Study Economics in the UK - Top Universities, Courses & Fees

A comprehensive guide to study economics in the UK for Sri Lankan Students!

A nation’s economy is dynamic, with several ups and downs that impact businesses and everyday life. It therefore helps to acquire analytical skills to assess these economic variations and make changes suitable for business growth. A professional degree in Economics does just that - equips students with the desired theoretical and practical knowledge of the discipline so that they can learn to use available resources positively.

The UK is home to several universities that offer professional courses in Economics at both undergraduate and postgraduate levels for students from Sri Lanka. Most of these universities in the UK feature among the top ranks globally, which makes them a dependable choice for most students. Moreover, the job prospects after studying Economics in the UK are highly attractive and well-paying.

This article offers more insight into studying Economics in the UK for Sri Lankan students and provides relevant details on course eligibility, fee structure, and scholarships.

Why Study Economics in the UK?

The UK is an attractive choice for most international students who wish to pursue a professional course in Economics abroad. There are several reasons for this, some of which are listed below:

• The capital of the UK, London, is the primary financial hub in the world. Studying Economics in the UK

  provides you an opportunity to work at one of the world’s eminent financial centres.

• The UK is proudly home to numerous banks, accountancy firms, and financial institutions, all of which welcome Economics graduates every year.

• Economists in the UK are paid handsome salaries and perks, which are liable to increase with experience and skill set.

• UK universities assure world-class teaching standards to international students in all their courses.

Economics Courses in the UK

Universities in the UK primarily offer two types of degrees in the field of Economics. These are professional courses offered for specific durations to help students learn the key components of Economics and its implications on day-to-day business.

The two types of Economics courses in the UK are:

• Bachelor's of Economics - It is an undergraduate degree course that focuses on the essential aspects of Economics. The course is designed for students who have yet to gain experience in the subject.

• Master’s of Economics - It is an advanced-level degree course intended to offer the next level of learning in the field of Economics for students who have a keen interest in going deeper into the subject.

Students from Sri Lanka can pursue any of the above professional degrees in Economics and take the first step to carve a fruitful career in the field.

Duration of Economics Degrees in the UK

Different UK universities offer Economics courses of varying durations, as per the curriculum designed for that particular university. However, most institutions would provide Bachelor’s or UG-level courses for 3-4 years to students from Sri Lanka. As for Master’s or PG-level courses , they are generally 1-2 years long.

Note: It is best to check the duration of the Economics course you choose to pursue at the university you have applied to, since each university may have a different course duration for its students.

Cost of Studying Economics in the UK International Students

The average fee structure for international students pursuing Economics courses in the UK is generally different from that charged for home students (from the UK itself). In line with this, the approximate cost of an Undergraduate course in Economics from a UK university is 26,68,111 GBP. This is likely to vary from one university to the other, as per the university's location in the UK, its curriculum, and other student facilities on offer.

For MS in Economics, the approximate cost for Sri Lankan students will likely be around 15,070 GBP for the first year of admission.

Note: Please cross-check the exact fee structure of the Economics course you wish to study at the university chosen during the time of admission.

Eligibility Criteria to Study Economics Courses in the UK

Every university in the UK has a different set of eligibility criteria for home students (applying from within the UK) and for international students. In addition, these eligibility requirements also differ for different courses. Hence, it is highly recommended that you check with the university that you choose to apply to regarding the specific set of eligibility criteria that it may have for Economics courses (both Bachelor’s and PG).

Stated below are some of the standard and most commonly acceptable Economics degree UK entry requirements for students arriving from Sri Lanka:

• A minimum of 12 years of formal schooling in Sri Lanka or completion of High School with an aggregate of 60% or above (for Bachelor’s courses)

• A Bachelor’s degree in Economics or a related field of study from an internationally recognised university (for Master’s-level courses)

• A test score of 6.0 in IELTS (minimum-scored 5.5 in each sub-test)

The documents that you need to submit to apply for a UK student visa include the following:

• A valid passport

• Proof of funds for studying in the UK

• Test results of Tuberculosis (if so required)

• Confirmation of Acceptance for Studies (CAS) received from the applied university in the UK

• Statement of Purpose or SOP for the chosen university

Top Colleges / Universities for Economics in the UK

International students who aspire to study Economics in UK universities have multiple options since the country houses numerous top-ranked colleges and institutions for professional courses. Listed below are some of the top colleges/universities in the UK that offer Economics degrees to international students. In addition, the next student intake for Economics courses in each university is mentioned against it:

• The London School of Economics and Political Science (LSE) - next intake opens in September

• University of Oxford - next intake opens in October

• University of Cambridge - next intake opens in September

• UCL - next intake opens in October

• The University of Warwick - next intake opens in September

• London Business School - next intake opens in January

• Imperial College London - next intake opens in January

• The University of Manchester - next intake opens in September

• The University of Edinburgh - next intake opens in September

• University of Nottingham - next intake opens in September

Source: https://www.topuniversities.com/university-rankings/university-subject-rankings/2022/economics-econometrics

Scholarships for Economics in the UK for International Students

The UK invites applications for scholarship funding every year from students from all parts of the world. These scholarships are designed to help international students comfortably fund the course of their choice at their preferred university.

Some of the most popular scholarship options offered to Sri Lankan students for Economics courses in the UK are listed in the table below:

Career Prospects after Pursuing Economics Courses in the UK

The UK has a reasonable number of job opportunities for Economics graduates from its universities. This is one of the primary reasons why several international students prefer studying in the UK. Lucrative career prospects in terms of Economics jobs in the UK, coupled with attractive salary packages, allure students from Sri Lanka in large numbers.

The following job roles are likely to open up for international students completing professional Economics degrees in the UK:

• Actuarial Analyst

• External Auditor

• Investment Analyst

• Stockbroker

• Financial Risk Analyst

• Economist

The average annual salary drawn by an Economist in the UK is approximately 49,632 GBP. However, this may vary from one company to another and is also liable for an increase proportionate to an increase in the work experience of the candidate as well as an upscale in his/her skill set.

Need help choosing the right Economics course for your future career in the UK? Allow our IDP international experts to help. Get in touch, and we shall happily assist you with the proper guidance and information.

FAQs

What is the course duration of Economics in the UK?

A. The average duration of most professional Economics degree courses in the UK is 3 years at the Bachelor's or Undergraduate level.

What are the visa requirements for Sri Lankan students to study Economics in the UK?

A. Students from Sri Lanka must satisfy the following criteria to be granted a student visa for the UK:

• Present the Letter of Acceptance or CAS shared by the university that you have applied to

• Pass the English language proficiency test or IELTS

• Prove the sufficiency of funds to support your study stay in the UK during your study programme

What are the career prospects after completing an Economics degree in the UK?

A. Securing an Economics degree from a reputed UK university opens up a whole world of job opportunities for Graduates, such as the following:

• Data Engineer

• Investment Banker

• Data Scientist

• Financial Qualitative Analyst

• Economist

• Business Analyst

How can Sri Lankan students apply for an Economics degree in the UK?

A. Students arriving from Sri Lanka are required to submit the following to apply for admission into an Economics degree course of their choice at a UK university:

• Statement of Purpose

• IELTS certificate or test scorecard

• Official academic transcripts

• Updated CV (for Master’s degree)

• Letters of Recommendation from previous study institute/employer

• Valid passport and student visa to the UK

How much does an Economist graduate earn in the UK?

A. The average entry-level salary range for an Economist graduate in the UK lies between 25,000 GBP and 35,000 GBP per annum.