A complete guide to economics degrees

In the capitalist world we live in, the study of economics is absolutely essential. The current state of economics has far-reaching implications that span across all aspects of society, filtering down from international markets, governments and companies to local businesses, families and individuals.

So, if you want to dive into the complexities of global economics, a degree could be the perfect springboard. In this article, we’ll explore different types of economics degrees, some of the most exciting career paths, salaries, and how studying online could help you strike the perfect balance between work, study and life.

What is economics?

While you might only associate economics with how to make money, economics is actually a social science. It’s the study of the production, distribution and consumption of goods and services, specifically looking at the factors that affect these things.

As you can probably imagine, the study of economics overlaps with many other subjects, including business, law, psychology and politics, since so many facets of life are affected by economics. This makes it a fascinating subject to study — there’s a lot to learn, and the skills you develop can have real ramifications in the world we live in.

It’s important to note that economics can be broadly categorised into two areas: macroeconomics and microeconomics. While macroeconomics looks at the big picture and focuses on the entire economy, microeconomics studies how individual businesses and consumers make decisions on resource allocation.

Some examples of economic issues at a macroeconomic level include international trade agreements, national recessions, sustainable development and global poverty, whereas microeconomics relates to issues such as supply, demand, price changes and consumer choice. As an economist, you could be part of the solution to some of these problems, depending on where your interests lie. 

Example modules on an economics degree

So, what will you actually study on an economics degree? There’s a lot of ground to cover, and it will really depend on the specific program and level you’re studying at, but there are certain topics that are fundamental to learn. 

Below, we’ve listed some example modules from economics degrees at UK universities, to give you a better idea of what to expect.

• Mathematics for Economists
• Economic Theory and Applications
• The World Economy
• Microeconomics
• International Trade
• History of Economic Thought
• Econometrics
• Environmental Economics
• Money and Banking
• Economic History
• Macroeconomic Policy and Performance 
• Game Theory.

Types of economics degree

There are all kinds of economics degrees out there, both at undergraduate and postgraduate level. When looking at undergraduate degrees, you’ll come across BA (Bachelor of Arts) and BSc (Bachelor of Science) programs. 

If you have more of a liberal arts background and are interested in the theoretical and practical approaches to economics, a BA might be right for you. If your background and interests lie more in the mathematical and technical aspects of economics, including data and financial analysis, then a BSc could be a better choice.

Looking at the list below, you’ll notice that a lot of economics degrees are geared towards the industry you want to work in. For example, if you want to work in healthcare, you can specialise in health economics. If you want to work for an international organisation, you can choose a global economics degree. A master’s program tends to be more specialised than a bachelor’s.

Bachelor’s degrees

• BSc Business Economics and Finance
• BA Philosophy, Politics and Economics (PPE)
• BSc Economics, Finance and Data Science
• BSc Economics and Mathematics

Master’s degrees

• Executive MSc Health Economics, Policy and Management
• MPhil Environmental Economics
• MSc Behavioural Economics
• MSc Economics and Data Science
• MA Global Political Economy.

Skills you’ll learn on an economics degree

There’s certainly no shortage of skills to learn on an economics degree. It’s essential that you develop the more technical, mathematical skills required to understand how economics works, but there are also many crucial ‘soft’, or transferable skills that will help you succeed across different industries and organisations.

Hard skills:

• Data analysis and modelling
• Economic theory
• Statistical analysis
• Market research
• Financial analysis

Soft skills:

• Critical and analytical thinking
• Communication
• Creative problem-solving
• Strategic planning
• Ethical reasoning
• Time management.

How long does it take to get an economics degree?

If you’re studying alongside your day job, you’ll most likely have to choose a part-time degree. This means it’ll probably take 4 years to complete a bachelor’s degree, 2 years for a master’s degree, and 1-2 years for a postgraduate certificate.

Full-time degrees, on the other hand, are normally 3 years for a bachelor’s and just one year for a master’s. While full-time degrees are quicker to complete, it does take a lot more effort and hard work packed into a shorter time frame, so make sure you choose an option that works with your lifestyle and pre-existing commitments.

Entry requirements for an economics degree

When it comes to entry requirements, you’ll need to show that you’ve got the aptitude to study economics. This means you should have studied subjects like maths or economics at A-level or equivalent. Universities will usually ask that you’ve studied maths at A-level as a prerequisite, at the very least. 

• A-levels: A*AA
• BTEC: D*DD
• Scottish highers: AABBB

To get onto most master’s degrees in economics, you’ll need at least a 2:1 in a relevant undergraduate program, such as maths, economics or politics. 

Must-haves 

• Relevant academic qualifications
• Passion for economics and global issues
• Aptitude for mathematics
• Business acumen.

Good-to-haves 

• Work experience or shadowing in a relevant role, e.g. in a bank, social enterprise or for local government
• Familiarity with relevant media, books, podcasts and talks, e.g. The Financial Times
• Leadership experience.

How much does an economics degree cost?

At undergraduate level, tuition fees are £9,250 per year for most UK students, though degrees are free for Scottish students studying in Scotland, and the tuition is less in Northern Ireland. International students can expect to pay quite a bit more.

The cost is more variable for master’s degrees and other postgraduate qualifications. On average, master’s degrees cost between £12,000 and £25,000, but where exactly it falls on the spectrum will depend on how in-depth the program is and the prestige of the institution. 

Funding options for economics degrees

Fortunately, undergraduate degrees (and normally one year of a master’s degree) are covered by Student Finance in the UK. This means that you get a loan to fund your degree, and sometimes also a grant for living costs. 

There are, however, additional routes you can go down when it comes to funding your degree. For example, there might be options for obtaining a scholarship or grant, and your university might even offer financial aid packages. 

Where to look

• Check out Prospect’s postgraduate funding page
• Use the Turn2Us grants search tool
• Take a look at The Alternative Guide to Postgraduate Funding
• If you’re Scottish, check out Student Awards Agency Scotland
• If you’re an international student hoping to come to the UK, check out GREAT Scholarships by the British Council.

How to get into an economics degree

In the UK, you usually apply for undergraduate degrees via UCAS, choosing five degree options and ranking them in order of which one you’d most like to join. You also normally have to meet the entry requirements stated by your chosen university and write a personal statement detailing your suitability for the degree  — more details on this below.

For master’s programs, you apply directly on the institution’s website, and you’ll need an undergraduate degree in a related field. 

Personal statement tips

• Explain why you want to study economics. What made you interested in studying economics, what skills do you hope to gain, and how do you hope to contribute to society through your expertise?
• Highlight your vested interest in the field. Talk about any industry publications, books, blogs or newsletters that you read or keep up with.
• Demonstrate your awareness. Show that you’re aware of current economic trends, issues and events taking place across the globe.
• Highlight your knowledge of the course. It’s good to be as specific as you can about your reasons for choosing this degree in particular. What about it stood out? Which degree modules are you most excited to study and why?

How will you be assessed on an economics degree?

Whether you’re at undergraduate or postgraduate level, you can expect to be assessed using a mixture of essays, projects, exams, coursework, informal tests and the occasional oral presentation or group project. 

However, this will depend on your degree program to an extent. When it comes to online degrees, all of your assessments will be online, making it as easy as possible for you to complete your degree from home.

How difficult is a degree in economics?

Economics is not known for being a particularly easy subject — you’ll spend hours learning about theoretical concepts, research techniques and quantitative analysis, and it’s crucial that you learn how to apply all of these in a practical context.

Also, a lot of the topics you’ll study on an economics degree are quite complex, including econometrics and microeconomics. That’s why, first and foremost, it’s essential that you’re truly passionate about your subject. Secondly, you’ll struggle far less on your degree if you already have an aptitude for maths and an understanding of business. 

Job satisfaction and prospects for economics graduates

It’s safe to say that there are plenty of job opportunities for economics graduates. Just in the past year, there have been 67,169 relevant job vacancies in the UK. In addition, according to Prospects, 68% of economics graduates were employed 15 months after completing their degree, with 7.9% in further study, and 13% working and studying at the same time.

Unsurprisingly, a majority of 61.9% of those working graduates have careers within business, HR and finance — where salaries tend to be high. But what about job satisfaction? 

How satisfied economics graduates will be in their careers will vary a great deal depending on the job they pursue, the organisation they work for, and whether they’re well suited to their position. However, careers in economics are highly impactful, engaging and challenging, and these attributes tend to appeal to ambitious graduates.

What can you do with an economics degree?

The better question here is, what can’t you do with an economics degree? There are so many options for someone with such a desirable skill set, so you could end up getting a career in finance, consulting, local government or international policy, just to name a few options.

In terms of actual roles, there are also a lot of options, depending on your specific interests, specialisms, and the contents of your degree program. Take a look at our list below, but remember this isn’t an extensive list. Your options are wide open!

• Accountant
• Actuary
• Compliance officer
• Data analyst
• Economist
• Financial manager
• Government policy advisor
• Investment banker
• Management consultant
• Market research analyst
• Political risk analyst
• Risk analyst
• Statistician
• Stockbroker
• Tax consultant.

Salary prospects: How much do economics graduates earn?

Salaries for new graduates will vary widely depending on the job, but Glassdoor’s current data states that they can expect to earn £33,738 per year on average, to start with. Or, if you join the Government Economics Services Fast Stream, a 3.5 year graduate program, you’ll earn £31,186 per year. However, this can go up to £55,000 annually after graduating from the program.

And you can expect to boost your salary significantly as you gain more years of experience, regardless of the career path you’ve chosen. Below, we’ve listed a few average salaries of popular careers for economics graduates, to give you a better idea of what’s in store.

• Economist: £50,155 per year
• Actuary: £77,550 per year
• Statistician: £40,591 per year
• Financial analyst: £43,051 per year.

Why choose a degree in economics?

We’ve covered the fact that many careers for economics graduates are well paid, in demand, and offer plenty of exciting opportunities. But what should be the real driving force behind your desire to work in economics?

• Make an impact. Whether you’re evaluating or creating public policies, helping a business achieve success through economic analysis, or driving positive economic change in communities, you can be sure that a career in economics will be impactful.
• Take your pick of careers. There are so many interesting careers and industries you can work with skills and knowledge in economics, where you’ll be able to make full use of your new expertise.
• Network with leading researchers. Who better to learn from than the experts who’ll be leading your degree modules? You may even open doors to future job opportunities.

Get an online economics degree with FutureLearn

If you’re ready to develop your skills and open the doors to new opportunities across the spectrum of careers in economics, we’ve got some excellent online economics degrees from top institutions in the UK. 

Studying for your degree online means you don’t have to put all other commitments on hold, you can study wherever and whenever it suits you, and you may even save money. So why not explore your options on FutureLearn? Take a look at some of our offerings below.

• Health Economics & Health Policy MSc online by Brunel University 
• MSc International Management by the University of Birmingham
• MSc Global Logistics & Supply Chain by the University of Roehampton
• BSc (Hons) Accounting and Finance by Arden University
• Global Public Health & Social Justice MSc online by Brunel University.