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:
|University||QS Rankings 2020 (Economics)||Programs|
|University of British Columbia||#22||B.A. Economics|
|B.Sc. Economics and Mathematics|
|Bachelor of International Economics|
|Master of Arts (MA) in Economics|
|University of Toronto||#24||B.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|
|McGill University||#51-100||B.A. Economics|
|B.Sc. in Environmental Economics|
|B.Com Economics and Finance|
|B.A. in Economics and Accounting|
|B.Sc. Agricultural Economics|
|M.Sc. in Agricultural Economics|
|Queen’s University, Kingston||#101-150||B.A. Economics|
|MSc. in Business Economics|
|Master of Finance|
|PhD. in Economics|
|PhD. in Business Economics|
|University of Montreal||#101-150||B.Sc. in Economics|
|M.Sc. in Economics|
|M.Sc. Management in Applied 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 Economics||Financial Economics|
|Economics for Management Studies||Analysis and Economical Policy|
|Agricultural Economics||Business Economics|
|Applied Economics||Population 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.
|Program||University||Total Program Cost(in CAD)||Duration (in Years)|
|B.A. Economics||University of British Columbia||164,800||4|
|University of Toronto||233,000||4|
|Queen’s University, Kingston||103,700||4|
|University of Winnipeg||52,700||3|
|University of Guelph||96,500||4|
|B.Sc. in Economics||University of British Columbia||155,900||4|
|University of Montreal||60,000||3|
|BBA in Economics for Management Studies||University of Toronto||163,000||4|
|Thompson River University||60,000||3|
|B.Sc. in Financial Economics||University of Toronto||232,800||4|
|University of Ottawa||120,900||4|
|B.Sc. in Agricultural Economics||McGill University||136,600||3|
|University of Saskatchewan||73,100||4|
|B.Com in Economics and Finance||McGill University||157,500||3|
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:
- TOEFL: 85-90
- 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.
|Program||University||Total Program Cost(in CAD)||Duration (in years)|
|M.A. in Economics||University of Toronto||51,000||2|
|Queen’s University, Kingston||31,000||2|
|University of Ottawa||15,500||1|
|MSc. in Business Economics||Queen’s University Kingston||14,000||1|
|MSc. in Agricultural Economics||McGill University||41,800||2|
|University of Saskatchewan||15,000||2|
|Master of Financial Economics||University of Toronto||112,500||2|
|Queen’s University Kingston||71,000||2|
|MSc. in Management- Applied Economics||University of Montreal||56,400||2|
|University of Regina||15,000||2|
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:
- TOEFL: 80-90
- GRE scores are mandatory.
- Prior work experience in a related field is an added advantage
- 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
|Program||University||Total Program Cost(in CAD)||Duration (years)|
|Ph.D. in Economics||University of Toronto||34,900||4|
|Queen’s University, Kingston||61,900||4|
|University of Montreal||78,100||3|
|University of Calgary||69,400||5|
|Ph.D. in Economic Analysis and Policy||University of Toronto||38,000||4|
|Ph.D. in Business Economics||Queen’s University Kingston||31,100||3|
|Ph.D. in Applied Economics||University of Montreal||66,800||4|
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:
- TOEFL(IBT): 86-90
- TOEFL(PBT): 560-567
- 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 Scholarship||Scholarship Provider||Benefits (in CAD/year)||Eligibility|
|A.F. Brass Memorial Scholarship||University of British Columbia||10,800||International Postgraduate Students|
|Karen Mekellin International Leader of Tomorrow||University of British Columbia||Variable||International Undergraduate Students|
|Ontario Graduate Scholarship||Canadian Provincial Government||20,900||International Postgraduate Students|
|Paul Foundation Scholarship||Paul Foundation||28,654||Postgraduate and Doctorate Students|
|National Overseas Scholarship||Government of India||20,290||All 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/Award||Remuneration(CAD) per year|
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.
|Designation||Yearly Salary Range(in CAD/year)|
|Economic Policy Researcher||75,000-95,000|
|Business Development Officer||36,000-99,000|
|Economic Development Director||40,000-110,000|
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.