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:
- Why Study MS in Economics in Germany
- Top Universities
- Admission Process
- Cost of Studying Masters in Economics in Germany
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 2020||University||Courses Offered And Duration||Annual Fees (in Euros)|
|32||Ludwig Maximilian University of Munich||MS Economics (2 years);Master of Quantitative Economics (2 years)||265|
|44||Heidelberg University||MS Economics (2 years)||355|
|74||Humboldt University of Berlin||MS Agricultural Economics (1 year);MS Economics and Management Science (2 years)||3679|
|86||University of Freiberg||MS Economics (2 years);M.Ed Economic Science (2 years)||2681|
|91||University of Tuebingen||MS 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|
|99||RWTH Aachen University||M.Ed Economics – Vocational School Teacher (2 years);MS Economic Geography (2 years);MS Economics (2 years)||294|
|105||University of Bonn||MS Economics (2 years);MA Ecumenical Studies (2 years)||6703|
|117||Free University of Berlin||MA Economics (2 years);MS Public Economics (2 years)||321|
|125||University of Goettingen||MS International Economics (2 years);MS Development Economics (2 years)||746|
|141||University of Hamburg||MS Economics (2 years);MS Health Economics and Health Care Management (2 years)||328|
|157||University of Cologne||M.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:
- IELTS: 6.0
- TOEFL iBT: 90
- TOEFL PBT: 575
- 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
Cost of Living in Germany
|Type of Expense||Cost (in Euros)|
|Rent and utilities||323|
|Food and drink||168|
|Travel costs (car and public transport)||94|
|Health insurance, medical costs, medicine||80|
|Phone, internet, TV||31|
|Leisure, culture, sports||61|
|Heinrich Boll Scholarship for International Students||Variable||March 01|
|MASTA Scholarship||6216.38 euros||January 15|
|Friedrich Ebert Foundation Scholarship||Variable||October 31|
|JN Tata Endowment Scholarship||Variable||March 09|
|British Council IELTS Award 2020||12121.52 euros||June 10|
|Kurt Hansen Science Scholarship||20184 euros||_|
|Kaad Scholarship||Variable||June 30|
|Bharat Petroleum Scholarship 2020||Variable||_|
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 Role||Annual Salary (in Euros)|
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.