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    Economics Colleges in Australia: Courses, Eligibility, Fees, Scholarships and Scope

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    Anam Shams

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    If you are considering to study abroad economics, look no further than Australia. Economics colleges in Australia are highly sought after as Australia is home to twenty-two of the world’s top universities for economics as per QS rankings and includes five in the top 50 namely: the University of Melbourne, ANU, UNSW, the University of Sydney and Monash University.  A degree from top economics colleges in Australia can be used to forecast economic conditions, design and implement policies, and guide investment decisions.

    • The cost of study in Australia ranges from 15,000 AUD to 37,000 AUD.
    • Australian Government offered over 3000 Australia Awards scholarships to the students from over 55 countries. 
    • The average economist typically earns an average salary of 60,000 AUD to 148,000 AUD.
    • Out of 73,000 economics professionals working in Australia, 70% work as Economists whereas 25% are university lecturers.
    • The career paths for economics graduates include Economist, Data Analyst, Accountant, Economic researcher, Financial Consultant, etc.
    • The top companies hiring economists in Australia are Wesfarmers, Reserve Bank of Australia, Centre for Health Economics, etc.

    Table of Contents

    Top Economics Colleges in Australia

    Australia is home to forty-five universities located in eight states. According to the QS rankings, seven universities are ranked among the top 100 universities globally. The three main types of degrees provided by the universities in Australia are Bachelor’s, Masters and Doctoral Degrees.

    Below is the table showing the top Economics colleges in Australia.

    Universities QS ranking 2020 Programs offered
    University of Melbourne 38 2 Bachelor’s, 2 Masters, 1 Doctoral
    University of Queensland 47 4 Bachelor’s, 7 Masters, 2 Doctoral
    University of Technology, Sydney 140 3 Bachelor’s, 1 Doctoral
    Curtin University 230 5 Bachelor’s, 3 Masters, 4 Doctoral
    RMIT University 238 2 Bachelor’s, 2 Doctoral

    Economics Colleges in Australia: Specialization and Degree Types

    Economics degrees introduce students to the core economic topics namely microeconomic theory, macroeconomic theory and econometrics. There are other core modules which include mathematics, statistics, history of economic theory and applied economics.

    The table below shows the opportunity for the students to choose a specialization in economics.

    Development economics Organizational Behavior
    Labor Economics Science Economics
    Urban Economics Information Economics
    Education Economics Growth Economics
    Experimental Economics Regulation Economics
    Economics Tax Policy Game theory
    Agricultural Economics Business Studies
    Financial Analysis International Economics and Finance

    The degree types offered by the economics colleges in Australia are as follows:-

    • Undergraduate Degree – Bachelor of Economics, Bachelor in Applied Economics, Bachelor in Economics(Honors), Bachelor in Business and Economics, Bachelor in Economics and Science.
    • Graduate Degree - Master in Economics, Master in Applied Economics, Graduate Diploma in Economics, Graduate Certificate in Economics, Graduate Certificate in Mineral and Energy Economics, Graduate Certificate in Behavioral Economics, MBA in Economics.
    • Doctoral Degree - Doctor of Philosophy(Economics and Commerce), Ph.D. in Business and Economics, Doctor of Philosophy(Integrated) in Economics, Doctor of Philosophy in Applied Economics, Doctor of Philosophy in Economics, Doctor of Philosophy in Economics and Management, Ph.D. in Econometrics, Doctor of Philosophy in Economics and Management, Doctor of Philosophy in Economics and Finance.

    Economics Colleges in Australia: Undergraduate Program

    The Bachelor of Economics is a three-four years program that includes compulsory courses designed to give students a solid understanding of economics, plus a selection of optional courses. With a Bachelor of Economics, the students have a rewarding career in many areas of business, finance or government as well as in private or public sectors. 

    The table below shows the bachelor’s degree offered by the economics colleges in Australia.

    Universities Program offered Course Duration Annual Fees(AUD)
    UNSW Bachelor of Economics 3 years 44880
    University of Adelaide Bachelor of Economics 3 years 38500
    Flinders University Bachelor of Business Economics 3 years 31500
    University of Tasmania Bachelor of Economics 3 years 30950
    University of Canberra Bachelor of Commerce(Business Economics) 3 years 32300

    Economics Colleges in Australia: Eligibility for Bachelors 

    The Bachelor of Economics provides undergraduate training in theoretical and applied aspects of modern economics, econometrics and financial economics. This degree requires you to complete a core major in the following areas namely economics, econometrics, financial economics and resource economics.

    Below are the eligibility criteria required to pursue a bachelor’s degree in economics in Australia.

    • Aggregate of 70% in 12th standard.
    • 10th and 12th certificate degrees.
    • Proof of English language proficiency 
      • IELTS – 6.0 to 7.0
      • TOEFL – 96
      • PTE - 68

    Documents Required

    • Proof of English Language Proficiency Test Score.
    • A statement of purpose.
    • A passport.
    • Letter of recommendation.
    • 10th and 12th certificates.

    Economics Colleges in Australia: Fees and Funding for Bachelors

    The tuition fees for studying in Australia will depend on one or more variables. One of these is your home country and the other is choosing to study at private or public institutions. 

    The average tuition fees for the international undergraduate students is in the range of 30,000 AUD to 45,000 AUD.

    The Australian Government and Australian Universities provide a large number of international scholarships for a bachelor's degree in Australia.

    Economics Colleges in Australia: Postgraduate Program

    Masters in Economics in Australia takes one to two years to complete when studied on a full-time basis.

    • Students enrolling in a Masters of Economics program have the opportunity to study at internationally recognized universities around Australia namely Victoria, Tasmania, NSW, etc.
    • A Master of Economics degree helps to find jobs in business, finance, consulting, etc. which can lead to a rewarding career. 

    The table below shows the master’s degree offered by the economics colleges in Australia.

    Universities Program offered Course Duration Annual Fees(AUD)
    The University of Queensland Master of Health Economics 2 years 40640
    University of Western Australia Master of Economics 1.5 – 2 years 75600
    University of Melbourne Master of Economics 2 years 45824
    Monash University Master of Applied Economics and Econometrics 1.5 – 2 years 45500
    RMIT University Master of Business (Economics, Finance & Marketing) 2 years 30720

    Economics Colleges in Australia: Eligibility for Masters

    A master’s program in economics from Australian universities is designed for individuals who successfully denote a high level of expertise. This program is also an appropriate foundation for further Ph.D. studies.

    The eligibility criteria for pursuing masters in economics in Australia are as follows:

    • Aggregate of 65% in an undergraduate degree in a related field.
    • Proof of English language proficiency 
      • IELTS – 6.5
      • TOEFL – 79
      • PTE – 58.

    Documents Required

    • Proof of English Language Proficiency Test Score.
    • A statement of purpose.
    • A Bachelor’s Degree Certificate.
    • A student Visa.
    • A passport.
    • Resume/CV
    • Letter of recommendation.
    • 10th and 12th certificates.

    Economics Colleges in Australia: Fees and Funding for Masters 

    The tuition fees vary depending on the discipline you choose to study, the degree level, and the university in which you enroll. The average tuition fees required to pursue a master’s in economics from Australian colleges range from 30,000 AUD to 50,000 AUD.

    The Australian awards are international scholarships funded by the Australian government for helping the international students. They waive some portion of the tuition fees. Some scholarships also cover the cost of living in Australia for international students.

    Economics Colleges in Australia: Postgraduate Diploma Courses

    A postgraduate diploma (PG Diploma) is typically six months to one year of duration. It can be studied after the completion of a bachelor’s degree. The table below shows the graduate diploma and graduate certificate programs offered by the economics colleges in Australia.

    Universities Program offered Course Duration Annual Fees(AUD)
    ANU Graduate Diploma in Economics 1 year 47880
    University of Queensland Graduate Certificate in Economic Studies 6 months 20320
    University of Melbourne Graduate Diploma in Economics 1 year 45824
    University of Sydney Graduate Certificate in Economics 1 year 49000
    University of Adelaide Graduate Diploma in Applied Economics 1 year 42500

    Economics Colleges in Australia: Doctoral Program

    Ph.D. in Economics is a three to five-year doctorate course. The eligibility for the doctoral course is a postgraduate course in economics and along with a Bachelor’s degree in Economics from a recognized university.

    The table below shows the doctoral degree offered by the economics colleges in Australia.

    Universities Program offered Course Duration Annual Fees(AUD)
    University of Tasmania Doctor of Philosophy (Economics) 3-4 years 34008
    RMIT University PhD (Economics, Finance and Marketing) 3-4 years 34560
    Monash University PhD in Business and Economics 3-4 years 32100
    Victoria University Doctor of Philosophy 4 years 15600 per semester
    University of Melbourne Doctoral Program in Economics 5 years 44032

    Economics Colleges in Australia: Eligibility for Ph.D. 

    Admissions to a Ph.D. in Economics in Australia will normally require an existing bachelor’s and master's degree in a related subject.

    • 75% aggregate in a Master’s degree.
    • Three-four years of a bachelor’s degree.
    • Proof of English proficiency scores
      • IELTS – 6.5
      • TOEFL – 79
      • PTE - 58

    Documents Required

    • A valid passport.
    • Academic Documents.
    • Student Visa.
    • CV/Resume.
    • Statement of purpose.
    • Research Proposal.
    • Proficiency in English Language.
    • Letter of Recommendation.

    Fees and Funding for Ph.D. in Economics in Australia

    As an international student in Australia, you’ll pay fees at a higher rate. The reason is that domestic students benefit from state subsidy of public universities through Australian taxation.

    The average tuition spent on pursuing a doctoral degree in economics in Australia is in the range of 30,000 AUD to 45,000 AUD.

    There’s a good chance that you don’t have to pay your full international fees as a PhD student in Australia. This is because funding and awards are offered by various university scholarships and government incentives which are designed to attract international students.

    Economics Colleges in Australia: Scholarships 

    The Australian universities and colleges provide a wide range of awards to the meritorious international students for funding their studies. Apart from these, there are numerous other bursaries offered by the government.

    Any candidate applying for the scholarships must check the eligibility and criteria along with the closing date. Some of the scholarships for international students in Australia for studies at an economics college in Australia are as follows:

    Scholarships Offered to Award Values(AUD)
    University of Sydney International Scholarships Masters/PhD 35000
    Macquarie Vice-Chancellor’s International Scholarships Bachelor’s/Master’s 10000
    CDU Vice-Chancellors International High Achievers Scholarships Bachelor’s/Master’s 25% or 50% waived off tuition fees.
    AGRTP International Scholarships Masters/PhD 28092
    Adelaide Scholarships International Masters/PhD 28092
    UNSW International Scholarships Bachelors/Masters Full or Partial Tuition fee waived
    Sydney Scholarship 2020 Undergraduate/Postgraduate 25% tuition fees are waived.
    MORA_CQ University Australia Scholarship PhD degree 100% tuition fees waived for four years
    International Student Scholarship Undergraduate/Postgraduate 20% tuition fees are waived.

    Economics Colleges in Australia: Career Scope

    Economists perform economic research and analysis and develop applied theories about the distribution of goods and services and financial behavior. 

    • The number of people working as Economists grew very strongly and expected to grow from 6300 in 2018 to 6700 by 2023.
    • There are likely to be around 5000 job openings for over 5 years.
    • The average salary of an economist in Australia is 51,000 AUD to 1,290,000 AUD.

    Below are the various job opportunities in Australia for international students after graduating from an economics college:

    Designation Average Annual Salary (AUD) Average Salary in India Annually
    Economist 60000 – 12000 7.5-8 Lacs
    Senior Economist 101000 – 201000 8-10 Lacs
    Accounting Manager 115000 – 12000 7-7.5 Lacs
    Assistant Account Manager 75000 – 79000 7-7.5 Lacs
    Finance Relationship Manager 12000 – 129000 4-4.5 Lacs
    Financial Manager 19000 – 195000 9.5-10 Lacs
    Tax Manager 125000 - 128000 10-12 Lacs
    Financial Project Manager 90000 – 95000 5-5.5 Lacs
    Finance Associate 70500 – 70700 3.5-5 Lacs

    The employment of economists in Australia is projected to grow by 8% over the next ten years as per the job outlook website. The job prospects are best for those with a master’s degree or PhD with strong analytical skills. The subject of economics can be applied in other domains namely business, finance, journalism, data science, etc. 

    For a fact, economists are highly paid in Australia with maximal salaries in the public sector and a plethora of opportunities in the private sector as well. Thus making higher education in Australia from an economics university a good choice.

    Top Colleges

    Sort ByPopularityAdmin RatingHighest FeesLowest Fees
    Australian Capital Territory , australia
    • M.Econ$33K/Yr

      Course Duration : 2 years

    • M.Fin$33K/Yr

      Course Duration : 2 years

    Victoria, australia
    Victoria, australia
    South Australia, australia
    Western Australia, australia
    New South Wales, australia
    Queensland, australia
    New South Wales, australia
    • M.Fin$28.4K/Yr

      Course Duration : 2 years

      TOEFL 79
    • B.Econ/L.L.B$30.7K/Yr

      Course Duration : 5 years

      TOEFL 79
    South Australia, australia
    Queensland, australia
    • M.Fin$21.3K/Yr

      Course Duration : 2 years

      TOEFL 79
    • M.P.A$19.3K/Yr

      Course Duration : 2 years

      TOEFL 79
    South Australia, australia
    Tasmania, australia
    Victoria, australia
    Victoria, australia
    • M.Econ$24.7K/Yr

      Course Duration : 2 years

    • L.L.B/B.I.B$26.6K/Yr

      Course Duration : 5 years

      IELTS 6.0
    Victoria, australia
    Queensland, australia
    New South Wales, australia
    2012Estd. Year