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Masters in Economics in Australia

Highlights of Studying Masters in Economics in Australia

  • 7 among the top 100 universities for masters in economics are in Australia.

  • Minimum salary for economics graduates is AUD48,000 per year.

  • Cost for masters in economics ranges between AUD30,000 and AUD60,000.

  • 3rd most leading study abroad destination.

  • Around 2,700 professionals work in the Australian economic industry.

  • Minimal and less demanding entry requirements.

  • Several specialisations available, like finance, marketing, econometrics and applied econometrics

  • Popular job profiles include agricultural analyst, economist, financial market analyst and policy analyst.

Recognitions

Masters in Economics in Australia

Australia features one of the healthiest economies in the world, with its top-notch education system playing an important role in this. Economics masters in Australia is a 2-year course that focuses on leadership,, economics and policy, cross-cultural management, decision-making, stakeholder communication, public policy and data analytics. The study program investigates different factors involved in the manufacture, distribution and use of products and services. The study also involves analysing both global or macroeconomics and small-scale or microeconomics factors while also teaching students the right way to optimise economic actions to improve the prosperity and well-being of consumers and economic entities.

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 in Economics in Australia
Masters in Economics in Australia

Scope of Masters in Economics in Australia

There is a huge scope of economics in Australia, with graduates finding some of the most lucrative jobs in the private and public sector companies, mainly in public administration, marketing, insurance, finance and technical, professional, management and scientific services. Masters in Economics in Australia offers international students an assortment of skills in mathematics, logical reasoning, statistics, communication, data and problem-solving- all of which set them up for success in different careers. By combining powerful economic concepts with these highly sought-after professional skills, a master's degree empowers international students to pursue careers where they drive solutions to major challenges, such as inequality, society well-being and climate change.

Career opportunities for a master of economics in Australia are available in varied industries, with the graduates playing different economist roles in different sectors. However, the most significant starting point is a career as a professional economist with roles including behavioural economist, health economist, macroeconomist, labour economist and financial economist. Students with good analytical thinking skills with data and statistics at the core can serve different analyst roles, like credit analyst, financial analyst, business analyst, policy analyst, data analyst and insurance analyst. Masters of economics in Australia are also valued in different business roles in the financial and banking markets. These include:

  • Financial consultant
  • Actuary
  • Economic consulting
  • Business reporter
  • Investment analyst
  • Economic researcher
  • Management consultant
  • Financial controller
  • Market research analyst
  • Human resource manager
  • Financial services

The degree can also set you up for different government and public sector roles within pricing, economic planning, risk analysis, public taxation, policy analysis, energy, transport and various other types of government expenditures.

Though the graduates of masters of economics can work throughout Australia, states like Victoria and New South Wales feature the top hiring companies. The employment percentage of Master of economics graduates in different Australian states is as follows:

  • Victoria: 26.0%
  • New South Wales: 34.1%
  • Western Australia: 6.7%
  • Australian Capital Territory: 15.4%
  • South Australia: 3.5%
  • Queensland: 12.6%
  • Northern Territory: 0.8%
  • Tasmania: 1.0%

Masters in economics job prospects in Australia are quite high in the following sectors:

  • Utilities
  • Consultancies
  • Banks
  • Insurance companies
  • International agencies
  • Finance industry

Combining a master's in economics with other fields, like philosophy, environmental science, finance, accounting, history, psychology, politics, and mathematics, is perfect for diverse careers, like analysts, researchers, advisors, journalists, forecasters and consultants.

If you want to make it big in the field of economics after your master's in economics in Australia, consult the study experts at GoAustralia to learn more about career prospects after studying master's in economics in Australia.

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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:

Top Universities for Masters in Economics in Australia

Top universities for Masters in Economics in Australia offer advanced studies. They are some of the most popular academics in the world, maintaining connections with government agencies and companies in the field of economics. The Australian universities for masters in economics continuously rank among the top universities in the world and feature more than 60,000 business alumni across 100 nations, ensuring international students at these universities join a good network of peers from varied business disciplines right from the day of course commencement. Learning experiences of the students at the best colleges for Masters in Economics in Australia can best suit the learning outcomes of the specialisations they choose.

Australia's best universities for economics masters use a blend of tutorials, lectures, workshops and research programs to provide a top-notch learning experience to international students. Besides this, they also feature a number of international visiting guest lecturers and experts, along with economists from other institutions, to deliver classes and lectures. These professionals also play a significant role in presenting research results while working in coordination with university students and staff. All these events together generate interest from the students and stimulate economics teaching and learning activities.

To choose the best university for masters in economics in Australia, rely on the support services of GoAustralia study consultants.

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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.

Entry Requirement for Masters in Economics in Australia

Masters in Economics in Australia is a 2-year study program for international students, with admission sessions starting in the months of January, May and November. You can choose to apply in any one of the three application sessions, and post-application submission, you may be called in for an interview. Most Australian universities take two to three weeks to reply to admission applications. However, prior to applying for admission into any Australian university, it is crucial to know the Masters in Economics requirements for admission to Australian universities.

The overall eligibility criteria for Masters in Economics in Australian universities are:

  • Undergraduate degree in economics or any relevant stream from a recognised university with a minimum 65% aggregate. Even candidates with graduate diplomas and certificates in economics may apply.
  • Proof of English proficiency: IELTS: 6.5 and PTE: 58
  • Standardized test scores are generally not needed if international students have completed their bachelor's in economics. But still, submit your GRE score of 305 to add value to your admission application.

Supporting documents required to meet the entry requirements for Masters in Economics in Australia are:

  • Academic transcripts or certified copies of academic transcripts of past education.
  • Professional and academic letters of recommendation
  • Statement of purpose explaining your vision and intention behind choosing a master's in economics in Australia.
  • Valid passport
  • Academic CV
  • Proof of funds
  • Receipt of application fee payment

For help with LOR and SOP editing and for end-to-end support throughout the admission procedure, rely on the study experts at GoAustralia.

Find the list of all entry requirements for masters in economics in Australia below:

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:

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IELTS Requirements for Masters in Economics in Australia

If you are an international student coming from a non-native English-speaking country and are looking to pursue a master's in economics in Australia, then you are just one step short of being a part of a diverse student community in the nation. Prior to applying to any Australian university, you must qualify for the required IELTS score range for MSc Economics in Australia, with IELTS being one of the most sought-after English language proficiency tests that assess how well international students can adapt to Australia's English-speaking academic environment. So, you must have a clear understanding of the required IELTS score of top universities for economics in Australia.

IELTS is scored on a 9-band scale, where each score band corresponds to a specific competency in the English language. Also, there's no concept of pass or fail in IELTS, but each university has a minimum IELTS score requirement for Masters in Economics in Australia that the candidate needs to fulfil to qualify for admission. The test-takers get a score band for each section of the test-speaking, listening, writing and reading, and the band score is the average of the individual scores of each section. Note that you can also pursue Masters in Economics in Australia without IELTS, but for that, consult the study experts of GoAustralia. Besides helping you understand the IELTS score requirements for masters in economics in Australia, we can also guide you on seeking admission without IELTS.

The IELTS score requirements for masters in economics in Australia are 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:

Tuition Fee for Masters in Economics in Australia

Masters in Economics course fees in Australia may range between AUD30,000 and AUD60,000 for international students, with top Australian universities offering the program at a yearly cost ranging between AUD34,600 and AUD54,000. MSc Economics degree fees in Australia may vary as per university and location. For example, the cost of studying master's in economics at a university in New South Wales may go up to AUD48,240, while in Tasmania, it may cost AUD32,912. Similarly, universities in New Castle may charge AUD37,745 for their master's programs in economics, while those in Western Australia may settle their fees at AUD40,100. In Melbourne, the tuition fee for masters in economics in Australia is AUD46,752, and in Sydney, it is AUD51,000. If you choose to study in Adelaide, your tuition fee for a master's in economics may be within AUD38,000.

Nevertheless, when estimating the total cost of studying for Masters in Economics in Australia, you must also factor in the cost of living in the country, which may be AUD35,000 on average. The costs will include AUD340 to AUD860 per month for shared rental space, AUD 360 to AUD1,120 for on-campus accommodation, AUD320 to AUD1,120 for groceries, AUD140 to AUD560 for electricity and gas, AUD75 to AUD220 for public transport, AUD80 to AUD150 for entertainment and AUD80 to AUD220 for internet and phone.

You can manage these expenses in Australia by going for different scholarships available from the Australian government and private organisations. However, for help in choosing the right scholarship and for 100% scholarship guidance, you can depend on study consultants at GoAustralia.

Find the total cost of studying for a masters in economics in Australia below:

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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.

Top Economics Companies in Australia

  • Bain & Company
  • BEY
  • Nous Group
  • ACIL Allen
  • Frontier Economics
  • RAND Corporation
  • Oliver Wyman
  • NineSquared
  • Oxford Economics
  • Kearney
  • Charles River Associates
  • Analysis Group
  • The Brattle Group
  • Marsden Jacob Associates
  • RBB Economics

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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.

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FAQ:


How can I apply for a master's in economics in Australia?

To apply for a master's in economics in Australia, ensure that you possess an undergraduate degree in any discipline, most preferably in fields related to economics. Candidates with graduate diplomas or certificates can also apply for a master's in economics in Australia.


What is the minimum score to study for a master's in economics in Australia?

Possessing an undergraduate degree in any stream with at least 65% aggregate is crucial to apply for a master's in economics in Australia. Some universities may also set a higher bar for aggregate at 75%. To know more about the entry requirements for admission, talk to the qualified study experts at GoAustralia.


Is it beneficial to pursue a master's in economics in Australia?

Yes, it is. Top-quality education and large exposure for international students who choose to study economics in Australia make the country stand out among other destinations. Besides this, master in Economics graduates in Australia earn around AUD80,000 per year, ensuring a high return on investment for international students.


What jobs are available with a master's in economics degree in Australia?

The most popular profession after completing your master's in economics in Australia is that of an Economist. Economists perform economic analysis and research, design and implement production and distribution theories for products and services and advise organizations and governments on economic policy challenges. Specific job roles include actuary, economic researcher, business reporter, financial services, economic consulting, financial controller, economic consulting, Human resource manager and financial controller.


Are there scholarships available for masters in economics in Australia?

Yes, there are, which make it easier for international students to manage their expenses while studying in Australia. For 100% scholarship guidance, talk to the study experts of GoAustralia.


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