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BSc/MSc/PhD in Economics in United Kingdom
One of the ever growing and evolving social science, economics, is an integral part to study the financial matters of the world and determines the country's progress on an international level. One of the leading places, to offer the finest course in economics is United Kingdom; birthplace of systematic study of economics with the famous Industrial Revolution of 18th Century. UK offers a host of areas for Historical Research in Economics. United Kingdom being one of the oldest in initiation of economic studies, offers a better grip over the core of the subject.
Special Features of Undergraduate Degree Course in Economics in United Kingdom
- The Program is of 3 years.
- The bachelors degree offers a variety of courses to be selected, depending on the chosen program in economics
- It covers the subject by a fundamental knowledge of Micro and Macro Economics, supported by mathematical technique which facilitates enhanced understanding of the subject
- Extensive reading, problem solving, apart from regular lectures strengthens the base of the subject.
- The assessment of assignments and class room presentation; by expert tutors carve the best and sharpen the analytical skills of students.
- Final year student can choose core paper or depending on the program selected by them. A submission of a thesis is required at the end of the year.
- Cost: The Average tuition fees charged varies between EUR14,000- EUR15,000
Qualification Necessary For Admission Into The Course
- International Qualification with highest grade is desirable.
- And English Language Proficiency of Higher Level is required.
- IELTS Level 7 and Score of other internationally recognized English Language Test are considered.
MSc in Economics
Unlike a simple BS undergraduate degree in Economics, getting admitted for a graduate masters degree is much tougher because the number of applicants are very high, the number of seats in the top universities are very low. The United Kingdom offers both a MA and MSc in economics.
Unique Characteristics of the Masters Program
- At the Masters level the program is focused on developing analytic skills, critical study of subject matter, and inquiry of accurate type.
- The course teaches application of research knowledge, in policy making, with regards to contemporary issues.
- It also prepares students to become the finest experts in their field of study by the use of various field studies, intensive learning of Micro and Macro Economics and econometrics and its application in the further development of subject.
- Additionally internships with various Government bodies, NGO, business organization are actively encouraged since they lead to an advanced level of knowledge demanded by the need of the hour.
- Also taught are quantitative method and other advance tools which are too be used to conduct the final year MA research Project and Desertion.
- Lastly the course plays a vital role in helping students to understand the issues of developing countries, allows them to formulate the required structural change, which suits the socio- political needs of the country.
- Time Period: Most students finish the course within 2 years time.
: The Average tuition fees charged varies between, EUR15,000 to EUR20,000.
: High scores in English language Tests (IELTS), excellent letters of recommendation, a high GRE score (320+), and a unique statement of purpose.
PhD In Economics
Unique Characteristics Of a PhD in Economics in the UK
- Quantitative Research work is carried out in a number of economic streams.
- They offer an intimate connection with the supervisor and student, allowing the student to carry out research in selected aspect of economics.
- Students in the program are encouraged to perform new and innovative studies and projects related to economic policy, ample opportunities are provided to work with established scholars in the field.
- Preference is given to research work which applies theories in all levels of society i.e. to see the effects in all parts of society.
- The professors who teach the subject are leaders in their fields of study, actively take part in the teaching process.
- The course can be completed in 3-4 years time.
The Average tuition fees charged varies between EUR 26,000 - EUR 30,000.
Apart from higher level of Proficiency in English language, a higher score in GRE, Distinction at Masters Level or a not less than upper second class with honors in economics, a research proposal is expected.
A career in economics in London/UK
There are plenty of options for economics graduates in London/UK. In actual fact, economics graduates make the most money out of all the other graduates. However, the amount of money you make is directly linked to the institution that awarded you the economics degree.
Competition at some of the most selective institutions is fierce for places in economics. The renowned London School of Economics (LSE) and University College London are great places to study economics in London and they both require students to have A* grades in A-level math. University of Bath wants an A for the A-Level economics. Additionally, the University of Cambridge requires an A in A-Level mathematics.
A degree in economics not only gives you an edge in the workplace. It also leaves you with some skills such as data analysis. Additionally, you become conversant with various software programs like MATLAB and IBM SPSS and this commands a premium among employers.
A diverse array of career options
An economics degree will get your foot in the door into investment banking and retail banking, management consultancy, actuarial science and finance. A lot of graduates venture into public policy, finance journalism and think tanks. There really isn't much difference between the options for economics graduates in the UK and over in the United States.
Like in the US, qualifications command a high premium for economics. When you have a Master's or Doctorate to your name, you will find your services especially in demand. Interestingly, during the financial crisis, it was economics graduates that came out on top. The Higher Education Statistics Agency reported that Cambridge economics graduates made the most money among 2008's university leavers; the graduates were earning an average salary of over EUR38,000 six months after graduating.
More recent data reveals that the highest paid graduates of LSE are earning EUR29,000 on average six months after they leave. This is a very high number after taking into consideration that the average holder of a new medical degree gets a EUR32,000 salary.
Economics ranks on par with medicine, dentistry, veterinary medicine, biotechnology and chemical engineering as the most lucrative higher education courses.
Bank of England
- Recruit undergraduate and postgraduate economists to analyze and interpret a wide range of economic and financial data. Opportunity for internships as well.
- Independent economics and business research consultancy that advices companies of all sizes with analytics and economic data.
Charles River Associates
- International consulting firm offering analysis to governments, law firms, international agencies, et al.
Markit Economics, London and Oxfordshire
- Generates reports and offers online information services and businesses and financial institutions.
NERA Economic Consulting
- Global firm of economists providing economic analysis and advice to corporations, regulatory agencies, trade associations, et al.
Some recent job examples
- Audit Commission : Trainee Auditor
- BMW : Accounts Assistant
- Economic Perspectives : Research Assistant
- Financial Services Authority : Associate
- HSBC : Commercial Management trainee
- JP Morgan : Corporate & Investment Support
- Miscoe Computers : Finance Assistant
- NHS Trust : Finance Management trainee (CIPFA)
- PricewaterhouseCoopers : Trainee Chartered Accountant
- Prudential : Customer Administrator