Syed Yusuf Ashraf Study Abroad Content Specialist
Study Abroad Content Specialist
Masters in Economics in UK is a 1 year degree offered by globally renowned universities like University of Oxford, University of Cambridge, University College London, and others. The economics masters in UK is typically offered as a specialization with degrees such as MPhil, MSc MA and Masters of Applied Science. It is also available as a research based masters in University of Glasgow and Bangor University. The research based degree can help you learn in depth knowledge of economics with more focus on practical learning unlike theoretical learning in a coursework based degree.
To secure admissions in this program, Indian students require 60% in a 4 year bachelor’s degree. Typically applicants from prestigious Indian institutions such as IIT/IIM are admitted with 65-67% academic average while those from private universities in India are admitted with 70% aggregate in bachelor’s.
- You also need an IELTS score between 6.5-7.0 or TOEFL IBT score of 100 or better to demonstrate your English proficiency.
- GRE is not required for this course but is highly recommended for Indian students with a minimum score of 160 in verbal, 164 in quant and 4.5 in analytical section.
- The annual tuition for Masters in Economics in UK starts from 18,200 to 52,817 GBP (19.65 lakhs to 57.03 lakhs INR) for Indian students across top universities.
- Those looking for affordable options may consider applying to University of Westminster, University of Buckingham, Glasgow Caledonian University, University of Brighton among others. The annual fees in these universities range from 13,000 to 17,950 GBP (14.04 lakhs to 19.37 lakhs INR).
UK is one of top picks for Indian students seeking Master's degree in Economics due to the high employment rate and extensive range of job opportunities upon graduation. Recently, 91% of MSc Economics graduates in the UK secured employment within 15 months of graduation according to the Higher Education Statistics Agency. The popular sectors where graduates secured employment include business, secretarial and administrative, marketing, and IT.
Top Universities for Masters in Economics in UK
The Times Higher Education ranks 13 UK universities among top 100 universities globally for Business and Economics in 2024. Check out the top universities in UK for Masters in Economics by region/country based on THE Rankings for business and economics:
England
The below table shows the top 10 universities in England for the Masters in Economics program. All of these universities are ranked among the top 100 universities globally by Times Higher Education for Business and Economics Rankings 2024.
| THE Economics Rankings 2024 | City | Universities | Program | Application Deadline | Annual Program Fees (GBP) |
|---|---|---|---|---|---|
| #5 | Cambridge | University of Cambridge | MPhil Economics | MPhil Finance and Economics | December 5, 2024 | £51,265 to 52,817 (56.37 lakhs to 58.08 lakhs INR) |
| #5 | Oxford | University of Oxford | MPhil Economics | MSc in Economics and Social History | March 1, 2024 | £29,070 to 33,970 (31.96 lakhs to 37.35 lakhs INR) |
| #11 | London | London School of Economics and Political Science | MSc Economics | March 10, 2024 | £36,480 (40.11 lakhs INR) |
| #23 | London | University College London | MSc Economics | May 1, 2024 | £37,500 (41.23 lakhs INR) |
| #26 | Warwick | University of Warwick | MSc Economics | MSc Finance and Economics | June 2, 2024 | £31,090 to 38,850 (34.18 lakhs to 42.72 lakhs INR) |
| #31 | Manchester | University of Manchester | MSc Economics | July 1, 2024 | £31,000 (34.08 lakhs INR) |
| #64 | London | King’s College London | MSc Economics & Finance | July 26, 2024 | £35,244 (38.75 lakhs INR) |
| #75 | Nottingham | University of Nottingham | MSc Economics | August 5, 2024 | £28,200 (31.01 lakhs INR) |
| #79 | Reading | University of Reading | Msc Economics | July 1, 2024 | £22,350 (24.57 lakhs INR) |
| #90 | Surrey | University of Surrey | Msc Economics | July 15, 2024 | £19,200 (21.11 lakhs INR) |
Scotland
The University of Edinburgh tops the ranking table in Scotland for Business and Economics Rankings by THE. It ranks #56 among the global universities for this subject. The details of other top universities in Scotland are as follows:
| THE Economics Rankings 2024 | City | Universities | Program | Application Deadline | Annual Program Fees (GBP) |
|---|---|---|---|---|---|
| #56 | Edinburgh | University of Edinburgh | MSc Economics | Round 3 [June 6, 2024] | £28,800 (31.66 lakhs INR) |
| #101-125 | Glasgow | University of Glasgow | MRes Economics | July 22, 2024 | £25,290 (27.81 lakhs INR) |
| #201-250 | Aberdeen | University of Aberdeen | MSc Economics- Energy, Economics and Finance | September [Aug 11, 2024] | January [Dec 2, 2024] | £27,000 (29.69 lakhs INR) |
| #201-250 | Strathclyde | University of Strathclyde | MSc Applied Economics | September Start [Not Specified] | £25,250 (27.76 lakhs INR) |
Wales
Wales also houses some of the top universities with Cardiff and Swansea University ranked among the top 200 universities globally for business and economics. Meanwhile, both Bangor University Queen’s University ranks between #301-400 in THE Business and Economics rankings. The average cost of Masters in Economics in Wales ranges between 18,200 - 29,200 GBP (19.87 lakhs - 31.88 lakhs INR).
| THE Economics Rankings 2024 | City | Universities | Program | Application Deadline | Annual Program Fees (GBP) |
|---|---|---|---|---|---|
| #151-175 | Cardiff | Cardiff University | MSc Economics | End of August | £29,200 (32.10 lakhs INR) |
| #151-175 | Swansea | Swansea University | MSc Economics | July 31, 2024 | £20,950 (23.03 lakhs INR) |
| #301-400 | Bangor | Bangor University | MRes Economics | September [End of June] | January Intake [End of October] | £20,000 (21.99 lakhs INR) |
| #301-400 | Belfast | Queen's University Belfast | MSc in Economics | o Specific DeadlineNot specified | £18,200 (20.01 lakhs INR) |
Application Process for Masters in Economics in UK
Indian students need at least 60% in a 4 year bachelor’s degree to remain eligible for Masters in economics degree in UK. However, you must target an academic average between 65-70% to make your application stand out in admissions. You must also submit following documents while applying for economics masters in UK:
Application Requirements:
- Academic transcripts
- 2 academic references
- Personal statement
- Essays
- Resume or CV
- English proficiency scores report
- GRE score report
Cost of Pursuing Masters in Economics in UK
The cost of pursuing a Masters in Economics degree in UK ranges between 18,200 to 52,817 GBP (19.65 lakhs to 57.03 lakhs INR) across top ranked universities.
- In affordable universities such as University of Westminster, Birmingham, Glasgow Caledonian etc, one can expect a tuition fee around 13,000 to 17,950 GBP (14.04 lakhs to 19.37 lakhs INR) per annum for Masters in Economics in UK.
Cost of Living in UK
While pursuing economics masters in the UK, you can expect to spend around 16,500 - 51,264 GBP (17.81 lakhs - 55.34 lakhs INR) in cost of living depending on location.
- The average cost of living in London is 4,272 GBP (4.61 lakhs INR) per month while average apartment rent is 2,600 GBP (2.8 lakhs INR).
- Affordable options are available in cities like Sheffield, Aberdeen, Cardiff, Birmingham etc. In these, you can expect to spend around 1,375 - 1,700 GBP (1.48 lakhs - 1.83 lakhs INR) per month in cost of living.
| Cities | Apartment Rent Per Month (GBP) |
|---|---|
| London | 2,600 |
| Manchester | 1,262 |
| Cambridge | 2,300 |
| Sheffield | 715 |
| Cardiff | 855 |
| Edinburgh | 1,346 |
| Birmingham | 974 |
| Belfast | 920 |
| Aberdeen | 818 |
Masters in Economics in UK Scholarships
Indian students are eligible for several prestigious scholarships in UK to fund their Masters in economics degree. The Chevening Scholarship offers 100% tuition waiver for Indian students along with monthly stipend, travel allowance, flight ticket cost and visa fee.
- The GREAT scholarship covers a tuition cost of 10,000 GBP (10.80 lakhs INR) per annum. The eligible universities for GREAT scholarships are:
- University of Hull
- Queen's University Belfast
- University College London
- University of Birmingham
- University of Glasgow
- University of Nottingham
- University of Stirling
- The Gates Cambridge scholarships are specifically offered to those seeking 1 year full-time degree at University of Cambridge. The award is highly competitive with hardly 1% students receiving it every year.
| Scholarship Name | Eligibility Criteria | Award |
|---|---|---|
| GREAT Scholarship | Strong academic standings and work experience | 10,000 GBP for 1 year PG degree |
| Gates Cambridge Scholarships | Indian applicant pursuing 1 year full-time degree in in UK | 30,000 to 45,000 GBP |
| Commonwealth Shared Scholarship | Students from commonwealth country including Indian | Demonstrate 1 year of work experience | Based on academic merit, research proposal, impact on development in home country | 12,500 GBP |
| Chevening Scholarships India | Applicants pursuing MSc in Economics or related course | Tuition Fee + Monthly Stipend + Travel allowance + Flight cost + visa application fee |
Masters in Economics in UK Job Prospects
UK is one of the favorable markets for Masters in Economics graduates with a starting graduate salary between 25,000 - 35,000 GBP (27 lakhs 37.81 lakhs INR) per annum. With a Masters in Economics in UK, you can look for jobs in various industries including business, HR, finance, IT, marketing, etc.
- Graduates securing Sr. level job roles typically receive a pay between 50,000 to 75,000 (54 lakhs to 81 lakhs INR)per annum.
- Indian students are encouraged to have at least 1-2 years of prior experience to improve their chances of securing jobs after Masters in Economics.
- The popular sectors that hire economics graduates in the UK include banks, financial service companies, consulting firms, government departments, international companies, and research institutes.
With extensive job opportunities and lucrative salaries, UK is one of the best destinations to study Masters in Economics abroad. The starting annual salary of Masters in Economics graduates in UK ranges between 25,000 - 35,000 GBP, which can go beyond 40,000 GBP.
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