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Masters in Economics in Australia

Empower Your Economic Insight with a Degree from Australia

Masters in Economics in Australia

Why Study Economics In Australia?

Students who major in economics not only obtain a more in-depth grasp of the various markets but also develop strong problem-solving abilities and research thinking in addition to the essential business knowledge that is required to be successful in the working world. The study abroad of economics is a vast field that has applications not just in business but also in a variety of other fields.

Incredible Location for both Living and Learning

Australia is consistently ranked as one of the safest nations in the world, and its people are known for their warm hospitality. During your time here, you will have the opportunity to take part in a wide variety of cultural events, such as fairs, exhibitions at museums and art galleries, musical and theatrical performances, and dance recitals. Students will also discover a large number of excellent restaurants where they may eat their favorite cuisine, whether they are brought from home or purchased from local eateries.

Your talents will be transferrable

In addition to preparing students for careers as economists, studying economics in Australia helps students develop precious hard and soft skills, such as critical thinking, numeracy, research skills, problem-solving, data analysis, time management, computing, communication, teamwork, and commercial and cultural awareness. As a result of this, several businesses from a wide array of industries will be interested in hiring someone with your set of abilities.

Gain Experience through Work While Attending School

Students from other countries who are studying in Australia are authorized to work a maximum of 20 hours per week during the academic year and an unlimited number of hours during the semester breaks. Because of this, it is the perfect alternative for offsetting living expenditures that would otherwise be difficult to manage, such as rent, utilities, food, and other similar things.

In addition to allowing you to make a livelihood, it is also an incredible chance for you to get genuine experience in the field that you study, which will further contribute to your CV. Internships and other forms of training are a common component of education at various levels in Australia, including those offered by universities and vocational schools. These programs are designed to help students get practical experience in their field of study while also enabling them to expand.

Job opportunities

After graduation, graduates have the opportunity to pursue careers in research, analysis, policy advisory, or consultancy. High-profile government agencies and departments, in addition to private-sector financial corporations and consultancy companies, are among the employers in this industry. People who have just finished their degrees at a university may participate in graduate programs offered by many businesses. The normal length of time spent in graduate school is one to two years; at the conclusion of this period, the employer will determine whether or not to continue your job. A number of companies provide opportunities for students to participate in internships over the summer months, often between the second and third years of study or just before to the honors year.

Popular Economics Courses In Australia

Students who major in economics get an understanding of the fundamentals of the economics discipline, including microeconomic theory, macroeconomic theory, and econometrics. Mathematics, statistics, the history of economic theory, as well as applied economics, are some of the other fundamental subjects included in the curriculum.
The most popular economics courses in Australia include development economics, organizational behavior, labor economics, economics and finance, science economics, business studies, urban economics, growth economics, information economics, education economics, experimental economics, economics tax policy, game theory, agricultural economics, regulation economics, and financial analysis international. 

Duration Of Economics Courses In Australia

The University of Sydney Business School, which is part of The University of Sydney in Sydney, Australia, is the institution that confers the Master of Economics degree. The length of the course might be anything from one to two years, or even more, depending on whether it is for an undergraduate, graduate, or postgraduate degree.

Undergraduate Students

The University of Sydney Business School, which is part of The University of Sydney in Sydney, Australia, is the institution that confers the Master of Economics degree. This is an Undergraduate level curriculum that might take anywhere from one to two years to complete.

Graduate Students

The economy of Australia is considered to be one of the most robust on the whole wide planet. There is a significant amount of responsibility for this on the shoulders of Australia's educational system. In Australia, earning a master's degree in economics typically takes students two years and focuses on the following areas:

  • Health economics, management, and policy
  • Health Leadership
  • Complex problem-solving within the health sector
  • Data Analytics
  • Stakeholder communication and decision-making healthcare sector
  • Cross-cultural management
  • Global health.
  • Public policy and health organization

Post-graduate Students

The completion of the vast majority of master's degrees in Australia takes between one and two years: Traditional academic programs that are only comprised of coursework typically last for a duration of 18 months.

Cost Of Studying Economics Degree In Australia

The annual cost of obtaining a Bachelor of Economics degree in Australia may vary anywhere from 25,000 to 45,000 Australian Dollars (AUD) in tuition fees. This undergraduate degree in Australia offers a wide variety of specializations, giving students the opportunity to focus on either microeconomics, macroeconomics, or econometrics.

Undergraduate Students

The cost of attending an undergraduate economics degree may vary anywhere from 31,000 to 45,000 Australian Dollars (AUD). Students in Australia will discover that the cost of attending college in smaller cities and suburban regions is more affordable when compared to the cost of attending college in bigger cities such as Melbourne and Sydney.

Graduate Students

For overseas students, the price of a Master of Economics degree to study in Australia may vary anywhere from 30,000 to 60,000 Australian Dollars. Students in Australia who have shown academic excellence are eligible for a large number of Master of Economics Scholarships.
Over the course of the last several years, this business program has seen a notable increase in its level of popularity. It is provided by some of the most prestigious educational institutions in Australia, including the University of New South Wales, the Universities of Sydney and Melbourne, and others.

Post-graduate Students

The cost of a master's degree will range from around 45,000 to 75,000 Australian Dollars. This is a rough estimate of the yearly cost based on the rates for 2023. The exact yearly cost that a student pay may be different from year to year depending on the student's chosen field of study and additional electives.

Cost Of Living in Australia

As a multicultural country that is home to a wealth of job prospects and educational institutions of a high standard, Australia has emerged as one of the most desirable international study locations. Each year, millions of students decide to pursue their undergraduate, postgraduate, or research degrees in Australia, making it a popular choice among those looking to study abroad. Students need to have an understanding that the cost of accommodation will differ for them depending on the lifestyle choices and preferences that they choose. Students often spend between $1,400 and $2,500 a month on their living expenses. These costs include everything from food and housing to social activities, transportation, and other utilities. Cities such as Adelaide, Melbourne, Brisbane, Canberra, and Sydney are among the costliest cosmopolitan towns in Australia. Other examples include the other major capital city, Canberra. In addition, whether a student chooses to live on campus or off campus may have a significant impact on their total cost of living in Australia. The first option would cost a student an average of AUD 440 – 1,100 per month, whereas the latter option would cost somewhere in the range of $380 – 850 per month.

Economics Courses In Australia With Scholarships

There are some scholarships that are made available to overseas students by institutions in Australia and by the government of Australia so that they may get financial assistance with the cost of their Master's degree in Economics studies in Australia.
Australia Award Scholarship:

There is no information provided on the amount of the scholarships. It varies from nation to country and could include things like a yearly stipend, full tuition fees, an introductory academic program, overseas student health insurance (OSHC), and other costs.

RMIT Funded Scholarships: Help is available with the cost of textbooks, as well as fees, housing, and other essential living expenditures.

External Scholarship (Sponsorship): The value of scholarships is determined by the sponsors.
Financial support (scholarships) for the Master of Advanced Economics: They provide a complete remission of any and all tuition costs.

ANU Business and Economics South East Asia Merit Scholarships: They provide remission of one-half of the required enrollment costs.

ANU Business and Economics India Excellence Scholarships: Scholarships up to a maximum of AUD 6,000 per year will be provided.

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Frequently Asked Questions

Australia is among the best countries for the best-quality education in a wide range of disciplines, including economics. Seven out of the 100 best universities for economics are in Australia. There are plenty of scholarships and financial aid for international students. Furthermore, students don’t have to appear for aptitude tests like ACT/SAT for admissions. Upon completion, students are guaranteed to get a detailed understanding of micro and macroeconomics and secure jobs as a development manager, organisation manager, business administration manager and so on with high paychecks.

MA in Economics in Australia is a broad and highly promising career. All companies have a financial department and require highly skilled and qualified individuals with extensive understanding of the economics and finance field to manage the department's requirements. After completing your master's, you can work in various sectors like:

  • Education
  • BFSI
  • Actuary and Data Analysis
  • Research and Consultancy
  • Entrepreneurship

You also have the scope to study further and complete your MPhil and PhD in economics to increase your chances of getting better jobs with admirable salary packages.

The cost of an MA in economics in Australia ranges from AUD 34,000 to 55,000 for overseas students. However, the overall cost of the course varies by course specialisation, university, and location. For instance, the annual course fee for MA in economics at Curtin University is AUD 50,000, while at La Trobe University, it is 34,600. Thankfully, numerous scholarships and financial aid are available for meritorious students.

The best Australian universities for Masters in Economics are:

  • Monash University
  • University of Sydney
  • University of Melbourne
  • University of New South Wales Sydney
  • University of Queensland
  • Australian National University
  • University of Technology Sydney
  • Royal Melbourne Institute of Technology (RMIT)
  • Deakin University
  • Macquarie University
  • Griffith University
  • Queensland University of Technology
  • University of Western Australia

Getting admission for a master's in Australia can become easy as long as you meet their overall eligibility criteria as listed below:

  • A bachelor's degree in economics or a relevant field from a recognised university with a 65% minimum aggregate
  • Proof of language proficiency – IELTS: 6.5 to 7.0 overall score or TOEFL iBT: 79 to 96
  • Even though not mandatory, a GRE score of 305 (160 in Verbal and 164 in Quantitative Reasoning) adds value to your application
  • Official transcripts or certified copies of all official transcripts
  • A 500-word SOP explaining your vision and intentions for choosing the program
  • 2 academic LORs and 1 professional LOR
  • Passport size photographs
  • A valid passport with an Australian student visa
  • University interview

Before you shortlist institutions for master's in economics, check the eligibility criteria of a specific university. The general admission requirements are the following:

  • A bachelor’s degree in economics from a recognised university with a 65% minimum aggregate
  • English language proficiency:
  • IELTS: 6.5 to 7.0 overall score
  • PTE: 64
  • TOEFL iBT: 79 to 96
  • A GRE score of 305 (160 in Verbal and 164 in Quantitative Reasoning), if applicable
  • Official transcripts or certified copies of official transcripts
  • A 500-word Statement of Purpose
  • Acceptance letter from the university
  • 2 academic Letters of Recommendation (LOR) and 1 professional
  • Passport size photographs
  • Valid passport
  • Australian student visa
  • University-specific interview
  • Health insurance
  • Proof of funds
  • Updated resume

For admission to Masters of Economics in Australia:

  • Shortlist your preferred universities
  • Go to the official website and confirm the eligibility requirements
  • Gather requested documents and take language proficiency tests
  • Prepare and appear for standardised tests such as GRE if applicable
  • Apply for the program and pay the application fee
  • Submit the requested documents
  • Wait for the university to respond

No. Work experience is not mandatory for admission to MA in economics in Australia. Most universities accept candidates without work experience, provided applicants meet the standard admission requirements. Although work experience is not mandatory, it can add value to students' applications.

Economics offers numerous specialisations covering diverse disciplines, including the following:

  • Macroeconomics
  • Labour economics
  • International trade and finance
  • Environmental Economics
  • Information and incentives
  • Industrial organisation
  • Economic history
  • Economic theory
  • Health economics
  • Development economics
  • And more

GRE scores are an important admission criterion for international students but are not mandatory for students applying to Australian universities. The majority of the universities and courses accept students without GRE. However, having a GRE score of 305 (160 in Verbal and 164 in Quantitative Reasoning) can be an added advantage when applying to popular colleges.

The entrance requirements for MA in economics in Australia are less strict than other courses like business and management studies. Entrance exams are not mandatory, but sometimes universities may ask for work experience and GRE scores for admission. Since the standard admission requirements vary by university, the applicant needs to double-check the requirements before applying.

Generally, Australian universities allow a small gap of one or two years. However, each university has its admission criteria. While all universities accept 1-2 years of gap, you need to provide proper justification if your gap year is extended by three or four years after completing your last degree.

To apply for a Master's in Economics in Australia, a prospective student must have a bachelor's degree in economics or an equivalent subject with at least 65% aggregate. Top universities also expect applicants to submit a GRE score of 305, with 160 in the Verbal and 164 in the Quantitative Reasoning section. That said, some universities in Australia also accept applicants with less than 65% aggregate only if they have completed their previous degree from a leading university or have met the other admission requirements.

The student visa success rate fell from 405,742 in 2018-19 to 228,150 in 2021-22. The acceptance rate for various education sectors is:

  • Higher education: 23.3%
  • Postgraduate research sector: 11.8%
  • Vocational and educational training: 18.9%
  • ELICOS (English Language Intensive Courses for Overseas Students): 82.8%

Note: The success rate of Indian student visas depends on factors like visa rejection history, financial ability, language proficiency, the authenticity of the information provided, and documentation. Any discrepancy in these factors will result in the rejection of the Australian Student Visa.

There's no age limit to apply for a student visa in Australia. However, there are special protocols for applicants under 18 years of age. Also, the Department of Home Affairs will take into special protocol to determine if the applicant is genuine.

Yes. Completing MSc in economics in Australia ensures a high return on investment and gives access to a wide range of employment opportunities. You can acquire jobs in different sectors like business, education, finance, consulting, and other fields and explore various job roles such as:

  • Economist
  • Data Analyst
  • Digital Marketing Manager
  • Finance Director
  • Document Controller
  • Human Resource Business Partner

Typically, the annual income of a graduate with an MSc in Economics degree in Australia ranges from 44,000 to 238,000. The average salary of popular job profiles is tabulated below:

  • Economist: 50,000 to 136,500 AUD
  • Data Analyst: 44,000 to 75,000 AUD
  • Digital Marketing Manager: 65,000 to 105,000 AUD
  • Human Resource Business Partner: 75,000 to 110,000 AUD
  • Document Controller: 53,000 to 86,000 AUD
  • Finance Director: 132,000 to 238,000 AUD
  • Marketing Specialist: 51,500 TO 82,000 AUD

Yes, you can. Here are the conditions to meet to study in Australia without IELTS:

  • Opt for special English Language courses to improve your language skills
  • Enrol for the International Baccalaureate Program, a 2-year diploma program to become exempted from IELTS score submission
  • Evidence of work experience in an English-speaking firm for at least 5 years
  • Enrol in Pathway programs to get a direct pathway to the applied program without IELTS
  • Take other language proficiency tests like TOEFL, PTE, CPE, OET, or CAE instead of IELTS.
  • Proof of completion of senior secondary education from a recognised English-speaking country or institution, or
  • Proof of good English language skills from a paid or part-time professional setting of at least 3 years.

Scholarships in Australia are typically need-based, merit-based, student-specific, university-specific or course-specific grants. The awarding amount usually ranges from AUD 2,000 to a 100% tuition fee waiver for doctoral degrees. Here are the popular scholarships in Australia for international students:

  • Australia Awards Scholarships (AAS)
  • Econometrics Honours Memorial Scholarship
  • Achieving Potential Support Scholarship
  • Endeavour PG Scholarship Award
  • ANU Chancellor’s International Scholarship
  • ANU College of Business and Economics International Graduate Scholarship

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