Study Masters in Economics in UK

Among all other countries, the United Kingdom has the oldest economic hub. It has evolved over the decades to become the centre of economics, attracting economists and students. Every year, a large number of students apply for admission to pursue a master’s degree in economics in the United Kingdom in order to gain a better understanding of global economics. Students planning to pursue an MA in economics in the UK will have a variety of options to specialize in, including applied economics, transport economics, cultural studies, innovation and policy, management, and others. The article provides you with a comprehensive overview of the best economics masters in the UK, as well as job opportunities, eligibility requirements, and other details for pursuing an MA in economics in the UK.

What does MA economics Offer?

In the United Kingdom, a Master’s in Economics is a one-year postgraduate course that teaches students how to analyze data on the production of goods and resources. Investigation of both local (microeconomics) and global (macroeconomics) economic factors is a feature of the programme and has the potential to increase consumer and economic prosperity. Economic theory, microeconomics, macroeconomics, development economics, corporate finance, and other topics are covered in master’s level economics courses at UK universities. Students are well-equipped for the real-world application of global economics. Some of the topics covered include

• Research Dissertation
• Microeconomics
• Macroeconomics
• Quantitative Methods
• Principles of Finance

Top Reasons for Choosing UK to Pursue an MA in Economics

• Top Universities

Oxford University, University of Cambridge, London School of Economics and Political Science, and other top universities in the UK offer master’s degrees in economics.

• Great Economy

The United Kingdom is among the world’s leading and oldest economic hubs, with some of the world’s most recognisable brands headquartered here. Many master’s students go on to high-level positions in the UK’s business, banking, and marketing sectors.

• Employment Rate

Within six months of graduation, 65% of UK master’s in economics graduates are employed (as per prospects.UK.ac). The majority of these end up in top jobs in the UK, such as business, finance, and marketing. 57% of available jobs are in the business, human resources, and financial sectors.

• Good Scholarships

Students who want to study economics in the UK will need sufficient funds. Universities in the United Kingdom provide special financial grants to eligible students to cover course fees.

Must Read: How to Make a Career in Economics

Top Universities for MA Economics in the UK

The United Kingdom is one of the major global student destinations. According to QS rankings, the UK has 59 colleges that offer master’s degrees in economics. The top-ranking universities in the UK offering a master in economics, according to QS 2020 rankings, are listed below:

• London School of Economics (LSE)
• The University of Oxford
• The University of Cambridge
• UCL
• The University of Warwick
• London Business School
• Imperial College London
• The University of Manchester
• The University of Edinburg
• University of Nottingham
• University of Bristol

Documents Required

Certain documents are required to apply for master’s degrees in economics at top UK universities. The list includes

• Transcripts of all educational qualification
• CV or Resume
• LOR
• SOP
• Scorecards of IELTS/TOEFL
• Scorecards of GMAT/GRE
• Work experience certificate
• Valid Passport
• Current Photographs (passport size)

Must Read: MSc Behavioural Economics

Admission Process

You must have all of the required documents to complete the admissions process. The following are the steps to take during the admissions process:

• Check the university’s official website to see if you meet the eligibility requirements for your desired programme.
• Examine the important documents and permits that you must submit with your application.
• Fill out the online application and pay the application fee.
• You can access the admission portal after submitting your application.
• Meanwhile, you can gather all of the documents required to apply for a study permit in the United Kingdom.
• If you meet the prerequisites, the university will invite you to take the entrance exam.
• The college administration sets the cut-off for the entrance exam. The following procedure is followed if a candidate does well on the entrance exam and meets the cut-off.
• You will receive an acceptance letter from the applied university once the university has accepted your documents and scores.
• You can apply for a UK student visa after receiving an acceptance letter.

Cost of Studying in the UK

Getting a job in the UK after completing your master’s degree is not difficult if you have finished your education at top institutes in subjects that are in high demand. Your chances of getting a job in the UK after finishing your master’s degree are influenced by a variety of factors such as your educational level, skills, area of search, job field, and so on. The two main expenses to consider are

• Tuition fees

The cost of pursuing a master’s degree in economics at one of the UK’s top universities has increased in recent years to 29 lakh INR per year. The University of Kent is the most affordable of these top universities, with a master’s degree costing only 15 lakh INR. You can either study at one of these top economics schools or look for alternatives, such as colleges that offer lower-cost economics degrees. Furthermore, the fee is determined by your study level as well as the region of the United Kingdom in which you choose to enrol in the respective university.

• Living expenses

The United Kingdom is quite ridiculously expensive. As a result, you must have a thorough understanding of the cost of living. The average monthly cost of living in the United Kingdom is approximately GBP 1276. (INR 10,18,54.97). While accommodation price is somewhere near GBP 830 (INR 79,555.87), food and transportation costs are around GBP 50 (INR 4792.52) and GBP 32 (INR 2576.27) respectively. You can work part-time while studying to earn a bit for yourself.

Careers and Scope

When it comes to employment, the United Kingdom has some excellent opportunities for master’s degree holders in economics. However, you are allowed to stay in the UK for two years after receiving your master’s degree to help with your job search. After completing a master’s degree, the average annual salary in the United Kingdom is GBP 32,687. (INR 31,05,516).

Job Roles	Annual Average Pay
Economic Analyst	GBP 40,858 (INR 39,08,582.10)
Economic Consultant	GBP 36,772 (INR 35,17,704.76)
Operation Manager	GBP 31,665 (INR 30,29,155.91)
Senior Economist	GBP 64,352 (INR 61,56,078.99)

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FAQ’s