Get your hands on a top class economics degree
One of the ever-growing and evolving social sciences, economics, is an integral field of study that deals with 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 in the United Kingdom; birthplace of a systematic study of economics with the famous Industrial Revolution of the 18th Century. The UK offers a host of areas for Historical Research in Economics. The United Kingdom is one of the oldest in the initiation of economic studies, provides a better grip over the core of the subject while giving a degree that is unmatched by many universities and courses in the world.
Getting an economics degree from the UK means getting recognition in your future field. As the reputation of getting a degree from the UK stands very high, it ensures students about a bright future in the field of finance, no matter which part of the world they go into.
Without further ado, let us look at some of the best degrees in economics that universities in the UK have to offer.
BSc Degree Courses in Economics
The first degree is an undergraduate level degree known as a Bachelor of Science (BSc) in economics. This course is the most common and popular course, under which different universities give you different electives (or modules/subjects) to choose from. The modules you choose have a certain credit to them, which should add up to the course credit requirements.
Few features of the BSc degree are as such:
- The duration of the course is of 3 years.
- The bachelor's degree offers a variety of courses to be selected, depending on the chosen program in economics
- It covers the subject by 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 classroom presentation; by expert tutors carve the best and sharpen the analytical skills of students.
- A submission of a thesis is required at the end of the year.
- In terms of fees, a BSc degree fees ranges between £14,000 to £15,000
The UK has a standardized guideline of requirements that every university will require international students to provide. The details of the requirements, however, might change depending on the reputation of the university. For example, a university that ranks #1 in economics will have a higher grade requirement than a university that ranks at #10.
The standardized requirements for a BSc degree are as such:
Note: ALL undergraduate applications go through the UCAS website. The universities have codes on every course which would be required while submitting an application to UCAS for your preferable university's course. You will have to be registered with the UCAS website to be able to successfully submit an application.
- International Qualification with the highest grade is desirable.
- A good essay stating your purpose.
- An IELTS score of 7 overall, with no score less than 6.5 in every component is highly preferable.
MSc in Economics
Unlike a simple BSc degree in Economics, getting admitted for a graduate master's degree is much tougher because the number of applicants is very high and the number of seats in the top universities is quite numbered.
The United Kingdom offers both an MA and MSc in economics, some universities only offer an MA or an MSc, while some offer both. Most of the time the electives in MA and MSc are the same, with one or two electives being different. Just like in the BSc degree, the MSc or MA degree gives you an edge in the competitive world of finance.
Some of the unique characteristics of the Master's Program are:
- At the Master's level, the program is focused on developing analytic skills, critical study of subject matter, and inquiry of accurate type.
- The course teaches the 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 the subject.
- Additionally internships with various Government bodies, NGOs, business organizations are actively encouraged since they lead to an advanced level of knowledge demanded by the need of the hour.
- Also taught are the quantitative method and other advanced tools which are to 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.
- Duration: The duration depends on if you choose to study full-time or part-time. Full-time degrees are over in 12 months while part-time is double that time.
- The Average tuition fees charged vary between £15,000 to £20,000.
Just as the requirements differ for BSc, they do so for the master's degree as well. But the difference is only in the grades the university needs, in general, you would need these qualifications:
- high scores in English Language Tests (IELTS),
- outstanding letters of recommendation
- a high GRE score (320+)
- a unique statement of purpose.
After getting a master's in economics, you can choose to stay and work in the UK or apply anywhere you would like to. The degree you will be awarded will be recognized all over the world.
PhD In Economics
Taking it to the next level will be by gaining a Ph.D. in economics. Universities in the UK have fully-funded Ph.D. programs, which you can apply for if you fit their requirements.
Some unique Characteristics of a Ph.D. in Economics in the UK:
- Quantitative Research work is carried out in some economic streams.
- They offer an intimate connection with the supervisor and student, allowing the student to carry out research in a 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 that 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 vary between £26,000 to £30,000.
The requirements for Ph.D. are as below:
- high level of Proficiency in the English language
- a higher score in GRE
- distinction at Masters Level or a not less than the upper second class with honors in Economics
- a research proposal outlining your research is required as well.
A career in economics in UK
There are plenty of options for economics graduates in the UK. In 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 maths. The University of Bath wants an A for 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 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 £38,000 six months after graduating.
Careers with economics degree
More recent data reveals that the highest-paid graduates of LSE are earning £29,000 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 £32,000 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. JP Morgan, Goldman Sachs, Barclays and many other banks hire Economics Graduates!
- CEBR, London - Independent economics and business research consultancy that advises companies of all sizes with analytics and economic data.
- Charles River Associates - An international consulting firm offering analysis to governments, law firms, international agencies, et al.
- Market Economics, London and Oxford shire - 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.