Top Economics Universities in Germany: Courses, Eligibility, Fees, Scholarships and Jobs

Germany is a great choice for international students interested in studying economics or business because of its robust economy and booming corporate sector. Students from all over the world flock to Germany because of its highly ranked colleges, minimal tuition fees in public universities, and low cost of living. International students prefer  to study in Germany for economics because of a number of reasons:

• Around 60 economics universities in Germany provide degrees at various levels of education. 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.
• According to DAAD, over 100,000 international students had enrolled in economics and social sciences courses at German universities in 2021.
• Private institutions in Germany are usually dependent on tuition fees for their funding and set their own fees for studying economics up to 20,000  euros per year.
• As far as Master’s degree in economics in Germany is concerned, tuition fees for “non-consecutive” master’s degrees vary between universities and may be around 5,000 euros per year at public institutions and up to 30,000 euros at private German universities.

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 2021.

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:

• Econometrics
• MIcroeconomics
• Macroeconomics
• Financial Economics
• International Economics
• Welfare Economics
• Industrial Economics
• Game Theory
• Monetary Economics

Economics Universities in Germany: Undergraduate Programs

An undergraduate degree in economics in Germany is a 3-year course. There are no tuition fees required but the 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:

Economics Universities in Germany: Eligibility for Bachelors

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 a 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 program and also in German language.
• Courses for international students are usually offered in English, but most bachelor courses are offered in German language. Hence, the German language test score, DSH level2 is required for international students applying for those courses.
• English language proficiency test scores: IELTS- an overall minimum band of 6 and TOEFL- a minimum of 90 is required.

Documents Required

• Official Transcripts
• Test Scores
• Letter of Recommendation (LOR)
• Resume

UG Fees at Economics Universities in Germany

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.

Economics Universities in Germany: Postgraduate Programs

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:

Economics Universities in Germany: Eligibility for Masters 

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, 

Documents Required

The documents that are needed during the time of admission is listed below:

• Resume
• Letter of motivation in English (maximum of 500 words)
• 2 letters of recommendation
• Academic essay
• Official transcripts
• GRE, IELTS, TOEFL, DSH scores

PG Fees at Economics Universities in Germany

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.

Economics Universities in Germany: Doctoral Programs

A Ph.D. 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. Ph.D. 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:

Economics Universities in Germany: Eligibility for Ph.D. 

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)

Documents Required 

• Official Transcripts
• Language Test scores
• Hand-signed CV
• Statement of Purpose (SOP)
• Test scores for studying in Germany

Ph.D. Fees at Economics Universities in Germany

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.

Economics Universities in Germany: Scholarships Offered

Higher education is free in 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:

The government of Germany also sponsors financial aid for international students to study in Germany. Scholarships provided by DAAD  ( German Academic Exchange Service) are mentioned below: 

Economics Universities in Germany: Career Scope 

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.

• 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

Some of the job titles you can apply for and their annual salary range is given below:

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.