Study Masters in Economics in Canada 2026
Explore this guide to understand the best courses, top universities, admission requirements, costs and scholarship opportunities, and the career opportunities that await international students wishing to study Masters in Economics in Canada.
For international students seeking a Masters in Economics in Canada, it's a strong choice thanks to its top-notch educational system and friendly, diverse culture. Want to know how? Top-ranking Canadian universities have merged traditional econometrics with AI, Big Data Analytics and computational forecasting, allowing students to not just learn to observe the economy but instil advanced technical knowledge of tools that modern financial and tech sectors are paying a premium to acquire.
Prominent Canadian universities offering the best economics programmes in Canada at the graduate level, such as the University of British Columbia, the University of Toronto, and McGill University, offer state-of-the-art top economics programmes that allow students to learn sophisticated research techniques and analytical abilities.
In addition to earning a degree that is respected throughout the world, selecting Canada for your Masters in Economics in Canada programme will provide you access to a wealth of opportunities in a vibrant, multicultural setting.
Best Economics Programmes in Canada
Pursuing an MA Economics in Canada offers international students a blend of world-class education and valuable international exposure.
- Canadian universities offering Economics programmes in Canada at the graduate level, typically have 1-3 intakes per year.
- The primary intake is in Fall (September), with some universities offering additional intakes in Winter (January) or Summer (May).
- Application deadlines for Fall intake usually fall between December and March, but it’s crucial to check specific university guidelines.
Programme Duration
- The Masters in Economics in Canada can generally be completed in 1 to 2 years, depending on the structure of the programme.
- Students can choose between thesis-based Economics Canada programmes, focusing on research, or course-based programmes for a more practical approach.
Cost Considerations
- Tuition fees in Canada for a Masters in Economics range from CA $7,000 - $40,000 per year, varying by university.
- Living expenses in Canada are estimated at CA $22,000 - $31,000 per year, covering accommodation, food, and transportation.
Post-Study Work Opportunities
- After graduating from one of the best economics programmes in Canada, international students can benefit from post-study work in Canada through the Post-Graduation Work Permit (PGWP), which allows them to work for up to 3 years based on programme duration.
10 Best Universities in Canada for Economics Masters
According to the QS World University Rankings by Subject 2025, the following Canadian universities offer the best programmes for studying economics.
| University Name | QS Subject Rankings (Economics) 2025 |
|---|---|
| University of Toronto, Toronto | #21 |
| University of British Columbia, Vancouver | #23 |
| McGill University, Montreal | #90 |
| University of Montreal, Montreal | #139 |
| Queen's University at Kingston, Kingston | #156 |
| Western University, London | #175 |
| University of Alberta, Edmonton | #201-250 |
| University of Calgary, Calgary | #251-300 |
| University of Waterloo, Waterloo | #251-300 |
| York University, Toronto | #251-300 |
Eligibility Requirements to Study Master’s in Economics in Canada
Regardless of the programme you choose to study economics in Canada, as an international student, you will need to abide by the general admission criteria for Masters in Economics in Canada. While each university will specify the academic requirements, like the basic academic degree, language proficiency, standardised test scores and other criteria, here are some of the requirements that you will need to satisfy regardless of the university you choose to study at.
Eligibility Criteria
- Academic Qualifications: A bachelor’s degree in economics in Canada or related fields with a minimum GPA of 3.0/4.0 (equivalent to 70–75%).
Standardised Tests and English Language Tests
- IELTS Academic: Overall 6.5 (no band less than 6.0).
- TOEFL iBT: Minimum 90 (with 22 in writing).
- GRE Exams: Top colleges require it, with an emphasis on the quantitative portions.
Admission Steps
- Research Programmes: Search and review the top universities and colleges in the country that offer a Master's in Economics.
- Submit Application: Fill out the online form and pay the CA $75 - $150 fee.
- Evaluation: Applications are examined for merit and eligibility for master's in Canada.
- Get the offer letter, then pay the registration money to accept the offer.
- Canadian Student Visa Application: Apply for a study permit in Canada.
Required Documents
Here is the list of the required documents for eligibility for a master's in Canada.
| Required Documents | Details |
|---|---|
| Academic Transcripts | Bachelor’s degree, with marksheets. |
| Statement of Purpose (SOP) | Describing academic goals and career in economics in Canada. |
| Letters of Recommendation (LORs) | Minimum two from professors/employers. |
| Resume/CV | Highlighting relevant achievements. |
| Proof of English Proficiency | IELTS/TOEFL scores. |
| Financial Proof | Bank statements showing tuition/living expense coverage. Currently, the minimum amount required is CA $22,895 |
Need help understanding your eligibility to study Masters in Economics in Canada? Our team of expert counsellors at AECC are dedicated to helping you find the best universities and programmes based on your academic profile and aspirations.
Costs to Study Master's in Economics in Canada
Here’s a range of cost of studying economics and financial aid options that you can go for if you are planning to pursue your Masters in Economics Canada:
| Expense | Annual Average Cost (CAD) |
|---|---|
| Tuition Fees | CA $7,000 - $40,000 |
| Accommodation | CA $12,000 - $18,000 |
| Living Expenses | CA $4,000 - $6,000 |
| Books & Supplies | CA $1,000 - $1,500 |
| Health Insurance | CA $750 - $1,200 |
| Personal Expenses | CA $2,400 - $3,600 |
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Scholarships to Study Master's in Economics in Canada
Scholarships in Canada are some of the best ways to reduce the financial commitments of the students. Here are some scholarships to study Master's in Economics in Canada as international students.
| Scholarship Name | Eligibility Criteria | Funding Coverage |
|---|---|---|
| McCall MacBain Scholarships, McGill University | International students with a Bachelor's degree that has been earned within the past 5 years, applying to full-time Master's programmes, and under the age of 30 qualify for the scholarship. Selection is based on exceptional character, community engagement, leadership potential and entrepreneurial spirit of the candidate. | Full tuition fees + CA $2,300 living stipend per term, and a one-time relocation grant |
| Ontario Graduate Scholarship | International students with a valid study permit enrolling in a Master's programme at a publicly-assisted university in Ontario, who have also achieved a first-class average in their last two years of study, qualify for this scholarship | Upto CA $15,000 for one academic year (or CA $5,000 per term) |
| Aga Khan Foundation International Scholarship Programme | Outstanding scholars from developing countries like Bangladesh, India, Kenya, Uganda and many others, who are under the age of 30 and demonstrate a genuine financial need, can qualify for the scholarship. Applicants must demonstrate excellent academic records and be enrolled in a reputable institution in Canada. | 50% Grant and 50% loan that covers the tuiton fee, and student living expenses. |
| International Master's Award of Excellence (IMAE), University of Waterloo | International students holding a valid study permit, enrolling in a research-based Master's programme, who demonstrate academic excellence as determined by the faculty and are not receiving any other sponsorships from a foreign government, automatically qualify for the scholarship | CA $2,500 per term up to 5 full terms |
| International Tuition Award, University of British Columbia | International students enrolled in a full-time research-oriented master's programme at UBC Vancouver campus automatically qualify for the scholarship if they are not receiving any external funding and are recognised for international tuition fees. Applications are automatically considered. | CA$3,200 per year |
Apart from these scholarships, international students can also apply for the following financial aid opportunities:
- Research Assistantships: Receive a salary while working under faculty supervision.
- Education Loans: Financial institutions offer education loans with alternatives for postponed repayment.
Related Blog: Canadian Scholarships
Do these scholarship and financial aid opportunities not apply to your circumstances? Connect with our team of expert counsellors at AECC today and shortlist the best scholarship and financial aid opportunities that align with your needs and aspirations.
Job Opportunities in Canada After Completing a Master’s in Economics
The wide range of professional options available to graduates with a Masters in Economics in Canada should be emphasised. The fascinating opportunities in Canada's vibrant economy are not limited to the following positions.
Career Prospects
- Economic Analyst: Analyse economic statistics and the effects of policy as an economic analyst.
- Policy Advisor: Assist government organisations in formulating public policy.
- Data Scientist: Analyse data trends using econometrics.
- Financial Analyst: Offer forecasts and investing recommendations.
- Academician: Seek positions in teaching and research.
Average Salaries
| Job Role | Average Annual Salary (in CAD) |
|---|---|
| Economic Analyst | CA $70,000 - $84,000 |
| Data Scientist | CA $77,000 - $104,000 |
| Policy Advisor | CA $64,000 - $78,000 |
| Market Research Analyst | CA $60,000 - $80,000 |
| Financial Analyst | CA $63,000 - $85,000 |
Source: Glassdoor, Indeed, Job Bank Canada
Pursuing a Master's in Economics in Canada offers international students a unique blend of high-quality education, diverse specialisations, and exposure to global economic practices. With access to world-class universities, generous scholarships, and opportunities for post-study work, it provides a strong foundation for careers in academia, policymaking, and industries worldwide. For international students, the multicultural environment and practical learning experiences in Canada open doors to both personal and professional growth, making it an ideal destination for economic studies.
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