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Best Masters in Economics in Germany

Updated on 05 May, 2023

upGrad Abroad Team

upGrad Abroad Team

upGrad abroad Editorial Team

If you are interested in economics, you must not be unaware of the famous economist and the founder of Marxism- Karl Marx. Do you know where he was from? He hailed from Germany– the land of poets and thinkers! Not only this, Professor Dr. Reinhard Selten, the Nobel prize winner for Economics, was also from Germany. Hence, if you are looking forward to opting for higher studies in economics, Germany can be a great revolutionary option.

Read on to know more about the masters in economics in Germany– specializations, best universities, fees, scholarships, jobs, etc.

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Masters in Economics in Germany – General Overview:

The masters in economics in Germany are graduate-level programs that provide students with a comprehensive understanding of the economic theories and concepts. The courses are typically taught in English, making them accessible to international students worldwide. These programs are highly valued by employers globally and provide graduates with excellent career prospects.

The German educational system offers students plenty of hands-on experience blended with lectures and classroom time, striking the ideal balance between theory and practice. With the availability of both MSc and MA degrees in economics, students can build a robust subject-specific foundation and simultaneously take advantage of the international culture in places like Berlin, Frankfurt, Munich, or Hamburg.

  • Duration Of the course- The masters in economics in Germany typically takes two years to complete. This is equivalent to four semesters, each lasting about 14 weeks. The program includes a combination of coursework, exams, and a research project or thesis.
  • Course Structure- The course structure varies depending on the university, but the program generally consists of both core and elective courses. The coursework covers a range of topics, including microeconomics, macroeconomics, econometrics, theories of economic growth,  corporate finance, development economics, and quantitative methods for economic analysis

Masters in Economics in Germany – Eligibility and Admission Requirements:

  • Students need to hold a bachelor’s degree in economics or a related field or an equivalent degree with at least 180 ECTS credits or six semesters of standard study time. 
  • A degree from related subject areas, such as business administration, social and political sciences, and mathematics, can be recognized as equivalent if you have at least 60 ECTS points (or equivalent) in economics, finance, mathematics, or statistics
  • A key requirement for a masters in economics in Germany is to provide evidence of English language proficiency. One must provide scores of TOEFL (with at least 72 points)  or IELTS (with a test band score of at least 6.0). 
  • One can also take standardized tests, such as the GRE or GMAT, as part of the application.
  • Academic Transcripts of your marksheets, a Letter of Recommendation, and a Statement of Purpose are other important documents required to pursue a masters in economics in Germany.

Best Universities in Germany for Masters in Economics:

Germany is a hub of top universities, offering a wide gamut of courses spanning across different aspects of economics. While public institutions do not charge tuition fees for both native and international students, it must be noted that students still have to pay the semester fee for a masters in economics in Germany. This generally includes expenses like administrative fees, semester tickets, etc. 

The table below provides an overview of the best universities in Germany for a masters in economics with their fees.

University NameThe Subject Ranking 2023*CoursesTenureSemester Fees (In Euros)**
Ludwig Maximilian University of Munich47
  • Master of Science (MSc) in Economic
  • Master of Science (MSc) in Quantitative Economics
2 years€128 
University of Mannheim41Master’s Program in Economics2 years €1,500 (Tuition fees for international students from non-EU countries)
University of Bonn71Master of Science (MSc) in Economics2 years €320 
Humboldt University of Berlin151- 175

Master of Science (MSc)

 

in Economics

2 years € 315.64
Goethe-University Frankfurt 401-500Master of Science (MSc) in International Economics and Economic Policy 2 years €370

*www.timeshighereducation.com/ 

** Tuition fees as mentioned on the respective university’s official website.

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Scope and Opportunities After Masters in Economics:

There is a wide range of jobs after a masters in economics in Germany that one can pursue. You can look for rewarding opportunities in ministries and international organizations, politics, banking, insurance, etc. Here are some of the most common career paths and opportunities available to graduates:

  1. Academia: Graduates can pursue careers as professors, researchers, or lecturers in universities and research institutes. They can also pursue a PhD in Economics to further their academic career.
  2. Government agencies: Many government agencies employ economists to conduct research, analyze economic policies, and advise to policymakers. These agencies include the Federal Reserve, the Department of Treasury, the Bureau of Labor Statistics, and more.
  3. International organizations: International organizations such as the World Bank, International Monetary Fund (IMF), and United Nations (UN) employ economists to research and advise on global economic policies.
  4. Consulting: Economic consulting firms hire economists to provide advice and analysis to clients in various industries, such as healthcare, finance, and energy.
  5. Financial institutions: Banks, investment firms, and other financial institutions hire economists to analyze financial data, forecast market trends, and provide advice to clients.
  6. Data analysis: Many companies hire economists to analyze large data sets and provide insights into market trends, consumer behavior, and industry forecasts.

The average base salary after pursuing a masters in economics is €626k/ year. 

Disclaimer: All tuition fees and costs are indicative and subject to change at any time by the university.

Frequently Asked Questions:

How much is the cost of doing a masters in economics in Germany?

The cost of studying for a masters in economics in Germany varies from university to university. German universities offer the best quality education at lower tuition fees for international students. In public universities, students are required to pay only a semester fee, which covers administrative costs and includes access to various university services and facilities.

 

 


 

Are there any scholarships for masters in economics in Germany?

Scholarships for a masters in economics in Germany generally cover tuition fees, living expenses, and travel costs. Since there are no tuition fees at public universities; hence, only a few of them provide self-funded scholarships, like The UniCredit Foundation Scholarship at the University of Mannheim for students pursuing a master’s program in Economics. But, mostly, all universities facilitate other scholarships like DAAD Scholarships (sponsored by the Federal Ministry of Economic Affairs and Climate Action), Deutschland Scholarships, etc.

 

 


 

Are there any specializations in masters in economics in Germany?

There are several specializations available for masters in economics programs in Germany, allowing students to focus on specific areas of interest within the field. This includes International Economics, Development Economics, Macroeconomics, Environment Economics, etc.

 

 

 

 

 

 


 

upGrad Abroad Team

upGrad abroad Editorial Team

We are a dedicated team of study-abroad experts, ensuring intensive research and comprehensive information in each of our blogs. With every piece written, we aim at simplifying the overseas education process for all. Our diverse experience as journalists, content writers, editors, content strategists, and marketers helps create the most relevant and authentic blogs for our readers.

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