Masters in Economics in Australia

Top Universities, Deadlines, Admission Requirements, Fees, Scholarships, Placements


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

Yes, you can apply for a Masters in Economics in Australia.

To be eligible to apply, you would typically need to have completed an undergraduate degree or equivalent in economics, or a related field such as business, mathematics, statistics or engineering. Additionally, you may need to meet certain minimum academic requirements, such as a minimum GPA or equivalent, and may be required to demonstrate proficiency in the English language.

Yes, a Masters in Economics from an Australian university can be very beneficial. Australia has a well-respected education system, and many of its universities are ranked among the top in the world for economics. Some of the benefits of obtaining a Masters in Economics in Australia include:

  1. High-quality education: Australian universities offer a high-quality education with a focus on research and practical application. This can provide you with a strong foundation in economic theory and empirical methods, which can be useful in various fields.
  2. International exposure: Studying in Australia can give you exposure to a diverse range of cultures and perspectives. This can be particularly beneficial if you are interested in pursuing a career in an international setting.
  3. Career opportunities: A Masters in Economics can lead to a variety of career opportunities in fields such as finance, banking, government, research, and consulting. Many Australian universities also have strong industry connections, which can provide you with networking opportunities and access to job opportunities.

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