MSc Economics in UK in 2024



An MSc in Economics in UK is an excellent opportunity for students who want to develop their analytical and critical thinking skills, as well as gain a deep understanding of economic theory and its applications. The program typically lasts for one year and covers a wide range of topics, including micro and macroeconomics, econometrics, and international economics.

According to the latest QS World University Rankings, several UK universities rank among the top 50 in the world for economics, including the University of Oxford, the University of Cambridge, and the London School of Economics.

Graduates from the MSc in Economics program in the UK have excellent job prospects, with many going on to work in finance, consulting, and government. According to data from the Higher Education Statistics Agency, 84% of graduates from economics courses in the UK were in employment or further study six months after graduation. Overall, a master’s in Economics program in the UK is an excellent choice for students looking to further their education and career prospects in this field.



Why Study MSc in Economics in the UK?


If you’re looking to take your education to the next level by pursuing an MSc in Economics, there are plenty of compelling reasons to consider studying in the UK. With over 160 universities and higher education institutions across the country, the UK has a long-standing reputation for academic excellence, particularly in the fields of economics and finance.

In fact, according to the QS World University Rankings by Subject 2023, the UK is home to four of the top 20 universities in the world for economics and econometrics. These institutions have a proven track record of producing world-class economists, many of whom go on to work for prestigious organizations such as the International Monetary Fund (IMF), the World Bank, and the Bank of England.

Beyond the quality of education, studying in the UK can also be a great way to build connections and expand your professional network. The country’s vibrant business community and thriving startup scene provide ample opportunities to connect with like-minded individuals and potential employers.

Moreover, another significant advantage of Indian students pursuing their masters in Economics in the UK is the duration taken to complete this programme. With the exception of a few universities in Scotland, most master’s degrees in the United Kingdom take one year to complete, instead of the two years that are taken in the USA, Australia, Canada or New Zealand. This allows you to save one year’s worth of tuition and begin your career sooner.

Overall, pursuing a postgraduate degree in Economics from a UK university can be a smart investment in your future, offering a top-notch education, valuable networking opportunities, and a strong foundation for career success.

Top universities to study a master's in economics in the UK


The United Kingdom stands tall as a beacon of higher education, especially when it comes to the field of economics. If you’re considering pursuing a masters in Economics, understanding which universities lead the pack can be pivotal. This guide walks you through some top choices, focusing on their unique strengths and contributions to economic theory. Here are the top ten universities in the UK offering masters in Economics based on the Times Higher Education and QS ranking:

  • 1. University of Oxford
  • 2. University of Cambridge
  • 3. London School of Economics and Political Science (LSE)
  • 4. UCL
  • 5. Imperial College London
  • 6. University of Warwick
  • 7. University of Manchester
  • 8. University of Edinburgh
  • 9. University of Bristol
  • 10. University of Glasgow

1. University of Oxford


Source: University of Oxford

Courses

  • MSc Economics for Development
  • MSc Financial Economics

Subject Ranking

The University of Oxford ranks 5th in the world for Economics according to Times Higher Education and 9th according to QS Ranking.

Why study Economics at Oxford?

The University of Oxford is a world-renowned institution located in Oxfordshire, England. It is one of the oldest and most prestigious universities in the world, with a rich history of academic excellence and innovation.

The MSc in Economics program at the University of Oxford is designed for students with a strong background in economics or related fields. The program covers a wide range of topics, including microeconomics, macroeconomics, game theory, econometrics, and economic theory. It also includes specialized courses in areas such as financial economics, development economics, and public economics.

One of the reasons why the University of Oxford is a great place to do a master’s in Economics is the quality of its faculty. The faculty members are distinguished scholars and experts in their fields, with years of experience teaching and conducting research. The university is home to numerous research centres and institutes, which provide opportunities for students to engage in cutting-edge research and contribute to the field of economics.

Eligibility Criteria

  • To be eligible for the program, applicants must have a bachelor’s degree in economics or a related field, and must demonstrate a strong academic record.
  • Students from non-UK institutions must also submit a GRE score
  • Minimum IELTS score of 7.5 or TOEFL iBT score of 110 or equivalent.

Fees and Scholarships

The program fee for the 2024-2025 academic year is £28,310 for UK students, and £36,000 for EU and international students. However, the university offers a range of scholarships and financial aid options to help students cover the cost of tuition and living expenses. You will be automatically considered for a majority of the Oxford scholarships.

Duration

9 months

In conclusion, the Economics program offered by the University of Oxford is an excellent choice for students seeking to pursue advanced studies in economics. With a comprehensive curriculum, world-class faculty, and opportunities for research and collaboration, students can expect to receive a top-notch education that will prepare them for success in the field of economics.The Economics program at the University of Oxford is composed of distinguished scholars and experts in their fields. They bring a wide range of expertise and experience to the program, with a focus on providing students with a rigorous and comprehensive education in economics.

2. University of Cambridge


Source: University of Cambridge

Courses

  • Advanced Diploma in Economics
  • MPhil in Economics
  • MPhil in Economic Research
  • MPhil in Finance and Economics
  • MPhil in Economics and Data Science

Subject Ranking

The University of Cambridge ranks 5th in the world for the study of Economics according to THE and 12th according to QS Subject ranking.

Why study at Cambridge?

The University of Cambridge is one of the most prestigious and oldest universities in the world. Founded in 1209, it has a rich history of academic excellence and research. Its alumni include some of the most prominent scientists, politicians, and thinkers in the world. The university is located in the heart of Cambridge, a beautiful and historic city known for its intellectual and cultural vibrancy.

Why Cambridge is a Great Place to do a Masters in Economics:

Cambridge is known for its cutting-edge research in economics, particularly in the field of Behavioral Economics. The university has a renowned faculty with expertise in various areas of economics, including microeconomics, macroeconomics, and econometrics. The MPhil in Economics program at Cambridge is designed to provide students with a rigorous education in economic theory and its applications, preparing them for careers in academia, government, and the private sector.

Innovations and Research:

Cambridge is home to the Centre for Experimental Social Sciences, which is dedicated to conducting research in behavioural economics and related fields. The centre has state-of-the-art facilities for conducting experiments, including a computerized laboratory for decision-making research. The university also hosts several research centres, including the Cambridge-INET Institute, which focuses on macroeconomic research, and the Centre for Economic Performance, which conducts research on labour economics, public policy, and international economics.

Course Details:

The MPhil in Economics program at Cambridge is a one-year full-time course that provides students with a solid foundation in economic theory, quantitative methods, and empirical analysis. The course is divided into three terms, with each term comprising several modules. Some of the popular courses include

  • – Microeconomic Theory
  • – Macroeconomic Theory
  • – Econometrics
  • – Public Economics
  • – Behavioral Economics
  • – Industrial Organization
  • – International Trade and Finance
  • – Development Economics

Eligibility

  • Students applying for the MPhil in Economics program at Cambridge should have a strong academic background in economics or a related field. They should have a bachelor’s degree with a minimum of 2:1 (or international equivalent) in economics or a related field. While 2:1 is the minimum requirement, most applicants apply with a first-class degree.
  • Applicants should also demonstrate a graduate-level understanding of Statistical Inference, Regression, Forecasting, Elementary representation of economic time series, Calculus and Matrix algebra.
  • International applicants must submit a GRE score.
  • Applicants whose first language is not English will also need to provide proof of proficiency in English.

Fee and Scholarships

The fee for the academic year 2024-2025 is £24,798 for UK students and £37,296 for international students. The university offers several scholarships and funding opportunities for students, including the Gates Cambridge Scholarship, which covers the full cost of tuition and provides a maintenance allowance.

Duration

One year

The MPhil in Economics program at the University of Cambridge is an excellent choice for students who want to pursue a career in economics. The university’s rich history, cutting-edge research, and renowned faculty make it one of the best places in the world to study economics.
Cutting-edge advancements meet tradition at the University of Cambridge, where behavioural economics takes centre stage—exploring how psychological insights apply to economic decision-making processes.

3. London School of Economics and Political Science (LSE)


Source: LSE

Courses

  • MSc Economics
  • MSc Econometrics and Mathematical Economics
  • MSc Economic History
  • MSc Economic Policy for International Development
  • MSc Economics and Management
  • MSc Finance and Economics

Subject Ranking

QS World Ranking for Economics – 7
THE World Ranking for Economics – 11

Why study at LSE?

London School of Economics and Political Science (LSE) is a world-renowned social science institution known for its excellence in teaching and research. Its Economics program is designed to equip students with the skills and knowledge required to excel in the field of economics.

Why is LSE a great place to do an MSc in Economics?

LSE’s MSc in Economics program is globally recognized, and the university has been ranked among the top 20 universities for economics in the world. The university is known for its innovative approach to teaching, which combines theoretical rigour with practical applications. The faculty at LSE comprises some of the most distinguished economists in the world, who are actively engaged in cutting-edge research. The university also has a strong reputation for producing graduates who go on to successful careers in academia, government, and the private sector.

Course Details
The one-year full-time program focuses on micro and macroeconomics, econometrics, and research methods. Students are exposed to a wide range of economic theories and learn to apply these theories to real-world problems. They also gain hands-on experience through a research project, which enables them to apply the skills they have learned to a practical economic problem.

Eligibility Criteria

  • To be eligible for the Economics program, candidates should have an upper second-class honours degree or equivalent in a relevant subject. Candidates are also required to have a strong background in mathematics.
  • However, if you do not have a background in economics but still want to pursue a postgraduate degree in this field of study, you can opt for the two-year MSc Economics programme.
  • GRE is required for applicants without a UK undergraduate degree in economics.
  • Minimum IELTS score of 7.0 or TOEFL iBT score of 100 as proof of proficiency in English.

Fees and Scholarships

The fee for the MSc in Economics program is £36,480 for both Home and Overseas students. LSE offers numerous scholarships, including the LSE Master’s Awards, which are available to outstanding candidates who demonstrate exceptional academic merit. The university also offers scholarships for students from specific regions and countries, as well as scholarships for students with financial needs.

Duration

One year

LSE’s Economics program is an excellent choice for students looking to enhance their skills and knowledge in the field of economics. With its strong reputation, distinguished faculty, innovative teaching methods, and focus on practical applications, LSE is the ideal place for students to pursue their academic and professional goals.

4. University College London (UCL)


Source: UCL

Courses

  • MSc Economics

Subject Ranking

  • QS Economics Ranking (Global): 17
  • THE Economics Ranking (Global): 23

Why study at UCL?

One of the top 10 universities in UK for the study of economics, UCL today is made up of a diverse community of academics, researchers, alumni, industry links and students. Over 30 Nobel laureates have been associated with this university.

UCL’s MSc Economics is an intensive programme that takes on a highly quantitative approach to this field of study. The school’s Department of Economics is internationally reputed in the areas of applied microeconomics, labour economics, development economics, economic theory, experimental economics, econometrics, and macroeconomics.
Graduates of this programme have gone on to build successful careers in international institutions, academia, government and industry.

Optional modules for you to specialise include

  •  Advanced Macroeconomic Theory
  •  Time Series Econometrics
  •  Advanced Microeconomic Theory
  •  Advanced Microeconometrics
  •  Public Microeconomics
  •  Topics in Labour Economics
  •  Topics in Money and Finance
  •  Health Economics
  •  Programme Evaluation for Users
  •  Empirical Industrial Organisation
  •  Macroeconomic Policy
  •  Environmental Economics: Principles and Policy
  •  Behavioural Economics
  •  Economics of Development
  •  International Trade
  •  Data Science Theory
  •  Machine Learning in Economics
  •  International Political Economy

Eligibility Criteria

  • An upper second-class Bachelor’s degree in Economics with a significant quantitative component
  • GRE scores are mandatory for international students. The quantitative GRE score must be 162 or above.
  • A Level 2 English requirement which translates to 96 or higher in TOEFL iBT or 7.0 or higher in IELTS Academic.

Fees and Scholarships

The tuition fee for UK students is £28,100 while international students must pay £38,500 for this degree. Some of the UCL scholarships open to international students are

  • Baxendale Scholarship
  • Commonwealth Scholarship Commission Awards
  • Commonwealth Shared Scholarship Scheme
  • Global Masters Scholarship
  • Great Scholarship
  • India Chevening/ UCL scholarship

Duration

1 year full-time, 2 years part-time. The part-time option is generally not open to international students.

There is no doubt that a master’s degree in Economics from UCL prepares you to build a career in today’s rapidly shifting global economy. The university’s Department of Economics is a global leader in policy oriented research and prepares its graduates for a variety of roles in civil service. Moreover, graduates have also gone on to work in central banks, regulatory agencies, think tanks and organisations in the financial sector.

5. Imperial College London


Source: Imperial College

Courses

  • MSc Economics and Strategy for Business

Subject Ranking

While not listed in the Times Higher Education List, Imperial College’s Economics programmes have been ranked 31st in the world by QS World University Rankings.

Why study at Imperial College London

Imperial College London is a world-renowned university located in London, United Kingdom. It is a public research university known for its outstanding academic excellence, state-of-the-art facilities, and commitment to innovation. The university offers a wide range of courses across various disciplines, including economics.

Why Choose Imperial College London for MSc in Economics?

  • Firstly, the university boasts of a world-class faculty that comprises experts in various fields of economics. Students can learn from the best and benefit from their research, experience, and insights.
  • Secondly, the economics program is designed to provide students with a rigorous, comprehensive, and practical education that equips them with the skills and knowledge  needed to excel in their careers. The university is also known for its cutting-edge research, motivating its students to push the boundaries of the discipline.
  • Additionally, unlike the conventional economics courses, their masters programme focuses on Economics and Strategy for Business. This is a specialised degree that prepares you for the corporate world.

Course Details
The Economics masters program at Imperial College London is a full-time, one-year program that covers a range of topics in economics, including advanced macroeconomics, analytics and applied economics, corporate finance, and risk management. The coursework brings together the principles of finance and economics, and provides students with a rigorous, comprehensive, and practical education that equips them with the skills and knowledge needed to excel in their careers.

Eligibility

The entry requirements for Imperial’s programmes are as follows:

  • The course is open to students with a strong undergraduate degree in economics, business or finance, or a related field.
  • Applicants are required to have a minimum of a 2:1 bachelor’s degree or its international equivalent.
  • GMAT is not mandatory but a well-balanced result with 650 or higher will add weight to your application.
  • The English language requirements can be met with a minimum score of 7.0 on IELTS or 100 in TOEFL iBT.

Fees and Scholarships

The tuition fee for the Economics masters program at Imperial College London is £37,000 for both UK and international students. The fees cover the cost of tuition, course materials, and access to the university’s facilities. Students are responsible for their own living costs, including accommodation, food, and travel.

Imperial College London offers a range of scholarships to students based on academic merit and financial need. Applicants aiming to receive any of these must stay well ahead of the application deadline in order to have a competitive advantage. Some of the scholarships include

  • Advisory Board
  • ASEAN – UK Sage: Women in STEM Scholarships
  • Bright Network Scholarship
  • Bseisu Chevening Scholarship
  • COLFUTURO & Imperial College London Joint Graduate Loan-Scholarship
  • Dean’s Impact
  • Forte Fellowships for Women
  • GREAT – Imperial College London Scholarship
  • Imperial Excellence Scholarships
  • India Future Leaders Scholarship
  • Said Foundation Scholarship
  • The Lee Family – Imperial College Business School Scholarship
  • WL Bill Byrnes Global
  • Women in Finance Scholarship

Duration

One year, full-time
Imperial College London is an excellent destination for students interested in pursuing MSc in Economics. The university’s outstanding faculty, cutting-edge research, and commitment to innovation make it an ideal place for students to learn, grow, and excel in their careers. If you’re looking for a world-class education in economics, Imperial College London should be at the top of your list.

6. The University of Warwick


Source: University of Warwick

Courses

  • MSc Economics
  • MSc Economics and International Financial Economics
  • MSc Behavioural and Economic Science
  • Diploma plus MSc

Subject Ranking

QS Economics Ranking: 22
THE Economics Ranking: 26

Why study at the University of Warwick?

A top-ranked institution with a strong reputation for research and academic excellence, the University of Warwick is a popular choice for students seeking a rigorous academic program. It is consistently ranked in the top 10 universities in the UK, and in the top 100 universities globally. The university has an impressive reputation for its innovative research, distinguished faculty, and commitment to academic excellence.

Why Choose Warwick for an MSc in Economics?

Warwick’s Department of Economics is widely recognized as one of the best economics departments in Europe. The department has an outstanding reputation for research, teaching, and innovation in the field of economics. The faculty members are highly qualified and have been recognized with numerous awards and accolades.

In addition, the department is home to several leading research centres, including the Centre for Competitive Advantage in the Global Economy, the Centre for Research in Economic Theory and its Applications, and the Centre for Economic Policy Research. These centres offer students the opportunity to learn from and engage with some of the brightest minds in the field of economics.

Course Details
The MSc in Economics program at Warwick is a rigorous, one-year program designed to prepare students for successful careers in academia, government, policymaking, and the private sector. The program covers a wide range of topics in economics, including microeconomics, macroeconomics, econometrics, and quantitative methods. Optional modules include Health Economics, Data Science applications, Labour Economics, Global Finance and more.

Eligibility

  • Applicants must have a Bachelor’s Economics degree and a strong academic record.
  • International students must also demonstrate proficiency in English with a minimum IELTS score of 6.5 with no band lesser than 6.0.

Fee and Scholarships

The tuition fee for the Masters in Economics program at Warwick is £31,090 for international students. However, the university offers several scholarships and funding opportunities for eligible students. These include the Warwick Taught Masters Scholarship, the Warwick Santander Scholarship, and the Warwick Graduate School Scholarships.

Duration

1 year

With its world-class faculty, cutting-edge research centres, and comprehensive curriculum, the Economics program at the University of Warwick is an excellent choice for students looking to pursue a career in economics. The program provides students with a solid foundation in economic theory and analytical skills that are highly valued in the job market.

7. University of Manchester


Source: UoM

Courses

  • MSc Economics
  • MSc Economics and Data Science
  • MSc Financial Economics
  • MA Economics

Subject Ranking

QS Economics Ranking: 64
THE Economics Ranking: 31

Why study at the University of Manchester

The University of Manchester is a public research university located in Manchester, UK. The university has a distinguished reputation for research and innovation, with a large and diverse community of scholars. Manchester is a great place to do a master’s in Economics because of the university’s outstanding faculty and cutting-edge research.

The MSc in Economics program at the University of Manchester is a one-year program that provides students with a solid foundation in economic theory and analytical methods. The course is designed to prepare students for careers in academia, government, and the private sector. The program covers a broad range of subject areas, including microeconomics, macroeconomics, econometrics, and international economics. The university also offers a Master of Arts degree in the same field with fewer theoretical aspects than the Master of Science programme.

Eligibility

The entry requirements are as follows:

  • A UK 2:1 honours degree (or overseas equivalent) in economics, finance, mathematics or a related subject with economic theory, mathematics and econometrics
  • Minimum IELTS score of 7.0 or TOEFL iBT score of 100.

Fee

UK students pay £14,500 per annum, while international students pay £31,000 for a master’s degree. The university also offers a range of scholarships and bursaries to help students cover the cost of their education.

Duration

1 – 2 years, depending on your dissertation

8. University of Edinburgh


Source: University of Edinburgh

Courses

  • MSc Economics
  • MSc Econometrics
  • MSc Economics (Finance)

Subject Ranking

QS Economics ranking – 69
THE Economics ranking – 56

Why study at the University of Edinburgh

The University of Edinburgh is a public research university located in Edinburgh, UK. The university is known for its world-class research and teaching, and is a great place to do an MSc in Economics.

Course Details

The MSc in Economics program at the University of Edinburgh is a one-year program that covers a range of topics in economics, including microeconomics, macroeconomics, econometrics, and financial economics. The program is designed to prepare students for careers in academia, government, and the private sector.

The university is also home to the Edinburgh School of Economics, a research centre that focuses on the analysis of contemporary economic issues.

Eligibility

  • To be eligible for the MSc in Economics program at the University of Edinburgh, applicants must have a bachelor’s degree in economics or a related field.
  • While a GRE/ GMAT score is not mandatory, submitting them will significantly boost your application.
  • Minimum IELTS score of 7.0 or TOEFL iBT score of 100 or any other equivalent.

Fee

The tuition fee for the program is £28,800. The university offers a range of scholarships and bursaries, including the SGPE Widening Participation Scholarship and the Masters Fee Scholarship, to help students cover the cost of their education.

Duration

1 year

A degree from the University of Edinburgh is a pathway to high-powered careers in the financial sector, civil services, international development, journalism and other global developmental projects. The research-oriented nature of the programme also allows you to pursue a PhD study anywhere in the world.

9. University of Bristol


Source: University of Bristol

Courses

  • MSc Economics
  • MSc Economics and Finance
  • MSc Economics, Finance and Management
  • MSc Economics with Data Science
  • MRes Economics

Subject Ranking

QS Ranking: 94
THE Ranking: 201 – 250

Why study at the University of Bristol

The University of Bristol is a public research university located in Bristol, UK. The university is known for its world-class research and teaching, and is a great place to do a postgraduate degree in Economics.

Course Details:
The master’s Economics program at the University of Bristol is a one-year program that provides students with a solid foundation in economic theory and analytical methods. The program covers a range of topics, including microeconomics, macroeconomics, econometrics, and behavioural economics. The program is designed to prepare students for careers in academia, government, and the private sector.

There are three available exit degrees, depending on the combination of units you choose:

  • MSc Economics
  • MSc Economics (Macroeconomics)
  • MSc Economics (Public Policy).

The university is also home to the Centre for Market and Public Organisation, a research centre that focuses on economic analysis of financial markets and public policy issues.

Eligibility

  • A strong upper second-class or a first-class degree in Economics, Mathematics, Engineering, Data Science, Computer Science, or Physics
  • While not mandatory, evidence of significant (minimum of 2 years in a paid role) relevant work experience such as data analysis, economics modelling, data-informed policy making could also boost your application.
  • Minimum IELTS score of 7.0 or TOEFL iBT score of 95

Fee

The tuition fee for the program is £28,300.  The university offers a range of scholarships and bursaries to help students cover the cost of their education. Great Scholarships are some of the most popular options for applicants from India.

Duration

1 year

With its strong industry links, the University of Bristol offers a world-class postgraduate economics degree. Their graduates are targeted by top UK employers, including the Bank of England, the Government Economic Service, PwC and the NHS.

10. University of Nottingham


Source: University of Nottingham

Courses

  • MSc Economics
  • MSc Behavioural Economics
  • MSc Development Economics
  • MSc Economics and Data Science
  • MSc Economics and Econometrics
  • MSc International Economics
  • MSc Financial Economics
  • MSc Economic Development and Policy Analysis

Subject Ranking

THE Economics Ranking: 79
QS Economics Ranking: 100

Why study at the University of Nottingham

A public research university in Nottinghamshire, the University of Nottingham is one of the top universities to pursue your MSc in Economics degree. Nobel Prize winner for Economics, Sir Clive Granger, taught at the University of Nottingham.

The Economics Department offers numerous degrees in the field, as listed above. The MSc Economics degree focuses on current economic thinking and the technical know-how required to analyse micro- and macroeconomic models. The dissertation required at the end of the programme will be supervised on a one-on-one basis, providing you with the flexibility to conduct your research as you see fit. The placement programmes also allow you to gain practical experience during the course of your study.

Eligibility

The minimum entry requirements are as follows:

  • 2:1 (or international equivalent) in a discipline with significant economics content, including microeconomics, macroeconomics, statistics and econometrics modules
  • Minimum IELTS score of 6.5 or equivalent

Fees and Scholarships

The tuition fee is £26,250 for international students. The university offers a wide range of International Masters Scholarships for its students.

Duration

1 year
Nottingham Economics graduates have gone on to work in academia, government and the private sector, at organisations such as Barclays, Bloomberg, Deloitte, Economist Intelligence Unit, Goldman Sachs, IBM, PwC, and Thomson Reuters. The school also has professional links with the University of Konstanz and the University of Tübingen in Germany.

A few more universities to consider

  • University of St Andrews
  • University of Glasgow
  • London Business School
  • King’s College London
  • Queen Mary University of London
  • University of Reading
  • University of Surrey
  • University of Birmingham
  • Durham University

Cost of Studying an MSc in Economics in UK


Studying in the UK is not cheap, but it is an investment with high returns. In addition to tuition fees varying widely depending on the university, you also need to budget beyond books. Living costs in the UK can be quite steep especially if you are living in London.

That said, here is a table that displays typical expenses you might incur to gain your masters in Economics UK. Please note that these are average figures and can vary greatly depending on lifestyle choices.

Cost Amount in Pounds (Approx figures per year)
Tuition (Range) £35,000 – £40,000 approx.
Rent (On Campus) £4,000 – £7,000
Rent (Off campus, shared living) London – £9,000 Rest of UK – £6,700
Food £1,800 – £2,200
Transport £1,000
Health Insurance £470
Utilities £650 – £800
Average Total Living Expenses £14,400 – £16,800

Scholarship Options


While the scholarship options for economics courses in the UK have been listed along with the respective universities, there are some of the common government scholarships for Indian students.

  • GREAT scholarships
  • Chevening Scholarships
  • Commonwealth Scholarships
  • Felix Scholarships
  • Charles Wallace India Trust Scholarships (CWIT)
  • Global Study Awards
  • Inlaks Shivdasani Foundation Awards
  • Study a Master’s in Europe Scholarship
  • UNESCO Scholarships

It is also important to research external sources which sometimes partner with universities to support future economists. These companies also have a sponsorship programme and often invest in promising candidates who might become part of their workforce post-graduation.

There is also the option of tuition fee loans. In the UK, there is a helping hand from the government in the form of loans and grants designed to lighten your financial load considerably. Tuition fee loans cover your course fees so you don’t have to pay upfront; instead, repayment starts once you graduate and earn above a certain threshold.

Admission Requirements for Master’s in Economics in UK


It is a straightforward admission process for postgraduate programmes in most universities. Full-time programmes typically begin in September/ October and you can begin applying by September/ October of the previous year. The application deadline and the application fees vary with each university.

That said, here are some of the common processes required, across universities.
Entry Requirements Overview

Educational Qualification:

Most MSc Economics programs in the British Isles ask for a first or an upper second class honours degree or its international equivalent, typically in economics or any quantitative field.

Standardised Tests:

A GMAT or a GRE score is definitely recommended by most universities. While they are mandated by some such as Oxford or LSE, they will still be considered as part of your application. However, there are also universities where standardised tests are not required at all.

English Test Scores:

Besides academic prowess, proficiency in English is non-negotiable. You must be prepared for the IELTS or TOEFL. The aim is to make certain that you flourish in a demanding educational setting, unhampered by any obstacles language might present.

Work experience:

Work experience for this program is not required in most of the top universities. However, relevant experience can boost your application.

Application Process

At the masters level, the application is accessed and submitted through the university website. As an overseas student, it is important to keep track of deadlines, not just for applications but also for scholarships and apply well in advance. Most universities also charge an application fee ranging from £75 to £200. The following supporting documents are required.

  • Academic transcripts
  • Standardised test scores such as GRE/ GMAT, if applicable
  • IELTS/ TOEFL or other proof of English language proficiency.
  • An updated resume
  • An original statement of purpose (SOP)
  • 2 or 3 letters of recommendation (LOR)
  • Academic essays/ research proposals, if asked for
  • Duly completed video statements
  • Financial statements to show you can afford tuition and living expenses
  • A valid passport

If your application is shortlisted, you will generally be invited for an interview which is conducted remotely. If selected, you must pay the fee deposit (a percentage of your tuition fees) within the stipulated deadline in order to confirm your seat in the university.

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Date added
28.03.2024

Filed under:

Global Ed

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