The UK has been the oldest economic hub among all other countries. Over the decades, it has evolved towards becoming the centre stage of economics, attracting economists, and students. Every year, many students seek admission to pursue masters in economics in UK for better exposure to global economics.
MSc in economics in UK encourages students to focus on a specific area of study within economics while also delving further into the discipline with higher-level theory. Students pursuing MA economics in UK have options to choose the area which includes Applied Economics, Transport Economics, Cultural Studies, Innovation and Policy, Management, and more.The article presents you with a complete brief on best economics masters uk, job scope, eligibility and other information to pursue MA economics in UK.
Why Study MSc In Economics In UK?
The masters in economics in UK allow students to combine their studies and professional career through full-time and part-time courses. Moreover, universities in UK offer practical learning experience helping students to get insight into economics. Besides, there is a good job scope for fresh graduates in the economics field.
The degree offers a good path for satisfying a career in research, and policymaking on a worldwide scale. At the masters level, the course typically lasts one year and prepares students to evaluate data and look at macro- and microeconomic variables globally.Some of the other reasons to study MA economics in UK:
- Economics Hub
UK is one of the largest economic hubs with some of the top brands having a base here. Many students post masters end up in high-profile positions in the UK's business, banking, and marketing sectors.
- Top Ranking Universities
There are top economics universities in UK offering quality education to students. These universities have good infrastructure and experienced faculty giving better exposure to real life challenges.
- Good Scholarship Options
Students who are keen to pursue an economics degree in UK will need enough funds. Universities in UK offer special financial grants for eligible students that cover the course fees.
Top Universities in UK for Masters in Economics
UK being the leading country to study masters in economics, there are some top universities offering the course. Listed below are few:
- Imperial College London
- University of Manchester
- London School of Economics and Political Science (LSE)
- University of Bristol
- Cardiff University
Let us get into details of each:
1. Imperial College London
Imperial College of London offers a research-driven education that exposes you to real-world economic problems. The university combines modern economics and cutting-edge strategic analysis under its one-year, full-time MSc Economics & Strategy for Business program. The curriculum is created to educate students for lucrative employment in financial services as well as specialised economic and management consultants.
|
Type |
Public |
|
QS World University Ranking 2023 |
6 |
|
QS Subject Ranking 2022 |
39 |
|
Program Offered |
MSc Economics and Strategy for Business -1 year |
|
Program Fees (Annual) |
Approx- GBP 30,133 (INR 28,82,600.82) |
2. University of Manchester
The University of Manchester is a public university with a focus on research. It is one of the top centres in Europe for economics research and research-based instruction. Students pursuing the course will be introduced to ideas, tools and economic concepts through practical and theoretical learning. The university offers rigorous training in modern economics to prepare for a challenging work environment.
|
Type |
Public |
|
QS World University Ranking 2023 |
28 |
|
QS Subject Ranking 2022 |
62 |
|
Program Offered |
MSc in Economics |
|
Program Fees (Annual) |
Approx- GBP 21,900 (INR 20,95,010.72) |
3. London School of Economics and Political Science (LSE)
London School of Economics and Political Science offers social science and economic courses with practical learning experience. The School is a hub for cutting-edge research and true intellectual stimulation. The program allows you to gain a firm foundation in economic theory and quantitative methods as well as enhance your abilities to the point where you are qualified to enrol in the main MSc Economics program during the preliminary year.
|
Type |
Private |
|
QS World University Ranking 2023 |
56 |
|
QS Subject Ranking 2022 |
6 |
|
Program Offered |
MSc Political Science and Political Economics- 1 year MSc in Economics- 2 year |
|
Program Fees (Annual) |
MSc in Political Science and Economics- GBP 24,456 (INR 23,23,507) MSc- GBP 30,398 (INR 29,07,951.41) |
4. University of Bristol
The University of Bristol offers a one year program in economics that will help in building skills needed for a career as an economist. It is appropriate for graduates in economics or a highly quantitative area. You can choose to specialise in Economics and Data Science, Economic Policy, or Macroeconomics through the program's specialty routes. Each pathway combines core and specialised units in a way that maximises your ability and depth of knowledge in the areas you are interested in.
|
Type |
Public |
|
QS World University Ranking 2023 |
61 |
|
QS Subject Ranking 2022 |
103 |
|
Program Offered |
MSc in Economics and Finance- 1 year MSc Economics, Finance and Management- 1 year |
|
Program Fees (Annual) |
Approx- GBP 28,400 (INR 26,98,218) |
5. Cardiff University
This multidisciplinary program by Cardiff University, gives strong emphasis on real-world applications in economics. The curriculum equips you with the knowledge and abilities to handle the strategic problems that contemporary firms and organisations face as they compete on both the domestic and international markets..
|
Type |
Private |
|
QS World University Ranking 2023 |
166 |
|
QS Ranking 2022 |
251-300 |
|
Program Offered |
MSc in International Economics, Banking and Finance-1 year MSc in Financial Economics- 1 year |
|
Program Fees (Annual) |
Approx MSc in International Economics- GBP 25,250 (INR 23,98,943) MSc in Financial Economics- GBP 23,950 (INR 22,75,433) |
Top Universities for MS in UK, Scholarships, Job Opportunities & More
Course Curriculum of MA in Economics in UK
MSc in economics UK is more career focused. Subject areas covered under masters courses by UK universities are- economic theory, microeconomics, macroeconomics, development economics, corporate finance, and other subjects are covered in master's level economics courses.Students are well-prepared for the practical world of global economics. Some of the subjects covered are-
- Research Dissertation
- Microeconomics
- Macroeconomics
- Quantitative Methods
- Principles of Finance
10 Top Courses In UK For International Students
Eligibility Criteria & Admission Requirement for MA Economics UK
To pursue the MA economics UK, international students need to carry a certain eligibility criterion which depends on stream taken. The criteria depends on-
- Educational Qualification
- English Language Proficiency Test Scores
- GRE or GMAT Test Scores
- Work Experience
- UK Student Visa
- Additional Requirements
Lets’ know these requirements in detail:
1. Educational Qualification
Students need to submit globally recognized bachelor degree having minimum 2:1 honors degree or 60% in economics from a respective university.
2. English Language Proficiency Test Scores
Another important consideration is their performance on the English language competency exam. IELTS scores of 6.5 to 7.0 and a TOEFL score range of 90 to 110 are generally accepted by top universities in UK for masters in economics. Also PTE score of 55-73.
3. GRE or GMAT Test Scores
There are few MA economics in UK universities demanding GMAT/GRE scores. However, the score may differ as per the course and university. The average score-
4. Work Experience
To pursue MSc in economics in UK, having 3-4 years of work experience can be an added advantage.
5. UK Student Visa
To apply for a UK study visa, international students need to have the acceptance letter from the applied university. The average processing time for a UK study visa is three weeks, though during busy periods it may take longer.
Everything about the UK Student Visa Application, Processing Time, and Fees
Documents Required For Masters in Economics in UK
To apply in top universities in UK for masters in economics, there are certain documents required:
- Transcripts of all educational qualification
- CV or Resume
- LOR
- SOP
- Scorecards of IELTS/TOEFL
- Scorecards of GMAT/GRE
- Work experience certificate
- Valid Passport
- Current Photographs (passport size)
Everything You Need to Know about Requirements to Study in UK For International Students
Admission Process for Economics Universities in UK
To complete the admission process, you need to have all the required documents. Below are the steps to follow for admission process:
- Check the official university website to see if you match the eligibility requirements for your desired program.
- Take a look at the important documents and permits that you need to submit along with your application.
- Complete the online application form and pay the application cost.
- After submitting your application, you can log in to the admission portal.
- Meanwhile, you can gather all of the documents needed to apply for a UK study permit.
- If you meet the required needs, the university invites you for the entrance exam.
- The cut-off for the entrance exam is determined by the college administration. If an applicant performs well on the entrance exam and meets the cut-off, the next step is processed.
- Once the university accepts documents and scores, you can get an acceptance letter from the applied university
- After receiving an acceptance letter you can apply for the UK student visa.
UK university Admission Process for Undergraduate & Postgraduate Programs
Cost of Studying MA Economics in UK Universities
The cost of study gives a clear idea for international students about the amount to be invested. If you are pursuing MSc economics in UK, you need to know the cost of study and living
1. Tuition Fees
There are a number of best universities for economics in UK, each with its own cost structures. Additionally, the fee is determined by your study level and the region of the UK in which you decide to enrol in the respective university. The average annual cost to study economics degree in UK is around GBP 28,400 (INR 26,98,218)
2. Cost of Living
UK is quite expensive. So you need to have a proper idea about the cost of living. The average monthly cost of living in the UK is around GBP 1276 (INR 10,18,54.97).
|
Facilities |
Cost Per Month |
|
Accommodation |
GBP 830 (INR 79,555.87) |
|
Food |
GBP 50 (INR 4792.52) |
|
Transportation |
GBP 32 (INR 2576.27) |
|
Study Materials |
GBP 1000 (INR 95,850.45) yearly |
What is the Cost to Study Masters in UK?
Scholarships To Study Economics in UK
To study economics in UK, one needs to have enough funds, and it is quite impossible for many. So the best way is to get scholarships offered by universities and states.
|
Scholarships |
Amount Granted |
|
GBP 190214 (INR 18,19,6363.89) |
|
|
Postgraduate Merit Award |
varies |
|
Queen’s Loyalty Scholarship |
Half tuition fees |
|
Vice Chancellor’s International Scholarship |
GBP 20,402 (19,51,708.16) |
13 Best Scholarships in UK for International Students 2022
Jobs After Masters in Economics in UK
When it comes to the job, UK offers some good employment opportunities for masters in economics. You are permitted to stay in the UK for two years after receiving your master's degree to ease your job search there, though. The overall annual salary in UK after masters is GBP 32,687 (INR 31,05,516).
|
Job Roles |
Annual Average Pay |
|
Economic Analyst |
GBP 40,858 (INR 39,08,582.10) |
|
Economic Consultant |
GBP 36,772 (INR 35,17,704.76) |
|
Operation Manager |
GBP 31,665 (INR 30,29,155.91) |
|
Senior Economist |
GBP 64,352 (INR 61,56,078.99) |
What are the Career Opportunities After MS in UK?
To study economics in UK, students need to list down some of the top universities which are mentioned above. Overall the career of aspirants remains open once the course is completed. For more assistance on university and best economics in the UK connect with our Yocket Professionals today.
