Study Economics in the UK: Courses, Eligibility, Fees, Scholarships, and Career Scope

The UK is a popular choice for those looking to study Economics at the undergraduate or graduate level. Its ‘capital, London, prides itself on being one of the eminent financial hubs across the globe. This makes studying Economics in the UK even more lucrative for international students. The course equips students with the ability to analyze data and develop problem-solving skills.

In this article, we will explore the top reasons for studying Economics in UK universities, the different types of courses offered, some of the preferred universities in, career scope, scholarships and much more.

Why Study Economics in the UK?

The UK has always been one of the most popular choices for international students aspiring to pursue higher studies abroad. The most obvious reason for studying Economics in the UK is that London is one of the most important financial centers globally. This makes studying Economics in London or anywhere in the UK a great opportunity for students.

Besides this, the UK is home to several internationally renowned banks, financial institutions, and accountancy firms, which can open vast employment opportunities for graduates of the UK Economics degree programs.

Types of Economics Courses in the UK

Those who are interested in studying Economics in the UK have a wide range of options available, as many universities and colleges in the country offer various specializations in the field. This allows students to select the area of study that best aligns with their interests.

The UK offers three main levels of Economics courses, which are:

• Undergraduate programs: These are popularly available as BA or BSc degrees, which are generally full-time courses for 3-4 years.

• Postgraduate programs: There are two primary types of Economics Majors available for students - MA and MSc - that may last for 1-2 years, depending on the university and the curriculum offered. In addition, some Masters programs in Economics may even last for 3-6 years, since they are double Master’s degrees like MRes/Ph.D. and MPhil/Ph.D

• Doctorate programs: These include Ph.D. and DPhil, which is between 2 and 8 years.

Listed below are some of the best courses for Economics offered in the UK at its several universities and institutions. You may choose to pursue any of the following specializations during your study program:

• Philosophy, Politics, and Economics

• International Public Policy and Economics

• Economics and Econometrics

• Comparative Business Economics

• Economics Finance

• Local Economic Development

• Economics for Development

• Real Estate Economics and Finance

• International Financial Economics

• Economics, Risk, and Society

Top Universities in the UK for Studying Economics

The following is a list of the top 10 universities in the UK where you can pursue a course in Economics, as ranked by QS World University Rankings 2023 and THE World University Rankings of 2023:

Ref: https://www.topuniversities.com/university-rankings/world-university-rankings/2023
https://www.timeshighereducation.com/world-university-rankings/2023/world-ranking#!/page/0/length/25/locations/GBR/sort_by/rank/sort_order/asc/cols/stats

Eligibility Criteria for Studying Bachelors in Economics in the UK

To apply for an Undergraduate degree program in Economics at any of the above-mentioned colleges and universities, you would need to satisfy the following eligibility criteria:

• You must have an overall IELTS score of 7, with 6.5 as the minimum in each component of the test.

• You must share your Higher Secondary Certificate and must have an aggregate of 75-80% in grades X and XII

Note: Admission into an Undergraduate course in Economics in the Oxford University is based on an entrance test. As part of the admission test, all students are required to attempt the Thinking Skill Assessment or TSA.

Documents Required for Applying

Some of the essential documents required as standard procedure for admission into a UK university for Bachelors in Economics include:

• Personal Statement

• Appropriate references

• Academic transcripts

• A valid International Student Visa for entry into the UK

Cost of Studying Bachelors in Economics

The average tuition fee for international students at most UK universities that offer Bachelors in Economics ranges between GBP 15,000 and GBP 23,000 per annum. In addition to the tuition fee for the program, which varies from one university to the other, international students are also required to bear the cost of living (accommodation + other expenses) in the UK.

Eligibility Criteria for Studying Masters in Economics in the UK

Every college in the UK would have a different set of specifications for international students applying to Postgraduate Economics programs in the UK. Mentioned below are the standard requirements that apply to every candidate in general:

• You must share a recent GRE score of more than 163 in the quantitative section; the score must not be older than 5 years.

• Your English language proficiency test score must be a minimum of 7 in every component of IELTS, with an overall score of 7.5.

• You must have attained an Undergraduate degree in Economics in first-class or at least upper second-class in the program, which is equivalent to 80% in Bachelors

Documents Required for Applying

Each university may have its specific requirements, which you may check with the official website of the university that you apply to. The following documents are generally demanded from international students applying for a Masters in Economics by nearly every college in the country:

• Personal Statement or Statement of Purpose

• Prior academic transcripts

• Official transcript

• Letter of Recommendation from a university/employer (as the case may be)

• Updated CV or Resume

• Relevant professional experience in the field of study in any of the developing nations (preferable but not mandatory)

Cost of Studying Masters in Economics

The average tuition fee for an international student pursuing a Masters in Economics at a UK university generally ranges between GBP 18,000 and GBP 34,000 per annum. Most UK universities give international students the option to avail scholarships or apply for personal loans to support the tuition fee of their study programs.

Scholarships for Studying Economics in the UK

The UK government offers several means of financial support to encourage more students to study in the UK. This includes personal loans, scholarships, and more. Scholarship to the UK is by far the most popular financial aid for many international students arriving in the country every year.

Given below are some popular UK scholarships for Indian students of Economics:

Career Scopes for Economics Graduates in the UK

Both the public and private sectors in the country open a wide array of job options for graduates of Economics. Some of the most popular employers in the country offering jobs to an Economist in the UK are listed below. Also listed are the top job positions offered to an Economist in the UK:

Want more guidance on which college or university to opt for studying Economics in the UK in 2023? Allow IDP’s International Education experts to assist you in making the most critical decision of your career with ease.

Frequently Answered Questions

1. Is Economics a good degree in the UK?

Students graduating with Economics Major can start earning high salaries ranging between GBP 25,000 to GBP 30,000/annum. Moreover, after gaining work experience for some years, senior economists are likely to earn even up to GBP 70,000 per annum with a degree in Economics from a UK university. Besides this, the colleges and universities in the country are respected worldwide for providing globally recognized degrees to students and their unique research methodologies.

2. Duration of study for an Economics degree in the UK.

A Bachelor's degree in Economics in the UK typically takes three years to complete, while a Masters program usually lasts one year.

3. How much does studying Economics in the UK cost?

The average cost of studying an Economics in the UK can range anywhere between GBP 18,000 and GBP 34,000. This price may vary depending on the college or university where the program is pursued.

4. Are Economists well-paid in the UK?

The general starting salary range for an economist in the UK may be somewhere between GBP 25,000 to GBP 35,000. This may sometimes go up to GBP 40,000 who have gained a few years of work experience in the country. For senior economist roles, the salaries offered may start from GBP 50,000 and can even go up to GBP 75,000, as per the candidate’s work experience, sector of work, and work location.

5. Can I study Economics in the UK without Maths?

Yes, several UK universities are willing to accept applications for the Economics degree from students without A-level in Mathematics. Even though Maths is generally considered important for Economics degree courses in the UK, some universities consider applications without Mathematics as well.

6.. How much is the living cost in the UK for international students?

The cost of living in the country for an international student would largely depend on their budget, lifestyle, and spending habits; however, on average, the living cost in the UK is estimated to be roughly GBP 12,000/annum for a student studying in the country.