Master of Economics in Canada is a 1 to 2-year program under Master of Arts (MA) and Master of Science (MS) degrees.
Generally, Canada offers a Master of Economics in two different specialties:
- Coursework masters: It focuses on improving your skills, and practice, and broadening your knowledge of advanced procedures through hands-on experience through internships.
- Research Masters: Though less preferred, this allows you to undertake research and primarily assess their findings. It is ideal for those looking to work in research or academia.
Master of Economics is offered in more than 20 universities in Canada. Students can also choose to study a specialized degree focused on one discipline such as Natural Resource Economics, Agriculture Economics, Development Economics, Economic Policy, etc.
Graduates with a bachelor's degree, including economic theory, microeconomics, econometrics, or mathematics as a part of their coursework can apply for a master's in economics in Canada.
This postgraduate course costs around 13,000-45,000 CAD per annum. The entry-level economist in Canada earns approximately 42,948 CAD/annum. With experience and expertise, the average salary can range anywhere from CAD 65,000 to 1,25,000 per annum.
Why study for a Master of Economics in Canada?
Canada is one of the most sought-after study destinations by international students. Besides lenient policies and welcoming culture, here are a few things that make Canada the prime study destination for international students:
- 18 of the Canadian Universities fall under the top 500 unis globally as per the QS News Ranking of 2021 for Economics & Econometrics.
- Master of Economics is affordable in Canada compared to Australian and US Universities.
- The entry-level salary of an economist in Canada is around 42,000 CAD per annum. With 5-9 years of experience, an economist in Canada can earn up to1,25,000 CAD per annum.
Scholarships and Funding Opportunities
Pursuing a Master's in Economics in Canada can be financially feasible, thanks to various scholarships and funding opportunities. Here are some detailed and specific scholarships that you can explore:
Vanier Canada Graduate Scholarships: The Vanier Canada Graduate Scholarships are prestigious and highly competitive awards that offer substantial financial support to both domestic and international students pursuing doctoral degrees in Canada. These scholarships are administered by the Canadian government and are awarded based on academic excellence, research potential, and leadership qualities. Recipients of the Vanier scholarships receive $50,000 per year for up to three years to cover their tuition fees, living expenses, and research costs.
Ontario Graduate Scholarship (OGS): The Ontario Graduate Scholarship is a merit-based scholarship available to students pursuing graduate studies in Ontario. It provides financial support to both domestic and international students. The OGS program is administered by the Ontario government and offers funding to cover tuition fees and living expenses for a period of one or two years, depending on the duration of the program. The scholarship amount varies but can go up to $15,000 per year.
Canadian Commonwealth Scholarship Program: The Canadian Commonwealth Scholarship Program is designed to attract international students from Commonwealth countries who wish to pursue their graduate studies in Canada. This program is funded by the Canadian government and awards scholarships based on academic merit. The scholarships cover tuition fees, travel expenses, and living expenses for the duration of the program. The scholarship amount varies depending on the specific program and university, but it provides comprehensive financial support to international students.
University-Specific Scholarships: Many universities in Canada offer their own scholarships and funding opportunities for graduate students in economics. These scholarships are often merit-based or target specific research areas within economics. Each university has its own set of scholarships, eligibility criteria, and application procedures. It is recommended to visit the websites of the universities you plan to apply to and explore their scholarship options for detailed and up-to-date information on available scholarships.
It's important to note that scholarship application deadlines and eligibility criteria vary, so be sure to thoroughly research and plan.
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Talk to an ExpertEligibility to Study Master of Economics in Canada
There are a few eligibility criteria that you must fulfill to apply for Canadian University. It includes application requirements, eligibility, and other documents.
Application
International students can apply online from a college website. Applications must be sent before the deadline as you will need enough time to obtain a Canadian study permit.
Eligibility for Masters in Economics in Canada Admission
Applicants must meet the following eligibility criteria to study in most universities offering MA in Economics in Canada.
- 16 years of education( which includes grade 12 and 4 years Bachelors degree)
- A 4-year bachelor’s degree in the same field or its equivalents with a minimum GPA of 3.0 on a scale of 4.0 or CGPA of 7-8 on a scale of 10. i.e.( at least B grade or 78-81%)
- Students with advanced economic theory, microeconomics, macroeconomics, econometrics, statistics, and mathematics as a part of course study in the bachelor’s degree will be prioritized.
- GRE scores are mandatory
- Admission eligibility is also highly influenced by strong academics and analytical and abstract skills.
- Prior work experience in a related field is an added advantage to securing admission.
Admission Documents Required for Masters of Economics in Canada
You require the following documents to support your application form:
- Transcripts- Official, unofficial or certified copies
- Updated Curriculum Vitae (CV)
- Letters of recommendation/ reference reports with necessary academic and professional achievement details. A minimum of two to three reference letters are required by different universities.
- Supporting documents: Statement of interests, personal statements, etc., stating your detailed interest in the program and the specific university.
Best Universities in Canada for Master’s Degree in Economics
The top-ranking Universities to study Master in economics in Canada are:
|
QS Ranking |
University |
|
22 |
University of Toronto |
|
23 |
University of British Columbia |
|
123 |
McGill University |
|
133 |
Queen’s University at Kingston |
|
137 |
Universite De Montreal |
|
151-200 |
University of Alberta |
|
233 |
University of Calgary |
|
251-300 |
McMaster University |
|
301-350 |
University of Waterloo |
|
451-500 |
Dalhousie University |
Master of Economics specializations in Canada
The Master of Economics curriculum in Canada differs significantly depending on the university and program. The standard curriculum of most of the economics programs covers the following topics:
- Econometrics
- Macro-Economics
- Micro-Economics
- Financial economics
- Interpretational Economics
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Fees to Study Master of Economics in Canada for International Students
Master of Economics in Canada is comparatively cheaper than other popular study destinations — Australia and USA. The tuition fee for this postgraduate program ranges between 13,000-45,000 CAD per annum.
|
Universities |
Annual Fees (CAD per year) |
|
University of Toronto |
74,820 |
|
McGill University |
13,583 |
|
University of British Columbia |
25,871.80 |
|
University of Alberta |
15,750 |
|
Universite De Montreal |
18,418 |
|
McMaster University |
25,640 |
|
University of Waterloo |
10,563 |
|
The University of Western Ontario |
54,500 |
|
University of Calgary |
19,994 |
|
Queen’s University at Kingston |
9,695 |
|
Dalhousie University |
42,166 |
Postgraduate Economics English Proficiency Test Requirements in Canada
To study Master of Economics at any Canadian University, students need to meet the ascertained English language proficiency criteria. The following table provides information on the minimum scores required to study a master of economics in Canada.
|
University |
GRE Score |
TOEFL (iBT) |
IELTS |
Others |
|
Dalhousie University |
Required |
92 |
7.0 |
PTE:65 MELAB:85 |
|
McGill University |
Prefered |
86 |
6.5 |
MELAB:85 CAE: Grade B CPE: Grade Universite |
|
Universite De Montreal |
Not Required |
N/A |
N/A |
French level B2 |
|
Queen’s University at Kingston |
Required |
88 |
7.0 |
MELAB:80 |
|
University of Alberta |
Required 150 in Quant |
92 |
7.0 |
Info N/A |
|
University of British Columbia |
160 in Quant |
93 |
6.5 |
Info N/A |
|
University of Calgary |
Not Required |
86 |
6.0 |
MELAB:80 PTE:59 |
|
University of Toronto |
300 or more |
93 |
7.0 |
COPE:76 Academic Preparation Course(U&T): Grade B |
|
University of Waterloo |
Required no minimum score |
90 |
7.0 |
MELAB:85 PTE:63 |
Scholarship for International Students for Postgraduate Economics in Canada
|
University |
Scholarship |
Amount (in CAD) |
|
Universite De Montreal |
Lise Salvas Foundation Award Maurice Bouchard Foundation Award PBEE Merit Scholarships for Graduates |
760/year 760/year Varies the |
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University of Alberta |
AD O’Brien Graduate Scholarship in Public Finance Alberta Graduate Excellence Scholarship |
4021/year 9000 (one-time) |
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University of British Columbia Mackenzie Mackenzie Mackenzie |
Mackenzie King Scholarship Toptal Scholarships for Women |
7900-9500/yyear university 7900/year |
|
University of Toronto |
Ontario Graduate Scholarship H. Stanley Hunnisett Fund Dorothy J. Powell Graduate Scholarship In International Economics |
11,300/session Varies Varies the |
|
University of Waterloo |
Ontario Graduate Scholarship |
11,300/ session |
Job Opportunities After Masters in Economics in Canada
Graduates can look forward to a wide range of possible careers. The following are examples of the types of organizations/fields that demand the kind of skills that a Master in Economics provides:
- Banks and other financial firms
- Consultancy firms
- International organizations like the United Nations and its specialized agencies, the World Bank, the International Monetary Fund, and regional development banks
- Industry organizations and associations
- Government, including central government bodies, ministries, counties, municipalities
- The Foreign service such as embassies and consulates abroad
- National and international development cooperation agencies, NGOs, and INGOs
- Data Analysts in startups or tech firms
- Journalism and media of all kinds
- Ph.D. studies and academic career in economics
Similarly, Canada offers the following possible career options and remuneration for Master of Economics graduates. Here are a few more specific career options after graduation.
Economist
As a trained economist, you can pursue a career as an economist in government agencies, think tanks, research organizations, or international institutions. You'll analyze economic trends, conduct research, and provide valuable insights for policy-making and decision-making processes.
Financial Analyst
With a strong background in economics, you can work as a financial analyst in banks, investment firms, or corporate organizations. You'll assess financial data, analyze market trends, and provide investment strategies, risk management, and financial planning recommendations.
Consultant
As an economics graduate, you can become a consultant, offering your expertise to businesses, government agencies, or non-profit organizations. You'll provide insights and recommendations on various economic issues, such as market analysis, pricing strategies, cost-benefit analysis, and regulatory compliance.
Data Analyst
The analytical skills developed during your Master in Economics program make you well-suited for a career as a data analyst. You can work in industries such as finance, market research, or consulting, analyzing large datasets, identifying patterns, and extracting meaningful insights to drive informed business decisions.
Policy Analyst
A career as a policy analyst allows you to apply your economic knowledge to assess and develop policies that impact various sectors. You can work in government departments, think tanks, or non-governmental organizations, conducting research, evaluating policies, and providing recommendations to address social, economic, or environmental challenges.
Academic Researcher
If you have a passion for research and academia, pursuing a career as an academic researcher in economics can be a fulfilling path. You can work in universities, research institutions, or think tanks, conducting in-depth research, publishing scholarly articles, and contributing to the advancement of economic knowledge.
|
Master of Economics Jobs in Canada |
Average annual salary in CAD(per annum) |
|
Financial Market Economist |
175,000 |
|
Economic Development Director |
86,800 |
|
Economist |
86,180 |
|
Policy Analyst |
71,000 |
|
Budget Analyst |
75,000 |
|
Research Officer |
64,000 |
|
University Professor |
69,800 |
|
Consultant |
65,000 |
FAQs
Can I pursue a Master's in Economics in Canada without a background in economics?
Yes, many Canadian universities accept students from diverse academic backgrounds, provided they have completed foundational courses in economics, mathematics, and statistics. However, it's advisable to check the specific requirements of each institution before applying.
Are there part-time or online options available for a Master in Economics in Canada?
Some universities may offer part-time or online options for their Master in Economics programs. However, availability may vary across institutions. It's best to check with the university directly to determine the availability and suitability of these options.
What are the career prospects after completing a Master's in Economics in Canada?
Completing a Master's in Economics in Canada opens doors to a wide range of career opportunities. Graduates often find employment in government agencies, central banks, financial institutions, consulting firms, research organizations, and international organizations. The demand for skilled economists remains strong, offering prospects for meaningful and impactful careers.
How much does a Master in Economics in Canada cost?
The cost of a Master's in Economics in Canada varies depending on the university, program duration, and whether you are an international or domestic student. On average, tuition fees for international students range from CAD 15,000 to CAD 35,000 per year. Domestic students may have access to lower tuition fees, depending on their province of residence.
Are there opportunities for research and collaboration during a Master's in Economics in Canada?
Canadian universities emphasize research and provide ample opportunities for students to engage in research projects, collaborate with faculty members, and contribute to academic publications. These experiences enhance your skills and provide valuable networking opportunities within the academic community.
What is the duration of a Masters in Economics program in Canada?
Most Masters in Economics programs in Canada have a duration of one to two years, depending on whether you are pursuing a thesis-based or course-based program. It's important to check the specific program requirements of each university to determine the program duration.
