MPhil in Economics
About the course
The MPhil in Economics is designed to provide rigorous training in economic theory, applied economics, and econometric methods. It is comparable to the first two years of a PhD programme at a US university.
The MPhil provides a solid foundation for progressing to doctoral research, while at the same time providing the advanced knowledge and skills required for a career as a professional economist in government 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.
The department has developed the MPhil to enable students to easily tailor the course to their specific needs and objectives. For those already intending to progress to a DPhil at Oxford or a PhD elsewhere, the MPhil will offer rigour and exposure to the research frontier. For those intending a career as a professional economist, the MPhil will offer a broad range of options and opportunities for skill development. And for those unsure about further study beyond the masters’ level, the two years of the MPhil programme will allow you to make this choice after learning more about what graduate economic training involves.
The first year of the MPhil in Economics programme starts with a non-examined preparatory course in mathematical methods. The first two terms of the academic year focus on three compulsory courses in the central areas of microeconomics, macroeconomics and econometrics. The three courses are offered on two levels. Most students will take the courses at the core level. However, you can apply to start directly at the advanced level, which is targeted at future DPhil students who already have had ample economics training before starting the MPhil. Students who take the core level courses in the first year can take advanced level courses in the second year. In the third term, you can choose from two entirely new courses in Empirical Research Methods and Further Mathematics Methods. These courses will provide the specialised skills needed for academic or non-academic careers in our data-rich world and the technical tools for research in economics.
In the second year, you will take four option courses. The option courses build on the first-year training and provide deeper and broader training in your areas of interest. You can take advanced-level courses in macroeconomics, microeconomics, econometrics and empirical research methods covering recent developments in theory and analytical techniques. Other option courses are designed to develop knowledge and understanding of theory, empirical 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.
The second important component of the second year is the required thesis, supervised by a member of the department.
Supervision
The allocation of graduate supervision for this course is the responsibility of the Department of Economics and it is not always possible to accommodate the preferences of incoming graduate students to work with a particular member of staff. Where appropriate, a co-supervisor may be found outside the Department of Economics.
You will be assigned a member of the economics department to act as your academic supervisor to provide advice and support for your academic studies in the first year of the MPhil. In the second year, your MPhil thesis supervisor will act as your academic advisor. Where appropriate, a co-supervisor may be found outside the Department of Economics.
Assessment
The three compulsory courses in microeconomics, macroeconomics and econometrics are examined before the start of the third term of the first year. The required thesis is an important component of the second year, and is supervised by a member of the department. The thesis is usually expected to contain some original research. It can be incorporated into a DPhil thesis, if you continue onto the doctoral programme.
You will receive numerical grades for your thesis and for each option course. Based on these grades and those for the first year courses, the examiners may award an overall pass grade, a pass with merit 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.
Graduate destinations
Each year around 10-20 MPhil students proceed to the DPhil in Economics at Oxford. Others go on to doctoral programmes elsewhere or embark on careers as professional economists in the private or public sector.
Examples from recent graduating cohorts include doctoral programmes at Cambridge, Harvard, MIT, EUI, NYU, Northwestern and Stanford; employment with the Bank of England, Bank of Japan, European Central Bank, ODI Fellow, Morgan Stanley London, Goldman Sachs, Hong Kong Monetary Authority and the UK Government.
Changes to this course and your supervision
The University will seek to deliver this course in accordance with the description set out in this course page. However, there may be situations in which it is desirable or necessary for the University to make changes in course provision, either before or after registration. The safety of students, staff and visitors is paramount and major changes to delivery or services may have to be made in circumstances of a pandemic, epidemic or local health emergency. In addition, in certain circumstances, for example due to visa difficulties or because the health needs of students cannot be met, it may be necessary to make adjustments to course requirements for international study.
Where possible your academic supervisor will not change for the duration of your course. However, it may be necessary to assign a new academic supervisor during the course of study or before registration for reasons which might include illness, sabbatical leave, parental leave or change in employment.
For further information please see our page on changes to courses and the provisions of the student contract regarding changes to courses.
Entry requirements for entry in 2024-25
Proven and potential academic excellence
Degree-level qualifications
As a minimum, applicants should hold or be predicted to achieve the following UK qualifications or their equivalent:
- a first-class or strong upper second-class undergraduate degree with honours in economics.
Applicants must 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.
For applicants with a degree from the USA, a cumulative GPA sought of at least 3.7 out of 4.0 is expected.
GRE General Test scores
If you do not hold, or will not shortly hold, a UK or Republic of Ireland undergraduate or postgraduate degree, you must submit the results of a GRE Test obtained within the last 5 years. However, we recommend applicants from UK and Republic of Ireland universities also submit a GRE score. 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.
Other qualifications, evidence of excellence and relevant experience
All candidates are expected to have working knowledge in one programming language (of the candidate’s choice) at the start of the MPhil. The department will provide advice to accepted candidates on how to acquire such knowledge.
Publications are not expected.
English language proficiency
This course requires proficiency in English at the University's higher level. If your first language is not English, you may need to provide evidence that you meet this requirement. The minimum scores required to meet the University's higher level are detailed in the table below.
| Test | Minimum overall score | Minimum score per component |
|---|---|---|
| IELTS Academic (Institution code: 0713) | 7.5 | 7.0 |
TOEFL iBT, including the 'Home Edition' (Institution code: 0490) | 110 | Listening: 22 Reading: 24 Speaking: 25 Writing: 24 |
| C1 Advanced* | 191 | 185 |
| C2 Proficiency† | 191 | 185 |
*Previously known as the Cambridge Certificate of Advanced English or Cambridge English: Advanced (CAE)
†Previously known as the Cambridge Certificate of Proficiency in English or Cambridge English: Proficiency (CPE)
Your test must have been taken no more than two years before the start date of your course. Our Application Guide provides further information about the English language test requirement.
Declaring extenuating circumstances
If your ability to meet the entry requirements has been affected by the COVID-19 pandemic (eg you were awarded an unclassified/ungraded degree) or any other exceptional personal circumstance (eg other illness or bereavement), please refer to the guidance on extenuating circumstances in the Application Guide for information about how to declare this so that your application can be considered appropriately.
References
You will need to register three referees who can give an informed view of your academic ability and suitability for the course. The How to apply section of this page provides details of the types of reference that are required in support of your application for this course and how these will be assessed.
Supporting documents
You will be required to supply supporting documents with your application, including an official transcript and a CV/résumé. The How to apply section of this page provides details of the supporting documents that are required as part of your application for this course and how these will be assessed.
Performance at interview
Interviews are not normally held as part of the admissions process.
How your application is assessed
Your application will be assessed purely on your proven and potential academic excellence and other entry requirements published under that heading.
References and supporting documents submitted as part of your application, and your performance at interview (if interviews are held) will be considered as part of the assessment process. Whether or not you have secured funding will not be taken into consideration when your application is assessed.
An overview of the shortlisting and selection process is provided below. Our 'After you apply' pages provide more information about how applications are assessed.
Shortlisting and selection
Students are considered for shortlisting and selected for admission without regard to age, disability, gender reassignment, marital or civil partnership status, pregnancy and maternity, race (including colour, nationality and ethnic or national origins), religion or belief (including lack of belief), sex, sexual orientation, as well as other relevant circumstances including parental or caring responsibilities or social background. However, please note the following:
- socio-economic information may be taken into account in the selection of applicants and award of scholarships for courses that are part of the University’s pilot selection procedure and for scholarships aimed at under-represented groups;
- country of ordinary residence may be taken into account in the awarding of certain scholarships; and
- protected characteristics may be taken into account during shortlisting for interview or the award of scholarships where the University has approved a positive action case under the Equality Act 2010.
Processing your data for shortlisting and selection
Information about processing special category data for the purposes of positive action and using your data to assess your eligibility for funding, can be found in our Postgraduate Applicant Privacy Policy.
Admissions panels and assessors
All recommendations to admit a student involve the judgement of at least two members of the academic staff with relevant experience and expertise, and must also be approved by the Director of Graduate Studies or Admissions Committee (or equivalent within the department).
Admissions panels or committees will always include at least one member of academic staff who has undertaken appropriate training.
Other factors governing whether places can be offered
The following factors will also govern whether candidates can be offered places:
- the ability of the University to provide the appropriate supervision for your studies, as outlined under the 'Supervision' heading in the About section of this page;
- the ability of the University to provide appropriate support for your studies (eg through the provision of facilities, resources, teaching and/or research opportunities); and
- minimum and maximum limits to the numbers of students who may be admitted to the University's taught and research programmes.
Offer conditions for successful applications
If you receive an offer of a place at Oxford, your offer will outline any conditions that you need to satisfy and any actions you need to take, together with any associated deadlines. These may include academic conditions, such as achieving a specific final grade in your current degree course. These conditions will usually depend on your individual academic circumstances and may vary between applicants. Our 'After you apply' pages provide more information about offers and conditions.
In addition to any academic conditions which are set, you will also be required to meet the following requirements:
Financial Declaration
If you are offered a place, you will be required to complete a Financial Declaration in order to meet your financial condition of admission.
Disclosure of criminal convictions
In accordance with the University’s obligations towards students and staff, we will ask you to declare any relevant, unspent criminal convictions before you can take up a place at Oxford.
Academic Technology Approval Scheme (ATAS)
Some postgraduate research students in science, engineering and technology subjects will need an Academic Technology Approval Scheme (ATAS) certificate prior to applying for a Student visa (under the Student Route). For some courses, the requirement to apply for an ATAS certificate may depend on your research area.
Resources
With more than 60 academics in permanent posts and 30+ postdoctoral research fellows, the Economics department is a large and vibrant international community of researchers. In the 2021 REF, Oxford was ranked first in terms of overall research ‘power’ and funding market share.
The department hosts research centres such as the Centre for the Study of African Economies (CSAE), which is internationally recognised as a hub for innovative research and outreach to the academic and policy-making communities world-wide through their seminars, workshops and annual conferences.
Within the department, specialised research groups play a key role in bringing together faculty and graduate students working in particular sub-fields, supporting and mentoring our doctoral students and postdoctoral research fellows, and promoting research of the highest international standard. The research groups provide an important interface between research centres and the department, for example econometrics and the INET programme on Economic Modelling (EMOD); development economics and CSAE. Other research groups facilitate collaboration across departments, as in the case of the economic history group and economic historians in the Faculty of History. Each research group runs a regular seminar series with external presenters, plus a more informal workshop in which members, including DPhil students, present their research in progress.
Students can access a range of internship programmes through the University Careers Office as well as the RCUK Policy Internship scheme for ESRC-funded students. In addition, the Bank of England and Goldman Sachs each provide a short summer internship for a doctoral student specialising in macroeconomics or finance and the Department of Economics is accredited by the Asian Development Bank to nominate candidates for their internship programme. In recent cohorts, students have benefited from an internship with organisations including the EBRD, European Central Bank, UK Home Office, as well as those identified above.
The Department of Economics is located in the Manor Road Building in central Oxford, alongside the Department of Politics and International Relations. The department contains faculty offices and open-plan workspaces for DPhil students and postdoctoral researchers, with access to Wi-Fi and print services. A BYOD (Bring Your Own Device) policy is in place within the Economics department, enabling you to access data shares, printing, software and for some, a full Windows desktop via the department's Virtual Desktop environment. The Manor Road IT team support all IT-related infrastructure and systems within the department, including desktops, laptops and tablets, and all associated peripherals (printers, scanners, webcams etc) and software provision.
The Manor Road Building also houses the Bodleian Social Sciences Library, a first-class research library open to all members of the University. The SSL holds over 250,000 printed books, over 1,000 printed journal titles, as well as statistical publications, working papers, dissertations, pamphlets and reports. Online resources include almost 100,000 e-journals and an extensive collection of databases and archives in the social sciences. Graduate teaching and most seminars take place within the Manor Road Building, where there is also a cafeteria and common room for students' use.
Economics
Oxford's Department of Economics is one of Europe's leading research departments and its members include some of the world's most distinguished academic economists.
The department offers its community of around 300 graduate students a rigorous and relevant training in economics, providing a setting in which debate and research can flourish. The department’s graduate courses prepare students for a wide range of careers in academia, government and business.
The department is committed to excellence in teaching and the MPhil and DPhil in Economics are internationally recognised for the quality of the training provided. The University of Oxford is ranked 2nd in Europe in the most recent Tilburg University ranking of Economics departments, based on research contribution for the period between 2016-2020. In the 2021 Research Excellence Framework exercise, that evaluated research output of UK Universities, Oxford was first for overall research strength in Economics and Econometrics, with more research ranked as ‘world-leading’ than any other participating institution.
In a submission of 84 FTE academics, which was the largest number of researchers submitted in the Economics and Econometrics Unit of Assessment, 94% of the department's research output was assessed as ‘internationally excellent’ or ‘world-leading’ (3* or 4*). The scale and breadth of the Department’s research is a product of a vibrant and well-connected community, with particular attention on supporting early career researchers. The Department maintains world-class expertise in the core discipline areas of microeconomics, macroeconomics and econometrics, while building clusters of research strength in more specialist subfields – notably applied microeconomics; behavioural economics and game theory; the economics of climate change and sustainability; machine learning; economic history; development economics.
Oxford has one of the strongest, largest, and most varied groups of economists in the world. Our objective is to engage in innovative research that extends the frontiers of the discipline, deepening our understanding of the operation of modern economies. Research spans almost all the major sub-fields of economics with particular strengths in microeconomic theory, including behavioural economics; econometrics, both micro-econometrics and time series; economic history and development and international economics. Research activity is focused within smaller, specialised groups, with each group holding regular workshops at which research by faculty and graduate students is presented and discussed. Many distinguished researchers from outside Oxford also visit to present their work at seminars.
Funding
The University expects to be able to offer over 1,000 full or partial graduate scholarships across the collegiate University in 2024-25. You will be automatically considered for the majority of Oxford scholarships, if you fulfil the eligibility criteria and submit your graduate application by the relevant December or January deadline. Most scholarships are awarded on the basis of academic merit and/or potential.
For further details about searching for funding as a graduate student visit our dedicated Funding pages, which contain information about how to apply for Oxford scholarships requiring an additional application, details of external funding, loan schemes and other funding sources.
Please ensure that you visit individual college websites for details of any college-specific funding opportunities using the links provided on our college pages or below:
Please note that not all the colleges listed above may accept students on this course. For details of those which do, please refer to the College preference section of this page.
Further information about funding opportunities for this course can be found on the faculty's website.
Costs
Annual fees for entry in 2024-25
Fee status | Annual Course fees |
| Home | £24,300 |
| Overseas | £29,070 |
Further details about fee status eligibility can be found on the fee status webpage.
Information about course fees
Course fees are payable each year, for the duration of your fee liability (your fee liability is the length of time for which you are required to pay course fees). For courses lasting longer than one year, please be aware that fees will usually increase annually. For details, please see our guidance on changes to fees and charges.
Course fees cover your teaching as well as other academic services and facilities provided to support your studies. Unless specified in the additional information section below, course fees do not cover your accommodation, residential costs or other living costs. They also don’t cover any additional costs and charges that are outlined in the additional information below.
Where can I find further information about fees?
The Fees and Funding section of this website provides further information about course fees, including information about fee status and eligibility and your length of fee liability.
Additional information
There are no compulsory elements of this course that entail additional costs beyond fees and living costs. However, please note that, depending on your choice of research topic and the research required to complete it, you may incur additional expenses, such as travel expenses, research expenses, and field trips. You will need to meet these additional costs, although you may be able to apply for small grants from your department and/or college to help you cover some of these expenses.
Living costs
In addition to your course fees, you will need to ensure that you have adequate funds to support your living costs for the duration of your course.
For the 2024-25 academic year, the range of likely living costs for full-time study is between c. £1,345 and £1,955 for each month spent in Oxford. Full information, including a breakdown of likely living costs in Oxford for items such as food, accommodation and study costs, is available on our living costs page. The current economic climate and high national rate of inflation make it very hard to estimate potential changes to the cost of living over the next few years. When planning your finances for any future years of study in Oxford beyond 2024-25, it is suggested that you allow for potential increases in living expenses of around 5% each year – although this rate may vary depending on the national economic situation. UK inflationary increases will be kept under review and this page updated.
College preference
All graduate students at Oxford belong to a department or faculty and a college or hall (except those taking non-matriculated courses). If you apply for a place on this course you will have the option to express a preference for one of the colleges listed below, or you can ask us to find a college for you. The Colleges section of this website provides information about the college system at Oxford, as well as factors you may wish to consider when deciding whether to express a college preference. Please note that ‘college’ and ‘colleges’ refers to all 45 of the University’s colleges, including those designated as Permanent Private Halls (PPHs).
For some courses, the department or faculty may have provided some additional advice below to help you to decide. Whatever you decide, it won’t affect how the academic department assesses your application and whether they decide to make you an offer. If your department makes you an offer of a place, you’re guaranteed a place at one of our colleges.
The following colleges accept students on the MPhil in Economics:
Before you apply
Our guide to getting started provides general advice on how to prepare for and start your application. Check the deadlines on this page and the information about deadlines in our Application Guide. If it's important for you to have your application considered under a particular deadline – eg under a December or January deadline in order to be considered for Oxford scholarships – we recommend that you aim to complete and submit your application at least two weeks in advance.
Application fee waivers
An application fee of £75 is payable per course application. Application fee waivers are available for the following applicants who meet the eligibility criteria:
- applicants from low-income countries;
- refugees and displaced persons;
- UK applicants from low-income backgrounds; and
- applicants who applied for our Graduate Access Programmes in the past two years and met the eligibility criteria.
You are encouraged to check whether you're eligible for an application fee waiver before you apply.
Do I need to contact anyone before I apply?
You do not need to make contact with the department before you apply but you are encouraged to visit the relevant departmental webpages to read any further information about your chosen course.
Completing your application
You should refer to the information below when completing the application form, paying attention to the specific requirements for the supporting documents.
If any document does not meet the specification, including the stipulated word count, your application may be considered incomplete and not assessed by the academic department. Expand each section to show further details.
Referees:
Three overall, academic and/or professional
Whilst you must register three referees, the department may start the assessment of your application if two of the three references are submitted by the course deadline and your application is otherwise complete. Please note that you may still be required to ensure your third referee supplies a reference for consideration.
It is recommended that you provide three academic references, however the department will accept one professional reference of the three required overall.
Your references will support intellectual ability, academic achievement, and motivation.
Official transcript(s)
Your transcripts should give detailed information of the individual grades received in your university-level qualifications to date. You should only upload official documents issued by your institution and any transcript not in English should be accompanied by a certified translation.
More information about the transcript requirement is available in the Application Guide.
CV/résumé
A CV/résumé is compulsory for all applications. Most applicants choose to submit a document of one to two pages highlighting their academic achievements and any relevant professional experience.
Statement of purpose/personal statement:
A maximum of 800 words
Your statement should be written in English and explain your motivation for applying for the course at Oxford, your relevant experience and education, and the specific areas that interest you and/or you intend to specialise in.
If possible, please ensure that the word count is clearly displayed on the document.
This will be assessed for:
- your reasons for applying;
- evidence of motivation for and understanding of the proposed area of study; and
- the ability to present a reasoned case in English.
Written work:
One essay of a maximum of 2,000 words
An academic essay or other writing sample from your most recent qualification, written in English, is required. An extract of the requisite length from longer work is also permissible. The written work should be related to the subject you propose to study.
The written work should be typed and in English. The word count does not need to include any bibliography or brief footnotes.
If possible, please ensure that the word count is clearly displayed on the document.
This will be assessed for:
- a comprehensive understanding of the subject area;
- understanding of problems in the area;
- ability to construct and defend an argument;
- powers of analysis; and
- powers of expression.
GRE General Test results
If you do not hold, or will not shortly hold, a UK or Republic of Ireland undergraduate or postgraduate degree, you must submit the results of a GRE Test obtained within the last 5 years. However, we recommend that applicants from UK and Republic of Ireland universities also submit a GRE score.
Start or continue your application
You can start or return to an application using the relevant link below. As you complete the form, please refer to the requirements above and consult our Application Guide for advice. You'll find the answers to most common queries in our FAQs.