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Economics
Overview
Economics analyzes how individuals, businesses, and governments allocate scarce resources. It is a broad and complex subject encompassing various topics, including microeconomics, macroeconomics, international economics, and development economics.
Studying economics abroad can prove to be a rewarding experience. It can allow you to learn from world-class faculty, gain exposure to different cultures and perspectives, and network with students and professionals from around the globe.
Why Study Economics courses Abroad?
There are many benefits to studying economics abroad, including:
- Access to world-class education: Many of the top universities in the world offer economics programs. Studying abroad allows you to learn from leading experts in the field.
- Exposure to different cultures and perspectives: Studying economics abroad can help you gain a global viewpoint on economic issues. You will learn about the economies of different countries and how they interact with each other.
- Networking opportunities: Studying abroad allows you to network with students and professionals from around the globe. This can be valuable for your future career.
Course Structure
Economics programs abroad vary in their structure. However, most programs will offer a mix of core economics and elective courses. Core courses typically cover microeconomics, macroeconomics, international economics, and econometrics. Elective courses help you to specialize in a particular area of economics, such as development economics, environmental economics, or public economics.
Course Subjects
Some of the common subjects that you may study in an economics program abroad include:
- Microeconomics
- Macroeconomics
- International economics
- Econometrics
- Development economics
- Environmental economics
- Public economics
- Mathematical economics
- Financial economics
- Labor economics
- Industrial economics
- Political economy
Course Duration
The duration of economics courses abroad can vary based on the level of the program and the specific structure of the curriculum. Bachelor’s degree programs in economics typically have a duration of three to four years. Whereas, Master’s degree programs in economics, such as Master of Arts (MA) or Master of Science (MSc), generally last for one to two years.
Types of Economics courses Abroad degrees
The most common type of economics degree offered abroad is a Bachelor of Arts (BA) in Economics. Some universities also offer Bachelor of Science (BS) degrees in Economics. At the graduate level, you can study a Master of Arts (MA) or Master of Science (MS) in Economics. You can also pursue a PhD in Economics.
Top Specializations
- Development economics
- Environmental economics
- Public economics
- Financial economics
- Labor economics
- Industrial economics
- Political economy
Admission Process
- Research your options: There are many different economics programs abroad. Start by researching different universities and programs to find one that is a good fit for your interests and academic goals.
- Complete an application: Once you have chosen a program, you must complete an application. This application will typically include your academic transcripts, letters of recommendation, and a personal statement.
- Take the required standardized tests: Most economics programs abroad require you to take a standardized test, such as the GRE or GMAT.
- Submit your application form: Once you have completed and taken the required standardized tests, you can submit your application to the university.
- Apply for a student visa: After gaining admission to a program abroad, you must apply for a student visa.
Document Requirements
- Academic transcripts
- Letters of recommendation
- Personal statement
- Test scores (GRE or GMAT)
- Passport
- Visa
English Language Proficiency Exams Score Requirements
The English language proficiency exam score requirements for economics programs abroad vary depending on the university. However, some common English language proficiency exam score requirements include:
- IELTS: 6.5-7.0
- TOEFL: 90-100
- PTE: 58-65
- Duolingo: 115-120
Cost of Studying (Average Tuition fees)
The cost of studying economics abroad varies depending on the country and university. However, the average tuition fee for an economics program abroad is between $10,000 and $20,000 per year.
Cost of living and other expenses
The cost of living and other expenses for economics programs abroad vary depending on the country and city. However, an international student’s average cost of living in a major city abroad is between $1,000 and $1,500 per month.
Top Scholarships with amounts of scholarship offered
Here are some of the top scholarships for economics students studying abroad, along with the amounts of scholarship offered:
- Fulbright-Nehru Master’s Fellowships: $20,000-$30,000
- Fulbright-Nehru Doctoral Research Fellowships: $35,000-$40,000
- National Overseas Scholarship: $40,000-$50,000
- Erasmus Mundus Joint Master Degree: €10,000-€15,000
- Agatha Harrison Memorial Fellowship: £10,000
- Cornell University Tata Scholarship: $20,000-$30,000
- AAUW International Fellowship: $18,000-$30,000
Popular jobs
Here are some of the most popular jobs for economics graduates, along with their average annual salaries in US dollars:
- Economist: $95,310
- Financial analyst: $82,330
- Market research analyst: $76,530
- Policy analyst: $71,100
- Business intelligence analyst: $69,390
- Management consultant: $73,000
- Data scientist: $93,220
- Investment banker: $111,840
- Professor: $103,230
Best Countries to study Economics courses Abroad
The best countries to study economics abroad vary depending on your interests and budget. However, some of the most popular countries for economics students include:
- United States
- United Kingdom
- Canada
- Australia
- Netherlands
- Germany
- France
- Switzerland
- Singapore
- Hong Kong
- China
Best Universities to study Economics courses Abroad
The best universities to study economics abroad vary depending on your interests and budget. However, some of the most prestigious economics programs in the world are offered at the following universities:
- Harvard University
- Massachusetts Institute of Technology
- Stanford University
- University of Chicago
- Yale University
- Princeton University
- Columbia University
- University of Oxford
- University of Cambridge
- London School of Economics
- University of Toronto
FAQs
Q1) What are the prerequisites for studying economics abroad?
A1) The prerequisites for studying economics abroad vary depending on the university. However, most universities will require a strong academic background in mathematics and statistics.
Q2) What kind of research opportunities are available to economics students studying abroad?
A2) Many universities offer research opportunities to economics students studying abroad. These opportunities can range from working on a research project with a professor to conducting your independent research.
Q3) What are the job prospects for economics graduates who have studied abroad?
A3) Economics graduates who have studied abroad have excellent job prospects. They are in high demand in various industries, including finance, consulting, and academia.
Q4) How can I finance my studies abroad?
A4) There are various ways to finance your studies abroad, including scholarships, grants, and student loans. It would help if you also considered working part-time while you are studying abroad to help cover your expenses.
