Master of Science [MSc] (Economics)
Field of Study:
$52,136 /Yr
University College London Master of Science Economics is a one-year, full-time postgraduate program offered by the Department of Economics. The program provides intensive training in highly quantitative microeconomics, macroeconomics, and econometrics using cutting-edge theoretical frameworks and modern machine-learning approaches. UCL ranks 9th globally according to QS World University Rankings 2026 and is ranked top in the UK for 4-star world-leading research outputs in economics (REF 2021). Annual tuition for international students is GBP 39,200 for 2026-2027. The program is highly competitive with strong competition for places. Graduates work with leading employers including HM Treasury, Bank of England, central banks, regulators, consultancies, and think tanks. Career outcome rate: 94.2% with average salary GBP 42,184 (₹53.07 Lakhs) and median salary GBP 38,000 (₹47.77 Lakhs).
The program combines four compulsory modules in microeconomics, macroeconomics, econometrics, and research methods with four optional modules covering specialized topics including machine learning in economics, development economics, and international trade. Teaching is delivered through lectures, tutorials, practical classes, and dissertation supervision. Students complete a summer research dissertation on a topic of their choice.
Current Admission Status:
Applications for September 2026 entry opened October 20, 2025 and close May 8, 2026 at 5:00 PM UK time (10:30 PM IST on May 8, 2026). International students must submit GRE scores (quantitative score 162 or above). Decisions are released on a rolling basis throughout the application cycle.
- Why Study UCL MSc Economics
- Tuition and Fees for UCL MSc Economics
- Cost of Living in London for International Graduate Students
- Admission Requirements and Process
- UCL MSc Economics Rankings
- Financial Aid and Scholarships for International Students
- Placement and Career Outcomes
- Frequently Asked Questions
Why Study UCL MSc Economics
- UCL ranks 9th globally (QS 2026); ranked top in UK for 4-star world-leading research outputs in economics (REF 2021).
- One-year intensive program combining rigorous economic theory with cutting-edge quantitative methods; 35-40 hours per week equivalent to full-time employment.
- Strong career outcomes: 94.2% career outcome rate; average salary GBP 42,184 (₹53.07 Lakhs); graduates work with HM Treasury, Bank of England, central banks, regulators, consultancies.
- Flexible optional modules: Choose from machine learning in economics, development economics, international trade, environmental economics, and advanced theory.
- PhD pathway: Many graduates continue to prestigious PhD programs at Cambridge, Warwick, and other leading institutions.
Tuition and Fees for UCL MSc Economics
University College London MSc Economics tuition for 2026-2027 is GBP 39,200 annually for international students (full-time). UK students pay GBP 28,900 annually. Part-time option available at GBP 19,600 annually over 2 years. Total cost of attendance (including living expenses) approximately GBP 55,000-GBP 65,000 per year.
All INR conversions based on GBP 1 = ₹125.71 as of March 30, 2026. Exchange rates are subject to change.
| Cost Component | Amount (GBP) | Amount (INR) |
|---|---|---|
| Tuition (International Full-Time) | GBP 39,200 | ₹49.28 Lakhs |
| Tuition (International Part-Time/Year) | GBP 19,600 | ₹24.64 Lakhs |
| Accommodation (On-Campus/Year) | GBP 9,000-GBP 15,000 | ₹11.31-₹18.86 Lakhs |
| Accommodation (Off-Campus/Year) | GBP 7,000-GBP 12,000 | ₹8.80-₹15.08 Lakhs |
| Food & Groceries (Annual) | GBP 2,400-GBP 3,600 | ₹3.02-₹4.53 Lakhs |
| Transport (Monthly Oyster) | GBP 120 | ₹1.51 Lakhs |
| Books & Materials (Annual) | GBP 500-GBP 1,000 | ₹62.86-₹1.26 Lakhs |
| Total Annual Cost | GBP 55,820-GBP 68,520 | ₹70.20-₹86.14 Lakhs |
Key Insights:
- Cohort guarantee: International tuition fees will not increase during the one-year program (subject to government levies).
- Fee deposit of 10% of first-year tuition (GBP 3,920 = ₹4.93 Lakhs) required upon offer acceptance; non-refundable.
- No additional program-specific costs beyond tuition, accommodation, and living expenses.
- Monthly 18+ Oyster travel card for zones 1-2 costs GBP 119.90 (₹1.51 Lakhs) (TfL 2025 pricing).
Cost of Living in London for International Graduate Students
London is one of the most expensive cities in the United Kingdom. International graduate students typically budget GBP 1,200-GBP 1,800 (₹1.51-₹2.26 Crores) per month depending on accommodation type and lifestyle.
All costs in GBP converted to INR at March 30, 2026 rate: 1 GBP = ₹125.71
Accommodation Options
On-Campus Housing (UCL Halls of Residence)
| Housing Type | Monthly Cost (GBP) | Annual Cost (INR) |
|---|---|---|
| Standard Room | GBP 750-GBP 900 | ₹94.28-₹1.13 Crores |
| En-Suite Room | GBP 900-GBP 1,200 | ₹1.13-₹1.51 Crores |
Off-Campus Housing (London Area)
| Housing Type | Monthly Cost (GBP) | Annual Cost (INR) |
|---|---|---|
| Shared Flat (2-3 roommates) | GBP 700-GBP 1,000 | ₹88.00-₹1.26 Crores |
| Studio Apartment | GBP 1,200-GBP 1,600 | ₹1.51-₹2.01 Crores |
| 1-Bedroom Apartment | GBP 1,000-GBP 1,400 | ₹1.26-₹1.76 Crores |
Note: On-campus housing is limited; many students live off-campus in Bloomsbury, King's Cross, and Stratford. Indian students typically prefer shared flats to reduce costs.
Living Expense Breakdown (Monthly)
| Expense Category | Monthly Cost (GBP) | Annual Cost (INR) |
|---|---|---|
| Food (Groceries) | GBP 200-GBP 300 | ₹2.51-₹3.77 Lakhs |
| Transport (Oyster Card) | GBP 120 | ₹1.51 Lakhs |
| Books & Materials | GBP 50-GBP 100 | ₹62.86-₹1.26 Lakhs |
| Utilities (Shared) | GBP 60-GBP 100 | ₹75.43-₹1.26 Lakhs |
| Miscellaneous | GBP 200-GBP 300 | ₹2.51-₹3.77 Lakhs |
| Total Monthly | GBP 630-GBP 950 | ₹7.92-₹11.94 Lakhs |
Key Insights:
- International students on Student visa can work up to 20 hours per week during term time; unlimited hours during holidays.
- Common part-time jobs: library assistant (GBP 11-GBP 13/hour), teaching assistant (GBP 12-GBP 15/hour), retail (GBP 11-GBP 14/hour).
- Minimum wage in UK is GBP 11.44/hour (April 2026) for workers aged 21+.
Admission Requirements and Process
UCL MSc Economics is highly competitive. Entry requirements: Upper second-class Bachelor's degree in Economics with significant quantitative component. GRE mandatory for international students (quantitative score 162 or above). IELTS 7.0 (minimum 6.5 in each component) or TOEFL iBT 100 required.
Application Timeline for September 2026 Entry
| Milestone | Date | IST Time |
|---|---|---|
| Applications Open | October 20, 2025 | 5:30 PM IST |
| Application Deadline | May 8, 2026 | 10:30 PM IST |
| GRE Submission | Before May 8, 2026 | - |
| Decisions Released | Rolling | Rolling |
| Enrollment Deposit Deadline | June 2026 | TBD |
Eligibility Criteria
Academic Requirements:
Upper second-class Bachelor's degree in Economics with significant quantitative component from UK university or equivalent overseas qualification required. Applicants with equivalent qualifications in quantitative disciplines (statistics, mathematics, physics) may be considered. Applicants in final year of undergraduate studies must upload complete list of final-year courses.
Standardized Tests:
GRE (Graduate Records Examination) mandatory for all international students whose undergraduate degree was undertaken outside UK. Quantitative GRE score must be 162 or above (post-August 2011 scores). Quantitative score is critical; verbal and analytical writing scores less important.
English Language Proficiency:
Level 2 English language requirement (higher than typical). IELTS 7.0 (minimum 6.5 in each component) or TOEFL iBT 100 required for non-native English speakers. No waivers available; ELP exam mandatory.
Admission Process
- Complete online application through UCL website.
- Submit personal statement (500-750 words) explaining motivation, career goals, and mathematical/quantitative skills.
- Provide two academic references from previous tutors or supervisors.
- Upload transcripts from all undergraduate and postgraduate study.
- Submit GRE score report (quantitative score 162+).
- Submit IELTS or TOEFL scores (if applicable).
- Pay GBP 90 application processing fee.
- Participate in interview (if invited).
- Accept offer and pay GBP 3,920 deposit (10% of first-year tuition) within specified timeframe.
UCL MSc Economics Rankings
UCL ranks 9th globally (QS World University Rankings 2026). UCL Department of Economics ranked top in UK for 4-star world-leading research outputs (REF 2021). Global leader in applied microeconomics, labour economics, development economics, and econometrics.
Financial Aid and Scholarships for International Students
Economics Master's Bursaries provide GBP 15,000 for UK students based on financial need (UK students only). UCL Global Master's Scholarship available for international students from lower-income backgrounds. International Masters Awards (IMA) enable international postgraduate students to take up offers of study.
| Scholarship | Award (GBP) | Eligibility | Deadline |
|---|---|---|---|
| Economics Master's Bursaries | GBP 15,000 | UK students (financial need) | June 25, 2026 |
| UCL Global Master's Scholarship | Partial fees | International (lower-income) | Rolling |
| International Masters Awards | Varies | International students | Rolling |
Placement and Career Outcomes
94.2% career outcome rate. Average salary: GBP 42,184 (₹53.07 Lakhs). Median salary: GBP 38,000 (₹47.77 Lakhs). Top employers: HM Treasury, Bank of England, European Central Bank, Competition and Markets Authority, Ofgem, Charles River Associates, Compass Lexecon, EY, Frontier Economics, NERA Economic Consulting, Oxera Consulting, PwC, Institute for Fiscal Studies. Many graduates pursue PhD programs at Cambridge, Warwick, and other leading institutions.
Frequently Asked Questions
Ques: Is the GRE test mandatory for international MSc Economics applicants, and what is the minimum quantitative score required?
Ans: Yes, GRE test is mandatory for all international students whose undergraduate degree was undertaken outside the UK. Quantitative GRE score must be 162 or above (post-August 2011 scores). Quantitative score is the critical component; verbal and analytical writing scores are less important. Applicants with lower quantitative scores (161) may still be considered if other application components are strong, but 162+ is the benchmark. GRE score report must be uploaded to application before May 8, 2026 deadline.
Ques: Does UCL sponsor Student visas for international MSc Economics students, and what are work rights after graduation?
Ans: Yes, UCL sponsors Student visas (Tier 4) for international MSc Economics students. During studies, international students can work up to 20 hours per week during term time and unlimited hours during holidays. Upon graduation, international students can apply for Graduate Route visa, allowing up to 2 years of work in the UK without employer sponsorship. After Graduate Route expires, students must secure employer sponsorship (Skilled Worker visa) to continue working in the UK. Many UCL Economics graduates secure sponsorship with government departments, central banks, and consultancies.
Ques: What are the career prospects for international MSc Economics graduates, and which sectors hire most graduates?
Ans: Career prospects are strong with 94.2% career outcome rate. Top employers include HM Treasury, Bank of England, European Central Bank, regulators (Competition and Markets Authority, Ofgem), consultancies (Charles River Associates, Compass Lexecon, EY, Frontier Economics, NERA, Oxera, PwC), think tanks (Institute for Fiscal Studies), and financial sector. Average salary GBP 42,184 (₹53.07 Lakhs); median salary GBP 38,000 (₹47.77 Lakhs). Many graduates pursue PhD programs at Cambridge, Warwick, and other leading institutions. International students have strong employment prospects due to UCL's reputation and rigorous training in quantitative methods.
Tuition Fees
| Year | 1st Year Fees |
|---|---|
| Tuition Fees | $52136 (GBP 39200) |
Other Expenses
| Head | Avg Cost Per Year |
|---|---|
| Housing | $23307 (GBP 17524) |
| Food | $3370 (GBP 2534) |
Previous Year Tuition Fees
| Year | 1st Year Fees |
|---|---|
| 2025 | $52934 (GBP 39800) |
| 2024 | $52934 (GBP 39800) |
| 2023 | $46550 (GBP 35000) |
| 2022 | $42693 (GBP 32100) |
| 2021 | $42693 (GBP 32100) |
Important Dates
| Event | Application Date |
|---|---|
| Application Deadline For September 2026 Intake | Oct 20, 2025 - May 8, 2026 |
Scores Required
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TOP Scholarships
| Scholarship name | Award amount | Eligibility |
|---|---|---|
| Aziz Foundation Scholarships in Social and Historical Sciences | Full Master’s degree tuition fee | hold offer to study Masters, Be active within a Muslim community |
Key Resources for Your Study Abroad Journey
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Scholarship Grants & Financial Aids
| Name | Scholarship Per Student | Level of Study | Type | |
|---|---|---|---|---|
| IOE-ISH Centenary Taught Master's Scholarships | Scholarship per studentVariable Amount | Level Of StudyMaster | TypeCompany-Sponsored | |
| Axol Science Scholarship | Scholarship per student$ 2,660/Yr$2,000 | Level Of StudyBachelor | TypeCompany-Sponsored | |
| Leo Murray Entrepreneurship Scholarship | Scholarship per student$ 18,620/Yr$14,000 | Level Of StudyMaster | TypeCollege-Specific | |
| Business Administration Scholarships | Scholarship per studentVariable Amount | Level Of StudyBachelor | TypeMerit-Based | |
| VueVille Future Technology Scholarship | Scholarship per student$ 1,330/Yr$1,000 | Level Of StudyBachelor | TypeMerit-Based | |
| Saltire Scholarships | Scholarship per student$ 10,640/Yr$8,000 | Level Of StudyMaster | TypeMerit-Based |
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Application Deadline for Michaelmas 2026 Intake (14th May 2026) Application Deadline for Lent 2027 Intake (1st Oct 2026) Application Deadline for Easter 2027 Intake (14th Jan 2027) | USD 53,330 /Yr GBP 40,098 /Yr |
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Application Deadline For September 2026 Intake (26th Jun 2026) | USD 45,752 /Yr GBP 34,400 /Yr |
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