Masters in Economics in UK – Universities, Ranking & Fees

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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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: 

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. 

Curriculum

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

• Microeconomics
• Macroeconomics
• Econometrics
• Research Methods
• Quantitative Methods

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: 

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

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