MS in Economics in Germany is a 2 years full-time program. The eligibility criteria for the MS in Economics in Germany include a three to four-year BSc or BA in Economics with a minimum GPA of 2.3 or better or an equivalent international grade. Proficiency in English is mandatory for pursuing an MS in Economics in Germany. International students are required to have a TOEFL score of 80-95 or IELTS scores of 6.0 to 6.5. The Application for Winter Semester 2024-25 will be open between April 15, 2024 and May 15, 2024. The course will begin in October 2024 for the winter semester.
The annual fees for MS in Economics in Germany range from 302 EUR and 3,000 EUR, equivalent to 27,157 to 2.69 lakhs INR. MS in Economics in Germany offers a strong return on investment as graduates can earn up to EUR 47,000 (42.26 lakhs INR). The top universities in Germany for MS in Economics offer good career prospects. International students will have the opportunity to get hired by leading firms with good annual packages.
MS in Economics in Germany: Highlights
| Program | MS in Economics in Germany |
| Program Duration | 2 years |
| Program Type | Full Time |
| Eligibility Criteria | BSc or BA in Economics (3 or 4-year degree). |
| GPA | GPA of 2.3 or better or equivalent international grade. |
| English Proficiency Requirements | IELTS: 6.0 to 6.5|TOEFL-iBT: 80-95 |
| Total Fees Range | 302 EUR and 3,000 EUR, equivalent to 27,157 to 2.69 lakhs INR |
| Average Annual Graduate Salary | EUR 47,000 (42.26 lakhs INR) |
| Cost of living in Germany (Monthly) | EUR 1486 Approx. (1.30 lakhs INR) |
Top Universities for MS in Economics in Germany
Below is a table showcasing the top universities and total annual tuition fees for MS in Economics in Germany.
| QS World University Rankings 2024 | University | Program | Application Deadline | Annual Fee (EUR) |
|---|---|---|---|---|
| #54 | Ludwig Maximilian University of Munich* | MS Economics | April 1st to 30th and mid May until July 15th. | No tuition fees for all students, except for general contributions to the student union per semester (Student Union fee 62 EUR + Semester Ticket 6650 EUR)
Annual contribution: 13,424 |
| #=87 | Heidelberg University* | MS Economics | 30 September, 2024 | 302 |
| #120 | Humboldt University of Berlin* | Master of Science (M.Sc.) in Economics
(Language of instruction: Mainly English) |
Winter semester: 1 to 31 May Summer semester: 1 December to 15 January | 614 |
| #=192 | University of Freiberg* | MS Economics | May 15, 2024 | 3,000 |
| #213 | University of Tubingen | MS Economics | July 15, 2024 | 3,000 |
| #106 | RWTH Aachen University | MS Economics | July 15, 2024 | 1,248 |
| #=239 | University of Bonn | MS Economics | March 31, 2024 | 640 |
| #205 | University of Hamburg | MS Economics | March 31, 2024 | 664 |
*Total annual semester fees for universities that do not charge tuition fees.
Why Study an MS in Economics in Germany?
Here are a few reasons why international students should pursue an MS in Economics in Germany:
- Germany is home to top-tier educational institutions according to the 2024 QS World University Rankings, with the Ludwig Maximilian University of Munich ranked #54, RWTH Aachen University ranked 106th, University of Hamburg ranked 205th and many more. These universities are well-known for providing excellent education in Master of Science (MS) in Economics in Germany.
- The majority of the top universities in Germany do not require tuition fees, as they are waived for international students. Instead, they require social contribution fees, student body charges, administrative fees, and semester fees, which are relatively low.
- The cost of living in Germany amounts to 1,486 EUR (1.30 lakhs INR) per month, which is quite low compared to its European counterparts.
- Plenty of scholarships are offered to postgraduate students to pursue an MS in Economics in Germany by DAAD (German Academic Exchange Service) and other non-governmental foundations.
MS in Economics in Germany Requirements
To secure admission to an MS in Economics in Germany, the following common documents are required, along with eligibility criteria:
Eligibility Criteria for MS in Economics in Germany
- BSc or BA in Economics (3 or 4-year degree).
- GPA of 2.3 or better or equivalent international grade.
- Transcripts
- The IELTS requirements range from a minimum of 6.0 to 6.5 overall, while the TOEFL iBT requirement is 80-95.
- CV/Resume
- Statement of Purpose
- Passport
- One academic or professional reference
- Letter of motivation (500 words max., in English
- Letters of recommendation
Below are the university-specific admission requirements for international students to ensure they meet the application deadlines. All the required documents, along with English language proficiency scores, are listed below.
| University | English Language Requirements | Academic Requirements | Additional Documents |
|---|---|---|---|
| Ludwig Maximilian University of Munich | TOEFL iBT: At least 80 points or an academic IELTS overall band score of 6.5 points. | Bachelor’s qualification in Economics with at least a grade of 2.0.
(at least 75 %) |
Curriculum Vitae | Motivation Letter (2,000 to 3,000 characters)| GRE/GMAT are NOT required for application.
Letters of reference are NOT considered for application | no application fee. |
| Heidelberg University | TOEFL iBT: At least 90 points or an academic IELTS overall band score of 6.5 points. | First university degree in a study program in Economics. GPA of at least 2.7 or better. | - |
| Humboldt University of Berlin | At least C1 level (GER) of English proficiency. | Undergraduate degree in Business Administration or Economics (or equivalent). | - |
| University of Freiberg | TOEFL ibt 95, IELTS 7.0 | Grade point average (GPA) in previous studies of at least 2.5 according to the German grading system. | Copy of your original Bachelor degree and original transcript | Curriculum Vitae | Letter of intent |
| University of Tubingen | TOEFL ibt: 80 or
IELTS: 6.5 (overall band) |
Bachelor Degree Certificate in Business Administration, Economics or related fields with a final grade of at least 2.5 or better. | - |
| RWTH Aachen University | TOEFL iBT: At least 90 points or an academic IELTS overall band score of 6.0 points. | First university degree in a study program in Economics. | - |
| University of Bonn | English proficiency: B2 level (CEFR) | German proficiency: Not required.
TOEFL iBT: At least 87 points or an academic IELTS overall band score of 6.0 points. |
BSc or BA in Economics (3 or 4-year degree).
GPA of 2.3 or better or equivalent international grade. |
Bachelor's degree certificate | academic transcripts | CV | GRE/GMAT: Not required | Letters of recommendation |
| University of Hamburg | TOEFL iBT: At least 92 points or an academic IELTS overall band score of 6.5 points. | Four-year Bachelor's degree. | Letter of motivation (500 words max., in English) | At least one letter of recommendation | Degree certificate or provisional Transcript of Records. |
MS in Economics in Germany: Cost of Attendance
The cost of attendance for pursuing the MS in Economics in Germany is calculated by combining the total estimated fees for one year with the cost of living in Germany.
MS in Economics in Germany Fees
The total annual fees for the MS in Economics in Germany range from 302 EUR and 3,000 EUR, equivalent to 27,157 to 2.69 lakhs INR.
| University | Annual Total Fee (EUR) | Tuition Fees (INR) |
|---|---|---|
| Ludwig Maximilian University of Munich | 13,424 | 12.07 lakhs |
| Heidelberg University | 302 | 27,157 |
| Humboldt University of Berlin | 614 | 55,214 |
| University of Freiberg | 3,000 | 2.69 lakhs |
| University of Tubingen | 3,000 | 2.69 lakhs |
| RWTH Aachen University | 1,248 | 1.12 lakhs |
| University of Bonn | 640 | 57,552 |
| University of Hamburg | 664 | 59,710 |
*1 EUR equals to 90 INR
Cost of Living in Germany
Cost of Living in Germany costs more than in India. For one person, monthly expenses, excluding rent, are about 939.9 EUR (83,157 INR). International students spend around 1,486 EUR (1.30 lakhs INR) per month.
| Expense Type | Cost per month (EUR) | Monthly cost equivalent (INR) |
|---|---|---|
| Rent | 837 | 73,319 |
| Utilities | 274 | 24,001 |
| Meal | 235 | 20,585 |
| Transportation | 62 | 5,431 |
| Mobile Phone and Internet | 78 | 6,832 |
| Total | 1486 Approx. | 1.30 lakhs |
Scholarships for MS in Economics in Germany
There are various scholarships available for international students to study in Germany which are offered by many universities. Below is the table shedding light on the scholarships available for MS in Economics in Germany, along with the eligibility criteria and awards.
| Scholarships | Eligibility | Award |
|---|---|---|
| DAAD Scholarships | Completed first degree required | EUR 934/month |
| RWTH Aachen University Scholarships | Strong academic performance | Up to EUR 5,928/semester based on weekly hours. |
| Deutschland Stipendium | Merit-Based | EUR 300 per month |
| Heinrich Boll Scholarships | Excellent academic records, to be socially and politically engaged, and to have an active interest in the basic values of the foundation: ecology and sustainability, democracy and human rights, self determination and justice. | EUR 812 and EUR 300 book allowance per month |
Career Prospects After MS in Economics in Germany
Upon successful completion of an MS in Economics, there are high-paying jobs in Germany. Graduates can earn an average annual salary of EUR 47,000 (42.26 lakhs INR). The following table showcases various job titles available to those with an MS in Economics in Germany, along with the average salaries offered:
| Job Roles | Annual Salary in EUR | Equivalent Salary for Indians in INR |
|---|---|---|
| Economist | 44,667 | 40.16 lakhs |
| Policy Analyst | 40,000 | 35.97 lakhs |
| Survey Researcher | 60,515 | 54.41 lakhs |
| Market Researcher | 39,668 | 35.67 lakhs |
| Data Analyst | 64,000 | 57.55 lakhs |
| Statistician | 65,000 | 58.45 lakhs |
Souce: Payscale
MS in Economics in Germany: Return on Investment
When considering studying in Germany, it is important to calculate the Return on Investment (ROI) which will help international students to make an informed choice. Here is the table presenting the total annual tuition fees of the top universities in Germany for MS in Economics, along with the average graduate salary per year.
| University | Annual Total Tuition Fee (EUR) | Average Graduate Salary Per Year (EUR) |
|---|---|---|
| Ludwig Maximilian University of Munich | 13,424 | 80,000 |
| Heidelberg University | 302 | 62,000 |
| Humboldt University of Berlin | 614 | 105,000 |
| University of Freiberg | 3,000 | 52,000 |
| University of Tubingen | 3,000 | 89,000 |
MS in Economics in Germany vs UK
Here is the table showcasing the comparison between MS in Economics in Germany and UK based on the different parameters.
| Parameter | MS in Economics in Germany | MS in Economics in UK |
|---|---|---|
| Annual Tuition Fee Range | 302 EUR and 3,000 EUR, equivalent to 27,157 to 2.69 lakhs INR | 18,000 GBP to 34,000 GBP (17.85 lakhs - 32.34 lakhs INR) |
| English Language Proficiency | IELTS: 6.0 to 6.5|TOEFL-iBT: 80-95 | TOEFL: 90 - 100
IELTS: 6.5 - 7.0 |
| Degree Requirement | BSc or BA in Economics (3 or 4-year degree). | A globally recognized bachelor degree with a minimum 2:1 honours degree or 60% in Economics or a related subject. |
| GPA/ Scores | GPA of 2.3 or better or equivalent international grade. | 60% |
| Graduate Salary | EUR 47,000 (42.26 lakhs INR) | 39,000 GBP (37.1 lakhs INR) |
| Cost of Living (per month) | EUR 1486 Approx. (1.30 lakhs INR) | GBP 3,340 (3.47 lakhs INR) |
Pursuing an MS in Economics in Germany offers a plethora of opportunities for international students. With a strong job market outlook, flexible admission requirements, and a wide range of esteemed universities, this program provides a promising return on investment. The diverse selection of universities, coupled with competitive salaries and scholarships, makes it an attractive destination for those aspiring to excel in the field of Economics.
FAQs
Ques. Is Germany good for Masters in economics?
Ans. Germany is home to top-tier educational institutions according to the 2024 QS World University Rankings, with the Ludwig Maximilian University of Munich ranked #54, RWTH Aachen University ranked 106th, University of Hamburg ranked 205th and many more. These universities are well-known for providing excellent education in Master of Science (MS) in Economics in Germany.
Plenty of scholarships are offered to postgraduate students to pursue an MS in Economics in Germany by DAAD (German Academic Exchange Service) and other non-governmental foundations.
Ques. Is MS free in Germany?
Ans. The majority of the top universities in Germany do not require tuition fees, as they are waived for international students. Instead, they require social contribution fees, student body charges, administrative fees, and semester fees, which are relatively low. The annual fees for pursuing an MS in Economics in Germany range from 302 EUR and 3,000 EUR, equivalent to 27,157 to 2.69 lakhs INR.
Ques. What is the average salary for a master's in economics from Germany?
Ans. MS in Economics in Germany offers a strong return on investment as graduates can earn up to EUR 47,000 (42.26 lakhs INR).
Ques. How much GPA is required for an MS in Economics in Germany?
Ans.A GPA of 2.3 or better, or its equivalent international grade, is required for admission to an MS in Economics program in Germany.
Ques. Is IELTS required for Germany?
Ans. Yes, for most MS programs in Germany, international students are required to demonstrate proficiency in English. The IELTS requirements range from a minimum of 6.0 to 6.5 overall, while the TOEFL iBT requirement is 80-95.
Ques. Which German school is best for economics?
Ans. Below is a table showcasing the top universities for MS in Economics in Germany.
| QS World University Rankings 2024 | University |
|---|---|
| #54 | Ludwig Maximilian University of Munich |
| #=87 | Heidelberg University |
| #120 | Humboldt University of Berlin |
| #=192 | University of Freiberg |
| #213 | University of Tubingen |
| #106 | RWTH Aachen University |
| #=239 | University of Bonn |
| #205 | University of Hamburg |
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Comments
3 Comments
Many universities offer MS in Economics programs entirely in English. This is becoming increasingly common, especially at the Master's level. In these programs, German language proficiency is not mandatory. English proficiency tests like TOEFL or IELTS will likely be required to demonstrate your ability to succeed in an English-language learning environment.
While German is the predominant language of instruction in German universities, particularly at the master's level, it's not universally required for studying an MS in Economics. Many programs are taught in English, offering opportunities for international students. While proficiency in German can be advantageous, it's not always a strict prerequisite.
I have a bachelor's degree in Business Administration with a concentration in finance. Which universities in Germany offer MS programs in Economics that would be a good fit for my background?
A bachelor's degree in Business Administration with a concentration in finance is a strong foundation for pursuing an MS in Economics in Germany. some excellent universities that offer such programs and might be a good fit for your background are University of Mannheim, WHU - Otto Beisheim School of Management, The University of Bonn, The Humboldt University of Berlin, The Goethe University Frankfurt etc.
MS in Economics in Germany is a 2 years full-time program and the eligibility criteria for the MS in Economics in Germany include a three to four-year BSc or BA in Economics with a minimum GPA of 2.3 or better or an equivalent international grade. International students are required to have a TOEFL score of 80-95 or IELTS scores of 6.0 to 6.5. The top Universities for MS in Economics in Germany are Ludwig Maximilian University of Munich, Heidelberg University, Humboldt University of Berlin, University of Freiberg, University of Tubingen, RWTH Aachen University, University of Bonn, and University of Hamburg.
Which country is better to study for an MS in economics, Germany or Canada?
Public universities in Germany typically charge very low or no tuition fees for international students. However, you'll need to pay a semester contribution fee ranging from €150 to €200. Tuition fees for Master's programs in Canada vary significantly depending on the university and program. Generally, international students can expect to pay more than domestic students.