Economics has been an essential part of society’s development since ancient times. It provides a complete understanding of how finances or goods flow in a community at different stages. The fascinating subject has also caught the attention of many students and aspiring learners worldwide.
This is why most students try enrolling in the best Bachelor's or Master of Economics courses. Since the United Kingdom has a solid economic position, it has become a popular foreign education destination for international aspirants. This article will take you through every minor detail about studying PG Economics in the UK.
Why Study a Master of Economics in the UK?
Top Universities
Like their spoken English, the United Kingdom is home to some of the finest universities worldwide. And to back this with facts, over 90 universities in the United Kingdom were included in the QS World University Rankings 2023.
Out of these, more than 55 universities offer the Masters in Economics course to international aspirants. Some of the most familiar names include Cambridge & Oxford, also one of the world’s most famous institutions for a wide range of courses.
Degree Accepted Globally
A master in Economics graduate from any recognized UK-based institution does not have to stay and work in the UK if they wish. The course degrees from universities here are also accepted in other major countries like the USA, Australia, and Europe.
More About Economics Masters
Usually, most PG Economics in UK degrees are of 1-year duration and are completed full-time. However, a few part-time and different duration options are available for students. For instance, the University of Cambridge offers a course that completes within 11 months.
Additionally, the master's course in Economics focuses on three main subject domains, namely:
o Macroeconomics
o Microeconomics
o Econometrics
While the course syllabus focuses on training the students to get used to advanced models, tools, and other regulations, the main aim of the course is to strengthen the learner’s ability to devise predictions, report-making, and strategies. Some institutes also put the students through a comprehensive Research Project experience.
Career Prospects within the UK
The stats say that after completing your Master's in Economics, around 65% of students are more likely to secure a job within 6 months. It will surely give your professional life a kickstart.
You can apply to various Research Institutions, Healthcare Facilities, Government organizations, or Private Companies. Also, the market will experience a 57% increase in job openings in the next few years. You can use this opportunity to secure a relevant post after graduation in the UK.
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Talk to an ExpertTop Universities for Master of Economics in the UK
As mentioned, the United Kingdom has some of the best universities and colleges. If you are planning on studying PG Economics in the UK, then you have a variety of institutions you can apply to. Offering a wide range of courses and facilities, here is a list of the Top Universities in the UK to study Master of Economics:
| QS Rating 2021 | University Name |
| 6 | The London School of Economics and Political Science (LSE) |
| 9 | University of Oxford |
| 10 | University of Cambridge |
| 16 | University College London (UCL) |
| 25 | University of Warwick |
Best Master of Economics Courses in the UK
The key reason behind the finest universities is their world-class courses. For students who have decided to study in the UK, you must know that it is not just a ‘Masters in Economics’. There is a wide selection of other programs available that offer specialization in other fields along with Economics.
Some of these include:
● Economics and Strategy for Business
● Economics, Banking, and Finance
● Econometrics and Mathematical Economics
● International Financial Economics
● Behavioural and Economic Science
Master of Economics Tuition Fees in the UK
This is probably one of the most significant factors in choosing overseas education or an international university. Since institutions have different courses and choices, it can get confusing for the students or applicants to choose one.
| University Name | Annual Tuition Fee |
| The London School of Economics and Political Science (LSE) | GBP 30,960 |
| University of Oxford | GBP 22,410 to 24,450 |
| University of Cambridge | GBP 32,314 |
| University College London (UCL) | GBP 31,200 |
| University of Warwick | GBP 35,500 |
Master of Economics Scholarships in the UK
Now that we have reviewed the approximate tuition fees, it is time to check the available scholarships for Masters in the UK. Both universities and government-offered aids or grants are available for international applicants. These include:
Government:-
● British Chevening Scholarships
● Orange Knowledge Programme in The Netherlands
Others:-
● Civil Society Leadership Awards
● UEA International Development Scholarships for International Students
● Australia Awards Scholarship
General Eligibility for Master of Economics in the UK
Here is a glance into the basic university-wise application-related requirements:
University of Cambridge
Course: M.Phil Economics
Duration: 11 months (full-time)
Tuition Fee: GBP 32,314
Requirements:
● Applicant must be in the top 10% of the reference group
● Complete Undergraduate degree with a minimum of 68% (international equivalents are accepted)
● Statement of Marks & Purpose
● Letter of Recommendation
● Resume/CV
● Financial Documentation
● English Language Proficiency - IELTS (1.5) or TOEFL (110)
● Scores from their GMAT or GRE tests
Application Intake: September Sessions (Deadline- June/July)
Application Fee: GBP 70
University of Warwick
Course: M.Sc Economics & International Financial Economics
Duration: 1 year (full-time) (part-time available)
Tuition Fee: GBP 35,500
Requirements:
● Complete Undergraduate degree in Economics or any other relevant subject from any recognized Institution
● Letter of Recommendation
● Statement of Marks & Purpose
● Scores from IELTS, TOEFL, or PTE for Language Proficiency
● Scores in GRE or GMAT
● Resume/CV
● Financial Documentation
Application Intake: Ends by July
Application Fee: GBP 60 (Online) or GBP 80 (Offline)
Imperial College London
Course:
Duration: 1 year (full-time)
Tuition Fee: GBP 29,500
Requirements:
● Certificate of Higher Education along with an Undergraduate Degree in subjects like Business, Finance, or Economics
● English Language Proficiency - TOEFL (100), IELTS (7), etc.
● Scores obtained in GRE or GMAT (not mandatory)
● Statement of Marks & Purpose
● Letter of Recommendation
● Resume/CV
● Financial Documentation
Application Intake: September Sessions (Deadline- August)
Application Fee: GBP 80
University of Manchester
Course: MSc in Economics
Duration: 1 year (full-time)
Tuition Fee: GBP 21,500
Requirements:
● A*AA grade in the Science stream along with an A* score in Mathematics
● English Proficiency Test Scores - IELTS (6.5), TOEFL-iBT (100), etc.
● GRE Test Scores (298 average)
● Other Documents like Resume/CV, Letter of Recommendation, Statement of Marks, & Statement of Purpose
● Required Financial Documents
Application Intake: Fall (Deadline - June) & Spring (Deadline - November) or Winter (Deadline - January)
Application Fee: Check their Official Website
University of Bristol
Course: MSc in Economics
Duration: 1 year (full-time)
Tuition Fee: GBP 18,800
Requirements:
● Applicant must have Upper 2nd-class Honors in Mathematics and Economics (international equivalents are allowed)
● Proof of Good Performance & Scores
● English Language Proficiency Scores - IELTS (6.5), TOEFL (90), or PTE (67)
● Other Academic Documents are required (Check their Official Website)
Application Intake: Ends by July
Application Fee: GBP 50
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Need of IELTS for International Students
All international applications, who are enrolling from any of the non-English speaking countries, are required to appear in English Proficiency Tests. Most universities consider the scores obtained in these exams while providing admission.
IELTS, or International English Language Testing System, is one of the UK's most commonly accepted Proficiency Tests. Moreover, the scores for these tests also apply to students applying for Tier 4 Visa to study Master of Economics in the UK.
Job Opportunities after Master of Economics in the UK
Having a master's in Economics degree can surely give your intellectual and professional understanding a boost. With this adorning your profile, you will indeed receive higher job opportunities. Some of these include:
● Economist (GBP 46,813 per annum)
● Professor (GBP 221,000 per annum)
● Policy Analyst (GBP 37,805 per annum)
● Budget Analyst (GBP 41,449 per annum)
● Researcher (GBP 31,981 per annum)
● Data Scientist (GBP 51,896 per annum)
● Statistician (GBP 40,456 per annum)
Apart from these fields, you will also become eligible for undertaking careers in domains that are interrelated to Economics.
PR Opportunities for Students in the UK
International students must also gain experience working while studying and working in a graduate job for at least 5 years. After this, the student can apply for an ‘Indefinite Leave to Remain’ or ILR Visa.
The applicant must have a full-time job offer and no criminal record. The process for obtaining an ILR Visa can take up to 6 months. And the applicant will also have to appear in the Knowledge of Life in the UK and English Proficiency tests.
