MS in Economics in Germany

MS in Economics in Germany

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Bijay PoudelMon Jan 10 2022

MS in Economics in Germany produces highly capable graduates who can use mathematical models to quantitatively describe and analyze problems that arise in companies, research, government, financial institutions and other organizations.

This course is generally 2 years long and offered with very low cost (tuition fees and low student contribution fees) in public universities in Germany. 

Applicants can apply directly to German Universities for Masters in Economics programs. Alternatively, international applicants can also apply via Uni-assist.

For those wondering what Uni assist is, it is a centralized admissions portal run by the German Academic Exchange Service (DAAD) and handles international applications for its member universities.

Why Study Masters in Economics in Germany?

  • Some of the Leading universities for masters in economics like Munich Technical University and University of Heidelberg are located in Germany. 
  • Zero to low tuition fees
  • GRE/GMAT scores is not compulsory
  • Salary of professionals post masters in economics ranges from Euro 40,000 to 50,000 per year. 

Top Universities for MS in Economics in Germany

THE Ranking 2020

University

Courses Offered And Duration

32

Ludwig Maximilian University of Munich

  • MS Economics 
  • Master of Quantitative Economics

44

Heidelberg University

  • MS Economics

74

Humboldt University of Berlin

  • MS Agricultural Economics 
  • MS Economics and Management Science

86

University of Freiberg

  • MS Economics
  • M.Ed Economic Science

91

University of Tuebingen

  • MS Management and Economics
  • MS International Economics
  • MS Economics and Finance
  • MS Economics 
  • MS European Economics

99

RWTH Aachen University

  • M.Ed Economics - Vocational School Teacher
  • MS Economic Geography
  • MS Economics

105

University of Bonn

  • MS Economics
  • MA Ecumenical Studies

117

Free University of Berlin

  • MA Economics
  • MS Public Economics

125

University of Goettingen

  • MS International Economics
  • MS Development Economics

141

University of Hamburg

  • MS Economics
  • MS Health Economics and Health Care Management

157

University of Cologne

  • M.Ed Economics/Business Education
  • MS Economic Research
  • MS Economics

Specializations areas

  • Innovation and Change
  • World Economy
  • Economics and Strategy
  • Public Economics
  • Quantitative Economics
  • Quantitative Macroeconomics
  • Regional Dynamics
  • General Economics

Masters in Economics in Germany Fees

University

Master in Economics Fees in Germany

Free University of Berlin

No tuition fees. 

Limited semester fees and contributions

Ruhr-University Bochum (RUB)

No tuition fees

Semester fees: €320 per semester to cover administrative costs and to give you access to free public transport in the region (semester ticket)

Friedrich Schiller University Jena

No tuition fees

University of Heidelberg

No tuition fees

University of Mannheim

No tuition fee

Semester fees:194. 30 Euros for domestic students

Semester fees: 1,500 for International students

Ludwig Maximilian University of Munich

No tuition fees

Semester fees: less than 150 Euro

RWTH Aachen University

No tuition fees

Semester fees: less than 150 Euro

Masters in Economics in Germany Requirements

Application Requirements/ Document Checklist

  • Certified copy of university transcripts- marksheet, character and provisional certificates. 
  • Certified copies of higher secondary qualification (+2)
  • Letter of Motivation
  • A current CV
  • GRE/GMAT Scores is asked
  • Application fees
  • Proof of Scholarship
  • English test scores
  • Passport

University Specific Requirements

Free University of Berlin

  • Course name: Master of Science in Economics
  • Course duration: 4 semesters/ 2 years
  • English Test Scores:
    • IELTS: An overall of 6.5 with no band score less than 6.0
  • Academic Requirements: Applicants need to have a Bachelor's degree in economics with at least 50 credit points in economics and at least 30 credit points in mathematics, statistics, or econometrics.

Technical University of Dortmund

  • Course name: Masters in Econometrics
  • Course duration: 4 semesters/ 2 years
  • English Test Scores: (B2 level english)
    • IELTS: An overall of 6.0 with no band score less than 6.0
  • Academic Requirements: Applicants need to have a Bachelor's degree in economics, statistics, mathematics with a minimum final GPA of 2.7. 

Friedrich Schiller University Jena

  • Course name: MSc Economics (Research oriented)
  • Course duration: 4 semesters/ 2 years
  • English Test Scores: (B2 level english)
    • IELTS: An overall of 6.0 with no band score less than 6.0
    • TOEFL: An overall score of 90
  • Academic Requirements: Applicants need to have a minimum 3 year Bachelor's degree in economics, statistics, mathematics with a minimum final GPA of 2.5 or 65%. 

University of Heidelberg

  • Course name: MSc Economics (Research oriented)
  • Course duration: 4 semesters/ 2 years
  • English Test Scores: (B2 level english)
    • IELTS: An overall of 6.5
    • TOEFL IBT: An overall score of 90
    • TOEFL CBT: A minimum of 230
    • TOEFL PBT: A minimum of 570
  • Academic Requirements: Applicants need to have a university degree in Economics or a closely related degree with a minimum GPA of 2.5. 

University of Hohenheim

  • Course name: Master of Science in Economics
  • Course duration: 4 semesters/ 2 years
  • English Test Scores: (B2 level english)
  • Academic Requirements: Applicants need to have a minimum of 3 year Bachelor degree in business administration, economics or other related degree with a minimum of 2.5 GPA.

University of Mannheim

  • Course name: Master of Science in Economics
  • Course duration: 4 semesters/ 2 years
  • English Test Scores: (B2 level english)
    • IELTS: Overall 6.0
    • TOEFL: Overall 70
  • Academic Requirements: Applicants need to have a minimum of 3 year Bachelor degree in economics, finance, mathematics and statistics with a minimum GPA of 2.5.  

Scholarship

Despite the fact that the tuition fees for education in Germany is already lower than in most other countries, it still offers various scholarships to international students in the form of government and non-government scholarships. 

Some of the most popular scholarships offered by Germany are: 

  1. DAAD Scholarship
  2. RWTH International Academy Women in Engineering Scholarship
  3. Development-Related Postgraduate Courses (EPOS) Scholarship
  4. UDE scholarship
  5. Surplace Funding for Master Degree Programme
  6. Friedrich Ebert Foundation Scholarship

Among these scholarships, DAAD is the most popular scholarship offered for graduate students in Germany. The value of the DAAD Scholarship is a monthly award of EUR 850,00 for Master students, EUR 1,200.00 for PhD students (beginning with September 2018).

This scholarship may also cover health insurance, travel allowance. 

To be eligible for DAAD Scholarship in Germany, applicants must fulfil the following criteria: 

  • Apply to graduate programs in Germany
  • A minimum of 2 years of post-study work experience in the relevant field. 
  • A Minimum of 6.0 in IELTS, 550 in TOEFL Paper-based, 213 in TOEFL Computer-based and 80 in Internet-based. 
  • Hand-signed CV
  • Confirmation of employment and Professional Letter of Recommendation from employer
  • German Language ability for programs in the German language.

Scope after completing MS in Economics in Germany

Depending on your chosen specialization, you can work in ministries and international organizations, in politics or in banking and insurance. 

Economics graduates can join the federal, state and local administrations, the European Central Bank, the Bundesbank, the Federal Statistical Office as well as chambers and associations.

Role

Annual Average Salary in EUROs

Data Analyst

64,078

Data Scientist

98,504

Economist

79,307

Research Analyst

64,787

Business Intelligence Analyst

70,624

Economic Analyst

65,602

Analytics Consultant

70,881

Market Research Analyst

51,124

Finance Director

153,088

Risk Analyst

77,754

Data Engineer

86,242

Finance Associate

77,666

Compliance Manager

84,786



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