Masters in Economics in Canada: Top Universities, Costs, Eligibility, and Career Scope (2025 Guide)

Canada is among the world's top destinations for a Master's in Economics. It has world-ranked universities, research-based programs, low tuition fees, fully funded scholarships, and excellent post-study work rights. A Master's in Economics from Canada offers the balanced combination of foundations in economics theory, quantitative analysis, and applied economic research so that graduates are highly employable. 

International students are able to major in Applied Economics, Financial Economics, Development Economics, Econometrics, Policy Analysis, Environmental Economics, and International Trade. Most Canadian economics courses integrate rigorous study with actual case studies, internships, and research assignments so that students will be prepared for PhD-level work, government employment, or well-paying jobs in industry. 

The cost of studying Masters in Economics in Canada is usually between CAD 18,000 - 40,000 per annum (₹11.3 - 25.3 Lakhs) based on the institution and subject of specialization. The living expense will usually be between CAD 12,000 - 16,000 per annum (₹7.5 - 10.1 Lakhs). 

Students are eligible for Canada's 3-year Post-Graduation Work Permit (PGWP) where they can gain work experience and become eligible for Canadian permanent residence (PR). 

Key Highlights: Masters in Economics in Canada 

Top Universities Offering Masters in Economics in Canada 

Canadian public research universities feature among the top for Economics in the world in global university rankings such as QS World University Rankings 2026. Many master's degrees are thesis or applied course-based, providing students with experience in policy research, quantitative economics, econometrics labs, and industry case studies. 

Following are the top Canadian universities providing economics master's degrees, their QS 2026 ranking, most popular programs, and their tuition fees: 

Note: Thesis-based Economics programs are strongly suggested for those candidates having PhD prospects planned within Canada or outside, whereas course-based or Applied Economics programs are ideal for career avenues in CIS immediately. 

Top Economics Programs in Canada 

While studying in Canada, students may opt for a range of specializations based on industry and academic aspirations. The research-oriented programs have also had applied training in consultancy, finance, and policy-making careers. 

Some of the most sought-after ones are: 

• Applied Economics: Applied policy analysis in real-world scenarios, market organization, and case-study problem-solving. 
• Econometrics & Quantitative Economics: Applied statistical models, forecasting, and big data economics. 
• Financial Economics: Risk modeling, investment analysis, and macro-financial policies. 
• Development Economics: Emerging market economies, global poverty reduction, and sustainability. 
• International Economics & Trade:  Global trade agreements, exchange rate policies, and WTO case studies. 
• Environmental & Resource Economics: Renewable energy, climate change policies, and economics of sustainability. 
• Health Economics: Insurance systems, public health financing, and economic evaluation of healthcare policies. 
• Labor Economics & Industrial Relations: Labor productivity, unemployment analysis, and labor policy. 

Note: Some Canada institutions also permit dual electives or customized modules. 

Course Curriculum of Masters in Economics in Canada 

Canadian universities provide 1-2 year Masters in Economics courses with professional as well as research-oriented career objectives. The curriculum incorporates economic theory, policy studies, quantitative methods, and applied industry projects. 

This is a summary of the Economics course curriculum in the Canada: 

Note: Some of these institutions such as UBC, Toronto, and McGill also have Co-op Economics Programs whereby students can earn paid work experience with banks, think-tanks, or government ministries within their course. 

Admission Process for Masters in Economics in Canada 

Applying for Canadian Universities is easy but involves pre-planning. For Economics Masters, Online application is acceptable to most universities, and deadlines differ according to programs. A step-by-step process of international students' application for Masters in Economics in Canada is as follows: 

Step 1: Research & Shortlist Universities 

• Explore university websites to know about program types, eligibility requirements, deadlines, and fees. Choose to pursue thesis-based MSc in Economics or course-based MA in Economics. 

Step 2: Prepare Required Documents 

• Academic transcripts (official sealed transcripts). 
• English language test scores (IELTS/TOEFL). 
• GRE scores (if the university requires them). 
• Statement of Purpose (SOP). 
• Letters of Recommendation (LORs). 
• Resume/CV. 

Step 3: Submit Application 

• Complete the university's online application form. 
• Pay the application fee (typically CAD 100-150). 
• Upload documents prior to deadlines. 

Step 4: Attend Interviews (if necessary) 

• Some Economics programs might hold faculty interviews to assess academic fit. 

Step 5: Receive Offer Letter 

• If accepted, a Letter of Acceptance (LOA) from the university will be issued. 

Step 6: Apply for Canadian Study Permit 

• Using your LOA, submit a study permit (student visa) application from the Government of Canada website. 
• Submit proof of funding, medical test, and biometrics. 

Tip: Apply at least 8-10 months in advance since economics courses have great competition with few seats. 

Academic Requirements for Economics in Canada 

• International students need to have the following minimum qualification requirements: 
• Bachelor's Degree: Economics or a very closely related area (finance, math, statistics, or business). 
• Minimum GPA: 3.0/4.0 (B average equivalent). 
• English Language Proficiency: IELTS 6.5-7.0 or TOEFL iBT 90-100. 
• GRE Scores: For research-based MSc at specific universities. 
• Other Requirements: SOP, academic CV, and 2-3 recommendation letters. 
• Preferred (Not Mandatory): Research experience, internships, or work experience in economics-related jobs. 

These requirements give students a solid academic foundation for challenging coursework, research studies, and practical training in Canadian Economics programs. 

Documents Required for Economics in Canada 

When applying for Masters in Economics degrees in Canada, have the following documents prepared: 

• Bachelor's degree transcripts and certificate. 
• Curriculum Vitae (CV) of any corresponding research, internship, or volunteer work. 
• Statement of Purpose (SOP) of academic aspirations and research areas of interest. 
• Letters of Recommendation (2-3) from professors or professional supervisors. 
• GRE scorecard (if applicable by the university). 
• IELTS/TOEFL scorecard (for international students). 
• Research proposal (in the event of thesis-based programs). 
• Proof of capability to finance tuition charges and living expenses. 
• Copy of passport. 
• Completed university application form. 

Visa Requirements for Masters in Economics in Canada 

After receiving the letter of admission, international students need to apply for a Canadian Study Permit. 

Documents Needed 

• Valid passport. 
• Letter of Acceptance from a Canadian university. 
• Evidence of having sufficient funds to cover tuition and living costs (bank statements, scholarship, or sponsorship letters). 
• English language proficiency test scores (IELTS/TOEFL). 
• Passport photos. 
• Filled study permit application form. 
• Immigration medical checkup (if needed). 

Visa Process 

• Apply online or by paper form on the Government of Canada website. 
• Pay study permit application fee (CAD 150 or about). 
• Provide biometrics at a Visa Application Centre (VAC). 
• Take interview if required. 
• Wait for processing (typically 4-8 weeks, depending on countries). 

By following these steps and having documents organized, students enjoy hassle-free admission and visa and can happily concentrate on economics study and training in Canada. 

Cost of Studying Masters in Economics in Canada 

Cost of Studying Masters in Economics in Canada is different for university, course, and location. The average tuition fee is CAD 18,000 - CAD 35,000 per year (₹11.3L - ₹22.1L approx.). 

A few top-notch universities where one can pursue a Masters in Economics in Canada and their approximate average fees are given below: 

Note: Tuition fees are approximate and may vary depending on the program and exchange rates. 

Cost of Living in Canada 

In addition to tuition, international students will also need to cater to living expenses in Canada such as rent, food, bills, transport, and leisure. The average monthly expense in Canada is CAD 1,000 - 1,200 (₹63,600 - 76,300) depending on the lifestyle and city. 

Here are the average monthly expenses in Canada:  

Note: Tuition is an estimate and could vary with program, exchange rates, and course type (course-based or thesis-based). 

Scholarships and Financial Aid for Masters in Economics in Canada 

Studying for a Masters in Economics in Canada may be costly depending on lifestyle and tuition. Scholarships, fellowships, and assistantships do exist for international students like Indians, though. These programs pay for tuition fees, lifestyle, or both and thus make postgraduate education in Canada more affordable.  

The Canadian Government, universities, and private foundations help with monetary aid. Research and teaching assistantships are also available from most economics departments, where students help with faculty research while receiving stipends or tuition waivers. 

The following are some of the most prominent scholarships for Master's in Economics students in Canada: 

Many scholarships in Canada cover not just tuition but also living expenses, making Economics programs more affordable for international students. 

Top Jobs after Masters in Economics in Canada 

A Masters in Economics in Canada makes various careers in government, finance, research, consulting, and academia possible. All Canadian institutions offer internship training, networking sessions, and placement drives which provide the greatest opportunities to attain high-value jobs. 

Top recruiting and hiring employers of Canadian Economics students are given below: 

Source: Glassdoor & Payscale Canada 

Top Recruiters for Masters in Economics in Canada 

Canadian economics graduates are employed in government institutions, the finance industry, multinationals, research think tanks, and NGOs. Career services, co-ops, and alumni networks of most Canadian universities provide the scope to have student-employer matching opportunities. 

Few of the major recruiters and employers of Canadian Economics graduates are mentioned below: 

Note: Economists also try to enter startups, fintech companies, and entrepreneurship, since Canada's innovation economy (Toronto, Vancouver, and Montreal in particular) features well-established incubators and accelerators for economics-based business startups.