Masters in Economics in Australia

Masters in Economics in Australia

Masters in Economics in Australia is not just about using math and numbers, but something more than that. It is the most suitable study program for students willing to change their outlook on the world and those looking to understand the different ways in which human behaviour shapes lives. This versatile study program connects to various other disciplines and can also be considered a kind of universal language that can easily be applied in varied contexts. When studying MSc Economics Australia, you will attend several classes that may vary based on the Australian university you are attending. Nevertheless, some common classes that will surely feature in your master's course in economics in Australia include advanced microeconomics and macroeconomics, financial economics, international business, political economics, accounting and corporate finance. Master of Applied Economics in Australia offers an advanced and in-depth knowledge of economics and its application in business and government decision-making. The course strongly focuses on developing analytical skills among the students while also offering them professional competence in different aspects of commerce needed for careers in the government and corporate sectors. International students who take up masters in economics in Australia develop a solid base in competition policy, economic development, project evaluation, economic policy, risk and regulation and pricing. It also gives international students the scope to develop a thorough understanding of a specific field of economics, like policy economics or development economics. Students can commence their master's studies by combining conceptual, theoretical structure with practical applications. They even get the scope to create their own study program by choosing units that perfectly align with their career aspirations. To know more about masters in economics in Australia, connect with our study consultants at GoAustralia now! With their updated details about pursuing a master's in economics in Australia, we can help you live your dream of taking up higher studies abroad.

Masters Courses in Economics in Australia

MSc Economics courses in Australia offer detailed knowledge of the most recent research in the fields of econometrics and economics while also helping students develop the skills required to make their research contributions. Graduates of masters in economics at the Australian universities leave as analytical thinkers in macroeconomics, microeconomics and econometrics. They move on to develop expertise in the basic principles impacting markets, in assessing the influence of environmental and cultural factors on business decisions and economic policy and in interpreting articles in the field of economic research literature.

Masters courses in Economics in Australia are specifically designed for students with past training in economics or other similar disciplines with a solid mathematical or analytical element. These postgraduate courses allow international students to gain the skills required to practice as professional economists in the private and public sectors. Such programs also serve as the perfect foundation for further PhD studies. Major specialisations in postgraduate programs in economics in Australia are:

• Labour Economics
• Financial Economics
• Business Economics
• International Economics
• Econometrics
• Development Economics
• Environmental Economics
• Resource Economics
• Taxation Economics
• Transport Economics
• Applied Industry Economics

To know more about different master's courses in economics in Australia and for appropriate guidance on choosing the right master's in economics course in Australia, rely on the study experts at GoAustralia.

Below you will find the different masters courses in economics in Australia:

Economics Curriculum in Australia

MSc economics syllabus in Australia covers the study of economic research findings and data to identify economic trends. There are even topics that help students gain insights into the issues affecting business and society in recent times. International students taking up masters in economics in Australia study the international economic situation and even evaluate the economy closely so they are capable enough to advise MNCs and government organisations on maximising their profits. Masters in Economics in Australia curriculum consists of 4 mandatory core subjects, two quantitative subjects, eight elective subjects and one research project, to be covered in a total of four semesters.

Following are the Masters in Economics subjects in Australia:

1st Year:

• Advanced Macroeconomics
• Advanced Microeconomics

2nd Year

• Case Studies in Microeconomics Policy
• Microeconomics
• Game Theory
• Labour Economics
• Economic Design
• Development Economics

Students can choose any one subject from the above list.

• Monetary Economics
• Macroeconomics
• Modeling the Australian macroeconomy
• Macroeconomic Techniques

Students need to choose any one subject from the list above.

Since a masters in economics in Australia covers a selection of overarching and broad subjects, it has the potential to help international students develop skills that they can use for future success in the career fields they choose.

English Requirements for Masters in Economics in Australia

All master in economics applicants at Australian universities must meet program-specific academic and non-academic requirements along with minimum English language requirements for Masters in Economics in Australia. However, it is crucial to note that admission to most Australian universities and master's programs in economics are on a competitive basis, which means meeting all the admission and English language requirements does not guarantee entry. In line with the admission policies at different Australian universities, an admission assessment may include ranking the applicants competitively on the basis of their academic achievements, diversity factors and English language proficiency.

So, fetching just the minimal English scores for Masters in Economics in Australia would not be enough. Understand the different accepted English tests for Masters in Economics in Australia thoroughly, choose the one you are comfortable with and prepare accordingly to grab success. Fetching 6.5 in IELTS and 58 in PTE would make you eligible for admission into Australian universities, but always aim for higher scores to stay competitive among students coming from different parts of the world for their masters in economics in Australia.

For further clarity on this topic, you can rely on our study consultants at GoAustralia. With their comprehensive and latest information about different Australian universities, our study consultants can help you understand the English language requirements for Masters in Economics in Australia clearly.

The list of English language requirements for masters in economics in Australia is as follows:

PTE Requirements for Masters in Economics in Australia

For several years, IELTS has been the common name among English language test takers, but the launch of the PTE English language proficiency test has given a new option to test takers. PTE, or Pearson Test of English, tests the English language skills of students using the latest technologies. So, universities have set minimum PTE scores for Masters in Economics in Australia for students coming from non-native English-speaking countries or those with past education in some other language. PTE's exclusive design, scoring and result delivery benefits the test-takers and even the universities that require students to present their PTE scores for Masters in Economics in Australia. The minimum PTE score requirement for Masters in Economics in Australia is 58 based on the language proficiency levels specified by CEFR or Common European Framework of Reference for Languages scores reported on a scale of 10 to 90. The test specifically assesses and verifies the English language communication and usage proficiency of students in university settings. It's crucial for international students seeking admission into masters in economics in Australia to present their PTE scores during admission since effective writing and speaking in English is essential for participation and success in the course.

For more details about PTE score requirements for masters in economics in Australia, consult the study experts at GoAustralia.

Find the PTE score requirements for masters in economics in Australia below:

Salary for Masters in Economics in Australia

Based on the latest data for 2022, the average salary after MSc Economics in Australia is $92,400, with the weekly and hourly salary ranges being $1,691 and $47.26, respectively.

Earnings of masters of Economics graduates in Australia are higher than those of professionals serving other business areas, and this is mainly due to the strong analytical thinking and quantitative skills of the graduates. It is also worth noting that master degree in economics salary in Australia tends to increase pretty fast with an increase in experience.

While freshers salary for Masters in Economics graduate in Australia is $107,541, the average salary of senior professionals with extensive experience in the field may go up to $193,289. On the whole, after completing their master's in economics in Australia, international students can expect to earn something between AUD44,000 and AUD238,000 per annum. The salary range for some of the most popular careers after a masters in economics in Australia is as follows:

• Data Analyst: AUD44,000 to AUD75,000
• Economist: AUD50,000 to AUD136,000
• Finance Director: AUD132,000 to AUD238,000
• Digital Marketing Manager: AUD65,000 to AUD105,000
• Human Resource Business Partner: AUD75,000 to AUD110,000
• Document Controller: AUD53,000 to AUD86,000
• Marketing Specialist: AUD51,000 to AUD82,000

For further details about the salary range for masters of Economics graduates in Australia, consult the study experts at GoAustralia.

Job Role of MS in Economics in Australia

Masters in Economics jobs in Australia abound and do not limit you to just one career, that of an economist. Economics, being one of the greatest sources of expertise and information, features different fields where economics graduates can offer their services, both private and public sectors. The public sectors in Australia that hire economists include:

• Federal Treasury
• The Reserve Bank of Australia
• ACCC
• Productivity Commission
• ABS
• ABARE

Important private sectors that recruit economists in Australia are:

• Commercial and investment banks
• Engineering, management and economics consulting organizations
• Energy companies and regulators

Additionally, masters in economics graduates can also seek career advancement scopes for different mid-level positions in:

• Universities
• Hospitals
• Research bodies
• Integrated care organizations
• Regulatory agencies
• Non-profit organizations

Popular job titles in the field include:

• Consultant
• Economist
• Economic analyst
• Statistician
• Researcher
• Business or financial analyst
• Data scientist
• Market specialist

The job role for masters in economics professionals in Australia revolves around researching, evaluating and advising governments and businesses regarding the nation's economic state while also analysing the production, use and distribution of products, services and resources. Professionals working as economists take up the responsibility of formulating and implementing economic policies in the best interest of the nation. The generalized qualification also educates international students on exchange rates, financial crises, stock markets, employment markets and house rates, resulting in various other career scopes. Economics graduates working in different job settings analyze the interactions and behaviors of organizations and individuals and predict economic conditions based on this analysis.

To know more about varied job roles in economics in Australia, rely on the study counselors at GoAustralia.