Looking to pursue a Masters in Economics abroad? How about studying Masters in Economics in Australia? Australia stands out as a top destination with its prestigious universities and comprehensive programs. Boasting 22 of the world’s top economics universities, including renowned institutions like the University of Melbourne, ANU, UNSW, the University of Sydney, and Monash University, Australia offers unparalleled opportunities for students seeking expertise in economics.
The main distinction between undergraduate and postgraduate economics studies lies in the level of mathematical proficiency required. While some students may need preparatory courses in math and statistics for a master’s in Economics, the rigorous curriculum ensures graduates are well-equipped for roles in both public and private sectors as competent and socially responsible economists.
The duration of a Masters in Economics in Australia typically spans 1.5 years to 2 years for international students. Admission prerequisites usually include a bachelor’s degree with a minimum aggregate score of 65%. Additionally, top universities may expect a GRE score of 305, with specific scores in the Verbal and Quantitative Reasoning sections.
Studying for a Masters in Economics in Australia promises a transformative journey, delving deep into economic theories, policies, and practical applications. Want to know how? Come along…
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Why study for a Masters in Economics in Australia?
Here’s why studying Master in Economics in Australia is a fantastic choice:
World-Class Universities
Australia boasts 7 universities among the top 100 globally for Master of Economics programs. These institutions offer high-quality education and exceptional programs designed to prepare students for successful careers in economics.
Flexible Entry Requirements
Compared to Canada and the US, entry requirements for the Master of Economics in Australia are less stringent and demanding, making it more accessible to international students.
Outstanding Job Opportunities
Upon graduation, students can explore many job opportunities in Australia’s robust economy. Starting with a minimum package salary of around AUD 48,000 per year, the job scope for Master of Economics graduates is exceptional.
Diverse Specializations
International students can choose from various specializations such as marketing, finance, applied econometrics, and more, allowing them to tailor their studies to their interests and career goals.
Research Opportunities
Australian universities are renowned for their research-based courses in economics. Students have the chance to collaborate with experienced economists and contribute to advanced research projects.
Global Recognition
A Masters in Economics from an Australian university is globally recognized and in high demand, opening doors to career opportunities worldwide.
Scholarships and Financial Support
The Australian Government offers over 3000 Australia Awards scholarships to international students from 55+ countries, easing the financial burden of studying abroad.
Lucrative Career Paths
Graduates can pursue various career paths such as Economist, Policy Analyst, Financial Market Analyst, and more, with competitive salaries ranging from 60,000 AUD to 148,000 AUD on average.
With top-ranked universities, diverse specializations, excellent job prospects, and financial support options, studying in Australia (Masters in Economics) is a strategic investment in your future success.
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Types of Specializations
Australia is renowned for its diverse offerings in the field of economics, providing a spectrum of specialized Masters programs tailored to individual interests and career paths. These programs cover a wide range of areas such as Applied Economics, International Trade and Development, Environmental Economics, Public Policy and Economics, Financial Economics, and more. Each specialization equips students with a deep understanding of economic theories and practical applications, preparing them for various roles across industries and sectors.
Types of Masters in Economics Specializations in Australia
- Masters in Applied Economics: This specialization focuses on the practical application of economic theories and concepts to real-world scenarios. Students learn to analyze economic data, assess market trends, and formulate strategies for organizations and government bodies.
- Masters in International Trade and Development: This program delves into the complexities of global trade, policies, and development strategies. Students gain insights into international economics, trade agreements, and the impact of globalization on economies.
- Masters in Environmental Economics: This specialization addresses the intersection of economics and environmental sustainability. Students explore topics such as resource management, environmental policy analysis, and the economic implications of climate change.
- Masters in Public Policy and Economics: Focusing on the interplay between economics and public policy, this program trains students to analyze policy decisions, assess their economic impact, and propose viable solutions to societal challenges.
- Masters in Financial Economics: This specialization is designed for students interested in financial markets, investments, and risk management. It covers topics such as asset pricing, financial modeling, and the role of economics in shaping financial policies.
- Other Specializations: Australia also offers specialized Masters programs in areas such as Health Economics, Agricultural Economics, Economic Development, and Econometrics, catering to diverse career aspirations within the field of economics.
A Masters in Economics in Australia provides a comprehensive education that combines core economic principles with specialized knowledge in various domains.
Before we move further, read – Australia Intake 2024
Top Universities for Masters in Economics Australia
Below is the table highlighting the top universities along with the QS Ranking, Program Offered & Average Tuition Fees:
| University | QS Rankings 2024 | Program | Average Tuition Fee (AUD) |
| The University of Melbourne | #14 | Masters of Economics | 47,700 |
| The University of New South Wales | #19 | Masters of Applied Economics | 50,200 |
| University of Sydney | #19 | Masters of Economics | 54,000 |
| Australian National University | #34 | Masters of Economics | 46,680 |
| Monash University | #42 | Masters of Economics | 33,700 |
| University of Queensland | #43 | Masters of Economics | 44,150 |
| The University of Newcastle | #173 | Masters of Health Economics, Management, and Policy | 39,100 |
| Curtin University | #183 | Masters of Research: Economics and Finance | 50,000 |
| La Trobe University | #242 | Masters of Economics | 34,600 |
Suggested read – Top Universities in Australia for Indian Students & Cost of studying in Australia for International Students
Eligibility to pursue masters in Economics in Australia
To pursue a Master’s in Economics in Australia, several eligibility criteria must be met. These criteria encompass academic qualifications, English proficiency, standardized test scores, and submission of supporting documents.
Academic Qualifications
Applicants must hold a Bachelor’s degree in Economics or a related field from a recognized university, with a minimum aggregate of 65%. Alternatively, those with a graduate certificate or diploma in Economics meeting the 65% aggregate requirement are also eligible to apply.
English Proficiency
International candidates are required to demonstrate English proficiency through standardized tests like IELTS (6.5 to 7.0) or TOEFL iBT (79 to 96). Meeting these criteria is essential for admission consideration.
For more information, visit – IELTS Score for Australia
Standardized Test Scores
While not mandatory for Economics bachelor’s degree holders, submitting a GRE score of 305 (with specific scores in Verbal and Quantitative Reasoning) can strengthen the application.
Supporting Documents
Applicants must provide official transcripts, a 500-word Statement of Purpose (SOP) outlining their motivations and goals for the program, one professional Letter of Recommendation (LOR), two academic LORs, passport-size photographs, a valid passport, and an Australian Student Visa. These documents are crucial for the application process.
Interview (University Specific)
Shortlisted candidates will be invited for an interview, during which they must present an updated curriculum vitae (CV) highlighting their achievements and qualifications.
In summary, meeting the academic qualifications, and English proficiency standards, submitting standardized test scores if applicable, providing essential documents, and preparing for the interview are key aspects of eligibility to pursue a Master’s in Economics in Australia.
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Career Opportunity after Masters in Economics in Australia
After completing a Master’s in Economics in Australia, aspirants unlock a myriad of career opportunities. They can venture into various sectors, including local, state, and federal government agencies. Private sector options abound, with roles available in banks, consultancy companies, utilities, international agencies, insurance companies, and the finance industry.
Moreover, there are avenues for career advancement in mid-high-level positions within hospitals, local health districts, government departments, university departments, research bodies, medical supplies, and pharmaceutical companies. Opportunities also exist in health insurers, regulatory agencies, integrated care organizations, and not-for-profit organizations. This diverse range of career paths ensures that Master of Economics graduates in Australia have ample choices to pursue their professional aspirations.
Students also read – Student Life In Australia
Salary after Masters in Economics in Australia
After completing a Masters in Economics in Australia, individuals can expect a promising return on investment with attractive salary packages. The annual income for professionals in this field ranges from 44,000 to 238,000 AUD, which converts to approximately 24.26 lakhs to 1.33 crore INR for Indians.
Various job profiles are available for economics graduates, offering lucrative salary ranges. Economists, for instance, earn between 50,000 to 136,000 AUD annually, equivalent to 27.57 to 74.98 lakhs INR. Data analysts can expect to earn from 44,000 to 75,000 AUD, translating to 24.26 to 41.35 lakhs INR.
For those interested in marketing roles, positions like Digital Marketing Manager and Marketing Specialist offer competitive salaries. Digital Marketing Managers earn between 65,000 to 105,000 AUD (35.84 to 57.89 lakhs INR), while Marketing Specialists can earn from 51,000 to 82,000 AUD (28.12 to 45.21 lakhs INR).
Other promising job roles include Document Controller, Finance Director, and Human Resource Business Partner. Document Controllers earn between 53,000 to 86,000 AUD (29.22 to 47.42 lakhs INR), Finance Directors can expect salaries ranging from 132,000 to 238,000 AUD (72.78 lakhs to 1.33 crore INR), and Human Resource Business Partners earn between 75,000 to 110,000 AUD (41.35 to 60.65 lakhs INR).
These salary ranges demonstrate the rewarding opportunities available to individuals pursuing a Masters in Economics in Australia, making it a desirable choice for those seeking a lucrative career path in various sectors.
Final Thoughts!
Pursuing a Master in Economics in Australia opens doors to a world-class education, diverse specializations, and outstanding career prospects. With prestigious universities, flexible entry requirements, and lucrative job opportunities, Australia stands as an excellent choice for international students. Whether specializing in Applied Economics, International Trade, or Financial Economics, graduates can expect competitive salaries and global recognition, making this investment in education a strategic step toward a successful career in economics.
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FAQs
Yes, a Masters in Economics in Australia can be worth it for several reasons. Australia offers high-quality education with reputable universities, diverse learning opportunities, access to a strong job market, and potential pathways to permanent residency. Additionally, graduates often benefit from competitive salaries and opportunities for career advancement in various sectors.
Yes, Economics is in demand in Australia. With a strong economy and a need for professionals who can analyze and manage economic trends, there is a continuous demand for economists in various sectors such as finance, government, research, and consulting.
Australian universities with top Economics programs charge annual tuition fees ranging from 34,600 to 54,000 AUD (equivalent to 19.08 to 29.77 lakhs INR). Upon completing a Masters in Economics in Australia, graduates can anticipate earning between 44,000 to 238,000 CAD annually (equivalent to 24.26 lakhs to 1.33 crore INR).
It depends on your career goals and interests. A Master’s in Economics is more suitable for roles in economic analysis, policy, and research, while an MBA is focused on management, leadership, and business strategy, suitable for corporate and entrepreneurial careers.
Anushree Rastogi is a Senior Content Writer at iDreamCareer, bringing over 5 years of expertise to the field of career counseling. She has done a PGDM in Marketing and Finance and possesses a unique blend of skills that allows her to craft engaging and informative content. She is passionate about helping individuals navigate their career paths and has dedicated her career to providing valuable insights through her content. Her commitment to excellence and keen understanding of the career landscape make her a trusted guide for those seeking professional direction. With a flair for clear and engaging writing, Anushree is on a mission to empower others to make informed and fulfilling career choices.
