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Masters in Economics in Australia is a 2 year post graduation program for international students. The minimum admission requirement for Masters in Economics in Australia is a bachelor’s degree with at least 65% aggregate for admission to the program. Top universities expect a GRE score of 305 with 160 in Verbal and 164 in Quantitative Reasoning section.
The top Economics universities in Australia offer the program at an annual cost ranging from 34,600 to 54,000 AUD (19.08 to 29.77 lakhs INR). After the completion of a Masters in Economics in Australia, individuals can expect to earn anywhere between 44,000 to 238,000 CAD (24.26 lakhs to 1.33 crore INR) per annum.
Highlights
| Courses Available | Masters of Economics | Masters of Applied Economics | MA Economics | Masters of Health Economics, Management, and Policy | Masters of Research: Economics and Finance |
| Course Type | Full-time | Part-time |
| Program Duration | 1.5 to 2 years |
| Eligibility Criteria | Bachelors in Economics or equivalent from a recognized university with at least 65% aggregate |
| English Proficiency Requirements | IELTS: 6.5 (6 in each band) or TOEFL iBT: 79 overall |
| Entrance Exam | GRE score: Verbal: 160 | Quant: 164 |
| Annual Tuition Fees | 34,600 to 54,000 AUD (19.08 to 29.77 lakhs INR) |
| Annual Salary Range | 44,000 to 238,000 AUD (24.26 lakhs to 1.33 crore INR) |
Top Universities for Masters in Economics in Australia
Australia is a hub to educational institutions offering top quality courses in Masters in Economics. Some of the top universities for Masters in Economics in Australia are mentioned below:
| QS Rankings 2024 | University | Program | Application Deadline | Tuition Fee |
|---|---|---|---|---|
| #183 | Curtin University | Masters of Research: Economics and Finance | January 2024 | 50,000 |
| #14 | The University of Melbourne | Masters of Economics | 30 April 2024 | 47,700 |
| #42 | Monash University | Masters of Economics | 30 June 2024 | 33,700 |
| #242 | La Trobe University | Masters of Economics | 22 January 2024 | 34,600 |
| #19 | The University of New South Wales | Masters of Applied Economics | 25 January 2024 | 50,200 |
| #173 | The University of Newcastle | Masters of Health Economics, Management, and Policy | 25 January 2024 | 39,100 |
| #19 | University of Sydney | Masters of Economics | 15 January 2024 | 54,000 |
| #43 | University of Queensland | Masters of Economics | 31 May 2024 | 44,150 |
| #34 | Australian National University | Masters of Economics | 31 May 2024 | 46,680 |
Why Study Masters in Economics in Australia?
Australia is the 3rd most popular study-abroad destination in the world. International candidates primarily choose to pursue a Masters in Economics in Australia for the quality of education it offers and the placement opportunities.
- Several universities in Australia rank among the top global universities such as Monash University (44th in THE 2023), The University of Sydney (1st in QS 2023 rankings), etc.
- You can choose from a plethora of job profiles such as Economist, Agricultural Analyst, Policy Analyst, Financial Market Analyst, etc.
- Graduates can earn an appreciable amount of money after the completion of a Masters in Economics in Australia.
Masters in Economics in Australia Specializations and Syllabus
Masters in Economics in Australia course consists of 4 compulsory core subjects, 8 elective subjects, 2 quantitative subjects, and 1 research report, divided into 4 semesters. The following are the core subjects included in Masters in Economics in Australia:
Year - 1:
- Advanced Microeconomics
- Advanced Macroeconomics
Year-2: Any one of:
- Microeconomics
- Case studies in Microeconomics policy
- Labour economics
- Game Theory
- Development Economics
- Economic Design
Year-2: Choose one from:
- Macroeconomics
- Monetary Economics
- Macroeconomic Techniques
- Modelling the Australia Macroeconomy
Masters in Economics in Australia Admissions
The admission sessions for a Masters in Economics in Australia start in January, May, and November. You can choose to apply in one of the three application sessions. After the application, you will be called for an interview. It may take 2-3 weeks for the institution to reply to your application.
Masters in Economics in Australia: Eligibility Criteria
Prior to applying for any educational institution, checking its eligibility criteria is a good practice. The overall eligibility criteria for studying Masters in Economics in Australia are:-
- Qualification: Bachelor’s degree in Economics or a relevant stream from a recognized university with 65% minimum aggregate. Candidates with a graduate certificate in Economics or graduate diploma in Economics with at least 65% aggregate may also apply.
- Proof of English Proficiency: International candidates are required to submit proof of their English proficiency for admission to the program:
- Standardised Test Scores: Standardised test scores are often not required if you have completed a bachelor's in Economics but still submitting a GRE score of 305 (160 in Verbal and 164 in Quantitative Reasoning) adds much value to the application.
Supporting Documents:
- Official transcripts or certified copies of official transcripts
- A 500-word SOP explaining your intentions and vision for choosing the program and college
- 1 professional LOR and 2 academic LORs
- Passport size photographs
- Valid passport
- Australian student visa
- Interview (University specific)
At the time of the interview, candidates must bring an updated and presentable curriculum vitae (CV).
Masters in Economics in Australia: Admission Requirements
The following table shows the university-specific admission requirement for a Masters in Economics in Australia:
| University | Eligibility Criteria | Minimum IELTS Score |
|---|---|---|
| Curtin University | Bachelor’s degree in any stream | 6.5 with at least 6.5 in each band |
| The University of Melbourne | Bachelor’s degree in any stream with at least 75% aggregate | 6.5 with at least 6.0 in each band |
| Monash University | Australian bachelor’s degree in Economics or equivalent with at least 65% aggregate | 6.5 with at least 6.0 in each band |
| La Trobe University | Bachelor’s degree in Economics or equivalent with at least 65% aggregate | 6.5 with at least 6.0 in each band |
| The University of New South Wales | Australian bachelor’s degree in Economics or equivalent with at least 65% aggregate | 7.0 with at least 6.0 in each band |
| The University of Newcastle | Bachelor’s degree in any stream with at least 75% aggregate | 6.5 with at least 6.0 in each band |
| University of Sydney | Australian bachelor’s degree in Economics or equivalent with at least 65% aggregate | 7.0 with at least 6.0 in each band |
| University of Queensland | Bachelor’s degree in any stream with a minimum aggregate of 4.5 out of 7 GPA | 6.5 with at least 6.0 in each band |
| Australian National University | Bachelor’s degree or international equivalent with at least 5.0 GPA out of 7.0 | 6.5 with at least 6.0 in each band |
Masters in Economics in Australia Annual Fees
The annual tuition fees for MS in Economics in Australia ranges from 34,600 to 54,000 AUD (19.08 to 29.77 lakhs INR). The annual university-wise fees for studying a Masters in Economics in Australia are:
| University | Annual Fees (AUD) | Equivalent Fees (INR) |
|---|---|---|
| Curtin University | 50,000 | 27.57 Lakhs |
| The University of Melbourne | 47,700 | 26.3 Lakhs |
| Monash University | 33,700 | 18.65 Lakhs |
| La Trobe University | 34,600 | 19.08 Lakhs |
| The University of New South Wales | 50,200 | 27.68 Lakhs |
| The University of Newcastle | 39,100 | 21.56 Lakhs |
| University of Sydney | 54,000 | 29.77 Lakhs |
| University of Queensland | 44,150 | 24.34 Lakhs |
Cost of Living in Australia
Australia is considered among the costliest countries, which corresponds to the high standard of living and quality of education the nation offers. The average cost of living in Australia is 35,000 AUD (18.6 lakhs INR) per year.
| Expense Type | Cost Per Month (AUD) | Monthly Cost Equivalent (INR) |
|---|---|---|
| Shared Rental | 340 to 860 | 18,000 to 45,800 |
| On-campus Accommodation | 360 to 1120 | 18,000 to 59,500 |
| Groceries | 320 to 1120 | 17,000 to 59,500 |
| Gas and Electricity | 140 to 560 | 7,400 to 29,700 |
| Phone and Internet | 80 to 220 | 4,245 to 11,700 |
| Public Transport | 75 to 220 | 4,000 to 11,700 |
| Entertainment | 80 to 150 | 4,250 to 8,000 |
Masters in Economics in Australia Scholarships
In order to even the high cost of studying a Masters in Economics in Australia, you can apply for merit-based scholarships in Australia for international students. Some of the popular scholarships and grants available to students of Masters in Economics in Australia are:
| Scholarship | Eligibility | Award |
|---|---|---|
| Achieving Potential Support Scholarship | Students from Australia and New Zealand studying at Monash University. | Up to 15,000 AUD |
| Econometrics Honours Memorial Scholarship | Domestic and international candidates studying full-time Econometrics and Business Analytics at Monash University | Up to 15,000 AUD |
| ANU Chancellor’s International Scholarship | International candidates studying any course except Doctor of Medicine and Surgery and Masters of Military and Defense Studies at Australian National University | 25% to 50% fee waiver |
| ANU College of Business and Economics International Graduate Scholarship | International candidates enrolled to a postgraduate coursework program at ANU College of Business and Economics | 50% fee waiver |
How to get a fully funded scholarship to study Master's abroad? Watch the video below to find all the answers
Masters in Economics in Australia Placements
Masters in Economics in Australia offers a great return on investment. Individuals may expect to earn an annual income ranging from 44,000 to 238,000 AUD (24.26 lakhs to 1.33 crore INR). Some of the popular job profiles after masters in Australia to choose from after pursuing a Masters in Economics in Australia are tabulated as follows:
| Job Title | Average Annual Salary Range (AUD) | Equivalent Salary Range for Indians (INR) |
|---|---|---|
| Economist | 50,000 to 136,000 | 27.57 to 74.98 lakhs |
| Data Analyst | 44,000 to 75,000 | 24.26 to 41.35 lakhs |
| Digital Marketing Manager | 65,000 to 105,000 | 35.84 to 57.89 lakhs |
| Document Controller | 53,000 to 86,000 | 29.22 to 47.42 lakhs |
| Finance Director | 132,000 to 238,000 | 72.78 lakhs to 1.33 crore |
| Human Resource Business Partner | 75,000 to 110,000 | 41.35 to 60.65 lakhs |
| Marketing Specialist | 51,000 to 82,000 | 28.12 to 45.21 lakhs |
Masters in Economics in Australia Return on Investment
A comparison of the university-specific annual tuition fees for Masters in Economics in Australia and the average annual salary are as follows:
| University | Annual Tuition Fees (AUD) | Average Annual Salary (AUD ) |
|---|---|---|
| Curtin University | 50,000 | 72,000 |
| The University of Melbourne | 47,700 | 74,000 |
| La Trobe University | 34,600 | 66,000 |
| The University of New South Wales | 50,200 | 75,000 |
| The University of Newcastle | 39,100 | 69,000 |
| University of Sydney | 54,000 | 76,000 |
Masters in Economics in Australia University Comparison
A comparison and contrast between the top 3 universities for Masters in Economics in Australia is provided in the following table:
| Particulars | University of Sydney | University of Queensland | The University of Adelaide |
|---|---|---|---|
| QS Rankings | #1 in Australia | #41 in world | #5 in Australia | #50 in world | #1 for Economics in South Australia |
| Tuition Fee | 54,000 AUD (29.83 lakhs INR) | 44,100 AUD (24.36 lakhs INR) | 47,500 AUD (26.24 lakhs INR) |
| GPA | 65% aggregate | 4.5 out of 7 | 5.0 out of 7.0 |
| Program Duration | 2 years | 1.5 to 2 years | 2 years |
| TOEFL Score | 96 | 87 | 79 |
| Average Graduate Salary | 91,000 AUD (50.30 lakhs INR) | 80,000 AUD (44.21 lakhs INR) | 73,000 AUD (40.34 lakhs INR) |
Masters in Economics in Australia opens up the door to new opportunities in the field of Economy and Business. Individuals can work hard and become a finance director which can help them earn an enormous package of up to 238,000 AUD (1.33 Crore INR) per year.
FAQs
Ques. How much does a masters in economics cost in Australia?
Ans. The annual tuition fees for MS in Economics in Australia ranges from 34,600 to 54,000 AUD (19.08 to 29.77 lakhs INR). The annual university-wise fees for studying a Masters in Economics in Australia are:
| University | Annual Fees (AUD) | Equivalent Fees (INR) |
|---|---|---|
| Curtin University | 50,000 | 27.57 Lakhs |
| The University of Melbourne | 47,700 | 26.3 Lakhs |
| Monash University | 33,700 | 18.65 Lakhs |
| La Trobe University | 34,600 | 19.08 Lakhs |
| The University of New South Wales | 50,200 | 27.68 Lakhs |
| The University of Newcastle | 39,100 | 21.56 Lakhs |
| University of Sydney | 54,000 | 29.77 Lakhs |
| University of Queensland | 44,150 | 24.34 Lakhs |
Ques. Is Australia good for Masters in Economics?
Ans. Australia is home to the top universities in the world for economic studies. Australian universities offer the best programs that prepare students for a successful career in economics. Masters in Economics in Australia opens up the door to new opportunities in the field of Economy and Business. Individuals can work hard and become a finance director which can help them earn an enormous package of up to 238,000 AUD (1.33 Crore INR) per year.
Ques. What are the top universities to study Masters in Economics in Australia at?
Ans. Some of the top universities offering Masters in Economics in Australia are The University of Adelaide, The University of New South Wales, The University of Queensland, The University of Western Australia, Monash University among others.
Ques. What is the minimum aggregate to study Masters in Economics in Australia?
Ans. The minimum eligibility criteria for applying to a university for a Masters in Economics in Australia is that the applicant should have completed a Bachelor’s degree in any stream with a minimum aggregate of 65%. Some universities set the bar higher for the aggregate at 75%.
Ques. What is a Masters degree in economics Australia?
Ans. The Master of Economics is a postgraduate coursework degree focusing on theoretical and applied aspects of modern economics, econometrics and financial economics. Masters in Economics in Australia course consists of 4 compulsory core subjects, 8 elective subjects, 2 quantitative subjects, and 1 research report, divided into 4 semesters.
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