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

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Mastersin Economics in Canada

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 UniversitiesProgram OfferedQS Ranking 2023Tuition Fees
University of TorontoMasters of Financial
Economics (MFE)
The University of AlbertaMA in Finance and
NA$56,343 /Yr
Mc Gill University MA in Economics,
MSc in Agricultural
The University of Britsh ColumbiaMA in EconomicsNA
The University of WaterlooMA in EconomicsNA

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. 

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.


Q.1. What is the duration of the Master of Economics in Canada?

Ans: The exact duration of the course varies on the type of university in which you are enrolling yourself and other dependable factors. However, on average your master’s in economics can end in near about 3 years. 

Q.2. Can I do a master’s in Canada after completing graduation from India?

Ans: Yes, Indian students can pursue a masters in Canada after completing their Bachelor’s in India.

Q.3. Is it worth doing a master’s in Canada?

Ans: Yes, pursuing a master’s in Canada is worth the decision.

In order to kick-start your study abroad journey, follow Leverage Edu for additional in-depth information on a variety of courses and about foreign colleges. 

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