Masters in Economics in Canada: A Guide of the Top Universities and Admission 2023

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 in 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.

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 2023, for Economics & Econometrics, approximately 20 Canadian colleges are in the top 500 rankings.
• According to the data, 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

Here is a list of some of the top universities that a student can opt for: 

Top Universities	Program Offered	QS Ranking 2023	Tuition Fees
University of Toronto	Masters of Financial Economics (MFE)	34	$16,232.94
The University of Alberta	MA in Finance and Economics	NA	$56,343 /Yr
Mc Gill University	MA in Economics, MSc in Agricultural Economics	31	$14518.51/Yr
The University of Britsh Columbia	MA in Economics	NA	–
The University of Waterloo	MA in Economics	NA	–

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 the English proficiency tests like IELTS, TOEFL, or PTE

Documents Required

Here is a list of some of the common documents needed to be admitted to any university. 

• Official Academic Transcripts
• CV/Resume
• Letter of Recommendation
• Statement of Purpose
• Student Visa

Also Read: What are the Requirements to Study in Canada?

Application Process

Before you move on to pursue, follow this step-by-step procedure for admission to a masters in economics in Canada.

• As a first step, make sure you are ready with your college transcripts or final 12th 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 carry your master’s.
• After this, figure out the course and the country 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 initiate to apply for the particular course by filling in the appropriate information.
• Once you receive the letter of offer, accept it and start to look 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 masters 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

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.

FAQ

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