Guide On Pursuing Masters’ In Economics In Canada

Masters’ In Economics In Canada

Written by Pareeshti Rao

"You can make anything by writing" - a great man once proclaimed. On both a professional and personal level, I'd regard it as fuel for my soul.

August 4, 2021

A Master’s degree in Economics can open doors to a plethora of opportunities, particularly if you want to study in Canada. Several Canadian universities offer specialised degrees as well as specific disciplines in this field. However, shortlisting universities based on their reputation, courses, tuition fees, post-study employment opportunities, and so on may be a daunting experience. Now that you’re here, make sure you go through this guide to learn all that you need to know about obtaining a master’s in economics in Canada for international students.

Postgraduate Economics courses in Canada will typically take about 1 to 2 years to complete depending upon the type of degree you’re opting for. Economics programmes are either available as a Master of Arts (MA) or Master of Science (MS). There are more than 20 universities offering Economics courses and degrees in Canada. It’s important to examine a variety of parameters when deciding which university is appropriate for you, including the kind of university, the type of degree, tuition fees, cost of living, the standard of living, and employment prospects. As an international student considering studying in Canada, there are a few things to keep in mind before you take the leap.

Why Study Masters’ In Economics In Canada?


Canada has witnessed a huge surplus in the number of incoming international students coming to pursue their masters’ studies. Canadian universities aim for students to delve into the depths of a particular field, and train students as per the industry standards. There are many reasons why you should pursue an economics degree in Canada, a few of which include:

  • Rankings: 18 Canadian universities rank amongst the world’s top 500 universities, according to the QS News Ranking of 2019 for Economics & Econometrics.
  • Scope: By 2026, it has been estimated that over 19,800 new jobs are to be created for economists in Canada.
  • Demand: Canada witnesses a rise in the annual demand growth rate for economic graduates every year, so you can find a job after graduation quite easily.
  • Expected Salary: As you gain work experience in this field, you can expect to earn a salary of up to 54,400 USD per annum.
  • Immigration & Visa Process: The immigration and visa process in Canada is as easy as getting a student permit. Canada has a reputation for being more welcoming than other study abroad destinations. International students looking for a Permanent Resident Card can apply for a post-graduation work permit.
  • Work & Study: Practical learning is just as vital as academic learning, as we all know. Universities in Canada recognise this principle and, as a result, offer students a range of job experience options. As a result, students can obtain important job experience in their field of study while studying in Canada.

These parameters aside, Canada is on the priority list for international students due to its lenient PR policies and its welcoming nature. So pursuing a Masters’ in Economics in Canada is going to be a great learning opportunity that will eventually convert to the kind of employment opportunity you were looking for.

Canadian Universities Offering Masters’ Degrees In Economics


As per U.S. News, these are the top 10 universities for Masters’ in Economics in Canada, based on their reputation and research in the field. Some of these universities have even received Canada’s Best Masters’ Ranking in Economics and they are listed below based on their ranking position in the list of the top 500 Best Universities for Economics and Business.

UniversitiesRanking
University of Toronto#27
University of British Columbia#54
Western University#74
University of Alberta#82
York University#84
University of Montreal#89
Simon Fraser University#120
McGill University#147
University of Calgary#163
University of Waterloo#181

Course Structure


Economics programmes in Canada entail autonomous study utilising sophisticated statistical data in a wide range of disciplines such as Resource and Environmental Economics, Financial and Labour Economics, Public Finance, Development Economics, International Economics, Law and Economics, and Industrial Organization.

Although each core curriculum for a Master’s in Economics in Canada varies, each programme incorporates parts of social sciences such as sociology. The following is the typical curriculum layout for most economics degrees offered in Canadian universities:

  • Econometrics
  • Macroeconomics
  • Micro-Economics
  • Financial Economics
  • Interpretational Economics


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Eligibility


The following are the qualifying requirements for most Canadian universities that offer a Masters’ in Economics:

  • 16 years of education: 10+2+4 years.
  • A four-year bachelor’s degree in the same area or its equivalent is preferred to candidates who have completed upper-year courses in advanced economic theory, microeconomics, macroeconomics, econometrics, statistics, and mathematics.
  • A minimum GPA of 3.0 on a 4.0 scale is necessary, as is a CGPA of 7 to 8 on a scale of 10. 
  • GRE test scores are required to be submitted.

Your eligibility to gain admission for the best economics Masters’ degrees in Canada is also based on good academics, analytical and abstract abilities, as well as the ability to weigh the costs and advantages of every activity. Prior job experience in a related sector is an extra benefit in gaining admission.

Documents Required


The following documents must be included in your application form as proof of evidence that you’re eligible to pursue a Masters’ in Economics in Canada:

  • Official, unofficial, or certified copies of transcripts
  • Curriculum Vitae (Revised)
  • Letters of recommendation/reference reports detailing academic and professional achievements are required. Some universities can even demand two to three reference letters.
  • Statement of interests, personal statements, and other documents demonstrating your special interest in the programme and the university.

Cost Of Pursuing Canadian Postgraduate Degrees In Economics


Your masters in economics Canada fees will largely depend on the university you’ve chosen, your eligibility for scholarships in Canada, the course structure, and many other factors. On average, the tuition costs for postgraduate economics courses in Canada may vary between USD 7,875 to USD 37,410. However, these values are approximate and are subject to change as per the university guidelines.

Do keep in mind that these are not the only costs associated with studying in Canada. As international students, you will also have to consider expenditures related to your accommodation, living, travel and transportation, food and groceries, health and medical costs, textbook and study materials, and other miscellaneous costs. Moreover, finding suitable accommodation within budget could be a daunting experience. Nonetheless, you can have a look at student housing options in UniAcco. You can find plenty of options ranging from studios, ensuites, to flats, and apartments; with free property consultation.

Are There Scholarships & Financing Opportunities?


Scholarships:

As a matter of fact, yes! There are several scholarship opportunities provided by universities as well as external organizations whether you’re pursuing an MA or an MS in Economics. With the abundance of scholarships available today, international students can significantly reduce the financial burden of studying abroad. You can apply for merit-based scholarships or need-based scholarships depending on your academic performance, and financial situation. The UniScholarz UniGlobal scholarship is a merit-based scholarship that is given to international students who wish to pursue their higher studies in Canada. 

Financial Aid:

Sometimes, students have a hard time resorting to scholarships. And not all scholarships are fully funded, so you may still have other expenses to cover. At such times, it is most advisable to opt for an education loan. There are several low-interest education loan providers that specifically cater to students going abroad. For Indian students, UniCreds is the best education loan provider if you’re looking for low-interest rates and free consultation services!

What After Masters’ In Economics?


Once you’ve completed Masters’ in Economics Canada, you’ll have several career options in store for you. You can work as Consultants, Public Policy Analysts, Financial Managers, Health Insurance Analysts, Economists, Budget Analysts, Research Officers, and many more. There are diverse fields that you could get into, some of which include:

  • Research Agencies
  • Consultancy Firms
  • Economic Advisory Services of –
  1. Governments
  2. Banks
  3. Financial Institutions
  4. Universities
  5. International Agencies
  6. Multilateral Organisations
  7. Non-Government Organisations (NGOs)

The course has a strong ROI, with an investment of about 20,000-50,000 USD and returns of at least 65,000 USD. Due to the complexity of the global economy, the competitive corporate atmosphere, and the inclusion of financial laws, economists are in high demand. As a result, economists, data analysts/actuaries, securities traders, financial consultants, and pricing analysts are urgently required in public and private sector companies. With a wide range of industries in need of qualified individuals with an economics education, postgraduates in Economics can find high-paying positions in Canada.

FAQs

Should I choose an MBA or Master’s Degree in Economics in Canada?

Getting an MBA in Canada costs more than a Master’s Degree in Economics. However, post-MBA salaries are also higher than those offered to business graduates. After completing an MBA, you will be offered management and administrative tasks in a variety of industries. A master’s degree in economics in Canada increases your chances of getting a job in the banking sector.

What are the requirements for applying to masters in economics in Canada?

Students should have a bachelors degree in economics or related field and a good GRE score (300 or more). IELTS (6.5) or TOEFL (86) is also required to be submitted as a proof of English proficiency for admission of international students.

Are there job opportunities after completing a masters in economics in Canada?

Students having a degree in masters in economics in Canada can earn an average pay of 50,000 USD per annum. Popular employers of economists in Canada are the Bank of Canada and Statistics Canada. Both of them offer good paygrade.

How much does a masters in economics in Canada?

A masters in economics in Canada costs around 20,000 to 45,000 USD. This is the tuition fees of the program. Additionally you will require funds for living in Canada

Name some of the top Canadian universities for economics.

University of Toronto, University of British Columbia, McGill University, Western University and Queen’s University at Kingston are some of the top-ranking universities for masters in economics in Canada.

To Conclude
More often than not, students are confused between pursuing Masters’ in Economics vs an MBA in Economics in Canada. While an MBA could be on the expensive end, the median salaries and the ROI from the jobs gained could be higher as well. Either way, economists are in demand, and a Masters’ in Economics in Canada would definitely fetch you a rewarding career.

Thank you for reading this blog on Pursuing Masters’ In Economics In Canada. If you’d like to read more, the following blogs may be of interest to you:

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