Which Country is best to study Economics?

The best countries to study Economics courses abroad are the United States of America (USA), the United Kingdom (UK), Canada, Australia, Singapore, and Germany. These countries offer Economics degrees across various levels from top universities ranked by QS World Ranking 2025. The duration of the course lasts 1-4 years depending on the nature of the program you choose. Economics is defined as the study of supply and demand, resource allocation, and human behavior. It has a significant influence on the progress of individual and societal lives. As economics students, you'll dive deep into understanding how the world functions, from how things are priced to why living standards vary between countries which is a really useful skill that employers look for. Learning economics helps you make better decisions in everyday life, like figuring out financial investments or understanding the effects of policies like universal healthcare. In this article, we will discuss the Top 6 Best Economics Colleges in the World, their courses, fees, future career prospects, and expected salaries.

Economics: Program Structure

Studying economics abroad provides a unique opportunity to witness how different countries and societies handle financial matters. What you'll learn in an economics program depends on the university and country you're in, as well as the level of study you're at. So, it's important to check the course details before applying. Most programs offer elective or optional modules, letting you focus on topics that interest you, like the social impact of economics or areas like math and statistics. Economics covers a bunch of topics, like finance, management, and labor issues. Here are a few of the modules you are likely to be studying in an economics degree at the undergraduate level:

• Microeconomics
• Macroeconomics
• Applied economics and statistics
• Global economics Mathematics for economics
• Econometrics
• Economic policy

Classes typically include lectures, seminars, and tutorials, with assessments like essays and exams. In your final undergraduate year, you'll likely do a dissertation as a big part of your grade.

Top 6 Countries to Study Economics Abroad: Universities & Fees

1.   United States of America (USA)

Reasons:  Top Universities, highest quality programs, and Highly paid graduates.

The United States, with its status as the world's largest economy and ongoing growth, is an ideal destination for studying economics in college. Learning about supply and demand, taxation, and other financial topics in a country that excels in these areas is advantageous. Over the years, both the education and economic sectors of the United States have shown continuous improvement. Moreover, studying in the US means having access to top-notch instructors or professors in the field, and you'll have the opportunity to attend some of the best-performing universities both nationally and globally. Finally, economics majors from the United States typically enjoy higher salaries compared to their counterparts in other countries. The country offers a thriving job market for economists across academia, government, and the private sector. On average, economists in the USA earn $98,693 per year, with entry-level positions paying around $70,354 annually and experienced ones earning up to $149,507 per year. According to the US Bureau of Labour Statistics, the field is expected to see 22,800 new job openings by 2028. 
Some of the top colleges in the USA offering economics courses include

University	QS World University Rankings 2025	Courses offered	Average fees per year
Harvard University	4	Bachelor of Arts in Economics	USD 54,103
Massachusetts Institute of Technology (MIT)	1	Bachelor of Science in Economics Masters in Data, Economics, and Development Policy	USD 54,515
Stanford University	6	Bachelor of Arts in Economics Master of Arts in Economics	USD 48,491
University of Chicago	21	BA in Economics	USD 63,602

 Also Read : Cost of Studying in USA

2.  United Kingdom (UK)

Reasons:  Global Financial hub, Expert Faculty, Practical skills

The United Kingdom is home to the world's oldest and most esteemed universities renowned for their excellent economics programs. Studying economics in the UK, especially in London, offers students a prime opportunity due to the city's status as a global financial hub. For economics students, being immersed in such an environment presents abundant job prospects.
 
The UK's academic heritage is closely tied to economics, with institutions like Oxford and Cambridge shaping economic thought over centuries. Additionally, the UK hosts numerous prestigious banks, financial institutions, and accounting firms, providing abundant job prospects for graduates of UK economics programs. Moreover, the UK serves as a major financial center, offering numerous opportunities in the finance industry. Recent data shows that 65% of UK economics master's graduates secure employment within six months of completing their studies. Entry-level economists in the UK earn an average salary of $46,169 per year, while high-level positions command around $91,330 annually, with the country's average salary standing at $59,033 per year.

For those considering pursuing a degree in economics, here are the top universities to consider:

University	QS World University Rankings 2025	Courses offered	Average fees per year
The London School of Economics & Political Science (LSE)	=50	MSc in Economics MSc Political Science and Political Economics	$31,942.30
University of Oxford	3	MS in Financial Economics	$57,833
University of Cambridge	5	MPhil in Finance and Economics	$40,191
University College London (UCL)	-	M.Phil/PhD in Economics	$34,453.89

 Also Read : Cost of Studying in UK for Indian Students

3. Canada

Reasons:  Strong Job Market, Globally Recognized Courses
 
Next best country we have is Canada. The country is renowned for its high quality of life and prestigious universities, offering top-notch economics programs. The country provides a robust job market for economists across academia, government, and the private sector. With world-class universities, access to advanced knowledge, and globally recognized courses, Canada attracts students to pursue economics. Additionally, over 19,800 job opportunities are emerging in the country. In Canada, economists earn an average salary of $85,750 per year, with entry-level positions paying around $68,925 annually and experienced professionals making up to $109,805 per year.
 Checkout the table below for the top universities and the courses offered by them:

University	QS World University Rankings 2025	Courses offered	Average fees per year
University of Toronto	25	MA in Financial Economics	CAD 24,623
University of British Columbia	38	M.A in Economics	CAD 20,941
University of Montreal	=159	MS in Economics	CAD 15,256
McGill University Montreal	29	M.A in Economics	CAD 14,620

Also Read: Cost of Studying in Canada

4. Australia

Reasons:  High Quality Education, Research-based Courses, High Salary

Coming next, it's Australia, the land of Kangaroos. Australia's strong economy and diverse business landscape provide ample opportunities for economics students to gain hands-on experience through internships and research roles. Australian universities are known for their high academic standards, constantly updating their curriculum to align with industry needs. The country is home to a thriving job market for economists, spanning government, finance, and research sectors. Out of 73,000 economics professionals in Australia, 70% work as economists, while 25% serve as university lecturers. Top companies hiring economists in Australia include Wesfarmers, the Reserve Bank of Australia, and the Centre for Health Economics. Economists in Australia earn an average salary of $108,724 per year, with starting salaries of around $95,373 annually, and experienced professionals earn up to $140,294 per year.

Here are the best schools and courses offered for studying Economics:

University	QS World University Rankings 2025	Courses offered	Average fees per year
University of Melbourne	13	Bachelor of Commerce (Economics major) MA in Economics	AUD 49,085
University of Queensland	=40	Bachelor of Economics MA in Economics and Public Policy	AUD 46,346
Australian National University (ANU)	30	Bachelor of Economics Master of Economics	AUD 46,680
Monash University	37	Bachelor of Economics Master of Applied Economics and Econometrics	AUD 50,000

Also Read: Cost of Studying in Australia

5. Singapore

Reasons:  Growing Economy, Affordable education, High Academic Standards

Next on the list is the world’s fifth smartest city, Singapore. Ranked as the third most competitive economy by the World Economic Forum, Singapore stands out as a regional hub in Southeast Asia, attracting ambitious business school students worldwide. As a major financial center in the Asia Pacific region, Singapore is renowned for its advanced economy and high academic standards offered by local universities. For Indian students, Singapore ranks among the top locations for studying economics, with 50% of the Top 50 Universities located in the country. The vibrant university life and high placement rates make Singapore an appealing choice, with economics being one of its renowned courses. Singapore's eighth position in the INSEAD Global Innovation Index further highlights its status as a major hub for banking, finance, and world trade. Its strategic location, business-friendly policies, and international outlook make it an attractive destination for students seeking quality education and career prospects in economics. The average fee for studying economics in Singapore is affordable, and economists in the country earn a gross salary averaging SGD122,583.

Checkout the table below for the best colleges and courses offered by them:

University	QS World University Rankings 2025	Courses offered	Average fees per year
Nanyang Technological University	15	Diploma Home Economics MSC Applied Economics MSC Managerial Economics	SGD 15,500 - 32,400
Singapore Management University	=585	BSC Economics MSC Economics MSC Financial Economics	SGD 24,500 - 36,400
National University of Singapore	8	BSC Honours Economics Master of Social Sciences Allied Economics BA Economics	SGD 12,500 - 42,400
Sim Global Education	-	BSC Economics Graduate Diploma in Economics BA Economics	SGD 25,000

Also Read: Cost of living in Singapore

6. Germany

Reasons:  Affordable tuition fees, English-taught programs, and excellent higher education

Last but not least, we have Germany, often referred to as Deutschland. Germany stands out for its strong economy and affordable education, making it an excellent choice for studying economics in Europe without breaking the bank. The combination of low to no tuition fees, a wide range of specialization options, and a growing economy make it an ideal destination for pursuing a postgraduate degree in economics. Moreover, Germany is home to a robust job market for economists particularly in research, a low unemployment rate, and a promising future for academics and research. The country's economy is projected to see significant growth, offering promising prospects for research and academic endeavors. Students who graduated in Economics from universities in Germany can expect lucrative job opportunities, with potential earnings of up to 90,000 EUR per annum. One notable advantage of studying in Germany is the availability of English-taught programs in economics, eliminating language barriers for international students.

Here are the universities and programs offered for Economics:

University	QS World University Rankings 2025	Courses offered	Average fees per year
Heidelberg University	=84	BSc Economics MS Economics	EUR 664
Free University of Berlin	97	BSc Economics MS Economics	EUR 600
University of Bonn	-	BSc Economics MS Economics	EUR 640
Ludwig Maximilian University of Munich	59	BSc Economics MSC in Quantitative Economics Master of Science (MSc) in Economic	EUR 250

Also Read : Cost of Studying in Germany

Admission Requirements to Study Economics Abroad

To study economics abroad, you must meet the entry requirements set by each university and program. While these requirements vary, here are the fundamental criteria:

• Completion of secondary education with satisfactory grades, often including strong performance in mathematics and economics, although specific subject requirements may vary.
• A personal statement detailing your interest in economics.
• Demonstration of proficiency in the English language through standardized test scores.
• Submission of academic references or a letter of recommendation.
• For master's programs, a bachelor's degree in economics or a related field is typically required.

Economics – Future Career Opportunities

Earning an economics degree offers a wide range of career paths, especially for those who have studied abroad. Common career options for economics graduates include:

• Economist
• Market research analyst
• Financial analyst
• Risk analyst
• Accountant
• Data analyst
• Account manager
• Management consultant

It's essential to review each program's content and curriculum to ensure they align with your career goals. Selecting a program that supports your desired job outcomes is crucial for success after graduation.

Let’s check the most frequently asked questions about studying economics abroad.

Frequently Asked Questions (FAQS)

1. Which Country is best to study Economics for Indian Students?

The USA is renowned for its top-ranked economics programs, followed by the UK, which also houses prestigious economics schools. Australia, Singapore, and Germany also feature prominently among countries with respected economics programs.

2. What are the types of Economics degrees?

Economics offers various degree options, including:

• Finance
• Applied Economics
• Business economics
• Social economic policy
• Commerce
• Agricultural economics

Additionally, you can pursue joint degrees, such as economics with politics, history, or psychology. Opting for a specialized economics degree or joint program allows you to focus on your specific interests.

3. Are economists highly paid?

Utilizing their expertise in economics, economists analyze policies, make economic forecasts, and assess the future trajectory of the economy. At entry level, economists can earn between Rs 6-12 lakhs per year.

4. What are some top universities for studying Economics worldwide?

Here are some of the top universities for Economics abroad:

• Harvard University, USA
• Massachusetts Institute of Technology (MIT), USA
• London School Economics & Political Science, UK
• University of Oxford, UK
• National University of Singapore

5. Which country is the cheapest to study Economics?

Germany is recognized as an affordable option for international students pursuing economics studies. Public universities in the country offer either free or low-cost undergraduate and postgraduate programs to both domestic and international students. While tuition fees are minimal, it's important to budget for additional expenses such as accommodation, transportation, and healthcare.

6. Which country pays the highest for Economics?

Belgium, Canada, and Australia are the countries that pay the highest salaries for economists.

7.   What are the scholarships available to study Economics?

Below are scholarships available for studying Economics courses abroad:

• St Andrews – GREAT Scholorship, UK
• AG Whitlam Graduate Merit Scholarship, Australia
• Master’s Scholarship Economics , UK
• Long Doctoral Entrance Scholarship , Canada
• Think Big About Economics Undergraduate Scholarship, UK

8. How to choose Economics Specializations abroad?

Depending on your qualifications, you can study Economics at different education levels, such as Bachelor's, Master's, or Doctorate. Undergraduate degrees can be in either BA or BSc, with a BA focusing more on social impacts and a BSc involving more math which takes three or four years. Grads can pursue a master's in economics, usually after a bachelor's in a related field. And for a PhD, which can take four or five years, you'll usually need a master's in economics.