Masters in Economics in Canada – A Complete Overview

Masters in Economics in Canada

Masters in economics in Canada is a one or two-year course with the availability of both MS (Master of Science) and MA (Master of Arts). More than 20 Canadian universities offer this course with tuition fees hovering around $13,000-45,000 on average (approx. INR 9.66 lakh to INR 34.44 lakh) per year. 

Canada is one of the biggest overseas education hubs, and choosing to do your MS in economics is a smart move. Students can select various specializations, including natural resource economics, development economics, agriculture economics, and economic policy while pursuing Masters in Economics. You may also choose a thesis or course-based masters programs in economics. Holding a bachelor’s degree in econometrics, microeconomics, economic theory, and mathematics make a student eligible to apply for MS in economics in Canada. Entry-level salaries in the field stand at roughly $42,948 per annum or INR 31.91 lakh. 

Why study masters in economics in Canada? 

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

  • You can study at the top universities for masters in economics in Canada. 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 along with student-friendly laws and regulations. 

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Leading universities for MS in Economics in Canada

Here are some of the top universities to pursue your masters in economics in Canada.

Name of the Institution

Cost of the Program 

University of Toronto

$74820 (INR 55.59 lakh)

McGill University

$13583 (INR 10.09 lakh)

University of British Columbia 

$18675 (INR 13.87 lakh)

University of Alberta

$15750 (INR 11.70 lakh)

Universite De Montreal

$18418 (INR 13.68 lakh)

McMaster University

$25640 (INR 19.05 lakh)

University of Waterloo

$10563 (INR 7.85 lakh)

The University of Western Ontario

$54,500 (INR 40.49 lakh)

University of Calgary

$19994 (INR 14.85 lakh)

Queen’s University at Kingston

$9695 (INR 7.20 lakh)

Dalhousie University

$42166 (INR 31.33 lakh)

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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. 
  • Masters in Economics is a 1-2 year program for both MS and MA. 
  • Average tuition costs are between $13,000-45,000 (INR 34,26,795 approx). 
  • The average economist salary in Canada (entry-level) stands at approximately $42,948 (INR 32,70,533) per annum.  

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Cost of Studying Masters in Economics in Canada

Here are the study costs that you must account for: 

  • Application Charges- $113-150 (INR 11,422)
  • Costs of study permit application- $235 (INR 17,906) (approx)
  • IELTS charges- $185-190 (INR 14,700)
  • GRE charges- $205-230 (INR 17,525 approx)
  • TOEFL charges- $160-250 (INR 12,750 approx)
  • Health insurance costs- $10,000 (INR 7,62,185)
  • Airfare costs- $450-1,400 (INR 1,06,709 approx)
  • $13,000-45,000 in tuition fees (approx. INR 9.66 lakh to INR 33.44 lakh)
  • Accommodation costs- $4,500-15,000 (INR 11,43,318 approx) per year 
  • Books and Study materials- $756-1,510 (INR 1,15,094)
  • Food and Grocery costs- $3-4,000 (INR 3,04,885)

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Admission Procedure & Requirements for MS in Economics

There are certain requirements that a candidate has to fulfill to pursue masters in economics 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 GPA 3.0 on a scale of four points or CGPA 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. 

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Necessary documents required 

  • Official academic transcripts and mark sheets. 
  • Updated Resume/CV. 
  • LORs (letters of recommendation). 
  • Statement of Purpose (SOP) or personal statement. 
  • GRE scores of 300 or higher in most cases (score sheet to be submitted). 
  • IELTS scores of 6.5-7 or TOEFL scores of 86-93 in most cases (score sheet to be submitted). 

Applications are reviewed by the department and admissions committees. 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. 

Job Prospects after Masters in Economics in Canada

Canada is already witnessing a steady growth in demand for skilled economists in various fields. A master’s degree holder in economics can work as analysts of public policies, consultants, health insurance analysts, financial managers, research executives, economic advisory providers, 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 (INR 48,74,400) at the entry-level for research officers (for example) and go up to a whopping $165,000 (INR 1,25,66,812) for financial market economists. Qualified economists may go on to earn $86,180 (INR 65,63,684) with experience. Growing demand for economists is attributed towards rapidly evolving global market and economic dynamics and a highly competitive environment for business with emerging financial regulations and strictures alongside. 

Visa Procedure

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 6 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 itself. 
  • Provide your acceptance letter from a designated institution for learning along with 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 along with 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 centre to submit your biometrics. The final visa interview takes place after that. The processing time for study visas is up to 90 days at the most.

Indian students may take the help of the Student Direct Stream for faster visa processing. This costs around CAD 150 ( INR 8,941.22) 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

$11,300 (INR 8,60,777) per session and it may vary as well

University of Waterloo

The Ontario Graduate Scholarship

$11,300 (INR 8,60,777) per session

University of British Columbia

The Mackenzie King Scholarship and the Toptal Scholarships for Women

$7900-$9500 (INR 7,23,662) per year  

University of Alberta

The AD O’Brien Graduate Scholarship in Public Finance and the Alberta Graduate Excellence Scholarship

$4021 per year or $9000 (INR 6,85,575) as one-time assistance

Universite De Montreal

The Lise Salvas Foundation Award,
Maurice Bouchard Foundation Award, and the
PBEE Merit Scholarships for Graduates

$760 (INR 57,907) per year (it may vary as well) 


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 itself, and opportunities abound throughout government and private organizations, consulting and research firms, and more such entities. Canada is also home to numerous leading institutions for economics too.

Q2. 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 a top-class system of research, 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.

Q3. 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 (INR 32,72,401) per annum in Canada. With some experience, they can start earning up to $85,851 (INR 65,41,374) per year. Entry-level positions may pay up to $71,458 (INR 54,43,420) annually, depending upon the location, company, and job profile. Experienced economists can earn up to $117,523 (Rs 89,52,490) per annum.

Q4. 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.

Q5. 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 by specializing in economics, especially across Government agencies and organizations, research and consulting firms, and educational institutions.

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