Masters in Economics in Germany: A Simple Guide

Masters 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 German universities.

In this article, let us look at:

  1. Why Study MS in Economics in Germany
  2. Top Universities
  3. Admission Process
  4. Cost of Studying Masters in Economics in Germany
  5. Scholarships
  6. Scope

1. 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%.

2. Top Universities

THE Ranking 2020UniversityCourses Offered And DurationAnnual Fees (in Euros)
32Ludwig Maximilian University of MunichMS Economics (2 years);Master of Quantitative Economics (2 years)265 
44Heidelberg UniversityMS Economics (2 years)355 
74Humboldt University of BerlinMS Agricultural Economics (1 year);MS Economics and Management Science (2 years)3679
86University of FreibergMS Economics (2 years);M.Ed Economic Science (2 years)2681 
91University of TuebingenMS Management and Economics (2 years);MS International Economics (2 years);MS Economics and Finance ( 2 years);MS Economics (2 years);MS European Economics (2 years)3094 
99RWTH Aachen UniversityM.Ed Economics – Vocational School Teacher (2 years);MS Economic Geography (2 years);MS Economics (2 years)294 
105University of BonnMS Economics (2 years);MA Ecumenical Studies (2 years)6703
117Free University of BerlinMA Economics (2 years);MS Public Economics (2 years)321
125University of GoettingenMS International Economics (2 years);MS Development Economics (2 years)746
141University of HamburgMS Economics (2 years);MS Health Economics and Health Care Management (2 years)328 
157University of CologneM.Ed Economics/Business Education (2 years);MS Economic Research (2 years);MS Economics (2 years)577


3. Admission Process

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.


  • 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:
  1. IELTS: 6.0
  2. TOEFL iBT: 90
  3. TOEFL PBT: 575

Documents Required

  • 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

Visa Process for International Students

  • Scholarships and Grants
  • 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.

4. Cost of Studying Masters in Economics in Germany

Pre-arrival Cost

Type of ExpenseCost (in Euros)
German Student Visa75
IELTS Fees156
TOEFL Fees158
GRE Fees188

Tuition Fees

Cost of Living in Germany

Type of ExpenseCost (in Euros)
Rent and utilities323 
Food and drink168 
Working/learning materials20 
Travel costs (car and public transport)94 
Health insurance, medical costs, medicine80 
Phone, internet, TV31
Leisure, culture, sports 61 

5. Scholarships

Name Amount Application Deadline
Heinrich Boll Scholarship for International StudentsVariable March 01
MASTA Scholarship6216.38 euros January 15
Friedrich Ebert Foundation ScholarshipVariable October 31
JN Tata Endowment ScholarshipVariable March 09
British Council IELTS Award 202012121.52 euros June 10
Kurt Hansen Science Scholarship20184 euros _
Kaad ScholarshipVariable June 30
Konrad-Adenauer-Stiftung ScholarshipVariable _
Bharat Petroleum Scholarship 2020Variable _

6. Scope

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, and 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:

Job RoleAnnual Salary (in Euros)
Economist 92,906
Data Analyst35,304
Market Researcher66,892 
Survey Researcher53,674
Policy Analyst106,944 


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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