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Why Study Economics in the UK: An Indian Student Guide
7 min read
July 25, 2025
An economics degree equips students with strong analytical, mathematical, and statistical skills. It also teaches how to apply economic models and principles to tackle complex problems across finance, business, government, and international markets.
Economics also helps students interpret large datasets and resolve interrelated global challenges, making it a highly valued discipline for future leaders. If you’re an Indian student considering international study, the UK is one of the best destinations for economics.
Learn more about why you should consider studying economics in the UK below, and begin your application to study in the UK by arranging a free consultation with StudyIn today.
Why Study Economics in the UK?
The UK shaped the face of modern economics, influencing how it is taught around the globe and how it is applied in practice. Studying economics in the UK will provide students with opportunities to start their careers in an influential market.
1. A Global Leader in Economic Thought
The UK has shaped modern economics for centuries. From Adam Smith to John Maynard Keynes, its academic foundations have influenced how economics is taught and practised globally. Studying economics in the UK places Indian students in the heart of this academic tradition, where they can learn from world-renowned scholars and cutting-edge research centres.
2. World-Class Teaching and Institutions
Some of the world’s best economics departments are based in the UK, including the London School of Economics and Political Science (LSE), University of Oxford, and University of Cambridge. These institutions consistently rank in the global top 10 and are known for producing Nobel laureates, world leaders, and senior economists at institutions like the IMF, World Bank, and UN.
3. Internationally Recognised Qualifications
UK universities offer highly respected undergraduate and postgraduate economics degrees such as BA Economics, BSc Economics, MSc Economics, and MA Economics. These qualifications are globally recognised and open doors to international job markets and further academic study. For Indian students, holding a UK degree offers a competitive edge both at home and abroad.
4. Strong Graduate Outcomes and Earning Potential
Economics graduates in the UK enjoy excellent career prospects. According to PayScale, the average starting salary for a UK economics graduate is around £25,000 per year, rising to over £42,000 with a master’s or PhD. Senior roles in financial services or government policy can exceed £75,000 annually. Popular roles include financial analyst, data scientist, investment banker, policy advisor, and economist.
5. Flexibility to Combine Disciplines
UK universities often offer joint honours programmes, allowing students to combine economics with politics, finance, mathematics, management, sociology, or international relations. This multidisciplinary approach is especially useful for Indian students who want to develop a broader understanding of economic systems in real-world contexts.
Economics Career and Salary Potential
Economics graduates are in high demand within the banking, finance, accountancy, business and public sectors.
Typical job functions include making decisions or identifying financial risks that involve investing resources in the future or strategies for designing a bidding platform for eBay. Economists also play a crucial role in think tanks and consultancies that advise companies and governments on public policy and how to deal with debt crises.
Career options after an economics degree include roles within business planning, research, marketing and management. Moreover, the subject also trains its candidates to build strategic-thinking skills and how to make decisions that will optimise the outcome.
Economists are also generously paid, depending on their level of study and experience. According to PayScale, here are the average starting salaries for economists in the UK:
- Bachelor of Economics salary: £25,000 without experience
- Master’s in Economics salary: £42,000 on average
- PhD in Economics salary: £42,000 on average
Economics Entry Requirements for Indian Students
Undergraduate (BA/BSc Economics)
- Standard XII: 85%–90% overall from CBSE, ISC, or state boards (depending on the institution)
- Mathematics: Required at a higher level, typically 85% or above
- English language: IELTS score of 6.5–7.0 overall, with no component below 6.0
Postgraduate (MSc/MA Economics)
- Bachelor’s degree: A 2:1 UK equivalent (usually a minimum of 60%–70% from a recognised Indian university in economics, mathematics, or related discipline)
- Quantitative background: Strong mathematical/statistical foundation is essential
- English language: IELTS 6.5–7.0 (no component below 6.0), or equivalent TOEFL/PTE scores
Some top universities may also require GMAT/GRE scores or ask for a sample of academic writing.
Best Universities to Study Economics in the UK 2025
Find the top five UK universities for economics, as ranked by the Guardian University Guide 2025, below.
Oxford’s Department of Economics is one of the leading economics departments globally, offering intellectually rigorous programmes with strong mathematical foundations. The BA in Philosophy, Politics and Economics (PPE) and BA in Economics and Management are especially popular among Indian students seeking versatile careers in finance, policy, and business.
At the postgraduate level, the MSc in Economics for Development and the MPhil in Economics are highly competitive, ideal for students aiming for roles in international organisations or research. Indian students benefit from Oxford’s strong alumni network, supportive college system, and targeted scholarships like the Rhodes and Weidenfeld Scholarships.
St Andrews offers a BSc Economics and joint degrees like Economics and Finance or Economics and Management. Known for its close-knit learning environment, it’s an ideal choice for Indian students who prefer smaller class sizes and personalised academic support. St Andrews combines theoretical knowledge with strong practical applications, particularly useful for those interested in financial services or business consultancy.
The university has a growing Indian student population and offers dedicated support through international offices and career services. High graduate employability and a beautiful coastal setting add to its appeal.
The Faculty of Economics at Cambridge is globally renowned for its academic rigour and groundbreaking research. Undergraduate students typically enrol in the BA Economics degree, which includes intensive training in microeconomics, macroeconomics, mathematics, and econometrics. The course is ideal for Indian students with a strong background in mathematics.
Postgraduate options include the MPhil in Economics, MPhil in Economic Research, and PhD programmes. Cambridge offers excellent career guidance, strong links to policy institutions and global employers, and scholarships specifically for Indian students (e.g., Cambridge Trust scholarships).
Durham University’s Department of Economics is ranked among the UK’s best, offering a BSc Economics degree with optional pathways in finance, management, or accounting. Durham provides Indian students with high-quality teaching, a collegiate atmosphere, and opportunities for international placements.
At the postgraduate level, the MSc Economics and MSc Experimental Economics are well-regarded for their real-world application and employability. The university also offers a generous range of international scholarships and career support, making it a strong choice for Indian applicants looking to enter banking, analytics, or research roles.
5. London School of Economics and Political Science
LSE is one of the world’s premier institutions for economics, social sciences, and policy. The BSc Economics at LSE is highly competitive and mathematically rigorous, ideal for Indian students with excellent grades and a strong interest in quantitative analysis.
Postgraduate options include MSc Economics, MSc Econometrics and Mathematical Economics, and MSc Finance and Economics. LSE graduates are among the highest paid in the UK, with many securing roles at Goldman Sachs, the Bank of England, McKinsey, and the World Bank. Indian students at LSE benefit from cultural societies, excellent career fairs, and a vibrant alumni community.
Study Economics in the UK
Choosing to study economics in the UK is an investment in your future. From world-class academics to strong career prospects and a global reputation, UK universities offer Indian students a launchpad into influential careers in economics, finance, policy, and beyond.
If you’re ready to apply, arrange a free consultation with StudyIn today. Our expert team will support you through the entire process, from choosing the right university and course to perfecting your personal statement and securing a Student visa.