Masters in Economics in UK: Best Universities, Admission, Tuition Fees, Scholarships & Jobs
Masters in Economics in UKDo you have a career in mind to study in the UK where your overseas study will include studying Economics towards Masters degree? The 1-year course offering Masters in Economics in UK is offered by globally recognized universities like University of Cambridge, University of Edinburgh, Cardiff University, to name a few. Undertaking Masters in Economics in the UK costs between £18,200 to £52,817 (₹19,65,000 to ₹57,03,000) per annum in fee structure in the top universities in India. However, students who desire less expensive ones can apply in such universities as University of Westminster, Glasgow Caledonian University, University of Buckingham, and University of Brighton among other universities. The annual tuition in these universities is in a range of £13,000 to £17,950 (₹15,05,400 to ₹20,79,210). In the UK though, the Higher Statistics Agency has shown that 91 percent of all the MSc economics graduates have secured jobs within a maximum of 15 months of graduation. Business, administrative and secretarial, IT and marketing are the popular industries where the graduates have been offered employment. The students find employment in the professional world after pursuing Masters in Economics in UK, thus ending up in jobs like Senior Economist, Economic Analyst, Analytics Manager and Investment Analyst. The minimum salaries of alumni Masters in Economics in the UK vary with the yearly salaries of around £25,000 - £35,000 (₹27,00,000 - ₹37,81,000).
Masters in Economics in UK: Highlights
A Masters in Economics in UK is usually offered as a specialisation where the degrees take the form of MSc, MPhil, MRes etc.
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), this may vary in 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 details of the date of starting application and ending application to the Masters in Economics course in the UK is important information to all students to enter the best universities of the UK. These are the specifications of the application dates both of the current year and years gone by at different universities in the UK and are subject to change.
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 |
| ||
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 UK: Tuition Fees, Living Costs, and Scholarships
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) |
Funding opportunities for Masters in Economics in UK
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 Read :
Other Popular Countries for Studying Masters in Economics
Masters in Economics in UK: Qualification
The entry requirements for Masters in Economics UK are a must to be followed by all students to be qualified for admission in the top universities.
- 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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Masters in Economics in UK: Top Course Entrance Exams for Location
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 |
Economics Masters UK universities ranking
The rankings, as per QS and Economics Rankings, for the top universities in UK are provided.
University | QS Ranking (World University Rankings) | The Economics Rankings 2024 |
University of Cambridge | 6 | 5 |
University of Oxford | 4 | 5 |
University of Edinburgh | 34 | 56 |
University of Glasgow | 79 | 101-125 |
Cardiff University | 181 | 151-175 |
Swansea University | 292 | 151-175 |
Compare Masters in Economics programs at Oxford and Cambridge
A summary of the comparison between University of Oxford and University of Cambridge is.
Particulars | University of Cambridge | University of Oxford |
Application deadline | 3 Dec, 2025 for 2026 |
|
Tuition fees (Yearly) | £40,098 (₹46,52,972) in 1st year | £31,020 (₹35,99,561) in 1st year |
Apartment rent every month | £2,300 (₹2,47,250) | £1928 (₹2,23,142.40) |
Admission needs |
| Undergraduate degree in the area of economics with a very strong upper-second-class classification or first-class honours |
English proficiency |
|
|
QS ranking | 6 | 4 |
Online Masters in Economics UK
At University of Strathclyde, the MSc Applied Economics in the online mode prioritises building the technical as well as analytical skills of students while developing their practical experience to use these skills to solve real-world economic issues and inform decision-making in different environments. The program starts in September and is a 24-month online distance learning course (part-time).
Top Universities for Masters in Applied Economics UK
- London School of Economics and Political Science
- Imperial College
- University of Manchester
- University of Reading
Masters in Economics: UK vs. 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. Scholarships for Masters in Economics in UK for international students are.
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) | - |
Job prospects after Masters in Economics 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. Some of the top universities might also expect strong mathematical skills, statistical knowledge, as well as prior coursework in macroeconomics and microeconomics.
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. Some of the universities might expect the scores of PTE or equivalent alternatives.
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. However, scholarships can significantly decrease the total tuition burden.
Ques: What are the job prospects and salary range 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. £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.
Ques: Are there any Part-time Masters in Economics UK?
Ans: Yes, Part-time Masters in Economics UK is provided by University of Essex. The part-time candidates look into the same modules as the full-time students; however, they balance the models within 2 years of study. Normally, credits are split in a fair and equal manner every year. These graduates get the same qualification but complete their studies over a lengthy period.