Best Economics Colleges in the World
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Best economic schools in the world: International students looking to shape their futures as economic leaders should take a look at the world's best universities to study economics abroad.
Best Economics Colleges in World: Economics is often described as the study of demand and supply, resource allocation and human behaviour that holds immense power in shaping individual and national destinies. Today, countless universities abroad boast of an economics department with a rigid selection process to attract serious minds from around the world looking to make a difference. In this article, we will discuss the Top 10 Economics Colleges in the World for Indian Students in 2024.
Best Economic Schools in the World - Selection Process
As mentioned, countless universities abroad have an economics department. So how do we distinguish the world's best economics schools from the rest? Top-ranking groups follow a subject-ranking methodology based on several parameters that help distinguish the best economic schools in the world from the rest. Before we dive into the list of best economic schools in the world, let us understand the guiding principles behind this selection. Several factors contribute to a program's prestige, including:
- Programme Structure: Does the course offer flexibility, specialization options, and international exposure to students?
- Research Output: Does the economics department of the university actively contribute to the field of economics through groundbreaking publications?
- Faculty Reputation: The number of noble laureates a university or more specifically the economics department has had or names of leading researchers shaping the curriculum
- Cost and Scholarship: Cost of studying, and availability of scholarships provided by the university to ease the burden of studying abroad for international students.
- Student Outcomes: What is the average duration for graduates who land coveted positions at top firms or pursue successful academic careers?
| QS World University Rankings by Subject 2023: Economics & Econometrics - Methodology | Times Higher Education (THE) World University Rankings 2024 by Subject: Business and Economics - Methodology | ||
|---|---|---|---|
| Parameters | Weightage | Parameters | Weightage |
| Academic Reputation | 50% | Teaching | 30.9% |
| Employer Reputation | 30% | Research | 32.6% |
| Citations per Paper | 7.5% | Citations | 25% |
| H-Index | 7.5% | International Outlook | 9% |
| IRN | 5% | Industry Income | 2.5% |
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Best Economic Schools in the World
| Universities | QS World University Rankings by Subject 2023: Economics & Econometrics | Times Higher Education (THE) World University Rankings 2024 by Subject: Business and Economics |
|---|---|---|
| Harvard University Cambridge, United States |
#1 | #3 |
| Massachusetts Institute of Technology (MIT) Cambridge, United States |
#2 | #1 |
| Stanford University Stanford, United States |
#3 | #2 |
| University of Chicago Chicago, United States |
#4 | #7 |
| Princeton University Princeton, United States |
#5 | n/a |
| University of California, Berkeley (UCB) Berkeley, United States |
#6 | #4 |
| The London School of Economics and Political Science (LSE) London, United Kingdom |
#7 | #11 |
| Yale University New Haven, United States |
#8 | #9 |
| University of Oxford Oxford, United Kingdom |
#9 | #5 |
| Columbia University New York City, United States |
#10 | #14 |
Let us discuss the world's best economics schools in detail:
Harvard University
One of the most renowned universities to study abroad for international students, Harvard University is also one of the top destinations for studying Economics. The University is home to world-renowned faculty, and noble laureates and is responsible for groundbreaking research in the field of economics. The university offers a rigorous curriculum and diverse perceptions to future economic leaders.
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Massachusetts Institute of Technology (MIT)
Only second to Harvard University, the economic programme at Massachusetts Institute of Technology (MIT) is renowned for its quantitative ability and thrives in areas like econometrics, game theory and computational economics. Indian students looking to study at the university should prepare for a rigorous analytical approach, breakthrough research opportunities and an entrepreneurial intellectual community.
Stanford University
One of the top universities for international students looking to study economics, Stanford University is renowned for its unique combination of theoretical rigour and practical application. The university is responsible for nurturing an entrepreneurial spirit and providing graduates with the skills to navigate the dynamic world of business and innovation, thanks to its renowned faculty and its proximity to the tech giants.
University of Chicago
Often referred to as the birthplace of free market economics, the University of Chicago offers International students looking to study economics a rigorous theory-based approach in their curriculum. The faculty at the university, including Nobel laureates, are calling on students to think critically about economic issues and defy the limits of their thinking. Students looking to study at the university should prepare for an intellectually stimulating environment and a strong alumni network in academia and the financial sector.
Princeton University
One of the top universities for pursuing economic studies, the Economics Department at Princeton University is dedicated to inspiring and training the next generation of students looking to become industry leaders. The majority of graduates have pursued careers in consulting, finance, public policy, academia, and more. Like all members of the Princeton community, students and faculty approach their work in the nation’s service and the service of humanity.
University of California, Berkeley
One of the top public universities in the world, the economics program at the University of California, Berkeley is famous for its emphasis on social justice and public policy. International students looking to study at the university can expect a diverse student body, engaged faculty, and a wide range of research opportunities to address real-world economic challenges.
London School of Economics and Political Science (LSE)
Situated in the heart of London's financial district, the London School of Economics and Political Science (LSE) offers an internationally focused economic perspective. The programme and by extension, the university is an excellent starting point for careers in Global Finance and International Development, thanks to its renowned faculty, and a diverse student body with extensive industry connections.
Yale University
One of the top universities for studying economics, Yale University offers a challenging and rigorous academic program, a distinguished and accessible faculty, and a friendly, supportive environment for study to international students. Yale's economics faculty embraces a broad range of research and teaching interests. and has close ties with professional schools in related fields.
University of Oxford
One of the top universities in the world, the economics program at the University of Oxford examines issues central to the world we live in: namely how the economy and organisations function, and how resources are allocated and coordinated to achieve the organisation's objectives. The programme will help students understand the world around them and to think clearly and analytically.
Columbia University
One of the top universities for study, the economics programme at Columbia University is known for focusing on urban economics, financial markets and economic development in the vibrant centre of New York City. International students looking to study at the university would find a diverse student body, an active faculty and access to a network of powerful alumni in different fields.
Best Economics Programmes in the World
The best economics programmes in the world are the courses available at the best economic schools in the world. However, candidates should note that the 'best' program is ultimately the one that aligns perfectly with their individual goals and preferences. The best economic programmes in the world include:
| Best Economic Schools in the World | Best Economics Programmes in the World | Best Economics Programmes - Overview |
|---|---|---|
| Harvard University | Bachelor of Arts in Economics | Duration: 4 Years Tuition & Fees: ₹45.11 Lakh |
| Massachusetts Institute of Technology (MIT) | Duration: 4 years Tuition & Fees: ₹44.43 Lakh |
|
| Duration: 2 years Tuition & Fees: ₹47.87 Lakh |
||
| Stanford University | Duration: 4 Years Tuition & Fees: ₹51.31 Lakh |
|
| Duration: 1.5 - 2 years Tuition & Fees: ₹31.72 Lakh |
||
| University of Chicago | Duration: 4 years Tuition & Fees: ₹53.03 Lakh |
|
| Princeton University | Duration: 4 years Tuition & Fees: ₹47.95 Lakh |
Average Cost of Studying Economics Abroad
Costs vary depending on the university, program, and location. Tuition fees typically range from USD 20,000 to USD 50,000 per year, with living expenses adding another USD 15,000 to USD 30,000. International students are advised to explore scholarship opportunities and financial aid options to manage costs.
World's Best Economics Schools - Jobs
In this section, we will be discussing the top jobs that international students can get into once they have graduated from the world's best economic school.
| Economist | Financial analyst |
| Personal Financial Advisor | Economics Teacher |
| Supply Chain Analyst | Business Reporter |
| Economic Consultant | Product Manager |
| Compensation Manager | Quantitative Analyst |
University rankings are a major force behind students looking to select from the best economic schools in the world. Indian students looking to pursue economic study abroad should consider parameters that are more personal to them, which include career support, faculty and research, location and culture, specialization, cost and scholarships. Candidates can get in touch with our Shiksha Counselling Services for assistance with university admissions and much more.
Q: Â What GPA is required for the University of South Dakota?
The University of South Dakota expects a GPA score of 2.5 from undergraduates and 3 from postgraduates on the 4-pointer scale. Along with the GPA scores, undergraduates must meet the basic eligibility and submit an ACT score of 21 or higher and an SAT score of 1070 or higher. In addition, they must submit the required documents, such as academic history, transcripts, letters of recommendation, English language scores, and more.
Q: Â How can I get admission in the University of Manchester?
The application process at the University of Manchester may vary depending on the course and level of study. However, here is the application process for UG and PG courses:
The Undergraduate Application Process:
Step 1: You can apply through the UCAS common application portal.
Step 2: Go to the website and select the course you are interested in.
Step 3: Ensure you meet the Entry requirements (Academic qualifications, English proficiency, etc.
Step 4: Once you decide on the course, submit documents such as SOP, Transcripts and personal statements.
Check out: tips to improve your SOP.
Step 5: You can track the application's progress through your given credentials by UCAS.
Step 6: Once the applicant submits the application to UCAS, it forwards to the University, and the admission teams carefully analyse the application document.
Step 7: The university will send you an offer letter once selected. Hence keep checking your UCAS portal for your application status.
The Postgraduate application process:
Step 1: Select the postgraduate course you are interested in from the University of Manchester.\
Step 2: Ensure you meet the entry requirements for the chosen program, as they vary depending on the course.
Step 3: Complete the online application by providing your personal information.
Step 4: Upload the required documents, such as Academic transcripts and proof of English language proficiency ( TOEFL/ IELTS). experience in your fields and references (depending on the course). You also may require Two LORs depending on the course.
To make your admission better, check out the following: How Admission Officers Evaluate your application.
Step 5: If your application is successful, you will receive an offer from the University of Manchester.
Q: Â Does the University of Essex require IELTS?
International students whose native language is not English must meet the University of Essex English language requirements to get admission. The university accepts IELTS scores as proof of English language proficiency. Mentioned below are the IELTS scores required for UG and PG admission at the university:
English Language Test | Score |
|---|---|
IELTS | Overall score of 5.5 to 8.0 with minimum of 5.5 to 7.5 in each section |
The university also accepts the score of other English language tests such as TOEFL and PTE for admission to undergraduate and graduate programs:
English Language Test | Score |
TOEFL iBT | Overall score of 72 to 114 |
PTE | Overall score of 59 to 84 with minimum of 59 to 80 in each section |
Also read: Required IELTS Score for UK Universities
Q: Â What GPA is needed to go to Ohio State?
There is no minimum GPA score for UG admission at Ohio State. However, International students must have a cumulative GPA of at least 3.0 (on a 4.0 scale or equivalent) for graduate admission. Applicants may submit a standardized test score (GRE or GMAT) if their cumulative GPA is below 3.0 for the last degree.
Q: Â What is UC Berkeley known for?
UCB is known for its STEM courses. UC Berkeley is known for its science and engineering programs. Some of its high-ranking majors include:
- Computer and Information Sciences
- Biotechnology
- Engineering (Computer, Electrical, Chemical, Materials Science)
- Ecology
- Economics
- Law
- Physics
- Political Science
The quality of its scientific research and world-class education has kept it among the top universities in the world consistently. UC Berkeley is home to renowned faculty members, Nobel laureates, and MacArthur ‘genius’ grant recipients, and its academic programs are highly respected in a wide range of fields.
UCB has been consistently placed at rank #4 by US News since 2019. Whereas, the university has improved its position in THE rankings from 15th in 2019 to 8th in 2023. Also, the U.S. News & World Report has placed UCB at No. 1 in the public university category in 2022. UCB has improved its ranking in the last two years when we compare it with other top universities affiliated with the University of California system.
QS Ranking | UCB | UCLA | UCS |
|---|---|---|---|
2019 | 27 | 32 | 115 |
2020 | 28 | 35 | 129 |
2021 | 30 | 36 | 121 |
2022 | 32 | 40 | 112 |
2023 | 27 | 44 | 134 |
University of California Berkeley Highlights
Parameters | Stats |
|---|---|
UCB Acceptance rate | 14.4% |
UCB Application fee | USD 155 |
Living expenses for USA/UMich | 10.5 L / USD 28,786 |
Cost (Tuition fee) for MS | INR 19.58 L - 63.13 L |
Cost (Tuition fee) for B.E. / B.Tech | INR 25.65 L - 34.06 L |
Placement data for MBA (Job Offers Received 3 months post-graduation) | 93.8% |
View book | - |
Q: Â Is university of West of Scotland good for international students?
The University of the West of Scotland has five modern and diverse campuses in United Kingdom. The University has welcomed more than 3,000 international students which are representing 1/3 of the globe. They also have 130 European partners who are actively in global study and exchange options through the Commonwealth universities programmes. The University also offers study abroad opportunities for UWS who are eligible for the same and also have more than 20 transnational education partners worldwide which helps them deliver UWS Bachelors and Masters Degrees around the world.
Q: Â Has any Indian graduated from Columbia University?
Yes, Bhimrao Ramji Ambedkar and Sara Ali Khan are two popular Indian alumni members of the Columbia University.
Bhimrao Ramji Ambedkar was an Indian Jurist, Economist, Social Reformer and Political Leader. He was the head of the committee drafting the Constitution of India from the Constituent Assembly debates. He also served as Law and Justice minister in the first cabinet of Jawaharlal Nehru, and inspired the Dalit Buddhist movement after renouncing Hinduism.
Sara Ali Khan Pataudi is an Indian actress who works in Bollywood movies. She pursued a degree in History and Political Science at the Columbia University.
Q: Â What is University of Chicago famous for?
The University of Chicago is internationally known for the following:
· The faculty of scholars and scientists from across the university have taught students of all backgrounds and interests.
· The university has a historic core curriculum with their majors, minors and specializations and they offer vast opportunities for student research
· The university has programmes in career advancement as well for students
· Students will get an opportunity to participate in thousands of paid summer internships in not-for-profit agencies, scientific programmes, and commercial institutions around the world
- Universities in USA1037 Universities
- Universities in UK175 Universities
- Universities in Canada174 Universities
- Universities in Australia122 Universities
- Universities in Ireland32 Universities
- Universities in New Zealand70 Universities
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