Beryl Sprinkel has submitted his resignation to President Reagan as chairman of the president's Council of Economic Advisers effective at the end of November, an administration official said yesterday.

Sprinkel cited personal reasons in the resignation to be announce today, the official said.

U.S. officials said Sprinkel had sought the appointment as chairman of the Federal Reserve Board that went earlier this year to Alan Greenspan.

He had publicly criticized former Fed Chairman Paul A. Volcker's policies as keeping too tight a rein on the money supply.

Sprinkel joined the Treasury Department when Donald T. Regan was Treasury Secretary and became chairman of the Council of Economic Advisers in 1985 when Regan became President Reagan's chief of staff.

Regan was forced to resign from the job earlier this year because of the Iran arms scandal. A White House commission report accused him of failing to prevent the scandal.

Sprinkel, 63, a strict monetarist, is so outspoken that Regan and other officials told him early in his government service to stop making critical statements in public, administration officials said at the time.

He became undersecretary of the Treasury for monetary affairs in 1982 and was one of the U.S. officials who dealt with the Third World debt crisis.

He had been an economist at the Harris Bank & Trust Co in Chicago.

As a hard line monetarist, he maintained that the pace of growth of the U.S. money supply determined the degree of the economy's inflation.

But he found Volcker's monetary policy too tight, even so, because he favored the economic growth sought by the Reagan administration.

In recent years, the economy has not worked according to monetarist theory. The money supply has grown at high speed while the inflation rate declined.