Master’s in Economics in the UK – Universities, Cost & Jobs

Master’s in Economics in the UK

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 will cost roughly £16,000-30,000 (approx INR 16-30 lakhs) 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. 

Why Should you Study for your 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: 

2020 QS Rank

Institution

Course

Cost of the Course

9

Imperial College London

MSc in Economics and Strategy for Business

£29,500 (INR 29 lakhs)

27

The University of Manchester

MSc in Economics

£21,500 (INR 21 lakhs)

44

London School of Economics (LSE)

MSc in Economics

£29,760 (INR 29 lakhs)

49

The University of Bristol

MSc in Economics

£18,800 (INR 18 lakhs)

62

The University of Warwick

MSc in Economics

£25,330 (INR 25 lakhs)

154

Cardiff University

MSc in Economics

£21,950 (INR 21 lakhs)

173

Queen’s University Belfast

M. Sc in Economics

£17,900 (INR 17 lakhs)

246

The University of Sussex

MSc in Economics

£20,950 (INR 20 lakhs)

314

Heriot-Watt University

MSc in Economics, Banking and Finance

£16,400 (INR 16 lakhs)

368

University of Kent

MSc in Economics

£16,200 (INR 16 lakhs)

462

Swansea University

MSc in Economics

£17,900 (INR 17 lakhs)

Cost of Studying MS in Economics in the UK 

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. 

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 £31,000-64,000 (INR 31-64 lakhs) per 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 Institution

Name of Scholarship

Scholarship Amount

Imperial College London

GREAT scholarship

£10,000 (INR 10 lakhs)

University of Kent

British Council GREAT Scholarship

£10,000 (INR 10 lakhs)

Heriot-Watt University

Postgraduate Merit Award

£1500-3000 (INR 1.5-3 lakhs)

University of Sussex

Chancellor’s International Business Scholarship 2020

£5,000 to 7,500 (INR 5-7.5 lakhs)

The University of Manchester

GREAT Scholarships 2020

£800,000 (INR 8 lakhs)

Swansea University

MBA CENTENARY SCHOLARSHIP 2020

£20,000 (INR 20 lakhs)

Queen’s University Belfast

Queen’s Loyalty Scholarship

20% tuition fee waiver for a year

Cardiff University

Vice Chancellor’s International Scholarship

£2,000 (INR 2 lakhs)

University of Bristol

Global Economics Postgraduate Scholarship

Five scholarships that are worth £5000 (INR 5 lakhs) each

Frequently Asked Questions

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

A. 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.

Q. Is economics a good degree in the UK?

A. 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 a plethora of 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.

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

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

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

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