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    MS in Economics in Germany: A Complete Course Guide


    MS in Economics in Germany is a 2 years program targeted at students with an interest in obtaining advanced analytical and quantitative training. Over 25% of the Economists working in Germany had a masters degree. 

    Qualification of Economist
    • Students with a bachelor's degree in economics or equivalent good GRE score can apply for a Masters in Economics in Germany universities
    • Annual fees for studying MS in Economics in Germany is 265 euros to 6,703 euros.
    • Students with masters in economics degree from German universities can earn up to 90,000 euros per annum. 

    Why Study MS in Economics in Germany

    • Several of the top universities in the world are found in Germany, such as Heidelberg University, Freiburg University, Munich Technical University, etc
    • The majority of Germany's universities are public and charge tuition fees of approximately 60 euros per semester.
    • Germany has the 4th best graduate starting salary at 44,562 euros in Europe
    • With a growing economy, this country also has the 2nd least unemployment rate in the EU, at 3.4%.
    • With 5 years of experience, the salary of an Economist increases by 16%.
    Salary of Economist

    Top Universities Offering MS in Economics in Germany

    The table given below provides a list of top universities offering Masters in Economics in Germany, according to THE Ranking 2020: 

    THE Ranking 2020 University Courses Offered And Duration Annual Fees (in Euros)
    32 Ludwig Maximilian University of Munich

    MS Economics (2 years);

    Master of Quantitative Economics (2 years)

    265 
    44 Heidelberg University MS Economics (2 years) 355 
    74 Humboldt University of Berlin MS Agricultural Economics (1 year);
    MS Economics and Management Science (2 years)
    3679
    86 University of Freiberg

    MS Economics (2 years);

    M.Ed Economic Science (2 years)

    2681 
    91 University of Tuebingen

    MS Management and Economics (2 years);

    MS International Economics (2 years);

    MS Economics and Finance ( 2 years);

    MS Economics (2 years);

    MS European Economics (2 years)

    3094
     
    99 RWTH Aachen University M.Ed Economics - Vocational School Teacher (2 years);
    MS Economic Geography (2 years);
    MS Economics (2 years)
    294 
    105 University of Bonn

    MS Economics (2 years);

    MA Ecumenical Studies (2 years)

    6703
    117 Free University of Berlin

    MA Economics (2 years);

    MS Public Economics (2 years)

    321
    125 University of Goettingen

    MS International Economics (2 years);

    MS Development Economics (2 years)

    746
    141 University of Hamburg

    MS Economics (2 years);

    MS Health Economics and Health Care Management (2 years)

    328 
    157 University of Cologne

    M.Ed Economics/Business Education (2 years);

    MS Economic Research (2 years);

    MS Economics (2 years)

    577


     

    Specializations offered at MS in Economics in Germany

    Students opting to study in Germany can choose among one of the following specializations for MS in Economics degree: 

    • Econometrics: Advanced econometrics draws upon the foundation knowledge of economics in theoretical and applied econometrics, and explores applied econometrics in more detail.
    • Microeconomics: It covers topics such as supply and demand, the operation of markets, consumer and enterprise behaviour, competition and monopoly, income distribution, discrimination and consumer demand.
    • Macroeconomics: Students develop an understanding of the relationship between key macroeconomic aggregates such as output, inflation, employment and interest rates.
    • Financial Economics: This involves studying domestic and international financial markets, learning about the principles of financial decision-making in the banking, investment management, etc.
    • International Economics: Specializing in international economics involves exploring international trade and finance, including topics such as why countries trade, commercial trade policies and their effects, etc. 

    Other popular economics topics include:

    • Monetary economics
    • Game theory
    • Development economics
    • Industrial economics
    • Quantitative techniques

    Admission Process for MS in Economics in Germany

    For admission in the master's program of Germany universities, either the students need to apply directly to the university, or via uni-assist. Uni-assist is a centralized admissions portal, run by the German Academic Exchange Service (DAAD), and handles international applications for its member universities.

    Eligibility for Masters in Economics in Germany Admissions

    • Bachelor’s degree in economics from a university in Germany or abroad or from a state-recognized university of cooperative education.
    • At least 22 credits (ECTS) must have been completed in economics, 6 credits in mathematics, and 6 credits in statistics.
    • GRE test scores (for non-EU students) with a score of 320 points OR of the GRE revised General Test with a score of 140 points in oral language skills.
    • Proof of basic German language skills (CEFR Level A1) within one year after enrolment.
    • Proof of proficiency in English (Level B2 of the Common European Framework of Reference for Languages), for example: 

    Documents Required for Masters in Economics in Germany Admissions

    To successfully apply to German universities, international students must submit the following documents: 

    • Resume/CV
    • A letter of motivation in English (with a maximum of 500 words),
    • Letters of recommendation from two university teachers.
    • An academic essay written by the applicant of up to 10 pages and other documents relevant to the application, e.g. (work) certificates for internships or other subject-related activities is optional.
    • A higher education entrance qualification from a school with English as the language of instruction after at least two years of school.
    • Statement of Purpose.
    • Applicants with degrees from Mongolia, Vietnam or China must submit the original APS-certificate issued by the German Embassy.
    • A personal identification card or passport.
    • University entrance qualification: the original or a certified copy with a certified translation in German

    Visa Process for International Students

    Steps to apply for a study visa for Germany are given as follows:

    • Submission of online application and important documents (CV, Education Certificates, IELTS Certificate, Personal Statement)
    • Wait for the response of university ie. confirmation of admission
    • Schedule an interview (Skype or telephonic). Selected students are sent a letter of confirmation.
    • Submit token fee to the University
    • Open a Blocked Account with Partner Banks (8640 Euros and 700 Euro can be debited by a student per month but only after reaching Germany)
    • Book visa appointment with the embassy. 
    • Visa letter from the university is sent to selected students (signed by university & to be signed by student)
    • Apply for the visa (Documents are-Visa Letter, Medical and Health insurance, and Blocked account)
    • After visa approval, submit all pending fees.

    Cost of Studying Masters in Economics in Germany

    Studying abroad comprises three types of costs: Pre-arrival Cost, Tuition Fees and Cost of Living. Most of the universities of Germany charge no tuition fees. Students have to pay only a minor semester fee or social fees. 

    Pre-arrival Cost

    Pre-arrival cost for studying MS in Economics in Germany is tabulated below: 

    Type of Expense Cost (in Euros)
    German Student Visa 75
    IELTS Fees 156
    TOEFL Fees 158
    GRE Fees 188

    Tuition Fees of MS in Economics in Germany

    Most of the public universities of Germany do not charge any tuition fees. International students have to pay only a small amount of semester fees. 

    Cost of attendance

    Cost of Living in Germany

    In comparison to other European countries, Germany is not very expensive. The costs of food, housing, clothing, and cultural activities are slightly higher than the EU average. On average, students spend around 850 euros per month on travel and accommodation in Germany. 

    The average monthly expenses for a student living in Germany:

    Type of Expense Cost (in Euros)
    Rent and utilities 323 
    Food and drink 168 
    Clothing 42
    Working/learning materials 20 
    Travel costs (car and public transport) 94 
    Health insurance, medical costs, medicine 80 
    Phone, internet, TV 31
    Leisure, culture, sports  61 

    Scholarships for MS in Economics in Germany

    With the estimated living cost in Germany being around 850 euros per month, it is quite a challenge for international students to study in Germany. Universities offer numerous programs along with financial support in the form of scholarships for international students in Germany.

    Non-government scholarships provided by the universities:

    Name  Amount  Application Deadline
    Heinrich Boll Scholarship for International Students Variable  March 01
    MASTA Scholarship 6216.38 euros  January 15
    Friedrich Ebert Foundation Scholarship Variable  October 31
    JN Tata Endowment Scholarship Variable  March 09
    British Council IELTS Award 2020 12121.52 euros  June 10
    Kurt Hansen Science Scholarship 20184 euros  _
    Kaad Scholarship Variable  June 30
    Konrad-Adenauer-Stiftung Scholarship Variable  _
    Bharat Petroleum Scholarship 2020 Variable  _

    Government-funded scholarships to study in Germany:

    DAAD Scholarships: The German Academic Exchange Service (DAAD) offers many scholarships for international students to study in Germany at various degree levels. 

    Erasmus: The largest provider of scholarships for studying in the EU, Erasmus+ is led by the European Commission, funding international students to study in Europe. It provides grants for living costs when participating in an exchange program to study in Europe.

    For more scholarships in Germany, click here

    Scope after MS in Economics in Germany

    MS in Economics in Germany can open doors for students across a wide range of sectors. Common recruiters include research agencies, consultancy firms, the economic advisory services of governments, banks, and financial institutions or international agencies, universities, multilateral organizations, and non-governmental organizations. 

    Below are just a few popular jobs in Germany for masters in economics graduates: 

    Job Role Annual Salary (in Euros)
    Economist  92,906
    Data Analyst 35,304
    Statistician 82,037
    Market Researcher 66,892 
    Survey Researcher 53,674
    Policy Analyst 106,944 

    The study of economics is very valuable to today’s society. Economic principles can be applied to a broad range of institutions, including health care, government, finance, business, politics, and even religion. All of these agencies require time and expenses and thus can be viewed with an economic outlook which makes the study of economics an important field. 

    FAQs

    Ques. Do students need to know German in order to apply for MS in Economics in Germany?

    Ans. Germany offers a lot of courses that are taught in the English medium. However, most universities require students to possess a minimum of A1 Level of proficiency in German at the time of application. Also, it is always an advantage to learn the language as it may help to seek internships and part-time jobs.

    Ques. What are the basic economics and math requirements/recommendations for applying to Masters in Economics in Germany?

    Ans. Knowledge in calculus, linear algebra, probabilities and statistics, differential equations, as well as intermediate level micro and macroeconomics is highly recommended to apply for MS in Economics in Germany.

    Ques. Can the students without a bachelor's in economics and mathematics apply for MS in Economics in Germany?

    Ans. Non-economics major students showing aptitude in economics and math-related coursework can apply for Masters in Economics in Germany.

    Ques. Can the applicants get an exemption from the English language test while applying for MS in Economics in Germany?

    Ans. Candidates can get an exemption for the English language only if they satisfy at least one of the following requirements:

    • Native English speaker.
    • Completed a 3-years academic bachelor’s program (of at least 180 ECTS credits) fully in English from an accredited research university in one of the following countries: Australia, Canada (with exception of Quebec), Ireland, New Zealand, United Kingdom and the United States of America.
    • Citizen of Netherlands, Belgium, Norway, Sweden, Denmark, Finland, Iceland, Germany, Austria, Switzerland, India and Singapore.