Study Destinations
Services
Upcoming Events
Company

Study Economics in UK for a Rewarding Career

Aug 03, 2023

Share :

The UK is one of the first choices for international students who are aspiring to study Economics at the undergraduate or graduate level. The UK is not only a famous travel destination but it is also one of the most important financial hubs worldwide, there are several renowned banks and accountancy firms here that provide employment opportunities for graduates of the UK Economics degree programs.  

In this article, we shall explore the top reasons to study in UK universities, the different types of Economics courses offered, fees, scholarships, and much more.

Table of Content

  1. Why Study Economics in the UK?
  2. Top Universities in the UK for Studying Economics
  3. What Skills Will I Learn as an Economics Major Student?
  4. Eligibility Criteria 
  5. Documents Required for Applying
  6. Cost of Study in UK
  7. Top Job Roles Offered to Economics Students 
  8. Conclusion

Why Study Economics in the UK?

Thousands of students from across the globe choose the UK as their preferred study destination, every year. The country houses some of the most popular universities offering degrees in economics. These colleges and universities have state-of-the-art facilities and offer practical learning to students. 

Most of the courses are accredited by the prestigious AACSB, EQUIS Global, and CIMA. Economics undergraduate degrees are generally 3 -4 years long, postgraduate course duration is 1-2 years and PhD degrees take 4 -5 years. 

The UK has three main levels of Economics courses which include:

  • Undergraduate programs: These are generally full-time courses for 3-4 years, available as BA or BSc degrees.
     
  • Postgraduate programs: MA and MSc programs that may last for 1-2 years, depending on the university and the curriculum offered. Some of the Master's programs in Economics may even last for 3-6 years if they are double Masters degrees like MRes/Ph.D.
     
  • Doctorate programs: These include Ph.D. and DPhil, which is between 2 and 8 years. 
     

Top Universities in the UK for Studying Economics

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

Economics & Econometrics:

  1. Rank 9# University of Oxford
  2. Rank 12# University of Cambridge
  3. Rank 17# University College London
  4. Rank 30# London Business School
  5. Rank 31# Imperial College London
  6. Rank 69# The University of Edinburgh
  7. Rank 64# The University of Manchester
  8. Rank84# Queen Mary University of London
  9. Rank 94# University of Bristol


What Skills Will I Learn as an Economics Major Student?

The course will allow students to gain the ability to analyse data and develop problem-solving skills. Economics is all about the supply and demand chain, taxation, international trade, price controls, monetary policy, inflation, etc. This knowledge is necessary to understand the society and its structure. Some of the most important skills you may develop include, thinking skills, having a critical eye, and using logical reasoning. You will also cultivate problem-solving skills, the skill of learning new and complex things, and many others.
 

Eligibility Criteria 

If you are applying for an undergraduate degree program in Economics at UK universities, you would need to fulfill the following eligibility criteria:

  • An overall aggregate of 70-85% and above in grade XII & IELTS score of 6.5 overall, with no band lower than 6 in each section of the test.

The eligibility criteria for the Master's program in Economics in the UK have different specifications for international students. The standard requirements that apply to every candidate are:

  • A bachelor’s degree with a minimum 2:1 honours degree or 60% in Economics or a related subject and an IELTS score of 6.5 overall, with no band lower than 6 in each section of the test.

Some universities may have additional or higher entry requirements which you must check on their official websites. 

Please note most of the universities in the UK do offer English language waivers to International students based on grade XII English scores subject to meeting the university-specific requirement.
 

Documents Required for Applying

Each university may have its specific requirements, which you must check on the official website of the university that you apply to. You must keep some of the essential documents handy for the admission procedure in a UK university for Bachelor’s degree in Economics:

  • A personal statement
  • Appropriate references
  • 10th and 12th Marksheets 
  • Passport first and last page

The following documents are required from international students applying for a Master's degree in Economics by almost all colleges in the UK:

  • 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 which needs to be substantiated with a work experience certificate or internship certificate, if any (preferable but not mandatory)
  • Passport first and last page
     

Cost of Study in UK

The average tuition fee for Bachelor’s in Economics, for international students at most UK universities ranges between GBP 15,000 and GBP 27,000 per annum. The tuition fee varies from one university to the other.

The average tuition fee for a Master’s in Economics, for international students at most UK universities ranges between GBP 18,000 and GBP 35,000 per annum. International students can avail of scholarships at the UK universities. The UK government offers several means of financial aid to encourage students to study in the UK.
 

Top Job Roles Offered to Economics Students 

In the public and private sectors, there are several jobs available in the UK for graduates of Economics. Top employers in the country may offer these jobs:

  • Strategic Planner
  • Research Analyst
  • Economist
  • Investment Analyst
  • Economic Analyst
  • Operations Manager
  • Economic Consultant
  • Data Analyst
  • Senior Economist

Around 93% of the Masters in Economics graduates in the UK are employed or in further study within 6 months after graduation. The unemployment rate of the UK is lower than many other countries, which indicates ample job opportunities. Students can expect to earn high salaries ranging between GBP 25,000 to GBP 30,000 per annum. With some work experience, it is possible to scale up and earn up to GBP 70,000 per annum. 
 

Conclusion

Students who are interested in studying abroad can consult some of the fastest growing EdTech Companies in India, like KC Overseas. They ensure that students can get admitted to their dream colleges, in a hassle-free manner. These companies provide expert consultation, they are knowledgeable and guide you by providing reliable information about admissions, courses, scholarships, visas, and more. Studying economics in the UK can pave your path for a promising future.

Need guidance? Let us help you.

Contact Us

Latest Blogs

No Related Blogs