Study Masters in Economics in Canada
Get comprehensive guidance from experts and turn your dream of pursuing a Masters in Economics in Canada as an international student into a reality.
For international students seeking a Masters in Economics in Canada is the perfect choice because of its top-notch educational system and friendly, diversified culture.
Prominent Canadian universities offering a Master's in Economics, 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 MA in Economics 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 MA 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 Master’s 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 completing their MA Economics 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.
Top Universities to Study Master's in Economics in Canada
According to their QS World University Rankings 2025, here is a list of the top universities that offer a Masters in Economics Canada to international students are listed below.
University of Toronto
The University of Toronto is one of Canada’s top-ranked universities, known for its comprehensive and rigorous MA in Economics programme. Offering both thesis-based and course-based options, the programme equips students with a deep understanding of economic theory, quantitative analysis, and research methods.
| QS World Ranking 2025 | #21 |
|---|---|
| Type | Public |
| Programme Name | MA in Economics |
| Programme Duration | 8-12 Months |
| Average Tuition Fees (in CAD) | CA $36,000 - $37,000 |
University of British Columbia (UBC)
The University of British Columbia (UBC) offers a highly respected MA in Economics programme. With a focus on areas such as labour economics, development economics, and econometrics, UBC provides students with a robust understanding of the economic challenges faced by businesses and governments.
The programme offers flexibility with both thesis-based and course-based options, and students benefit from UBC’s strong ties to the tech industry, research centres, and policy think tanks.
| QS World Ranking 2025 | #34 |
|---|---|
| Type | Public |
| Programme Name | MA in Economics |
| Programme Duration | 12 months |
| Average Tuition Fees (in CAD) | CA $31,000 - $32,000 |
McGill University
McGill University’s MA in Economics is designed to provide students with both a strong theoretical foundation and practical skills in economic analysis. The programme offers specialised courses in microeconomics, macroeconomics, and econometrics, allowing students to tailor their studies to their career interests.
The university’s rich academic environment, coupled with its international reputation, provides students with numerous opportunities for research, internships, and networking, making it an excellent choice for aspiring economists.
| QS World Ranking 2025 | #30 |
|---|---|
| Type | Public |
| Programme Name | MA in Economics |
| Programme Duration | 12 Months |
| Average Tuition Fees | CA $29,000 - $30,000 |
Eligibility Requirements to Study Master’s in Economics in Canada
To apply for a Master’s in Economics in Canada, applicants generally need a recognized bachelor’s degree in economics or a related field, along with a strong academic record.
Most universities also require proof of English language proficiency through tests like IELTS or TOEFL, and a solid foundation in mathematics and statistics. Additional requirements may include letters of recommendation, a statement of purpose, and sometimes relevant work experience.
Eligibility Criteria
- Academic Qualifications- A bachelor’s economics degree in Canada or related fields with a minimum GPA of 3.0/4.0 (equivalent to 70–75%).
English Language Proficiency
- IELTS Academic: Overall 6.5 (no band less than 6.0).
- TOEFL iBT: Minimum 90 (with 22 in writing).
- GRE Scores: 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. |
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 |
Related Blog: Cost of Living in Canada Cost of Studying in Canada
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.
- Economics Scholarships Canada
- Ontario Graduate Scholarship (OGS): CA $15,000/year.
- University-specific Awards: Example: UBC Graduate Scholarships.
- 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
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/year |
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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