Study Econometrics in the UK

Econometrics is an advanced course designed to meet the needs of skilled mathematicians, statisticians and graduate economists

An econometrics course is an exciting journey into the realm of statistical methods in economics, empowering students with indispensable tools to unravel economic data, validate economic theories, and make well-founded policy decisions. Econometrics encompasses a wide array of captivating subjects, including regression analysis, hypothesis testing, time series analysis, and panel data models, and by immersing themselves in hands-on exercises and utilising cutting-edge statistical software, students become adept at data manipulation, econometric model estimation, and result interpretation. 

A great emphasis is on grasping the underlying assumptions, recognising limitations, and navigating potential pitfalls in econometric analysis. Upon completion, students emerge with invaluable skills in data analysis, critical thinking, and model construction, propelling them towards successful careers in economics, finance, or policy research. The Econometrics course offers a vibrant learning experience, unveiling the power of statistical methods to tackle real-world economic challenges.

Types of Econometrics Course

BSc Econometrics

A Bachelor of Econometrics is an undergraduate degree that immerses students in the world of statistical and mathematical methods applied to economics. This programme equips students with a solid foundation in econometric theory, statistical analysis, and data manipulation techniques. Through hands-on coursework, students learn to harness the power of econometric models to unravel complex economic phenomena, estimate relationships between variables, and rigorously test economic hypotheses. The programme emphasises developing practical skills in data analysis, utilising econometric software, and honing critical thinking abilities, and graduates emerge with a versatile skill set, well-prepared to embark on diverse career paths in economic research, data analysis, finance, or policy analysis.

• Course fees: £10,000 to £38,000 per year
• Course duration: 3-4 years
• International entry requirements: Academic qualifications equivalent to UK A-levels or International Baccalaureate (IB) Diploma. English language proficiency is also necessary, demonstrated through English language tests like IELTS, TOEFL, or Pearson PTE.

MSc Econometrics

A Master's of Econometrics is a postgraduate course that immerses students in advanced econometric analysis. This rigorous degree equips students with comprehensive knowledge of econometric theory, statistical modelling, and data analysis techniques. Students delve into sophisticated econometric models to explore complex economic phenomena, conduct empirical research, and offer valuable policy insights. The course emphasises advanced econometric methods like time series analysis, panel data models, and causal inference, and graduates will possess advanced quantitative skills, opening doors to rewarding careers in economic research, data analysis, forecasting, or further academic pursuits in economics or related fields.

• Course fees: £12,000 to £30,000 per year
• Course duration: 1-2 years
• International entry requirements: A relevant undergraduate degree or equivalent qualification, with a minimum grade or GPA requirement. English language proficiency is also essential, which can be demonstrated through standardised tests like IELTS, TOEFL, or Pearson PTE.

PhD in Econometrics

A PhD in Econometrics is an esteemed and highly specialised research programme that delves into the intricacies of econometric theory, advanced statistical methods, and empirical analysis. This rigorous and intellectually stimulating journey equips students with the expertise to make original contributions to the field of econometrics and tackle complex economic inquiries. PhD candidates immerse themselves in specialised areas such as time series analysis, panel data models, and cutting-edge econometric techniques.

• Course fees: £14,000 to £30,000 per year
• Course duration: 3-4 years
• International entry requirements: A relevant master's degree or equivalent qualification, with a research proposal outlining the intended research area and objectives. English language proficiency is also essential, which can be demonstrated through standardised tests like IELTS, TOEFL, or Pearson PTE.

Please note the above are expected average fees but will vary depending on the university.

Econometrics Scholarships

Econometrics scholarships in the UK provide valuable opportunities for students to pursue their studies in this specialised field with financial support. Several universities and organisations offer scholarships specifically tailored to econometrics students.

• Global Economics undergraduate scholarship: This scholarship offers five awards of £6,500 per year to be used towards tuition fees for qualifying courses. It is available to overseas students who have applied for specific undergraduate degrees in economics, econometrics, finance, mathematics, politics, and philosophy.
• Rhodes Scholarship: A prestigious scholarship awarded globally, including in the UK, funding postgraduate studies at the University of Oxford, including econometrics.
• Marshall Scholarship: Highly regarded scholarship available to US students. It provides funding for postgraduate studies at any UK university, including econometrics.

Econometrics Jobs and Careers

Graduates of econometrics have a wide range of career opportunities in various sectors, including:

• Economists: As economists, graduates can work in a variety of settings, such as government agencies, research institutions, or private companies.
• Financial Risk Analyst: Graduates can pursue careers as financial risk analysts, where they assess and manage potential risks for financial institutions. 
• Academic Researcher: Some econometrics graduates choose to pursue a career in academia and research. They can work as research associates or research assistants or pursue a PhD to contribute to the field by conducting in-depth research, publishing academic papers, and teaching econometrics or related subjects.
• Actuary: Actuaries apply mathematical and statistical methods to assess and manage financial risks, particularly in insurance and pensions.
• Local Government Officer: Econometrics graduates can work as local government officers, assisting in economic planning and development at the local level. 

Econometrics Salary

The median salary for UK graduates of econometrics 15 months after graduation is £28,601. After three years, the median salary increases to £31,974, and after five years, it rises further to £42,762.

The 25-75 percentile salary range provides additional insights. Within 15 months after graduation, the salary range for Econometrics graduates in the UK is between £24,065 and £34,160. After three years, it extends from £24,892 to £42,048, and after five years, it widens to £30,343 to £57,314.

Where can I study Econometrics in the UK?

To learn more about the best econometrics courses in the UK, find details on the top-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

Contact SI-UK about your application

Econometrics FAQ

Where can I study econometrics in the UK?

There are several esteemed institutions in the UK where you can pursue a study in econometrics. Renowned universities such as the University of Oxford, the University of Cambridge, the London School of Economics and Political Science, the University of Warwick, and the University of Bristol offer excellent econometrics degrees.

What should I major in for econometrics?

To excel in the field of econometrics, it is beneficial to major in disciplines such as economics, mathematics, or statistics. These majors provide a solid foundation in economic principles, quantitative methods, and statistical analysis, which are fundamental for delving into the intricacies of econometrics.

What is MS in Econometrics in the UK?

An MS in Econometrics in the UK is a postgraduate degree that delves into advanced concepts and applications of econometric analysis. It offers an in-depth study of topics such as time series analysis, panel data models, and advanced econometric theory and equips students with specialised knowledge and skills to conduct sophisticated econometric research.

Are economics and econometrics the same?

Although closely related, economics and econometrics are distinct disciplines. Economics encompasses a broad range of topics, examining the production, consumption, and distribution of goods and services, whilst econometrics is a specific field within economics that employs statistical and mathematical techniques to analyse economic data and test economic theories.

Q. What are the three major uses of econometrics?

Econometrics serves three primary purposes:

1. Estimating and quantifying relationships: Econometrics allows economists to estimate and measure the relationships between different economic variables, shedding light on cause-and-effect dynamics.
2. Testing economic theories: By employing econometric methods, economists can empirically test and validate economic theories, assessing their validity and relevance in real-world scenarios.
3. Forecasting and policy analysis: Econometric models enable economists to forecast future economic trends and assess the potential impact of policy interventions, aiding policymakers in making informed decisions.