Masters in Economics in Australia is a 2 year post graduation program for international students. Prospective students need a bachelor’s degree with at least 65% aggregate for admission to the program. Top universities expect a GRE score of 305 with 160 in Verbal and 164 in Quantitative Reasoning section.

The top Economics universities in Australia offer the program at an annual cost ranging from 34,600 to 54,000 AUD (19.08 to 29.77 lakhs INR). It is suitable for students planning to make a career as an Economist, Statistician, Analyst, etc. After the completion of a Masters in Economics in Australia, individuals can expect to earn anywhere between 44,000 to 238,000 CAD (24.26 lakhs to 1.33 crore INR) per annum.
Explore: Jobs After MS in Australia

Highlights

Courses Available Masters of Economics | Masters of Applied Economics | MA Economics | Masters of Health Economics, Management, and Policy | Masters of Research: Economics and Finance
Course Type Full-time | Part-time
Program Duration 1.5 to 2 years
Eligibility Criteria Bachelors in Economics or equivalent from a recognized university with at least 65% aggregate
English Proficiency Requirements IELTS: 6.5 (6 in each band) or TOEFL iBT: 79 overall
Entrance Exam GRE score: Verbal: 160 | Quant: 164
Annual Tuition Fees 34,600 to 54,000 AUD (19.08 to 29.77 lakhs INR)
Annual Salary Range 44,000 to 238,000 AUD (24.26 lakhs to 1.33 crore INR)

Top Universities for Masters in Economics in Australia

Australia is a hub to educational institutions offering top quality courses in Masters in Economics. Some of the top universities for Masters in Economics in Australia are mentioned below:

University Program Application Deadline Duration Tuition Fee
Curtin University Masters of Research: Economics and Finance 12 February, 2023 2 years 50,000
The University of Melbourne Masters of Economics 31 May, 2023 2 years 47,700
Monash University Masters of Economics 27 June, 2023 1, 1.5, 2 years (depending on the prior qualification) 33,700
La Trobe University Masters of Economics 31 January, 2023 2 years 34,600
The University of Adelaide Masters of Applied Economics – 2 years 47,500
The University of New South Wales Masters of Applied Economics 27 January, 2023 2 years 50,200
The University of Newcastle Masters of Health Economics, Management, and Policy 25 January, 2023 2 years 39,100
University of Sydney Masters of Economics 31 March, 2023 2 years 54,000
University of Queensland Masters of Economics 30 November, 2022 (Closed) 1.5 to 2 years 44,150
Australian National University Masters of Economics 22 December, 2022 2 years 46,680

Table of Content

  1. Why Study Masters in Economics in Australia?
  2. Masters in Economics in Australia Admissions
    2.1 Masters in Economics in Australia Eligibility
    2.2 Masters in Economics in Australia Admission Requirements
  3. Masters in Economics in Australia Fees
    3.1 Masters in Economics in Australia Cost of Living
  4. Masters in Economics in Australia Scholarships
  5. Masters in Economics in Australia Placements
  6. Masters in Economics in Australia ROI
  7. Masters in Economics in Australia Specialization and Syllabus
  8. Masters in Economics in Australia University Comparison
  9. FAQs

Why Study Masters in Economics in Australia?

Australia is the 3rd most popular study-abroad destination in the world. International candidates primarily choose to pursue a Masters in Economics in Australia for the quality of education it offers and the placement opportunities.

  • Several universities in Australia rank among the top global universities such as Monash University (44th in THE 2023), The University of Sydney (1st in QS 2023 rankings), etc.
  • You can choose from a plethora of job profiles such as Economist, Agricultural Analyst, Policy Analyst, Financial Market Analyst, etc.
  • Graduates can earn an appreciable amount of money after the completion of a Masters in Economics in Australia. A comparison of the salaries after Masters in Economics in Australia according to payscale is provided below:
    Master in Economics in Australia Salary

Masters in Economics in Australia Admissions

The admission sessions for a Masters in Economics in Australia start in January, May, and November. You can choose to apply in one of the three application sessions. After the application, you will be called for an interview. It may take 2-3 weeks for the institution to reply to your application.

Masters in Economics in Australia: Eligibility Criteria

Prior to applying for any educational institution, checking its eligibility criteria is a good practice. The overall eligibility criteria for studying Masters in Economics in Australia are:-

  • Qualification: Bachelor’s degree in Economics or a relevant stream from a recognized university with 65% minimum aggregate. Candidates with a graduate certificate in Economics or graduate diploma in Economics with at least 65% aggregate may also apply.
  • Proof of English Proficiency: International candidates are required to submit proof of their English proficiency for admission to the program:
  • Standardised Test Scores: Standardised test scores are often not required if you have completed a bachelor's in Economics but still submitting a GRE score of 305 (160 in Verbal and 164 in Quantitative Reasoning) adds much value to the application.

Supporting Documents:

  • Official transcripts or certified copies of official transcripts
  • A 500-word SOP explaining your intentions and vision for choosing the program and college
  • 1 professional LOR and 2 academic LORs
  • Passport size photographs
  • Valid passport
  • Australian student visa
  • Interview (University specific)

At the time of the interview, candidates must bring an updated and presentable curriculum vitae (CV).

Masters in Economics in Australia: Admission Requirements

The following table shows the university-specific admission requirement for a Masters in Economics in Australia:

University Eligibility Criteria Minimum IELTS Score
Curtin University Bachelor’s degree in any stream 6.5 with at least 6.5 in each band
The University of Melbourne Bachelor’s degree in any stream with at least 75% aggregate 6.5 with at least 6.0 in each band
Monash University Australian bachelor’s degree in Economics or equivalent with at least 65% aggregate 6.5 with at least 6.0 in each band
La Trobe University Bachelor’s degree in Economics or equivalent with at least 65% aggregate 6.5 with at least 6.0 in each band
The University of Adelaide Bachelor’s degree in any stream with a minimum aggregate of 5.0 GPA. 6.5 with at least 6.0 in each band
The University of New South Wales Australian bachelor’s degree in Economics or equivalent with at least 65% aggregate 7.0 with at least 6.0 in each band
The University of Newcastle Bachelor’s degree in any stream with at least 75% aggregate 6.5 with at least 6.0 in each band
University of Sydney Australian bachelor’s degree in Economics or equivalent with at least 65% aggregate 7.0 with at least 6.0 in each band
University of Queensland Bachelor’s degree in any stream with a minimum aggregate of 4.5 out of 7 GPA 6.5 with at least 6.0 in each band
Australian National University Bachelor’s degree or international equivalent with at least 5.0 GPA out of 7.0 6.5 with at least 6.0 in each band

Masters in Economics in Australia Annual Fees

The annual tuition fees for MS in Economics in Australia ranges from 34,600 to 54,000 AUD (19.08 to 29.77 lakhs INR). The annual university-wise fees for studying a Masters in Economics in Australia are:

University Annual Fees (AUD) Equivalent Fees (INR)
Curtin University 50,000 27.57 Lakhs
The University of Melbourne 47,700 26.3 Lakhs
Monash University 33,700 18.65 Lakhs
La Trobe University 34,600 19.08 Lakhs
The University of Adelaide 47,500 26.19 Lakhs
The University of New South Wales 50,200 27.68 Lakhs
The University of Newcastle 39,100 21.56 Lakhs
University of Sydney 54,000 29.77 Lakhs
University of Queensland 44,150 24.34 Lakhs

Cost of Living in Australia

Australia is considered among the costliest countries, which corresponds to the high standard of living and quality of education the nation offers. The average cost of living in Australia is 35,000 AUD (18.6 lakhs INR) per year.

Expense Type Cost Per Month (AUD) Monthly Cost Equivalent (INR)
Shared Rental 340 to 860 18,000 to 45,800
On-campus Accommodation 360 to 1120 18,000 to 59,500
Groceries 320 to 1120 17,000 to 59,500
Gas and Electricity 140 to 560 7,400 to 29,700
Phone and Internet 80 to 220 4,245 to 11,700
Public Transport 75 to 220 4,000 to 11,700
Entertainment 80 to 150 4,250 to 8,000

Masters in Economics in Australia Scholarships

In order to even the high cost of studying a Masters in Economics in Australia, you can apply for merit-based scholarships in Australia for international students. Some of the popular scholarships and grants available to students of Masters in Economics in Australia are:

Scholarship Eligibility Award
Achieving Potential Support Scholarship Students from Australia and New Zealand studying at Monash University. Up to 15,000 AUD
Econometrics Honours Memorial Scholarship Domestic and international candidates studying full-time Econometrics and Business Analytics at Monash University Up to 15,000 AUD
ANU Chancellor’s International Scholarship International candidates studying any course except Doctor of Medicine and Surgery and Masters of Military and Defense Studies at Australian National University 25% to 50% fee waiver
ANU College of Business and Economics International Graduate Scholarship International candidates enrolled to a postgraduate coursework program at ANU College of Business and Economics 50% fee waiver

Check: Part Time Jobs in Australia

Masters in Economics in Australia Placements

Masters in Economics in Australia offers a great return on investment. Individuals may expect to earn an annual income ranging from 44,000 to 238,000 AUD (24.26 lakhs to 1.33 crore INR). Some of the popular job profiles to choose from after pursuing a Masters in Economics in Australia are tabulated as follows:

Job Title Average Annual Salary Range (AUD) Equivalent Salary Range for Indians (INR)
Economist 50,000 to 136,000 27.57 to 74.98 lakhs
Data Analyst 44,000 to 75,000 24.26 to 41.35 lakhs
Digital Marketing Manager 65,000 to 105,000 35.84 to 57.89 lakhs
Document Controller 53,000 to 86,000 29.22 to 47.42 lakhs
Finance Director 132,000 to 238,000 72.78 lakhs to 1.33 crore
Human Resource Business Partner 75,000 to 110,000 41.35 to 60.65 lakhs
Marketing Specialist 51,000 to 82,000 28.12 to 45.21 lakhs

Check: Jobs After MS in Australia

Masters in Economics in Australia Return on Investment

A comparison of the university-specific annual tuition fees for Masters in Economics in Australia and the average annual salary are as follows:

University Annual Tuition Fees (AUD) Average Annual Salary (AUD )
Curtin University 50,000 72,000
The University of Melbourne 47,700 74,000
La Trobe University 34,600 66,000
The University of New South Wales 50,200 75,000
The University of Newcastle 39,100 69,000
University of Sydney 54,000 76,000

Masters in Economics in Australia Specializations and Syllabus

Masters in Economics in Australia course consists of 4 compulsory core subjects, 8 elective subjects, 2 quantitative subjects, and 1 research report, divided into 4 semesters. The following are the core subjects included in Masters in Economics in Australia:

Year - 1:

  • Advanced Microeconomics
  • Advanced Macroeconomics

Year-2: Any one of:

  • Microeconomics
  • Case studies in Microeconomics policy
  • Labour economics
  • Game Theory
  • Development Economics
  • Economic Design

Year-2: Choose one from:

  • Macroeconomics
  • Monetary Economics
  • Macroeconomic Techniques
  • Modelling the Australia Macroeconomy

Masters in Economics in Australia University Comparison

A comparison and contrast between the top 3 universities for Masters in Economics in Australia is provided in the following table:

Particulars University of Sydney University of Queensland The University of Adelaide
QS Rankings #1 in Australia | #41 in world #5 in Australia | #50 in world #1 for Economics in South Australia
Tuition Fee 54,000 AUD (29.83 lakhs INR) 44,100 AUD (24.36 lakhs INR) 47,500 AUD (26.24 lakhs INR)
GPA 65% aggregate 4.5 out of 7 5.0 out of 7.0
Program Duration 2 years 1.5 to 2 years 2 years
TOEFL Score 96 87 79
Average Graduate Salary 91,000 AUD (50.30 lakhs INR) 80,000 AUD (44.21 lakhs INR) 73,000 AUD (40.34 lakhs INR)

Masters in Economics in Australia opens up the door to new opportunities in the field of Economy and Business. Individuals can work hard and become a finance director which can help them earn an enormous package of up to 238,000 AUD (1.33 Crore INR) per year.

FAQs

Ques. Can I apply for a Masters in Economics in Australia?

Ans. You can apply for a Masters in Economics in Australia if you possess a bachelor’s degree in any stream. It is not necessary to produce a Bachelor’s in Economics degree. Moreover, candidates with a graduate certificate or graduate diploma in Economics can also apply.

Ques. Which country is best for studying Masters in Economics?

Ans. A Masters in Economics can be pursued by individuals in some of the top study-abroad countries like USA, UK, Canada, Australia, Germany, France, etc.

Ques. What are the top universities to study Masters in Economics in Australia at?

Ans. Some of the top universities offering Masters in Economics in Australia are The University of Adelaide, The University of New South Wales, The University of Queensland, The University of Western Australia, Monash University among others.

Ques. What is the minimum aggregate to study Masters in Economics in Australia?

Ans. The minimum eligibility criteria for applying to a university for a Masters in Economics in Australia is that the applicant should have completed a Bachelor’s degree in any stream with a minimum aggregate of 65%. Some universities set the bar higher for the aggregate at 75%.

Ques. Is a Masters in Economics in Australia beneficial?

Ans. Pursuing a Masters in Economics in Australia is highly beneficial for students. The quality of education and exposure to individuals studying Economics and Business Studies makes Australia stand out. Besides, MS in Economics graduates in Australia typically earn around 80,000 AUD (44.25 lakhs INR) per annum. This ensures a high return on investment for international students.