Any international student can profit from taking economics classes in the UK, which is close to the places where many of its theories originated. Since many of the largest banks and accountancy firms in the world are headquartered in the UK, economics graduates have many career opportunities after graduation. The knowledge and abilities that students will acquire in problem-solving, data analysis, computers, and written and oral presentations—all highly valued and in demand in the current employment market—will include these topics. Studying economics in the UK will help you in the future because English is the language of international finance.
Why study Economics in the UK?
Economic theory is a vast subject. Hiring managers will find you appealing for any employment, regardless of industry, because you will learn so many diverse skills from it. The 96% of graduates who have jobs or are continuing their studies may expect to make roughly £26,000 in their first role. Given that business is so intertwined with the rest of the world, many degrees allow students to spend a placement year in industry, sometimes abroad. This experience has a strong draw for governments, banks, and global enterprises.
Some modules you might take include:
- Economic planning
- Legal research
- Banking and money
- Global financial
- Economic background
- Trading internationally
- Collective judgments
- Econometrics
An economist, who is the most obvious career choice, must have a deep understanding of how many topics relate to one another. The effects of changes in a variety of sectors, such as healthcare, education, business, energy, law, and the environment, are the subject of economists' advice. They work as consultants and researchers simultaneously.
Bachelor of Economics in the UK
An undergraduate economics course in the UK will provide international students with the instruction they need to succeed in the subject.
Although three-year undergraduate economics programs are the norm, there are several internship and job placement options, therefore four-year programs are not unheard of.
The subject's introductory training will cover key economic theories, and for the majority of programs, no prior knowledge of economics is often required to apply.
Dual honors degrees, which allow you to study extra subjects in addition to economics, such as business, geography, or math, are offered by several economics programs in the UK.
Masters for Economics in the UK
Students who pursue a master's degree in economics will get thorough training in cutting-edge economic theories and techniques. Policy analysis, quantitative modeling, and data analytics will be used to illustrate concepts and ideas to you via case studies that apply economic theory to the real world. As you prepare for your future career, a postgraduate economics degree at a UK university will provide you with the perfect setting to specialize in a subject that really interests you.
Entry Requirements for Economics in the UK
- 36 points are the typical International Baccalaureate requirements.
- AAA, including mathematics, is the typical A-level requirement.
- IELTS standard standards are 6.5 overall, with no component being lower than 6.0.
Career and salary range for Economics in the UK
The way that modern economics is taught and applied globally has been significantly influenced by the UK. If you want to understand how and why money keeps the world going, there is no better location to begin your higher education and start your career.
Graduates of economics programs may work in the private sector as banking and financial advisers. In contrast, they can work for government departments, central banks, national treasuries, and bureaus of statistics in the public sector. The manufacturing, transportation, communication, insurance, nonprofit, investment, and retail sectors all have openings as well.
- Average first-year income for professionals: £27,000
- Average non-professional starting salary: £18,000
The Best Universities for Economics in the UK
Because of the usefulness and applicability of its concepts and guiding principles, economics has long been a well-liked major on a global scale. As a result, it is not unexpected that economics is taught in a variety of ways at the top universities in the nation.
Since there are more than a hundred, we did the research and prepared a list of the best economics programs offered in UK universities.
University of Leeds
The UK's Top Universities for Economics. The institution consistently ranks among the best in the world and offers economics courses. For instance, the University of Leeds offers the typical BSc Economics degree.
Nearly 30,000 students from more than 140 different countries are enrolled at Leeds. The roughly 100-acre property has a feeling of globalization about it.
University of East Anglia
The Norwich University of East Anglia is among the top options when looking into the best universities in the UK for economics. The Complete University Guide 2019 ranks East Anglia as the fourteenth-best university in the UK and one of the top 200 universities in the globe.
The School of Economics offers a variety of academic programs. There are numerous Bachelor of Science (BSc) degrees offered in the disciplines of business, philosophy, politics, finance, and economics. There are numerous choices when it comes to bachelor's degrees. East Anglia's BSc and BA programs provide optional one-year internships and study abroad options.
The options for graduate study are equally varied. For MS Economics, Behavioral and Experimental Economics, and Economics and Finance programs, these are all typical selections. Other Master's degrees may require coursework in international business, international relations, money, capital markets, and global media in addition to economics.
University of Stirling
The campus of Stirling University is situated in the heart of Scotland, near to Loch Lomond, on the grounds of an 18th-century castle estate.
The School of Management at the University of Stirling offers a Bachelor of Arts (Honors) in Economics. Over the course of the program's four years, students will take a wide range of fascinating classes, including electives like Advanced Microeconomics and Accounting and Finance for Managers as well as mandatory courses like Microeconomics and Macroeconomics.
Additionally, the economics courses include a variety of economics fields. Economics has several subfields, including finance, banking, behavioral economics, and political economics. The institution is dedicated to producing exceptional results in each of the aforementioned fields, which are all at the forefront of top-tier research.
University of Strathclyde
It is a renowned university that has received numerous awards. Only these organizations have twice (in 2012 and 2019) taken home the Times Higher Education University of the Year accolade. They are listed in the Complete University Guide 2022's top 10 economists. This esteemed research center offers opportunities for international students to complete internships and work placements. The university spreads fundamental theories and conceptual frameworks for a more thorough understanding.
The most recent global financial crisis has highlighted how important and timely economics is. Banking, interest rates, the discussion of monetary policy, the effects of government spending, and other issues are covered in economics courses. Economics aims to explain how consumers, corporations, and governments interact with one another in an economy and to determine the best ways to deal with market challenges.
Over the course of the program's four years, students will gain an understanding of how entrepreneurship may influence positive change in the economy and culture.
University of Hertfordshire
The Guardian League Table placed this university at number 14 in the UK for economics in 2020, while the National Student Survey placed it at number nine for "Overall Satisfaction" among economics majors in 2021.
However, economics does have an impact on how enterprises, organizations, and governments run their affairs. Students will receive instruction from industry experts.
In Hertfordshire, 85% of economics graduates are employed, and their average beginning salary is 25,000 pounds, according to the Graduate Outcomes Survey 2018–19. Survey of Graduate Outcomes, 2017–2018.
University of Hertfordshire graduates are employed in both the public and private sectors as wealth advisers, business development managers, finance managers, financial analysts, and financial consultants.
The university is the greatest option for economics students looking to receive a quality education. Helping pupils apply what they learn in the classroom to the real business world is its main goal.
Tuition Fees for Economics in the UK
Depending on the university, the tuition for an international student who wishes to study economics at one of the best universities in the UK ranges from £15,000 to £23,000 per year for undergraduate programs and from £15,000 to £30,000 per year for postgraduate programs. The prestige of the university is correlated with an increase in tuition costs.
In addition to tuition, the annual cost of living in London can exceed £12,000, while the cost might vary from £9000 to £10000 outside the city, depending on the UK city you are attending school in.
Final words
It may be a fascinating and enlightening experience to study economics in the UK. This is the ideal major for you if you appreciate studying history, anthropology, art, and music to help you better comprehend human behavior.
The field of game theory helps economists understand how logical people turn irrational, allowing less well-known economists to advance their studies. Large data analysis tools can help governments make better decisions.
It is challenging to provide precise advise because economics is such a broad subject in the UK and has a wide range of real-world applications. It's worthwhile to study economics if you are passionate about it.