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• 07 Nov, 2023

Embarking on an Economics Degree in the UK

Undoubtedly, the UK stands out as a global financial hub, boasting the sixth-largest economy. London, the nation's capital, consistently claims the top spot as the wealthiest city globally, as recognized by entities like UHNWI (2020) and GPCI (2021). Given its status as a business powerhouse, countless students worldwide aspire to grasp the fundamentals of economics in the UK, home to renowned universities offering top-notch degrees in economics and finance. Keep reading to find out the SALARIES paid to Economics graduates

Beyond renowned course curricula and esteemed faculty, UK Economics schools pride themselves on cutting-edge facilities, fostering holistic student development. In an Economics program in the UK, you delve into the essentials, covering core microeconomics and macroeconomics theories. The foundational concept of supply and demand takes center stage in these courses.

Within the walls of a UK Economics school, the degree program unfolds as a synthesis of principles governing production, consumption, and wealth transfer. Most courses receive accreditation from prestigious bodies like AACSB, EQUIS Global, and CIMA. Undergraduate Economics degrees typically span three years, while postgraduate courses extend over 1-2 years. For those pursuing a Ph.D. in Economics, the journey generally encompasses a comprehensive 4-year timeline.

Navigating Economics Degree Tuition Costs

The tuition fees for international students pursuing an Economics degree vary, contingent on the university's prestige, ranging from £15,000 to £37,000. For instance, the top-ranked BSc Economics program at the University of St Andrews commands a tuition fee of £28,190 for international students. Following closely, Oxford's esteemed BA in Economics and Management degree, securing the second spot, carries an international fee of £37,280.

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Types of Economics Degrees

Economics degrees come in various types, catering to different academic levels and career goals. Here are some common types of Economics degrees:

1. Bachelor's in Economics (BSc/BA): Typically a three-year program, it provides a foundational understanding of economic principles and theories.
2. Bachelor's in Economics and Finance: Combines economic studies with a focus on financial aspects, preparing students for roles in the financial sector.
3. Master's in Economics (MSc/MA): A one to two-year program that delves deeper into economic theories and often allows for specialization in specific areas like behavioral economics or econometrics.
4. Master's in Financial Economics: Focuses specifically on the intersection of finance and economics, exploring topics such as financial markets, risk management, and investment strategies.
5. Ph.D. in Economics: A research-intensive program usually taking around four years, aimed at producing original contributions to the field of economics.
6. Executive Master's in Economics: Designed for professionals with work experience, these programs often offer a flexible schedule and practical insights applicable to real-world economic challenges.
7. Joint Degrees (e.g., MBA/MSc in Economics): Combined programs that integrate economics with other disciplines, providing a multidisciplinary approach to problem-solving.

Understanding the different types of Economics degrees allows students to choose a program that aligns with their career objectives and academic interests.

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Graduate Jobs and Salary

• Average starting professional salary: £27,000
• Average starting non-professional salary: £18,000

Upon completing an Economics degree, graduates have access to a diverse range of job opportunities across various sectors. Here are some common roles and indicative salaries associated with Economics graduate jobs:

1. Economist: Conducting research, analyzing data, and providing insights into economic trends. Salaries can range from £25,000 to £60,000 or more, depending on experience and sector.
2. Financial Analyst: Assessing financial data, creating reports, and offering recommendations to guide investment decisions. Salaries typically range from £30,000 to £50,000.
3. Management Consultant: Advising organizations on strategic decisions, efficiency improvements, and problem-solving. Salaries vary but can start around £35,000 and go up significantly with experience.
4. Data Analyst: Analyzing and interpreting data to inform business decisions. Salaries may start around £25,000 and increase with experience.
5. Investment Analyst: Evaluating investment opportunities, managing portfolios, and staying abreast of financial markets. Salaries can range from £30,000 to £60,000 or more
6. Policy Analyst: Working in government or non-profit organizations to analyze and develop policies. Salaries vary but can start around £25,000.
7. Actuary: Assessing financial risks, often in the insurance industry. Salaries can range widely but often start around £30,000 to £40,000.

It's important to note that these figures are approximate and can vary based on factors such as experience, location, and the specific industry. Additionally, career progression and further education can significantly impact earning potential over time.

Graduate Employability Rate for an Economics Degree

1. University of Warwick (97%)
2. London School of Economics and Political Science (96%)
3. University of St Andrews (95%)
4. University of Cambridge (95%)
5. University of Bath (95%)

Economics UK Entry Requirements

• Typical International Baccalaureate requirements: 36 points.
• Typical A-level requirements: AAA, including mathematics.
• Typical IELTS requirements: 6.5 overall, with no lower than 6.0 in any one component

Please note that entry requirements vary for each UK university.

Where can I study Economics in the UK?

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 2024 below:

1. University of Oxford
2. University of St Andrews
3. University of Cambridge
4. University of Brighton
5. Durham University
6. London School of Economics and Political Science
7. University of Essex
8. University of Warwick
9. King's College London
10. London South Bank University

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