The UK is arguably one of the most important financial centres worldwide, with the 6th-largest economy. The country’s capital, London, has frequently been ranked the number one richest city globally by several organisations, including UHNWI (2020) and GPCI (2021). Thanks to its gravity as a business powerhouse, thousands of students from across the planet dream of learning the fundamentals of economics in the UK, a country with some of the most popular universities offering degrees in economics and finance.
The UK is home to three of the top ten universities for Economics & Econometrics (QS 2022). In addition to world-class course curricula and world-class faculty, UK Economics schools are known for their state-of-the-art facilities, offering all-around development for students. While studying an Economics programme in the UK, you will get acquainted with the basics of economics, including the core microeconomics and macroeconomics theory. The concept of supply and demand is central to an Economics course.
At an Economics school in the UK, the degree programme is taught as the amalgamation of principles of production, consumption, and transfer of wealth. Most courses are accredited by the prestigious AACSB, EQUIS Global, and CIMA. Economics undergraduate degrees are generally three-year-long, while the postgraduate courses last for 1-2 years. PhD Economics degrees generally take 4 years,
Depending on the universities’ reputation, tuition fees for international students are between £15,000 to £37,000. The University of St Andrews’ BSc Economics is ranked first in the UK and costs £28,190 for international students. The second-ranked Oxford’s BA in Economics and Management degree’s international fee is £37,280.
| University | Course | International Fees |
|---|---|---|
|
University of St Andrews |
£28,190 |
|
|
University of Oxford |
£37,280 |
|
|
University of Cambridge |
£24,507 |
|
|
London School of Economics and Political Science |
£26,592 |
|
|
University of Warwick |
£23,390 |
The bachelor’s degree in Economics aims to give students a sound understanding of core, pure and applied economics. Along with developing analytical methods and applying them to diverse problems, you will learn how to address important economic issues and policy questions. In the first year, you will take introductory courses in several topics, such as microeconomics, macroeconomics and econometrics. The second year discusses quantitative economics, network science, and statistical methods. In the last year, students are introduced to advanced topics, such as the economics of labour, tax policy, the economics of growth, and international trade.
UK universities offer two types of degrees at the undergraduate level — BA and BSc. Although both degrees are centred on economic principles and policies, the latter has a bit of scientific touch. While the BA courses are dedicated to the historical and analytical philosophy of Economics, BSc programmes add the elements of mathematics, statistics, banking, etc.
A Master’s degree in Economics trains students to solve real-world problems by learning applied and policy-oriented research. The programme’s aim is to hone your skills in critical analysis, logical thinking, and policy implementation. Through independent learning, students are exposed to analytical and theoretical approaches. Several universities greatly emphasise developmental microeconomics, healthcare economics, and the government’s policies.
The Doctor of Philosophy (PhD) in Economics is ideal for those candidates who intend to work as economists and contribute to global finance as experts. You will be under the guidance of globally-reputed faculty and have a detailed knowledge and understanding of how the global chain of finance and economics works. It deals with several social and environmental issues connected with a country’s development.
Source: Higher Education Statistics Agency, Destination of Leavers from Higher Education 2016-17.
Source: Higher Education Statistics Agency, Destination of Leavers from Higher Education 2016-17.
Please note that entry requirements vary for each UK university.
To learn more about the best Economics courses in the UK, find details on the top ten ranking Economics universities in the Guardian University Guide 2023 below:
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After completing BA in Economics, most aspirants pursue an MBA programme. Master’s in Finance Management and Accounting Analytics are also among popular courses.
At undergraduate level, BA or BSc in Economics is the best option, while MA/MSc in Economics is a common choice for thousands of students. You can also choose a joint course in economics with either management or business.
Economists are always in demand worldwide. With today’s global economy vulnerable to recession more than ever, the industry needs smart brains to tackle every risk on the way.
An economics graduate can work in a range of areas, including finance, banking, and accounts. Some common career paths are Economist, Financial risk analyst, Financial planner, Accountant, Investment analyst, Financial consultant and Economic researcher.
The highest-paying jobs in economics are economist, statistician, actuary, and corporate lawyer.
Apart from the degree courses in economics, there are several other professional qualifications that you can choose to pursue, including courses in business intelligence, global trade analysis, and financial risk analysis.
Economics runs on the four fundamental concepts —scarcity, supply and demand, costs and benefits, and capital.
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