Masters in Economics in UK: Top Universities, Admissions, Fees, Scholarships, Salaries

Masters in Economics in UK: Fees 2023, Top Colleges, Placements & Salaries

Masters in Economics in UK is a one-year postgraduate course that trains students to analyse data on the production of goods and resources. The program involves the investigation of both small-scale (microeconomics) and global (macroeconomics) economic factors, which can result in improving the prosperity of customers and economic goods. Masters in Economics in UK is available in 55+ top universities, which usually demand a bachelor’s degree with a minimum overall aggregate of 60-70% to be eligible for admission.

Pursuing Masters from top Economics schools in UK can range between 18,000 GBP to 34,000 GBP (17.85 lakhs - 32.34 lakhs INR). With UK introducing a 2-year post-study work visa for international students, you can look forward to working with some of the top recruiters like Barclays Bank PLC, Barclays Capital Inc, Frontier Economics, Reed Business Information, and European Bank for Reconstruction. The average annual salary for Master of Economics graduates in USA can be around 39,000 GBP (37.1 lakhs INR) for a fresher.

Highlights

Program Masters in Economics
Degrees Available MSc, M.A
Course Duration One-year
Number of Universities offering program 55+
Top Universities Imperial College London
University of Manchester London
School of Economics and Political Science
University of Bristol University of Warwick
Eligibility Relevant bachelors with 60-70%
Exams Required IELTS/TOEFL/PTE
GRE (for some institutions)
Tuition Fees 18,000 GBP to 34,000 GBP (17.85 lakhs - 32.34 lakhs INR)
Top Recruiters Deloitte, KPMG, World Trade Organisation, European Central Bank, Frontier Economics
Entry-level salary package 39,000 GBP (37.1 lakhs INR)

Top Universities for Masters in Economics in UK

There are 59 colleges offering Masters in Economics in UK. Listed below are the top universities for Masters in Economics in UK as per QS 2023 rankings along with the program offered and admission deadlines.

University Course Offered Admission Deadlines Tuition Fees (GBP)
Imperial College London MSc Economics and Strategy for Business Rolling Basis 34,400
London School of Economics and Political Science MSc Economics Rolling 34,128
University of Manchester MSc in Economics | M.A in Economics Stage 1 [Dec 9, 2022] | Stage 2 [Feb 10, 2023] | Stage 3 [Mar 25, 2023] | Stage 4 [Apr 29, 2023] | Stage 5 [Jul 1, 2023] 28,500
University of Bristol MSc Economics July 31, 2023 22,700
University of Warwick MSc in Economics and International Financial Economics March 3, 2023 27,930
Cardiff University MSc Economics Rolling 22,700
Queen’s University Belfast MSc Economics Rolling 17,900
University of Sussex MSc International Business Economics August 1, 2023 20,950
Heriot-Watt University MSc in Economics, Banking, and Finance August 1, 2023 18,520
University of Kent MSc in Economics and Econometrics July 31, 2023 18,600
Swansea University MSc in Economics October 31, 2022 (closed) 19,950

Apart from the above-mentioned programs, Oxford University offers an MS in Financial Economics, a nine-month full-time program through its Saïd Business School. London School of Economics and Political Science offers a variety of study programs at the graduate-level which include Econometrics and Mathematical Economics, Economic History, etc. for students.

What is Masters in Economics

Economic degrees can be more theory-focused or career-focused. Masters in Economics courses include topics such as Economic theory, microeconomics, macroeconomics, development economics, corporate finance, etc. The subject of economics mainly involves looking at goods and services from the perspective of economic agents and the market as a whole.

Specialisations and Courses Offered

International students can choose to expand their knowledge in a known topic or can select a new specialty.

Below are some of the standard specialisations which can be studied in the UK:

  • Econometrics – It is a combination of basic economic theory and statistical methods in developing a deeper understanding of the data. It’s a mixture of theoretical and application in a more detailed way.
  • Financial Economics - This field mainly involves learning about domestic and international financial markets. You can also study international financial economics in a particular way that includes foreign exchange markets and global capital markets.
  • Microeconomics – It will cover topics of mathematical techniques and also explore issues involving consumers, markets, and the firm. It includes problems of supply-demand, market operations, and consumer demand.
  • Macroeconomics – From this course, one can gain an understanding of the interaction of economic agents in the short, medium, and long term. This course covers topics, namely inflation, employment, and interest rates.

Why Study Masters in Economics in UK?

  • The UK has top universities for a Master’s degree in Economics namely Oxford University, University of Cambridge, London School of Economics and Political Science, etc.
  • 65% of the Masters in Economics graduates in the UK are employed within six months after graduation (as per prospects.uk.ac). Most of these land up in various top jobs in the UK such as business, finance, and marketing.
  • The unemployment rate of UK as of September 2022 is 3.6%, indicating abundant job opportunities for graduates.
  • Business, HR, and financial sectors account for 57% of the jobs available. Given below is the distribution of graduates with Masters in Economics in UK among various sectors

Master in Eco in UK Top Jobs

Masters in Economics in UK: Eligibility Criteria

Interested applicants can complete their admission applications for Masters in Economics in the UK online through the respective university websites. Students who wish to pursue Masters in Economics are required to fulfil both academic and English language proficiency requirements to secure a position with UK universities.

Eligibility for Masters in Economics in UK: To be eligible for a Masters degree in Economics in UK, and the applicant must fulfil the following eligibility criteria:

  • A globally recognized bachelor degree with a minimum 2:1 honours degree or 60% in Economics or a related subject
  • Proof of English language proficiency:
    • TOEFL: 90 - 100
    • IELTS: 6.5 - 7.0
    • PTE: 62 - 73
  • GRE test scores 130 - 170 in both Verbal and Quantitative sections.

These are the basic eligibility requirements you need to fulfil while entering the UK for an Economics degree. Detailed below is a table specifying the requirements for pursuing Masters in Economics in top UK universities:

Applicants must note that for most UK universities you will be required to have an aggregate of 50-70% in bachelor’s degree and proof of language proficiency to get into a Master in Economics program. GRE scores may be required by some universities, but plenty of these offer admissions without GRE as well.

Documents Checklist:

  • Undergraduate transcripts evaluated by certified agency
  • English test scores of IELTS, TOEFL or others
  • GRE score report
  • Statement of Purpose for UK
  • 2 to 3 references from an employer or faculty
  • CV or resume
  • Passport copy
  • UK Students Visa

Masters in Economics in UK: Cost of Studying

Studying abroad includes a number of expenses that international students need to pay. The cost of studying in the UK basically involves the tuition fees for that course, pre-arrival cost, and living cost.

Masters in Economics in UK: Tuition Fees

The cost of studying Masters in Economics in UK's top universities goes up to 17,000 GBP to 34,000 GBP (16.17 lakhs - 32.34 lakhs INR). You can either choose to study with these top Economics schools or look for alternatives like colleges offering cheaper Economics degrees. However, before looking for alternative schools, you must first invest your time in finding a scholarship that can help you graduate from any of these top universities.

Masters in Economics in UK: Tuition Fees

Universities Tuition Fees (GBP) Tuition Fees (INR)
Imperial College London 34,400 32.72 lakhs
London School of Economics and Political Science 34,128 33.97 lakhs
University of Warwick 28,500 28.37 lakhs
University of Manchester 22,700 22.6 lakhs
University of Bristol 27,930 27.81 lakhs
Cardiff University 22,700 22.6 lakhs
University of Sussex 17,900 17.82 lakhs
University of Kent 20,950 20.85 lakhs
Swansea University 18,520 18.43 lakhs
Queen’s University Belfast 18,600 18.51 lakhs
Heriot-Watt University 19,950 19.86 lakhs

Cost of Living in UK

The relatively high wages in the UK makes the cost of living higher. Although living in the UK is expensive, in some areas it is affordable. A tabulated section is shown for the estimated cost of living in the UK for international students:

Expense Type Average Cost (GBP) Cost Equivalent (INR)
Accommodation 600 57,685
Food 180 18,257
Transport 30 3,043
Phone/Internet 20 2,029
Household Expenses 45 4,326
Miscellaneous 245 23,554
Cost of Living in UK

Check out: Scholarships available for pursuing Masters in UK

Masters in Economics in UK: Scholarships

For international students, UK offers a vast number of scholarships for the undergraduate as well as for postgraduate students. Studying in the UK allows you to get admitted to some of their best universities. Most international students need some form of scholarships to fund studies in the UK. Below is a tabulated section of the scholarships offered in the UK for Masters in Economics degree which are as follows:-

University Name Scholarships offered Scholarship value (in GBP)
Imperial College London GREAT scholarship 10,000
Heriot-Watt University Postgraduate Merit Award 1500-3000
University of Sussex Chancellor’s International Business Scholarship 2020 5,000 to 7,500
Swansea University MBA CENTENARY SCHOLARSHIP 2020 20000
Queen’s University Belfast Queen’s Loyalty ScholarGREATship 20% tuition fee off for 1 year
Cardiff University Vice Chancellor’s International Scholarship 2,000
University of Kent British Council Scholarship 10,000
University of Bristol Global Economics Postgraduate Scholarship Five scholarships worth 5000 each
University of Manchester GREAT Scholarships 2020 800,000

Masters in Economics in UK: Jobs Opportunities

Some of the popular career choices among Masters in Economics graduates include consultancy firms, banks, universities, financial or international agencies. A degree in Economics offers a variety of highly transferable skills which are respected by employers. Graduating with a Master’s degree opens various job opportunities in UK.

Masters in Economics in UK: Jobs Opportunities

Below is the tabulated section along with the average salary of the job prospects after this degree.

Job Titles Average Annual Salary (GBP) Average Annual Salary (INR)
Pricing Manager 64,671 61.53 lakhs
Quantitative Analyst 63,966 60.85 lakhs
Senior Economist 58,336 55.5 lakhs
Procurement Manager 43,131 41.03 lakhs
Economic Analyst 37,955 36.11 lakhs
Economic Consultant 35,148 33.44 lakhs
Economist 34,207 32.54 lakhs
Statistician 23,058 21.93 lakhs

The growing demand for economists because of the increasing complexity in the global economy, competitive business environment, and additional financial regulations has opened high demanding positions for graduates of Masters in Economics in UK.

Masters in Economics in UK: University Comparison

The below table shows comparison of top universities in UK for Masters in Economics based on the admission criteria:

University Application Fees GPA Required GMAT/GRE Scores ELP Scores
Imperial College London 100 GBP 60% or more GMAT: 600 | GRE: 156 [Verbal], 158 [Quant] IELTS: 6.5 | TOEFL: 92 | PTE: 62
University of Manchester 60 GBP 60% or more in relevant bachelors GRE: 160 [Verbal] | 150 [Quant] IELTS: 7.0 | TOEFL: 103 | PTE: 73
London School of Economics and Political Science 80 GBP 70% or more in relevant bachelors GMAT: 650 | GRE: 150 [Verbal] | 161 [Quant] IELTS: 7.0 | TOEFL: 100 | PTE: 65
University of Bristol 60 GBP 60% or more aggregate, 80% or more English can waive off language requirements GMAT: 590 | GRE: 310+ IELTS score of 6.0
University of Warwick 60 GBP 60% or more in bachelors GMAT: 650 | GRE: 300+ IELTS: 6.5 | TOEFL: 92 | PTE: 62

Masters in Economics in UK v/s Masters in Economics in Canada

Parameter Masters in Economics in UK Masters in Economics in Canada
Duration 1-2 years 2 years
Average Tuition Fees 18,000 GBP to 34,000 GBP (17.85 lakhs - 32.34 lakhs INR)) 22,500 to 29,000 CAD (13.6 to 17.6 lakhs INR)
Cost of Living 1,120 GBP (1.11 lakhs INR) 1,987 CAD (1.19 lakhs INR)
Percentage Required 60-70% 83-86%
Accepted GMAT/GRE Scores GMAT: 500+ | GRE Quant: 155 GRE Quant: 155 | GRE Verbal: 160
English Language Proficiency Tests IELTS: 6.5 - 7.0 | TOEFL: 90 - 100 IELTS: 7.5 | TOEFL: 100
Average Salary 39,000 GBP (37.1 lakhs INR) 56,400 to 119,200 CAD (34.22 to 72.32 lakhs INR)

With a variety of sectors requiring skilled professionals with an Economics background, graduates of a Master's in Economics can land up with high paying jobs in the UK or abroad. The ROI for the course is good with an investment of around 25,000 GBP- 35,000 GBP (24.11 lakhs INR - 33.76 lakhs INR) and returns of about 32,000 GBP- 64,000 GBP (30.87 lakhs - 61.74 lakhs INR). Overall, the program offers an opportunity to make a career in UK and can hence be considered a lucrative choice for international applicants.

FAQs

Ques. Is a Masters in Economics worth it in UK?

Ans. UK is home to some of the top universities for a Master’s degree in Economics namely Oxford University, University of Cambridge, London School of Economics and Political Science, etc. Additionally, 65% of the graduates of Masters in Economics inUK are employed within six months after graduation (as per prospects.uk.ac). Most of these land up in various top jobs in the UK such as business, finance, and marketing.

Ques. How long is a Masters in Economics in UK?

Ans. Masters in Economics in UK is a one-year postgraduate course that trains students to analyse data on the production of goods and resources. The program involves the investigation of both small-scale (microeconomics) and global (macroeconomics) economic factors, which can result in improving the prosperity of customers and economic goods.

Ques. What are top universities offering Masters in Economics in the UK?

Ans. The top universities in the UK for this course program are Oxford University, Sussex University, University of Manchester, University of Kent, Cardiff University, University of Bristol, etc.

Ques. What are the eligibility requirements for Masters in Economics in UK?

Ans. An applicant is required to have a bachelor's degree with 60-70% in Economics or a related study field from a recognized international institution or a UK university. Alongside a bachelors degree you will be required to fulfil English language proficiency requirements and submit additional test scores like GRE, when required.

Ques. How much does a Masters in Economics in UK cost?

Ans. The tuition fee for a full-time Masters in Economics in UK’s top universities ranges from 18,000 GBP to 34,000 GBP (17.85 lakhs - 32.34 lakhs INR) . Additionally, the cost of living in UK ranges from 12,000 - 20,000 GBP (11.41 lakhs to 19.02 lakhs INR) a year depending on your city.

Ques. Can I get a job after Masters in Economics in UK?

Ans.Yes, a degree Masters in Economics in UK offers a variety of highly transferable skills which are respected by employers. Some of the most popular job roles and professions after Masters in Economics in UK are:

  • Economist
  • Investment Analyst
  • Economic Analyst
  • Data Analyst
  • Credit Risk Manager
  • Finance Associate
  • Demand Planner

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