Economics Colleges in Australia: Courses, Eligibility, Fees, Scholarships and Scope

If you are considering to study abroad economics, look no further than  Australia. Economics colleges in Australia are highly sought after as Australia is home to 22 of the world’s top universities for economics as per QS rankings and includes five in the top 50 namely: the University of Melbourne, ANU, UNSW, the University of Sydney and Monash University.  A degree from top economics colleges in Australia makes one highly competent, work-ready graduates with in-depth discipline knowledge, and the professional and technical skills to work as socially responsible economists in the private and public sectors.

• The average cost to study undergraduate programs in econmics ranges between 31,000 AUD t0 45,000 AUD. On the other hand masters in economics from Australia will cost you around 45,000 AUD to 75,000 AUD.
• Australian Government offered over 3000 Australia Awards scholarships to international students from over 55 countries. 
• The average economist typically earns an average salary of 60,000 AUD to 148,000 AUD.
• Out of 73,000 economics professionals working in Australia, 70% work as Economists whereas 25% are university lecturers.
• The career paths for economics graduates include Economist, Data Analyst, Accountant, Economic researcher, Financial Consultant, etc.
• The top companies hiring economists in Australia are Wesfarmers, Reserve Bank of Australia, Centre for Health Economics, etc.

Top Economics Colleges in Australia

Australia is home to forty-five universities located in eight states. According to the QS rankings, seven universities are ranked among the top 100 universities globally. The three main types of degrees provided by the universities in Australia are Bachelor’s, Masters and Doctoral Degrees.

Below is the table showing the top Economics colleges in Australia.

Economics Colleges in Australia: Specialization and Degree Types

Economics degrees introduce students to the core economic topics namely microeconomic theory, macroeconomic theory and econometrics. There are other core modules which include mathematics, statistics, history of economic theory and applied economics.

The table below shows the opportunity for the students to choose a specialization in economics.

The degree types offered by the economics colleges in Australia are as follows:-

• Undergraduate Degree – Bachelor of Economics, Bachelor in Applied Economics, Bachelor in Economics(Honors), Bachelor in Business and Economics, Bachelor in Economics and Science.
• Graduate Degree - Master in Economics, Master in Applied Economics, Graduate Diploma in Economics, Graduate Certificate in Economics, Graduate Certificate in Mineral and Energy Economics, Graduate Certificate in Behavioral Economics, MBA in Economics.
• Doctoral Degree - Doctor of Philosophy(Economics and Commerce), Ph.D. in Business and Economics, Doctor of Philosophy(Integrated) in Economics, Doctor of Philosophy in Applied Economics, Doctor of Philosophy in Economics, Doctor of Philosophy in Economics and Management, Ph.D. in Econometrics, Doctor of Philosophy in Economics and Management, Doctor of Philosophy in Economics and Finance.

Economics Colleges in Australia: Undergraduate Program

The Bachelor of Economics is a three-four years program that includes compulsory courses designed to give students a solid understanding of economics, plus a selection of optional courses. With a Bachelor of Economics, the students have a rewarding career in many areas of business, finance or government as well as in private or public sectors. 

The table below shows the bachelor’s degree offered by the economics colleges in Australia.

Economics Colleges in Australia: Eligibility for Bachelors 

The Bachelor of Economics provides undergraduate training in theoretical and applied aspects of modern economics, econometrics and financial economics. This degree requires you to complete a core major in the following areas namely economics, econometrics, financial economics and resource economics.

Below are the eligibility criteria required to pursue a bachelor’s degree in economics in Australia.

• Aggregate of 70% in 12th standard.
• 10th and 12th certificate degrees.
• Proof of English language proficiency 
  • IELTS – 6.0 to 7.0
  • TOEFL – 96
  • PTE - 68

Documents Required

• Proof of English Language Proficiency Test Score.
• A statement of purpose.
• A passport.
• Letter of recommendation.
• 10th and 12th certificates.

Economics Colleges in Australia: Fees and Funding for Bachelors

The tuition fees for studying in Australia will depend on one or more variables. One of these is your home country and the other is choosing to study at private or public institutions. 

The average tuition fees for the international undergraduate students is in the range of 30,000 AUD to 45,000 AUD.

The Australian Government and Australian Universities provide a large number of international scholarships for a bachelor's degree in Australia.

Economics Colleges in Australia: Postgraduate Program

Masters in Economics in Australia takes one to two years to complete when studied on a full-time basis.

• Students enrolling in a Masters of Economics program have the opportunity to study at internationally recognized universities around Australia namely Victoria, Tasmania, NSW, etc.
• A Master of Economics degree helps to find jobs in business, finance, consulting, etc. which can lead to a rewarding career. 

The table below shows the master’s degree offered by the economics colleges in Australia.

Economics Colleges in Australia: Eligibility for Masters

A master’s program in economics from Australian universities is designed for individuals who successfully denote a high level of expertise. This program is also an appropriate foundation for further Ph.D. studies.

The eligibility criteria for pursuing masters in economics in Australia are as follows:

• Aggregate of 65% in an undergraduate degree in a related field.
• Proof of English language proficiency 
  • IELTS – 6.5
  • TOEFL – 79
  • PTE – 58.

Documents Required

• Proof of English Language Proficiency Test Score.
• A statement of purpose.
• A Bachelor’s Degree Certificate.
• A student Visa for Australia.
• A passport.
• Resume/CV
• Letter of recommendation.
• 10th and 12th certificates.

Economics Colleges in Australia: Fees and Funding for Masters 

The tuition fees vary depending on the discipline you choose to study, the degree level, and the university in which you enroll. The average tuition fees required to pursue a master’s in economics from Australian colleges range from 30,000 AUD to 50,000 AUD.

The Australian awards are international scholarships funded by the Australian government for helping the international students. They waive some portion of the tuition fees. Some scholarships also cover the cost of living in Australia for international students.

Economics Colleges in Australia: Postgraduate Diploma Courses

A postgraduate diploma (PG Diploma) is typically six months to one year of duration. It can be studied after the completion of a bachelor’s degree. The table below shows the graduate diploma and graduate certificate programs offered by the economics colleges in Australia.

Economics Colleges in Australia: Doctoral Program

Ph.D. in Economics is a three to five-year doctorate course. The eligibility for the doctoral course is a postgraduate course in economics and along with a Bachelor’s degree in Economics from a recognized university.

The table below shows the doctoral degree offered by the economics colleges in Australia.

Economics Colleges in Australia: Eligibility for Ph.D. 

Admissions to a Ph.D. in Economics in Australia will normally require an existing bachelor’s and master's degree in a related subject.

• 75% aggregate in a Master’s degree.
• Three-four years of a bachelor’s degree.
• Proof of English proficiency scores
  • IELTS – 6.5
  • TOEFL – 79
  • PTE - 58

Documents Required

• A valid passport.
• Academic Documents.
• Student Visa.
• CV/Resume.
• Statement of purpose.
• Research Proposal.
• Proficiency in English Language.
• Letter of Recommendation.

Fees and Funding for Ph.D. in Economics in Australia

As an international student in Australia, you’ll pay fees at a higher rate. The reason is that domestic students benefit from state subsidy of public universities through Australian taxation.

The average tuition spent on pursuing a doctoral degree in economics in Australia is in the range of 30,000 AUD to 45,000 AUD.

There’s a good chance that you don’t have to pay your full international fees as a PhD student in Australia. This is because funding and awards are offered by various university scholarships and government incentives which are designed to attract international students.

Economics Colleges in Australia: Scholarships 

The Australian universities and colleges provide a wide range of awards to the meritorious international students for funding their studies. Apart from these, there are numerous other bursaries offered by the government.

Any candidate applying for the scholarships must check the eligibility and criteria along with the closing date. Some of the scholarships for international students in Australia for studies at an economics college in Australia are as follows:

Economics Colleges in Australia: Career Scope

Economists perform economic research and analysis and develop applied theories about the distribution of goods and services and financial behavior. 

• The number of people working as Economists grew very strongly and expected to grow from 6300 in 2018 to 6700 by 2023.
• There are likely to be around 5000 job openings for over 5 years.
• The average salary of an economist in Australia is 51,000 AUD to 1,290,000 AUD.

Below are the various job opportunities in Australia for international students after graduating from an economics college:

The employment of economists in Australia is projected to grow by 8% over the next ten years as per the job outlook website. The job prospects are best for those with a master’s degree or PhD with strong analytical skills. The subject of economics can be applied in other domains namely business, finance, journalism, data science, etc. 

For a fact, economists are highly paid in Australia with maximal salaries in the public sector and a plethora of opportunities in the private sector as well. Thus making higher education in Australia from an economics university a good choice.