Economics Colleges in the UK: Courses, Eligibility, Fees, Scholarships, Scope and Salaries

Over the years the UK has earned its place as one of the leading financial centers in the world.  According to QS subject rankings for Economics, the UK houses some of the top economics universities. Along with this, the UKs 2-year stay back policy implementing from 2021 is an added advantage for international students. Economics colleges in UK develop problem solving, data analysis, computing and written and oral presentation skills, making students able for today’s economic climate. 

• The London School of Economics and Political Science (#6), University of Oxford (#9), and University of Cambridge (#10) are the top-ranking economics schools in UK.
• Graduates from economics colleges in UK can work in sectors such as business, finance, and marketing, with finance and investment analysts and advisers accounting for 17% of the jobs available in the UK. 
• According to studyin UK 65% of the masters in economics graduates in the UK are employed within six months after graduation.
• Economics is considered to be a science or art degree in different universities, for instance, LSE offers BSc in all subject areas whereas Oxford offers exclusively BA and MA qualification. 
• BA economics is designed around application theory and factors influencing key policy-making decisions, BSc economics is more technical in nature with a focus on statistics. 

Best Economics Colleges in UK

With UK being home to the big four giants Barclays, HSBC, Lloyds Banking Group, and Royal Bank of Scotland Group, studying in UK, is the second most popular choice among international students seeking higher education in Economics. Given below is the list of top economics universities in UK:

Economics Colleges in UK: Degree Types and Specialization

There are various course disciplines as well as plenty of specializations in the field of Economics offered by the top universities of United Kingdom. Some of the popular specializations offered are given below in the table.

Degree Types: The types of degrees offered at different levels of higher education at economics colleges in the UK are as below:

• Undergraduate Courses: 3-4 year long full-time bachelors degrees as BA, BSc
• Postgraduate Courses: 1-2 years long master's degrees as MA, MSc and 3-6 years long double masters degrees as MPhil/Ph.D., MRes/PhD
• Doctoral Courses: 2-8 years long doctoral degrees as DPhil, PhD

Economics Colleges in the UK: Undergraduate Program

The undergraduate courses in Economics in the UK are mainly delivered in bachelor of arts or bachelor of science disciplines. Few of the economics schools in the UK conduct their own entrance exams like Oxford. It is hence suggested that international students must go through the application procedure of the university. 

International students looking to take admission for their undergraduate studies of Economics in universities of UK can apply for UK Univeirsities through UCAS portal. The intake season for most of the universities in the UK is September to October but it may vary depending on the program and institute.

Here is a list of the best economics schools in UK offering a bachelor's degree:

Economics Colleges in the UK: Fees and Funding for Bachelors

The tuition fee for pursuing an undergraduate degree in Economics from the United Kingdom ranges from around 17,500 GBP to 30,500 GBP per annum. Along with the tuition fees, an international applicant is also required to spend a huge amount on living abroad. To lessen the financial burden students can opt for various external and government Scholarships for international students in UK. 

Economics Colleges in the UK: Eligibility for Bachelors

For pursuing economics courses in UK at the bachelors level, eligibility criteria for international students are specific to their nationality and vary with universities. However, there are some common eligibility requirements that applicants need to meet:

• Qualifications: 75% to 80% in classes X and XII/Higher Secondary Certificate 
• Language proficiency: IELTS- 7.0 (6.5 per component) / TOEFL-100 min / CAE-185 (175 per component)

Note: University of Oxford conducts an admission test for applicants in Economics and Management (BA)- All candidates must take TSA (Thinking Skill Assessment) as a part of their application. It is a paper-based test, divided into two parts: a 90-minute, multiple-choice Thinking Skills Assessment and a 30-minute writing task.

Documents: Academic Transcripts, A personal statement of the student, Suitable references, Visa. 

Economics Colleges in UK: Postgraduate Program

In the UK, postgraduate degree in economics are delivered either as master of science or master of art. The duration of the program is 10 months to 2 years in general, it varies depending on the course type. The main difference between undergraduate and postgraduate courses is the level of mathematical sophistication.

Economics Colleges in UK: Fees and Funding for Masters

The tuition fee for postgraduate in Economics ranges from 20,000 GBP to 45,000 GBP per annum. With a degree costing so much an international student on budget is always looking for funding options. You can apply for various scholarships available to masters students in the UK.

Economics Colleges in UK: Eligibility for Masters

• Qualification: A first-class or strong upper second-class undergraduate degree economics. This is equivalent to at least 80% in bachelors. 
• A recent GRE score (not older than 5 years) with typically over 163 in the quantitative section. 
• Language proficiency: IELTS- 7.5(min 7 in each component),TOEFL iBT-110, CAE-191.

Documents: Previous academic transcripts, Personal statement, Letter of recommendations, Official transcript, CV, Relevant experience in developing countries is desirable but is not essential.

Economics Colleges in UK: Doctoral Programs

The duration for doctoral studies in Economics in the UK is mostly 3-4 years which may increase to 7-8 years for part time courses. Below given are the doctoral courses delivered by top economics colleges of the UK.

Economics Colleges in UK: Fees and Funding for PhD

Tuition fee ranges between 18,000 GBP to 24,500 GBP for pursuing doctoral degree in Economics from the UK. Universities in many cases offer a stipend to its doctorate students. In case you do not receive the stipend, there are always scholarships for international doctoral students in UK that can help you support your expenses. 

Economics Colleges in UK: Eligibility for PhD

• Qualification: A good performance in a rigorous master's course in economics; and 

A first-class or strong upper second-class undergraduate degree with honors in economics or another approved subject. GPA of 3.3 out of 4.0.

• Language proficiency: IELTS- 7.5 (7.0 in each component) TOEFL iBT-110, CAE-191(Min 185 per component). It is important for international students to submit the scores of these tests required to study in UK as a part of fulfilling the eligibility criteria. 

Documents: Two references with the application, CV, A personal statement, Research Proposal, UK student visa

Top Economics Colleges in UK: Scholarship Offered

The UK Government provides various financial aid and scholarships for international students pursuing studies in UK, there are also other means of financial support available that the international students can opt for like personal loans. Some well-known scholarships available for international students are:

Economics Colleges in UK: Career Scope

Economists are employed in a variety of settings in both the public and private sectors in the UK. Studying Social policy and financial markets as a part of an economics degree opens up opportunities in finance, accountancy and government departments as well. The largest employer of economists is the Government Economic Service (GES). The Bank of England also provides vacancies through its graduate program. 

• Banking Sector (high street and city)
• Not-for-profit organizations
• Charitable organizations
• Consultancies
• Insurance and accountancy firms
• Government departments and think tanks. 

Given below is a graphical image representing the percentage of graduates employed in various sections in the UK:

A few of the popular companies in the UK offering jobs to students in the field of Economics are - Barclays Bank PLC, Barclays Capital Inc, European Bank for Reconstruction and Development, Frontier Economics. Below tabulated are job prospects in UK with the average salary. In addition, the average salary of an economics graduate in India is mentioned for comparative analysis. As economics is a multidisciplinary subject taught in a theoretical as well as analytical aspect the career prospects also vary as per that in India. Prospects range from government jobs (through entrance exams) at central and state levels to lecturerships, think tanks, banking sector, government organizations, and more. 

An economics graduate from LSE earn an average salary of 55,220 (in GBP) 5 years after graduating while the University of Cambridge graduate earns a higher average salary after 5 years of the graduating hat is 61,000 (in GBP). The most lucrative program for the highest salary considered is Economics and Management, Oxford (71,700 GBP) and Economics, LSE (55,200 GBP). There’s a growing demand for skilled professionals in the field of economics due to the increasing complexity in the global economy, competitive business environment, and additional financial regulations.

With a variety of sectors requiring skilled professionals with an economics background, students of Economics can land up with high paying jobs in the UK or abroad. So, pursuing a course from Economics schools in UK will allow international student to have a career and future of their dreams.