Masters in Economics in Canada for International Students

Masters in Economics in Canada

Master’s in economics in Canada is a one to two-year course with the availability of both MS (Master of Science) and MA (Master of Arts) options. More than 20 Canadian universities offer this course, with tuition fees of around CAD 13,000-45,000 on average (approx. ₹10 lakh to ₹34 lakh) per year.

Canada is one of the biggest overseas education hubs and choosing to do your MS in economics in Canada is a smart move. Students can select various specializations, including natural resource economics, development economics, agriculture economics, and economic policy while pursuing the course. You may also choose a thesis or course-based masters in economics. Holding a bachelor’s degree in econometrics, microeconomics, economic theory, and mathematics makes a student eligible to apply for MA in economics in Canada. 

Entry-level salaries in the field stand at roughly CAD 42,948 per annum or ₹32 lakh. 

Recommended Read: Study Abroad for MASTERS Degree

 Why Study Masters in Economics in Canada? 

There are many reasons to study economics in Canada. They include: 

  • You can study at the best universities in Canada for a master’s in economics. These institutions are highly ranked globally and offer top-notch curricula, innovative learning models, and superb research environments. 
  • Analysts expect steady growth in economist jobs in Canada over the next five years. 
  • Economists employed in various sectors (both public and private) draw handsome salaries in Canada while getting the right platforms and infrastructure for conducting research. 
  • Canada has a friendly and non-complicated PR (permanent residence) framework and student-friendly laws and regulations. 

Leading Universities for MS in Economics in Canada

Here are some of the top universities to pursue your master’s in economics: 

Name of the Institution Cost 
University of Toronto $74820 (₹56 lakh)
McGill University $13583 (₹10 lakh)
University of British Columbia  $18675 (₹14 lakh)
University of Alberta $15750 (₹12 lakh)
Universite De Montreal $18418 (₹14 lakh)
McMaster University $25640 (₹19 lakh)
University of Waterloo $10563 (₹8 lakh)
The University of Western Ontario $54,500 (₹40 lakh)
University of Calgary $19994 (₹15 lakh)
Queen’s University at Kingston $9695 (₹7 lakh)
Dalhousie University $42166 (₹31 lakh)

Program Highlights

  • The subject comes with various majors like Financial & Labour economics, Resource & Environmental economics, Development economics, Public Finance, Industrial Organization, International Economics, and Law and Economics. 
  • The programs differ across institutions though they integrate social science components such as sociology. 
  • Master in Economics is a one to two-year program for both MS and MA. 
  • Average tuition costs are between CAD 13,000 and 45,000 (₹34 lakh approx). 
  • The average economist salary in Canada (entry-level) stands at approximately CAD 42,948 (₹33 lakh) per annum.

Recommended Read: Study in Canada

Cost of Studying Master’s in Economics in Canada

Here are the approx study costs that you must account for: 

  • Application Charges- CAD113-150 (₹11000)
  • Costs of study permit application- CAD 235 (₹18000) 
  • IELTS charges- CAD 185-190 (₹15000)
  • GRE charges- CAD 205-230 (₹18000)
  • TOEFL charges- CAD 160-250 (₹13000)
  • Health insurance costs- CAD10,000 (₹8 lakh)
  • Airfare costs- CAD 450-1,400 (₹1 lakh)
  • CAD 13,000-45,000 in tuition fees (₹10 lakh to ₹33 lakh)
  • Accommodation costs- CAD 4,500-15,000 (₹11 lakh) per year 
  • Books and Study materials- CAD 756-1,510 (₹1 lakh)
  • Food and Grocery costs- CAD 3,000-4,000 (₹3 lakh)

Admission Procedure, Eligibility & Requirements for MS in Economics

There are certain requirements that a candidate has to fulfil to pursue a master’s in economics in Canada. Applications are submitted directly through the website of your chosen university or college. Send your application well before the deadline for the same. 

Here’s looking at the eligibility criteria: 

  • 16 years of total education with 10+2+4 break-up. 
  • Four-year Bachelor’s degree in economics or related field. Students with knowledge of microeconomics, advanced economic theory, econometrics, mathematics, and statistics are always preferred. 
  • Minimum requirement of a GPA of 3.0 on a scale of four points or a CGPA of 7-8 on a ten-point scale. The minimum percentage should thus be 78-81% or Grade B. 
  • Students should submit GRE scores compulsorily. 
  • Eligibility for admissions is dependent upon strong academic performance and analytical skills. 
  • Prior professional experience in any related field is always held beneficial. 

Necessary Documents Required 

  • Official academic transcripts and mark sheets. 
  • Updated Resume/CV. 
  • LORs (letters of recommendation). 
  • Statement of Purpose (SOP) or personal statement. 
  • GRE score sheet
  • IELTS  band score or TOEFL scorecard

Applications are reviewed by the department and admission officers. The application status can be seen on the official portals of universities or colleges. Admission letters are mostly issued through the portal and within two months from the deadline for application. 

Recommended Reads:

Test Score Requirement for Master’s in Economics in Canada

Exam Score Required
GRE 300 or higher
IELTS Band score of 6.5-7
TOEFL 86-93

Job Prospects after Master’s in Economics in Canada

Canada is already witnessing a steady demand for skilled economists in various fields. A master’s degree holder in economics can work as an analyst of public policies, consultant, health insurance analyst, financial manager, research executive, economic advisory provider, and more. Graduates can find employment across consultancy and research firms, scientific and government departments and organizations, financial institutions, banks, global agencies, educational institutions and universities, NGOs, and more. 

Skilled graduates take up job roles as financial market economists, economists, research officers, budget analysts, economic development directors, consultants, university professors, policy analysts, and more. Average salaries may hover between $64,000 (₹49 lakh) at the entry-level for research officers (for example) and go up to a whopping $165,000 (₹1 crore) for financial market economists. Qualified economists may go on to earn $86,180 (₹65 lakh) with experience. The growing demand for economists is attributed to the rapidly evolving global market and economic dynamics and a highly competitive environment for business with emerging financial regulations and strictures alongside. 

Visa Procedure

The visa procedure for Canada is quite simple. Here are the key steps that you should keep in mind: 

  • You will not require a study visa if you are studying a course lasting less than six months or are a staff/family member of any foreign representative in the country (with suitable accreditation). 
  • Before arrival, you should apply online for your Canadian student visa on the CIC (Citizenship and Immigration Canada) website. 
  • Send your documents via post or online. 
  • Provide your acceptance letter from a designated institution for learning and proof of sufficient funds. 
  • Provide proof of not having a criminal record along with complete health records. 
  • The study permit will expire around 90 days after you finish your course. You can then apply for a work permit. 

The necessary visa documents include: 

  • Filled-up student permit form. 
  • Valid passport. 
  • Original acceptance/confirmation letter. 
  • Two photographs (passport-sized) with all other specifications. 
  • Proof of funds and letter of intent. 
  • Those studying in Quebec will require Certificat d’acceptation du Quebec and English and French document translations, translator’s statement, and certified original document copies. 
  • Proof of study permit fee payment. 

If you do not come from an English-speaking nation, you will have to submit evidence of English language proficiency. You can submit scores in either IELTS Academic or TOEFL iBT. Alternatives include C1 Advanced and PTE Academic. You may have to visit the visa application center to submit your biometrics. The final visa interview takes place after that. The processing time for study visas is up to 90 days.

Indian students may take the help of the Student Direct Stream for faster visa processing. It costs around CAD 150 ( ₹8,941) and ensures that you get the application processed within approximately 20 days. 

Available Scholarships

Here are some of the top scholarship options available for students: 

Name of the Institution Scholarship Name  Scholarship Funding Amount
University of Toronto Ontario Graduate Scholarship, H. Stanley Hunnisett Fund and the Dorothy J. Powell Graduate Scholarship In International Economics CAD 11,300 (₹9 lakh) per session and it may vary as well
University of Waterloo The Ontario Graduate Scholarship CAD11,300 (₹9 lakh) per session
University of British Columbia The Mackenzie King Scholarship and the Toptal Scholarships for Women CAD 7900- CAD 9500 (₹7 lakh) per year  
University of Alberta The AD O’Brien Graduate Scholarship in Public Finance and the Alberta Graduate Excellence Scholarship CAD 4021 per year or CAD 9000 (₹7 lakh) as one-time assistance
Universite De Montreal The Lise Salvas Foundation Award,

Maurice Bouchard Foundation Award, and the

PBEE Merit Scholarships for Graduates

CAD 760 (₹57,907) per year (it may vary as well) 

Study in Canada with upGrad Abroad

upGrad Abroad offers flexible study solutions to help aspirants achieve their foreign education dreams through collaborations with the top international universities. Pursue MBA at University Canada West with us and save up to one-fifth of the education cost. 

Frequently Asked Questions

Q1. Is economics in demand in Canada?

A. Economics has a high demand throughout Canada. The country has witnessed steady growth in the demand for skilled economists, research officers, public policy analysts, and professionals in similar or related fields. Canada has a fast-growing economy, and opportunities abound throughout government and private organizations, consulting and research firms, and more such entities. Canada is also home to numerous leading institutions in economics too.

Q. Is Canada good for economics students?

A. Canada is one of the top countries for economics students who want a research-driven and conducive environment for academic learning. Canada is home to some of the world’s best universities and programs for economics that offer top-class system research opportunities, projects, and sufficient internship opportunities. It is also home to leading employers like research and consulting firms, government organizations, and even non-governmental organizations. Reports suggest Canadian universities have ranked highly in all major global rankings for economics and econometrics.

Q. How much do economists make in Canada?

A. Economists are a well-paid category of professionals in Canada. Entry-level economists may start earning approximately $42,948 (₹32,72,401) per annum in Canada. With some experience, they can start earning up to $85,851 (₹65 lakh) per year. Entry-level positions may pay up to $71,458 (₹54 lakh) annually, depending upon the location, company, and job profile. Experienced economists can earn up to $117,523 (Rs 90 lakh) per annum.

Q. What jobs can you get with a master’s degree in economics in Canada?

A. You can get several professional opportunities or jobs with your Canadian Master’s degree in economics. Some of the top professional opportunities include consumer credit manager, tax economist, population studies analyst, financial researcher, financial research analyst, business credit or loan administrator, bank research analyst, university professor, and many more.

Q. Is economics a good major in Canada? Will it get me a good job?

A. Economics is a fast-growing job-oriented educational course in Canada. You will get several globally recognized universities offering courses in various branches and facets of economics. It is a great major, for it will make you academically sound and infuse an appetite for research. At the same time, there is high demand for qualified economists in Canada. You can get a good job opportunity specializing in economics, especially across government agencies and organizations, research and consulting firms, and educational institutions.

Recommended Reads:

0 Shares:
Leave a Reply

Your email address will not be published.

You May Also Like