Masters in Economics in Germany

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.

Why Study for a Master in Economics In Germany?

The German educational system balances theory and practice, offering a Master's degree in English, German, or a combination of the two, which is considered an added advantage. There are several other reasons to choose Germany for studying for a master's in economics that is listed below:

  • According to a recent report, several German universities are among the best global universities for economics.
  • Most of the public universities in Germany charge just less than 100 euros per semester as tuition fees.
  • Germany ranks number four in Europe in offering the best starting salary for fresh postgraduates higher than 46,500 euros.
  • With a growing economy, Germany has the lowest unemployment rate at 3.5%.
  • Each year, the demand and salary for economists increase by 16%.

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Masters In Economics in Germany: Specialization

Since the Master's in Economics explores all aspects involved in producing, distributing, and consuming goods and services, it needs to be analysed on a varied scale, such as small scale (Microeconomics) and global (Macroeconomics). So many universities in Germany offer Master's degrees in Economics under various specialisations to guide students in optimising all economic actions to improve the well-being and prosperity of economic entities and consumers. Hence, if you're looking to pursue a Master's in economics in Germany, you can choose any of the following specialisations for an MS in Economics degree:

  • Econometrics
  • Microeconomics
  • Macroeconomics
  • Financial Economics
  • International Economics
  • Monetary economics
  • Game theory
  • Development economics
  • Industrial economics
  • Quantitative techniques

Best Universities in Germany for Masters In Economics

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

Eligibility to study Masters In Economics In Germany

Here are the eligibility criteria for the best universities in Germany for economics:

  • Most German universities usually need candidates to take admission through their official sites or the DAAD admissions site for masters in economics.
  • Applicants need to score at least 65% in their undergraduate degree to apply for a Master's program in economics.
  • To apply to universities in Germany for economics, candidates are required to pass the Feststellungsprufung qualifying examination.
  • Need to score well and pass English languages proficiency tests such as TOEFL, IELTS, TestDaf, and DSH level 2.
  • Students need to clear some standardised examinations like the GRE to apply for a master's program.
  • Curriculum vitae/Resume.
  • Letter of Recommendation (LoR)

English Language Requirements

Students with a bachelor's degree in economics can apply for a master's in economics at German universities with the following English language requirements.
Candidates need to submit proof of proficiency in English (Level B2 of the Common European Framework of Reference for Languages):

Masters In Economics in Germany: Admission Process

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.

Want to know about the Application Process? Click Here 

Masters In Economics in Germany: Documents Required

Most high-ranked German universities require the following documents from international students to successfully apply for a master's in economics at German universities:

Cost of Studying Masters In Economics In Germany

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

Cost of Living in Germany

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

Scholarships for Masters In Economics In Germany

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

How to apply for a master's In Economics in Germany

The first step is to gather and look at the application checklist before applying for the program. The second step of applying for a master's in economics in Germany is sending the application via the official website of the university you've chosen or via the centralized admission portal by DAAD (German Academic Exchange Service). Here we've listed the complete application checklist to apply online to enrol for a master's in Economics in Germany:

Jobs & Salary After Masters in Economics In Germany

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

 

Germany Student Visa Process for International Students

Germany is attracting international students to its outstanding private and public universities. Nonetheless, like any other country, Germany also has its own requirements for resolving who enters the country.

  • Choose your university in Germany.
  • Start with the enrollment process.
  • Open your blocked account.
  • Go through the checklist for student visa
  • Meet the biometric requirements
  • Fill out the application form.
  • Schedule an appointment.
  • Get shortlisted and approved.
  • Fly and land in Germany.

Still unclear about anything? Well, not to worry. Contact AECC and get your queries answered today!

AECC Global is one of the world's leading educational consultancies with versatile expert professionals ready to help you with any queries you may have. Contact us so we can be of assistance to you in your journey to achieving your dream.

FAQs About Masters in Economics in Germany

How much are economists paid in Germany?

93.875 € (EUR)/yr.


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