MS in Economics in Germany

MS in Economics in Germany is a 2 years program targeted at students with an interest in obtaining advanced analytical and quantitative training. Over 25% of the Economists working in Germany had a masters degree. 

Students with a bachelor's degree in economics or equivalent good GRE score can apply for a Masters in Economics in Germany universities. Apart from this, international students are required to submit prove of proficiency in English with 90 in TOEFL-IBT or 6 bands in IELTS. Public universities in Germany do not charge any tuition fees which makes germany a great study abroad destination. The annual fees for studying MS in Economics in Germany is 265 euros to 6,703 euros.

MS in Economics in Germany: Top Universities

The table given below provides a list of top universities offering Masters in Economics in Germany with program, duration and fees: 

Why Study MS in Economics in Germany?

• Several of the top universities in the world are found in Germany, such as Heidelberg University, Freiburg University, Munich Technical University, etc
• The majority of Germany's universities are public and charge tuition fees of approximately 60 euros per semester.
• Germany has the 4th best graduate starting salary at 44,562 euros in Europe
• With a growing economy, this country also has the 2nd least unemployment rate in the EU, at 3.4%.
• With 5 years of experience, the salary of an Economist increases by 16%.

MS in Economics in Germany: Specialisations

Students opting to study in Germany can choose among one of the following specializations for MS in Economics degree: 

• Econometrics: Advanced econometrics draws upon the foundation knowledge of economics in theoretical and applied econometrics, and explores applied econometrics in more detail.
• Microeconomics: It covers topics such as supply and demand, the operation of markets, consumer and enterprise behavior, competition and monopoly, income distribution, discrimination, and consumer demand.
• Macroeconomics: Students develop an understanding of the relationship between key macroeconomic aggregates such as output, inflation, employment, and interest rates.
• Financial Economics: This involves studying domestic and international financial markets, learning about the principles of financial decision-making in banking, investment management, etc.
• International Economics: Specializing in international economics involves exploring international trade and finance, including topics such as why countries trade, commercial trade policies and their effects, etc. 

Other popular economics topics include:

• Monetary economics
• Game theory
• Development economics
• Industrial economics
• Quantitative techniques

MS in Economics in Germany: Admissions

For admission in the master's program of Germany universities, either the students need to apply directly to the university, or via uni-assist. Uni-assist is a centralized admissions portal, run by the German Academic Exchange Service (DAAD), and handles international applications for its member universities.

Masters in Economics in Germany: Eligibility

• Bachelor’s degree in economics from a university in Germany or abroad or from a state-recognized university of cooperative education.
• At least 22 credits (ECTS) must have been completed in economics, 6 credits in mathematics, and 6 credits in statistics.
• GRE test scores (for non-EU students) with a score of 320 points OR of the GRE revised General Test with a score of 140 points in oral language skills.
• Proof of basic German language skills (CEFR Level A1) within one year after enrolment.
• Proof of proficiency in English (Level B2 of the Common European Framework of Reference for Languages), for example: 
  • IELTS: 6.0
  • TOEFL iBT: 90
  • TOEFL PBT: 575

Masters in Economics in Germany: Documents Required

To successfully apply to German universities, international students must submit the following documents: 

• Resume/CV
• A letter of motivation in English (with a maximum of 500 words),
• Letters of recommendation from two university teachers.
• An academic essay written by the applicant of up to 10 pages and other documents relevant to the application, e.g. (work) certificates for internships or other subject-related activities is optional.
• A higher education entrance qualification from a school with English as the language of instruction after at least two years of school.
• Statement of Purpose.
• Applicants with degrees from Mongolia, Vietnam or China must submit the original APS-certificate issued by the German Embassy.
• A personal identification card or passport.
• University entrance qualification: the original or a certified copy with a certified translation in German

Germany Student Visa

Steps to apply for a study visa for Germany are given as follows:

• Submission of online application and important documents (CV, Education Certificates, IELTS Certificate, Personal Statement)
• Wait for the response of university ie. confirmation of admission
• Schedule an interview (Skype or telephonic). Selected students are sent a letter of confirmation.
• Submit token fee to the University
• Open a Blocked Account with Partner Banks (8640 Euros and 700 Euro can be debited by a student per month but only after reaching Germany)
• Book visa appointment with the embassy. 
• Visa letter from the university is sent to selected students (signed by university & to be signed by student)
• Apply for the visa (Documents are-Visa Letter, Medical and Health insurance, and Blocked account)
• After visa approval, submit all pending fees.

Masters in Economics in Germany: Cost

Studying abroad comprises three types of costs: Pre-arrival Cost, Tuition Fees, and Cost of Living. Most of the universities of Germany charge no tuition fees. Students have to pay only a minor semester fee or social fees. 

Pre-arrival Cost

Pre-arrival cost for studying MS in Economics in Germany is tabulated below: 

MS in Economics in Germany: Tuition Fees

Most of the public universities of Germany do not charge any tuition fees. International students have to pay only a small amount of semester fees. Due to less or no tuition fees, Germany is one of the best study abroad destination.

Cost of Living in Germany

In comparison to other European countries, Germany is not very expensive. The costs of food, housing, clothing, and cultural activities are slightly higher than the EU average. On average, students spend around 850 euros per month on travel and accommodation in Germany. 

The average monthly expenses for a student living in Germany:

MS in Economics in Germany: Scholarships

With the estimated living cost in Germany being around 850 euros per month, it is quite a challenge for international students to study in Germany. Universities offer numerous programs along with financial support in the form of scholarships for international students in Germany.

Non-government scholarships provided by the universities:

Government-funded scholarships to study in Germany:

DAAD Scholarships: The German Academic Exchange Service (DAAD) offers many scholarships for international students to study in Germany at various degree levels. 

Erasmus: The largest provider of scholarships for studying in the EU, Erasmus+ is led by the European Commission, funding international students to study in Europe. It provides grants for living costs when participating in an exchange program to study in Europe.

For more scholarships in Germany, click here

MS in Economics in Germany: Jobs

MS in Economics in Germany can open doors for students across a wide range of sectors. Common recruiters include research agencies, consultancy firms, the economic advisory services of governments, banks, financial institutions or international agencies, universities, multilateral organizations, and non-governmental organizations. 

Below are just a few popular jobs in Germany for masters in economics graduates: 

The study of economics is very valuable to today’s society. Economic principles can be applied to a broad range of institutions, including health care, government, finance, business, politics, and even religion. All of these agencies require time and expenses and thus can be viewed with an economic outlook which makes the study of economics an important field. 

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