Economics

Economics at the University of Oxford offers a rigorous and comprehensive exploration of the fundamental principles that govern individual and collective decision-making in markets and economies worldwide. This undergraduate program combines theoretical understanding with empirical analysis, enabling students to develop critical thinking skills and quantitative expertise essential for analyzing complex economic issues. Students engage with a wide range of topics, including microeconomics, macroeconomics, econometrics, and specialized fields such as developmental economics, environmental economics, and financial economics. The curriculum emphasizes both the analytical tools used in economic research and the contextual understanding of economic policies and institutions. Throughout the program, students benefit from close interaction with world-renowned faculty, state-of-the-art research facilities, and numerous opportunities for independent and collaborative research. The program prepares graduates for diverse career pathways, including economics research, finance, public policy, international development, and academia. The collaborative learning environment fosters intellectual curiosity, debate, and a commitment to understanding real-world economic challenges. Students also have access to a wide range of resources, seminars, and workshops to enhance their learning experience. The program’s interdisciplinary approach encourages students to connect economic theories with historical, political, and social contexts, enhancing their ability to think critically and innovatively about economic issues. Graduates of the program are well-equipped with quantitative skills, analytical capabilities, and a deep understanding of economic theory, making them highly competitive in the global job market or for postgraduate study. The Oxford Economics program is dedicated to shaping informed, responsible, and innovative economists who can contribute meaningfully to their communities and beyond.

The MPhil provides a solid foundation for progressing to the DPhil (PhD) programme at Oxford or elsewhere. If you do not wish to progress to a doctorate, the MPhil provides the advanced knowledge and skills required for a career as a professional economist in public service or the private sector. Numerous MPhil graduates have gone on to distinguished careers in economics or related fields. This is the course recommended if you have not undertaken any previous graduate work in economics.

In the first year of the programme, there is a non-examinable preparatory course in mathematical methods, followed by three compulsory courses in the core areas of microeconomics, macroeconomics and econometrics taught in parallel throughout the academic year. The three papers are examined at the end of the first year and progression to the second year is conditional on achieving the required grade in all three courses.

In the second year, you will take five option courses, each course taught in a single term. The option courses build on core training and prepare you to undertake research. The department offers a range of advanced options courses in macroeconomics, microeconomics and econometrics covering recent developments in theory and analytical techniques. Other option courses are designed to develop knowledge and understanding of theory, techniques and debates within specialist fields of economics. These include behavioural economics, development economics, economic history, financial economics, international trade, labour economics and public economics. You will take at least one advanced course and at least one field course.

You are also required to write a thesis in the second year, supervised by a member of the department. The thesis is up to 30,000 words in length and is usually expected to contain some original research. It can be incorporated into a DPhil thesis, if you continue with your studies.

You will receive numerical grades for your thesis and for each option course. Based on these grades and those for the first year core courses, the examiners may award an overall pass grade or a pass with distinction for the course. There is a prize for the best thesis and a prize for best overall performance in written papers.

Applicants are normally expected to be predicted or have achieved a first-class or strong upper second-class undergraduate degree with honours (or equivalent international qualifications), as a minimum, in economics and demonstrate a strong quantitative preparation. Candidates with a first degree in another related discipline should demonstrate how their academic background prepares them for graduate study in economics.

If you do not hold, or will not shortly hold, a UK undergraduate degree, you must submit the results of a GRE Test obtained within the last 5 years. Entrance is very competitive, and most successful applicants have a GRE score of at least 160 for verbal, 164 for quantitative and 4.5 for analytical.

For applicants with a degree from the USA, the minimum GPA sought is 3.7 out of 4.0.

If you hold non-UK qualifications and wish to check how your qualifications match these requirements, you can contact the National Recognition Information Centre for the United Kingdom (UK NARIC).

• Official transcript(s)
• CV/résumé
• Statement of purpose/personal statement:One to two pages, up to 800 words
• GRE
• Written work:One essay of 2,000 words 
• References/letters of recommendation:Three overall, generally academic

ENGLISH LANGUAGE REQUIREMENTS

Higher level

• Global Education
• Hill Foundation Scholarships
• A number of Research Council awards are available each year from the Economic and Social Research Council (ESRC), the Natural Environment Research Council (NERC), and Arts and Humanities Research Council (AHRC).

Oxford's undergraduate programme in Economics is a rigorous and comprehensive course designed to equip students with a deep understanding of economic principles, analytical tools, and real-world applications. The program is structured to provide a strong foundation in both theoretical and empirical economics, covering areas such as microeconomics, macroeconomics, econometrics, and quantitative methods. Students are exposed to a diverse range of topics, including market structures, economic development, financial systems, and behavioral economics, enabling them to critically analyze contemporary economic issues.

The course employs a combination of lectures, seminars, and tutorials, fostering an interactive learning environment where students can engage actively with faculty and peers. The tutorial system, in particular, encourages personalized feedback and discussion, allowing students to develop their analytical and presentation skills. Students are also encouraged to undertake independent research projects, often related to current economic challenges.

In addition to core modules, students have the opportunity to choose from a variety of optional courses, which may include international economics, environmental economics, health economics, and game theory, among others. This flexibility allows students to tailor their studies according to their interests and career aspirations.

The program emphasizes the development of quantitative skills, including the use of statistical software and data analysis techniques, which are essential for modern economic research and policymaking. The curriculum is regularly updated to reflect advances in economic theory and practice, ensuring that graduates are well-prepared for careers in academia, government, financial institutions, consulting, or international organizations.

Students benefit from Oxford's vibrant academic community, with access to renowned faculty members and a network of alumni across the globe. The university’s extensive resources, including the Bodleian Library and various research centers, support students in their academic pursuits. The programme also encourages participation in events, conferences, and internships to enhance practical experience and professional development.

On completing the degree, graduates are equipped with a rigorous analytical framework, strong research skills, and a broad understanding of economic issues, enabling them to contribute effectively in diverse sectors. The Oxford Economics undergraduate degree is highly regarded worldwide and provides a solid foundation for pursuing postgraduate studies or entering competitive careers in economics and related fields.