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?
- MSc Behavioural Economics is a mainstream economics course that gives an insight into psychological aspects of human decision making.
- 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.
- 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.
- Top study destinations such as the UK and the US offer popular MSc courses in Behavioural Economics that are accepted worldwide.
- There is an immense amount of career opportunities after getting an MSc degree in Behavioural Economics.
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
|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
The admission requirements vary for different universities and countries. The general admission requirements for MSc Behavioural Economics are mentioned below.
- 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
- A bachelor’s degree in subjects such as Math, Engineering, Finance, Physics or any other degree with a strong maths component.
English Language Requirements
|IELTS||IELTS 6.0 overall with a minimum component score of 5.5|
|TOEFL iBT||Overall Score of 79 – 92|
|IELTS||IELTS 7.0 overall|
|TOEFL iBT||Overall Score of 90 – 100|
|IELTS||IELTS 6.5 overall with a minimum component score of 6.0|
|TOEFL iBT||Overall Score of 90|
|IELTS||IELTS 6.5 overall|
|TOEFL iBT||Overall Score of 90|
|IELTS||IELTS 7.0 overall|
|TOEFL iBT||Overall Score of 100|
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:
- 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.
- 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.
- 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.
- AcademicTranscripts/Mark Sheets and Proof of Existing Qualifications
- Statement of Purpose
- Letters of Recommendation
- CV or Resume
- English Language Test Scores i.e IELTS, TOEFL
- Evidence of Financial Sources
- TB Test Results (UK)
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.
|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|
|Country||Average Amount Per annum|
|UK||GBP 25,000 (INR 25 Lakh)|
|USA||USD 80,026 (INR 59 Lakh)|
The acceptance rate of Cornell University is 10.7%.
You need to obtain a minimum GPA of 3.0 to get into the University of Essex.
It takes 1 year to complete the program in full-time mode.
This was all about MSc in Behavioral Economics. If you have any questions or need help with your study abroad admissions, you can talk to our experts at 1800572000.