and the University of Warwick are among the prestigious universities in the UK known for their exceptional Economics programmes.
What Job Prospects Await Economics Graduates In The UK?
Economics graduates in the UK have diverse career options in finance, consulting, government, and research. They can pursue roles as economists, financial analysts, and policy advisors or further their econometrics or development economics education.
