Around 60 economics universities in Germany provide degrees at various levels of education. Two broad branches of this field are macroeconomics and microeconomics. Macroeconomics deals with the large scale economy and money market globally. Microeconomics deals with the working of a single unit of production and theories related to it.
International students prefer studying in Germany for economics because of a number of reasons:
- Germany provides free higher education in all public universities. Hence, the monetary burden on an international student is less.
- According to DAAD, more than 1 lakh international students had enrolled in economics and social sciences courses at German universities in 2019.
- Students with a degree from an economics university in Germany can earn up to 90,000 EUR per annum.
- Economics courses rank 8th among the highest paying courses for recent graduates in Germany.
Best Economics Universities in Germany
There are around 300 public universities in Germany out of which 30 institutions offer economics courses in Germany. One of them belongs in the top 50 universities for economics courses globally. Here is a list of the top economics universities in Germany and their rankings according to QS Global Rankings 2020.
|University of Mannheim||45||5 bachelor courses, 1 Ph.D. course|
|Humboldt University of Berlin||51-100||2 masters courses, 2 Ph.D. courses|
|Ludwig Maximilian University of Munich||51-100||1 bachelor course, 2 masters courses|
|University of Bonn||51-100||2 masters courses|
|Free University of Berlin||51-100||1 bachelor course, 2 masters courses|
|University of Gottingen||51-100||2 masters, Ph.D. course|
Economics Courses in Germany: Degree Types and Specializations
Economics courses in Germany are often preferred by international students, having a business-oriented mind, to study abroad. This is mainly because of the various specializations offered and the course curriculum being more concentrated towards business organization, finance and management.
Economics courses are offered as a BSc degree at the undergraduate level. At the graduate level, MS, MA degree is usually available. International students who aspire on becoming a teacher of economics can apply for MEd courses providing vocational teacher training. A Ph.D. is given at the doctoral level of study.
Economics is a social science subject. Hence, it has various branches and specializations spreading across some parts of mathematics and statistics. Here are some of the popular specializations international students can opt for:
- Financial Economics
- International Economics
- Welfare Economics
- Industrial Economics
- Game Theory
- Monetary Economics
Undergraduate Courses at Economics Universities in Germany
An undergraduate degree in economics in Germany is a 3-year course. There are no tuition fees required but University of Mannheim is among one of the top universities which charge a tuition fee. However, it is far less than courses in the USA or UK.
Below is a table showing some of the top institutions providing bachelor courses in economics in Germany and their course details:
|University||Course Offered||Annual Fees (in EUR)|
|University of Mannheim||BSc Economics||3,330|
|BSc Economics and Business Education|
|Ludwig Maximilian University of Munich||BSc Economics||130|
|University of Bonn||BSc Economics||580|
|Free University of Berlin||BSc Economics||600|
|Heidelberg University||BSc Economics||382|
|RWTH Aachen University||BSc Economics||600|
|University of Freiberg||BSc Economics||3,330|
|BSc Economic Science|
Bachelor in Economics: Eligibility Criteria
International students can apply to German universities either through the college website or through uni-assist. Uni-assist is a centralized admission portal run by the German Academic Exchange Service (DAAD) which allows international students to apply for multiple universities via a common portal.
The academic requirements to pursue bachelor in economics in Germany for international students are:
- Secondary level school education with a minimum of 75% with maths and statistics as a subject
- Passing the qualification assessment examination in Germany, called Feststellungsprüfung.The Feststellungsprüfung is an examination conducted by universities that assesses your proficiency in subjects that are crucial to your chosen degree programme and also in German language.
- Courses for international students are usually offered in English, but most bachelor courses are offered in German language. Hence, german language test score, DSH level2 is required for international students applying for those courses.
- English language proficiency test scores: IELTS- a overall minimum band of 6 and TOEFL- a minimum of 90 is required.
- Official Transcripts
- Test Scores
- Letter of Recommendation (LOR)
Bachelor in Economics in Germany: Fees
Bachelor in Economics in public universities of Germany is free. However, international students need to pay university fees and some other charges which usually range from 500 EUR to 1500 EUR a year.
Postgraduate Courses at Economics Universities in Germany
Usually a 1-2 year course, Masters in Economics in Germany is offered with a concentration on advanced analytical learning and quantitative training. International students with a graduate degree in economics immediately find jobs as this course prepares them for knowledge in economic methods and their implementations on a high theoretical level.
Here are some of the universities offering economics masters in Germany and their details:
|University||Course Offered||Duration (in years)||Annual fees (in EUR)|
|Ludwig Maximilian University of Munich||MS Economics||2||265|
|MS Quantitative Economics|
|Heidelberg University||MS Economics||2||355|
|Humboldt University of Berlin||MS Agricultural Economics||1||3679|
|MS Economics and Management Science||2||3679|
|University of Freiberg||MS Economics||2||2681|
|M.Ed Economic Science|
|University of Tuebingen||MS Management and Economics||2||3094|
|MS International Economics|
|MS Economics and Finance|
|MS European Economics|
|RWTH Aachen University||M.Ed Economics - Vocational School Teacher||2||294|
|MS in Economic Geography|
|MS in Economics|
|University of Bonn||MS Economics||2||6703|
|MA Ecumenical Studies|
|Free University of Berlin||MA Economics||2||321|
|MS Public Economics|
|University of Goettingen||MS International Economics||2||746|
|MS Development Economics|
|University of Hamburg||MS Economics||2||328|
|MS Health Economics and Health Care Management|
|University of Cologne||MS Economic Research||2||577|
Masters in Economics in Germany: Eligibility Criteria
International students applying for masters can also apply through Uni-Assist.
- Passed a bachelor’s degree in economics or related field with maths and statistics in the degree course.
- A minimum of 60% in undergraduate is demanded by most universities.
- GRE scores of minimum 320
- Proof of basic German language skills (CEFR Level A1 or DSH level2)
- English language proficiency test scores: IELTS- an overall minimum band of 6, TOEFL- 90,
The documents that are needed during the time of admission is listed below:
- Letter of motivation in English (maximum of 500 words)
- 2 letters of recommendation
- Academic essay
- Official transcripts
- GRE, IELTS, TOEFL, DSH scores
Masters in Economics in Germany: Fees
Most public universities in Germany provide higher education free of cost. Students just need to pay the enrollment fee/ university fee which ranges from 500 - 1500 EUR annually. Some universities charge tuition fees which range from 2,500- 6,700 EUR annually.
Doctorate Courses at Economics Universities in Germany
A PhD in economics in Germany helps a student specialize in a particular aspect of a subject that interests him. It gives a detailed insight into the subject and prepares a student for research-based jobs. PhD in Germany with economics is usually a 3-4 year course offered in public universities with no tuition fees.
The table below shows some of the universities providing doctorate degrees in economics and their details:
|University||Course Offered||Duration (in years)||Annual fees (in EUR)|
|University of Gottingen||Ph.D. Economic Sciences||3||NA|
|Humboldt University of Berlin||Doctor of Philosophy [Ph.D.] Berlin Doctoral Program in Economics and Management Science (BDPEMS)||4||NA|
|Doctor of Philosophy [Ph.D] European PhD in Socio-Economic and Statistical Studies (SESS)||3||NA|
|Goethe-Universität Frankfurt||Ph.D. Economics||4||NA|
|University of Mannheim||Ph.D. Economics||5||NA|
|University of Konstanz||Doctorate in Quantitative Economics and Finance||3||NA|
PhD in Economics: Eligibility Criteria
The eligibility criteria for international students to get admission in economics doctoral courses in Germany are:
- A masters degree from a recognized university in economics or any related specialization with a minimum of 50%
- Doctoral applicants from India must subject their master’s degree to an equivalency test with a German degree. The Dean's office of your chosen university will be doing this check.
- A writing sample showing your interest in the subject
- Language proficiency tests - IELTS- an overall minimum band of 6.5; TOEFL- 80; DSH- 2 (for courses taught in German)
- Official Transcripts
- Language Test scores
- Hand-signed CV
- Statement of Purpose (SOP)
- Test scores for studying in Germany
PhD in Economics in Germany: Fees
There are no tuition fees for a Ph.D. in Germany for international students in most universities. However there are some university or administration charges that a student has to pay every semester depending on the course structure.
Scholarships Available at Economics Universities in Germany
Higher education is free in the public universities in Germany. Affordability coupled with an almost-negligible tuition fee attracts more than 350,000 international students to study in Germany every year.
However, the cost of living is high and some of the top private universities charge high tuition fees. Hence, international students opt for scholarships. Scholarships for international students in Germany are either private or corporate houses funded or government-funded.
Some of the non-government scholarships are tabulated below:
|Scholarship||Awarding Committee||Award (in EUR)|
|Leke van den Burg Prize for research on systemic risk||European Systemic Risk Board (ESRB)||5000|
|The Friedrich Ebert Stiftung Scholarship||Friedrich Ebert Foundation||830 per month|
|Women in Economic Scholarship||European Central Bank||10,000|
|Heinrich Boll Scholarships in Germany for International Students||Heinrich Boll Foundation||Varies|
|JN Tata Endowment Scholarship||Tata Trust||11,976|
The government of Germany also sponsors financial aid for international students to study in Germany. These scholarships are provided by DAAD ( German Academic Exchange Service).
|Scholarship||Awards (in EUR)|
|Research Grants- Doctoral Programs in Germany||Monthly 850 for graduate students; Monthly 1,200 for doctoral students|
|Graduate School Scholarship Programme (GSSP)||Monthly 1,200|
|Helmut-Schmidt-Programme (Master’s Scholarships for Public Policy and Good Governance - PPGG)||Monthly 850|
|Baden-Württemberg Stiftung: The Baden-Württemberg-STIPENDIUM for University Students||600- 1400 per month|
|Federal Ministry of Education and Research: Germany Scholarship||300 per month|
Scope After Studying at Economics Universities in Germany
To get jobs in Germany after pursuing a degree in economics, international students should master the German language as it is the primary language in the country and companies prefer to recruit students who have mastered it. Some of the job titles you can apply for and their annual salary range is given below:
|Job Title||Average Annual Salary (in EUR)|
|Economist||24,000 - 96,000|
|Financial Controller||53,000 - 96,000|
|Data Analyst||38,000 - 68,000|
|Pricing analyst||37,000 - 69,000|
|Statistician||74,000 - 100,000|
|Market Researcher||54,000 - 122,000|
|Finance Expert||59,000 - 64,000|
|Investment Analyst||53,000 - 75,000|
|Investment Banking Analyst||60,000 - 102,000|
|Postdoctoral Research Associate||31,000- 63,000|
- An economist in Germany in his mid-career earns approximately 38% more than a fresher in the field.
- The average economist salary in Germany is 64,488 EUR per year or an equivalent hourly rate of 31 EUR. In addition, they earn an average bonus of 1,748 EUR per annum.
- The salary of professionals in the economics and finance industry is expected to rise by approximately 16% by 2025.
- Economics and econometrics sector jobs rank 7th in the highest paying salaries in Germany.
- European Central Bank is one of the highest recruiters of economics graduates in Germany
Last but not the least, a degree from economics universities in Germany is a golden opportunity for international students because of the low or no tuition fees in most universities. Though the living cost is high and can go up to around 850 EUR per month. The students earn salaries of around 60,000 EUR per annum without investing much in the cost of study.