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The Master in Economics is a postgraduate degree programme that provides you with the advanced knowledge and mathematical abilities needed to work as an economic analyst in a company, consultancy, central bank, or government.
For candidates who have completed their graduation and want to study further abroad, the UK is the best country for them. It is a one-year post-graduate course in UK in which you will learn to analyse data on the production of goods and resources.
Read this article to know why UK is best for a Master in Economics, along with the course eligibility, universities, fee, cost of living, job etc.
There are several reasons to study Master in Economics in UK. Some of them are given below -
The UK is home to many large businesses. Most MNC head offices are located in the United Kingdom. So, you would have a chance to work in multinational companies.
5 universities in the UK provide a Master in Economics course that place in the top 100 in the QS World Ranking.
According to the data released by the UK Government, almost 65% of candidates who have completed their Master in Economics in UK are employed within 6 months.
Candidates can get almost 30000 GBP a year after completing their degree.
In the UK, more than 50% of jobs are available in the economics, finance, business, accounting, and HR sectors.
According to the September 2022 report, the unemployment rate of the UK is only 3.6%. This means almost every candidate can get a job in the country.
To make you eligible for the course, you must fulfil the universities requirement set for international students. You must know these requirements before applying to UK universities as it will help you to know that you are eligible for the course and can apply to the institute.
Check the eligibility criteria for a Master in Economics.
You must have a bachelor’s degree with a minimum of 60% marks in Economics or a related subject.
Your graduation degree must be from a recognised university. Some universities require a bachelor degree with honours.
You must have proof of English Language Proficiency with a minimum score of 90 in TOEFL, 6.5 in IELTS, and 62 in PTE.
Your GRE score must be 130-170 in both the Verbal and Quantitative sections.
With the requirements mentioned above, you must also have the following documents to apply for the course.
Undergraduate Transcripts
English Proficiency Test Score
GRE Score
2-3 LOR (Letter of Recommendation from employer or faculty)
Updated CV or Resume
Updated Passport
Student Visa (After getting an offer letter to study in UK)
Once you meet the requirement, you should start searching for universities in UK. 59 universities in the UK offer a Master in Economics for international students, with 5 of them placing within the top 100 according to the QS World Ranking.
Below, we have provided you with the top universities to study in UK. You can apply to any of these universities to complete your master’s degree as per your preference.
| University | QS World Ranking 2023 | Course Offered |
|---|---|---|
| Imperial College London | 6 | MSc Economics and Strategy for Business |
| University of Manchester | 28 | MSc in Economics | M.A in Economics |
| London School of Economics and Political Science | 56 | MSc in Economics |
| University of Bristol | 61 | MSc Economics |
| University of Warwick | 64 | MSc in Economics and International Financial Economics |
| Cardiff University | 166 | MSc Economics |
| Queen’s University Belfast | 233 | MSc Economics |
| University of Sussex | 240 | MSc International Business Economics |
| Heriot-Watt University | 281 | MSc in Economics, Banking, and Finance |
| University of Kent | 375 | MSc in Economics and Econometrics |
| Swansea University | 425 | MSc in Economics |
Candidates always check the cost of studying in UK Universities before applying, as it can be an important factor in choosing a university. Every university has a different tuition fee. Candidates must pay the fee (one semester) while accepting the offer letter.
The cost of studying in UK for a Master in Economics is between 17,000 GBP to 34,000 GBP. Here are the fee structures of some top universities.
| S. No. | University | Tuition Fees (GBP) |
|---|---|---|
| 1 | Imperial College London | 34,400 |
| 2 | University of Manchester | 28,500 |
| 3 | London School of Economics and Political Science | 34,128 |
| 4 | University of Bristol | 22,700 |
| 5 | University of Warwick | 27,930 |
| 6 | Cardiff University | 22,700 |
| 7 | Queen’s University Belfast | 17,900 |
| 8 | University of Sussex | 20,950 |
| 9 | Heriot-Watt University | 18,520 |
| 10 | University of Kent | 18,600 |
| 11 | Swansea University | 19,950 |
However, candidates can get scholarships and manage their study expenses easily. There are many scholarships available for international students in UK.
GREAT scholarship
Postgraduate Merit Award in Heriot-Watt University
Chancellor’s International Business Scholarship
MBA Centenary Scholarship
Queen’s Loyalty Scholarship
Studying abroad comes with a lot of expenses, such as accommodation, food, transport, etc. To live in the UK, your expenses will be a minimum of 1100 GBP. Although the cost of living completely depends on where you live and how much you spend, etc.
| Expense Type | Average Cost (GBP) |
|---|---|
| Accommodation | 600 |
| Food | 180 |
| Miscellaneous | 245 |
| Household Expenses | 45 |
| Transport | 30 |
| Phone/Internet | 20 |
| Total | 1120 |
The main motive of every student to study at universities abroad is to get a job. After completing a Master in Economics, candidates can apply for the following posts in various companies.
Economist
Economic Analyst
Economic Consultant
Pricing Manager
Procurement Manager
Quantitative Analyst
Senior Economist
Statistician
To summarise, the UK is the best country to pursue a Master in Economics. It provides you with various job opportunities with high salary perks.
We hope that we have provided you with sufficient information about the Master in Economics in UK.
If you are unsure or would like to get deeper insight, we encourage you to speak with our team of expert counsellors at Meridean Overseas Education Consultants (MOEC). If you are unable to travel to our offices, we offer online counselling services via our website. Our dedicated counsellors will provide you with the best guidance regarding your application to study in UK. Don’t hesitate to contact us at application02@meridean.org or call us at 1800-1230-00011.
If you found this information useful, please share it with your friends looking to study in UK.
A Master in Economics programme is a postgraduate degree that offers advanced economic education and training, allowing students to specialise in fields such as microeconomics, macroeconomics, econometrics, or development economics.
Economics graduates can pursue a range of occupations in economics, including economic research, consultancy, policy analysis, and finance. They can also work on topics relating to public policy, international development, or data analysis.
Many Master of Economics degrees allow students to choose electives or a specialisation within the field, such as finance, public policy, economic development, or environmental economics.
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