MSM Unify Masters in Economics in Canada for International Student

Masters in Economics in Canada for International Student | MSM Unify

Choosing to study Master’s in Economics is a big decision. But if you’re looking for an internationally respected and highly ranked program, Canada could be the perfect place for you. With world-class universities and a welcoming environment, Canada offers some of the best economics programs in the world. 

Check out this guide to learn more about studying economics in Canada as an international student.

Why Choose Canada in Studying for a Master’s Degree in Economics

A Master’s in Economics is a very popular field of study. It is one of the most sought-after degrees by students who want to make their career as economists and also those who are looking for a change from other fields of study. These are a few reasons why you should get a Master’s in Economics in Canada.

  1. The demand for this degree has increased over the years because it provides you with skills that can be used in many different areas of life.
  2. Makes it an excellent choice if you are planning on changing your career path or starting up your own business.
  3. The program will teach you how to analyze and interpret economics, develop economic models, and forecast future trends. 
  4. Gain an understanding of the global economy and the role that your country plays in it. 
  5. You will be able to work in a variety of settings, such as government, financial institutions, and multinational corporations.

What you Need to Know

  • Master’s degree programs in economics offer students an advanced understanding of economic concepts. Students study a spectrum of topics including
    •  International Economics
    • Resource and environmental economics
    • Financial and Labor Economics 
    • Development Economics
    • Law and Economics
    • Industrial organization
    • Macroeconomics
    • Microeconomics
    • Econometrics
  • Each University’s curriculum for an Economics Master’s Degree includes Social Science topics such as Sociology.
  • The average cost of tuition varies from CAD13,000 to 45,000 (approx ₹34 lakh).
  • A Master’s Degree in Economics usually takes one to two years to complete.
  • It’s important to take an English language examination before applying for a Master’s in Economics in Canada.

Master’s Degree in Economics in Canada: English Test Requirements

If you want to study abroad, you must take an English language proficiency exam before applying for admission. Most countries require international applicants to submit their scores from one of the standardized English proficiency exams such as:

  •  IELTS (International English Language Testing System)
  • TOEFL (Test of English as a Foreign Language)
  • PTE (Pearson Tests of English)

English Program Minimum Requirements

English Language Test

Overall Score

Listening

Reading

Speaking

Writing

IELTS

6.5

6.0

6.0

6.0

6.0

TOEFL

93

22

22

22

22

PTE

65

60

60

60

60

Eligible Students for Master’s Degree in Economics in Canada

Most Canadian Universities offer an MA Economics degree program. Here are some of their requirements:

  • 16 years of total educational experience with 10+2+4 break-up.
  • 4-year Bachelor’s Degree in Economics or a related field. With preferred knowledge below.
    • Microeconomics
    • Advanced economic theory
    • Econometrics
    • Mathematics
    • Statistics 
  • Compulsory of submitting GRE Scores.
  • Met a minimum 3.0 GPA on a scale of four points or 7-8 on a 10-point scale of CGPA. The percentage required thus be 78-81% or Grade B.
  • Admittance into the program is dependent on strong academic performance and analytical skills
  • Prior professional experience will be held substantially.

Admission Process for Masters In Economics in Canada

  1. Visit the official website of the University where you want to study and review the requirements.
  2. Create an account with the uni­ver­sity using your phone number or e-mail address. You shall receive login information and verification codes by doing so.
  3. Fill out your personal information.
  4. Application fees vary for each university and location in Canada and are payable thru international online banking.
  5. If necessary, enter your academic qualifications as well as your additional supporting documents.
  6. Some Canadian schools and institutions may offer virtual interviews to selected applicants.

Documents Required for Masters In Economics In Canada

  1. Academic Transcripts
  2. Referral Letter
  3. English Proficiency Certificate
  4. Visa / Passport
  5. Recommendation Letter
  6. Statement of Purpose
  7. Curriculum Vitae (if required)

Tuition Fees for Getting a Master’s Degree

There are varying levels of tuition fees for Masters in Economics at different Universities in Canada. Application costs and student visa fees in Canada are additional expenses. International students usually pay more at private institutions than public ones because they tend to offer specialized and sometimes additional educational services.

Tuition fees for getting a Master’s Degree in Economics in Canada

Degree Level

Tuition Fees

Masters in Economics

25,000 CAD or 1,516,960 INR

Bachelor of Arts in Economics

31,000 CAD or 1,881,031 INR

Ph.D. in Economics

18,000 CAD or 1,092,220 INR

Graduate Diploma (GrDip) in Economics

14,000 CAD or 849,498 INR

Scholarships for Masters in Economics in Canada

The Canadian government has a number of scholarships in Canada available for students from around the world. These are offered to international students who have completed their education and wish to pursue post-secondary studies in Canada. The scholarships for international student in Canada are awarded based on academic merit, financial need, and/or personal achievement.

Below are the Scholarship Options for Students

Institution

Scholarship

Funding Details

University of Toronto

Ontario Graduate Scholarship, H. Stanley Hunnisett Fund and the Dorothy J. Powell Graduate Scholarship In International Economics

CAD 11,300 (₹9 lakh) per session and it may vary as well

University of Waterloo

The Ontario Graduate Scholarship

CAD11,300 (₹9 lakh) per session

University of British Columbia

The Mackenzie King Scholarship and the Toptal Scholarships for Women

CAD 7900- CAD 9500 (₹7 lakh) per year  

University of Alberta

The AD O’Brien Graduate Scholarship in Public Finance and the Alberta Graduate Excellence Scholarship

CAD 4021 per year or CAD 9000 (₹7 lakh) as one-time assistance

Universite De Montreal

The Lise Salvas Foundation Award,

Maurice Bouchard Foundation Award, and the

 

PBEE Merit Scholarships for Graduates

CAD 760 (₹57,907) per year (it may vary as well)

Career and Employment After Masters In Economics In Canada

There are many different paths that you can take after completing your masters in the best economics universities in Canada. Whichever path you choose, a masters in economics will give you the skills and knowledge you need to succeed. A degree in economics can lead to a wide range of exciting and rewarding career opportunities.

Samples of Some of the Rewarding Roles

Role

Salary in CAD

Salary in INR

Economist

96,000

5,825,130

Data Scientist

80,000

4,854,275

Data Analyst

76,000

4,611,560

Economics Professor

110,000

6,674,628

Financial Analyst

85,000

5,157,670

Financial Manager

89,000

5,400,381

Hedge Fund Manager

120,000

7,281,413

Economic Development Director

90,000

5,461,060

Budget Analyst

77,000

4,672,240

Policy Analyst

72,000

4,368,850

Research Officer

76,210

4,624,300

Consultant

80,000

4,854,275

Financial Market Economist

170,000

10,315,335

If you’re looking for an internationally respected and highly ranked program, Canada could be the perfect place for you. With world-class universities and a welcoming environment, Canada offers some of the best economics programs in the world. 

With its strong economy and ties to various countries, getting a Master’s in Economics in Canada can give you a global perspective that will set you apart in your career. Have you considered studying in Canada?



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