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|
|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|
This Blog Includes:
- Why Study PhD in Economics in Germany?
- Top 7 Universities for PhD in Economics in Germany
- Eligibility Criteria to Study PhD in Economics in Germany
- Career Prospects after PhD in Economics
- Average Cost of Living and Studying in Germany
- 5 Scholarships to Study in Germany
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|
|98||Doctoral Program in Economics||3-4 years|
|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)
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.
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
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.
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|
Ans: The duration of a PhD degree varies from university to university. It further depends on the level of entry in the preferred institution. Regardless of this fact, PhD in economics in Germany can be anywhere around 4-5 years for full-time students.
Ans: A PhD degree is considered among the highest level of education for students. If you are passionate about something, want to grasp the undiscovered knowledge out there, and see yourself pursuing it for a major part of your life, then doing PhD is a suitable option. A PhD degree in economics is one of the most sought-after courses. Moreover, it also unlocks limitless job prospects.
Ans: As stated earlier, the cost of studying PhD in Germany depends upon numerous factors. Your accommodation, typical lifestyle, course, and institution significantly affect your overall expenses. Although there is no tuition fee charged at certain universities, you are required to pay around €150-€200 to cover other administrative costs.
The information provided in this blog covers the relevant information you need to pursue was all about PhD in Economics in Germany. Follow Leverage Edu to kick-start your study abroad journey.