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    Masters in Economics in Australia: A Course Guide for International students

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    Bhavya Rawal

    Study Abroad Expert


    Masters in Economics in Australia is a 2-year full-time course that helps international students to investigate aspects of distribution, consumption, and production of services and goods. Post completion, graduates can get hired as Economists, Statisticians, Consultant, Analyst across different industries. With more than 10 economics schools in Australia making it to the QS Global rankings 2021, this country is one of the popular destinations among international students.

    Masters in Economics in Australia may cost anywhere around 19,000 USD to 50,000 USD. This for an Indian student would mean spending 14-37 lakhs on education. Though the cost is slightly on the higher end, there are plenty of scholarships available to study in Australia. If you wish to study masters in economics in Australi, here are certain things to note:

    • You will need at least 60% WAM in your bachelor's to get admissions with top institutes.
    • GMAT or GRE scores are not admission requirements, if you have scores you can choose to submit them.
    • Having a well written GTE statement will make it easier to get a student visa. 
    • The minimum entry-level packages offered to a graduate range between 37,000 USD/yr to 45,000 USD/yr (~27 LPA to 33 LPA).

    The salaries offered to master's degree holders are 29% more than what a bachelor’s degree holder from an Australian university gets. Additionally, considering the investment involved, you can earn back the money in a year or two.

    Top 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 QS Ranking 2020 Degree offered Total Program Fees (USD)
    University of Melbourne 24 Masters of Economics ( 2years) 42,986
    The University of Queensland 51-100 Masters of Economics (MEcon) (2 years) 50,178
    Masters of Advanced Economics (2 years) 25,089
    Australian National University 25 Masters of Economics (2 years) 19,503
    UNSW Sydney 31 Master of Economics (1 year) 21,780
    University of Sydney 37 Master of Economics (1-2 year) 60,500
    Monash University 45 Master of Applied Economics and Econometrics (1.5-2 year) 37,386
    University of Adelaide 101-150 Master of Advanced Economics (1.5 years) 39,355
    Curtin University 201-250 Master of Research (Economics and Finance) (2 years) 46,918
    Macquarie University 251-300 Master of Applied Economics (MAppEco) (1-2 year) 44,202
    La Trobe University 301-350 Master of Economics (2 years) 42,986

    Pursuing higher education in Australia in economics, you will get to learn both small scale and global factors involved in the 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 master's curriculum offered to economics students. 

    Masters in Economics in Australia: Course 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
    Evaluation cycle Semester-wise
    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

    Why Study Masters in Economics in Australia?

    Studying in Australia offers you with beautiful beaches, warm climate, exceptional education opportunities, and a great outback to enjoy your living. With the world’s second-highest development index and now one of the nations to win the battle against Coronavirus, Australia is among one of the healthiest environments for an international student. Considering English speaking countries, it 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 the semester and throughout during semester breaks. Thus, students gain expertise along with theoretical knowledge.
    • Organizations like the Reserve bank of Australia and Deloitte appoint economists with a minimum package of 36,000 USD to 45,000 USD.
    • As per JobOutlook, the new jobs to arise by 2024 for the role of economists are around 4800. (please note that these estimates do not account for the changes that may be inflicted due to COVID-19).  
    • 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%.

    Masters in Economics in Australia: Admission Process

    For applying to Australian Universities applicants can follow the following steps:

    • 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

    Eligibility for Masters in Economics in Australia

    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 Academic requirements IELTS TOEFL
    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

    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 expenses Expenses (in USD)
    University application fee 30-60
    Visa application 420
    IELTS/TOEFL/PTE/CAE 186/180/177/80
    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 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. This ranges between 8 Lakhs to 21 Lakhs per year for an Indian student. 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. 

    Tuition Fees for Masters in Economics for Indian Students

    University Total Program Fees (INR)
    University of Melbourne 31.52 lakhs
    The University of Queensland up to 36 lakhs
    Australian National University 14.30 lakhs
    UNSW Sydney 15.97 lakhs
    University of Sydney 44.37 lakhs
    Monash University 27.41 lakhs
    University of Adelaide 28.86 lakhs
    Curtin University 34.41 lakhs
    Macquarie University 32.41 lakhs
    La Trobe University 31.52 lakhs

    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 (USD) Cost in INR
    Accommodation (share rentals/homestays/hostels) 500 36,600
    Transportation 100 7,300
    Groceries 350 25,000
    Phone bills and internet 50 3,600
    Gas 20 1,400
    Electricity 40 2,900
    Total expenses 1060 77,700

    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

    Masters in Economics in Australia: Jobs

    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 Role Annual Salary Package (in USD)
    Financial Market Economist 108,000
    Management Economist 118,000
    Actutrial Analyst 101,000
    Economist 105,000
    Economic Development Worker 93,564
    Budget Analyst 108,188
    Policy Analyst 108,764
    Research Officer 101,456
    University Professor 150,663

    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. Is it worth doing masters in Australia?

    Ans. Standing tall at thrid position in the world for the international education market, Australia is one of the most popular student destinations. What makes studying masters in Australia completely worth the time and money involved is the availability of abundance of scholarships taking care of up to 100% of your tuition fees and the wide-array of opportunities that are opened up with an Australian masters.

    Ques. Which masters course is most popular in Australia?

    Ans. Among some of the most popular masters courses in Australia are Acturial, Accountancy, biomedical, computer science, IT, MBA, and economics. 

    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 for 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.

    Ques. Which country is best for masters in economics in Australia?

    Ans. Some of the top countries to pursue masters in economics are USA, Canada, UK, Australia, Germany, and Italy.

    Ques. What is the IELTS score required for Masters in Economics in Australia?

    Ans. International students are required to have at least a minimum score of 6.5 in IELTS to get admissions to masters in economics in Australia. 

    Ques. Is GRE score required for getting admissions to masters in economics in Australia?

    Ans. No, GRE scores are not required for getting admissions to masters in economics in Australia.  

    Ques. Can I get a scholarship for pursuing masters in economics in Australia?

    Ans. Yes, international students can get as much as a full tuition waiver for pursuing masters in economics in Australia. Many Australian universities offer up to 50% of scholarships for international students who wish to study masters in Australia.