Master of Economics in the UK

Master of Economics in the UK

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Jyoti L.Wed Aug 11 2021

Economics has been an important 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 from all over the world.

This is why most students try to enrol themselves in the best Bachelor or Master of Economics courses. Since the United Kingdom has a strong economic position, it has emerged as a popular foreign education destination for international aspirants. In this article, we will take you through every minor detail about studying PG Economics in UK.  

Why Study Master of Economics in UK?

Top Universities

Just like their spoken English, the United Kingdom is home to some of the finest universities all around the world. And to back this with facts, there are over 90 universities in the United Kingdom that were included in the QS World University Rankings 2021.

Out of these more than 55 universities offer the Masters in Economics course to international aspirants. Some of the commonest names in these include Cambridge & Oxford, which are also one of the world’s most popular 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, there are a few part-time and different duration options 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 strategizing. Some institutes also put the students through a comprehensive Research Project experience.

Career Prospects within UK

The stats say that after completing your Master in Economics, around 65% of students are more likely to secure a job within 6 months. It will surely give your professional life a kick start. 

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 fitting post for yourself after graduation in the UK.

Top Universities for Master of Economics in UK

As mentioned before, the United Kingdom has some of the best universities and colleges. If you are planning on studying PG Economics in 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 UK to study Master of Economics:

QS Rating 2021University Name
6The London School of Economics and Political Science (LSE)
9University of Oxford
10University of Cambridge
16University College London (UCL)
25University of Warwick

Best Master of Economics Courses in UK

The key reason behind the finest universities are their world-class courses. For students who have made up their mind for studying in the UK, you must know that it is not just ‘Masters in Economics’. There are 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 UK

This is probably one of the biggest determining factors in choosing overseas education or an international university. Since there are different types of courses and choices in institutions available, it can get confusing for the students or applicants on choosing one.

University NameAnnual Tuition Fee
The London School of Economics and Political Science (LSE)GBP 30,960
University of OxfordGBP 22,410 to 24,450
University of CambridgeGBP 32,314
University College London (UCL)GBP 31,200
University of WarwickGBP 35,500

 

Master of Economics Scholarships in UK

Now that we have reviewed the approximate tuition fees, it is time to check the available scholarships for Masters in 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 UK

Here is a brief 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 minimum 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 grading in Science stream along with 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/or 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

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 take the scores obtained in these exams into consideration while providing admission.

IELTS or International English Language Testing System is one of the most commonly accepted Proficiency Tests in the UK. Moreover, the scores for these tests are also applicable to students applying for Tier 4 Visa to study Master of Economics in UK.

Job Opportunities after Master of Economics in UK

Having a master in Economics degree can surely give your intellectual and professional understanding a boost. With this adorning your profile, you will surely 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 inter-related to Economics.

PR Opportunities for Students in UK

International students must also gain experience working while studying and work 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 test along with English Proficiency Test.

 

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