An introduction to Masters in Economics in Australia

A Master of Economics is a graduate program for prospective students with a bachelor’s degree in a related field who want to improve their qualifications in economics. Holders of a Master of Economics degree can find job opportunities in business, finance, academia, consulting, and other fields. Graduate students from Australia and abroad can pursue Master of Economics programs at various universities and academic institutions in Australia. Let’s discuss Masters in Economics in Australia in detail.

Program details

Master of Economics programs in Australia offer specializations ranging from Financial Analysis to Economic Geology, Environmental Engineering Management, and Medical Statistics. Master of Economics degrees from Australian universities typically takes one to two years to complete when studied full-time. However, this time frame may vary when courses are part-time or online. Students pursuing a Master of Economics degree have the opportunity to study at internationally recognized universities throughout Australia, including Victoria, Tasmania, and New South Wales. A thesis project is typically research-based, and you might have to complete it individually or as a group assignment. The thesis is the culmination of most Master of Economics programs.

Why study in Australia?

• Apart from being a wonderful place to live, Australia’s master’s degree programs are among the best in the world.
• The academic environment in Australia encourages innovation, creativity, and independent thought.
• Australia as a nation ensures that international students have a positive experience in the country.
• Institutions that accept international students must meet stringent requirements in terms of course delivery, facilities, and student services, such as legal and health care.

Tuition and program duration

• Before beginning their master’s program studies, international students must pay tuition and fees.
• Tuition for master’s degrees ranges from A$15,000 to A$36,000 per year, depending on the university.
• Masters in Economics degree programs typically last 1-2 years in Australia.
• After a bachelor’s degree, the course of study is usually two years. However, a student can obtain a master’s degree in one year if the student’s bachelor’s degree was obtained with honors.

Opportunities for postgraduate students

A master’s degree from an Australian institution in any discipline makes a graduate more valuable to employers worldwide.

Furthermore, new legislation allows international graduates of Australian institutes to obtain a post-study work visa, allowing them to work in Australia for up to four years after graduation.

Individuals on a Skilled Occupations List get preferential migration treatment in Australia, but the skilled migration process is separate from the student visa process.

Visa requirements

After completing a master’s degree, students may also continue their studies if they get admission to a doctoral program and obtain an additional student visa.

Students must be studying in a full-time course that has the Australian Department of Immigration and Citizenship (DIAC). registration in order to obtain a student visa 

Students enrolled in a course lasting less than three months can study on a visitor visa.

On the other hand, students with a student visa will have access to Australian health care and part-time work.

Students with a letter of offer or electronic enrollment confirmation may apply for a student visa.

Who is eligible to apply for the visa?

Anyone can enroll as a student in Australia as long as they have a valid student visa.

To apply for an Australian student visa, you must have an unconditional offer of admission to a university. You should have accepted that offer in writing and should have paid the necessary tuition fee deposit.

To be eligible for a student visa, the program you choose must last between 12 and 52 weeks.

How to apply?

You will need to obtain a Confirmation of Enrolment (COE) or a Letter of Offer confirming that you will be studying for a course listed on the Commonwealth Register of Institutions of Courses before applying for a visa (CRICOS).

When you complete the online visa application form, you must provide evidence that you meet the following requirements-

Financial requirements – the amount you must prove you have for living expenses (apart from tuition and travel) for a year is set at AU$19,830 (US$15,170).

You can also show evidence that your spouse or parents will support you and earn at least AU$60,000 (US$45,850) per year.

English proficiency- If you are not from an English-speaking country or have not completed at least five years of study in an English-speaking country, you must demonstrate your ability to speak English at the required level using IELTS, TOEFL iBT, Pearson Test of English (PTE) Academic, or Cambridge Advanced English (CAE).

Health requirements- Some students must undergo a medical and/or radiological examination to demonstrate that they are in good health (this applies, for example, to those who intend to train as a doctor, dentist, or nurse).

Except for students from Belgium or Norway, all students need to purchase Overseas Student Health Insurance (OSHC).

Character requirements – In order to enter Australia on a student visa, you must be of good character. This includes a background check.

Students must typically submit the following documents to apply for the student visa-

• Completed Australian student visa application form (157A)
• Paid visa application fee – currently AU$550 (~US$420 in most cases)
• Copy of passport biodata page 
• Certificate of Enrolment or Letter of Offer
• Evidence of sufficient funds
• Evidence of health insurance cover
• English proficiency test results
• Criminal record check results
• Four recent passport-sized photographs

Key takeaways

• A Masters in Economics in Australia is a graduate program for students with a bachelor’s degree in a related field who wish to improve their qualifications in economics. Holders of a Master of Economics degree can acquire jobs in business, finance, academia, consulting, and other fields. 
• Australia is a wonderful place to live, and its master’s degree programs are among the best in the world. The academics in the country encourage innovation, creativity, and independent thought.
• An Australian master’s degree in any discipline makes a graduate more valuable to employers worldwide. New legislation allows international graduates in Australia to obtain a post-study work visa. Due to this visa, they can work in Australia for up to four years after graduation.

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FAQs

Q1. Which other Master’s degrees are most valuable in Australia?

Ans- Master of Professional Accounting DMPC, Master of Teaching (Secondary) MMET, Master of Engineering (Engineering Management) LMEB, Master of Data Science, and Master of International Education (School Leadership) are some of the most sought-after master’s degrees in Australia.

Q2. Can I get PR in Australia after completing a master’s degree?

Ans- It is possible to obtain permanent residency in Australia after completing your studies if you have the necessary points, as Australia grants a PR visa on a point-based system.

Q3. Can I study in Australia with a 5-band score in IELTS?

Ans- For direct access to study in Australia, you must have an IELTS score of at least 6.5 overall, with no band lower than 6.0 for your postgraduate degree.