Cambridge's MPhil in Economics, run by the Faculty of Economics, is one of the most established pre-doctoral economics programmes in the world — a one-year, intensely quantitative course that is widely treated as a standard stepping stone into top economics PhD programmes, central banks, and international policy institutions, alongside its direct peers at Oxford and LSE. It draws a small, highly selected cohort of students who typically already hold strong quantitative undergraduate training, and Cambridge's own economics lineage (the Faculty's history includes figures central to 20th-century macroeconomics) adds real weight to the degree. This guide covers what the MPhil actually costs, what Cambridge's Faculty of Economics asks for, and a genuinely important, current change every applicant needs to know about: Cambridge is phasing out TOEFL.
Acceptance Rate: What We Actually Know
Cambridge does not publish an MPhil-specific or aggregate postgraduate acceptance rate. Here's the honest picture:
| Level | Published Rate | Source |
|---|---|---|
| Cambridge undergraduate (all courses, university-wide) | 16% (3,669 admitted from 22,513 applications, 2025 cycle) | Cambridge's own published admissions statistics |
| Cambridge international-applicant success rate (undergraduate) | ~11% (separately reported) | Cambridge admissions data |
| Cambridge graduate/postgraduate (all courses, university-wide) | Not published | Cambridge does not release an aggregate postgraduate figure |
| MPhil in Economics specifically | Not published | No departmental figure is released |
Cambridge's own admissions data does not single out Economics the way it does Computer Science in its published undergraduate commentary, so there is no direct signal about how the MPhil compares even to Cambridge's own average. What we can say with more confidence, drawing on general knowledge of the field: pre-doctoral MPhil programmes at Oxbridge-level economics faculties are consistently among the more selective postgraduate degrees in economics globally, because they compete for the same small pool of highly quantitative applicants that Oxford's MPhil, LSE's MSc Economics, and top US pre-doctoral programmes all target. Treat this as directional context rather than a number — no verified Cambridge-published MPhil acceptance figure exists, and you should be skeptical of any specific percentage quoted elsewhere.
Tuition & Living Costs
Cambridge does not publish one flat postgraduate tuition figure. The representative one-year taught master's fee used in Cambridge's own published dataset (drawn from a comparable MPhil course) is a mid-range planning figure, not an Economics-specific one — always confirm the current fee directly on the Faculty of Economics' course page.
| Item | Amount (USD, representative graduate figure) |
|---|---|
| Tuition (international, representative) | ~$58,017/year |
| Tuition (Home/UK, representative) | ~$21,001/year |
| Living expenses | ~$21,387/year |
| Estimated total cost of attendance | ~$79,404/year |
| Application fee | ~$114 (GBP 85 standard taught-postgraduate fee) |
Figures are converted from GBP at roughly 1 GBP = 1.34 USD. Note that some Cambridge postgraduate courses also charge a separate College fee on top of the University Composition Fee — confirm whether this applies to the MPhil in Economics. On funding, the Gates Cambridge Scholarship (fully funded, for non-UK citizens, covering full fees, a maintenance allowance, and travel costs) is the flagship option for a strong international applicant, alongside the wider Cambridge Trust International Scholarships, which include country- and subject-specific economics awards in some cycles.
Admission Requirements
Cambridge does not use a GPA scale — it evaluates prior degree performance course-by-course. For the MPhil in Economics specifically:
- Academic background: At least a UK upper-second-class (2:1) honours degree or recognised international equivalent; Cambridge notes that several highly competitive courses, including some Economics-related programmes, expect a first-class (1st) degree or a high 2:1 in practice. A strong mathematical background (real analysis, linear algebra, probability/statistics, optimisation) is expected on top of economics coursework, since the MPhil is explicitly pre-doctoral in rigour.
- Documents required:
- Statement of purpose / research proposal
- Two or three academic and/or professional references, depending on course
- Official transcripts from all previously attended institutions
- CV/résumé
- English language proficiency scores (unless exempt — see below)
- GRE/GMAT: accepted, though not universally required, for a small number of Cambridge Judge Business School and quantitative Economics-related courses — the MPhil in Economics is a realistic candidate for where a strong GRE Quantitative score can help, even though Cambridge does not mandate it. Confirm current policy directly with the Faculty of Economics.
- Application fee: GBP 85 (~USD 114) for standard taught-postgraduate courses.
- Deadlines: Cambridge's graduate admissions run on staged, department-specific deadlines. Funding deadlines are typically earlier than the final application deadline, and competitive courses often fill ahead of their advertised closing date, so early application matters.
How to Get In
- Lead with mathematical rigour. The MPhil in Economics is a pre-doctoral programme, and Cambridge's Faculty is looking for applicants who can handle graduate-level microeconomic and macroeconomic theory and econometrics immediately — a transcript heavy in real analysis, statistics, and mathematical methods matters as much as, or more than, economics-specific modules alone.
- Consider a strong GRE score even though it's not formally required. Given the MPhil's competitiveness and Cambridge's acceptance (if not requirement) of the GRE for quantitative Economics-related courses, a high Quantitative sub-score is a reasonable way to reinforce technical readiness.
- Write a focused statement of purpose or research proposal that identifies specific fields within economics you want to pursue, referencing the kind of theoretical or applied work the Faculty is known for — vague statements about "wanting to study economics at Cambridge" do not differentiate a strong applicant in this pool.
- Get references that can speak directly to research potential, ideally from a supervisor for an undergraduate dissertation, thesis, or research assistantship, rather than references focused only on coursework performance.
- Apply early in the cycle. Cambridge's staged deadlines and course-filling pattern mean later applications compete for a shrinking number of remaining places, and funding deadlines in particular tend to fall earlier than the final application deadline.
- Plan for the TOEFL transition now if that's your test of choice — see the section below, since the timing genuinely affects which test you should sit.
Cambridge's own graduate prep guidance identifies Writing as the section that causes the most trouble for graduate applicants overall, particularly for Humanities, Law, and Social Sciences courses like Economics, where a full written sample or research proposal is often required alongside the statement of purpose.
English Proficiency Requirement (IELTS/TOEFL)
As with every Cambridge graduate course right now, this is the fact to plan around first: Cambridge is phasing out TOEFL. TOEFL iBT (including Home Edition) scores are accepted for graduate applications only if the test was taken on or before 21 January 2026 — scores from tests taken after that date require an additional online assessment through the Cambridge Language Centre, and Cambridge undergraduate admissions has already stopped accepting TOEFL altogether. If you're preparing now, IELTS Academic is the more future-proof choice.
| Requirement | IELTS Academic | TOEFL iBT |
|---|---|---|
| Typical graduate/MPhil threshold | 7.5 overall, minimum 7.0 in each of Listening, Reading, Writing, Speaking (most competitive courses cluster here — confirm on the course page, since a minority set a lower threshold) | Accepted only if taken on/before 21 Jan 2026, without an official published minimum in this dataset given the transition |
| Format note | Cambridge English C1 Advanced/C2 Proficiency also accepted for select courses | Tests after 21 Jan 2026 require an extra Cambridge Language Centre assessment |
Cambridge does not offer conditional admission tied to a pre-sessional course the way Oxford does — you need to meet the required score before applying, not plan to close a gap after receiving an offer. For the complete breakdown and the latest on the TOEFL transition, see Gabble's dedicated guides: Cambridge IELTS requirements and Cambridge TOEFL requirements.
Career Outcomes
Cambridge does not publish an isolated graduation rate, employment rate, or average starting salary specifically for MPhil Economics graduates. What Cambridge does publish is its list of top graduate recruiters, several of which are directly relevant to an economics postgraduate:
- McKinsey & Company
- Boston Consulting Group
- Bain & Company
- Goldman Sachs
- Amazon
- UK Civil Service
Given the MPhil's explicitly pre-doctoral design, its outcomes typically split between direct progression to PhD programmes in economics (at Cambridge or at other leading departments globally) and quantitative roles in central banks, international organisations (IMF, World Bank, OECD), economic consultancies, and strategy/finance roles at firms like those listed above. Manmohan Singh, former Prime Minister of India, completed his economics degree at Cambridge's St John's College — a reminder of how deep the university's economics lineage runs, even though his own degree predates the current MPhil structure.
FAQ
Is there a published acceptance rate for Cambridge's MPhil in Economics? No. Cambridge does not publish a departmental or aggregate postgraduate acceptance rate, and its published undergraduate commentary doesn't single out Economics the way it does Computer Science. Treat the MPhil as highly selective based on general knowledge of how competitive Oxbridge-level pre-doctoral economics programmes are, not on a specific published figure.
Does Cambridge still accept TOEFL for the MPhil in Economics? Only if your TOEFL iBT test was taken on or before 21 January 2026. Scores from tests after that date require an additional Cambridge Language Centre assessment. IELTS Academic is the safer choice if you're preparing now.
Do I need the GRE or GMAT for this programme? It isn't universally required, but the GRE is accepted for a small number of Cambridge Judge Business School and quantitative Economics-related courses, and the MPhil in Economics is a reasonable candidate for submitting a strong Quantitative score voluntarily.
What IELTS score do I need? Most competitive Cambridge graduate courses, including Economics, cluster around 7.5 overall with at least 7.0 in each component, though you should confirm the exact figure on the current course page since a minority of Cambridge courses set a lower threshold.
How does the MPhil in Economics differ from Cambridge's other economics/finance master's, like the MPhil in Finance? The MPhil in Economics is a theory- and research-heavy, pre-doctoral programme run by the Faculty of Economics. The MPhil in Finance / Master of Finance, run through Cambridge Judge Business School, is more applied and finance-career-oriented, generally attracts a different applicant profile, and is priced and administered separately.
How many weeks should I spend preparing my IELTS score? Cambridge's own graduate prep guidance recommends around 12 weeks of focused preparation, with particular attention to Writing — flagged as the toughest section for graduate applicants generally, and especially relevant given the written research proposal or sample often required for Economics applications.