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Costs and financial aid

As is the norm with top economic departments in the US and worldwide, students entering the PhD Economics programme at the LSE are typically offered five years financial support. Each year the Department of Economics typically admits around 20 students with funding from a variety of sources. The likely routes available to acquiring funding for 2020 entry to the MRes/PhD Economics are as follows:

1. LSE PhD Studentships

Twice per year, each academic department at the LSE nominates a limited number of offer holders to the LSE PhD Scholarships Award Panel, which decides who should be offered a School-administered studentship. These School-administered LSE PhD Studentships cover fees and living expenses each year for four years (during the 2019 entry cycle the stipend amount was £18,000 which the Department then topped up to an annual stipend of £22,000 for five years). In return recipients of the award are expected to teach in the Department from the second year of the MRes.  These Studentships are available for Home UK/EU and Overseas students undertaking full time research in any LSE discipline, with annual renewal subject to satisfactory academic performance at the School. Studentships will be awarded on academic merit and research potential.

2. Guaranteed LSE Studentships

The Department of Economics is given a small number of ‘guaranteed’ LSE PhD Studentships per year. The Department can award these Studentships directly without individuals having to be nominated to the Scholarships Award Panel. The award details are the same as above. 

3. Economic and Social Research Council (ESRC)

The Department can nominate a limited number of UK and EU offer holders for the Economic and Social Research Council (ESRC) 4-year scholarships (including research masters linked to a PhD programme). For UK students ESRC awards cover fees and a stipend– in 2019 a stipend of approximately £17,009 was awarded. For EU students ESRC awards cover fees and the LSE provides a separate stipend award of the same amount. In 2019 the Department also offered ESRC awardees an optional guaranteed GTA contract (Graduate Teaching Assistant) for teaching from the second year of the MRes (subject to satisfactory progress in teaching performance) thus topping up the stipend to £22,000 and increasing the award to five years. 

4. Economics PhD Scholarship

The Department also has a number of scholarship packages for its MRes/PhD Economics students which it can deploy flexibly, either as full scholarships, or as partial scholarships. In 2019 these covered tuition fees and a stipend of £22,000 for five years. In return, students were expected to teach in the Department over four years starting from the second year of the MRes.


As a matter of normal procedure, all applicants who are offered a place on our PhD Economics programme would be considered for all types of funding at our disposal and for which they are eligible, on the basis of the information submitted in their LSE application - there is no separate funding application process. 

As competition for places is very high and competition for funding is even more intense, we will not always be able to provide funding to all offer holders. Accordingly, applicants are advised to actively explore all potential sources of funding. The School's Financial Support Office webpage has information on sources of funds for prospective graduate students. You should refer to the Graduate Study pages for details of fees and a guide to the cost of living in London.