Masters in Economics in Germany: A Complete Course Guide
Masters in Economics in Germany is a 2 years program targeted at students with an interest in obtaining advanced analytical and quantitative training. Professionals with an economics master's degree typically find success in their job search as the It provides students with knowledge of up-to-date economic methods and their application at a high theoretical level.
- Students with a bachelor's degree in economics and good GRE score can apply for Masters in Economics in Germany universities.
- Annual fees for studying MS in Economics in Germany is 6,700 euros to 2,500 euros.
- Students with masters in economics degree from German universities can earn up to 90,000 euros per annum.
Why Study Masters 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.
- 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%.
Top Universities Offering Masters 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:
|University||The Rankings 2020||Courses Offered And Duration||Annual Fees (in Euros)|
|Ludwig Maximilian University of Munich||32||MS Economics (2 years); Master of Quantitative Economics (2 years)||265|
|Heidelberg University||44||MS Economics|
|Humboldt University of Berlin||74||MS Agricultural Economics (1 year);|
MS Economics and Management Science (2 years)
|University of Freiberg||86||MS Economics (2 years); M.Ed Economic Science (2 years)||2681|
|University of Tuebingen||91||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|
|RWTH Aachen University||99||M.Ed Economics - Vocational School Teacher (2 years);|
Master of Science [M.Sc] Economic Geography (2 years)
Master of Science [M.Sc] Economics (2 years)
|University of Bonn||105||MS Economics (2 years); MA Ecumenical Studies (2 years)||6703|
|Free University of Berlin||117||MA Economics (2 years); MS Public Economics (2 years)||321|
|University of Goettingen||125||MS International Economics (2 years); MS Development Economics (2 years)||746|
|University of Hamburg||141||MS Economics (2 years); MS Health Economics and Health Care Management (2 years)||328|
|University of Cologne||157||M.Ed Economics/Business Education - Teaching Position at Vocational Colleges or Company Profile (2 years); MS Economic Research (2 years); MS Economics (2 years)||577|
Specializations offered at Masters in Economics in Germany
Given below is a brief outline of the most commonly opted specializations in MS in Economics in Germany:
- Econometrics: Advanced econometrics draws upon the foundation knowledge of economics in theoretical and applied econometrics, and explores applied econometrics in more detail. It includes a combination of economic theory, econometric techniques (linear and nonlinear) and statistical methods (such as time-series, cross-section, panel, ordered, count and duration data) in order to develop a deeper understanding of the data.
- Microeconomics: Advanced microeconomics concentrates on the knowledge of classical and modern microeconomic theory and introduces the analytical tools of graduate-level microeconomics. It covers topics such as supply and demand, the operation of markets, consumer and enterprise behavior, competition and monopoly, income distribution, discrimination and consumer demand.
- Macroeconomics: Advanced macroeconomics aims to expand on students’ familiarity with the tools and theories of macroeconomics, to develop an in-depth understanding of how the economy works, how to carry out forecasting and how to analyze public policy. Students develop an understanding of the relationship between key macroeconomic aggregates such as output, inflation, employment and interest rates.
- Financial Economics: The field of financial economics involves learning about the various facets of financial economics. This involves studying domestic and international financial markets, learning about the principles of financial decision-making in banking, investment management, and corporate financial management, critically assessing the controversies surrounding financial policies, and exploring alternatives.
- 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, foreign exchange markets, exchange rate determination, modern macroeconomic analysis, open economies, sovereign debt and international monetary integration, organization and reform.
Other popular economics topics include:
- Monetary economics
- Game theory
- Development economics
- Industrial economics
- Quantitative techniques
Admission Process for Masters in Economics in Germany
For masters admissions in Germany, 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 MS 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 applicants holding degrees from universities outside the European Union 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.
- Proficiency in English (Level B2 of the Common European Framework of Reference for Languages) for example
Documents Required for MS in Economics in Germany Admissions
- 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.
- Notification of admission
- University entrance qualification: the original or a certified copy with a certified translation in German
- Confirmation of health insurance coverage by a public health insurance provider in Germany, or proof that the policy from the home country is recognized in Germany.
Visa Process for International Students
Steps to apply for study visa for Germany are given as follows:
- Online Application
- Document Sharing (CV, Education Certificates, IELTS Certificate, Personal Statement)
- Response via University-Eligible for Course or Not and their confirmation.
- Interview scheduled (Skype or telephonic)
- Interview Confirmation
- Letter of Acceptance (Received after successfully completing the interview)
- Token fee Submission to the University
- Opening of Blocked Account with Partner Banks (8640 Euros and 700 Euro can be debited by student per month but only after reaching Germany)
- Visa Appointment and the Embassy (it should be booked as soon as possible)
- Accommodation booking- on campus or out the campus.
- Receiving of Tuition Contract i.e. Visa Letter from the University (Signed by University & to be signed by student)
- Applying for Visa (Documents are-Visa Letter, Medical and Health insurance, and Blocked account)
- After Visa Approval Submission of all pending fees to be done.
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 for studying MS in Economics in Germany is tabulated below:
|Type of Expense||Cost (in Euros)|
|German Student Visa||75|
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 in Germany spend around 850 euros per month on living costs.
The average monthly expenses for a student living in Germany:
|Type of Expense||Cost (in Euros)|
|Rent and utilities||323|
|Food and drink||168|
|Travel costs (car and public transport)||94|
|Health insurance, medical costs, medicine||80|
|Phone, internet, TV||31|
|Leisure, culture, sports||61|
Scholarships for Masters 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:
|Heinrich Boll Scholarship for International Students||Variable||March 01|
|MAWISTA 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|
|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.
Scope after Masters in Economics in Germany
MS in Economics in Germany can open doors for the students across a wide range of sectors and in many types of organizations. Common providers of economics careers 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.
Economic careers are spread across the world, with many opportunities to gain experience working in different countries.
Below are just a few popular economics careers paths one could pursue after being a Masters in Economics:
|Job Role||Annual Salary (in Euros)|
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.
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 Masters in Economics in Germany?
Ans. Non-economics majors 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 at least one of the following requirements are meted out:
- If the applicant is a native English speaker.
- If completed a 3-years Academic Bachelor’s program (of at least 180 ECTS credits) fully in English in 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.
- If the candidate is a citizen of Netherlands, Belgium, Norway, Sweden, Denmark, Finland, Iceland, Germany, Austria, Switzerland, India and Singapore.