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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.

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.

Course Highlights

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.

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.

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

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 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.

Job Scope

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.

...Read more
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63 results found

Master of Financial Economics

Australian National University, Australia

The Master of Financial Economics is an elite, interdisciplinary degree preparing graduates for a career requiring advanced analytical skills and drawing on advanced knowedge of finance and economics. The program not only teaches students how to apply well-known models but also equips them with an understanding of the technical foundations of those models. These skills are highly marketable because they allow for the design and empirical testing of new financial instruments and models in new market environments. ...Read more
  • DURATION
    2 years
  • FEES
    INR 51.43L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    JUL 2024

Graduate Diploma in Economics

The University of Melbourne, Australia

Diploma in Economics provides this. You should acquire and be able to apply the skills of a professional economist at an honours level. Those with good results will be elgible for graduate level study in economics and econometrics at the Masters and Graduate Research levels. ...Read more
  • DURATION
    1 year
  • FEES
    INR 19.39L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    FEB 2025

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

University of Sydney, Australia

The Master of Economics (Dual Degree, Fudan University, China) offered by University of Sydney is an advanced Masters course designed for students aspiring to become profssionals in Economics. Students will gain hands-on experience through practical exercises and real-world projects, allowing them to apply the concepts learned in class. The curriculum is carefully designed to ensure that students develop a strong foundation in Economics and acquire the skills needed to solve complex problems in the industry. Upon completion of this course, students will be well-prepared to tackle the challenges of Economics and pursue rewarding career opportunities such as Economist, Financial Analyst, Policy Analyst, Data Analyst, Investment Analyst, Market Research Analyst. ...Read more
  • DURATION
    2 years
  • FEES
    INR 0.00L/yr
  • EXAMS
    -
  • INTAKE SESSION
    MAR 2024

Master of Philosophy in Commerce and Economics

The University of New South Wales, Australia

The Master of Philosophy (MPhil) is designed to provide an opportunity for students to develop research competence in a limited timeframe. The program duration is 1.5 yeas full-time or 3 years part-time. ...Read more
  • DURATION
    1 year 8 months
  • FEES
    INR 39.70L/yr
  • EXAMS
    IELTS-7.0
  • INTAKE SESSION
    MAY 2024

Master of International Economics and Finance (1.5 years)

The University of Queensland Australia, Australia

Pursue a unique combination of economics and finance knowledge to gain in demand skills spanning global markets. This is one of UQ's most popular master's, providing advnced knowledge of the implications and opportunities arising from international financial integration and challenges facing the global economy. Designed for students from any academic discipline, the program is founded upon a platform of microeconomics, macroeconomics and statistics. Stepped teaching, practical assessments and career services will build your employability and portfolio. From practical skills in programming probabalities in R to the critical and collaborative skills need to address global challenges in a team, you will graduate with the profile you need to succeed in finance and investment, government policy, commercial enterprise or international development. ...Read more
  • DURATION
    1 year 6 months
  • FEES
    INR 35.98L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    JUL 2024

Master of Applied Economics and Econometrics

Monash University, Australia

The Master of Applied Economics and Econometrics offered by Monash University is an advanced Masters course designed for students aspiring to become professionals in Econmics. Students will gain hands-on experience through practical exercises and real-world projects, allowing them to apply the concepts learned in class. The curriculum is carefully designed to ensure that students develop a strong foundation in Economics and acquire the skills needed to solve complex problems in the industry. Upon completion of this course, students will be well-prepared to tackle the challenges of Economics and pursue rewarding career opportunities such as Economist, Financial Analyst, Policy Analyst, Data Analyst, Investment Analyst, Market Research Analyst. ...Read more
  • 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

The MPhil is a highly flexible course that mirrors the structure and breadth of the Doctor of Philosophy. The Master of Philosophy (MPhil) can be taken in any disciplinefor which appropriate supervision supervision and resourcing are available. ...Read more
  • DURATION
    2 years
  • FEES
    INR 46.22L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    -

Master of Finance and Business Economics

The University of Adelaide, Australia

Our Master of Finance and Business Economics is suited to business or economics graduates seeking in-depth advancement in their area. It also meets the needs of graduateswith related degrees looking to comprehensively adapt to the fields of economics and finance. While the degree includes study in both areas, students must specialise in one. Depending on your goals and interests you will: study wealth management and financial modelling in depth learn analytical tools for financial decision-making analyse theoretical and applied aspects of modern economics and econometrics discover advanced techniques for analysing and managing data explore matters relating to the growth and stability of the whole economic system. ...Read more
  • DURATION
    2 years
  • FEES
    INR 54.58L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    MAR 2024

Master of Behavioural Economics

University of Technology Sydney (UTS), Australia

The Master of Behavioural Economics provides thorough training in behavioural economics and its application in the industry and government. This course provides a foundaton in standard economic theory and builds the behavioural models on this foundation. This includes heuristics and biases in individual decision making and their implications in strategic interactions. Students are also provided with a grounding in fundamental tools of applied behavioural science, such as causal inference, trial design and ethical review. Students are given the opportunity to apply behavioural economics concepts in different decision-making environments, including financial decision making, health, education, and the environment. The Master includes hands-on training where students develop their own research project or work on an applied question for an actual industry or government organisation. This course is designed to train a well-rounded behavioural economist to take leading positions in behavioural units or other relevant professions (e.g. consultancy, management, marketing). ...Read more
  • DURATION
    1 year 6 months
  • FEES
    INR 36.40L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    FEB 2025

Master of Business (Economics, Finance and Marketing)

RMIT University, Australia

In this program you will develop advanced skills in order to critically analyse information, synthesise knowledge, and communicate your research findings effectively for variety of career settings. This master degree may be undertaken in a project or thesis mode. Economics Finance Marketing ...Read more
  • DURATION
    2 years
  • FEES
    INR 39.56L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    -

Master of Health Economics, Management and Policy / Master of Business Administration

The University of Newcastle, Australia, Australia

The Master of Health Economics, Management and Policy program will provide students with a unique set of multidisciplinary skills needed to address the complex challengesfaced by the increasingly dynamic healthcare industry. Students will have the opportunity to focus on courses in health economics and policy, health management and leadership, health analytics and informatics, or research. The Master of Business Administration program is designed to provide students with a range of analytic, strategic and leadership skills which will prepare them for increasingly competitive careers in business management in the corporate and public sectors. The program offers a grounding in fundamental business areas such as accounting, organisational behaviour, marketing and management. ...Read more
  • DURATION
    2 years
  • FEES
    INR 44.73L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    MAY 2024

Master of Science (Minerals and Energy Economics), Master of Business Administration

Curtin University, Australia

This double degree is becoming a popular choice for students with experience in the resources industry who want to consolidate their business and management skills. It cobines the Master of Science with the internationally accredited business acumen of Curtin's highly regarded MBA. ...Read more
  • DURATION
    2 years 6 months
  • FEES
    INR 50.96L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    JUL 2024

Master of Applied Economics

Macquarie University, Australia

Economic decision making by governments, businesses and individuals can significantly impact our lives, behaviour and wellbeing. Applied economic analysis is an increasinly important field, requiring people who are skilled at analysing and interpreting economic data to inform decisions about everything from healthcare to financial policy, economic growth and development, natural resources and the environment, and the organisation and structure of markets. ...Read more
  • DURATION
    2 years
  • FEES
    INR 45.44L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    JUL 2024

Master of Health Economics

Deakin University, Australia

Turn data into evidence-based decisions that influence positive change in the healthcare system by studying the Master of Health Economics. Graduate with advanced skills n resource allocation and economic modelling, and use your expertise to inform policy and health practices on a global scale. The Master of Health Economics is designed for clinical and non-clinical health professionals who want to improve healthcare systems from the top down. It's also ideal for those from finance backgrounds hoping to use their knowledge of economics to create healthier, happier communities. If you're looking for a health economics program that's well-established, renowned for its academic research and led by teachers at the very forefront of the field, this is the course to take your career forward. ...Read more
  • DURATION
    2 years
  • FEES
    INR 37.20L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    MAR 2024

Master of Economics

University of Tasmania (UTAS), Australia

The Masters of Research qualifies individuals who apply an advanced body of knowledge in a range of contexts for research and scholarships and as a pathway for further reearch. Research degree candidates are driven by naturally inquiring minds, and have a passion to solve problems and advance humanity. A research degree allows you to conduct your own, unique research, and produce new knowledge and expertise that is innovative, relevant, and enlightened. ...Read more
  • 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

The Master of Philosophy (MPhil) is awarded on the basis of independent supervised study that produces a substantial piece of research as judged by independent experts ofinternational standing. ...Read more
  • DURATION
    2 years
  • FEES
    INR 38.98L/yr
  • EXAMS
    IELTS-6.5
  • INTAKE SESSION
    APR 2024

Master of Economics

University of New England, Australia

The Master of Economics offered by University of New England is an advanced Masters course designed for students aspiring to become professionals in Economics. Students wll gain hands-on experience through practical exercises and real-world projects, allowing them to apply the concepts learned in class. The curriculum is carefully designed to ensure that students develop a strong foundation in Economics and acquire the skills needed to solve complex problems in the industry. Upon completion of this course, students will be well-prepared to tackle the challenges of Economics and pursue rewarding career opportunities such as Economist, Financial Analyst, Policy Analyst, Data Analyst, Investment Analyst, Market Research Analyst. ...Read more
  • DURATION
    1 year
  • FEES
    INR 16.24L/yr
  • EXAMS
    -
  • INTAKE SESSION
    JUN 2024

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