Overview
Top reasons to study with us
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11
11th for Graduate Prospects for Economics
The Times and Sunday Times Good University Guide (2022)
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15
15th for Economics
The Times and Sunday Times Good University Guide (2022)
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Lancaster University is among the best in the UK - appearing in the Top 20 for all major national league tables.
BSc Economics begins by introducing the foundational principles of Economic Theory. The BSc then focusses on the mathematical and statistical methods employed in Economics. Whether your goal is to use Economics in Finance or Policy, this programme is flexible enough to allow you to pursue either.
Programme overviewAs a student who is comfortable and fluent in mathematics, BSc Economics provides you with the analytic skills and intellectual toolbox to help answer some of the most pressing economics questions.
You will learn how to interpret data, understand (and quantify) the decisions made by individuals, organisations, and governments and evaluate economic policies.
You will cover the fundamentals of Economic theory and practice, and as your degree progresses and you discover more about both the subject and about yourself, you have the opportunity to flex this programme in ways that speak to your changing interests and strengths. This might lead you to choose modules in:
- International Trade
- Environmental Economics
- Health Economics
- Behavioural Economics
Amongst many other specialisations. This leads to a degree unique to you, where you have played a major part in building the degree you want.
Your third year is spent in industry. You’ll be supported in securing a placement, and all placement roles offer valuable experience of working at a graduate level and gaining a range of professional skills.
Key FactsWhat separates Lancaster from the crowd is the flexible nature of our Economics degree. Not only can you choose more and more of your modules as you progress through your degree, Economics can also be combined with:
- Politics
- International Relations
- Geography
- Politics and Philosophy (the E in PPE)
- Mathematics
- Law
Many of these subjects are great complements to Economics.
You do not need an A level in Economics to enrol in this course.
BSc Economics is also offered as a three-year degree. If you are unsuccessful in securing a suitable placement for your third year, you are able to transfer to the equivalent non-placement degree scheme, finishing your degree after your third year.
Programme outcomesBSc Economics offers a grounding in the fundamentals of Economics. The most powerful aspect of Economics is that it teaches a way of thinking which can then be applied to a specific field. If you want to be a government economist advising on tax or social/welfare costs, you need specific knowledge and skills. The same is true for a career in finance. You need specific finance models – how much to invest here, or advise clients to invest there. But the mode of thinking is the same for both: it is the critical, disciplined way of thinking that you will get from an Economics degree at Lancaster University. Economics opens up the world because the critical and analytical thinking skills that it inculcates are applicable to whatever your passion, be they Politics, Finance, the trading floor, or working for an NGO, all use the same skills.
Your department
Careers
Our degrees are designed to prepare you for a career in industry, business, finance, consultancy or government. Recent Economics graduates have joined banks and financial consultancies such as HSBC and Deloitte, while others have been employed on graduate schemes with major companies, including BAE and the Swire Group.
Many of our Economics students have gained places on postgraduate courses at top institutions and then pursued specialised careers as economists – for example, at the Bank of England, the Institute for Fiscal Studies, and in academia.
Lancaster University is dedicated to ensuring you not only gain a highly reputable degree, you also graduate with the relevant life and work based skills. We are unique in that every student is eligible to participate in The Lancaster Award which offers you the opportunity to complete key activities such as work experience, employability awareness, career development, campus community and social development. Visit our Employability section for full details.
Lancaster Management School has an award winning careers team to provide a dedicated careers and placement service offering a range of innovative services for management school students. Our high reputation means we attract a wide range of leading global employers to campus offering you the opportunity to interact with graduate recruiters from day 1 of your degree.
Entry Requirements
Grade Requirements
A Level AAB
Required Subjects A level Mathematics or Further Mathematics grade A
GCSE English Language grade C or 4
IELTS 6.5 overall with at least 5.5 in each component. For other English language qualifications we accept, please see our English language requirements webpages.
Other Qualifications
International Baccalaureate 35 points overall with 16 points from the best 3 Higher Level subjects including 6 in HL Mathematics (either analysis and approaches or applications and interpretations)
BTEC May be considered alongside an A in A level Mathematics or Further Mathematics
We welcome applications from students with a range of alternative UK and international qualifications, including combinations of qualifications. Further guidance on admission to the University, including other qualifications that we accept, frequently asked questions and information on applying, can be found on our general admissions webpages.
Contact Admissions Team + 44 (0) 1524 592028 or via ugadmissions@lancaster.ac.uk
Course Structure
Lancaster University offers a range of programmes, some of which follow a structured study programme, and others which offer the chance for you to devise a more flexible programme to complement your main specialism. We divide academic study into two sections - Part 1 (Year 1) and Part 2 (Year 2, 3 and sometimes 4). For most programmes Part 1 requires you to study 120 credits spread over at least three modules which, depending upon your programme, will be drawn from one, two or three different academic subjects. A higher degree of specialisation then develops in subsequent years. For more information about our teaching methods at Lancaster please visit our Teaching and Learning section.
The following courses do not offer modules outside of the subject area due to the structured nature of the programmes: Architecture, Law, Physics, Engineering, Medicine, Sports and Exercise Science, Biochemistry, Biology, Biomedicine and Biomedical Science.
Information contained on the website with respect to modules is correct at the time of publication, and the University will make every reasonable effort to offer modules as advertised. In some cases changes may be necessary and may result in some combinations being unavailable, for example as a result of student feedback, timetabling, Professional Statutory and Regulatory Bodies' (PSRB) requirements, staff changes and new research.
Core
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Career and Employability I
Each year students receive specific training by the Management School Career Team, to prepare them for the graduate labour market. In the first year the focus is on growing the student’s awareness of labour market dynamics and his or her professional aspirations and inclinations. The second year focuses on goal setting, action planning, and the development of a personalised career plan. The third year focuses on one-to-one sessions with career advisors. The Career Team is based in the Management School, organises events with employers and alumni, and coaches students on how to best perform in the graduate job market through seminars, surgeries, mock interviews and one-to-one advice.
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Economic Principles and Applications A
This full-year module provides the foundation for your future study in Economics. It is divided into three parts. The first part provides a thorough introduction to Microeconomics (including the theory of demand, costs and pricing under various forms of market structure, and welfare economics). The second part provides a thorough introduction to Macroeconomics (including national income analysis, monetary theory, business cycles, inflation, unemployment, and the great macroeconomic debates).
The third part of the module, taught in parallel with the first two parts, shows how the key Micro- and Macroeconomics ideas can help us understand the world around us. In this part, we will use economic experiments to answer various questions, such as whether economists are selfish. We will analyse whether a sugar tax is a good idea, automation and the minimum wage, the structure, conduct and performance of big technology firms, and use the skills we have learned to analyse inequality, Brexit, and Covid-19. We will also discuss the distinction between transitory inflation and stagflation, central banks’ changing objectives, cryptocurrencies and the financial markets, fiscal and monetary policy responses to the pandemic, the Great Depression and the Great Recession, quantitative easing, currency crises, and the Euro debt crisis. Economics A is taught in conjunction with modules (ECON103 or MATH100, depending on the degree) which provide the quantitative foundations for further study in Economics.
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Quantitative Methods for Economics
This module integrates elementary economic theory, mathematical and statistical methods and the interpretation of data in order to analyse economic issues of current policy importance. You will therefore be introduced to the basic tools of mathematics essential for a proper understanding of economics and business. Teaching on quantitative methods is combined with numerous practical applications to economics, enabling you to practise applying your analytical and quantitative skills to the topics developed and analysed in depth over the course of the module.
Core
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Career and Employability II
Each year students receive specific training by the Management School Career Team, to prepare them for the graduate labour market. In the first year the focus is on growing the student’s awareness of labour market dynamics and his or her professional aspirations and inclinations. The second year focuses on goal setting, action planning, and the development of a personalised career plan. The third year focuses on one-to-one sessions with career advisors. The Career Team is based in the Management School, organises events with employers and alumni, and coaches students on how to best perform in the graduate job market through seminars, surgeries, mock interviews and one-to-one advice.
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Intermediate Macroeconomics I
This module uses the tools of economics to study various macroeconomic variables (inflation, consumption, output, unemployment) and particularly their short-run and long-run dynamics. It covers topics related to fiscal policy and the sustainability of public debt in the intermediate run. In addition, students will study unemployment and labour market dynamics and more in general economic stability in the short run.
The module requires algebra, elementary calculus, logical thinking and general problem-solving ability.
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Intermediate Macroeconomics II
This module first explores some of the key insights of New Keynesian economics, particularly that the monetary policy effectively influences output in the short-run but not in the long run. We will examine the crucial role of how the public formulates expectations for the economy’s stability, e.g. expectations about inflation and the importance of credible monetary policy. The second part of the module will cover topics explaining the “mysteries” of long-run economic growth. For example, how did we arrive at the vast degree of disparity between countries we observe today? This module covers topics like exogenous and endogenous growth, optimal growth, and dualism.
Note that this module is available only to students majoring in Economics.
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Intermediate Microeconomics I
Markets consist of individual buyers and sellers, each facing choices. A buyer must decide what, and how much, to purchase. A seller must decide how much to produce, how to produce it, and what price to charge. But how are these choices made? In this course, we will explore this question formally, with the aid of economic models. The topics include consumer choice, profit maximization and cost minimization. The module requires a basic knowledge of algebra and calculus.
By the end of the course, you will improve your logical thinking and problem-solving abilities.
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Intermediate Microeconomics II
This module builds on learning gained in Intermediate Microeconomics 1 (ECON220), developing on the theories and concepts covered as well as focusing on a range of new topics.
Topics include:
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analysis of monopoly behaviour and regulation
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price and quantity setting in duopoly markets
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introduction to game theory and strategic behaviour by firms
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auctions (including a study of eBay)
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general equilibrium and welfare economics
The module is normally taken in conjunction with ECON220.
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Introduction to Econometrics
This module provides an introduction to the theoretical concepts and applications of econometrics. Econometric techniques taught include bivariate regression, multiple regression, and two-stage least squares. The importance and relevance of statistical and diagnostic testing are emphasised in the context of econometrics applications.
You will also learn how to use STATA, a statistical package that is used by many academic, governmental, and non-governmental institutions to conduct research and consulting.
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Mathematics for Economics
This module provides the tools necessary to produce the rigorous economic analyses that form the core of both microeconomics and macroeconomics.
During the first part of the course, the attention is on the dynamic analysis of systems, which is key to understanding how economic variables change over time, especially in response to shifts in government economic policy.
The second part of the course studies constrained optimization which is central to understanding how households and firms make their consumption and production decisions when faced with limited budgets. Throughout the whole course, we focus our analysis on concrete examples and intuition, with an emphasis on how to frame economic problems using the mathematical tools you will acquire in the course.
We will require you to apply the concepts learned in class, and to translate informal problems into formal language.
Optional
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Applied Economics
This module analyses from an economic perspective some of the major national and global challenges that face us all. We will explore key microeconomic issues, such as how to improve educational and health outcomes, and importantly the causal links between interventions and those outcomes. We also investigate the causes and consequences of crime for individuals and society, with particular emphasis on the role of punishment (sentences) and justice systems. Two further major (macro) global challenges are investigated - the relationship between economic development and population migration, and the economic effects of climate change. In the latter case, a particular emphasis is on economic policy instruments and the progress made towards net-zero carbon emissions.
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Environmental Economics and Climate Change
This module focuses on the role of governments within the economy, looking at the extent to which they can intervene in markets and in other areas such as climate change. It builds your skills in evaluating the effectiveness of economic policies, and provides insights into the difficulties of decision-making in collective-choice environments.
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Games and Strategic Behaviour
This module helps you improve your strategic thinking. Over the course of this module, you will learn how to use ‘games’ to model strategic situations in the real world, and how to analyse and find out solutions to these games in situations in which players are intelligent and rational. Games including “normal form games”, “extensive form games”, “Bayesian games”, “repetitive games”, and “games with correlation device” will be introduced. Opportunities for playing games with the lecturer and other students will also be provided. The module requires a basic knowledge of algebra, calculus, and economics.
Core
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Management School UG Study Abroad Year
This year of your degree will be spent studying abroad at one of our partner universities. We have exchange agreements with prestigious universities all over the world and many of our undergraduate degree programmes include a year spent studying at a top international university. Progression to the study abroad year will be dependent upon performance in the first year of the degree programme. You can find out more about our study abroad programmes on our LUMS Study Abroad web pages.
Core
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Career and Employability III
Each year students receive specific training by the Management School Career Team, to prepare them for the graduate labour market. In the first year the focus is on growing the student’s awareness of labour market dynamics and his or her professional aspirations and inclinations. The second year focuses on goal setting, action planning, and the development of a personalised career plan. The third year focuses on one-to-one sessions with career advisors. The Career Team is based in the Management School, organises events with employers and alumni, and coaches students on how to best perform in the graduate job market through seminars, surgeries, mock interviews and one-to-one advice.
Optional
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Advanced Macroeconomics
The course introduces state-of-the-art methods used in current macroeconomics research to understand short-run business cycle and inflation dynamics, as well as economic stabilisation policies.
We will develop a broad and deep knowledge of modern Dynamic Stochastic General Equilibrium (DSGE) macroeconomic models that employ microeconomic foundations and rational expectations. These models will be solved using advanced analytical and numerical-computational approaches. More specifically, we will use the DSGE neoclassical Real Business Cycle and New Keynesian frameworks to understand the different sources of aggregate economic fluctuations, and to examine the positive and normative roles of fiscal and monetary policies.
Finally, the course examines contemporary issues such as inflationary shocks, government debt financing through distortionary taxation, optimal (un)conventional monetary and fiscal policies in a zero interest rate-liquidity trap environment, and financial frictions.
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Advanced Microeconomics
This module explores how the theoretical and mathematical tools of advanced microeconomic theory can be used to understand and model individual and strategic decision making. Topics it covers include advanced concepts of decision making of the main economic agents (consumers and firms), as well as specialised topics on game theory. The module requires algebra and calculus, along with logical thinking and problem-solving ability.
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Behavioural and Experimental Economics
Behavioural Economics is the interface between economics and psychology. It is one of the fastest-growing fields in economics, and since the past decade, it is regarded as a standard tool for policymaking. The course will survey the empirical tools used by behavioural economists and in particular lab and field experiments. We will explore behavioural biases affecting economic and financial decision making, and the role of trust and cooperation in teamwork. We will discuss models and experimental results explaining how we make decisions in various contexts such as choice under uncertainty, intertemporal choice or decision making in a social framework.
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Development Economics
This course focuses on the economics of growth and development, both from a theoretical and empirical perspective. Using examples from developing countries, it explores wide-ranging, policy-relevant topics such as investments in health, education and infrastructure, microeconomics of credit markets, corruption and other determinants of economic development.
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Econometrics
This module introduces up-to-date quantitative econometric methods used in applied research/empirical work. We will discuss various economic applications, including “returns to schooling” and “the effect of minimum wages on employment”. The module will also provide students with the data analytical skills necessary to conduct applied research in economics/policy analysis using popular statistical software, STATA. Key topics include linear regression, instrumental variables, causal inferences, binary choice models, panel data, time series modelling, and forecasting.
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Economics Undergraduate Research Dissertation
This module allows students the freedom to explore a research topic of their choice. It combines all of the previous skills acquired throughout the course of study. Students will be expected to write an original work of approximately 7,500 words. While the research topic will vary from student to student, each student will be assigned a supervisor to help guide them through the process of their first large scale research project in economics.
This module is essential for any student wishing to engage in graduate study in economics or for students wishing to work as a professional economist.
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Health Economics
This applied module is an introduction to the economics of health and health care and will develop your awareness of the main policy issues in this field. It provides a comprehensive set of economic tools for critically appraising fundamental issues in the economics of health while offering a broad overview of the UK’s National Health Service and other health care systems around the world. The emphasis is on the use and interpretation of microeconomic models and the latest empirical evidence.
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Industrial Organisation
This module builds on basic microeconomics concepts to explore competition between firms and the evolution of market structure. It focuses on understanding the way firms make decisions and the effects of those decisions on market outcomes like prices, quantities, the type of products offered, and social welfare. The module first introduces basic concepts in Industrial Organisation to study imperfect competition and the determinants of market power. It then proceeds to analyse important topics in competition policy, such as cartels and merger policy.
The module requires an understanding of intermediate microeconomics (especially production/cost theory), basic concepts of game theory, and basic calculus.
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International Trade
This module develops your understanding of concepts and theories of international trade and factor flows, with particular reference to the way in which such material can inform policymaking. Topics covered include the Ricardian model, the Heckscher-Ohlin model, international trade under imperfect competition, outsourcing and offshoring, trade models based on heterogeneous firms and multinational firms, and trade policy under perfect and imperfect competition. Throughout the module we emphasise the applicability of the models learned, and their relevance to real-world events. Examples include the relationship between labour productivity and wages, opinions toward free trade, and the impact of immigration.
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Labour Economics
Focusing on the microeconomics of labour and personnel, this module covers topics such as the economics of migration, wage determination, job search and labour market discrimination.
There is a particular emphasis on principal agent problems in human resources and the design of incentives within firms.
Economics theory is used to analyse the operation of labour markers and assess the empirical evidence. Areas covered include:
- the firm's demand for labour
- labour supply at an individual and aggregate level
- causes of wage rigidity
- the economic impact of trade unions
- inflation and unemployment
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Mathematical Economics
This course aims at training ambitious economists to formal mathematical methods used in economic modelling and beyond. These techniques are necessary for students interested in pursuing postgraduate studies in Economics or working in analytically demanding jobs in the private sector. The course will cover material that usually is outside the scope of the regular mathematics education for economists, like decisions over time.
By the end of this course, students should have a good knowledge and understanding of these relevant mathematical techniques.
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Monetary Macroeconomics
Policymakers at Central Banks lie in a unique position to influence economic activity. This module examines the role of monetary policy in influencing the expectations and behaviour of agents in the economy and the implications this has for outcomes such as inflation, GDP and household welfare. Students will focus on applications of monetary theory to central banks problems and the recent objectives of the Bank of England Monetary Policy Committee. Topics include Central Bank independence, inflation targeting and the zero lower bound on interest rates, money creation and quantitative easing, and the macroeconomics of pandemics.
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Public Policy Analysis
This module presents an overview of the interactions between the government, firms, and citizens, using a mix of theory and empirical work. Sometimes, markets are not efficient, and government intervention is necessary. Sometimes, markets are efficient, but equity concerns create the need for government. There is often a tension between the socially optimal policy and the outcome of the democratic process.
Some questions we study in this module:
- What is the role of government in the economy?
- Is it fair to redistribute money through taxation?
- Are some taxes better than others?
- How to deal with pollution, discriminations, and other inefficiencies of the market?
- How to make multinational companies pay taxes?
- Is there such a thing as an ideal voting system?
Fees and Funding
We set our fees on an annual basis and the 2023/24 entry fees have not yet been set.
As a guide, our fees in 2022/23 were:
UK | International |
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£9,250 | £21,460 |
Scholarships and bursaries
At Lancaster, we believe that funding concerns should not stop any student with the talent to thrive.
We offer a range of scholarships and bursaries to help cover the cost of tuition fees and/or living expenses.
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Additional costs
There may be extra costs related to your course for items such as books, stationery, printing, photocopying, binding and general subsistence on trips and visits. Following graduation, you may need to pay a subscription to a professional body for some chosen careers.
Specific additional costs for studying at Lancaster are listed below.
College fees
Lancaster is proud to be one of only a handful of UK universities to have a collegiate system. Every student belongs to a college, and all students pay a small college membership fee which supports the running of college events and activities.
For students starting in 2022, the fee is £40 for undergraduates and research students and £15 for students on one-year courses. Fees for students starting in 2023 have not yet been set.
Computer equipment and internet access
To support your studies, you will also require access to a computer, along with reliable internet access. You will be able to access a range of software and services from a Windows, Mac, Chromebook or Linux device. For certain degree programmes, you may need a specific device, or we may provide you with a laptop and appropriate software - details of which will be available on relevant programme pages. A dedicated IT support helpdesk is available in the event of any problems.
The University provides limited financial support to assist students who do not have the required IT equipment or broadband support in place.
Study abroad courses
In addition to travel and accommodation costs, while you are studying abroad, you will need to have a passport and, depending on the country, there may be other costs such as travel documents (e.g. VISA or work permit) and any tests and vaccines that are required at the time of travel. Some countries may require proof of funds.
Placement and industry year courses
In addition to possible commuting costs during your placement, you may need to buy clothing that is suitable for your workplace and you may have accommodation costs. Depending on the employer and your job, you may have other costs such as copies of personal documents required by your employer for example.
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Fees in subsequent years
Fees are set by the UK Government annually, and subsequent years' fees may be subject to increases. For international applicants starting in 2022, any annual increase will be capped at 4% of the previous year's fee.
Student Insights
In his blog, Faraz Khokar discusses how he has enjoyed taking advantage of all the opportunities at Lancaster. "My time so far has been enriching. I’ve met industry leaders in the world of banking and finance, successful entrepreneurs, top graduate recruiters and so on. You can learn a lot by listening to someone’s experience and career journey, it grows you as a person and makes you aware of the world out there."
Read Blog-
Economics
- Business Economics (Industry) BSc Hons : 4V11
- Economics BA Hons : L110
- Economics BSc Hons : L100
- Economics (Industry) BA Hons : L111
- Economics (Industry) BSc Hons : L105
- Economics and Finance BSc Hons : NL31
- Economics and Finance (Industry) BSc Hons : NL32
- Economics and Mathematics BSc Hons : GL11
- Economics and Mathematics (Industry) BSc Hons : GL12
- Economics, Politics and International Relations BA Hons : LL22
- Geography and Economics BA Hons : LL71
- Mathematics, Operational Research, Statistics and Economics (MORSE) BSc Hons : GLN0
- Mathematics, Operational Research, Statistics and Economics (MORSE) (Industry) BSc Hons : GLN1
- Philosophy, Politics and Economics BA Hons : L0V0
- Philosophy, Politics and Economics (Placement Year) BA Hons : L0V1
Alumni Profiles

Panagiotis Charos
BSc Economics (Study Abroad), 2018
Overall, Lancaster University goes at great lengths to prepare its students to successfully overcome the challenges that they face when they enter the market.
Important information
The information on this site relates primarily to 2023/2024 entry to the University and every effort has been taken to ensure the information is correct at the time of publication.
The University will use all reasonable effort to deliver the courses as described, but the University reserves the right to make changes to advertised courses. In exceptional circumstances that are beyond the University’s reasonable control (Force Majeure Events), we may need to amend the programmes and provision advertised. In this event, the University will take reasonable steps to minimise the disruption to your studies. If a course is withdrawn or if there are any fundamental changes to your course, we will give you reasonable notice and you will be entitled to request that you are considered for an alternative course or withdraw your application. You are advised to revisit our website for up-to-date course information before you submit your application.
More information on limits to the University’s liability can be found in our legal information.
Our Students’ Charter
We believe in the importance of a strong and productive partnership between our students and staff. In order to ensure your time at Lancaster is a positive experience we have worked with the Students’ Union to articulate this relationship and the standards to which the University and its students aspire. View our Charter and other policies.