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Best Universities for Economics in the UK in 2023

Apr 12, 2023Date Published
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UniSearch - Best Universities for Economics in the UK in 2023

If economics is your passion, you'll want to know where you can pursue this passion. The UK is one of the best destinations to get a world-class education in economics. The country has a well-earned reputation for being one of the most incredible places in the world for this subject. UniSearch brings you our shortlist of the best universities for economics in the UK to help you choose the perfect place for you.

Top Economics Schools in the UK

Economics is one of the most popular subjects at university level. There is no better place to study economics than the UK. The UK is home to some of the world's most outstanding universities. So you've got a lot of options on your hands to choose from.

There are some things that you should take into account if you want to get the most out of your degree. Which universities offer the best programs? What does it take to get into an economics course? And how much do they cost? Here we will help you discover the best economics universities in the UK, and the right option for you.

Is Economics a Good Degree in the UK?

Economics is one of the most popular subjects at university level. With many different industries and companies emerging in recent years, there's no doubt that economics has become a very diverse field of study.

There are many options for students who want to study business or management. On a macro-level, economics can even play into governance and policy, involving matters like taxation, foreign trade, and economic growth. 

Economics is also a great degree to pursue if you want a job in the financial industry. It is an excellent fit for those who want to work in consulting or investment banking, fields that require strong math skills and an understanding of markets.

The average salary for economics graduates is £22,000 per year. This figure increases the more time passes.

Cost of Studying Economics in the UK

The cost of living and tuition fees in the UK are important factors to consider before deciding where you want to get your economics degree.

The tuition fees for an international student intending to study economics at a top UK university is between £15,000 and £23,000 per year for an undergraduate program.

For postgraduate programs, this is between £15,000 and £30,000, depending on the university.

Aside from tuition, the cost of living in London per year may be over £13,000, whereas outside of London, it can range between £8000 and £12000.

If these figures are making you nervous, don't fret. There are still many ways to save money while studying economics at university.

  • Scholarship/bursary: You may get a grant or scholarship worth up to £10,000 per year (depending on your major). This means that even if your university charges £40,000 per year for tuition fees and accommodation, scholarships can help you cover some of the costs.

  • University & Location: Depending on the university and the location, tuition fees can vary quite a bit. The bigger the university, and the higher the cost of living in its location, the more expensive it will be. Consider both the tuition fees as well as how affordable the location is to make budget-related decisions.
  • Lifestyle: Even without scholarships/bursaries, there are plenty more ways to save some money. Finding accommodation off campus where rent is cheaper is one such lifestyle change that can help you save money. Similarly, cooking and eating at home helps you save more in the long-run than eating out everyday. 

Best Universities to Study Economics in the UK

The UK is a country full of notable universities, so finding the right one for you can be challenging. Here are some great universities for economics in the UK:

UniversityQS World Ranking 2022 Guardian University Guide Ranking 2022
London School of Economics and Political Science (LSE)
UCL (University College London)
The University of Warwick
The University of Manchester
The University of Edinburgh
University of Nottingham
King's College London (KCL)
University of York

1. London School of Economics and Political Science (LSE)

If you’re looking to get a degree in economics, the London School of Economics (LSE) is one of the best places to go. It is one of the world's leading universities and is renowned for academic excellence. It is constantly ranked as the best university for economics in the UK by Times Higher Education.

The Department of Economics at LSE is one of the world's largest and most renowned. It has a top-rated European faculty, with 13 Nobel Prizes among present and former academics and graduates. The Department's reputation is extensive, including research that has affected worldwide approaches to critical global concerns such as climate change, economic insecurity, development, and growth.

LSE offers both undergraduate and postgraduate degrees in economics, finance and related areas including

  • Real Estate Economics and Finance
  • Financial Markets and the Global Economy
  • International Economics
  • The Political Economy of Public Policy
  • Econometrics and Mathematical Economics

2. UCL (University College London)

UCL has a reputation for producing world-class economists who significantly contribute to their fields. Students at UCL learn from some of Britain's most influential economists. The university also has an active research community that contributes to developing new ideas about the economy and society.

The UCL Economics Department offers undergraduate and postgraduate degree courses in economics with optional modules available such as:

  • Macroeconomics and International Finance
  • Financial Economics
  • Economic History
  • Development Economics
  • Health Economics & Policy
  • Environmental Economics & Policy
  • Industrial Organisation & Management
  • Labour Economics & Public Policy
  • Money, Banking & Finance

3. The University of Warwick

The University of Warwick is one of the world's top economics universities. The university has grown into one of the UK's largest, with more than 25,000 students enrolled in different courses each year. Warwick also has a solid international reputation for research.

The Department of Economics is among the top five best departments in UK universities. The department offers courses including

  • Economics and Industrial Organisation
  • Philosophy, Politics, and Economics
  • Economics, Politics, and International Studies
  • Economics, Psychology and Philosophy
  • Economics and International Financial Economics
  • Finance and Economics
  • Behavioural and Economic Science

4. The University of Manchester

Manchester is a highly-ranked institution that offers top-notch education and facilities for students. The university is among the world's best concerning its teaching and research. It also has a strong reputation for its diverse student body, which makes it easy for students from different backgrounds to find their place here.

As an economics student at the University of Manchester, you will benefit from its strong reputation for research and teaching excellence and support from world-leading academics across its department. The university aspires to improve the well-being of society and future generations.

The following Economics programs are available at the University of Manchester:

  • Economics and Finance
  • Economics and Philosophy
  • Economics and Politics
  • Economics and Social Statistics
  • Economics and Sociology
  • Development Economics and Policy
  • Financial Economics

5. The University of Edinburgh

The University of Edinburgh ranks 9th out of all UK universities for economics, making it one of the best places to study Economics in the country. The university's reputation for research makes it a highly coveted destination by students in the field.

The university also offers excellent teaching opportunities—the school boasts small classes with individual attention from professors and larger classes where students can interact with other students during discussion sections or lectures. The university has more than 168,000 students from over 100 countries worldwide. They offer three master's programs:

  • MSc Economics
  • MSc Economics (Finance)
  • MSc Economics (Econometrics)

6. University of Nottingham

The Department of Economics at the University of Nottingham has many international students. This university believes in academic achievement, innovativeness, and moral justice. It ensures that it keeps up with the changing industry while preserving and enhancing the communities in which it operates. The University of Nottingham offers the following undergraduate Economics programs:

  • Econometrics
  • International Economics
  • Economics and Philosophy
  • Philosophy, Politics and Economics
  • Mathematics and Economics

7. King's College London (KCL)

King's College London (KCL) is one of the best universities for economics in the UK. The university has a strong reputation in economics. It also has a good reputation for research and teaching. The Department of Economics at King's College London is one of the oldest in the UK. The department offers courses, including:

  • Business Economics
  • Microeconomics and Macroeconomics
  • International Economics
  • Mathematical Methods for Economics (MMME).
  • Quantitative Methods for Economic Analysis
  • Quantitative Methods for Political Economy

8. The University of York

This university is a major research-focused institution in the United Kingdom. Apart from this, it is also one of the top-ranked universities in the discipline of Economics. It also has a strong reputation for teaching and learning and has one of the highest student satisfaction scores among UK universities. 

One of the key benefits for international students is you can get into this university with Duolingo as The University of York is accepting Duolingo for International students.  

This university prepares its students for success in their jobs by providing them with the necessary abilities to succeed. Its department of economics is world-class and produces high-quality research and innovation. The following programs are available to the students through this department:

  • Economics and Econometrics
  • Economics and Finance
  • Economics, Econometrics and Finance
  • Economics and Mathematics
  • History/Economics
  • Mathematics and Finance
  • Economics and Philosophy
  • Economics and Politics
  • Philosophy, Politics and Economics

Frequently Asked Questions (FAQs)

What are the requirements to study economics in the UK?

Economics is a pretty broad subject, so it's no surprise that the requirements to study economics in the UK vary. Top-rated institutions in the UK will have more rigid entrance criteria than others. But most international students must complete the following requirements.

  • A Level or an equivalent certification in related topics
  • IELTS requirements: 6.5 overall, with no band less than 6.0 (depends on the university)
  • Statement of Purpose
  • Academic references

For a master’s degree, you can usually qualify with a bachelor’s degree in economics, mathematics, or another relevant subject. You must also have a bachelor's degree with a CGPA of 3.5. (out of 4)

Our Concluding Thoughts

We have shared some of the best universities for economics in the UK and we hope these options help you choose the right university. Before making a final selection, you should contact the departments of these universities to learn more about what they offer. Do your research by looking into the university websites and if possible speaking to current students and alumni.