MSc Behavioural Economics

Economics is one of the most important aspects of our market-driven society and it’s important for people to be aware of the consumption of resources that are limited. How, when and where the resources should be consumed is what a degree in Economics entails. However, a degree in Behavioral Economics is a combination of economics and psychology. It allows us to understand human decision making that a traditional economics theory can’t explain. Behavioural Economics includes not only psychology but sociology and neuroscience to describe a person’s decision. An MSc Behavioural Economics Degree is a very popular degree as it provides a wide range of career options because a Behavioural Economist is eligible to work in almost every sector. Read the whole blog to know everything about an MSc Behavioral Economic Degree.

Course	MSc Behavioral Economics
Degree	Masters of Science
Major Subjects	Economics, Psychology, Science
Program Duration	1 -2 Years
Sectors	Government Sector, Private Sector
Industry	GovernmentMedicalBusinessNonprofitMarketingHuman ResourcesConsulting AgenciesHigher EducationPublic Relations
Job Roles	Consultants, Professors, Policy Advisors, Behavioral Finance Specialists etc.
Average Fees	INR 22 Lakhs
Average Salary	USD 66,963 – USD 91,584 (INR 49 Lakhs – INR 67 Lakhs)

Why study MSc in Behavioural Economics?

1. MSc Behavioural Economics is a mainstream economics course that gives an insight into psychological aspects of human decision making.
2. The skills that are taught during the course of MSc Behavioural Economics make the student capable of making better and more analytical decisions regarding policies, products, and strategies.
3. MSc Behavioural Economics is an internationally recognised degree that is in high demand by decision-makers in every sector worldwide. Hence, making it a degree worth investing in.
4. Top study destinations such as the UK and the US offer popular MSc courses in Behavioural Economics that are accepted worldwide.
5. There is an immense amount of career opportunities after getting an MSc degree in Behavioural Economics.

Program Structure

The course structure may vary for different universities. But for your reference, you’ll be taught core and compulsory subjects in the first Semester and a choice of elective courses will be given to you in the second Semester. You’ll be required to complete and submit a  dissertation on a relevant economic problem/issue to obtain the respective degree.

Also Read: How to write a Dissertation?

Universities offering MSc Behavioural Economics Abroad

Universities	Courses Offered
Kingston University, UK	Behavioural Decision Science MSc
University of Nottingham, UK	Behavioural Economics MSc
University of Essex, UK	MSc Behavioral Economics
City, University of London, UK	MSc Behavioral Economics
London School of Economics, UK	MSc Behavioural Science
University of Warwick, UK	MSc Behavioural and Economic Science
University of Bath, UK	Applied Psychology and Economic Behaviour MSc
Durham University, UK	MSc in Behavioural Science
Middlesex University, UK	MSc in Behavioural Economics in Action
University College London, UK	MSc in Cognitive and Decision Sciences
University of East Anglia, UK	MSc in Behavioural and Experimental Economics
University of Exeter, UK	MSc in Behavioural Economics and Finance
University of Huddersfield, UK	MSc in Behavioural Economics and Decision Science
Radboud University Nijmegen, Netherlands	Master in Economics (Economics, Behaviour and Policy specialization)
Tilburg University, Netherlands	Master in Social Psychology (Economic Psychology track)
University of Amsterdam, Netherlands	MSc in Economics (Behavioural Economics and Game Theory track)
Erasmus University Rotterdam, Netherlands	Master Behavioural Economics
Christ University, India	MSc in Behavioural Science
University College Dublin, Ireland	MSc Behavioural Economics
UDIMA University, Spain	Master in Behavioral Economics
Chapman University, US	MS in Behavioral and Computational Economics
Cornell University, US	Master of Professional Studies (MPS) in Applied Behavioral Economics and Individual Choice
Harvard University, US	MS in Behavioural Science
University of Pennsylvania, US	Master of Behavioral and Decision Sciences

Also Read: Check out how to get into Harvard University

Admission Requirements

The admission requirements vary for different universities and countries. The general admission requirements for MSc Behavioural Economics are mentioned below.

Eligibility Requirements

1. The student must possess a bachelor’s degree with at least an upper second class honours or international equivalent in Economics or in a degree in which Economics is a major component OR
2. A bachelor’s degree in subjects such as Math, Engineering, Finance, Physics or any other degree with a strong maths component.

English Language Requirements

UK

IELTS	IELTS 6.0 overall with a minimum component score of 5.5
TOEFL iBT	Overall Score of 79 – 92

US

IELTS	IELTS 7.0 overall
TOEFL iBT	Overall Score of 90 – 100

Netherlands

IELTS	IELTS 6.5 overall with a minimum component score of 6.0
TOEFL iBT	Overall Score of 90

Ireland

IELTS	IELTS 6.5 overall
TOEFL iBT	Overall Score of 90

Spain

IELTS	IELTS 7.0 overall
TOEFL iBT	Overall Score of 100

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How to apply?

The specifications might vary from one University to the other, students must checklist the following common steps to apply to an MSc in Behavioural Economics degree abroad:

1. Step-1: Shortlist a University

When planning to apply to a foreign university for an MSc Behavioral Economics degree, the first step is to select a suitable University, depending on the specializations offered and the availability of supervisors in the proposed research area. Also, students must ensure that they meet the eligibility requirements set by the University that they are applying to. 

Use Leverage Edu’s AI Course Finder to find out the best economics course for yourself

2. Step-2: Gather the Documents Required.

Once you have shortlisted a University, the next step is to compile all the documents. This will include test scores such as IELTS or TOEFL as proof of English proficiency, SOP, Letters of Recommendation and more. 

3. Step-3: Get Started with Your Online Application

After compiling the necessary documents, students can begin their online applications by filling in the required details including Personal, Academic and Professional background.

Want to apply for an MSc Behavioral Economics degree abroad? Connect with our counsellors at Leverage Edu who will land you a spot in your dream study abroad destination, right from the application preparation to the final admission. 

Documents Required

1. AcademicTranscripts/Mark Sheets and Proof of Existing Qualifications
2. Statement of Purpose
3. Letters of Recommendation
4. CV or Resume
5. English Language Test Scores i.e IELTS, TOEFL
6. Evidence of Financial Sources
7. TB Test Results (UK)
8. Visa
9. Passport

Cost of Study for MSc Behavioural Economics

Country	Tuition Fee per annum
UK	GBP 16,000 – GBP 24,000 (INR 16 – 24 Lakhs)
USA	USD 25,000 – USD 60,000 (INR 18 – 40 Lakhs)
Netherlands	€20,700 (INR 8 Lakh)
Ireland	EUR 25,000 (INR 21 lakh)
Spain	EUR 1,000 – 3,500 (INR 84,000 – 2 Lakhs)

Cost of Living

The cost of living varies from country to country. As an international student, managing expenses all alone is a very difficult task but if you are aware of the average cost of living in a certain country, it can definitely help you get an idea. However, you can check out Leverage Edu’s Cost of Living Calculator to find out a detailed breakdown of expenses in the most popular cities in the world.

Country	Average Amount
UK	GBP 12,000 (INR 12 Lakh) per year
USA	USD 10,000 0 USD 18,000 (INR 8 – 15 Lakh) per year
Netherlands	€800 – 1000 (INR 33,000 – 41,000)  per month
Ireland	EUR 7,000 – EUR 12,000 (INR 5 -10 Lakh) per year
Spain	EUR 900 -1,100 (INR 59,000 – 92,000) per month

Average Salary

Country	Average Amount Per annum
UK	GBP 25,000 (INR 25 Lakh)
USA	USD 80,026 (INR 59 Lakh)

FAQs

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