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For students seeking to enhance their education at affordable rates abroad, Canada has become increasingly desirable in every way. The country is highly chosen for its quality education and rich employment skills. Every year lakhs of students choose to pursue their master’s abroad. A masters in Economics in Canada is way more affordable than in a country like the UK or the USA. Universities here, guide students right from the beginning till the end to help them acquire the right skill set. Let’s dive deep into this topic in the coming sections of the article.
| Program | Masters in Economics |
| Location | Canada |
| Top Universities | The University of Toronto, The University of Alberta, and McGill University |
| Average Salary After Completing the Course | CAD 69,000 Per Year |
| Average Annual Tuition Cost | CAD 16,800 to CAD 40,000 |
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Also Read: Study in Canada
What is a Masters in Economics in Canada?
Masters in Economics in Canada is a two-year full-time course that focuses on many topics of economics. The amount of mathematical expertise needed by the student is the fundamental distinction between studying economics at the undergraduate and graduate levels. For students who want to study a Masters in Economics but don’t have a strong enough background in mathematics, several schools offer preparation courses in math and statistics. Additionally, candidates should have experience with both qualitative and quantitative research methodologies, be willing to conduct independent research utilizing sophisticated statistical data and be interested in understanding social issues.
Also Read: A Career in MSc in Financial Economics
Why Pursue a Masters in Economics in Canada?
There can be thousands of reasons why you might be required to carry on a master’s in Canada. However, below we are stating some of them:
- As per QS world ranking 2024, for Economics & Econometrics, approximately 19 Canadian colleges are in the top 500 rankings.
- Around 1.7 million new jobs are expected to emerge as a result of economic expansion.
- Studying in Canada is more affordable than in the universities of the USA, Australia, etc.
- Students can do part-time jobs along with studying in Canada, which helps them gain work experience.
- The immigration and visa process is comparatively easy and friendly and there are three intakes available for the student, i.e. fall, winter, and summer.
Also Read: Best Courses in Canada for Indian Students
Top 5 Universities to Pursue Masters in Economics in Canada
Now, let’s look at the best institutes to pursue a Masters in Economics in Canada.Here is a list of some of the top universities that a student can opt for:
| Top Universities | Program Offered | QS World University Rankings 2025 | Tuition Fees |
| University of Toronto | Masters of Financial Economics (MFE) | 25 | CAD 16,232.94 |
| The University of Alberta | MA in Finance and Economics | 96 | CAD 56,343 /Yr |
| McGill University | MA in Economics, MSc in Agricultural Economics | 29 | CAD 14518.51/Yr |
| The University of Britsh Columbia | MA in Economics | 38 | – |
| The University of Waterloo | MA in Economics | 115 | – |
Also Read: Top Universities in Canada with No Application Fees.
Note: Please stay informed with the university’s official website since fees are subject to change annually.
Eligibility Criteria
Here are the basic requirements for students who want to apply for a master’s degree in economics in Canada. However, there will always be certain university-specific criteria, thus before applying, one should verify with the school or on the official website:
- Undergraduate degree from a recognized university.
- Minimum of 50-55% percentage in their bachelor’s examinations.
- The most obvious requirement to study abroad is to have English proficiency tests like IELTS, TOEFL, or PTE.
Documents Required
Please ensure you prepare and gather all the necessary documents before beginning the application process. Here is a list of some of the common documents needed to be admitted to any university.
Also Read: What are the Requirements to Study in Canada?
Application Process
Before you move on to pursue a master’s in economics in Canada, follow this step-by-step procedure for admission to a master’s in economics in Canada.
- As a first step, make sure you are ready with your college transcripts or final 12th-grade mark sheet.
- Once you are done with that, prepare a statement of purpose, to assist the universities in understanding your sole purpose of going there to earn your master’s.
- After this, figure out the course and the country in which to study abroad. While deciding this, you can get assistance from Leverage Edu’s free AI Course Finder tool.
- Thereafter, go to the specific website of an individual university and apply for the particular course by filling in the appropriate information.
- Once you receive the letter of offer, accept it and start looking for the funds you require.
- Finally, apply for the visa and get ready to land in your city of dreams.
Cost of Pursuing Masters in Economics in Canada
The average cost to study a master’s in economics in Canada falls somewhere between CAD 16,800-40,000 per annum. Additionally, to get the exact cost, just add on your tuition fees, basic accommodation, food, and travel expenses.
Cost of Living in Canada
Living costs in Canada are slightly on a higher side than in India. The prices of food and beverages are 502.67% higher, prices of rented houses are 750.90% higher, healthcare prices are 28 times higher, etc.
Also Read: Cost of Studying in Canada
Popular Scholarships
Don’t worry if you are finding the Masters in Economics in Canada program to be expensive. You can use the following scholarships to receive financial support as you pursue your education abroad.
| Scholarship | Grant |
| Ontario Graduate Scholarship (OGS) | CAD 15,000 |
| Faculty Mobility for Partnership Building Program | CAD 7,000 |
| Scotiabank International Partner Entrance Scholarships | CAD 5,000 |
| AU Graduate Student Scholarship | CAD 1,500 |
| AU Career Advancement Award – Graduate | CAD 1,250 |
Average Salary
Your salary package varies from your job profile, the exact set of skills, and the skills requirements for the post to which you are applying. On average a Canadian student who has completed his mastery in economics earns around 69,000 CAD per year.
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FAQ
Ans: The exact duration of the course varies depending on the type of university in which you are enrolling and other dependable factors. However, on average, your master’s in economics can end in about 3 years.
Ans: Yes, Indian students can pursue a master’s in Canada after completing their Bachelor’s in India.
Ans: Yes, pursuing a master’s in Canada is worth the decision.
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