Masters in Economics in UK: Best Universities, Admission, Tuition Fees, Scholarships & Jobs
Masters in Economics in UKAre you considering a career path that involves studying abroad in the UK with a focus on a Masters in Economics? Masters in Economics in UK is a degree that lasts for 1 year, provided by internationally renowned universities such as University of Cambridge, University of Edinburgh, Cardiff University and many more. The yearly tuition fees for studying Masters in Economics in UK begin from £18,200 to £52,817 (₹19,65,000 to ₹57,03,000) for Indian students in the top universities.
Currently, 91% of the graduates from MSc Economics in the UK have obtained employment in no more than 15 months of graduation, as per the Higher Statistics Agency. The popular industries in which the graduates have received employment are business, administrative and secretarial, IT, and marketing. The students, after completing Masters in Economics in UK, get jobs such as Senior Economist, Economic Analyst, Analytics Manager, and Investment Analyst. The starting salary of the graduates of Masters in Economics in UK ranges between £25,000 - £35,000 (₹27,00,000 - ₹37,81,000) annually.
Masters in Economics in UK: Highlights
A Masters in Economics in UK is typically provided as a specialization with degrees like MSc, MPhil, and MRes.
Particulars | Details |
Duration | 1 year |
Top universities | University of Cambridge, University of Oxford, University of Edinburgh, University of Glasgow, Cardiff University, and Swansea University |
Average cost of living | £16,500 - £51,264 (₹17,81,000 - ₹55,34,000), although this depends on the location in the UK |
Average tuition fees | £8,200 to £52,817 (₹19,65,000 to ₹57,03,000) |
Intake seasons | January, June, July, August, September, December (differs from the university) |
Masters in Economics in UK - Important Dates and Events
To pursue Masters in Economics in UK, students need to follow the application deadlines of the top universities offering this course for a smooth application within the deadline.
Masters in Economics in UK: Application Start & End Dates for Top Universities
The information regarding the start and end dates of applying for Masters in Economics in UK is significant for all students to get into the top universities of the UK. The details of the application deadlines for current and past years are given for various universities in the UK and they are tentative.
University | Country | Course | Application Deadline in terms of intake |
University of Cambridge | England | Master of Philosophy (MPhil) in Economics | 3 Dec, 2025 for 2026 |
University of Oxford |
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University of Edinburgh | Scotland | Master of Science (MSc) in Economics | 6 June, 2024 in Round 3 |
University of Glasgow | Master of Research (MRes) in Economics | 22 July, 2024 | |
Cardiff University | Wales | Master of Science (MSc) in Economics | At the end of August |
Swansea University | 31 July, 2024 |
Masters in Economics in UK: Visa Application Timeline
The UK has made a declaration regarding stricter rules of immigration that impact study, work and family visas. The applications for a study visa in the UK can be submitted up to 6 months before the course start date, with a decision time typically of about 3 weeks.
Masters in Economics in UK: Fees
Tuition Fees: The tuition fees of the top universities offering Masters in Economics in UK vary from one university to another, and are provided below.
University | Tuition/Annual fees |
University of Cambridge | £40,098 (₹46,52,972) in 1st year |
University of Oxford | £31,020 (₹35,99,561) in 1st year |
University of Edinburgh | £28,800 (₹31,66,000) as annual fees |
University of Glasgow | £25,290 (₹29,34,652) in 1st year |
Cardiff University | £25,450 (₹29,53,218) in 1st year |
Swansea University | £11,900 (₹12,79,250) |
Living Cost: The students studying Masters in Economics in UK can have £4,272 (₹4,61,000) as the average cost of living in a month, while the apartment rent on average is £2,600 (₹2,80,000).
Cities | Rent for the apartment each month |
Cambridge | £2,300 (₹2,47,250) |
Edinburgh | £1,346 (₹1,44,205) |
Cardiff | £855 (₹91,912) |
London | £2,600 (₹2,79,500) |
Manchester | £1,262 (₹1,35,615) |
Master’s loans in Postgraduate: In 2024-25, Student Finance England has taken a step to provide a loan of £12,471 to assist students with the living costs and tuition fees. Additionally, Student Awards Agency Scotland will provide a loan of £7,000 to aid with tuition fees and a loan of £6,900 to assist with the living costs. Moreover, in Wales, Student Finance provides a loan of £18,950 to assist them with tuition fees as well as living costs.
Why Choose a Masters in Economics in UK?
- The UK is regarded as one of the top picks for Indian students looking for Masters in Economics due to the reasons given below.
- Career Benefits: A high employment rate as well as a wide range of job opportunities are provided to the students after graduating with Masters in Economics in UK. The Indian students are motivated to have a minimum of 1 to 2 years of previous experience to enhance their chances of getting jobs after completing Masters in Economics.
- Global Exposure: After finishing Masters in Economics in the UK, the students get the opportunity of global exposure and find the top jobs. Along with this course, the students can seek jobs in industries such as business, finance, HR, marketing, and IT, etc.
- Opportunities for Research as well as Study: If you have an interest in further studies or research, the UK provides excellent resources along with support for learning economics in an advanced manner.
Also Check: Study in UK
Masters in Economics in UK: Qualification
- The required degrees and English proficiency are a must to be followed by all students to apply for Masters in Economics in UK.
- Required Degrees or academic performance: The Indian students are required to obtain 60% within a bachelor’s degree in 4 years to secure admission in Masters in Economics in UK. Candidates from the recognised Indian institutions like IIM or IIT get admission with 65 to 67% as academic average; however, the candidates coming from Indian private universities need to score 70% aggregate in their bachelor’s.
- English Proficiency: A strong proficiency in English is needed, with a good score in IELTS or TOEFL iBT.
Masters in Economics in UK: Eligibility Criteria – Category-wise
- The eligibility criteria for the application process and the additional documents, and the language test scores are to be properly maintained by the interested candidates.
- Language test scores: A score of 6.5-7.0 in IELTS or a 100 score in TOEFL iBT or more is needed by the students to showcase their English proficiency.
Masters in Economics in UK: Application Process
The documents required during the application for Masters in Economics in UK should be submitted, and the application requirements for the universities vary from one to another.
- Academic transcripts
- CV or Resume
- 2 academic references
- Personal statement
- Report for English proficiency scores
- Essays
- GRE score report
Masters in Economics in UK: GRE Requirements
A GRE is not needed for Masters in Economics in UK, however, it is highly suggested for Indian students with at least a 160 score in verbal, 4.5 in analytical section, and 164 score in quant.
Masters in Economics in UK: SOP, LOR, and Resume
A captivating Statement of Purpose (SOP), a Resume and Letters of Recommendation (LORs) are required by the top universities for Masters in Economics in UK. These documents are significant in demonstrating the suitability of the students for the program.
Masters in Economics in UK: University-Specific Admission Steps
The admission steps for getting admission to Masters in Economics in UK are given in a table.
University | Admission requirement |
University of Cambridge |
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University of Oxford | Undergraduate degree in the field of economics with first-class honours or a very strong upper-second-class classification |
University of Edinburgh |
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University of Glasgow |
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Cardiff University |
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Swansea University |
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Top Masters in Economics Entrance Exams for UK
There are a few steps or tips that the students should keep in mind when preparing for the English proficiency entrance exams.
Masters in Economics in UK: IELTS/TOEFL Tips
The IELTS/TOEFL tips for getting admitted to Masters in Economics in UK at top universities are.
- Proper understanding of the requirements of the English language
- Familiarise with listening, writing, reading as well as speaking
- Check the websites of the universities to know their English requirements
Masters in Economics in UK: Cutoff
The cutoff for Masters in Economics in UK is significant for candidates applying for this course in different universities in the UK.
Masters in Economics in UK: IELTS/TOEFL Score Cutoffs
IELTS/TOEFL cutoff scores for the top universities in the UK are valuable information for applicants who are applying for Masters in Economics in UK.
University | Cutoff for IELTS/TOEFL Score |
University of Cambridge |
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University of Oxford |
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University of Edinburgh |
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University of Glasgow |
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Cardiff University |
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Swansea University |
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Masters in Economics in UK: Syllabus
A strong understanding of the syllabus in terms of core courses, electives and specializations regarding Masters in Economics in UK is required by the candidates before applying for the course.
University | Core Courses |
University of Cambridge | Microeconomics, econometrics, macroeconomics |
University of Oxford | |
University of Edinburgh | |
University of Glasgow | Qualitative research methods of statistics, mathematics, and econometrics, and the mathematical treatment of the core field of economics |
Cardiff University | Macroeconomic analysis, microeconomic analysis, data analysis, econometrics and research methods |
Swansea University | Econometrics, macroeconomics, and microeconomics |
Best Universities/Colleges for Masters in Economics in UK
The rankings, as per QS, for the top universities in UK are provided.
University | QS Ranking |
University of Cambridge | 6 |
University of Oxford | 4 |
University of Edinburgh | 34 |
University of Glasgow | 79 |
Cardiff University | 181 |
Swansea University | 292 |
Masters in Economics in UK vs Masters in Economics in India
Masters in Economics is taught differently in UK and India, the details are given below.
Particulars | UK | India |
Duration | 1 year | 2 years |
Global recognition | Highly and internationally recognised with high ranks in QS | Less global recognition |
Job opportunities | Broader job options globally after studying this course | Mainly, the job opportunities are situated in the Indian market |
English proficiency | Highly required with a valid mark in IELTS or TOEFL | No English test is needed |
Masters in Economics in UK: Scholarships
The Indian students are eligible to get various scholarships in the UK to get financial support in pursuing Masters in Economics.
Masters in Economics in UK: Scholarship Deadline for 2025
The Chevening Scholarship provides a 100% tuition waiver to Indian students to help them with a monthly stipend, flight tickets, travel allowance, and visa fee.
Type of the scholarship | Criteria for eligibility | Award | Scholarship deadline |
GREAT Scholarship for the University of Glasgow students | Excellent academic performance along with work experience | £10,000 (₹10,75,000) for a 1-year postgraduate degree | 30 April, 2025 |
Gates Cambridge Scholarships | An applicant from India studying a full-time degree of 1 year in the UK | £30,000 to £45,000 (₹32,25,000 to ₹48,37,500) | Varies based on the location and citizenship |
Chevening Scholarships India | Applicants who study MSc in Economics or a related course | Monthly stipend, tuition fee, flight cost, travel allowance, visa application fee | - |
Commonwealth Shared Scholarship |
| £12,500 (₹13,43,750) | - |
Career Scope After Masters in Economics in UK
After the completion of Masters in Economics in UK, the students get a wide variety of job prospects. The graduates get senior-level job roles with a salary package of £50,000 to £75,000 (₹54,00,000 to ₹81,00,000) in a year.
Jobs | Average salary package (£) | Average salary package (₹) |
Senior Economist | 58,336 | 62,70,120 |
Economic Analyst | 36,772 | 39,51,890 |
Analytics Manager | 49,542 | 53,23,215 |
Investment Analyst | 34,809 | 37,42,717 |
Data Analyst | 29,955 | 32,20,763 |
Economist | 32,266 | 34,65,595 |
Demand Planner | 28,607 | 30,73,003 |
Finance Associate | 28,988 | 31,11,010 |
Masters in Economics in UK: Top Recruiters/Placement Companies
The popular industries that provide placement to the economics graduates in the UK are financial service organisations, banks, government departments, consulting firms, global companies as well as research institutes.
Frequently Asked Questions
Ques: Is any economic background required for getting admission to Masters in Economics in UK?
Ans: Yes, most universities in the UK require a qualification of having economics or a related quantitative background with a valid mark in the bachelor’s degree to handle higher studies in economics.
Ques: How much score is required for the English language proficiency tests?
Ans: For Masters in Economics in UK, a 100 score in TOEFL iBT or more or 6.5-7.0 score on IELTS is required to be scored by the candidates to get admission to indicate a strong English proficiency.
Ques: What is the tuition fee for Indian students to apply for Masters in Economics in UK?
Ans: For the Indian applicants wanting to study Masters in Economics in UK, they need to pay ₹19,65,000 to ₹57,03,000 annually or in the 1st year, which fully depends on the university and it varies according to that university.
Ques: What are the job opportunities that can be expected after completing a Masters in Economics in UK?
Ans: Senior Economist, Data Analyst, Economist, Economic Analyst, Demand Planner, Finance Associate, Analytics Manager, Investment Analyst are the job prospects provided to the students who have completed Masters in Economics in UK.
Ques: What is the salary range offered to the students after pursuing Masters in Economics in UK?
Ans: £25,000 - £35,000 (₹27,00,000 - ₹37,81,000) is the yearly range of salary package offered to the candidates after studying Masters in Economics in UK at the initial stage.