The Masters in Economics in Germany is a 2-year postgraduate program that offers students ample hands-on experience mixed with lectures and classroom time to attract international students to Germany. Suppose you are looking to pursue a master's in economics. In that case, Germany is a great option to opt for as the education quality is higher than other study destinations. Germany's highly-ranked universities and affordable cost of living make it a good destination for those looking to study and seek opportunities abroad after a master's in economics. Most of Germany's private and public institutes and universities are in the top 100 of the Times Higher Education World Rankings for Economics. Still, there are many other reasons why you should study for a Master's in economics in Germany that we'll get you covered below in this blog.
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Many German universities offer master's programs in economics for graduates with a strong academic interest in the field of economics. This allows them to build a great career in the economics field. Various German university ranking tables can help you find the best universities with affordable tuition fees and a good reputation for producing economics postgraduates in Germany.
|
University |
QS Ranking 2022 |
Course |
Tuition fees per year |
|
University of Mannheim |
40 |
M.Sc. Economics |
€35,000 |
|
Ludwig Maximilian University of Munich |
50 |
MS in Life Science and Policy |
€26,500 |
|
University of Bonn |
62 |
M.Sc. Economics and Management Science |
€41,450 |
|
Humboldt University of Berlin |
71 |
M.Sc. Economics |
€36,200 |
|
Free University of Berlin |
136 |
M.Sc. in International Economics |
€30,000 |
|
University of Gottingen |
142 |
M.Sc. in Public Economics |
€20,960 |
If you're interested in pursuing a postgraduate economics program in economics, you need to go through various admission processes. It starts with admission. Students either need to apply directly to the university they are looking for or via the centralised admission portal by DAAD(German Academic Exchange Service). For admission to the master's programs of German universities, candidates need to fulfil the following eligibility criteria:
Application period: Yearly once
Admission Decisions: Before June Ends
Start of studies: October
Application mode: Online only
GRE/GMAT: Not required
Letters of recommendation: From the previous institute's professor
Degree required: Any relevant three- or four-year degree
GPA required: German 2.3 or better
Background required: solid quantitative skills
English language proficiency: B2 level (CEFR)
German language proficiency: Not required.
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In general, in most cases, the cost of studying for a master's in economics in Germany naturally varies across universities. German universities offer the best quality education at lower tuition fees for international students. Here is a list of top universities and their tuition fees in Germany for economics:
|
University |
Tuition Fees |
|
RWTH Aachen University |
€22,500 |
|
Ludwig Maximilian University of Munich |
€55,250 |
|
Free University of Berlin |
€64,680 |
|
Heidelberg University |
€40,900 |
|
University of Goettingen |
€98,540 |
|
Humboldt University of Berlin |
€45,500 |
|
University of Hamburg |
€35,450 |
|
University of Freiberg |
€72,450 |
|
University of Tuebingen |
€84,300 |
|
University of Bonn |
€125,360 |
While many international students study in Germany, the cost of living is less expensive than in other study destinations. For example, the average cost of living is about €12,500 per year. Let's break down the average monthly expenses for international students living in Germany down below:
|
Expense |
Cost |
|
Accommodation and utilities |
€350 |
|
Food and drink |
€210 |
|
Clothing |
€150 |
|
Learning materials |
€150 |
|
Transport cost |
€225 |
|
Health insurance, medical costs, medicine |
€210 |
Since many international students find it challenging to pay tuition fees, some programs offer students the opportunity to apply for financial support through a scholarship. Below, we've listed the commonly available scholarships for international students in Germany:
|
Scholarship |
Amount |
|
Heinrich Boll Scholarship |
Variable |
|
MASTA Scholarship |
€6500 |
|
British Council IELTS Award |
Variable |
|
Kaad Scholarship |
Variable |
|
Friedrich Ebert Foundation Scholarship |
€20,100 |
|
Konrad-Adenauer-Stiftung Scholarship |
€18,500 |
|
JN Tata Endowment Scholarship |
Variable |
A Master's in Economics in Germany opens doors for international students across various recruiters such as consulting corporations, research agents, business advisory services, and non-governmental organisations. Below are just a few popular jobs for postgraduate economics get placed:
|
Job role |
Salary in Euro |
|
Economist |
€90,500 |
|
Market Researcher |
€62,150 |
|
Data Analyst |
€55,650 |
|
Survey Researcher |
€50,450 |
|
Statistician |
€80,630 |
|
Policy Analyst |
€105,000 |
Still unclear about anything? Well, not to worry. Contact AECC and get your queries answered today!
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A professional degree holder in MA Economics might find attractive employment prospects in both the public and commercial sectors. Banking, financial institutions, and labour markets are just a few of the top career options for graduates.
Graduates with a degree in economics are in high demand in Germany.
Germany's public institutions do not charge tuition, making it an excellent study abroad choice. Annual tuition for an MSc in Economics in Germany ranges from 265 euros to 6,703 euros.
