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Top economics colleges in Canada

Sonal Vaid Sonal Vaid
Study Abroad Expert

Economics is the field of study which deals with the production, consumption and marketing strategy of the goods and services. Economics Colleges in Canada provides a huge spectrum of degree courses. With around 642,480 international students getting admitted in different courses in Canada during the year 2019, below mentioned are a few points which show why studying in Canada is a good option.

  • Top 5 universities in Canada providing economics courses are among the top 150 colleges in the world according to QS World Ranking, 2020.
  • As per Job Bank Canada, the Economics profession has expected vacancies of around 20,000 between 2019- 2026.
  • According to Job Bank Canada, the average salary of an Economist in Canada is around 70,000 CAD/year.
  • The overall economic sector looks promising because of the investment of around 0.8 billion made by the Canadian Government towards Strategic Economics Innovation.

Top Economics Colleges in Canada

There are around 346 courses available in 65 Economics colleges in Canada, which offers around all levels of degree courses from bachelor’s degree to that of doctoral degrees. Some of the top colleges providing the best economics programs in Canada are mentioned below:

UniversityQS Rankings 2020 (Economics)Programs
University of British Columbia#22B.A. Economics
B.Sc. Economics
B.Sc. Economics and Mathematics
Bachelor of International Economics
Master of Arts (MA) in Economics
University of Toronto#24B.A. Economics
B.Sc. in Financial Economics
B.A. in Economics and Management Studies
BBA in Economics and Management Studies
M.A in Economics
Master of Financial Economics
Master of Finance Economics
McGill University#51-100B.A. Economics
B.Com Economics
B.Sc. Economics
B.Sc. in Environmental Economics
B.Com Economics and Finance
B.A. in Economics and Accounting
B.Sc. Agricultural Economics
M.A. Economics
M.Sc. in Agricultural Economics
Ph.D. Economics
Queen’s University, Kingston#101-150B.A. Economics
M.A Economics
MSc. in Business Economics
Master of Finance
PhD. in Economics
PhD. in Business Economics
University of Montreal#101-150B.Sc. in Economics
M.Sc. in Economics
M.Sc. Management in Applied Economics Economics
Ph.D. in Applied Economics

Economics Colleges in Canada: Degree Courses and Specializations

Economics has a wide spectrum of courses and degree specializations. It is a broad subject that caters to different parameters such as production, distribution and consumption of goods and services. While searching for study abroad options, one must look for the course specializations of a particular subject.

Below mentioned are the course specializations that an individual can consider while applying at the top economics colleges in Canada.

International EconomicsFinancial Economics
Economics for Management StudiesAnalysis and Economical Policy
Agricultural EconomicsBusiness Economics
Applied EconomicsPopulation Dynamics

After knowing the course specializations, it is quite important to gather knowledge about the degree specializations available for the economics courses in Canada.

 Following are the degree specializations available at the economics colleges in Canada:

  • Bachelor’s Degree: B.A, B.Sc, BBA, B.Com
  • Master’s Degree: M.A, M.Sc, M.Com
  • Doctorate Degree: PPh.D

Top Economics Colleges in Canada: Undergraduate Courses

Undergraduate courses in Economics in Canada are 3-4 years of professional courses, which deal with the study of production and consumption of goods and services. 

While looking for different colleges and courses, it is important to know their fee details and duration of the respective courses, this section gives the details of the above-mentioned points.

ProgramUniversityTotal Program Cost(in CAD)Duration (in Years)
B.A. EconomicsUniversity of British Columbia164,8004
University of Toronto233,0004
McGill University61,8003
Queen’s University, Kingston103,7004
University of Winnipeg52,7003
University of Guelph96,5004
B.Sc. in EconomicsUniversity of British Columbia155,9004
University of Montreal60,0003
BBA in Economics for Management StudiesUniversity of Toronto163,0004
Thompson River University60,0003
B.Sc. in Financial EconomicsUniversity of Toronto232,8004
University of Ottawa120,9004
B.Sc. in Agricultural EconomicsMcGill University136,6003
University of Saskatchewan73,1004
B.Com in Economics and FinanceMcGill University157,5003

Undergraduate Economics Courses in Canada: Eligibility Criteria

To avail an undergraduate course in Economics in Canada, international students should meet certain necessities. These affirmation necessities are essential to take admission to the world-class schools, as referenced previously.

  • Students need to have a high school diploma or an equivalent 12 years of education certificate with mathematics as a mandatory subject, with aggregate marks of 65-70%.
  • Proof of English proficiency. Average cut off of ELPs:
    • IELTS:6.5
    • TOEFL: 85-90
    • PTE:55-60

Documents Required

  • Academic Records
  • Application fees receipt
  • Letter of Reference
  • Financial Proof
  • Health Insurance

Undergraduate Economic Courses in Canada: Fees and Funding

The average cost of studying an undergraduate degree ranges from 52,700CAD to 232,000 CAD for the total program. The cost of living in Canada adds up to an amount of around 20,000 to 30,000 CAD per year which is quite a handsome figure to manage for an international student. 

Thus, different bachelor’s scholarships for international students are available which helps them to sustain their stay in Canada. 

Top Economics Colleges in Canada: Postgraduate Courses

Masters in Economics in Canada are 1-2 years courses, which includes degree specializations like Master of Science, Master of Arts and Master of Finance. 

Most international students prefer postgraduate courses in Canada. Master’s courses give a detailed study of the subject and also inculcates the real market scenario to the students.

Below mentioned are few of the popular masters programs at top economics colleges in Canada.

ProgramUniversityTotal Program Cost(in CAD)Duration (in years)
M.A. in EconomicsUniversity of Toronto51,0002
McGill University41,8002
Queen’s University, Kingston31,0002
University of Ottawa15,5001
York University15,3001
MSc. in Business EconomicsQueen’s University Kingston14,0001
Brock University23,5001
MSc. in Agricultural EconomicsMcGill University41,8002
University of Saskatchewan15,0002
Master of Financial EconomicsUniversity of Toronto112,5002
Queen’s University Kingston71,0002
MSc. in Management- Applied EconomicsUniversity of Montreal56,4002
University of Regina15,0002

Masters in Economics in Canada: Eligibility Criteria and Requirements

With 88% of the graduates getting jobs within 3-6 months of their completion of degree, a masters in Economics provides an average salary of 85,700 CAD/annum, which is about 35% more than that of an employee having an undergraduate degree, as per Job Bank Canada.

Now, let us look for the eligibility criteria for applying for masters in Economics in Canada:

  • Students must have an equivalent bachelor’s degree in the relevant field with minimum of 3.0 -3.2 GPA in the scale of 4.0 GPA.
  • Must have good scores in English Language Proficiency. Average Cut off for ELPs:
  • GRE scores are mandatory.
  • Prior work experience in a related field is an added advantage

Documents Required

  • Academic Transcripts
  • Proof of standardized test scores 
  • Curriculum Vitae reflecting academics and co-curricular achievements.
  • Letter of Recommendation
  • Personal Statements
  • Valid proof of prior experience in the field of economics.

Masters in Economics in Canada: Fees and Funding

The course fees to avail postgraduate economics degree in Canada cost around 15,000 CAD to 112,500 CAD depending on the course specialization and university an individual chooses. Fundings in form of international scholarships to study in Canada are available to reduce the financial burden during their stay in Canada.

Economics Colleges in Canada: Doctoral Courses

It is a general tendency of the students to look for jobs after completing their graduate studies. However, there are a number of students who look for further higher education options i.e., doctoral degrees which in return provide good job opportunities as well as pay structure. 

Recent study by Ionomics says, business economists with a doctoral degree earn upto 40% more than that of a master degree holder.

Below mentioned are few of the doctoral courses with their fee details and duration at top economics colleges in Canada

ProgramUniversityTotal Program Cost(in CAD)Duration (years)
Ph.D. in EconomicsUniversity of Toronto34,9004
McGill University55,0003
Queen’s University, Kingston61,9004
University of Montreal78,1003
Concordia University36,5003
University of Calgary69,4005
Ph.D. in Economic Analysis and PolicyUniversity of Toronto38,0004
Ph.D. in Business EconomicsQueen’s University Kingston31,1003
Ph.D. in Applied EconomicsUniversity of Montreal66,8004

Ph.D. in Economics in Canada: Eligibility and Requirements

According to a recent UNESCO report, Canada spends around 1.7 percent of its GDP on research work. There are around 4,541 Canadian researchers for every million of its occupants. A Ph.D. in Economics ranges from 3-5 years at universities in Canada. 

Now let’s discover the eligibility criteria to apply for a Doctorate degree in Economics in Canadian universities:

  • Excellent scholarly record throughout till Masters in relevant fields. The scores ought to be proportional to a minimum of 3 - 3.3 GPA, which is equivalent to 80 percent or more.
  • GRE scores are accepted. Average cut off of GRE is around 310-340.
  • Good scores in English Language Proficiency. Average Cut off of ELPs:
    • IELTS:6.5
    • TOEFL(IBT): 86-90
    • TOEFL(PBT): 560-567

Documents Required:(H4)

  • Application fee receipt
  • Academic Records
  • Letter of Recommendation
  • Research Statement
  • Scores of standardized tests to study in Canada

Ph.D. in Economics in Canada: Fees and Funding

The average cost of pursuing doctorate courses in Canada ranges from 31,100 CAD to 78,100 CAD for the total program. To sustain the stay in Canada, numerous doctorate scholarships and funding for international students are available in Canada.

Top Economics Colleges in Canada: Scholarships

Average cost of studying in Canada ranges from 40,000 CAD to 50,000 CAD per year, including living expenses. For an international student, this is quite a huge amount to bear. Thus there are many government and university-funded international scholarships in Canada to sustain their stay.

Listed below are few of the renowned scholarships:

Name of ScholarshipScholarship ProviderBenefits (in CAD/year)Eligibility
A.F. Brass Memorial ScholarshipUniversity of British Columbia10,800International Postgraduate Students
Karen Mekellin International Leader of TomorrowUniversity of British ColumbiaVariableInternational Undergraduate Students
Ontario Graduate ScholarshipCanadian Provincial Government20,900International Postgraduate Students
Paul Foundation ScholarshipPaul Foundation28,654Postgraduate and Doctorate Students
National Overseas ScholarshipGovernment of India20,290All level of students

Other Funding Options for International Students

These are few of the assistantship programs which are available in many universities in Canada, these give opportunities to the international students to enroll themselves in these programs.

Name of the Assistantship/AwardRemuneration(CAD) per year
Teaching Assistantship10,000
Research AssistantshipVariable
Merit Scholarship1,000-12,000
Donor-Funded Awards20,000

International students can also opt for work study options in Canada to help with the expenses that are to be paid for. Students can take up part-time job options and work for 20 hours a week. As a prerequisite for work-study, international students require a Study Permit Work Permit (for co-op) SIN. 

Economics Colleges in Canada: Scope

Higher education in Canada is considered to be one of the best in the world with around hundreds of top-ranking universities. Quality education brings plenty of opportunities. On an average, an Economist earns up to 48,000 CAD/annum to 97,000 CAD/annum , whereas a business economist can earn up to 45,000 CAD/annum to 78,000 CAD/annum.

Job positions are again one of the important criteria which are needed to be discussed so that the international students opting for the best economics program in Canada gets an overview of the job culture and salary structure in Canada.

Below mentioned are a few of the popular jobs in Canada in the field of economics.

DesignationYearly Salary Range(in CAD/year)
Economic Analyst49,000-100,000
Economic Consultant68,000-83,000
Economic Policy Researcher75,000-95,000
Marketing Researcher49,500-84,000
Marketing Consultant35,000-90,000
Business Development Officer36,000-99,000
Economic Development Director40,000-110,000

As per recent data provided by Job Bank Canada, the expected new job openings in the economic sector is going to be around 19,800-21,200 in the next 5 years. This is again a good reason to avail the best economics programs in Canada.

People from economics background see an average increment of 11% of their salary in every 13 months against an average increment of 9% in the other professional sectors.

As indicated by insights given by The Globe and Mail in CIC NEWS, Indian Students recently outperformed the Chinese with 172,000 students so far. 

Other than worthwhile pay rates, 60 percent of Economic experts get their bonus at a handsome rate of 2- 7 percent of yearly pay. With an unemployment rate of around 6% in 2020 according to Statista, Canada is very much confident to provide new job opportunities in the coming 3-5 years. 

Additionally, Canada is loaded with daze and beauty from the tourism point of view, which makes it a famous study destination. While considering the study abroad option in Canada, with its migration friendly arrangements turns it into a good choice. 

Furthermore, top economics colleges in Canada offer you a huge variety of degree scope, starting from diploma courses to research degrees making Canada an impeccable choice for pursuing best economics programs.

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