Masters in Economics in UK is a one-year postgraduate course that trains students to analyse 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. Masters in Economics in UK is available in 55+ top universities, which usually demand a bachelor’s degree with a minimum overall aggregate of 60-70% to be eligible for admission.
Pursuing Masters from top Economics schools in UK can range between 18,000 GBP to 34,000 GBP (17.85 lakhs - 32.34 lakhs INR). 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, and European Bank for Reconstruction. The average annual salary for Master of Economics graduates in USA can be around 39,000 GBP (37.1 lakhs INR) for a fresher.
Highlights
| Program | Masters in Economics |
| Degrees Available | MSc, M.A |
| Course Duration | One-year |
| Number of Universities offering program | 55+ |
| Top Universities | Imperial College London University of Manchester London School of Economics and Political Science University of Bristol University of Warwick |
| Eligibility | Relevant bachelors with 60-70% |
| Exams Required | IELTS/TOEFL/PTE GRE (for some institutions) |
| Tuition Fees | 18,000 GBP to 34,000 GBP (17.85 lakhs - 32.34 lakhs INR) |
| Top Recruiters | Deloitte, KPMG, World Trade Organisation, European Central Bank, Frontier Economics |
| Entry-level salary package | 39,000 GBP (37.1 lakhs INR) |
Top Universities for Masters in Economics in UK
There are 59 colleges offering Masters in Economics in UK. Listed below are the top universities for Masters in Economics in UK as per QS 2023 rankings along with the program offered and admission deadlines.
| University | Course Offered | Admission Deadlines | Tuition Fees (GBP) |
|---|---|---|---|
| Imperial College London | MSc Economics and Strategy for Business | Rolling Basis | 34,400 |
| London School of Economics and Political Science | MSc Economics | Rolling | 34,128 |
| University of Manchester | MSc in Economics | M.A in Economics | Stage 1 [Dec 9, 2022] | Stage 2 [Feb 10, 2023] | Stage 3 [Mar 25, 2023] | Stage 4 [Apr 29, 2023] | Stage 5 [Jul 1, 2023] | 28,500 |
| University of Bristol | MSc Economics | July 31, 2023 | 22,700 |
| University of Warwick | MSc in Economics and International Financial Economics | March 3, 2023 | 27,930 |
| Cardiff University | MSc Economics | Rolling | 22,700 |
| Queen’s University Belfast | MSc Economics | Rolling | 17,900 |
| University of Sussex | MSc International Business Economics | August 1, 2023 | 20,950 |
| Heriot-Watt University | MSc in Economics, Banking, and Finance | August 1, 2023 | 18,520 |
| University of Kent | MSc in Economics and Econometrics | July 31, 2023 | 18,600 |
| Swansea University | MSc in Economics | October 31, 2022 (closed) | 19,950 |
Apart from the above-mentioned programs, Oxford University offers an MS 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.
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Table of Content |
What is Masters in Economics
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.
Specialisations 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 specialisations 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.
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.
- 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.
- The unemployment rate of UK as of September 2022 is 3.6%, indicating abundant job opportunities for graduates.
- Business, HR, and financial sectors account for 57% of the jobs available. Given below is the distribution of graduates with Masters in Economics in UK among various sectors
Masters in Economics in UK: Eligibility Criteria
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 fulfil 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 fulfil the following eligibility criteria:
- A globally recognized bachelor degree with a minimum 2:1 honours degree or 60% in Economics or a related subject
- Proof of English language proficiency:
- TOEFL: 90 - 100
- IELTS: 6.5 - 7.0
- PTE: 62 - 73
- GRE test scores 130 - 170 in both Verbal and Quantitative sections.
These are the basic eligibility requirements you need to fulfil while entering the UK for an Economics degree. Detailed below is a table specifying the requirements for pursuing Masters in Economics in top UK universities:
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 a Master in Economics program. GRE scores may be required by some universities, but plenty of these offer admissions without GRE as well.
Documents Checklist:
- Undergraduate transcripts evaluated by certified agency
- English test scores of IELTS, TOEFL or others
- GRE score report
- Statement of Purpose for UK
- 2 to 3 references from an employer or faculty
- CV or resume
- Passport copy
- UK Students Visa
Masters in Economics in UK: Cost of Studying
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.
Masters in Economics in UK: Tuition Fees
The cost of studying Masters in Economics in UK's top universities goes up to 17,000 GBP to 34,000 GBP (16.17 lakhs - 32.34 lakhs INR). You can either choose to study with these top Economics schools or look for alternatives like colleges offering cheaper Economics degrees. 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.
| Universities | Tuition Fees (GBP) | Tuition Fees (INR) |
|---|---|---|
| Imperial College London | 34,400 | 32.72 lakhs |
| London School of Economics and Political Science | 34,128 | 33.97 lakhs |
| University of Warwick | 28,500 | 28.37 lakhs |
| University of Manchester | 22,700 | 22.6 lakhs |
| University of Bristol | 27,930 | 27.81 lakhs |
| Cardiff University | 22,700 | 22.6 lakhs |
| University of Sussex | 17,900 | 17.82 lakhs |
| University of Kent | 20,950 | 20.85 lakhs |
| Swansea University | 18,520 | 18.43 lakhs |
| Queen’s University Belfast | 18,600 | 18.51 lakhs |
| Heriot-Watt University | 19,950 | 19.86 lakhs |
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:
| Expense Type | Average Cost (GBP) | Cost Equivalent (INR) |
|---|---|---|
| Accommodation | 600 | 57,685 |
| Food | 180 | 18,257 |
| Transport | 30 | 3,043 |
| Phone/Internet | 20 | 2,029 |
| Household Expenses | 45 | 4,326 |
| Miscellaneous | 245 | 23,554 |
Check out: Scholarships available for pursuing Masters in UK
Masters in Economics in UK: Scholarships
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:-
| University Name | 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 ScholarGREATship | 20% tuition fee off for 1 year |
| Cardiff University | Vice Chancellor’s International Scholarship | 2,000 |
| University of Kent | British Council Scholarship | 10,000 |
| University of Bristol | Global Economics Postgraduate Scholarship | Five scholarships worth 5000 each |
| University of Manchester | GREAT Scholarships 2020 | 800,000 |
Masters in Economics in UK: Jobs Opportunities
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 are 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 (GBP) | Average Annual Salary (INR) |
|---|---|---|
| Pricing Manager | 64,671 | 61.53 lakhs |
| Quantitative Analyst | 63,966 | 60.85 lakhs |
| Senior Economist | 58,336 | 55.5 lakhs |
| Procurement Manager | 43,131 | 41.03 lakhs |
| Economic Analyst | 37,955 | 36.11 lakhs |
| Economic Consultant | 35,148 | 33.44 lakhs |
| Economist | 34,207 | 32.54 lakhs |
| Statistician | 23,058 | 21.93 lakhs |
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.
Masters in Economics in UK: University Comparison
The below table shows comparison of top universities in UK for Masters in Economics based on the admission criteria:
| University | Application Fees | GPA Required | GMAT/GRE Scores | ELP Scores |
|---|---|---|---|---|
| Imperial College London | 100 GBP | 60% or more | GMAT: 600 | GRE: 156 [Verbal], 158 [Quant] | IELTS: 6.5 | TOEFL: 92 | PTE: 62 |
| University of Manchester | 60 GBP | 60% or more in relevant bachelors | GRE: 160 [Verbal] | 150 [Quant] | IELTS: 7.0 | TOEFL: 103 | PTE: 73 |
| London School of Economics and Political Science | 80 GBP | 70% or more in relevant bachelors | GMAT: 650 | GRE: 150 [Verbal] | 161 [Quant] | IELTS: 7.0 | TOEFL: 100 | PTE: 65 |
| University of Bristol | 60 GBP | 60% or more aggregate, 80% or more English can waive off language requirements | GMAT: 590 | GRE: 310+ | IELTS score of 6.0 |
| University of Warwick | 60 GBP | 60% or more in bachelors | GMAT: 650 | GRE: 300+ | IELTS: 6.5 | TOEFL: 92 | PTE: 62 |
Masters in Economics in UK v/s Masters in Economics in Canada
| Parameter | Masters in Economics in UK | Masters in Economics in Canada |
|---|---|---|
| Duration | 1-2 years | 2 years |
| Average Tuition Fees | 18,000 GBP to 34,000 GBP (17.85 lakhs - 32.34 lakhs INR)) | 22,500 to 29,000 CAD (13.6 to 17.6 lakhs INR) |
| Cost of Living | 1,120 GBP (1.11 lakhs INR) | 1,987 CAD (1.19 lakhs INR) |
| Percentage Required | 60-70% | 83-86% |
| Accepted GMAT/GRE Scores | GMAT: 500+ | GRE Quant: 155 | GRE Quant: 155 | GRE Verbal: 160 |
| English Language Proficiency Tests | IELTS: 6.5 - 7.0 | TOEFL: 90 - 100 | IELTS: 7.5 | TOEFL: 100 |
| Average Salary | 39,000 GBP (37.1 lakhs INR) | 56,400 to 119,200 CAD (34.22 to 72.32 lakhs INR) |
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 (24.11 lakhs INR - 33.76 lakhs INR) and returns of about 32,000 GBP- 64,000 GBP (30.87 lakhs - 61.74 lakhs INR). Overall, the program offers an opportunity to make a career in UK and can hence be considered a lucrative choice for international applicants.
FAQs
Ques. Is a Masters in Economics worth it in UK?
Ans. UK is home to some of the top universities for a Master’s degree in Economics namely Oxford University, University of Cambridge, London School of Economics and Political Science, etc. Additionally, 65% of the graduates of Masters in Economics inUK 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.
Ques. How long is a Masters in Economics in UK?
Ans. Masters in Economics in UK is a one-year postgraduate course that trains students to analyse 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.
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 60-70% 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 fulfil English language proficiency requirements and submit additional test scores like GRE, when required.
Ques. How much does a Masters in Economics in UK cost?
Ans. The tuition fee for a full-time Masters in Economics in UK’s top universities ranges from 18,000 GBP to 34,000 GBP (17.85 lakhs - 32.34 lakhs INR) . Additionally, the cost of living in UK ranges from 12,000 - 20,000 GBP (11.41 lakhs to 19.02 lakhs INR) a year depending on your city.
Ques. Can I get a job after Masters in Economics in UK?
Ans.Yes, a degree Masters in Economics in UK offers a variety of highly transferable skills which are respected by employers. Some of the most popular job roles and professions after Masters in Economics in UK are:
- Economist
- Investment Analyst
- Economic Analyst
- Data Analyst
- Credit Risk Manager
- Finance Associate
- Demand Planner
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