Masters in Economics in Australia: Course Guide for International students
Masters in Economics in Australia is a 2-year full-time course available for international students with bachelor’s degrees in a related field. With more than 10 Economics colleges in Australia making it to the QS Global rankings 2020, Australia is that one-stop for postgraduate programs in Economics. The completion of masters in economics may cost anywhere around 19,000 USD to 50,000 USD.
Post completion, students can get hired as Economists, Statisticians, Consultant, Analyst across different industries. Average salary package of Analysts with a Masters in Economics in Australia is about 6,280 USD. It is 29% more than what a Bachelor’s degree holder gets.
Why Study Masters in Economics in Australia?
Considering English speaking countries, Australia is the third-most preferred study destination for international students. Since 2018, about 398,563 overseas students have enrolled in Australian universities and the obvious reasons are:
- More than 10 Australian universities always find positions in the independent rankings by QS and Times Higher Education.
- Students on study visas, can work for 20 hours weekly during semester and throughout during semester breaks. Thus, students gain expertise along with theoretical knowledge.
- Organizations like Reserve bank of Australia and Deloitte appoint economists with a minimum package of 36,000 USD to 45,000 USD.
- Out of 73,000 economics professionals working in Australia, 70% work as Economists whereas 25% are university lecturers.
- Job prospects after graduation are higher as sources claim to have more than 5000 vacancies for Economists.
- 84% of the jobs after Master in Economics are full-time compared to the national average of 66% as in other fields.
- However, the ratio of female professionals in the sector is relatively low which is about 33%.
Top Ranking Universities for Masters in Economics in Australia
More than 25 Australian universities are in the Global rankings 2020 by Times Higher Education and QS for Economics. Some of the top-ranking universities to study in Australia are listed below along with the program details:
|University||THE Ranking||QS Ranking||Degree offered||Program Fees (USD)|
|University of Melbourne||38||24||Masters of Economics ( 2years)||42986|
|The University of Queensland||55||51-100||Masters of Economics (MEcon) (2 years)||50178|
|Masters of Advanced Economics (2 years)||25089|
|Australian National University||63||25||Masters of Economics (2 years)||19503|
|UNSW Sydney||63||31||Master of Economics (1 year)||21780|
|University of Sydney||90||37||Master of Economics (1-2 year)||60500|
|Monash University||101-125||45||Master of Applied Economics and Econometrics (1.5-2 year)||37,386|
|University of Adelaide||201-250||101-150||Master of Advanced Economics (1.5 years)||39355|
|Curtin University||301-400||201-250||Master of Research (Economics and Finance) (2 year)||46918|
|Macquarie University||151-175||251-300||Master of Applied Economics (MAppEco) (1-2 year)||44202|
|La Trobe University||251-300||301-350||Master of Economics (2 year)||42986|
Pursuing higher education in Australia in economics, you will get to learn both small scale and global factors involved in production, distribution, and consumption of goods. Optimization of actions to improve the prosperity and well-being of the economic entities and consumers will also be an aspect of the masters curriculum offered to economics students.
Masters in Economics in Australia: Program Highlights
|Program||Master of Economics|
|Program type and duration||Full time, 2 years|
|Tuition fees||19,000- 57,000 USD|
|Scholarships||University scholarship is available|
|Admission process||Weighted Average Marks (WAM) of graduation degree/ Language proficiency tests: IELTS, TOEFL, PTE etc|
|Job roles||Economist, Business Analyst, Statistician, Lecturer etc|
|Industry||Across all industries|
|Entry-level package||37,000 USD-45,000 USD|
Masters in Economics in Australia: Eligibility
The following table provides an overview of Masters in Economics in Australia including academic requirements and English language proficiency at popular Australian universities offering Master in Economics.
|University of Queensland||UG in Economics with a 4.5 GPA (GPA scale on 7)||6.5||TOEFL (ibt)- 87|
TOEFL (pbt) - 570
|University of Melbourne||75% in UG with maths as a subject||6.5 (band score 6.0)||TOEFL (pbt): 577 with TWE 4.5|
TOEFL (ibt): 79
|Australian National University||5.0 (out of 7) GPA in UG||6.5||-|
|UNSW||4 year UG degree||7.0||TOEFL (ibt): 94|
TOEFL (pbt): 589
|University of Sydney||65% average marks and relevant work experience||7.0||TOEFL (pbt): 592|
TOEFL (ibt): 96
|Monash University||65% average marks or equivalent GPA||6.5||TOEFL (ibt): 79|
|University of Adelaide||Bachelor’s degree with 5.0 GPA||6.5||TOEFL (ibt): 79|
|Curtin University||UG degree in relevant field||6.5||TOEFL (ibt)- 68|
|Macquarie University||65% (WAM)||6.5||TOEFL (ibt): 94|
|La Trobe University||UG in relevant field||6.5||TOEFL (pbt)- 550|
How to Apply for Masters in Economics in Australia
For applying to Australian Universities applicants must keep in mind the deadlines. You can follow the following steps to apply for universities:
- Visit the university’s official website
- Select programs and their details
- Check the tuition fees and scholarships available
- Submit application
- After receiving an acceptance letter, apply for a visa
The following sections detail all the documents required, application process and student visa as well.
Documents Required for Applying to Australian Universities
International students are to keep in hand, scanned as well as original copies of the following documents:
- Scores for tests required to study in Australia
- Academic transcripts
- Australian Student visa
Australian Student Visa
Students have to apply for an Australian study visa on accepting the confirmation letter from the university they have applied for. Documents that might be required:
- Passport/birth certificate
- Health coverage documents
- Evidence of General Temporary Entrant or GTE
- English proficiency tests proof
The application process is simplified through a common gateway SSVF (Simplified Student Visa Framework).
Masters in Economics in Australia: Cost of Study
To study abroad, there are certain expenses an international applicant must be familiar with. These can be broadly categorized into pre-arrival expenses, living costs, and tuition fees. Some of these costs have been discussed briefly in the sections below:
Before heading to the destined country, students need to apply for universities, language proficiency tests, and visas. The costs involved in such cases are discussed below:
|Type of expenses||Expenses (in USD)|
|University application fee||30-60|
Hence, as per the above cost assumptions, a student needs to bear 850 USD to 900 USD prior to admission into an Australian university.
Tuition Fees for Studying Masters in Economics in Australia
The annual tuition fees for Masters in Economics in Australia is somewhere between 11,000 USD to 28,000 USD per year. Though the program fees have been discussed above, the annual fees for pursuing the program are compared in the graphical image below:
However, if students receive scholarships there can be a minimum reduction of 25% on the tuition fee as well.
Cost of living in Australia
The cost of living for an overseas student in Australia can range from 1000 USD to 2000 USD per month. A breakdown of the expenses is provided below.
|Type of expenses||Expenses|
|Accommodation (share rentals/homestays/hostels)||500|
|Phone bills and internet||50|
Thus, international students can expect total expenses of 1060 USD every month. This is an estimate of the total cost of living in Australia. However, these may vary based on personal circumstances or spending habits. Likewise, student accommodations in Australia the location of stay ie., a city largely impacts the costs as well.
Masters in Economics in Australia with Scholarships
For pursuing studies abroad an international student has to be prepared for bearing the handsome amount of money that will be spent. Scholarships for international students in Australia are one way to fund your studies. Here are some of the top scholarships provided by universities for Masters in Economics in Australia:
|Scholarship||University||Eligibility||Scholarship Amount (USD)|
|Financial support (scholarships) for the Master of Advanced Economics||University of Queensland||International students||Full tuition fee waiver|
|ANU Business and Economics India Excellence Scholarships||Australian National University||Meritorious Indian students||6,000 per year|
|QTEM (Quantitative Techniques for Economics and Management) Scholarship||Monash University||International students enrolled in a Master’s degree in economics||1800|
|ANU Business and Economics South East Asia Merit Scholarships||Australian National University||Academic merit||50% of tuition fee|
|Global Academic Excellence Scholarship||University of Adelaide||International students applying for postgraduate programs||50% of tuition fee|
International students looking for more scholarships to study in Australia, click here.
Scope of Studying Masters in Economics in Australia
A Masters in Economics in Australia can fetch jobs with 5% more salary in the public sector compared to the private sector. With experience. Professionals hold inherent responsibilities in an organization. Subsequently, it leads to higher bonus rates compared to juniors. Economics graduates in Australia are absorbed in various sectors, the median salaries at the top industries where graduates are employed is depicted in the graphical image below:
The professional scope after completion of masters in Economics in Canada along with their median annual salaries is listed below:
|Job Role||Annual Salary Package (in USD)|
|Financial Market Economist||108,000|
|Economic Development Worker||93,564|
Masters in Economics in Australia is that degree which can entail a better career prospect for International students. World-class educational quality and sound infrastructure are what add to possible reasons for choosing Australia over other countries.
For a fact that economists are highly paid in Australia with maximal salaries in the public sector and a plethora of opportunities in the private sector as well, there cannot be a second choice anyway.
Ques. Where to study Masters in Economics in Australia?
Ans. Many universities in Australia are listed in the global rankings by QS and Times Higher Education. These universities offer exceptional quality of education and the right exposure to students. Some of the popular ones are the University of Melbourne, Monash University, ANU, La Trobe, etc.
Ques. What is the expected pay scale after a Master of Economics in Australia?
Ans. A fresh graduate can expect a salary of 54,000 USD yearly. However, the salaries can hike up t0 150,000 USD depending on the sector chosen for working as well as the experience gained.
Ques. What is the basic eligibility of pursuing Masters in Economics in Australia?
Ans. For pursuing master's in Economics in Australia, an international student is required to have a minimum of 65% in a related UG degree with an IELTS score of 6.5.
Ques. What is the cost of pursuing masters in economics in Australia?
Ans. The cost of studying masters in economics in Australia ranges from 19,000 to 50,000 USD. This is the only program fee. The cost of living can vary depending on the lifestyle of international students. A total expense of 1060 USD/month is required at the expense of living.