Considering a master's degree in economics? Discover what makes UQ’s postgraduate degree in economics the best option for you and your career.
Why study economics at a postgraduate level?
In an era where Australia confronts complex economic challenges and industry disruption – from AI-driven workplace transformation to the evolving gig economy and heightened global competition – a postgraduate economics qualification can provide valuable advantages. This specialised program equips you with the sophisticated analytical tools and expertise to turn these challenges into opportunities.
The skills you’ll develop include:
- data and statistical analysis
- research analysis
- critical thinking and logic
- policy analysis
- econometrics.
A postgraduate degree is generally required for work in an academic setting. It can also provide you with additional future career opportunities and the ability to increase your salary.
Is a master's degree in economics worth it?
UQ postgraduates experience an average 29% salary increase within 3 years of graduating.* While many alumni achieve this by receiving a promotion from their current employer, others do so by changing companies, moving industries, or even switching to a completely different career.
The skills and knowledge you gain during your postgraduate degree in economics can prepare you to progress your career in various ways based on your desired outcome.
*Graduate Outcomes Survey-Longitudinal: percentage increase in median salaries 3 years after graduation, for domestic postgraduate coursework graduates employed full time, averaged for 2021–2023 survey years.
How long is a master’s degree in economics?
UQ’s Master of Economics takes 2 years full-time or 4 years part-time to complete. However, if you have relevant prior learning or experience, you can reduce the number of postgraduate economics courses you need to complete. This means you may be able to complete the Master of Economics in 1.5 years full-time, allowing you to graduate sooner.
Need a qualification sooner? Discover our 6-month Graduate Certificate in Economic Studies or Graduate Certificate in Economics and 1-year Graduate Diploma in Economics.
What can you do with a master’s degree in economics?
Projected employment for economists in Australia looks to be stable for the next 5 to 10 years, with 16.9% growth by 2029 and 28.4% growth by 2034 (Jobs and Skills Australia Employment Projections).
Job opportunities include:
- Strategy and economics analyst
- Economic policy analyst
- Infrastructure and investment adviser
- Policy and research analyst
- Quantitative behavioural strategist
- Economic forecaster
- Senior economist
- Economic development manager.
Why study a master of economics at UQ
There are many reasons to choose UQ for postgraduate study. When it comes to the best place to study a master's degree in economics, UQ consistently ranks in the top economic departments for research in the world. We are also currently ranked as the best university in Queensland and #6 in Australia for economics and econometrics (QS World University Rankings by Subject 2024).
All UQ Master of Economics students will study a combination of foundational, core and electives. However, this master's degree in economics also allows you to specialise in 1 of 3 fields of study depending on your interests and career aspirations:
- Applied Econometrics
- Economics and Public Policy
- Health Economics.
If you don’t want to specialise in one of these fields, you can choose to complete a variety of ‘flexible core courses’ covering topics like microeconomic and macroeconomic analysis, economic analysis of strategy and consumer and firm behaviour instead.
Let’s dive into each of the 3 specialist fields and their associated career opportunities further.
1. Applied Econometrics
The overwhelming increase in big data has highlighted the challenges organisations face interpreting and utilising data insights to inform decisions.
The Applied Econometrics field of study will help you build high-level research and technical skills that are directly transferrable to the employment market. You'll build on skills you developed during your undergraduate studies and grow your confidence through case studies, problem sets and portfolio management.
You’ll hone expertise in applying statistical methods and theory to economic data to provide quantitative insights, predict change, inform decision-making and propose viable solutions for complex data problems.
As the Master of Economics program lead, Dr Haishan Yuan says, completing this field of study will help you “master modern analytical tools that are increasingly essential in our data-driven world."
"The coursework provides hands-on experience with cutting-edge statistical software and methods, preparing you to extract meaningful insights from complex datasets.”
What is econometrics?
Econometrics is essentially where economics meets statistics and mathematics. It's a tool for testing whether economic theories actually work in the real world. Think of it as a detective for economics: You gather data, analyse it using statistical methods and economic theories, and try to understand what's really going on in the economy.
Econometrics jobs
The Applied Econometrics field of study will equip you with the skills and knowledge to succeed in a wide variety of economics, science, technology, research and finance-related fields, including macroeconomics, business and economic modelling, quantitative finance, health, environmental and natural resource management and public sector management.
Job opportunities include:
- Quantitative, risk and financial analyst
- Forensic accountant
- Computational intelligence and control scientist
- Data scientist
- Economic policy analyst
- Quantitative behavioural strategist
- Economic consultant
- Portfolio manager
- Project manager
- Business intelligence analyst
- Market research analyst
- Pricing strategy analyst at retail companies
- Revenue forecasting specialist
- Quantitative analyst (quant) at investment banks or hedge funds
- Risk analyst at commercial banks.
2. Economics and Public Policy
This interdisciplinary field of study examines the complex relationship between public policy, governance and economics, and is suitable for students with or without prior economics knowledge. You’ll learn the latest economic research from world-class teaching staff, including how governments develop policy and how their intervention affects the economy and various economic actors in society. You’ll also gain analytical techniques to evaluate, influence and develop effective public policy, effect social change and improve economic and community welfare.
“Economics and Public Policy students engage with pressing contemporary issues like climate change policy, inequality, housing policies and digital economy regulation,” Haishan says.
“Students often work with actual policy data and cases, participating in policy simulations and research projects that directly inform decision-makers.”
Completing the optional research component available in this field of study can provide a pathway to a higher research degree.
Economics and public policy jobs
According to Haishan, Economics and public policy graduates can find rewarding careers in government agencies, think tanks, international organisations, consulting firms, and research institutions.
“The analytical and quantitative skills you’ll develop are highly valued by employers,” he says. “The field offers competitive salaries and opportunities for meaningful impact on society.”
Job opportunities include:
- Policy program and evaluation consultant
- Government and public affairs manager
- Policy and economic adviser
- Infrastructure and investment adviser.
- Program evaluation specialist in government agencies
- Competition policy analyst at regulatory bodies
- Research economist at think tanks
- Economic policy analyst at central banks (like the Reserve Bank of Australia)
- Research economist at the Treasury or other government departments
- Statistical analyst at the Australian Bureau of Statistics
- Political advisor
- Cost-effectiveness advisor.
3. Health Economics
Designed for recent economics graduates and healthcare professionals without an economics undergraduate degree, the Health Economics field of study provides a strong foundation in core economic and public health principles.
Learning from world-class academics and health economists from the School of Economics and the Centre of the Business and Economics of Health, graduate ready to redefine your career in a specialty field with ever-increasing demand.
You’ll gain the specialist skills and knowledge to lead innovative solutions to complex global health issues, make a tangible difference in people’s lives, and contribute to the long-term sustainability of healthcare systems in Australia or overseas.
Professor Brenda Gannon is an international expert in the field of health economics of ageing.
“With the continuous increasing pressures on health and social care resources and workforce, the study of health economics is more relevant than ever,” she says.
The future of the economy depends on efficient and equitable allocation of budgets and resources.
Brenda says the Health Economics field of study provides students with “the skillset for analysing health data, using health economics frameworks that focus on demand and supply determinants of health care use. These skills apply to any country setting.”
Health economics jobs
- Health policy analyst
- Health costing consultant
- Economic evaluation adviser
- Quality assurance consultant
- Health services administration officer
- Healthcare management consultant
- Health policy consultant
- Health insurance consultant
- Clinical trials project officer
- Health economics research economist in government and at think tanks.
If you’re ready to take the next step or learn more about the Master of Economics, visit our program page.
