Study Economics in Germany

Economics is a cornerstone of a successful society. Whether it's the recent rise in inflation or the low supply of raw materials causing price spikes, economics is essential for understanding and addressing these issues. On a micro level, studying economics could mean graduates create meaningful change in any industry they choose. Economists are needed everywhere, be that in the private sector or public. 

If this interests you, you are in the right place. Germany welcomes international students, offering affordable education that allows you to pursue your academic dreams without financial strain. We’re here to guide you through your decision to study economics in Germany.

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Why Study Economics in Germany?

Here is an overview of reasons that could make your decision to study economics in Germany easier:

Affordable and Free Education 

• Many public universities in Germany do not charge tuition fees for undergraduate programs and have very low fees for graduate programs. This makes Germany an economically viable option for high-quality education compared to other countries.

English-Language Courses

• Germany offers a wide range of economics programs in English, making it accessible for international students. This effort ensures that language is not a barrier for students.

High-Quality Education

•  German universities are renowned for their rigorous academic standards and excellent research facilities. Programs combine theoretical and practical elements so that students are ready to take action when they start working. 

Strong Economy and Job Market 

• Germany has one of the strongest economies in the world, providing ample job opportunities for graduates. The government is actively working on ways to provide more opportunities for graduates to find work after graduation.

Global Recognition and Influence

• Degrees from German universities are highly respected globally, enhancing career prospects. With global recognition, graduates are more likely to find jobs in Germany and internationally. 
  
  

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Overview of Economics Degrees in Germany

Economics degrees in Germany are available at various academic levels, providing options for students at different stages of their educational journey. These programs cover various topics, including economic theory, quantitative methods, and applied economics, preparing students for diverse career paths.

 Bachelor’s Degree in Economics 

• Typically lasting three to four years, this degree offers a broad introduction to economics, covering fundamental principles and core concepts. Students gain a solid foundation in microeconomics, macroeconomics, and econometrics.

Master’s Degree Degree in Economics 

• Usually a two-year program, a master's in Economics in Germany allows students to specialize in financial economics, international economics, or economic policy. This program includes advanced coursework and research opportunities, enabling students to explore specific interests in depth.

 Ph.D. Programs in Economics

• Designed for those aiming for academic or high-level research careers, Ph.D. programs in economics involve rigorous research and contribute new knowledge to the field. These programs focus on developing advanced analytical skills and conducting original research in various economic subfields.

Top Economics Courses in English To Study in Germany

Best Universities To Study Economics in Germany

Germany boasts numerous prestigious universities known for their excellent economics programs. Some of the best universities to study economics in Germany include:

• Ludwig Maximilian University of Munich (LMU)
• University of Mannheim
• Rheinische Friedrich-Wilhelms-University Bonn
• Humboldt University of Berlin
• Goethe University Frankfurt
• Free University of Berlin

For an in-depth understanding of what makes these universities stand out, we have created a comprehensive guide.

Jobs in Germany For Economics Graduates

Graduates with an economics degree from a German university have numerous career options. Here are some of the most sought-after roles for economics professionals in Germany:

Economic Analyst

• Role: Economic analysts research and interpret economic data to provide insights and forecasts. They analyze market trends, economic policies, and financial data to support decision-making processes.
• Opportunities in Germany: With Germany's strong economy and diverse industries, economic analysts are in high demand in both the private and public sectors, including financial institutions, government agencies, and international organizations.

Financial Consultant

• Role: Financial consultants advise clients on financial planning, investments, and risk management. They help organizations and individuals make informed financial decisions to achieve their financial goals.
• Opportunities in Germany: Germany’s thriving financial sector, including banks and insurance companies, provides numerous opportunities for financial consultants to work with a wide range of clients, from small businesses to multinational corporations.

Policy Advisor

• Role: Policy advisors analyze and develop economic policies and strategies. They work with government bodies, think tanks, and non-governmental organizations to shape and implement policies that address economic issues.
• Opportunities in Germany: Given Germany's influential role in the European Union and global economic policy, there is a strong demand for policy advisors who can contribute to shaping economic regulations and initiatives.

Investment Banker

• Role: Investment bankers assist companies and governments in raising capital by underwriting and issuing securities. They also provide advisory services for mergers, acquisitions, and other financial transactions.
• Opportunities in Germany: Germany's financial hubs, such as Frankfurt, offer a vibrant environment for investment bankers, with numerous opportunities in the banking and financial services sectors.

Related Fields for Economics Graduates 

If you're interested in economics but want to keep your career options open, there are several related fields that share similar skills and knowledge bases. These alternatives can provide additional career flexibility and diverse opportunities. Here are some of the careers you might want to consider:

Business Administration

• Overview: Business administrators manage operations, make strategic decisions, and ensure the organization’s overall efficiency. They oversee various aspects of business, including finance, marketing, and human resources.
• Relation to Economics: Understanding economic principles helps business administrators make informed decisions about resource allocation, market strategies, and organizational growth.

Finance

• Overview: Finance professionals manage financial resources, including investments, capital markets, and financial planning. They work in banking, corporate finance, asset management, and other economic sectors.
• Relation to Economics: Economic theories and models are fundamental to understanding financial markets and making sound investment decisions. An economics background provides valuable insights into market behavior and financial trends.

International Relations

• Overview: International relations specialists study and analyze global political and economic interactions. They work in diplomacy, international organizations, and global corporations, focusing on issues such as trade, security, and development.
• Relation to Economics: Economics plays a crucial role in international relations, influencing trade policies, economic sanctions, and international development strategies. An understanding of economics is essential for analyzing global economic dynamics.

Political Science

• Overview: Political scientists study the theory and practice of politics and government. They analyze political systems, behavior, and public policies, working in academia, government, and policy research.
• Relation to Economics: Economic policies and political decisions are closely intertwined. Political scientists with an economics background can better understand the economic implications of political actions and policies.

Public Policy

• Overview: Public policy professionals develop and implement policies to address societal issues. They work in government agencies, non-profits, and advocacy groups, focusing on areas such as healthcare, education, and economic development.
• Relation to Economics: Economic analysis is critical in public policy for evaluating the costs and benefits of policy options. An economics degree provides the tools to assess policy impacts and design effective solutions.

By pursuing a career in economics or a related field, graduates can leverage their analytical skills and economic knowledge to make significant contributions in various sectors. Economists are vital to every economy and have an array of skills that can help them build solid and long-lasting careers.

Demand for Economics Graduates in Germany

The Rising Economy of Germany 

• Germany’s economy, a significant player in Europe, is looking brighter, according to the Institute for Economic Research. They expect the country’s economy to grow by 0.4% this year and by 1.5% next year, thanks to lower inflation and more consumer spending.
• As the economy improves and global trade picks up, more businesses and government agencies will need economists to help understand market trends, offer financial advice, and manage economic changes. This means that the need for economists in Germany is likely to increase, as their skills will be essential in navigating these shifts.

Economics Salary in Germany

• As of 2024, economists in Germany earn an average annual salary of €52,762, which translates to a monthly gross salary of €4,397. Starting salaries for economists average around €52,715 per year, with experienced professionals earning up to €57,242 annually.
• Salaries vary by location, with the highest average salaries in cities like Hanover (€65,835) and states such as Baden-Württemberg (€61,621). Economists can increase their earnings by gaining professional experience, working for larger companies, and taking on managerial roles, which can pay up to €61,840 annually.
  
  

Admissions and Application for Economics in Germany

Germany offers two main admission sessions for both Bachelor's and Master's programs: the Winter and Summer Semester. Here's a breakdown of each:

Winter Semester

• Starts: Typically in September or October.
• Application Deadlines: Usually between May to July.
• Mostly for: Bachelor's programs, though some Master's programs also admit students.

Summer Semester

• Starts: Around March or April.
• Application Deadlines: Generally from December to January.
• Available for: Master's programs, with some Bachelor's programs offering admissions.

General Requirements for International Students

• Bachelor's Programs: Require a recognized school leaving certificate. Our Studyfinder can help you find university requirements for specific courses. 
• Master's Programs: Require a relevant undergraduate degree. The requirements can differ for each program and you can use our Studyfinder to find more in-depth information. 
• English Proficiency: Demonstrated through tests like IELTS or TOEFL for English-taught programs.
• Additional Documents: CV, letters of motivation, and sometimes letters of recommendation.
• Financial Proof: Evidence of sufficient funds to cover living expenses in Germany.
• Program-Specific Requirements: Some universities may have specific prerequisites and additional documentation requirements.
  
  

Can You Study Economics for Free in Germany? 

Many public universities in Germany do not charge tuition fees for undergraduate and, often, graduate programs, including economics. However, students must pay a nominal semester fee, which covers administrative costs and sometimes includes public transportation. Depending on the university, this fee usually ranges from €100 to €200 per semester.

Tuition Fee for International Students

• Some states and universities have introduced tuition fees for non-EU students. However, these fees are generally much lower than those in other countries. It's essential to check the specific university and state regulations for applicable fees.

Living Expenses

• Beyond tuition fees, your living costs are the primary expenses you will need to cover. This includes accommodation, food, health insurance, and other personal expenses. Your blocked account money will be used for these living expenses.

Blocked Account

• To ensure you have sufficient funds to support yourself, international students typically need to open a blocked account (Sperrkonto). This account must contain a predetermined amount of money, which can be withdrawn monthly to cover living expenses. Opening a blocked account is a crucial step in securing your student visa and demonstrating your financial ability to study in Germany.
  
  

Financial Aid for International Students

For international students studying in Germany, financial aid options include:

• University Scholarships: German universities offer scholarships based on academic merit or financial need, covering tuition fees and living expenses.
• Government Scholarships: Organizations like DAAD offer scholarships that cover tuition, living costs, and other expenses for international students.
• Company Sponsorships: Many German companies offer sponsorships and grants, supporting students with financial aid, internships, or thesis collaborations, making higher education in Germany more accessible and affordable.
• Working Student Jobs: Germany offers "working student" jobs exclusively for students, providing valuable practical experience and a source of income to support themselves during their studies.

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