Last Updated on December 24, 2022
Private Universities In Germany Economics – When it comes to getting an education, there is no substitute for a German degree. Germany has some of the best colleges, universities and private schools in the world. While most of these German institutions are more expensive than their U.S. counterparts, in many cases they can be worth it, as they offer coursework that not only meets the standards of excellence in Germany but also those of Western Europe and throughout the entire world. This can save you countless hours trying to get your degree recognized outside of Germany if you plan to take your education elsewhere after graduating from university in Germany .
Germany is a great choice for international students interested in studying economics or business because of its robust economy and booming corporate sector. Students from all over the world flock to Germany because of its highly ranked colleges, minimal tuition fees in public universities, and low cost of living. International students prefer to study in Germany for economics because of a number of reasons:
- Around 60 economics universities in Germany provide degrees at various levels of education. Students with a degree from an economics university in Germany can earn up to 90,000 EUR per annum.
- Economics courses rank 8th among the highest paying courses for recent graduates in Germany.
- According to DAAD, over 100,000 international students had enrolled in economics and social sciences courses at German universities in 2021.
- Private institutions in Germany are usually dependent on tuition fees for their funding and set their own fees for studying economics up to 20,000 euros per year.
- As far as Master’s degree in economics in Germany is concerned, tuition fees for “non-consecutive” master’s degrees vary between universities and may be around 5,000 euros per year at public institutions and up to 30,000 euros at private German universities.
Public vs Private Universities
The vast majority of universities in Germany are public universities. In fact, about 95% of all universities in Germany are considered public. The advantage of attending a public university is that most students pay nothing or a very negligible amount to attend.
Private universities in Germany need to be accredited and approved by the government. In most cases, these universities are for the applied sciences. Students that elect to attend a private college will most likely have to pay considerable tuition fees to attend, especially in comparison to free public universities. However, this is worth the extra cost to some students because private universities tend to be more global in scope and have smaller class sizes.
Why are private universities so popular?
Private universities are increasing in popularity. Around 140,000 students were enrolled in private universities in Germany in 2015. Just a decade ago, only 24,000 students attended private universities. The popularity has been increasing doubling the numbers in the process. As of today, nearly 244,000 students are enrolled in private universities in Germany. Again, the appeals are smaller class sizes and more individualized attention.
Unfortunately, many private universities in Germany cost over $20,000 in tuition alone each year. There are some cheaper options available, however. Cheaper private universities in Germany are the Friedensau Adventisst University, a special FOM University of Applied Science for Economics and Management, and the SRH Hochschule Berlin.
Best Economics Universities in Germany
There are around 300 public universities in Germany out of which 30 institutions offer economics courses in Germany. One of them belongs in the top 50 universities for economics courses globally. Here is a list of the top economics universities in Germany and their rankings according to QS Global Rankings 2021.
|University||QS Subject Rankings 2021||Courses offered|
|University of Mannheim||40||5 bachelor courses, 1 Ph.D. course|
|Ludwig Maximilian University of Munich||50||1 bachelor course, 2 masters courses|
|University of Bonn||62||2 masters courses|
|Humboldt University of Berlin||71||2 masters courses, 2 Ph.D. courses|
|Free University of Berlin||136||1 bachelor course, 2 masters courses|
|University of Gottingen||151-200||2 masters, Ph.D. course|
Friedensau Adventist University
The Friedensau Adventist University (Theologische Hochschule Friedensau in German) dates back to 1899. The institution was originally a theological seminary and training center. In the early 1990s, the school opened its School of Social Sciences alongside its school of Theology.
The School of Social Sciences offers bachelor’s degrees in social work, health, and nursing sciences as well as masters’ degrees in counseling, music therapy, and social and health management. These programs tend to be quite inexpensive.
All degrees cost less than $15,000 for entire degree.
Requirements for the bachelors’ degrees include the general qualification and degree for university entrance (Abitur). International students with equivalent qualifications may also apply. Admission requirements include official transcripts/diplomas, a resume, and personal essays.
Requirements for the Masters’ degree include a Bachelors’s degree in a related discipline, official transcripts/diplomas, personal essays, and a resume.
The FOM University of Applied Science for Economics and Management
The FOM University of Applied Science for Economics and Managa unique program for working professionals. Money is saved by your ability to work full-time while earning your degree. The vast majority of the degrees are business-oriented though students may elect to receive a bachelor of arts, bachelor of science, or a bachelor of law. They also have programs for individuals working in the health or social welfare fields. There are finally a few programs for engineering professions. Finally, there are a limited number of masters’ degree courses also available.
The main cost benefit to attending FOM University of Applied Science for Economics and Management stems from the ability to work full-time while attending school. Courses are in the evenings, on weekends, or for two days during the week.
The tuition is around $15,000 over the course of the degree and even better, the master’s programs cost about $10,000 to complete in total.
The program has flexible admission requirements. There are programs available to students who have not met the basic qualifications to enter university for instance. Traditional bachelor’s programs, however, require just a general university qualification and possibly six months of professional work experience. No standardized test scores or letters of recommendation are traditionally required. The same is the case for the masters’ programs. They usually just require a bachelor’s degree and some work experience.
SRH Hochschule Berlin
One final cheap option to consider is SRH Hochschule Berlin. Students may earn bachelor’s and masters’ degrees at this institution. The school emphasizes its international focus and its personalized attention to its students. Most of the bachelor’s and master’s programs are business-oriented.
Tuition costs for bachelor’s degrees are about $25,000 for the entire cost of the program. This is somewhat more expensive than the previously mentioned institutions but is a feasible amount spread out over the course of three years. The master’s programs also vary but come out to about $700 – $800 a month. Some master’s programs may be just 10 months long while others maybe twice that.
Admission is not very competitive. Students just need a basic German university qualification or an equivalent diploma to enter the bachelor’s program. They also need a decent grasp of the English language. This is demonstrated by some tests incoming students can take. These tests can be waived if students receive their education in a country where English is the primary, recognized language.
Admission is similar to the masters’ programs. They also are not very competitive. All you need is a completed undergraduate degree and some work experience. It is best if this degree and work experience are related to your intended master’s degree. Students must also take any number of various tests to demonstrate their English language proficiency. The school offers detailed career guides and programs for each area of study, which makes it an appealing option regardless of the cost of admission.
More to know
As mentioned above, private universities are increasingly popular, but the downside remains that their tuition fees are extremely high. But the silver lining is that private universities keep scholarship program that is easy to get access to.
Furthermore, there are better opportunities for internships that are provided by private universities, mostly because they have tied up with big companies and industries. Universities mentioned above are cheap, easy to get access to, and provide the best facilities as well.
Before choosing between a private university or a public university it is essential to know your needs more than anything. If finances are essential for you, then it will be wise to go to a public university than a private one. This instance can be fitting for a circumstance that the student might be facing. Hence, it is advisable to look into your needs and choose your university carefully.