Economics Subject Ranking in UK

Among the key institutions that consistently appear in the upper echelons of UK economics rankings are the University of St Andrews and the University of Edinburgh, two prestigious universities in Scotland, both with highly regarded economics departments. In 2010, St Andrews was ranked 3rd by The Guardian, 6th by The Independent, and 8th by The Times in terms of the quality of its economics department, while Edinburgh secured the 4th position overall in the UK for economics. These rankings reflect a combination of factors such as academic reputation, research output, student satisfaction, and the success of their respective postgraduate programmes. The comparative standing of both universities in relation to each other provides insight into the different strengths and specializations of their economics faculties, while also highlighting the broader context of Scottish higher education.

At St Andrews, the School of Economics & Finance stands out for its robust research performance, particularly as reflected in the 2008 Research Assessment Exercise (RAE), where it was rated 1st in Scotland and 12th in the UK in terms of "research power". This metric, which combines the quality and quantity of research output, demonstrates the school's strong performance on a national level. The school's M.Sc. programmes in International Strategy and Economics, Finance, Analytical Finance, International Finance, and Money, Banking and Finance provide students with a highly specialized education in a range of important economic areas. These postgraduate programmes are not just academically rigorous, but they are also tailored to meet the demands of a globalized economy, ensuring that graduates are equipped with the necessary tools to address the complex financial and economic issues facing businesses, governments, and international institutions. The diversity of these programmes also reflects the school's broader commitment to interdisciplinary studies, providing students the opportunity to delve into finance, strategy, and economics in a way that other institutions might not offer.

Edinburgh, on the other hand, is widely recognized for its dominance in Scottish economics, consistently ranking at the top not only in Scotland but also in the UK. The University of Edinburgh is a cornerstone of higher education in Scotland, and its economics department benefits from a long-standing reputation for academic excellence and cutting-edge research. In the 2008 RAE, Edinburgh was noted for the high proportion of its research that was rated as world-leading, particularly in areas such as economic theory, policy analysis, and econometrics. This distinction highlights Edinburgh’s strength in producing high-quality research that has a tangible impact on global economic discourse. Its emphasis on world-leading research outputs places it at the forefront of economics in the UK and beyond, particularly in areas of monetary economics, development, and environmental economics, which are some of the key areas in which the department excels.

The differing rankings of these two universities can be attributed to several factors. St Andrews' position as the 3rd best economics department in the UK according to The Guardian, and its consistently high performance in the 2010 league tables, underscores the strength of its postgraduate offerings. The department has managed to carve out a niche as an institution that delivers high-quality education and rigorous research in finance and economics, providing a more specialized, focused experience for its students. It is perhaps not as large as Edinburgh in terms of student population or research output, but its focused approach and relatively smaller scale may be advantageous for students seeking a more intimate academic environment.

Edinburgh’s higher ranking in the Independent and Times rankings, and its status as the 4th best economics department in the UK, reflects its broader reach and influence in both research and teaching. The university is one of the largest and most established institutions in Scotland, with a significant reputation in economics and finance, both in the UK and internationally. Its economics department boasts a diverse range of specializations, from macroeconomics to behavioural economics, and it is renowned for its ability to produce world-class research that informs both academic thought and public policy. The larger scale of Edinburgh’s economics department also allows it to offer a wider range of postgraduate opportunities, drawing on the university’s extensive research capabilities and global connections. This can be seen in the variety of collaborations the university has with governments, NGOs, and multinational corporations, which further enriches its postgraduate teaching and research environment.

In terms of the student experience, both St Andrews and Edinburgh provide their students with access to an intellectually stimulating environment. St Andrews, with its small size and close-knit academic community, offers students the opportunity for more personalized attention and direct engagement with faculty members. Its economics faculty is known for fostering a collaborative learning environment where students can engage directly with professors on complex topics. The university’s commitment to a strong postgraduate experience, supported by state-of-the-art resources and a global network of alumni, further adds to its appeal as a destination for students interested in economics and finance.

Edinburgh, as a larger institution, offers a different student experience—one that is characterized by a bustling academic community, diverse student body, and a wealth of extracurricular opportunities. The university's economics department is one of the largest in the country, which gives students access to a broad array of academic resources, including leading researchers, seminars, and guest lectures from policymakers and professionals. Furthermore, Edinburgh’s position in the heart of Scotland’s capital city provides students with access to a range of professional opportunities, as well as the vibrant cultural and intellectual life of the city itself. For students interested in pursuing a career in economics or finance, the university’s extensive industry connections and reputation for research excellence make it an ideal place to develop a professional network.

When considering the ultimate decision of where to study economics at the postgraduate level, prospective students must weigh a range of factors, including research interests, career goals, and personal preferences for the type of academic environment they seek. St Andrews offers a more focused, specialized education, with its smaller, high-impact research environment. Edinburgh, with its larger and more diverse economics department, provides students with a wealth of resources and opportunities for both research and professional development. The two institutions are undoubtedly among the best in the UK, and each has its own unique strengths that make it an attractive option for students seeking to advance their knowledge in economics and finance.

Below is the ranking of Top UK Universities and Colleges for Economics:
League Table 2010:
1 Oxford
2 Cambridge
3 St Andrews
4 Edinburgh
5 Warwick
6 Birmingham
7 Durham
8 London School of Economics
9 UCL
10 Exeter

League Table 2004:
Rank, Institution, Guardian teaching score/100
1 Oxford 91
2 Cambridge 88
3 London Schl of Economics 83
4 University College London 79
5 Birmingham 79
6 Warwick 79
7 Durham 75
8 Schl of Oriental & African Studies 75
9 Nottingham 75
10 York 75
11 Abertay Dundee Uni 74
12 Bristol 74
13 Middlesex 73
14 Manchester 73
15 Bath 72
16 Stirling 71
17 Essex 70
18 Reading 70
19 City 69
20 Edinburgh 69
21 Leicester 69
22 Queen Mary, London 69
23 Sheffield 69
24 Southampton 69
25 Surrey 69
26 Exeter 68
27 Keele 68
28 Royal Holloway 68
29 Hertfordshire 68
30 Staffordshire 68
31 Coventry 67
32 Bradford 67
33 Brunel 67
34 Loughborough 67
35 Lancaster 67
36 Nottingham Trent 67
37 Kent at Canterbury 66
38 Oxford Brookes 66
39 Ulster 66
40 Aberdeen 65
41 Queen's Belfast 65
42 Wales, Aberystwyth 65
43 Leeds Metropolitan 64
44 Goldsmiths Col 63
45 Glasgow 63
46 Leeds 63
47 Newcastle 62
48 Dundee 62
49 Manchester Metropolitan 61
50 Kingston 61
51 Hull 61
52 Sussex 60
53 Cardiff 60
54 East Anglia 60
55 St Andrews 60
56 West of England 60
57 Portsmouth 59
58 Northumbria Uni at Newcastle 58
59 Plymouth 57
60 Central England 57
61 Salford 57
62 Heriot-Watt 56
63 Wales, Swansea 56
64 Liverpool 52
65 Strathclyde 51
66 Greenwich 50
67 Liverpool John Moores 49

Source: Guardian University Guide