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Masters in Economics in UK – Universities, Ranking & Fees

Updated on 08 November, 2023

The UK is one of the leading and oldest economic centers globally. It houses the best universities for a master’s degree in economics. So, if you are planning to do your master’s in economics in the UK, you are on the right track! The degree is a gateway to a rewarding global career in research, analysis, and policymaking. The course usually spans one year at the postgraduate level, training aspirants to analyze data and examine macro and microeconomic factors worldwide. 


A master’s course in the UK will cost roughly £16,000-£30,000 per year. At the same time, the UK has revamped its post-study work policies and now offers a two-year post-study work visa for international aspirants. It helps aspirants seek employment opportunities with leading recruiters in this field such as Barclays Capital Inc, Barclays Bank PLC, Reed Business Information, Frontier Economics, European Bank for Reconstruction, and many others. 

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Popular Read: Top MBA Colleges in UK

Reasons to Study Master’s in Economics in the UK?

Studying your MSc economics in the UK will give you many benefits. They include the following: 

  • The UK is home to the world’s best and most acclaimed universities for economics, including biggies such as the London School of Economics, the University of Oxford, and the University of Cambridge, among others. 
  • Studying master’s in economics in the UK will help you gain global exposure while also getting excellent employment opportunities with leading companies. 
  • More than half of the available openings are found in the financial and banking sectors, human resources (HR), and business
  • The UK offers great prospects for future research and study in economics. 

Best Universities for Master’s in Economics in the UK 

Here are the best universities for economics in the UK that you should consider: 

2022 QS Subject RankInstitutionCourseCost of the Course
6London School of Economics (LSE)MSc in Economics£29,760
8University of OxfordMSc in Economics£30,330
10University of CambridgeM.Phil/PhD in Economics 
17UCLM.Phil/PhD in Economics£32,100
25The University of WarwickMSC Finance & Economics£36,000
37London Business SchoolMSc in Economics£39,200
39Imperial College LondonMSc in Economics and Strategy for Business£31,800
62The University of ManchesterMSc in Economics£25,500
73The University of EdinburgMSc in Economics£34,700
90University of NottinghamMSc in Economics£25,000

Cost of Attendance 

The average costs of studying a master’s course in economics include the following: 

You can expect tuition fees of £16,000-30,000 (INR 16-30 lakhs) per year. 

  • £348 (INR 34,800) in visa costs. 
  • £468-607 (INR 39,426-51,158) in monthly accommodation expenditure. 
  • £195-217 (INR 19,000-22,000) in monthly food costs. 
  • £30-43 (INR 3,000-4,300) per month in clothing, accessories, and footwear. 
  • £30 (INR 3,000) in laundry costs per month. 
  • £46 (INR 4,600) per month in gas, electricity, water, and other utility costs. 

Requirements for Admission

Those interested in applying for MS degrees in economics in the UK should fulfill the following criteria: 

  • Undergraduate degree with global recognition. 
  • Minimum 60% marks in economics or any related subject at the UG level. 
  • English language proficiency proof (TOEFL/IELTS scores). 
  • Test scores in GRE


The major sections of the course covered under Masters in Economics program in the UK:

  • Microeconomics
  • Macroeconomics
  • Econometrics
  • Research Methods
  • Quantitative Methods
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Job Prospects After Doing MS in Economics in the UK

Aspirants can expect to find rewarding jobs at banks, consultancy companies, international or financial entities, academic institutions, etc. An economics degree offers valuable skills and knowledge highly revered by potential employers worldwide. Some available job positions include economic analysts, senior economists, economic consultants, pricing analysts, operations managers, pricing managers, etc. Average salaries hover between £31,000-64,000per annum.

There has been a steadily rising demand for qualified and skilled economists in the UK over the last few years. Candidates can get high-paying employment in the United Kingdom or other global nations. 

Visa Procedure

You will need a Tier-4 student visa or a Student Route visa to study MS in economics in the UK. You should be more than 16 years of age with requisite English speaking, understanding, and reading abilities, along with showing proof of funds and your offer letter from an institution in the country. You will need to clear the SELT (IELTS Life Skills) or adhere to the CEFR (Common European Framework of Reference for Languages) B2 language proficiency level. 

Necessary documents include: 

  • Passport.
  • Proof of funds.
  • Photograph.
  • Application form.
  • Receipt of application fee payment.
  • Tuberculosis test results.
  • Immigration health surcharge.
  • Self-assessment form (appendix 8) with all necessary attached documents. 

Available Scholarships

Here are some of the available scholarships for aspirants: 

Name of the InstitutionName of ScholarshipScholarship Amount
Imperial College LondonGREAT scholarship£10,000 
University of KentBritish Council GREAT Scholarship£10,000
Heriot-Watt UniversityPostgraduate Merit Award£1500-3000
University of SussexChancellor’s International Business Scholarship 2020£5,000 to 7,500 
The University of ManchesterGREAT Scholarships 2020£800,000 
Swansea UniversityMBA CENTENARY SCHOLARSHIP 2020£20,000
Queen’s University BelfastQueen’s Loyalty Scholarship20% tuition fee waiver for a year
Cardiff UniversityVice Chancellor’s International Scholarship£2,000 
University of BristolGlobal Economics Postgraduate ScholarshipFive scholarships that are worth £5000

Disclaimer! All course fees and scholarships are approximate amounts subject to change depending on various conditions.

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Frequently Asked Questions

What can you do with a master’s in economics in the UK?

You can always pursue a rewarding global career as a business, economic or financial analyst, researcher, data scientist, statistician, or stock market expert at various international financial and banking entities, research and consultancy firms, and policy organizations. You can also get into financial risk management, chartered accountancy, investment analysis, and many other related fields. You can choose to pursue further research in the UK or apply for high-paying jobs in your field.

Is economics a good degree in the UK?

Economics is a great degree to study in the UK, primarily because the country offers a world-class atmosphere of research and learning. It is also home to the world’s best-ranked universities for economics while offering many job opportunities in a diverse array of fields at top public and private sector companies. A degree from the UK will help you build a global financial, banking, or consulting career.

Which is the best university to study economics in the UK?

Many leading universities are offering MS in economics in the UK. Some of them include the London School of Economics, the University of Oxford, Imperial College London, University of Cambridge, the London Business School, University of Bristol, the University College London, and the University of Manchester.


Shweta is a content professional who has spent over a decade in the field and has experience working in varied industries and domains.

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