Introduction
Economics is a social science that covers the production, consumption, and distribution of goods and services, with the aim of explaining how economies work and how people interact. Although labelled a “social science” and often treated as one of the liberal arts, modern economics is in fact often very quantitative and heavily math-oriented in practice. There are two main branches of economics: macroeconomics and microeconomics.
Why study Economics?
Economists can guide and influence policy-making at a national level by understanding how consumers and producers react to changing conditions.
Economics can also help investors understand the potential ramifications of national policies and events on business conditions. Understanding economics can give investors the tools to predict macroeconomic conditions and understand the implications of those predictions on companies, stocks, and financial markets. This is what makes economics useful to market participants as it can help them understand the causes and likely outcomes of market events and the impact on various sectors, companies, and the overall business cycle.
Economists are also employed in investment banks, consulting firms, and other corporations. The role of economists can include forecasting growth such as GDP, interest rates, inflation, and overall market conditions.
Why study Economics in Australia?
1.Good quality education from high-ranking universities
Based on the most recent QS ranking released this year, Australia has five universities in the top 50, and seven universities in the top 100. Australian universities, especially The Go8, are well-known for their teaching quality, facilities, and worldwide recognition. Compared with the harsh competition in applying to UK and US institutions, students will normally receive a better outcome if they are interested in studying in Australia. Australian universities, including The Go8, have more relaxed entry requirements, but the career outcomes are promising.
2. No previous study in this field needed
Studying Economics in Australia does not require previous qualifications or work experience in a related discipline. Australian colleges and universities offer direct entry to people who have no related background. Students will commence their study and training from the fundamental units to advanced units until they fully understand all the necessary skills for their future careers.
3. Multiple Start Dates
Australian universities will normally have 2 or 3 intakes each year which makes it more flexible for international students to commence their program based on their individual situation.
4. Post-Study Work Visa
By studying 2 years or more in a higher education Business (Economics) degree, students will be eligible for a 2-8-year Post Study Working Visa. Graduates can utilise these visa opportunities to get more work experience. For some Business Management/Economics graduates, they will also have migration opportunities if they can accumulate required work experience after they receive their qualifications in Australia.
What economics courses might you study in Australia?
- Bachelor of Economics/Bachelor of Business (Economics)
The Bachelor of Economics in Australia offers students a thorough grounding in economic theories, principles, and methodologies, combined with the practical application of these concepts in the Australian and global contexts. This program aims to develop students’ analytical, quantitative, and critical thinking skills, enabling them to understand and analyse economic issues, policies, and trends. Graduating with this degree, individuals are well-prepared for careers in government, finance, international trade, economic research, and consultancy.
- Graduate Certificate in Economics
The Graduate Certificate in Economics in Australia is designed for individuals looking to deepen their understanding of economic principles and their application in the real world, particularly after completing undergraduate studies or accumulating professional experience in other fields. This postgraduate program typically covers fundamental concepts such as microeconomics, macroeconomics, econometrics, and economic policy analysis, offering a solid foundation for those looking to shift into economic roles or enhance their decision-making skills in various business, government, or non-profit settings.
- Graduate Diploma in Economics
The Graduate Diploma in Economics in Australia is an advanced postgraduate qualification designed for individuals seeking to expand their knowledge and skills in economic theory, policy, and analysis. This program is ideal for graduates from other disciplines transitioning into economics or professionals aiming to enhance their expertise for career advancement in sectors such as finance, government, international development, or research. Typically, the coursework covers a broad range of topics including microeconomics, macroeconomics, quantitative methods, and specialised areas like environmental economics, public policy, and international trade.
- Master of Economics /Master of Applied Economics
The Master of Economics is an advanced degree designed for individuals looking to deepen their understanding of economic theory, policy, and research methodologies. This program is ideal for graduates from economics or related fields, as well as professionals seeking to enhance their analytical and decision-making skills in various sectors such as government, finance, international organizations, or consultancy.
- Doctor of Philosophy
The Doctor of Philosophy (PhD) in Economics in Australia is a prestigious research-based degree aimed at individuals seeking to contribute significantly to the field of economics through extensive, original research. This program is suited for students with a strong academic background in economics or related disciplines who are interested in pursuing careers in academia, research institutions, government, or the private sector where high-level economic analysis and policy formulation are required.
Want to know which course/s best suit your expectation and situation? Contact SOL Edu at [email protected] or fill out the enquiry form! Our team will offer you free consultation and free application process.
What are economics majors might you study in Australia?
- Economics and Public Policy
- Economics of Strategy and Behaviour
- International and Financial Economics
- Quantitative Analysis
- Macroeconomics and Financial Markets
- Data Analytics and Econometrics
- Applied Economics
Entry Requirements
- For the Bachelor’s degree course, normally applicants are required to have completed Year 12 or a Diploma course and attained IELTS 6.5
- For the Master’s course, normally applicants are required to have completed a Bachelor’s degree and attained IELTS 6.5
School Recommendations
Below are the best universities in Australia to study economics:
Bachelor Level
University of Queensland – Bachelor of Economics
Queensland University of Technology – Bachelor of Business (Economics)
Griffith University – Bachelor of Business
UNSW – Bachelor of Economics
University of Adelaide – Bachelor of Economics
Master’s Level
University of Queensland – Master of Economics
Griffith University – Master of Business
UNSW – Master of Applied Economics
ANU – Master of Economics/Master of Applied Economics
University of Adelaide – Master of Applied Economics
If you want to know which university or college is best suit you, contact SOL Edu today! We will offer you free counselling and free application process!
Career outcomes after graduation
Economic Analyst or Consultant: Providing analysis and advice on economic conditions, trends, and policies to businesses, government agencies, or consultancy firms.
Policy Analyst or Advisor: Working within government departments or think tanks to analyze and develop economic policies and strategies.
Investment/Financial Analyst or Advisor: Analyzing financial markets, investment opportunities, and providing advice to individuals or organizations on financial planning.
Market Research Analyst: Conducting research to understand market trends, consumer behavior, and economic conditions to inform business strategy and marketing.
Banking and Finance Professional: Working in various roles within banks, investment firms, or financial institutions, focusing on lending, risk assessment, investment banking, or financial planning.
Public Sector Roles: Occupying various positions in local, state, or federal government departments, focusing on budgeting, taxation, public expenditure, and economic development.
Academia and Research: Conducting academic research, teaching in universities, and contributing to scholarly work in economics.
Business Development Manager: Using economic analysis to identify new business opportunities, develop strategic plans, and improve business performance.
Data Analyst/Statistician: Utilizing statistical techniques to analyze data and inform decisions in various sectors, including healthcare, retail, and technology.
Human Resources Analyst: Applying economic theories to workforce planning, salary structures, and labor market analysis.
How to pass Skills Assessment
If your occupation is Market Research Analyst (ANZSCO 225112), Policy Analyst (ANZSCO 224412), Financial Investment Adviser (ANZSCO 222311), or Financial Investment Manager (ANZSCO 222312), the authority to assess your skills assessment is VETASSESS. To have a positive skills assessment outcome, you need to meet the following criteria:
(1) For those who have completed a Bachelor or higher degree with a field highly relevant to the nominated occupation:
- You must have at least one year of post-qualification employment at an appropriate skill level,
- your experience must be undertaken in the last five years,
- you must work 20 hours or more per week, and
- your job must be highly relevant to the nominated occupation.
(2) For those who have completed a Bachelor or higher degree with a field highly that is not relevant to the nominated occupation:
- You must have at least three years of post-qualification employment at an appropriate skill level. However, if you have an additional qualification of at least Diploma level in a highly relevant field, you are required to have two years of experience only.
- your experience must be undertaken in the last five years,
- you must work 20 hours or more per week, and
- your job must be highly relevant to the nominated occupation.
Please note that in case your employment has occurred before you get your qualification, then five years of highly relevant experience are needed, in addition to at least one year of highly relevant employment within the last five years.
Want to know if your qualification and work experience are eligible for a migration skill assessment? Contact SOL Edu today at [email protected] or fill out the inquiry form. Our team will reach out to you within 24 hours at the latest!
PR pathway for Economics degree holders
Step 1: Apply for a 485 visa
After completing at least 2 years Economics Course, you are eligible to apply for a visa 485. You are required to have at least IELTS 6.5 (no band less than 5.5) to apply for this visa.
Under visa 485, you can stay in Australia for 2-4 years depending on your degree. However, if you undertook and completed at least 2 years of study in a ‘Regional Area’ such as the Gold Coast, Adelaide or Perth, you can be eligible for an additional 1 or 2 years of the 485 Visa Thus, you will have more time to prepare yourself for permanent residence (PR) or a temporary visa that can lead to a PR.
Step 2: Apply for a PR or a visa that can lead to a PR
After successfully completing an accredited economics course in Australia, you’ll find pathways to facilitate your migration to the country. Depending on your occupation, you might be eligible for one or more of the following visa options:
Skilled visas
- 190 – Skilled Nominated (subclass 190) – is a permanent residence visa but you need a nomination from one of Australian states or territories to apply for this visa. Each state may have its own occupation list and additional requirements, so you must investigate if you meet all the state’s eligibility criteria before asking for a nomination.
- 491 – Skilled Work Regional (provisional) visa (subclass 491) is not permanent, but it can lead to a PR (visa 191). You must commit to stay and work in your nominating regional Australia for a minimal period of time and achieve at least 65 points to be apply for this visa.
- 186 – Employer Nomination Scheme visa (subclass 186) – allows you to work and stay indefinitely in Australia. To be eligible for this visa, you must be nominated by an approved employer and have at least 3 years of work experience and pass the skill assessment.
- 482 – Temporary Skilled Shortage (subclass 482) Medium Term Stream – allows you to stay and work in Australia for up to 4 years. To apply for this visa, you must have an employer who is willing to sponsor you. You will have a high chance of getting a PR after a 482 visa.
- 494 – Skilled Employer Sponsored Regional (provisional) (subclass 494) is applicable for you if you have a regional employer who is willing to sponsor you. You must accumulate at least 3 years working as a civil engineer and obtain a relevant skills assessment.
Contact SOL Edu today at [email protected] to know which visa you are eligible for!
FAQs
Are scholarships available for studying economics in Australia?
Yes, many universities in Australia offer scholarships for international students to study economics. These can cover a portion of the tuition fees or provide a stipend for living expenses. These universities often rely on academic record of Year 12 to consider for a scholarship.
For more information about available scholarships, visit our website: https://www.soledu.net/en/scholarships/#available
What is the cost of studying economics in Australia?
In Australia, tuition fees for economics courses in 2024 can vary significantly based on the level of study and the specific university. International students can expect to pay between AU$20,000 and AU$45,000 per year.
Is a background in mathematics required for studying economics in Australia?
While a background in mathematics is beneficial, it is not always required for entry into undergraduate economics courses. However, for more advanced studies like a Master’s or PhD, a strong mathematical foundation is often necessary due to the quantitative nature of the coursework and research.
What can I do with an economics degree from an Australian university?
Graduates with an economics degree can pursue various career paths, including roles as economists, financial analysts, policy analysts, market researchers, economic consultants, and data analysts. They can work across multiple sectors such as government, finance, academia, consulting firms, non-profit organizations, and international agencies.
How can much an economics graduate earn in Australia?
The average salary for economics graduates in Australia varies based on their experience and position. The median starting salary for bachelor degree graduates in the field is around AUD $65,000. The median salary for those with a degree in economics is about AUD $77,609, with top earners potentially making upwards of AUD $146,935.
FAQs
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