Diploma In Economics In Canada

Last Updated on December 29, 2021

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Economics is the field of study which deals with the production, consumption and marketing strategy of the goods and services. Economics Colleges in Canada provides a huge spectrum of degree courses. Despite the fact that the number of international students in Canada fell by 60,000 in 2020, this year has seen an optimistic resurgence. In 2021, for example, Immigration, Refugees, and Citizenship Canada (IRCC) issued 44 percent more study permits in Canada, nearly 21,000 in total, than in the previous year.

  • Top five universities in Canada providing economics courses are among the top 150 colleges in the world according to QS World Ranking, 2021.
  • As per Job Bank Canada, the Economics profession has expected vacancies of around 20,000 between 2019- 2026.
  • According to the same agency, the average salary of an Economist in Canada is around 70,000 CAD/year.
  • The overall economic sector looks promising because of the investment of around 0.8 billion made by the Canadian Government towards Strategic Economics Innovation.

Top Economics Colleges in Canada

There are around 346 courses available in 65 Economics colleges in Canada, which offers around all levels of degree courses from bachelor’s degree to that of doctoral degrees. Some of the top colleges providing the best economics programs in Canada are mentioned below:

UniversityQS Rankings 2021 (Economics)Programs
University of British Columbia#23B.A. Economics
B.Sc. Economics
B.Sc. Economics and Mathematics
Bachelor of International Economics
Master of Arts (MA) in Economics
University of Toronto#22B.A. Economics
B.Sc. in Financial Economics
B.A. in Economics and Management Studies
BBA in Economics and Management Studies
M.A in Economics
Master of Financial Economics
Master of Finance
PPh.D.in Economics
McGill University#123B.A. Economics
B.Com Economics
B.Sc. Economics
B.Sc. in Environmental Economics
B.Com Economics and Finance
B.A. in Economics and Accounting
B.Sc. Agricultural Economics
M.A. Economics
M.Sc. in Agricultural Economics
Ph.D. Economics
Queen’s University, Kingston#133B.A. Economics
M.A Economics
MSc. in Business Economics
Master of Finance
PhD. in Economics
PhD. in Business Economics
University of Montreal#151-200B.Sc. in Economics
M.Sc. in Economics
M.Sc. Management in Applied Economics
PPh.D.in Economics
Ph.D. in Applied Economics

Economics Colleges in Canada: Degree Courses and Specializations

Economics has a wide spectrum of courses and degree specializations. It is a broad subject that caters to different parameters such as production, distribution and consumption of goods and services. While searching for study abroad options, one must look for the course specializations of a particular subject.

Below mentioned are the course specializations that an individual can consider while applying at the top economics colleges in Canada.

Specializations
International EconomicsFinancial Economics
Economics for Management StudiesAnalysis and Economical Policy
Agricultural EconomicsBusiness Economics
Applied EconomicsPopulation Dynamics

After knowing the course specializations, it is quite important to gather knowledge about the degree specializations available for the economics courses in Canada.

 Following are the degree specializations available at the economics colleges in Canada:

  • Bachelor’s Degree: B.A, B.Sc, BBA, B.Com
  • Master’s Degree: M.A, M.Sc, M.Com
  • Doctorate Degree: Ph.D

Top Economics Colleges in Canada: Undergraduate Courses

Top 10 Hot Post Graduate (PG) Courses in Canada - Leap Scholar

Undergraduate courses in Economics in Canada are 3-4 years of professional courses, which deal with the study of production and consumption of goods and services. 

While looking for different colleges and courses, it is important to know their fee details and duration of the respective courses, this section gives the details of the above-mentioned points.

ProgramUniversityTotal Program Cost(in CAD)Duration (in Years)
B.A. EconomicsUniversity of British Columbia164,8004
University of Toronto233,0004
McGill University61,8003
Queen’s University, Kingston103,7004
University of Winnipeg52,7003
University of Guelph96,5004
B.Sc. in EconomicsUniversity of British Columbia155,9004
University of Montreal60,0003
BBA in Economics for Management StudiesUniversity of Toronto163,0004
Thompson River University60,0003
B.Sc. in Financial EconomicsUniversity of Toronto232,8004
University of Ottawa120,9004
B.Sc. in Agricultural EconomicsMcGill University136,6003
University of Saskatchewan73,1004
B.Com in Economics and FinanceMcGill University157,5003

Economics Colleges in Canada: Eligibility Criteria for Bachelors

To avail an undergraduate course in Economics in Canada, international students should meet certain necessities. These affirmation necessities are essential to take admission to the world-class schools, as referenced previously.

  • Students need to have a high school diploma or an equivalent 12 years of education certificate with mathematics as a mandatory subject, with aggregate marks of 65-70%.
  • Proof of English proficiency. Average cut off of ELPs:
    • IELTS:6.5
    • TOEFL: 85-90
    • PTE:55-60

Documents Required

  • Academic Records
  • Application fees receipt
  • Letter of Reference
  • Financial Proof
  • Health Insurance
  • Statement of Purpose to Study in Canada

Economics Colleges in Canada: Fees and Funding for Bachelors

The average cost of studying an undergraduate degree ranges from 52,700CAD to 232,000 CAD for the total program. Cost of living in Canada adds up to an amount of around 20,000 to 30,000 CAD per year which is quite a handsome figure to manage for an international student. 

Thus, different bachelor’s scholarships for international students are available which helps them to sustain their stay in Canada. 

Top Economics Colleges in Canada: Postgraduate Courses

Masters in Economics in Canada are 1-2 years courses, which includes degree specializations like Master of Science, Master of Arts and Master of Finance. 

Most international students prefer postgraduate courses in Canada. Master’s courses give a detailed study of the subject and also inculcates the real market scenario to the students.

Below mentioned are few of the popular masters programs at top economics colleges in Canada.

ProgramUniversityTotal Program Cost(in CAD)Duration (in years)
M.A. in EconomicsUniversity of Toronto51,0002
McGill University41,8002
Queen’s University, Kingston31,0002
University of Ottawa15,5001
York University15,3001
MSc. in Business EconomicsQueen’s University Kingston14,0001
Brock University23,5001
MSc. in Agricultural EconomicsMcGill University41,8002
University of Saskatchewan15,0002
Master of Financial EconomicsUniversity of Toronto112,5002
Queen’s University Kingston71,0002
MSc. in Management- Applied EconomicsUniversity of Montreal56,4002
University of Regina15,0002

Economics Colleges in Canada: Eligibility Criteria for Masters

With 88% of the graduates getting jobs within 3-6 months of their completion of the degree, a master’s in Economics provides an average salary of 85,700 CAD/annum, which is about 35% more than that of an employee having an undergraduate degree, as per Job Bank Canada.

Now, let us look for the eligibility criteria for applying for masters in Economics in Canada:

  • Students must have an equivalent bachelor’s degree in the relevant field with a minimum of 3.0 -3.2 GPA in a scale of 4.0 GPA.
  • Must have good scores in English Language Proficiency. Average Cut off for ELPs:
    • IELTS:6-6.5
    • TOEFL: 80-90
  • GRE scores are mandatory.
  • Prior work experience in a related field is an added advantage

Documents Required

  • Academic Transcripts
  • Proof of standardized test scores 
  • Curriculum Vitae reflecting academics and co-curricular achievements.
  • Letter of Recommendation
  • Statement of Purpose for MS in Canada
  • Valid proof of prior experience in the field of economics.

Economics Colleges in Canada: Fees and Funding for Masters

The course fees to avail postgraduate economics degree in Canada cost around 15,000 CAD to 112,500 CAD depending on the course specialization and university an individual chooses. Fundings in form of international scholarships to study in Canada are available to reduce the financial burden during their stay in Canada.

Economics Colleges in Canada: Doctoral Courses

It is a general tendency of the students to look for jobs after completing their graduate studies. However, there are a number of students who look for further higher education options i.e., doctoral degrees which in return provide good job opportunities as well as pay structure. 

Recent study by Ionomics says, business economists with a doctoral degree earn upto 40% more than that of a master’s degree holder.

Below mentioned are few of the doctoral courses with their fee details and duration at top economics colleges in Canada

ProgramUniversityTotal Program Cost(in CAD)Duration (years)
Ph.D. in EconomicsUniversity of Toronto34,9004
McGill University55,0003
Queen’s University, Kingston61,9004
University of Montreal78,1003
Concordia University36,5003
University of Calgary69,4005
Ph.D. in Economic Analysis and PolicyUniversity of Toronto38,0004
Ph.D. in Business EconomicsQueen’s University Kingston31,1003
Ph.D. in Applied EconomicsUniversity of Montreal66,8004

Economics Colleges in Canada: Eligibility Criteria for PhD

According to a recent UNESCO report, Canada spends around 1.7 percent of its GDP on research work. There are around 4,541 Canadian researchers for every million of its occupants. A Ph.D. in Economics ranges from 3-5 years at universities in Canada. 

Now let’s discover the eligibility criteria to apply for a Doctorate degree in Economics in Canadian universities:

  • Excellent scholarly record throughout till Masters in relevant fields. The scores ought to be proportional to a minimum of 3 – 3.3 GPA, which is equivalent to 80 percent or more.
  • GRE scores are accepted. The average cut-off of GRE is around 310-340.
  • Good scores in English Language Proficiency. Average Cut off of ELPs:
    • IELTS:6.5
    • TOEFL(IBT): 86-90
    • TOEFL(PBT): 560-567

Documents Required

  • Application fee receipt
  • Academic Records
  • Letter of Recommendation
  • Research Statement
  • Scores of standardized tests to study in Canada

Economics Colleges in Canada: Fees and Funding for PhD

The average cost of pursuing doctorate courses in Canada ranges from 31,100 CAD to 78,100 CAD for the total program. To sustain the stay in Canada, numerous doctorate scholarships and funding for international students are available in Canada.

Top Economics Colleges in Canada: Scholarships

Average cost of studying in Canada ranges from 40,000 CAD to 50,000 CAD per year, including living expenses. For an international student, this is quite a huge amount to bear. Thus there are many government and university-funded international scholarships in Canada to sustain their stay.

Listed below are few of the renowned scholarships:

Name of ScholarshipScholarship ProviderBenefits (in CAD/year)Eligibility
A.F. Brass Memorial ScholarshipUniversity of British Columbia10,800International Postgraduate Students
Karen Mekellin International Leader of TomorrowUniversity of British ColumbiaVariableInternational Undergraduate Students
Ontario Graduate ScholarshipCanadian Provincial Government20,900International Postgraduate Students
Paul Foundation ScholarshipPaul Foundation28,654Postgraduate and Doctorate Students
National Overseas ScholarshipGovernment of India20,290All level of students

Other Funding Options in Canada for International Students

These are few of the assistantship programs which are available in many universities in Canada, these give opportunities to the international students to enroll themselves in these programs.

Name of the Assistantship/AwardRemuneration(CAD) per year
Teaching Assistantship10,000
Research AssistantshipVariable
Merit Scholarship1,000-12,000
Donor-Funded Awards20,000

International students can also opt for work study options in Canada to help with the expenses that are to be paid for. Students can take up part-time job options and work for 20 hours a week. As a prerequisite for work-study, international students require a Study Permit Work Permit (for co-op) SIN. 

Economics Colleges in Canada: Jobs and Salaries

Higher education in Canada is considered to be one of the best in the world with around hundreds of top-ranking universities. Quality education brings plenty of opportunities. On an average, an Economist earns up to 48,000 CAD/annum to 97,000 CAD/annum , whereas a business economist can earn up to 45,000 CAD/annum to 78,000 CAD/annum.

Job positions are again one of the important criteria which are needed to be discussed so that the international students opting for the best economics program in Canada gets an overview of the job culture and salary structure in Canada.

Below mentioned are a few of the popular jobs in Canada in the field of economics.

DesignationYearly Salary Range(in CAD/year)
Economist48,000-97,000
Economic Analyst49,000-100,000
Economic Consultant68,000-83,000
Economic Policy Researcher75,000-95,000
Marketing Researcher49,500-84,000
Marketing Consultant35,000-90,000
Business Development Officer36,000-99,000
Economic Development Director40,000-110,000
  • As per recent data provided by Job Bank Canada, the expected new job openings in the economic sector is going to be around 19,800-21,200 in the next 5 years. This is again a good reason to avail of the best economics programs in Canada.
  • People from economics background see an average increment of 11% of their salary in every 13 months against an average increment of 9% in the other professional sectors.
  • As indicated by insights given by The Globe and Mail in CIC NEWS, Indian Students recently outperformed the Chinese with 172,000 students so far. 

Other than worthwhile pay rates, 60 percent of Economic experts get their bonus at a handsome rate of 2- 7 percent of yearly pay. With an unemployment rate of around 6% in 2021 according to Statista, Canada is very much confident to provide new job opportunities in the coming 3-5 years. 

Additionally, Canada is loaded with daze and beauty from the tourism point of view, which makes it a famous study destination. While considering the study abroad option in Canada, with its migration friendly arrangements turns it into a good choice. Furthermore, top economics colleges in Canada offer you a huge variety of degree scope, starting from diploma courses to research degrees making Canada an impeccable choice for pursuing best economics programs.

Graduate Diploma in Economics

Graduate Diploma (GrDip)

Program overview

The Graduate Diploma in Economics provides a general overview of macroeconomic, microeconomic, and econometric theories and methods. Course materials and resources are designed for students who want to pursue their studies at more advanced levels and for working professionals interested in economics as a secondary field. Economists recognize that today’s policy makers and business leaders require deep knowledge of economic applications and policies. Now more than ever, we need critical minds with a broad foundation in the field to study the trade-offs between growth and pollution, public and private medical services, and many other pressing issues that affect our daily lives. In addition to numerous theoretical and applied research interests in economics, our professors are engaged in various multidisciplinary projects – contributing to publications in statistics, sociology, and medical research, as well as in government policy reports and media opinion pieces.


Program details

Admission requirements

  • Undergraduate degree with a cumulative GPA of 3.00 or the equivalent.
  • Sufficient credits in economics and basic statistical and mathematical methods to cope with graduate-level courses in economics.
  • Proficiency in English. Applicants whose primary language is not English must demonstrate that their knowledge of English is sufficient to pursue graduate studies in their chosen field. Please refer to the English language proficiency page for further information on requirements and exemptions.

Degree requirements

Fully-qualified candidates are required to complete a minimum of 30 credits.

Please see the Economics Courses page for course descriptions.

Each student’s program of study must be approved by the Graduate Program Director.

Economics Graduate Diploma (30 credits)

6credits of Core Courses:•  ECON 501 Advanced Microeconomic Theory (3.00)•  ECON 503 Advanced Macroeconomic Theory (3.00)
6credits minimum chosen from:Economics Graduate Diploma Class B Courses
18credits maximum chosen from the following lists, with no more than six credits chosen from Class C:Economics Graduate Diploma Class A CoursesEconomics Graduate Diploma Class B CoursesEconomics Graduate Diploma Class C Courses
Note: No more than 12 credits can be earned as pro-tanto credit for previous work.

Economics Graduate Diploma Class A Courses

•  ECON 509 History of Early Economic Thought (3.00)•  ECON 510 History of Modern Economic Thought (3.00)•  ECON 513 Economic Growth and Fluctuations (3.00)•  ECON 514 Economic Development: Policy Analysis (3.00)•  ECON 521 Econometrics I (3.00)•  ECON 522 Econometrics II (3.00)•  ECON 523 Topics in Applied Econometrics (3.00)•  ECON 525 Mathematics for Advanced Study in Economics (3.00)•  ECON 530 Transportation Economics (3.00)•  ECON 532 Monetary Theory (3.00)•  ECON 533 Financial Economics (3.00)•  ECON 536 The Economics of Taxation (3.00)•  ECON 537 Economics of Public Expenditure (3.00)•  ECON 540 Market Design (3.00)•  ECON 542 International Economics: Trade Theory (3.00)•  ECON 543 International Economics: Finance (3.00)•  ECON 550 Economic History (3.00)•  ECON 561 Industrial Organization (3.00)•  ECON 562 The Corporate Economy (3.00)•  ECON 563 Economics of Regulation (3.00)•  ECON 564 Game Theory, Information, and Economic Modelling (3.00)•  ECON 565 The Economics of Professional Sport (3.00)•  ECON 581 Labour Economics (3.00)•  ECON 582 Economics of Personnel and Industrial Relations (3.00)•  ECON 583 Employment, Earnings and Labour Market Policies (3.00)•  ECON 585 Health Economics (3.00)•  ECON 591 Environmental Economics (3.00)•  ECON 593 Regional Economics (3.00)•  ECON 595 Economics of Transportation and Communications (3.00)•  ECON 596 Natural Resource Economics (3.00)•  ECON 597 Income Distribution and Economic Inequality (3.00)•  ECON 598 Advanced Topics in Economics (3.00)

Economics Graduate Diploma Class B Courses

All 600-level courses listed in the Economics Courses section of the Calendar.

Economics Graduate Diploma Class C Courses (6 credits)

All courses listed in the Finance, Management, Marketing, and Administration MSc (MSCA) Courses section of the Calendar with prior permission of the Department of Economics and the John Molson School of Business. No more than six credits may be taken from this list.

Application process

Your completed application will include:

  • Application form and fee (Please note that it is not possible for us to waive the application fee)
  • Curriculum Vitae (CV)
  • Three Letters of Reference and assessment form
  • Statement of purpose should outline (1 to 2 pages):
    • your goals for enrolling in the program
    • what makes you a good candidate for the program
    • your expectations from your studies in the program and
    • what you plan to achieve in the program.
  • Transcripts for all post-secondary institutions attended
  • Proof of Canadian citizenship (if applicable)
  • Applicants whose primary language is not English, are required to submit official language test scores, unless exempted.

Application deadlines

 DEGREE
 
FALL
(September)
WINTER
(January)
SUMMER
(May/June)
EconomicsDiplomaFeb. 1June 1n/a

Courses

Course descriptions are available via the Concordia Graduate Calendar.

Faculty research

Members of our research-active faculty are affiliated with the Centre Interuniversitaire de Recherche en Économie Quantitative (CIREQ) and the Center for Interuniversity Research and Analysis of Organizations (CIRANO). They have received high honours from the Canada Research Chairs Program, and been awarded the Mongolian Government’s Science Leader Award and the prestigious Marie Curie Fellowship in Research.

Faculty research interests include:

  • economic development
  • economic dynamics
  • econometrics
  • international trade and finance
  • financial and monetary economics
  • computational economics
  • environmental and natural resources
  • game theory
  • industrial organization
  • information economics
  • market design
  • labour economics
  • experimental economics
  • public economics

Student initiatives

The Economics Graduate Students’ Association aims to promote a stimulating academic and social atmosphere by organizing social events, facilitating seminars and other activities. 

Your professional future

Our alumni are highly sought after by financial services companies, intergovernmental organizations, professional services firms and multinational conglomerate corporations. Recent graduates are working as statisticians, account managers, advisors and risk consultants.

Examples of employers where our alumni currently work include:

  • Best Buy Canada
  • Cogeco Peer 1
  • Deloitte
  • GE Oil & Gas
  • HELVETAS Swiss Intercooperation
  • Sun Life Financial
  • Toronto-Dominion Bank
  • UNESCO Institute for Statistics

Masters In Economics Canada Requirements

Masters in Economics in Canada is a 1 to 2-year program available as a Master of Arts (MA) and Master of Science (MS). It is offered in more than 20 universities of Canada and costs around 13,000-45,000 USD (all expenses included) annually. Masters in economics is also offered as a specialized degree focused on one discipline such as Development Economics, Natural Resource Economics, Economic Policy, Agriculture Economics etc. 

  • Students can choose to pursue course-work or thesis-based masters in economics from Canadian universities.
  • Bachelors degree holders with economic theory, microeconomics, econometrics, or mathematics as a part of their course-work can apply for masters in economics in Canada. 
  • The average salary of an entry-level economist in Canada is around 42,948 USD/annum. 

Why Study Masters in Economics in Canada

Due to lenient PR policies and welcoming culture, Canada ranks high on the priority list of international students for studying abroad. Let’s look at the reasons why studying masters in economics in Canada is a good choice.

  • According to the QS News Ranking of 2019 for Economics & Econometrics, 18 of the Canadian universities were included in the list of top 500 universities of the world.
  • Over 19,800 new jobs are expected to be created for economists in Canada till the year 2026. 
  • The expected annual demand growth rate for economic graduates in British Columbia is 1.3%. 
  • With 5-9 years of experience, an economist can earn up to 54,400 USD per annum. 

Masters in Economics in Canada: Top Universities

According to the QS News Ranking of 2019 for economics and econometrics, following are the top-ranking universities offering masters in economics in Canada. The table also summarizes the basic cost of program (complete tuition fees): 

RankingUniversityProgram Fees (USD)
#29University of Toronto74820
#35McGill University13583
#51University of British Columbia 18675
#113University of Alberta15750
#137Universite De Montreal18418
#140McMaster University25640
#173University of Waterloo10563
#211The University of Western Ontario54,500
#233University of Calgary19994
#239Queen’s University at Kingston9695
#280Dalhousie University42166

Masters in Economics in Canada: Course Details

Economics (MA, PhD) - Graduate - Ryerson University

Economics program involves independent research using complex statistical data in a broad spectrum of majors including Resource and Environmental, Financial & Labour Economics, Public Finance, Development Economics, International Economics, Law and Economics, and Industrial Organization. 

Although the curriculum of Masters in Economics in Canada differs by the school, each program integrates aspects of social sciences such as sociology. The standard curriculum structure of most economics programs offered in Canadian universities is given below:

Course Curriculum for Masters in Economics

Masters in Economics in Canada: Admission Process

To apply for a Canadian university, you are required to fulfil certain eligibility criteria. These are further discussed in this section. 

Application 

International applicants are required to apply online through the college website. Applications must be sent to the universities before the application deadlines to ensure enough time for obtaining a Canadian study permit

Eligibility for Masters in Economics in Canada Admission

The eligibility criteria for most universities offering MA Economics in Canada is given below:

  • 16 years of education with a break up of 10+2+4.
  • A 4-year bachelor’s degree in the same field or its equivalents with preference to students holding upper-year courses in advanced economic theory, microeconomics, macroeconomics, econometrics, statistics, and mathematics.
  • A minimum GPA of 3.0 on a 4.0 point scale or a CGPA of 7 to 8 on a scale of 10 is required.
    • This means the minimum percentage should be 78-81% or the grade should be B.
  • GRE scores are mandatory
  • Admission eligibility also depends upon strong academics, analytical and abstract skills to evaluate the costs and benefits associated with any action. 
  • Prior work experience in a related field is an added advantage to secure an admission.

Documents Required for Masters in Economics in Canada Admission 

Your application package must include the following documents supporting your application form: 

  • Transcripts- Official, unofficial or certified copies
  • Updated Curriculum Vitae (CV)
  • Letters of recommendation/ reference reports with necessary details of academic and professional achievements. Two to three reference letters are required by different universities. 
  • Supporting documents: Statement of interests, personal statements, etc stating your detailed interest in the program and in the specific university.

Test Score Requirement for Masters in Economics in Canada

For most of the universities offering masters in economics in Canada, there are certain tests that an international student has to appear for. These include language proficiency tests and competitve exams like GRE. The minimum test score requirement of each university is detailed below:  

UniversityGRE ScoreTOEFL (iBT)IELTSOthers
University of Toronto300 or more937.0COPE:76
Academic Preparation Course(U&T): Grade B
McGill UniversityPrefered 866.5MELAB:85
CAE: Grade B
CPE: Grade C
University of British Columbia160 in Quant936.5N/A
University of AlbertaRequired
150 in Quant
927.0N/A
Universite De MontrealNot RequiredN/AN/AFrench level B2
University of WaterlooRequired
no minimum score
907.0MELAB:85
PTE:63
University of CalgaryNot Required866.0MELAB:80
PTE:59
Queen’s University at KingstonRequired887.0MELAB:80
Dalhousie UniversityRequired927.0PTE:65
MELAB:85

Admission Decision for Masters in Economics in Canada

The review and assessment of the application are performed by either graduate school or the department of Economics admissions committee after completion of personal, academic information and supplementary application form (if required) along with the payment of the application fee.

As observed in University of British Columbia 2020 admissions, out of 500 applicants received for masters in Economics, only 50 candidates were granted entry to the program, suggesting a high competition for the course in top-ranking universities.

The status of the student’s application can be accessed via the Application Portal on the respective university’s official website. Successful applicants receive an Offer of Admission via the portal. Offers of admission will typically be made within minimum 2 months of the application deadline depending on the acceptance or denial of the admission offered by the university.

Masters in Economics in Canada: Cost of Study

International students planning to study in Canada must have sufficient funding to meet out their pre-arrival costs, tuition fees and cost of living as directed by the Citizenship and Immigration Canada (CIC).

Pre-Arrival Costs

The one-time expenses incurred by international students before or along with the admission process for their masters’ studies in Canadian universities are as tabulated:-

Type of ExpenseCost (USD)
Program Application Fees113-150*
Study Permit Application Fees235**
Health Insurance10,000
IELTS Fees185-190
TOEFL Fees160-250
GRE Fees205-230
Airfare450-1400

*Depends on the university

**150 USD for a Canadian Study Permit and 85 USD is Biometric fees. 

Tuition Fees for Masters in Economics in Canada

Comparison of the overall tuition fees for the complete masters in Economics at top economics colleges in Canada is given in the image. The costs are mentioned in USD. Applicants must note that these costs are approximate values and are subject to change each year as per university’s guidelines. Annual Tuition Fees for Masters in Economics in Canada

Cost of Living in Canada

The cost of living in Canada largely depends on the university and program you’ve enrolled in, your lifestyle and the institute’s location. The basic structure of the average living costs for international students in Canada is discussed below:- 

Type of ExpenseCost in USD/year
Books and Material756 – 1510
Food and Beverage 3000 – 4000
Accommodations 4,500 – 15,000

Scholarships for Masters in Economics in Canada

You can apply for various scholarships available for studying in Canada. There are program-specific as well as graduate-level scholarships offered to students. Scholarships from some of the top universities are given below. You must ensure that you explore through the official website’s funding page for details on the options available. 

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UniversityScholarshipDetails (USD)
University of TorontoOntario Graduate Scholarship
H. Stanley Hunnisett Fund
Dorothy J. Powell Graduate Scholarship In International Economics
11,300/session
Varies
Varies 
University of WaterlooOntario Graduate Scholarship11,300/ session
University of British ColumbiaMackenzie King Scholarship
Toptal Scholarships for Women
7900-9500/year 
7900/year
University of AlbertaAD O’Brien Graduate Scholarship in Public Finance
Alberta Graduate Excellence Scholarship
4021/year
9000 (one-time)
Universite De MontrealLise Salvas Foundation Award
Maurice Bouchard Foundation Award
PBEE Merit Scholarships for Graduates
760/year
760/year
Varies 

Career Opportunities After Masters in Economics in Canada

With the growing demand for economists in Canada, you can work as consultants, public policy analysts, financial managers, health insurance analysts in diverse fields of research agencies, consultancy firms, economic advisory services of governments, banks, financial institutions, international agencies, universities, multilateral organizations, and non-governmental organizations.

Role of Economists

  • Devise systems for the collection of economic and statistical data regarding utilization, production, and distribution of economic resources.
  • Develop models for projecting economic-related activities
  • Compile, analyze and interpret a wide range of economic data and activity
  • Preparation of reports for policy development 
  • Decision-making in government or business.

The professional scope after completion of masters in Economics in Canada along with their median salaries is listed below:

ProfessionMedian salary (USD)
Financial Market Economist165,000
Economist86,180
Economic Development Director86,800
Budget Analyst75,000
Policy Analyst71,000
Research Officer64,000
University Professor69,800
Consultant65,000

The growing demand for economists is an outcome of the increasing complexity in the global economy, competitive business environment, and additional financial regulations. Hence, Economist, Data analyst/actuary, Securities trader, Financial consultant, Pricing analyst are the high demanding positions in the public and private sector organizations. 

With a variety of sectors needing skilled personnel from Economics background, postgraduates in Economics can land up with high paying jobs in Canada. The ROI for the course is high with an investment of around 20,000-50,000 USD and returns of around minimum 65,000 USD. 

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