The UK boasts some of the world’s best universities, and many of them offer outstanding programs in economics. Economics is a dynamic subject of study that explores the intricacies of resource allocation, decision-making, and social interaction in the global economy. Studying economics might be rewarding if you have a strong interest in understanding how economic systems work. In this extensive guide, we will look at some of the best universities to study economics in the UK, the courses they provide, and the accompanying costs. We will focus on five prestigious institutions: the University of St Andrews, the University of Oxford, the University of Cambridge, the London School of Economics and Political Science, and the University of Warwick.
Highlights of Study Economics in the UK
| Number of universities | 95 (source: Guardian) |
| Number of courses | 1,017 (source: Guardian) |
| Course levels | Undergraduate, integrated, and graduate |
| Duration | 3-4 years (undergraduate) and 1-2 years (graduate) |
| Annual tuition fees for international students | £24,000 to 40,000 (undergraduate) and £25,000 to 55,000 (graduate) |
Why Study Economics in the UK?
Globally recognized education: The UK is home to some of the world’s top economics universities, including the University of Oxford, the University of Cambridge, the London School of Economics and Political Science (LSE), etc. These institutions have strong economics departments and offer high-quality education that is recognized internationally.
Diverse course options: It offers a wide variety of programs in economics at undergraduate, graduate, and doctoral levels, catering to students with different interests and career goals. Whether you are interested in macroeconomics or microeconomics, you will find suitable courses in the UK.
Multicultural environment: Studying in the UK exposes students to a variety of cultures resulting in a diverse and active learning environment that equips graduates for an international employment market.
Research opportunities: Economics universities in the country are renowned for their contributions to the field. Students have access to state-of-the-art laboratories and research projects that allow them to work on real-world problems, fostering innovation and critical thinking.
Strong industry connections and employability: Strong connections between many UK universities and major business players give students access to networking, internship, and placement possibilities.
Financial support: Many UK universities offer scholarships and financial aid to international students. It is worth exploring these opportunities to help reduce the cost of tuition and living expenses.
Post-study visa: The UK government has introduced post-study work visa policies for international students. This allows them to stay and work in the country after completing their degrees.
Working while studying: International students are permitted to work while studying in the country for 20 hours/week during semesters.
Rankings: Universities for Economics in the UK
| University Name | Guardian Ranking 2023 |
| University of St Andrews | 1 |
| University of Oxford | 2 |
| University of Cambridge | 3 |
| London School of Economics and Political Science | 4 |
| University of Warwick | 5 |
| University of Stirling | 6 |
| Durham University | 7 |
| University of Hertfordshire | 8 |
| Heriot-Watt University | 9 |
| University College London | 10 |
Top Universities to Study Economics in the UK
Here are five top universities where you can pursue a degree in economics.
University of St Andrews
Established in 1413, the University of St Andrews is one of the oldest universities in the UK. It is Scotland’s first university that houses over 10,425 students. It is the top university in the UK, moving ahead of the University of Oxford and the University of Cambridge (source: Guardian University Guide 2023). The university offers economics and financial economics as both a Bachelor of Science (BSc) and a Master of Arts (MA) degree. Students with a science background can opt for a BSc whereas those with arts and humanities background can pursue an MA degree in economics. The BA (International Honours) is a joint degree delivered by the University of St Andrews and the College of William & Mary in Virginia, USA. It allows students to spend two years at each institution. Besides, two MSc programs in economics and finance and economics are also available.
| Course Name | Duration | Annual Tuition Fees |
| Economics BSc (Honours) | 4 years | £30,160 |
| Economics BA (International Honours) | 4 years | $46,095 |
| Economics MA (Honours) | 4 years | £30,160 |
| Financial Economics BSc (Honours) | 4 years | £30,160 |
| Financial Economics MA (Honours) | 4 years | £30,160 |
| Economics (MSc) | 1 year | £25,880 |
| Finance and Economics (MSc) | 1 year | £29,950 |
University of Oxford
This ancient university was established in 1096 making it the oldest university in the English-speaking world. It has over 38 colleges and 70 research departments. It is home to more than 26,000 students, 46% of whom are international students. The university ranked first in the world in the Times Higher Education World University Rankings consecutively since 2017.
The university offers economics courses at undergraduate and graduate levels. The BA course in economics at the University of Oxford is delivered by both the Department of Economics and Saïd Business School. The graduate courses are offered by only the Department of Economics, except the MSc Financial Economics which is taught by the Saïd Business School.
| Course Name | Duration | Annual Tuition Fees |
| BA Economics and Management | 3 years | £40,970 |
| MPhil in Economics | 21 months | £29,070 |
| MSc in Economics for Development | 9 months | £36,000 |
| MSc Financial Economics | 9 months | £55,630 |
University of Cambridge
The University of Cambridge, another prestigious institution, is the fourth-oldest university in the world in continuous operation since 1209. It is known for its emphasis on interdisciplinary research and its commitment to producing graduates who can make a significant impact on the world. There are a total of 24,270 students currently studying at the University of Cambridge. It is up of 31 constituent colleges.
The Economics Department at Cambridge offers undergraduate courses such as the BA in Economics, which covers a wide range of economic topics. For postgraduate students, there’s the MPhil in Economics, and MPhil in Finance and Economics, among others.
| Course Name | Duration | Annual Tuition Fees |
| Economics BA (Hons) | 3 years | £24,507 |
| MPhil in Economics | 9 months | £51,265 |
| MPhil in Finance and Economics | 10 months | £52,817 |
| MPhil in Economics and Data Science | 9 months | £51,265 |
| MPhil in Economic Research | 10 months | £52,817 |
London School of Economics and Political Science (LSE)
This member institution of the University of London came into existence in 1895. London School of Economics and Political Science (LSE) is one of the foremost social science universities in the world. It ranks 2nd in Europe and 5th in the world (QS subject rankings 2023). LSE has 29 academic departments and institutes and 19 research centers. The student population at LSE makes up 11,566 full-time students, 60% of whom are overseas students.
LSE is known to offer a variety of programs in economics at both undergraduate and graduate levels. These programs come with different specializations.
| Course Name | Duration | Annual Tuition Fees |
| BSc Economics | 3 years | £28,176 |
| BSc Economics and Economic History | 3 years | £28,176 |
| BSc Economic History | 3 years | £28,176 |
| BSc Economic History and Geography | 3 years | £28,176 |
| BSc Philosophy and Economics | 3 years | £28,176 |
| BSc Mathematics with Economics | 3 years | £28,176 |
| BSc Politics and Economics | 3 years | £28,176 |
| BSc Geography with Economics | 3 years | £28,176 |
| BSc Econometrics and Mathematical Economics | 3 years | £28,176 |
| BSc Environment and Sustainable Development with Economics | 3 years | £28,176 |
| BSc Philosophy, Politics and Economics | 3 years | £28,176 |
| BSc International Social and Public Policy and Economics | 3 years | £28,176 |
| MSc Economics and Management | 10 months | £34,128 |
| MSc Finance and Economics | 10 months | £34,128 |
| MSc Economics | 2 years | £25,920 |
University of Warwick
The University of Warwick was founded in 1961 but received its Royal Charter of Incorporation in 1965. This highly popular institution is a public research university located on the outskirts of Coventry. It has 29 academic departments and over 50 research centers and institutes, in three faculties: Faculty of Arts, Faculty of Science, Engineering, and Medicine, and Faculty of Social Sciences. 28,823 students are currently studying at the University of Warwick, and 42.9% of these students are international students.
The Department of Economics at the Faculty of Social Sciences offers the following courses in economics that are internationally focused and are intellectually demanding and professionally relevant.
| Course Name | Duration | Annual Tuition Fees |
| BSc Economics | 3 years | £23,390 |
| BSc/BA Economics, Politics and International Studies | 3 years | £23,390 |
| MSc Economics | 1 year | £29,330 |
| MSc Economics and International Financial Economics | 1 year | £29,330 |
| MSc Behavioural and Economic Science | 1 year | £29,330 |
| MSc Finance and Economics | 1 year | £29,330 |
Admission Requirements for Economics in the UK
Undergraduate Courses
High school education: Economics universities in the UK require students to have a high school level education which can be an International Baccalaureate Diploma, A levels, international qualifications, etc.
English language proficiency: Submitting English language proficiency scores is compulsory for applicants whose first language is not English. UK universities accept IELTS normally with a minimum overall grade of 6.5 (no individual band less than 5.5).
Other admission requirements: As a part of the admission process, international students are also required to have a study visa, a valid passport, reference letters, a statement of purpose, etc. They must also provide financial proof to cover their fees and living expenses in the UK.
Graduate Courses
Bachelor’s education: To be admitted to graduate-level courses, students must have a first-class honors degree in economics or any other related field like finance and accounting from an accredited university.
English language proficiency: Submitting English language proficiency scores is compulsory for applicants whose first language is not English. Students can prove their English language proficiency through standardized tests like IELTS or TOEFL. Universities usually require a minimum IELTS score of 7.0 or equivalent.
GRE/GMAT: Top universities in the UK usually require students to sit for the GRE/GMAT exam as an admission requirement for graduate courses.
Other admission requirements: International students are also required to submit transcripts, a study visa, a valid passport, reference letters ( at least two academic references), a statement of purpose, etc. Some programs may require an interview as part of the admission process.
Job Opportunities
Economics graduates in the UK gain a highly marketable set of skills, including analytical, critical thinking, and strategic planning. A degree in economics in the country provides an international experience that is beneficial for competitiveness in a globalized job market. Popular career destinations for recent graduates in economics include:
- Economic consulting
- Management consulting
- Accountancy
- Business intelligence analysis
- Risk management
- Stockbroking
The Government Economic Service (GES) is the UK’s largest recruiter of economists. Other common employers include government agencies, consultancies, banks, financial institutions, higher education establishments, and investment groups. The salaries in the field of economics can vary widely, but those in the banking, financial services, and consulting industries typically make more money. Fresh economics graduates typically earn between £25,000 and £35,000 a year, with the potential to rise to £40,000 or more with more experience. Depending on your expertise, region, and the industry you work in, senior-level salaries can range from about £50,000 to more than £75,000 (source: Prospects).
Conclusion
The UK universities offer exceptional programs in economics providing a solid foundation for a successful career in this field. The best economics courses in the country are offered at the University of St Andrews, the University of Oxford, the University of Cambridge, the London School of Economics and Political Science (LSE), and the University of Warwick. These courses are delivered mostly at undergraduate and postgraduate levels. The undergraduate courses last anywhere from 3 to 4 years whereas postgraduate courses typically take 1 to 2 years.
When choosing a program, it is essential to consider your career goals, the course content, and the university’s location and industry connections. As an international student in the UK, it is important that you make a balanced and informed decision. It is essential to consider factors like tuition costs, visa requirements, and personal preferences when deciding whether to study economics in the UK. To know more reach out to us at Gyanberry. Book your free video call now!
