![](/wp-content/uploads/2023/03/Whatspp.png")
Masters in Economics
Overview
A Master of Arts (MA) or Master of Science (MSc) in Economics is a postgraduate degree in economics. It is a research-intensive degree that typically takes one to two years to complete. The program offers various topics in economics, including microeconomics, macroeconomics, econometrics, and economic history.
Why Study Masters in Economics Abroad?
- To gain a global perspective on economics. By studying abroad, you will have the opportunity to learn about different economic systems and policies from around the world.
- To improve your language skills. Studying in a country where English is not the native language will help you improve your fluency and comprehension.
- To network with international students and professionals. Studying abroad is a great way to meet people worldwide and build relationships that could benefit you in your future career.
- To gain access to top-ranked universities. Many of the best universities in the world offer Master’s programs in Economics. By studying abroad, you will have the opportunity to attend one of these universities.
Course Structure
The course structure of a Master’s in Economics program will vary depending on the university and the specialization chosen. However, most programs offer the following topics:
- Microeconomics: This branch of economics analyses the behaviour of individuals and firms in free markets.
- Macroeconomics: This branch of economics analyses the whole economy, covering topics such as inflation, unemployment, and economic growth.
- Econometrics: This branch of economics uses statistical methods to analyze economic data.
- Economic history: This branch of economics studies the development of economic systems over time.
Other topics may include:
- International economics
- Development economics
- Environmental economics
- Financial economics
- Public economics
Course Subjects
The specific course subjects that you will take will depend on the university and the specialization chosen. However, some common course subjects include:
- Principles of Economics
- Intermediate Microeconomics
- Intermediate Macroeconomics
- Econometrics
- Economic Theory
- Economic History
- Applied Economics
- Research Methods
- Electives
Top Specializations
- Financial Economics
- International Economics
- Development Economics
- Environmental Economics
- Public Economics
- Health Economics
- Labor Economics
- Business Economics
- Quantitative Economics
Admission Process
The admission requirements for Master’s programs in Economics vary depending on the university. However, most programs will require the following:
- Possesses a bachelor’s degree in Economics or a related field
- A minimum GPA of 3.0
- GMAT or GRE scores
- Letters of recommendation
- A personal statement
- A writing sample
Documents Required to Apply for Admission
The documents required to apply for admission to a Master’s program in Economics will vary depending on the university. However, some common documents include:
- Application form
- Transcripts from previous universities
- GMAT or GRE scores
- Letters of recommendation
- Personal statement
- Writing sample
Language Proficiency Score Requirements
Most universities that offer Master’s programs in Economics will require applicants to submit English proficiency test scores. The most common English language proficiency tests are:
- IELTS
- TOEFL
- PTE
- Duolingo
The minimum English proficiency scores will vary depending on the university.
Sure, here are the language proficiency score requirements for Masters in Economics Abroad, in active voice and without grammatical or spelling errors:
- IELTS: 7.0 overall band score with a minimum individual score of 6.5 in each band section.
- TOEFL: 90 overall band score with a minimum of 22 in each section.
- PTE: 68 overall with a minimum of 54 in each module.
- Duolingo: 120 overall with a minimum of 105 in each skill.
These are just the minimum eligibility criteria, and some universities may have higher requirements. You should always check the specific requirements of the university you are applying to.
Cost of Studying
The cost of studying for a Master’s in Economics abroad will vary depending on the university and the country. However, the average tuition fees for a one-year program are around $20,000.
Cost of living and other expenses
In addition to tuition fees, you will also need to factor in the cost of living and other expenses when budgeting for your Master’s degree. The cost of living will vary depending on the city and country where you study. However, some common expenses include:
- Accommodation: $500-1,000 per month
- Food: $300-500 per month
- Transportation: $100-200 per month
- Books and stationery: $100-200 per year
- Other expenses: $100-200 per month
Top Scholarships
Here are some of the top scholarships for a Masters in Economics abroad, along with the scholarship amount offered:
- Fulbright Foreign Student Scholarship Program (US): This scholarship is fully funded and covers tuition, airfare, housing, and a stipend. It is open to students from all over the world.
- Global Korea Scholarship (South Korea): This scholarship is also fully funded and covers tuition, airfare, housing, and a stipend. It is open to students from developing countries.
- DAAD Scholarships (Germany): These scholarships cover tuition, health insurance, and a monthly stipend. They are open to students from all over the world.
- Chevening Scholarships (UK): These scholarships cover tuition, living expenses, and a return airfare. They are open to students from developing countries.
- Rhodes Scholarships (UK): These scholarships cover tuition, living expenses, and a return airfare. They are open to students from the Commonwealth of Nations.
These are just a few of the many scholarships available for Masters in Economics abroad. To find more scholarships, you can visit the websites of the universities you are interested in or search for scholarships online.
Popular Jobs
Here are some popular jobs with annual salaries offered for the course: Masters in Economics Abroad:
- Economist: Economists analyze economic data and trends to guide businesses, governments, and other organizations to take informed decisions. An economist’s average annual salary in the US is $83,300.
- Financial Analyst: Financial analysts assess the financial performance of companies and make recommendations on investments. A financial analyst’s average annual salary in the US is $73,560.
- Market Research Analyst: Market research analysts collect and analyze data about consumers and markets to help businesses make decisions about products, pricing, and advertising. A market research analyst’s average annual salary in the US is $63,330.
- Credit Analyst: Credit analysts assess the financial risk of lending money to businesses and individuals. The average annual salary for a credit analyst in the US is $62,810.
FAQs
Q1: What are the career prospects for graduates with a Master's in Economics?
A1: The career prospects for graduates with a Master’s in Economics are very good. Economists are in high demand in a variety of fields, including:
- Business: Economists are employed by businesses to analyze data, make forecasts, and develop strategies.
- Government: Economists work for government agencies to develop and implement economic policies.
- Non-profits: Economists work for non-profits to analyze social and economic issues.
- Consulting: Economists work for consulting firms to provide advice to businesses and governments.
- Academia: Economists work as professors and researchers at universities.
Q2: How can I finance my Master's in Economics?
A2: There are a number of ways to finance your Master’s in Economics. Some common options include:
- Scholarships: There are many scholarships available for students studying economics.
- Loans: There are government and private loans available for students studying graduate school.
- Work-study: Some universities offer work-study programs that allow students to earn money while they study.
- Self-funding: Some students choose to self-fund their Master’s degree.
