Masters in Economics in Australia

Pursuing a Masters in Economics in Australia can be a transformative experience, offering students a deep understanding of economic theories, policies, and practices. This article provides valuable insights into the Masters in Economics program, highlighting its significance, curriculum, top universities, admission process, job opportunities, and more. Whether you aspire to be an economic analyst, policy advisor, or researcher, a Masters in Economics in Australia can equip you with the knowledge and skills needed to excel in the dynamic world of economics.

Highlights of Masters in Economics in Australia

Embarking on a Masters in Economics in Australia journey unveils a path to comprehensive economic expertise and a world of possibilities. This program, designed to mold adept economists, offers a blend of theoretical foundations and practical applications that prepare graduates for impactful careers. A summary of the program is below:

Duration

Average Fees

Course Type

General Eligibility 

Exams Required

1.5 - 2 years

AUD 20,000 - $40,000 per year

Full-time, Part-time

Relevant bachelor's degree, English proficiency

IELTS, TOEFL (if applicable)

Whether you envision yourself influencing economic policies, conducting in-depth market analysis, or contributing to sustainable development, a Masters in Economics in Australia sets you on an enlightening journey of academic excellence and professional growth.

Why Study Economics in Australia?

Studying Economics in Australia offers a multitude of advantages. With a robust education system and a diverse culture, Australia provides an enriching environment for international students. The country's academic excellence is known for its world-renowned universities, cutting-edge research opportunities, and a strong emphasis on practical learning. Australia's strong ties to the Asia-Pacific region open doors to unique economic perspectives and potential career opportunities.

Types of Masters in Economics Specializations in Australia

Economics is a diverse field, and Australia offers a range of specialized Masters programs within the broader discipline. These may include a Masters in Applied Economics, International Trade and Development, Environmental Economics, Public Policy and Economics, Financial Economics, and more. Each specialization caters to specific interests and career aspirations, allowing students to tailor their education to their desired path.

The Masters in Economics curriculum delves into microeconomics, macroeconomics, econometrics, quantitative analysis, and policy formulation. This blend of core and specialized subjects equips students with a profound understanding of economic theories and their real-world applications.

The flexible course structure accommodates both full-time and part-time students, making it feasible for those with diverse commitments. With a strong emphasis on research, problem-solving, and critical thinking, this program grooms individuals to tackle complex economic challenges across industries and sectors.

Whether you envision yourself influencing economic policies, conducting in-depth market analysis, or contributing to sustainable development, a Masters in Economics in Australia sets you on an enlightening journey of academic excellence and professional growth.

Best Universities for Masters in Economics in Australia

Australia boasts several prestigious universities renowned for their Economics programs. Here are a few of the top institutions offering this course:

University

World Ranking

Annual Tuition Fees

Programs Offered

Admission Deadlines

Monash University

44th in Times Higher Education 2023

34,600 to 54,000 AUD (19.08 to 29.77 lakhs INR)

Master of Applied Econometrics, Master of Applied Economics, Master of Banking and Finance, Master of Business Economics, Master of Economics

Rolling admissions

The University of Sydney

51st in Times Higher Education 2023

42,000 to 54,000 AUD (23.15 to 29.77 lakhs INR)

Master of Economics, Master of Political Economy, Master of International Business and Law

30th November

The University of Melbourne

56th in Times Higher Education 2023

41,472 to 47,904 AUD (22.83 to 26.38 lakhs INR)

Master of Economics, Master of International Business, Master of Commerce

31st October

Australian National University

60th in T Times Higher Education2023

37,008 to 47,040 AUD (20.36 to 25.89 lakhs INR)

Master of Economic Policy, Master of Applied Economics, Master of Economic Studies

15th November

The University of Queensland

62nd in Times Higher Education2023

34,112 to 44,640 AUD (18.75 to 24.52 lakhs INR)

Master of Economics, Master of Development Economics, Master of International Economics and Finance

30th November

The University of Western Australia

131st in Times Higher Education2023

34,800 to 43,200 AUD (19.14 to 23.74 lakhs INR)

Master of Economics, Master of Agricultural and Resource Economics

31st October

Course Curriculum

The Masters in Economics in Australia offers a comprehensive curriculum designed to provide students with a deep understanding of economic principles, policies, and practices. This enlightening journey encompasses a diverse range of subjects and topics, equipping graduates with the knowledge and skills required to thrive in the dynamic world of economics.

Admission Requirements & Eligibility Criteria for Masters in Economics in Australia

Eligibility Criteria

To enroll in a Masters in Economics in Australia, candidates generally need:

  • A relevant bachelor's degree with a decent academic record
  • Proof of English proficiency (e.g., IELTS: 6.5 overall with no band less than 6.0)
  • Letters of recommendation
  • Statement of purpose
  • Resume/CV

Admission Requirements

Gaining admission for Masters in Economics in Australia involves fulfilling several vital requirements that pave the way for your academic journey. Essential documents, language proficiency, and beyond are prerequisites that ensure a smooth transition into this enriching educational experience.

Key Requirements

  1. Academic Credentials: A relevant bachelor's degree from a recognized institution demonstrates your foundational knowledge in economics or related fields. Transcripts and certificates verifying your academic achievements are essential.
  2. Language Proficiency: Proficiency in English is vital as the medium of instruction. Most universities accept standardized language test scores such as IELTS, TOEFL, or PTE. Achieving the minimum required score validates your ability to comprehend and communicate effectively.
  3. Letters of Recommendation: Typically, you'll need two to three letters from academic or professional referees who can vouch for your aptitude, work ethic, and potential as a Masters candidate.
  4. Statement of Purpose (SOP): Your SOP is an opportunity to showcase your motivation, goals, and how the Masters in Economics aligns with your aspirations. A well-crafted SOP provides insights into your personality and dedication.
  5. Resume/CV: Your resume should highlight academic achievements, work experience, internships, research projects, and extracurricular activities. This document demonstrates your well-roundedness and suitability for the program.
  6. Entrance Exams: Depending on the university, you may need to take standardized tests like the GRE or GMAT. These tests evaluate your analytical, quantitative, and critical thinking abilities, which are crucial for success in a rigorous academic environment.
  7. Visa Requirements: International students must secure a visa to study in Australia. It may involve fulfilling financial criteria and health insurance requirements and providing evidence of genuine intent to pursue education.
  8. Work Experience: While not always mandatory, relevant work experience can strengthen your application and demonstrate practical exposure to economic concepts. It showcases your ability to apply theoretical knowledge to real-world scenarios.

Admission Process

The admission for Masters in Economics in Australia involves several steps to ensure a seamless transition into your academic journey. Here's a concise guide on how prospective students can embark on this exciting path:

  1. Research and Shortlist: Begin researching universities offering the Masters in Economics program. Evaluate their curriculum, faculty, and reputation to shortlist institutions aligning with your academic goals.
  2. Check Eligibility: Review the admission criteria, ensuring you meet academic requirements and language proficiency standards. Prepare documents like transcripts, letters of recommendation, and language test scores.
  3. Submit Application: Complete the online application by providing accurate personal and academic details. Attach supporting documents, including your SOP, resume, and recommendation letters.
  4. Entrance Exams: Register and prepare for standardized tests like the GRE or GMAT. Achieving a competitive score enhances your application.
  5. Interview (if applicable): Some universities may take interviews to assess your suitability for the program. Prepare by researching the program and practicing responses.
  6. Acceptance and Visa: You will receive an offer letter after admission. Accept the offer and initiate the student visa application process. Fulfill financial, health insurance, and character requirements.
  7. Arrival Preparation: Plan your arrival, accommodation, and other logistical aspects. Attend orientation programs to acclimate to the university and the new environment.

Cost of Studying Masters in Economics in Australia

Embarking on a Masters in Economics journey entails an educational investment and an exciting opportunity for personal and professional growth. Understanding the comprehensive cost structure is crucial as it encompasses tuition fees, pre-arrival expenses, and the overall financial commitment.

Course Fees and Pre-Arrival Costs

The tuition fees for Masters in Economics in Australia vary depending on the university and course structure. Students can expect charges ranging from AUD 20,000 to $40,000 PA. Research and compare programs to find the one that aligns with your budget and aspirations.

In addition to course fees, there are pre-arrival costs to consider:

  • Language Proficiency Tests: International students are required to demonstrate English proficiency through exams like IELTS or TOEFL. The cost for these tests can range from AUD 200 to $330, depending on the test center and location.
  • Student Visa: Securing a student visa is a prerequisite for studying in Australia. Visa application fees range from AUD 575 to $620, depending on the type of visa and processing time.
  • Health Insurance: Overseas Student Health Cover (OSHC) is mandatory for international students. The cost varies based on the duration of your program and the insurance provider, averaging around AUD 437 per year.
  • Accommodation and Living Expenses: While studying in Australia, a budget for accommodation, food, transportation, and other daily expenses will be necessary. These costs can vary greatly depending on your location and lifestyle.

Planning for these expenses is vital. Plan it to ensure a smooth transition and a fulfilling academic experience. Exploring scholarship opportunities, part-time work options, and budgeting strategies can help alleviate financial concerns and allow you to make the most of your Masters in Economics in Australia.

Scholarships & Financial Aid for Masters in Economics in Australia

Exploring scholarship opportunities can ease the financial burden of pursuing a Masters in Economics in Australia. Several scholarships, tailored to support outstanding students, provide financial aid and recognition of academic merit and potential contributions to the field.

Scholarship Name

Eligibility

Deadline

Scholarship Amount

Excellence Scholarship

Outstanding academic record, Relevant achievements

April 30

AUD 5,000 – AUD 10,000

Future Economist Award

Demonstrated passion for economics, Leadership qualities

June 15

AUD 7,500

These scholarships alleviate tuition costs and showcase your dedication and potential as an economist. Stay vigilant and apply within the stipulated deadlines to maximize your chances of securing these prestigious awards.

Career Opportunities after Masters in Economics in Australia

Upon completing a Masters in Economics in Australia, graduates want to embark on rewarding career paths. 

These roles allow graduates to contribute to policy formulation, economic research, financial analysis, and more. With a Masters in Economics, you possess the expertise to make informed decisions that impact economies and industries globally.

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62 results found

Graduate Certificate of Economics

Australian National University, Australia

  • DURATION
    -
  • FEES
    INR 15.21L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    FEB 2025

Graduate Diploma in Economics

The University of Melbourne, Australia

  • DURATION
    1 Year
  • FEES
    INR 32.49L (Total)
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    FEB 2025

Master of Economics (Dual Degree, Fudan University, China)

The University of Sydney, Australia

  • DURATION
    2 Years
  • FEES
    INR 0.00L/yr
  • EXAMS
    -
  • INTAKE SESSION
    MAR 2025

Master of Philosophy in Commerce and Economics

The University of New South Wales, Australia

  • DURATION
    1 Year 8 Months
  • FEES
    INR 39.70L/yr
  • EXAMS
    IELTS-7.0
  • INTAKE SESSION
    FEB 2025

Graduate Certificate in Economics

The University of Queensland Australia, Australia

  • DURATION
    6 Months
  • FEES
    INR 14.41L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    FEB 2025

Master of Applied Economics and Econometrics

Monash University, Australia

  • DURATION
    1 Year
  • FEES
    INR 26.53L/yr
  • EXAMS
    -
  • INTAKE SESSION
    FEB 2025

Master of Philosophy - Research (Economics and Commerce)

The University of Western Australia (UWA), Australia

  • DURATION
    2 Years
  • FEES
    INR 25.99L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    -

Master of Finance and Business Economics

The University of Adelaide, Australia

  • DURATION
    2 Years
  • FEES
    INR 54.58L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    FEB 2025

Master of Behavioural Economics

University of Technology Sydney (UTS), Australia

  • DURATION
    1 Year 6 Months
  • FEES
    INR 39.73L (Total)
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    FEB 2025

Master of Business (Economics, Finance and Marketing)

RMIT University, Australia

  • DURATION
    2 Years
  • FEES
    INR 21.34L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    -

Master of Philosophy (Economics)

The University of Newcastle, Australia, Australia

  • DURATION
    2 Years
  • FEES
    INR 18.62L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    -

Graduate Certificate in Minerals and Energy Economics

Curtin University, Australia

  • DURATION
    6 Months
  • FEES
    INR 9.12L (Total)
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    FEB 2025

Master of Applied Economics

Macquarie University, Australia

  • DURATION
    2 Years
  • FEES
    INR 25.71L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    FEB 2025

Master of Economics

University of Tasmania (UTAS), Australia

  • DURATION
    2 Years
  • FEES
    INR 38.37L/yr
  • EXAMS
    IELTS-6.0
  • INTAKE SESSION
    -

Master of Philosophy in Department of Accounting, Finance and Economics (MPHILAFE)

Griffith University, Australia

  • DURATION
    2 Years
  • FEES
    INR 38.98L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    OCT 2024

Master of Economics

University of New England, Australia

  • DURATION
    1 Year
  • FEES
    INR 16.24L/yr
  • EXAMS
    -
  • INTAKE SESSION
    FEB 2025

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All information provided on this page is for general use and upGrad Abroad is not responsible for any errors or omissions. The Universities involved in this Program are accredited/recognized in the countries where they are established. Relevant terms and conditions apply.Any action taken upon the information found on this website is strictly at your own risk.