Study Economics in UK – Universities, Courses and Career Prospects

About LSE - The London School of Economics and Political Science or LSE is located near the centre of London, which gives the students a chance to indulge themselves in the cultural, social and recreational activities of the UK’s capital city. Offering 40 undergraduate and 140 taught and research postgraduate programmes, LSE provides students with a wide palette of subjects covering a range of social science disciplines, from accounting to law and management to social policy. The student community at LSE is also diverse and culturally varied with international students from over 140 countries enrolled in the various programmes.

LSE Department of Economics – The LSE Department of Economics boasts expertise in all aspects of mainstream economics. Being the biggest and the best economics department in the world, the LSE Department of Economics is responsible for almost all crucial developments within the field of economics. Its alumni is employed by major organisations around the world and includes 10 nobel prize winners. Besides, with the former Bank of England Governor and Deputy Governor being professors in the Economics Department of LSE, the college faculty is renowned for shaping the economic policies globally and in the UK.

• Courses Offered – B.Sc. in Economics
• Course Fee – 21,750 per year
• Application Deadline – January

The economics programme at LSE is renowned for being rigorous and mathematics-oriented. If you decide to opt for the B.Sc in Economics degree, you should have an aptitude for numbers and a strong ability to think analytically. The programme is designed to provide students with a solid foundation in analytical methods of economics and you will then be taught how to apply these methods to come up with solutions to a diverse range of problems. The degree can open doors for you in career fields like:

1. Banking
2. Hedge Fund Management
3. Professional Accountants
4. Auditors
5. Entrepreneurship
6. Development
7. Government Consultancy

• Courses Offered – M.Sc. in Economics
• Course Fee – 29,760 (total)
• Application Deadline None (rolling admissions)

This advanced degree focuses on the key components of economic theory:

1. Macroeconomics
2. Econometrics

Mathematics is used extensively within the programme as a tool to facilitate analysis, with the main goal of the programme being the formal training of the students in core economic models and methods. This programme aims to equip you with the main tools found in the toolbox of a modern professional economist who can choose to work in either government positions, international organisations or private consultancy firms. Graduates from LSE in this programme have gone on to work in organisations such as:

1. Goldman Sachs
2. JP Morgan
3. Bank of America
4. Credit Suisse
5. IMF
6. World Bank

About the University of Oxford – The University of Oxford holds the distinction of being the oldest university in the English speaking world. In fact, it is so old, that its foundation date is unknown to this day!

It comprises of 4 academic divisions or colleges, which are self-governed and students have to apply directly to any of the following if they wish to study there:

1. College of Humanities
2. College of Mathematics
3. College of Medical Science
4. College of Social Sciences

With an international student population of around 40% out of the 22,000 or so students enrolled, Oxford has a diverse and multicultural environment. Oxford has an alumni network of over 250,000 people, which include more than 120 Olympic medallists, 26 Nobel Prize winners and over 30 modern world leaders like Bill Clinton, Aung San Suu Kyi and Indira Gandhi.

University of Oxford Economics Department – Oxfords Department of Economics is one of Europes leading research departments and its members are some of the worlds most distinguished academic economists. In the most recent Research Excellence Framework (REF 2014), Oxford came in first in overall research strength for Economics and Econometrics, with research within the department being classified as world-leading.

• Courses Offered – B.A. (Hons.) in Economics & Management
• Application Deadline October
• Course Fee – 30,030 per year

The bachelors degree in Economics and Management is designed to examine issues that are a fundamental part of the world we live in, for example, how the economy and organisations function, how resources are allocated and co-ordinated to achieve the organisations objectives. The two subjects are ideal partners for a complete education with each of them shoring up and strengthening the other.

The course is a joint venture between the Department of Economics and Said Business School. But it is not a business studies degree as it is taught as an academic subject within the social science college of the university.

• Courses Offered – M.Sc. in Financial Economics
• Application Deadline March
• Course Fee – 45,000 per year

The masters course is a full-time 9-month-long programme that is taught jointly by faculties from Said Business School and Department of Economics. The programme is a combination of rigorous academic training that is tailored to real-world applications and was designed by consulting with leading financial recruiters. The following is a list of some of the employers that recruited graduates from this programme in 2019:

1. Barclays
2. Citi
3. Morgan Stanley
4. UBS
5. Deloitte
6. McKinsey
7. KPMG

About the University of Cambridge – With its location just north of London in the ancient city of Cambridge, the University of Cambridge is regarded as one of the best universities in the world.

Its a public research institution and is divided into 31 autonomous colleges. The following academic schools are spread across the universitys colleges:

1. Arts and Humanities
2. Biological Sciences
3. Clinical Medicine
4. Humanities and Social Sciences
5. Physical Sciences
6. Technology

Cambridge is also renowned for being a vibrant student town, with students at the university making up 20% of the towns population. The university has produced eminent mathematicians, scientists, politicians, lawyers, philosophers, writers, actors and heads of state. The alumni of the university include 98 Noble laureates and 15 British Prime Ministers.

Faculty of Economics at Cambridge – Economics is one of the core departments at the University of Cambridge and has been host to many distinguished economists. It is also regarded as the birth-place of the subject macroeconomics. 19 students/members of the faculty have won the Nobel Memorial Prize in Economic Sciences. The renowned Indian economist, Amartya Sen was also a part of the Faculty of Economics at Cambridge.

• Courses Offered – B.A. (Hons.) in Economics
• Application Deadline October
• Course Fee – 23,607 per year

This course is designed to provide students with an in-depth understanding of the core elements of pure and applied economics. However, even though you will be delving deep into the heart of economics as a subject, you will also be employing a variety of ideas from subjects like history, sociology, mathematics and statistics etc.

The programme is also called Tripos and consists of 3 individual parts, one for each year of your degree. The first year is spent on a general introduction to Economics and other related disciplines; the second and third years are more advanced and offer students the opportunity to narrow down their interests and become specialists in their chosen fields.

Note: It is possible to switch to another subject after one or two years. For example, you can opt for History, Law or Political Science if you are inclined. There is also a chance for you to switch to Management studies after the 2nd or 3rd year, but since the programme is highly competitive, entry is limited.

• Courses Offered – M.Phil. in Economics
• Application Deadline January
• Course Fee – 44,323 (full course fee)

The M.Phil. in Economics degree is designed specifically for students who wish to obtain a 1-year masters qualification before moving on from academic economics. More specifically, this degree is aimed at candidates who wish to acquire the technical skills required to secure a career as a professional economist. The learning objectives of this programme are:

1. Provide advanced technical training in microeconomics, macroeconomics and economics
2. Acquiring independent research skills and learning to put them into practice
3. Acquiring experience in formulating a realistic research topic and prepared written work
4. Gain sufficient knowledge and understanding of advanced economics to proceed to a career as a professional economist.

Note: This degree isnt designed for students who wish to continue on to a PhD programme. However, if you are determined to secure a PhD, there may be some wiggle room for you to transfer to an M.Phil. in Economics Research which will make it easier to move on to a PhD.

About UCL – One of the best multidisciplinary universities in the world, UCL has maintained a stellar international reputation for its research and teaching, as evidenced by its high QS Rank.

UCL is home to research and teaching centres for subjects like:

1. Medicine
2. Language
3. Law
4. Engineering
5. History
6. Astrophysics

The subjects above are just a handful of disciplines available to the students at UCL and the university prides itself on encouraging interdisciplinary study.

With a large international population that represents over 150 countries, UCL is a truly cosmopolitan university. Its central London location provides students with the chance to indulge themselves in the culture and night-life of the capital city. The university also provides many opportunities to the students to study abroad by hosting joint-study or exchange programmes with other foreign institutions outside the UK. UCL has produced 29 Nobel Laureates so far, with at least one prize winner representing UCL since 1901.

Department of Economics at UCL: The Department of Economics at UCL has a stellar international reputation in key areas of current economics research. In fact, it was the only department of economics in the UK that recieved a grade point average of 3.78 out of 4 in the 2014 REF or Research Excellence Framework! The first co-educational class, in any British University, was held in October 1871, in the department of economics in UCL at a time when women weren’t even allowed to sit for degrees or in many cases, to enter the classrooms at all.

• Courses Offered – B.Sc. in Economics
• Application Deadline January
• Course Fee – 23,290 per year

The B.Sc. in Economics degree is designed for ambitious and mathematically-inclined students and provides them with a thorough grounding in economic theory. It also provides them with the technical tools, knowledge of mathematics and statistics. The following are the benefits you will receive if you opt for this programme:

1. Whether you are focusing on policy-making or international business, the programme will teach you how to use theories, empirical analysis and the ideas of other researchers to find solutions to pressing questions.
2. You will be learning from economists who run leading centres for research and are providing policy advice to the U.N. and the World Bank.
3. UCL is recognised internationally for research and according to the Research Excellence Framework 2014, UCL received the highest percentage in the UK for research in Economics and Econometrics.

• Courses Offered – M.Sc. in Economics
• Application Deadline April
• Course Fee – 28,530 per year

Whether you are looking at a career in international financial institutions, the government or any industry, the M.Sc. in Economics at UCL will equip you with tools of a professional economist that will help you understand the rapidly changing, complex and uncertain modern world economy.

This programme aims to provide students with a sound and worthwhile education in modern economics and economics which help in developing important transferable skills of problem-definition, analysis and self-motivation. The core components of the programme are:

1. Microeconomics
2. Macroeconomics
3. Econometrics
4. Research Methodology

Note: The M.Sc. degree is awarded on the basis of written, final examination papers and a research dissertation of 10,000 words that will be supervised and includes a brief critical review of literature in the relevant area.

About the University of Warwick – Even though it is one of the youngest universities on our list, Warwick has been acknowledged globally for maintaining an excellent research record, for its classroom instruction and connections with business and industry. All of this is evidenced by its ranking amongst the best 100 universities in the world according to the QS Global Ranking 2020, and placing 7th amongst the UK research universities in the 2014 Research Excellence Framework.

Warwick has 29 academic departments and over 50 research centres and institutes split between the following faculties:

1. Arts
2. Science
3. Engineering
4. Medicine
5. Social Science

• Courses Offered – B.Sc. In Economics
• Application Deadline N/A
• Course Fee – 25,770 per year

This comprehensive undergraduate course is designed to develop the skills of students in core subjects like microeconomics, macroeconomics and econometrics. The main objectives of this programme are:

1. Teach you how to simplify and deal with abstract economic problems
2. Developing a deep knowledge of global and local economics trends
3. Learn how economic policy making works
4. Application of the knowledge gained in the classroom in practical and research environments.

One of the interesting things about this course is that it is flexible, which means that you are free to select subjects from other disciplines like mathematics, business or law to supplement your degree.

Graduates from this course have gone on to work for employers like:

1. Accenture
2. Amazon
3. Bank of America
4. Unilever

• Courses Offered – M.Sc. In Economics
• Application Deadline N/A
• Course Fee – 25,330 (full course fee)

The M.Sc. in Economics programme offered by Warwick is designed for students with a strong background in the subject at the undergraduate level. You will be taught advanced levels of subjects like macroeconomics and microeconomic theory, econometrics and research methods.

Before the course begins, all students who enrol for this programme will have to attend a pre-session mathematics and statistics programme that will shore up any methodological skills that you might be missing. The core study modules are:

1. Economic Analysis
2. Quantitative Methods
3. Dissertation

Note: You will have to write an 8,000 word research dissertation at the end of the course which will be individually supervised on a one-on-one basis.