Masters in Economics in Australia is a 2-years full-time postgraduate degree, making aspirants equipped with advanced quantitative skills in the field of business. University of Melbourne, Monash University, are some top universities to study in Australia offering Masters in Economics. International high school students require a minimum GPA of 5.0 on a scale of 7.0 for a Master in Economics in Australia. Candidates require a PTE, IELTS, and TOEFL score of 58, 6.5, and 79 respectively for studying Masters in Economics in Australia. Cost of studying Masters in Economics in Australian universities ranges in between AUD 32,254-56,500 (INR 17,22,407-30,17,176) per year. Meeting specific eligibility criteria, international students can also avail scholarships, with a value of AUD 10,000 (INR 5,34,014) reduction from tuition fees. Average annual income after pursuing Masters in Economics in Australia is AUD 93,000 (INR 49,66,325).

Masters in Economics in Australia Highlights

Is Economics a good degree in Australia? Masters in Economics is a 2 years flexible postgraduate degree preparing students to become professional economists. Some top universities in Australia offering postgraduate economics coursework are Monash University, University of Tasmania, etc. Highlights of Master in Economics in Australia are as follows:

Program Duration	2 years
Program Type	Full-time
Top Universities	University of Queensland; Australian National University; University of Melbourne; University of Tasmania; University of New South Wales, Sydney
ELP Scores	PTE score: 58; IELTS score: 6.4; TOEFL score: 79
High School Qualifications	A minimum GPA of 5.0 out of 7.0
Annual Tuition Fees	AUD 32,254-56,500 (INR 17,22,407-30,17,176) per year
Average Annual Salary	AUD 93,000 (INR 49,66,325) per year
Top Recruiters	Deloitte, NSW Government; PwC; Frontier Economics; KPMG

Note: AUD 1= INR 53.40 (as of dated November 9, 2023)

Why Study Masters in Economics in Australia?

Career opportunities after studying Masters in Economics in Australia are higher, with average annual salary of AUD 93,000 (INR 49,66,325). The Australian grading system is calculated on a total of 7.0 GPA. Candidates securing 50-64% in high school standards, will have an equivalent GPA of 4.4-4.99. High school students, obtaining 75-84% marks will achieve an equivalent GPA of 6.0. Few reasons candidates can choose Masters in Economics to study in Australia are as follows:

• Graduates after completing Masters in Economics from Australian universities can earn up to AUD 93,000 (INR 49,66,325) annually.
• Over 2,700 students get employed each year after studying Masters of Economics in Australia.
• Public Administration and Safety, Professional Scientific, and Technical Services are popular industries, with 32.4-35.3% projected growth in the last few years,
• Candidates can also do part-time jobs while pursuing Masters in Economics from Australia, with a median hourly salary of AUD 49 (INR 2,617).
• Weekly earnings of Economic graduates in Australia is AUD 1,815 (INR 96,924).

Masters in Economics in Australia Vs India

Candidates intending to pursue a Master in Economics in Australia require a GPA of 5.0 on a scale of 7.0 (equivalent to 65-74%). Minimum required PTE score for Masters in Economics in Australia for international students is 58. Detailed comparison of Masters in Economics in Australia and India is tabulated below:

Parameters	Masters in Economics in Australia	Masters in Economics in India
Top Universities	University of Queensland; Australian National University; University of Melbourne;	Christ University; Loyola College; Madras Christian College
Eligibility Requirements	Minimum GPA of 5.0 on a scale of 7.0	50% aggregate marks from a UGC-accredited university
Tuition Fees	AUD 32,254-56,500 (INR 17,22,407-30,17,176)	INR 1,60,000
Average Annual Salary	AUD 93,000 (INR 49,66,325) per year	INR 9,85,000
Top Recruiters	Deloitte, NSW Australia, KPMG, PwC, Jacobs	Amazon, Goldman Sachs, ICICI Bank, Reserve Bank of India, Tata Group

Note: AUD 1= INR 53.40 (as of dated November 9, 2023)

Masters in Economics in Australia Specialization Areas

Masters in Economics curriculum prepares students with both theoretical and practical characteristic features of economics and finances. Postgraduate coursework in Economics also contains some aspects of Masters in Finance in Australia program. Core units offered in Australian universities include fundamentals of economics, econometrics, and finance. International students can check the below-mentioned list of subject areas covered while studying Master in Economics in Australia:

• Health Economics and Finance: It covers fundamental theories and the role of healthcare market, hospital financing, and decision-making.
• Globalization: Course prepares students with key concepts of challenges and opportunities at global organizations. Students get a firm idea of economic, social, and political development of economies with international risk management.
• Human Resource Management: Curriculum prepares students in recruiting, and organizing an employee in a workplace. Candidates will also learn about different behavioral aspects of an employee working in an organization.
• Big Data Analytics: It teaches about the procedure of collecting and examining large amount of analytical data in discovering market trends.

Masters in Economics in Australia Fees

How much does a masters in economics cost in Australia? Annual Masters in Economics in Australia fees range somewhere between AUD 32,254-53,000 (INR 17,22,407-28,30,272). Candidates can check below-mentioned annual tuition fees for Masters in Economics to study in Australia after 12th degree are:

Note: AUD 1= INR 53.40 (as of dated November 9, 2023)

Masters in Economics in Australia Admission Process

Total credit points for Masters in Economics in Australia are 96-100 credits in majority of universities. International students applying for a Masters in Economics in Australia can check postgraduate scholarships on the chosen university’s official webpage. Detailed processes on how to apply to Australian universities for Masters in Economics curriculum are as follows:

• Shortlisting universities offering Masters in Economics in Australia.
• Checking high school qualifications required for the postgraduate coursework.
• Meeting English language proficiency score requirements.
• Creating new student registration in portal.
• Paying a non-refundable application fee (if required).

Masters in Economics in Australia Eligibility Criteria

What are the requirements for MS in Australia for Economics curriculum? International Candidates can check the below-mentioned Masters in Economics in Australia requirements:

• High school qualification GPA of 5.0 out of 7.0.
• PTE score of 58
• IELTS score of 6.5
• TOEFL score of 79

Masters in Economics in Australia Documents Requirements

International students are required to check the required documents for Masters in Economics on Australian university’s webpage. Candidates require a minimum PTE score of 58-64 to get into majority of Australian universities for Masters in Economics. An IELTS band score of 6.5, or a TOEFL score of 79 are other English language requirements for the course.

• • High school-leaving marksheets and certificates.

• LOR for Australia

• SOP for Economics in Australia
• ELP scorecard of IELTS, TOEFL, or PTE
• Bank or financial documents
• Australian student visa documents (Subclass 500)

Masters in Economics in Australia Application Fees

Candidates can apply for Masters in Economics in Australia in certain universities, without application fees. Universities accepting application fees for Masters in Economics in Australia is around AUD 150 (INR 8,011). International students can check below-mentioned table of universities requiring an application fee for pursuing higher education in Australia:

Best Universities for Masters in Economics in Australia	Application Fees
University of Queensland	AUD 100 (INR 5,341)
University of Newcastle	No Application Fees
University of New England	No Application Fees
University of Western Australia	AUD 125 (INR 6,676)
University of Tasmania	No Application Fees
University of New South Wales Sydney	AUD 125 (INR 6,676)
Monash University	AUD 100 (INR 5,341)
University of Sydney	AUD 150 (INR 8,011)
University of Melbourne	AUD 120 (INR 6,409)

Note: AUD 1= INR 53.40 (as of dated November 9, 2023)

Masters in Economics in Australia Application Deadlines

Universities offering MA Economics in Australia accepts students in trimesters 1, 2 and 3. The Intakes in Australia for Trimester 1 begins in the month of January-February, Trimester 2 in May, and Trimester 3 in August. Some colleges like University of Sydney, offer the course in two semesters. Candidates are required to check closing dates based on commencing time of each semesters for Masters in Economics in Australia. Application deadlines for universities offering Masters of Economics in Australia are detailed below:

Top Australian Universities	Application Deadlines
University of Queensland	Semester 1: November 30, 2023 Semester 2: May 31, 2024
University of Newcastle	Trimester 1 2024: 14 January 2024, Trimester 2 2024: 28 April 2024 Trimester 3 2024: 11 August 2024
University of New England	International students can apply throughout the year
University of Western Australia	-
University of Tasmania	3 months prior to the starting of semesters
University of New South Wales Sydney	Term 1: November 30 Term 3: July 31
Monash University	-
University of Sydney	Semester 1: January 15, 2024 Semester 2: June 25, 2024
University of Melbourne	April 30, 2024

Entry Requirements for Masters in Economics in Australia

Majority of universities does not require standardized test scores for Masters in Economics in Australia. International students can check the below-given accepted scores of exams to study in Australia.

Top Australian Universities	Standardized Scores	ELP Scores
University of Queensland	GMAT or GRE is not required	IELTS: 6.5, TOEFL: 87, PTE: 64
University of Newcastle	No minimum GMAT or GRE requirements	IELTS: 6.5
University of New England	No GMAT or GRE score requirements	IELTS: 6.0, TOEFL: 79 PTE: 57
University of Western Australia	No GMAT or GRE score requirements	IELTS: 6.5, TOEFL: 82, PTE: 64
University of Tasmania	No GMAT or GRE requirements	IELTS: 6.0, TOEFL: 72
University of New South Wales Sydney	GMAT or GRE is not required	IELTS: 7.0, TOEFL: 94, PTE: 65
Monash University	No GMAT or GRE score required	IELTS: 6.5, TOEFL: 79, PTE: 58
University of Sydney	GMAT or GRE is not required	IELTS: 7.0, TOEFL: 96, PTE: 68
University of Melbourne	GMAT score: 630, GRE score: 315	IELTS: 6.5 TOEFL: 79 PTE: 58-64

Cost of Living in Australia for International Students

Annual cost of living in Australia for international students depends on a major factor of location. Tier 1 cities of Australia like Sydney, and Melbourne have living expenses of AUD 38,604-35,040 (INR 20,61,506 -18,71,184) per year. On the other hand, Gold Coast and Wollongong have comparatively lower annual expenses of AUD 27,660-29,640 (INR 14,77,082-15,82,816). The cost of living in Australia varies person to person and type of expenses.

Universities	Estimated Annual Expenses
University of Queensland	AUD 26,160-36,480 (INR 13,96,980-19,48,081)
University of Newcastle	AUD 18,912 (INR 10,09,927)
University of New England	AUD 21,041 (INR 11,23,618)
University of Western Australia	AUD 36,816 (INR 19,66,024)
University of Tasmania	AUD 35,620 (INR 19,02,156)
University of New South Wales Sydney	On-Campus: AUD 25,000 (INR 13,35,034) Off-Campus: AUD 38,000 (INR 20,29,252)
Monash University	AUD 48,800 (INR 26,05,986)
University of Sydney	AUD 24,505 (INR 13,08,600)
University of Melbourne	AUD 28,080 (INR 14,99,510)

Note: AUD 1= INR 53.40 (as of dated November 9, 2023)

Scholarships for Masters in Economics in Australia

International students applying for Masters in Economics in Australia will get various scholarship options in universities. Certain universities, like, offer postgraduate coursework scholarships with a 15-25% reduction in tuition fees. List of scholarships in Australia for international students is detailed below:

Scholarships	Eligibility Requirements	Value
UQ International Excellence Scholarship	International postgraduate students are eligible	25% reduction in tuition fees per semester
International Excellence Scholarship (Management, Accounting, and Finance)	International students enrolled in a business-related curriculum	AUD 15,000 (INR 8,01,021) for two consecutive years
Tasmanian International Scholarship	Postgraduate Candidates with good academic records	25% reduction in tuition fees for total duration of the course
Melbourne Graduate Scholarship	International students enrolled on a merit-basis	Varies
International Student Scholarships	Postgraduate students meeting academic qualifications	AUD 24,000 (INR 12,81,633) for two years
Academic English Bursary - Australia	Eligible students with excellent academic scores	20% off on cost of studying
The ExpressVPN Future of Privacy Scholarship	Essay writing (600-800 words)	AUD 5,000 (INR 2,67,007)
Fully-funded Rotary Peace Fellowship	-	Varies

Note: AUD 1= INR 53.40 (as of dated November 9, 2023)

Masters in Economics in Australia Salary

How much does a Master of Economics earn in Australia? Graduates after studying Masters in Economics in Australia can earn an average annual income of AUD 93,000 (INR 49,66,325). International students can also get various opportunities for part-time jobs in Australia while studying Masters in Economics. Hourly wage after Masters in Economics program is AUD 49 (INR 2,617). Top recruiters after studying Masters in Economics in Australia are Deloitte, NSW Australia, KPMG, PwC, etc.

Note: AUD 1= INR 53.40 (as of dated November 9, 2023)

Work Permit in Australia

International students can stay and work in Australia on a temporary or permanent basis. Candidates can also work or train in an eligible skilled occupation in Australia. A list of Australian work visa for skilled migrants are as follows:

• Employer Nomination Scheme visa– Sponsorship needed
• Skilled Independent visa
• Skilled Nominated visa – Sponsorship needed
• Skilled Regional visa

ROI after Studying Masters in Economics in Australia

Some Top universities in Australia for Masters in Economics, offering a better ROI are University of New England, and University of Newcastle. International students can check ROI of top universities offering Masters in Economics in Australia in below-mentioned table:

Universities	Tuition Fees	Cost of Living	Total Expenses	Average Annual Salary	ROI
University of Queensland	AUD 48,160 (INR 25,71,809)	AUD 36,480 (INR 19,48,081)	AUD 84,640 (INR 45,19,890)	AUD 93,000 (INR 49,66,325)	109%
University of Newcastle	AUD 40,225 (INR 21,48,070)	AUD 18,912 (INR 10,09,927)	AUD 59,137 (INR 31,57,996)		157%
University of New England	AUD 32,254 (INR 17,22,407)	AUD 21,041 (INR 11,23,618)	AUD 53,295 (INR 28,46,025)		174%
University of Western Australia	AUD 33,300 (INR 17,78,265)	AUD 36,816 (INR 19,66,024)	AUD 70,116 (INR 37,44,289)		132%
University of Tasmania	AUD 36,250 (INR 19,35,799)	AUD 35,620 (INR 19,02,156)	AUD 71,870 (INR 38,37,955)		129%
University of New South Wales Sydney	AUD 48,700 (INR 26,00,646)	AUD 38,000 (INR 20,29,252)	AUD 86,700 (INR 46,29,897)		107%
Monash University	AUD 53,000 (INR 28,30,272)	AUD 48,800 (INR 26,05,986)	AUD 1,01,800 (INR 54,36,257)		91%
University of Sydney	AUD 56,500 (INR 30,17,176)	AUD 24,505 (INR 13,08,600)	AUD 81,005 (INR 43,25,776)		114%
University of Melbourne	AUD 52,512 (INR 28,04,212)	AUD 28,080 (INR 14,99,510)	AUD 80,592 (INR 43,03,722)		115%

Note: AUD 1= INR 53.40 (as of dated November 9, 2023)

University of New England, University of Newcastle, University of Western Australia are some popular colleges offering a better ROI in comparison to others of 132-174%. International students will get an overall briefing for Masters in Economics in Australia from the data given above.

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