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Last Updated: November 07, 2021

Study Economics in Austria

Austria is a country that offers high-quality education at affordable rates to both domestic and international candidates especially in the field of humanities. The country has a stable economy that focuses mainly on the service sector thereby making the country offer high-living standards along with a low crime rate which further attracts international students. Candidates who wish to study economics in the country will be able to learn about the importance the country gives to the traditional aspects of dealing with the economy and applying revamped notions from the past to better the economy.

Candidates will be able to take the economics degree with a focus on theory alone thereby allowing them to enter the research domain or focus both on the practical and theoretical aspects of the subject entering the job market immediately after graduation. The developed social market economy that the country has will also let the candidate learn more about the system by just being in the country and observing even without focusing entirely on the program they have enrolled for.

Benefits of Studying Economics in Austria

Austria has a free-market economic system that thrives on the ideal conditions it offers to investors without sidelining the weaker sections of the society. The economic stability that the country has and its focus on the service sector lets international candidates learn from the system that has helped Austria excel among other countries in the world. Ranging from agriculture, and arts and crafts to tourism and energy production, the country provides candidates with job opportunities in every field thereby making it an ideal location for all candidates.

A few of the other benefits of studying economics in Austria include-

Eligibility Requirements for Economics in Austria

The eligibility requirements for economics programs in Austria vary from institution to institution and according to the level of the degree, the candidate is applying for. Since the requirements are subject to variation, it is expected that candidates will personally enquire the same from the institutions they plan to apply to. A few of the general requirements and documents that candidates have to provide include-

Duration of Economics Programs in Austria

The duration of economics programs in Austria depends on the level of the degree the candidate is doing. Austria offers candidates with undergraduate, graduate, and doctoral programs in economics each of which has a different number of semesters and provides a set number of credits. The duration for an undergraduate program is 3 years with a total of 180 credits being awarded to the candidate upon completion.

Postgraduate programs like MA or MSc in economics have a duration of 2 years in all and are split into 4 semesters. Candidates will be awarded 120 credits upon the completion of a master’s program. The duration of a Ph.D. in economics is estimated to be 3 years with the candidate getting 180 credits. But this duration is subject to increase according to the time the candidate takes to submit the thesis they are working on the time it takes them to complete the required number of seminars.

Cost of Economics Programs in Austria

The cost of education in Austria is on the cheaper side, especially if candidates are to compare it to the tuition fee charged by other European countries. The public universities in Austria charge a specific amount with a varying basic registration fee. The fee amount charged by public universities is subject to change according to the nationality of the candidate. Candidates from EU and EEA countries have a low tuition fee rate and, in some cases, can apply for fee waivers thereby not having to pay any tuition fee at all. The fee that EU/EEA candidates have to pay per semester is estimated to be around €364 irrespective of the level of study they are doing.

Non-EU/EEA candidates will have to pay a specific amount as tuition fee per semester. These candidates will not be able to apply for fee waivers but will be able to receive scholarships that can cover the fee requirement of the program they have applied for. The estimated fee that non-EU/EEA candidates have to pay per semester is around €764.

BA/BSc in Economics

Candidates who wish to take a bachelor’s program in economics will have the choice of taking a BA or BSc degree where the former focuses more on theory and the latter includes both theory and practical approaches to studying the subject. Candidates will be introduced to basic concepts in economics like micro and macroeconomics, econometrics, economics statistics, developmental economics, etc. The degree has a duration of 3 years in all and most universities provide 180 credits for the program.

MA/MSc in Economics

Candidates who want to do a master’s program in economics will find that Austria offers them both MA and MSc degrees where people take the former for entering the research field and the latter to enter the job market upon course completion. While the subjects remain the same for both the programs, there will always be a theory-practical blend in the MSc programs which will be beneficial for candidates while entering the job market. A few of the subjects that candidates will have to take as part of an MA or MSc program in economics include advanced microeconomics, advanced macroeconomics, econometrics, international economics, business economics, etc. The duration of the program is 2 years with 4 semesters and offers candidates 120 credits in all upon course completion.

Ph.D. in Economics

Candidates who wish to advance the level of their education and learn more about the theoretical advancements made in the field of economics will be able to do a doctoral program in the subject. A Ph.D. program in economics generally has a duration of 3 years with a total of 6 semesters. But this degree is not offered by all universities in Austria. The candidate will be able to extend the duration of the doctoral program if they are unable to complete their thesis and other requirements within the set number of years.

Candidates will have to begin the doctoral program by studying a few core courses like microeconomics, macroeconomics, econometrics, international economics, business economics, etc. After this, they will be able to focus on a topic of their thesis and work on it until they can submit and defend the thesis. They will also be required to complete 1 or 2 seminars during the duration of the course. A Ph.D. program will award candidates with 180 credits generally.

Top Universities for Economics in Austria

A few of the top universities offering economics programs are-

Top Economics Programs in Austria

A few of the top economics programs offered in Austria are-

BSc in Business and Economics- Vienna University of Economics and Business

This program has a duration of 6 semesters in all and is offered as a full-time degree program. Candidates will receive 180 credits upon course completion and the medium of instruction of the program is entirely English. The program will deal with introductory courses, foundational courses in business and economics, quantitative methods, contextual readings of business and economics, and will also provide academic skills to candidates. The program also offers different specializations and electives that candidates can choose from. Candidates will have to submit a thesis to complete the course.

Since it is a public university, the fee for EU students is around €364 per semester, and that for non-EU students is around €764 per semester.

MA in Economics- Central European University, Vienna

This program has a duration of 2 years and is offered as a full-time program with 120 credits. Every batch will contain only 20 to 25 students which keeps the classrooms compact and lets candidates receive individual attention from their mentors. The core courses that are taught as part of the program include microeconomic theory, international macroeconomics, behavioral economics, econometrics, financial economics, industrial organization, labor economics, etc. Candidates will be able to progress to a Ph.D. program upon completion of the master’s program.

The fee of the program per semester is around €364 for EU candidates and it is around €764 for third-country nationals.

MSc in Applied Economics- University of Innsbruck

This program is rooted in research with a prime focus on fields like business, finance, empirical economics, data science, etc. It is a full-time program offered with a duration of 4 years in all providing candidates with 120 credits upon completion. It is provided by the Faculty of Economics and Statistics in the university and has English as its language of instruction. The core areas include the theory of economic decisions, macroeconomics, economics and the public sector, economic theory, and econometrics.

Since it is a public university, the fee for EU students is around €364 per semester, and that for non-EU students is around €764 per semester.

PhD in Economics- University of Innsbruck

This is a doctoral program focusing on the field of economics with a total of 6 semesters in all. It provides candidates with 180 credits upon completion and has a duration of 3 years or more depending on when the candidate can complete their independent research. The program is offered as a full-time course and has English as its medium of instruction. The subjects that candidates will have to delve into during research include microeconomics, macroeconomics, econometrics, generic skills, etc. They will also have to complete their thesis and two seminars that are related to the thesis topic.

The fee for EU candidates is estimated to be around €364 per semester and that for non-EU students is around €764 per semester.

BSc in International Business and Economics- University of Klagenfurt

This program is taught in an international setting with language classes for Russian, Spanish, Chinese, etc. being included in the syllabus. The program offers 180 credits and is spread across 6 semesters in all. The medium of instruction is English though the program has its curriculum offered both in German and in English. The main areas of study include business, economics, methodology in business and economics, law, sociology, international economics, etc. The electives that are offered include subjects like digital business, microeconomics, macroeconomics, entrepreneurship, etc.

The fee of the program is €364 per semester for EU candidates and €727 per semester for non-EU nationals.

Career Options for Economics Graduates in Austria

Candidates who have completed taking an Economics degree at an undergraduate or graduate level will be able to enter the job market and find jobs within their field of interest. The jobs that economics graduates generally get depend on the work experience they have and the level of study they have completed. While most jobs require a practical knowledge of the theoretical aspects they have learned, candidates will be able to also move on to only theoretical aspects of the field of study by remaining in academia and taking up research.

Almost 50% of the candidates with an economics degree end up working in the private sector while around 25% of people end up working in the public sector in Austria. A few of the jobs that candidates can do after studying economics are-

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