Master of Economics in Australia

Master of Economics in Australia

bog
Karuna KarkiMon Sep 20 2021

Australia is a country with one of the healthiest economies in the world. The education system of Australia has a huge role to play in that. Master of Economics in Australia is a generally 2-year course which focuses on: 

  • Health economics, management and policy
  • Complex problem-solving within the health sector
  • Stakeholder communication and decision making in the healthcare sector
  • Health Leadership
  • Cross-cultural management
  • Data analytics
  • Public policy and health organisation
  • Global health.

The Cost of a Master of Economics in Australia ranges from AUD 30,000 to 60,000 for international students. Thankfully, there are plenty of Master of Economics Scholarships for deserving students in Australia. 

This business program has grown rather popular over the course of a few years. It is offered by the best Australian universities such as the University of Sydney, Melbourne, the University of New South Wales etc. 

Why study Master of Economics in Australia? 

  • 7 of the top 100 universities for Master of Economics are located in Australia. 
  • The entry requirements for a master of Economics in Australia are less strict and demanding than in Canada and the US.
  • The job scope of Master of Economics in Australia is outstanding and begins with a minimum package salary of around AUD 48,000 per year. 
  • There are plenty of specializations to pick from for international students as they study Master of Economics such as marketing, finance, economics, applied econometrics and econometrics. 

Top Universities for Master of Economics in Australia

According to US News, these are the best universities in Australia for Master of Economics and business based on reputation, research in the field, publications, total citations, conferences, international collaborations, etc. 

Rank in Australia

Global US News Rank

University

1

26

Monash University

2

43

University of Melbourne

3

44

University of New South Wales

4

51

University of Sydney

5

58

University of Queensland Australia

6

75

Australian National University

7

86

University of Technology Sydney

8

106

Deakin University

9

109

University of Western Australia

10

122

Queensland University of Technology

Tuition fees for Master of Economics in Australia for international students. 

The tuition fees for the Master of Economics in Australia ranges from AUD  30,000 to AUD 60,000 for international students. Take a look at the table below for detailed information. 

University

Annual Fees in AUD

University of New South Wales

48,240

University of Tasmania

32,912

RMIT University

32,640

University of New Castle

37, 745

University of Western Australia

40,100

University of Melbourne

46,752

University of Sydney

51,000

Australian National University

39,793

University of Adelaide

38,000

Deakin University

26,600

Cost of Master of Economics in Australia for international students
Cost of Master of Economics in Australia for international students.

Scholarships for Master of Economics in Australia

These are some of the scholarships offered by Australian universities and governments to help international students with the tuition fees while they study for a Master degree in Economics in Australia. 

University

Scholarship

Value

RMIT University

Australia Award Scholarship

The value of the scholarships is not specific. It differs from country to country and could cover

  • Full tuition fees
  • Yearly stipend
  • Introductory Academic Program
  • Overseas Student Health Cover (OSHC)
  • Other expenses

RMIT Funded Scholarships

Can help with textbooks, fees, accommodations and other living expenses. 

 

External Scholarship (Sponsorship)

Value depends on sponsors

University of Queensland

Financial support (scholarships) for the Master of Advanced Economics

A full waiver on tuition fees

Australian National University

ANU Business and Economics South East Asia Merit Scholarships

A half waiver on the tuition fees

ANU Business and Economics India Excellence Scholarships

AUD 6,000 per annum

Australia University Requirements for Master of Economics 

To study Master of Economics, you first need to meet the eligibility for Master of Economics in Australia. 

These entry requirements come in the form of academic requirements, English language requirements and sometimes experience and GRE requirements for international students. 

University of New South Wales

  • Course Name: Master of Applied Economics
  • Course duration: 1- 2 years
  • IELTS/ TOEFL/PTE Score: A cut-off score of 7.0 with a minimum of 6.0 in each section/  A cut-off score of 94 with a minimum 25 in writing and 23 in other three sections/ A minimum PTE score of 86 with no band less than 54.
  • Academic Requirements: An accredited bachelor's from an Australian university or equivalent international college or university with a minimum overall grade of 65%. 

The University of Queensland

  • Course name: Master of Economics (MEcon)
  • Course duration: 2 Years
  • English Proficiency score:
    • IELTS Academic - Overall 6.5 with no less than reading 6; writing 6; speaking 6; listening 6.
    • TOEFL IBT - Overall TOEFL Score 87, with no less than listening 19, reading 19, writing 21 and speaking 19.
    • TOEFL paper-based - Overall 570, with no less than listening 54, reading 54, writing 59/5.
    • PTE - Overall Score 64, and minimum 60 in all sub-bands.
  • Academic Requirements: A minimum GPA of 4.5 in a relevant bachelor degree from Australia or an equivalent recognised institution. 

University of Melbourne

  • Course name: Master of Economics
  • Course duration: 2 years full time
  • IELTS/ TOEFL/PTE Score: A valid English test with a minimum score as: 
    • IELTS Academic: A minimum of 6.5 (with no band less than 6.0)
    • TOEFL (paper test): At least 577 with TWE 4.5
    • TOEFL IBT: A minimum of 79 with Writing 21, Speaking 18, Reading 13, Listening 13
    • PTE (Academic): A minimum of 54 and no communicative skill below 50
  • Academic Requirements: An undergraduate degree with analytics and mathematics major with a minimum of 75%. 
  • Other requirements: Unless students have studied in Australia or New Zealand, GRE is also compulsory. 

University of Sydney

  • Course name: Master of Economics
  • Course duration: 1-2 years depending upon prior qualifications. 
  • IELTS/ TOEFL/PTE Score:  A valid English test with a minimum score as: 
    • IELTS: A minimum of 7.0 in IELTS,  with no section less than 6.0.
    • TOEFL IBT: A minimum of 96 with Writing 19, Speaking 17, Reading 17, Listening 17
    • Pearson Test of English (Academic): 68 overall with no communicative skill score below 50
  • Academic Requirements: Applicants need to hold A bachelor degree with a minimum credit of 65% average or an equivalent qualification, or completion of the requirements for the embedded Graduate Certificate or Graduate Diploma in Economics with a minimum of 65% average or an equivalent qualification.

University of New Castle

  • Course Name: Master of Health Economics, Management and Policy (Global)
  • Course duration: 2 years full time
  • IELTS/ TOEFL/PTE Score: A minimum IELTS overall score of 6.5 with no band less than 6.0.
  • Academic Requirements: A minimum of the second class in a relevant bachelor degree. 

University of Tasmania

  • Course name: Master of Economics
  • Course duration: 1- 2 years
  • English Proficiency score:
    • IELTS Academic - overall 7.0; with no band less than 6.5 
    • TOEFL IBT - Overall 94, with a minimum 26 in writing and speaking, and 20 in reading 19 and listening.
    • PTE- Overall Score 65 and 58 in all sub-bands.
  • Academic Requirements: A bachelor degree with a minimum of a second class lower standard or substantial demonstrated sector experience, previous higher education studies in a relevant field and professional expertise or published research work.

Monash University

Students can pick from 3 specialisations in this course. The specialisations are Applied econometrics, applied economics and econometrics and Economics

  • Course name: Master degree in Applied Economics and Econometrics
  • Course duration: 1, 1.5, 2 Years full time depending on prior qualifications. 
  • IELTS/ TOEFL/PTE Score: Minimum overall score of 6.5 in IELTS with a minimum of 6.0 in each band. A minimum score of 79 with a minimum of 13 in reading, 12 in listening, 21 in writing and 18 in speaking. A minimum of 58 in PTE with no band score less than 50. 
  • Academic Requirements: An Australian Bachelor degree or equivalent with a minimum of 65%. 

RMIT University

  • Course Name: Master of Business (Economics, Finance and Marketing)
  • Course duration: 2 years full time
  • IELTS/ TOEFL/PTE Score: A minimum of 6.5 in IELT with no individual section less than 6.0, A minimum of 79 in TOEFL IBT with a minimum of 13 in reading, 12 in listening, 18 in speaking and 21 in writing. An overall score of 58 in PTE with at least 50 in each band. 
  • Academic Requirements: A bachelor degree requiring at least four years of full-time study in a relevant discipline awarded with honours. The degree should include a research component of a thesis, other research projects or research methodology courses that constitute at least 25% of a full-time academic year (or part-time equivalent). The applicant must have achieved at least a credit average in the final year.

Scope of Master of Economics in Australia

The master of Economics aspirants can find career opportunities in government agencies at the local, state and federal level. They may also find jobs in the private sector such as : 

  • Banks
  • Consultancy companies
  • Utilities
  • International agencies
  • Insurance companies
  • Finance industry.

Additionally, You will also be able to seek out career advancement opportunities for mid-high level positions within 

  • Hospitals and Local Health Districts
  •  Government departments
  • University departments
  • Research bodies
  • Medical supply and pharmaceutical companies
  • Health insurers
  • Regulatory agencies
  • Integrated care organisations 
  • Not-for-profit organisations

These are some of the job profiles and average salaries that economists make in Australia. 

Job Role

Annual Salary Package (in AUD)

Financial Market Economist

108,000

Management Economist

118,000

Actuarial Analyst

101,000

Economist

105,000

Economic Development Worker

93,564

Budget Analyst

108,188

Policy Analyst

108,764

Research Officer

101,456

University Professor

150,663

Master of Economics in Australia: Salary
Master of Economics in Australia: Salary

Related Posts :

blog

Where to find an Internship in Australia?

Internships opportunities in Australia could either be paid or unpaid, part time, full time or contractual – this depends on the nature of the job as well as on the advertising company. These could al
Trisha DahalFri Dec 04 2020
blog

Skills you will gain through studies in Australia

Australia is considered to be one of the best study destinations for international students in terms of their career, settlement and future. It allows student to learn about Australian education syste
Trisha DahalMon Dec 14 2020