Masters in Economics in Germany For Indian Students 2024

Written by

Alisha Azeem

Fact check by

Afreen Abbasi

Updated on

Jul 25,2024

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Why Pursue a Masters in Economics in Germany?

  • German universities are some of the best in the world, offering a range of top economic programs.

  • Notable universities include the University of Mannheim, LMU Munich, and the University of Bonn.

  • German universities charge low tuition fees, often little or nothing, even for international students.

  • Low tuition fees allow students to allocate their money to other expenses.

  • The job market for graduates in economics is rich with opportunities.

  • Graduates can work in industries such as banking, consulting, multinational organizations, and government agencies.

  • These career options enhance their chances of finding a job and gaining practical experience.

  • Many German master's programs in economics are taught in English.

Are you thinking of pursuing a Masters in economics in Germany? Germany is a popular choice among many students who want to pursue a master's in economics. They are known for their high-quality programs. They also have low tuition fees, a diverse culture, and an excellent international job market. The country's universities are globally recognized. For example, the University of Mannheim, LMU Munich, and the University of Bonn are known for their strong economics programs. Outside of class, Germany has a strong, broad economy. It offers many jobs and internships.

Benefits of Pursuing a Masters in Economics in Germany

There are various benefits of pursuing a Masters in economics in Germany. Here are some of the most prevalent ones:

1. Suitable Environment: Germany offers an amazing environment for international students pursuing a Master's in Economics. Many cities are student-friendly and have a low cost of living. Some examples of these cities are Hamburg, Berlin, and Munich. These places often conduct many cultural events, provide affordable housing, and are known for their student life.

2. Vast Career Opportunities: A master’s in economics in Germany also opens exciting careers in various domestic and international sectors. Graduates can work as consultants in companies that specialize in advertising, risk management, and market trends. They highly value the specific skills of an economics graduate. The finance sector also provides many opportunities, including jobs in banking, investment banking, and financial institutions, which need knowledge of markets, investments, and risks.

3. Affordable & Quality Education: Another reason for pursuing a Masters in economics in Germany is that it is one of the known places for good quality education and, at the same time, is very affordable as well. Some of the best universities in Germany for masters in economics make it a preferred destination among students.

4. Provides Good Foundation for Higher Studies: For academics, a Master's in Economics from Germany provides a good foundation. It's useful for pursuing a Ph.D. or a research career. Germany emphasizes research and has many prestigious institutions, making it an excellent place for academic advancement.

5. Rich Cultural Experience: Pursuing a Master's in Economics in Germany offers a rich educational experience, cultural immersion, and diverse career opportunities, making it an attractive choice for international students.

University ranking for pusring Masters in economics in Germany - TerraTern

Top Universities in Germany for Master's in Economics

Germany has some of the best universities that offer Master's in Economics programs. These courses give students a high-quality education with a high emphasis on research and great work opportunities. If you are considering a Master’s in economics in Germany, here are some renowned institutions that provide some of the best programs in economics:

Universities

Tuition Fees 

Pros

University of Göttingen

No tuition fees; ~€190 administrative fees per semester

Strong emphasis on empirical research and quantitative methods. Vibrant academic community

University of Cologne

No tuition fees; ~€300-€320 semester contribution

A broad spectrum of economic theory and applications. Great global exposure through international collaborations

University of Freiburg

No tuition fees; ~€155 semester fee

Focus on policy analysis and applied economics. Rigorous curriculum

University of Tübingen

No tuition fees; ~€158-€170 semester contribution

Emphasis on research and empirical analysis. Interdisciplinary research environment

University of Mannheim

No tuition fees for EU/EEA students; €1,500 per semester for non-EU/EEA students; ~€190 administrative fees

Highly ranked. Strong focus on research. Excellent career opportunities

LMU Munich

No tuition fees; ~€147 semester fee

Rich history. They have a strong focus on research and innovation

University of Bonn

No tuition fees; ~€320 semester fee

The faculty includes top economists. Excellent learning environment. Strong focus on research 

Humboldt University of Berlin

No tuition fees; ~€315 semester fee

Highly respected program. Located in Central Berlin. Numerous internship and networking opportunities

Frankfurt School of Finance & Management

~€36,500 for the entire program

Strong focus on finance and economics.  Advanced analytical skills training.Deep understanding of economic policy and financial markets

University of Heidelberg

€0 for EU students, €1,500 for non-EU students

Renowned for economic sciences. Strong emphasis on empirical research and quantitative methods. 

 

Master in Economics Germany Requirements 2024

There are certain minimum requirements for pursuing a Masters in economics in Germany; these include academic qualifications, language proficiency and some other important factors. Let's take a deeper look below:

1. Academic Qualifications 

A Bachelor's Degree: You will need an undergraduate degree in the field of economics, business, or any related field. Some Universities also accept degrees in math, statistics, or engineering if they have some background in economics. 

2. Grade Requirements

Many institutions have a minimum grade requirement, which is often equivalent to a 2.5 on the German grading system (or its foreign equivalent). Higher-ranked programs may require a better academic record.

3. Language Proficiency

You need to be proficient in German or English, depending on what language the course would be taught in, to pursue a Masters in Economics; there are a few tests you need to clear to be eligible. 

  • English Proficiency: A proficiency test such as the TOEFL or IELTS score is typically required. Minimum scores often range from 80-100 for TOEFL and 6.5-7.0 for IELTS.

  • German Proficiency: A proficiency test such as the TestDaF or DSH is required for programs taught in German. Minimum levels usually range from TestDaF level 4 to 5 or DSH-2 to DSH-3.

4. Additional Requirements

  • A letter of Recommendation: Most universities ask for a minimum of 2 letters of recommendation from your professors or your academic advisors to be eligible.

  • CV/Resume: Having a well-rounded CV which highlights your academic skills and work experience may increase your chances of getting admission to some of the best universities in Germany that offer economic programs 

  • Entrance Exams: Some universities ask students to take some standard exams like the GRE to be eligible. Obtaining a high score may increase your chances of getting admitted to these Universities. 

How to Apply for Masters in Economics in Germany from India?

Steps for applying to Master of economics in Germany - TerraTern

To apply for Masters in Economics in Germany, follow these steps:

Step 1. Research and Choose Universities

  • Identify programs that match your interests and career goals.

  • Check admission requirements (degree, GPA, language proficiency).

Step 2. Language Requirements

  • Prove English proficiency: IELTS (6.5+) or TOEFL (90+).

  • Prove German proficiency (if required): TestDaF (TDN 4+) or DSH (DSH-2/3).

Step 3. Prepare Application Documents

  • Academic transcripts

  • Degree certificates

  • Statement of Purpose (SOP)

  • Letters of Recommendation (2-3)

  • CV/Resume

  • Language test scores.

  • Passport copy

Step 4. Application Process

  • Apply online through university portals or Uni-Assist

  • Pay any application fees

  • Adhere to application deadlines

Step 5. Apply for Scholarships

  • Look into DAAD scholarships.

  • Check for university-specific scholarships.

  • Explore other funding sources.

Step 6. Acceptance and Visa Application

  • Confirm admission with the university.

  • Apply for a German student visa:

  • Proof of admission.

  • Financial proof (blocked account).

  • Health insurance.

  • Passport and photos.

  • Completed visa forms.

Step 7. Accommodation

  • Apply for university dormitories.

  • Search for private accommodation if needed.

Step 8. Travel and Arrival

  • Book flights after visa approval.

  • Register at the local registration office (Bürgeramt) within two weeks.

  • Obtain a residence permit.

Step 9. Enroll at the University

  • Complete the enrollment process with the required documents and fee payment.

 

Conclusion

Pursuing a Masters in economics in Germany can be academically and professionally good. Some of the best universities for economics are in Germany, where they provide world-class education. You can network better and appeal to the global job market. The tuition fee is non-existent or extremely low for some universities, which makes for a viable option financially. Many employment options from banking, consulting, multinational organizations, and government agencies are available in Germany, and employers are always looking for graduates who fit these sectors. Many programs are taught in English, which can be helpful if you are an international student.

A Master’s in Economics in Germany promises academic excellence and career advancement and provides a culturally enriching experience in one of the world's most dynamic and economically stable countries. To make all this a reality, TerraTern is your guide that can help you go through the process smoothly and make your study abroad experience easier.

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Frequently Asked Questions

What are the typical admission requirements for Master's in Economics programs in Germany?

A Bachelor’s degree in the field of economics, statistics, and mathematics, a letter of recommendation, and a grade of 2.5 on a point scale of 4 are the minimum requirements. Some universities might also ask you to take some standard entrance tests as well.

Are there scholarships available for international students pursuing Economics degrees in Germany?

Yes, there are many scholarships like the German Academic Exchange Service (DAAD), which offer various scholarship programs based on academic merit and financial need. Universities also offer scholarships of their own sometimes, and you can look into the university's website for more info.

How long does it take to complete a Master's in Economics program in Germany?

Most Master’s in Economics programs are of 3-4 semesters so you will study in Germany for 1.5 - 2 years.

Can non-German speakers enroll in Master's in Economics programs in Germany?

Yes, many courses for Master’s Degrees are provided in English, and non-German speakers can enroll here. Do check the language requirements before applying to your desired university in Germany

What career prospects await graduates with a Master's in Economics from Germany?

You can pursue a career in consulting, which is highly sought-out in Germany, where you will handle risk management and help make strategic decisions. Finance is also an option where you can pursue banking, investment banking and risk analysis. Research and Academia are also a viable career option as you can continue your academics with a PhD program.