Written in 2020 for UK undergraduates interested in PhDs in Economics and related fields, designed to supplement UCL's Further Study Advising page.
As a preface, I'd like to make clear that very successful academics have followed all kinds of paths before reaching the academy, and there are definite benefits to working for a couple of years after undergrad before returning to school. Since it's the path I've followed, this page will centre around paths to grad school from the UK in which one remains at academic institutions the entire time. Please, however, do not take this as a sign that other paths are less valid or possible!
I would also like to make clear that many, many academics work outside the top programmes and do fantastic, important research, live rewarding lives, and are richly fulfilled. However, Economics is a hierarchical discipline and getting to the elite programmes will leave the most opportunities open to you after grad school.
Having said that, it is important that you understand that getting to elite programmes from the UK will require focus, time, and effort during your undergrad, and a couple of years of planning. It is not easy! But with some structure and advice it is very achievable. Generally, folk follow one of three paths into their PhD:
For transparency, I am taking the third route, which is becoming more and more popular (see the Economist's coverage of predocs). However, I believe the advice in the following links is (collectively) universally useful:
Note from 2026: Predocs have become totally ubiquitous now, and I'd recommend it over e.g. a masters degree if you're currently an undergrad. Some more information is available from Pathways to Research and Doctoral Careers.
Take Real Analysis, take part in ExploreEcon (in at least second year), do a full dissertation, and seek out faculty relationships. Seeking faculty relationships is, I know, intimidating, but I did not have one single bad experience at UCL with a professor when just dropping an email to ask for a chat. Just say you're interested in grad school and would like to talk it over; alternatively, build relationships by going to office hours for your classes and ask questions. You need at least two rec letters (usually three) for grad school, and faculty can provide valuable feedback on your graduate applications, so go get them!