The Cambridge University and University of Chicago are among the best varsities in the world for Economics. According to the ‘QS World University Rankings by Subject 2022: Economics & Econometrics’, the University of Chicago earned the fourth rank and Cambridge University ranked 10th in the list.

Website

Cambridge University: cam.ac.uk

University of Chicago: uchicago.edu

Economics Departments

Cambridge University:

— Economics BA (Hons)

— Land Economy

— MPhil Economics

— MPhil Finance and Economics (and more)

University of Chicago:

— BA Economics – Business Economics (Specialisation)

— BA Economics – Data Science (Specialisation)

— Master of Arts Program in the Social Science

— Master of Arts in Computational Social Science (and more)

Admission Process

Cambridge University:

Step 1: Choose a course

Step 2: Check assessment requirements

Most applicants need to take a written admission assessment as part of the application process. Some applicants will also be asked to submit examples of their written work. Please check the type of assessment required for your course as early as possible as some assessments require you to be registered before the UCAS application deadline (September 15 or 30).

Step 3: Decide on your college

Step 4: Submit your application

You need to submit your UCAS application. Shortly after submitting your UCAS application, you’ll be emailed and asked to complete the ‘My Cambridge application’.

Step 5: Selected candidates will be shortlisted for interviews, and the final decision will be informed after that.

Requirements

— Academic transcripts

— Minimum grades required in at least five relevant subjects — CISCE and NIOS: 90 per cent, CBSE: A1, State board: 95% or a bachelor’s degree in a relevant field with a minimum of 70 per cent.

— English proficiency test scores of IELTS Academic and TOEFL iBT

— Personal Statement or SOP

— LOR provided a teacher/tutor/guidance counsellor

— Valid passport

— English translation of non-English transcripts

— Interview (for some courses)

University of Chicago:

In order to receive approval to apply for a BA/MA programme, students intending to complete the major in economics must submit the following to the programme co-directors: approval to apply for BA/MA programme form; a copy of their transcript; a full, tentative course plan for their third year and BA/MA year; a brief description of the field and topic of their MA thesis; and a brief description of their research experience.

Students who have not yet completed all the requirements of the economics major at the beginning of their fourth year must complete the remaining courses in compliance with the rules of the major as stipulated in the college catalog published in the year of their matriculation. BA/MA students may use ECMA courses (ECMA 3xxxx or higher) or graduate-level courses in economics (ECON 3xxxx or higher) to satisfy requirements of the undergraduate degree. Graduate courses in other departments may also be used, subject to the rules stipulated in the college catalog. These courses require a petition that must be submitted prior to enrollment in the course.

Requirements

— Application for admission and supplement essays 

— Application fee or automatic fee waiver 

— Secondary school report and transcript 

— Two teacher evaluations 

— Midyear report 

— Test- optional 

— English language proficiency test scores

Tuition fees

Cambridge University: The fees listed are per year and are fixed for the duration of the course. For international students undertaking a year abroad, the tuition fee payable to the University of Cambridge during the year abroad will be 50 per cent of the full fee, for international students taking Veterinary Medicine, the tuition fee payable in year 3 will be the tuition fee for the course taken in that year. Per year fees for Economics is £24,507. In 2023-24, the minimum resources needed in Cambridge for the year (excluding tuition and College fees) are estimated to be approximately £12,400, depending on lifestyle.

University of Chicago: If you are participating in a study abroad program that is offered through the University Study Abroad Office, your tuition will be the same as if you were enrolled in courses on campus. The allowance for books and personal expenses will also be the same. However, there is an additional program fee associated with each study abroad program that will be charged to your account. For undergraduate programmes, the tuition fee is approximately $61,179.00.

Scholarships

Cambridge University:

Some colleges offer partial financial support for overseas students. While the scholarships for international students are limited, it includes some such as Cambridge Commonwealth, European and International Trust awards; College awards; and country-specific scholarships.

University of Chicago: 

Merit scholarships

UChicago’s merit scholarships are awarded to applicants on the basis of outstanding academic and extracurricular achievement, demonstrated leadership, and community commitment. Exemplary students are selected during the admissions process to receive merit scholarships that are guaranteed for four years of study (as long as good academic standing is maintained). Merit awards are determined by a merit scholarship committee without consideration of financial need.

All students, including first-year applicants, are automatically considered for merit scholarships; no additional merit scholarship application is required. Only transfer students are not eligible for merit-based scholarships. Scholarship winners will receive notification of their awards on a rolling basis through the end of April. Please note that only scholarship winners are notified.

Outside scholarships

You are encouraged to apply for scholarships from agencies outside of the university. One popular scholarship search resource is Fastweb. If you receive a scholarship from an outside agency, you must report it to the Office of College Aid as soon as you are notified of the award. These non-university scholarships can help reduce your family’s out-of-pocket expenses paid to the varsity.

UChicago students benefit from 100 per cent of their outside scholarship funds, meaning their institutional aid will not be reduced to accommodate the outside scholarship. 

Extracurricular activities

Cambridge University:

For many people, sport at Cambridge is epitomised by the annual Boat Race against Oxford, but there is more to Cambridge sport than rowing.  There are many opportunities to display your dramatic talents, such as in acting, directing, writing, or producing. There are also several student music societies, choirs, and orchestras to join, or just to listen to. The biggest society, but most certainly not the only one, is the Cambridge University Music Society (CUMS).

In addition to this, the Office of External Affairs and Communications’ Public Engagement team works closely with voluntary organisations, and supports public engagement, community, and outreach work. The university also has ambitious targets for improving its environmental performance. 

University of Chicago:

More than 450 student organisations flourish on campus, including groups like Off-Off Campus, an improvisational comedy group in the tradition of Chicago’s own Second City (which had its origins at the University of Chicago); Doc Films, the longest continuously running student film society in the country; and University Theater, a student-run theater company that puts on nearly 30 shows a year. Students organise and run fourteen fraternities and seven sororities and volunteer groups such as MetroSquash, Alpha Phi Omega, GlobeMed, and Peer Health Exchange. 

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