Masters in Economics in Canada: Best Universities, Admission, Fees, Scholarships & Career Scope
Masters in Economics in CanadaA Master in Economics in Canada is 2 year degree program. If you want to study in aboard, you must have 4 year bachelor’s degree in Economics to get admission in Canada's top university. Top universities like University of Toronto, McGill University, the University of Alberta, and many more provide the master's degree. You can also apply for Master of Science ( MS) and Master of Arts (MA). In Canada top universities provide the economic course to students and the tuition fee is CAD 16,800 to 40,000 which will be ₹10.23 lakh to ₹24.37 lakh for Indian students.
Taking admission in a master in Economics, you must give the English test and IELTS score should be 7.5 and TOEFL iBT is 86 to 110 overall. As well as, students can choose development economics, agricultural economics and economic policy with their master's degree. After completing the degree, many students get high paid jobs in top companies like Amazon, Statistics Canada, Deloitte, Google and the average salary is around 69,000 CAD which is ₹41.50 lakh for Indian students.
Masters in Economics in Canada: Highlights
The table given below has details about the master in Economics in Canada; you can go through its details.
Details | Information |
Courses Available |
|
Course Type | Full-time |
Program Duration | 2 years |
Eligibility Criteria | 4 year Bachelor's degree in Economics or related field GPA: Minimum 3.0 out of 4.0 (83–86%) |
English Requirements | IELTS: 7.5 (minimum 6.0 in each band) TOEFL iBT: 86 to 110 |
Intake Sessions | January and September 2025 |
Average Tuition Fees | 16,800 to 40,000 CAD per year (₹10.23 to ₹24.37 lakhs per year) |
Average Salary Range | 56,400 to 119,200 CAD per year (₹34.22 to ₹72.32 lakhs per year) |
Top Recruiter | Google, Accenture, Scotiabank |
Masters in Economics in Canada: Important Dates
To take admission in a Canadian university, you must know about the application dates. Here is the table about Important dates and events.
Application Start and End Dates for Top Universities
Check the table given below has the details about the top universities' application start and end dates.
University | Application Deadline |
University of Toronto | January 10, 2025 (Tentative) |
University of Alberta | January 31, 2025 (Tentative) |
University of British Columbia | December 31, 2025 (Tentative) |
Visa Application Timeline
If you are going to apply for a Visa, here are the details table.
Step | Recommended Time |
Apply for a visa | After receiving the university acceptance letter |
Start the visa process | 3 to 4 months before the program start date |
Visa processing time | Usually 6 to 8 weeks |
Why Choose a Masters in Economics in Canada?
Here are some important points about why you should choose a master in economics in Canada and how it will be befits for you and your career.
- Top Universities: In Canada, top universities provide the course and the universities ranked in the top 500 worldwide will be good for your career and help in placement.
- Part time work: you can do part time jobs while pursuing the course and get a paid internship as well.
- High paid jobs: After completing the master's degree in Canada, many indian students get high paid jobs in the range between ₹34 to ₹72 lakhs.
Read More :Masters in Economics in UK
Masters in Economics in Canada: Admission Process
Check the complete admission process for Master in Economics in Canada.
- To take admission in a Canadian university, students must have a 4-year bachelor's degree in Economics or a related field.
- Students' GPA scores should be 3.0 out of 4.0 (75% to 83%) is usually required. As well as English Language test is mandatory for international students.
- IELTS score needs to be 6.5 to 7.5 overall and TOEFL iBT score should be between 86 and 110, as per the university.
- Some universities take GRE, which is required for students who are outside Canada or the U.S. GRE scores need to be Verbal: 150+, Quant: 155+, Total score: around 305 or more.
- You must have all the need documents to fill out the application form after the application takes English test and gets the required score.
- After receiving the admission letter, you can pay the required fee, and after that, apply for a visa.
MA Economics in Canada: Eligibility Criteria
You can check the details about Postgraduate Economics courses in Canada eligibility Criteria.
Criteria | Requirement |
Freshers | Fresh graduates |
Experienced | Some programs may need work experience |
Academic Scores | 75% to 86% or GPA 3.0/4.0 |
Language Tests | IELTS: 6.5 to 7.5TOEFL: 86 to 110 |
SOP, LOR and Resume
The table given below contains the details about students' SOP, LOR and Resume.
Document | Details |
SOP | Explain your motivation, career goals, and why you chose the program |
LORs | 2 to 3 letters from your academic or professional references |
Resume | 1 to 2 pages highlighting education, skills, and work experience |
Masters in Economics in Canada: Course Fees
Check the table for Economics Master's fees for international students
University | Annual Tuition Fees (CAD) | Annual Tuition Fees (INR) |
University of Toronto | 29,000 | ₹17.6 Lakhs |
The University of Alberta | 26,600 | ₹16.2 Lakhs |
McGill University | 27,010 | ₹16.45 Lakhs |
The University of British Columbia | 27,000 | ₹16.4 Lakhs |
University de Montreal | 40,023 | ₹24.09 Lakhs |
McMaster University | 18,010 | ₹10.84 Lakhs |
The University of Waterloo | 22,500 | ₹13.6 Lakhs |
The University of Western Ontario | 23,100 | ₹14 Lakhs |
University of Calgary | 14,700 | ₹8.84 Lakhs |
Queen’s University at Kingston | 23,393 | ₹14.08 Lakhs |
Dalhousie University | 16,860 | ₹10.14 Lakhs |
MA Economics in Canada: Top Entrance Exam
Here is the score detail about GRE and IELTS, they are requirements for MA Economics in Canada.
Test | Score | Purpose | Accepted By |
GRE | 305+ | Assesses analytical writing, verbal and quantitative reasoning | Required or recommended by select research-based or competitive programs |
IELTS | 6.5 to 7.5 | Tests English language proficiency | Accepted by all Canada universities and colleges |
TOEFL iBT | 86 to 110 | Measures reading, listening, speaking and writing skills | Accepted by top universities |
Masters in Economics in Canada: Cutoff
Here is the cutoff detail table for Economics students in Canada
Test | Scores |
GRE |
|
IELTS | Between 6.5 and 7.5 |
TOEFL iBT | Between 86 and 110 score |
MA Economics in Canada: Syllabus
If you are taking admission in the Top economics colleges in Canada, you must know about the syllabus you are going to study in college. Here are the basic details about the economics syllabus.
Core Courses | Electives and Specializations |
Introduction to Econometrics | Monetary Economics |
Mathematics for Economists | Game Theory |
Microeconomics | Development Economics |
Macroeconomics | Industrial Economics |
Financial Economics | Quantitative Techniques |
International Economics | Labor Economics |
Statistics | Behavioral Economics |
History of Economic Theory | Environmental Economics |
Public Economics | Urban and Regional Economics |
Research Methodology | Health Economics |
Applied Econometrics | Economics of Innovation |
Policy Analysis | Agricultural and Resource Economics |
Top Universities for Masters in Economics in Canada
Here is the detailed table of top economics colleges in Canada with a fee range.
University | Program | QS World Ranking | Annual Tuition Fees (INR) |
University of Toronto | Master of Financial Economics | 21 | ₹17.6 Lakhs |
The University of Alberta | MA in Finance and Economics | 96 | ₹16.2 Lakhs |
McGill University | MA in Economics or MSc Agricultural Economics | 30 | ₹16.45 Lakhs |
University of British Columbia | MA in Economics | 34 | ₹16.4 Lakhs |
University de Montreal | Masters in Economics | 141 | ₹24.09 Lakhs |
McMaster University | MA in Economics | 189 | ₹10.84 Lakhs |
University of Waterloo | MA in Economics | 112 | ₹13.6 Lakhs |
Western University | Master of Financial Economics | 114 | ₹14 Lakhs |
University of Calgary | MA in Economics | 182 | ₹8.84 Lakhs |
Queen’s University at Kingston | MA in Economics | 209 | ₹14.08 Lakhs |
Dalhousie University | MA in Economics | 298 | ₹10.14 Lakhs |
Public Universities of MA Economics in Canada
Here is the list of public universities in Canada that provide the MA in Economics in Canada.
University | QS Ranking Canada | Program Name |
University of Toronto | Top 3 | Master of Financial Economics |
UBC Vancouver | Top 3 | MA in Economics |
McGill University | Top 3 | MA in Economics and MSc in Agri-Econ |
University of Alberta | Top 10 | MA in Finance and Economics |
University of Waterloo | Top 6 | MA in Economics |
Masters in Economics in Canada: Scholarship
Here is the detailed table about scholarships with eligibility for students.
Scholarship | Eligibility | Award (CAD) | Amount (INR) |
International Entrance Scholarships | 85% marks and IELTS 6.5+ | 2,000 | ₹1.2 to ₹1.25 lakh |
Ontario Graduate Scholarship | Canadian citizens or permanent residents | 5,000 | ₹3 to ₹3.1 lakh |
Mackenzie King Memorial Scholarship | Graduate students in a recognized Canadian university | 12,000 to 13,500 | ₹7.2 to ₹8.1 lakh |
MA Economics in Canada: Scholarship Deadline for 2025
Here are the scholarship deadlines for 2025 in detail.
Scholarship Name | Tentative Deadline (2025) |
International Entrance Scholarships | December 2024 to January 2025 |
Ontario Graduate Scholarship | January to March 2025 |
Mackenzie King Memorial Scholarship | January to March 2025 |
Masters in Economics in Canada: Placement
Check the table given below a detailed information about the placement of a master's in Economics in Canada.
Job Title | Annual Salary (CAD) | Salary Equivalent (INR) |
Economist | 71,200 | ₹43.19 lakhs |
Pricing Analyst | 58,200 | ₹35.3 lakhs |
Research Analyst | 58,500 | ₹35.5 lakhs |
Economic Analyst | 70,800 | ₹43.96 lakhs |
Data Analyst | 56,400 | ₹34.22 lakhs |
Research Director | 119,200 | ₹72.32 lakhs |
MA Economics in Canada: Salary Package
After completing the degree in Canada, many indian students get high package jobs and here is the table in details.
Job Title | Resposbility | Average Salary (CAD) | Salary in INR (Approx.) |
Economist | Analyze economic data and trends | 71,200 | ₹43.19 lakhs |
Pricing Analyst | Study market trends to set competitive | 58,200 | ₹35.3 lakhs |
Research Analyst | Conduct surveys and gather data | 58,500 | ₹35.5 lakhs |
Economic Analyst | Evaluate economic policies | 70,800 | ₹43.96 lakhs |
Data Analyst | Interpret complex data sets to help organizations | 56,400 | ₹34.22 lakhs |
Research Director | Lead research teams and develop insights | 119,200 | ₹72.32 lakhs |
Masters in Economics in Canada vs India
Check the comparison table of Master in Economics in Canada vs India.
Criteria | MA in Canada | MA in India |
Course Duration | 1 to 2 years | 2 years |
Top Universities | University of Toronto, UBC, McGill, Alberta | Delhi School of Economics, JNU, IGIDR, ISI |
Tuition Fees | CAD 16,800 to 40,000 (₹10 to ₹24 lakh) | ₹20,000 to ₹2 lakh |
Cost of Living | CAD 10,000 to 12,000 (₹6 to ₹7.2 lakh) | ₹1 to ₹2 lakh (depending on city) |
Eligibility | 4-year UG with 75 to 85%, IELTS 6.5+, GRE optional | UG degree in Economics or related, Entrance exam (CUET/ISI/JNU) |
Entrance Exams | IELTS/TOEFL | CUET-PG, ISI Admission Test, JNU Entrance |
Scholarships | Yes (OGS, university-funded) | Merit based as per the universities |
Teaching Method | Research-intensive, practical models and data focus | Theoretical |
Internships | Available with support from the university | self-initiated |
Average Salary | CAD 56,400 to 85,000 yearly (₹35 to ₹55 lakh) | ₹3 to ₹10 lakh |
PR Opportunities | Yes | Not applicable |
Masters in Economics in Canada: Cost of Living
The cost of living in Canada can be different as per student's lifestyle and city, but the average cost is 1,200 to 1,800 CAD per month, which will be ₹72,000 to ₹1.08 lakh per month. Here is the detail.
Expense Type | Cost per Month (CAD) | Cost in INR |
Private Apartment | 400 to 1,500 | ₹24,200 to ₹90,700 |
Shared Rental | 250 to 700 | ₹15,000 to ₹42,300 |
Groceries | 1,200 to 1,500 | ₹72,500 to ₹90,700 |
Gas and Electricity | 200 | ₹12,000 |
Phone and Internet | 50 to 76 | ₹3,000 to ₹4,600 |
Public Transport | 100 to 150 | ₹6,000 to ₹9,000 |
Career Scope After Masters in Economics in Canada
You can check the details about career scope after completing the degree of Master in Economics in Canada.
Job Role | Average Salary (CAD) | Salary in INR |
Statistician | 80,000 to 100,000 | ₹50 to ₹62 lakhs |
Business Analyst | 75,000 to 131,000 | ₹47 to ₹81 lakhs |
Policy Analyst | 75,000 to 86,000 | ₹47 to ₹53 lakhs |
Economist | 89,000 to 100,000 | ₹55 to ₹62 lakhs |
Financial Analyst | 73,000 to 102,000 | ₹45 to ₹63 lakhs |
Frequently Asked Questions
Ques. What are the eligibility criteria for an MA in Economics in Canada?
Ans. You must have an undergraduate degree and pass the English test to take the admission to Canada's top universities.
Ques. What is the cost of living in Canada for Indian students?
Ans. The cost can be different as per student lifestyle and city, but the average cost is 16,800 to 40,000 CAD per year, it will be ₹10.23 to ₹24.37 lakhs for Indian students.
Ques. What are the top universities in Canada?
Ans. In Canada, various universities provide the MA in Economics, but top universities are the University of Toronto, the University of British Columbia, McGill University, the University of Alberta, and many more
Ques. What is the salary package of Master in Economics in Canada?
Ans. After completing their degree programme, many students get a high package. The average salary package is 56,400 to 119,200 CAD annually, and for Indian students, the package will be ₹34.22 to ₹72.32 lakhs per year.
Ques. Can international students apply for scholarships in Canada?
Ans. Yes, many international students get scholarships. The scholarships are Ontario Graduate Scholarship, the Mackenzie King Memorial Scholarship, and university-specific based on entrance awards.