PhD in Economics in Germany: A Comprehensive Guide 2023

For aspiring researchers who want to begin their PhD in Economics as a profound academic endeavour, Germany stands as a perfect option. It is globally renowned for housing top-rank universities, diverse course options, and amazing research facilities. Apart from this, it is also popular among students seeking to explore the complexities of Economics theories. But if you are unsure of whether it is the right choice to get a rich cultural and academic experience, then keep on reading this blog to know all the details about PhD in Economics in Germany. 

Course Name	PhD in Economics
Duration	3-5 years
Eligibility	A Bachelor’s and Master’s degree in the related field
Entrance exams required	GRE, GMAT, IELTS, TOEFL,
Scope	Economist, Consultant, Political Scientist, Senior Market Analyst

Also Read: Study in Germany: The Guide To Your German Dream!

Why Study PhD in Economics in Germany?

Studying PhD in Economics in Germany can be one of the biggest life adventures for students. Thus, before making any decision, you need to know if it is the right fit for you or not. Take a look at these reasons for why study PhD in Economics in Germany:

• Interestingly, all German public universities offer free education to international and domestic students. 
• Students from across the world can access quality education from the best instructors in the field.
• German universities are known for their excellent education infrastructure paired with diverse study fields.  
• Many universities allow PhD students to work as research associates and earn money from their side hustle.
• Students can make use of numerous scholarships and awards to pursue their higher education. 

Also Read: Automobile Engineering in Germany

Top 7 Universities for PhD in Economics in Germany 

University	QS Rank	Course Name	Duration
Ludwig Maximilian University of Munich	54	Doctorate in Economics	3 years
The University of Göttingen	232	Economic Sciences (PhD)	3 years
University of Cologne	268	PhD Programme in Economics	2 years
University of Mannheim	454	PhD Programme in Economics	5 years
University of Bonn	239	Doctoral Program (PhD) with integrated MSc Economic Research	5 years
Freie Universität Berlin	98	Doctoral Program in Economics	3-4 years
University of Konstanz	478	Doctoral Programme in Quantitative Economics and Finance	3 years

Eligibility Criteria to Study PhD in Economics in Germany

To secure a seat in your favorite German college or university, you need to fulfill the basic eligibility criteria. Although this varies from institution to institution, you can get the idea from this information: 

• Students should have a Master’s degree in the related field
• Students should have a Bachelor’s degree in the related field 
• Applications are required to achieve the minimum GRE score depending on the university
• Students must also achieve the minimum English Proficiency Test score (depending on the university)

Application Process

1. Collect all the documents required to submit your application. This can include transcripts, LOR, SOP, resume, etc.

2. Next shortlist a university from the plethora of available options according to your interests.

3. Go to the official website of the shortlisted university and confirm the date of application, required documents, and eligibility criteria.

4. Register at the admission portal of your university and fill in your personal and academic details. 

5. Upload the necessary documents.

6. Finally, pay the application fee and submit your application.

Documents Required

During your application process, the best thing to do is prepare everything beforehand. For international students who want to get admission into PhD in Economics in Germany, you need to submit a few documents such as:

• Official academic transcripts
• Statement of Purpose (SOP)
• Letter of Recommendation (LOR) 
• Updated resume or CV
• Visa
• Passport

Also Read: Language Courses in Germany

Career Prospects after PhD in Economics

Job Profile	Average Annual Salary
Assistant Professor	€62,570 – €71,970
Consultant	€48,000 – €57,000
Senior Economist	€66,564 – €96,500
Political Scientists	€72,900 –  €93,305
Senior market analyst	€67,259 – €75,557

Also Read: MIM in Germany

Average Cost of Living and Studying in Germany

When it comes down to finding the average cost of living and studying in Germany for international students, there are a few things to consider. For instance, this average cost can differ from student to student. Moreover, necessary expenses like accommodation and tuition fees of the university also impact the cost.

Nonetheless, the average cost of living in Germany for students is somewhere around 9,569 euros per year or 12,364 USD per year. On the other hand, there is no tuition fee for a PhD in numerous German universities. Nonetheless, students are required to pay additional costs for different purposes which can differ accordingly. 

Also Read: MBBS in Germany- Study Medicine With No Tuition Fees! 

5 Scholarships to Study in Germany 

There is no doubt that studying abroad can be exorbitant for some students. Luckily, German universities offer different scholarships which you can avail for your benefit. 

University Name	Scholarship Name
Ludwig Maximilian University of Munich	Deutschlandstipendium (Germany Scholarship)
University of Cologne	Germany Scholarship
University of Mannheim	Manheim Scholarship
University of Bonn	Deutschlandstipendium scholarship
University of Mannheim	Deutschland Scholarship

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