Studying Economics in Australia

Introduction to an economics degree in Australia

An economics course in Australia delves into the intricacies of how money and resources shape our world, encompassing the entire spectrum from the production of goods to our spending habits. This field draws on elements from politics, sociology, law, psychology, geography, and history to form a comprehensive understanding of the grand financial landscape at local and global levels.

Economics comprises two main branches: microeconomics, which focuses on smaller-scale aspects like households and companies, and macroeconomics, which examines the broader economic landscape, including concepts like unemployment and inflation. With an economics degree, a wide range of career opportunities opens up, including roles such as economist, financial analyst, market researcher, or management consultant.

Types of Economics Courses in Australia

Bachelor of Economics

The Bachelor of Economics course in Australia offers a comprehensive understanding of economic principles. It fosters analytical thinking to dissect and comprehend the complexities of businesses, governments, and global issues. Ideal for problem solvers, this programme equips students to address pressing global challenges like climate change, poverty, and economic downturns.

An undergraduate degree opens doors to diverse career paths, including finance, policy-making, NGOs, financial journalism, and consulting. Students choose from various interdisciplinary units and can further customise their education with a second major or minor. With a mix of core economics courses, open learning opportunities, and elective units, this degree prepares graduates for impactful roles in today's dynamic economic landscape.

• Course Duration: 3-4 years
• Course Fees: $30,000 - $55,000
• Entry Requirements: Entry to this degree requires various qualifications, including an ATAR of 78.7 or equivalent rankings such as OP, NCEA Level 3, A levels, or the IB Diploma. The lowest selection rank for admission is 91.

Master’s of Economics

The master of economics program in Australia delves deep into understanding market dynamics, offering students insights into the theories and principles shaping economies. You'll gain the ability to assess policies and business choices while honing skills to predict future trends, preparing you for a dynamic career. Taught by distinguished academics with strong industry ties, you'll become part of a global network of over 60,000 business alumni in 100 countries.

• Course Duration: 1-2 years
• Course Fees: $27,000 - $52,000
• Entry Requirements: An undergraduate or postgraduate degree with strong analytical or mathematical skills, and a weighted average mark of at least H2A (75%). A GRE score.

PhD in Economics

A Ph.D. in economics is a rigorous program that equips students with essential problem-solving skills. It empowers you to identify, analyse, and resolve complex economic issues while helping you shape your research agenda and find suitable thesis advisors. The coursework spans microeconomics, macroeconomics, econometrics, and applied economic analysis, allowing you to gain practical research skills through project involvement. 

• Duration: 3-5 years
• Fees: $22,000 - $50,000
• Entry Requirements: A master's degree in a related field, with a significant research component amounting to at least 25% of a full year of full-time study, and a minimum weighted average score of 75%.

Scholarships

Australian universities offer several popular scholarships for economics students:

Sir John Monash Scholarship for Excellence at Monash University:

• Benefits: Covers tuition fees and provides an annual allowance of $33,000 for up to two years.
• Purpose: This scholarship aims to attract and retain top-quality students pursuing the research pathway of the master of economics at Monash University.

International Merit Scholarship:

• Benefits: This program offers a 15% reduction in student contributions (tuition fees) for the entire duration of the chosen degree.
• Availability: Available for various courses at multiple universities in Australia, making it accessible to many international students.

Warren Braxton Bannister Bursaries in Economics at the University of Queensland:

• Benefits: Provides at least $3,000 in financial assistance.
• Eligibility: Open to first-year students enrolled in economics related courses. Established through an endowment, this bursary honours the legacy of Warren Braxton Bannister.

Jobs and Careers

After earning an economics degree, you've got a world of career opportunities waiting for you. Here are some popular options:

• Management Consultants: These experts look at how companies work and suggest ways to improve them. They crunch data to boost profits and cut costs.
• Budget Analysts: They help organisations manage their money by creating budgets and finding ways to save.
• Compensation and Benefits Managers: They decide how much employees should get paid and what benefits they should get. They look at market trends to make these decisions and create incentive programmes.
• Auditors: They work with financial records, make sure everything's correct, and handle taxes. Some specialise in things like forensic accounting.
• Financial Examiners: They check out banks and financial institutions to ensure they follow the rules. They focus on things like risk assessment.
• Loan Officers: These folks review loan applications to decide if people and businesses should get loans. They look into who's asking for the money and suggest whether it's a good idea to lend.
• Financial Analysts: They study investments, like stocks and bonds, and suggest where to put your money for the best returns.
• Market Research Analysts: They determine what customers want and how much they will pay. This helps companies sell their stuff better.
• Personal Financial Advisors: They help people with their money, from retirement savings to choosing investments.
• Logisticians: Also known as supply chain managers, they make sure things get to customers smoothly. They handle getting, storing, and moving products efficiently.

Economics Salary

In Australia, economists earn an average annual salary of $113,410, with entry-level positions starting at $97,066 and experienced economists making up to $137,247 per year, according to talent.com. However, for recent graduates in economics, the average salary is around $68,000 per year in Australia.

Top Universities for Economics in Australia

To learn more about the economics universities in Australia, find details on the top ranking Economics programs in the QS World University Rankings by Subject 2024 below:

Economics Degree in Australia FAQ

Why should you study economics in Australia?

Australia offers an attractive destination for studying economics due to its high-quality education system, diverse culture, and strong emphasis on research. Australian universities are globally recognised for their economics programmes, providing students with a solid foundation in economic theory and practical skills. Additionally, the country's stable economy and proximity to Asia offer unique insights into international economics. With a welcoming environment and numerous scholarships, Australia is an excellent choice for aspiring economists.

What are the career opportunities for an economics graduate in Australia?

Economics graduates in Australia have tons of job options. You can work as an economist, financial analyst, or market researcher in government or private companies. Banking and finance jobs are also open to you. Australia's connections with Asia mean you could have exciting international trade, development, and diplomacy opportunities. Your skills will be in high demand, and you can help shape the country's economic future.