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Masters in Economics in Australia: Course Guide for International students

Bhavya Rawal Bhavya Rawal
Study Abroad Expert

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:

UniversityTHE RankingQS RankingDegree offeredProgram Fees (USD)
University of Melbourne3824Masters of Economics ( 2years)42986
The University of Queensland5551-100Masters of Economics (MEcon) (2 years)50178
Masters of Advanced Economics (2 years)25089
Australian National University6325Masters of Economics (2 years)19503
UNSW Sydney6331Master of Economics (1 year)21780
University of Sydney9037Master of Economics (1-2 year)60500
Monash University101-12545Master of Applied Economics and Econometrics (1.5-2 year)37,386
University of Adelaide201-250101-150Master of Advanced Economics (1.5 years)39355
Curtin University301-400201-250Master of Research (Economics and Finance) (2 year)46918
Macquarie University151-175251-300Master of Applied Economics (MAppEco) (1-2 year)44202
La Trobe University251-300301-350Master 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

ProgramMaster of Economics
Program type and durationFull time, 2 years
Tuition fees19,000- 57,000 USD
ScholarshipsUniversity scholarship is available
Evaluation cycleSemester-wise
Admission processWeighted Average Marks (WAM) of graduation degree/ Language proficiency tests: IELTS, TOEFL, PTE etc
Job rolesEconomist, Business Analyst, Statistician, Lecturer etc
IndustryAcross all industries
Entry-level package37,000 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

UniversityAcademic requirementsIELTSTOEFL
University of QueenslandUG in Economics with a 4.5 GPA (GPA scale on 7)6.5TOEFL (ibt)- 87
TOEFL (pbt) - 570
University of Melbourne75% in UG with maths as a subject6.5 (band score 6.0)TOEFL (pbt): 577 with TWE 4.5
TOEFL (ibt): 79
Australian National University5.0 (out of 7) GPA in UG6.5-
UNSW4 year UG degree7.0TOEFL (ibt): 94
TOEFL (pbt): 589
University of Sydney65% average marks and relevant work experience7.0TOEFL (pbt): 592
TOEFL (ibt): 96
Monash University65% average marks or equivalent GPA6.5TOEFL (ibt): 79
University of AdelaideBachelor’s degree with 5.0 GPA6.5TOEFL (ibt): 79
Curtin UniversityUG degree in relevant field6.5TOEFL (ibt)- 68
Macquarie University65% (WAM)6.5TOEFL (ibt): 94
La Trobe UniversityUG in relevant field6.5TOEFL (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:

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:

Pre-arrival expenses

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 expensesExpenses (in USD)
University application fee30-60
Visa application420
IELTS/TOEFL/PTE/CAE186/180/177/80
Airfare (one-time)200-250

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:

Annual fee V/S university

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 expensesExpenses
Accommodation (share rentals/homestays/hostels)500
Transportation100
Groceries350
Phone bills and internet50
Gas20
Electricity40
Total expenses1060

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:

ScholarshipUniversityEligibilityScholarship Amount (USD)
Financial support (scholarships) for the Master of Advanced EconomicsUniversity of QueenslandInternational studentsFull tuition fee waiver
ANU Business and Economics India Excellence ScholarshipsAustralian National UniversityMeritorious Indian students6,000 per year
QTEM (Quantitative Techniques for Economics and Management) ScholarshipMonash UniversityInternational students enrolled in a Master’s degree in economics1800
ANU Business and Economics South East Asia Merit ScholarshipsAustralian National UniversityAcademic merit50% of tuition fee
Global Academic Excellence ScholarshipUniversity of AdelaideInternational students applying for postgraduate programs50% 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:

Industries and median wages for Economics graduates in Australia

The professional scope after completion of masters in Economics in Canada along with their median annual salaries is listed below:

Job RoleAnnual Salary Package (in USD)
Financial Market Economist108,000
Economist105,000
Economic Development Worker93,564
Budget Analyst108,188
Policy Analyst108,764
Research Officer101,456
University Professor150,663

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.

FAQs

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.

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