Updated on May, 23 2024 06:55 IST
Study MBA in Economics in Germany
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MBA in Economics in Germany is a degree program that teaches people how to start and run their own businesses. It's like going to school to learn how to be a boss! During the course, students will learn about many different aspects of business, such as how to create a business plan, how to manage finances, how to market and sell products or services, and how to build a team. They'll also study different types of businesses, like small startups and large corporations, and learn about the challenges and opportunities that come with each. In addition to classroom learning, students will likely have opportunities to work on real-world business projects and connect with successful entrepreneurs who can share their experiences and advice. Overall, an MBA in Economics is a great way to prepare for a career as an entrepreneur and to gain the skills and knowledge needed to start and run a successful business. Germany is the ideal location if you want to get admission to MBA in Economics.
Here's a crux of all you need to know about MBA in Economics in Germany:
| Name of the Program | MBA in Economics |
| Intakes | 2 (Summer and Winter) |
| Duration of the Program | 1 - 2 years |
| Language of Instruction | English |
| Cost of the Program | 10,000 EUR - 30,000 EUR |
| Work Experience Required | Min. 1 year |
| GMAT/GRE Requirement | Varies with University |
| English Proficiency | TOEFL or IELTS |
| German Proficiency | Recommended |
| Cost of Living in Germany | 700 EUR - 1700 EUR |
| Interview Time | 30 - 60 minutes (if applicable) |
Germany is one of the best places to get an MBA because of its strong economy. By examining the following, you should be able to see why studying for free in Germany is a wise decision:
Great universities: Germany has some of the best universities in the world, where students can learn from top-notch professors and gain valuable knowledge and skills.
Multicultural experience: Studying in Germany gives students the opportunity to meet people from all over the world, learn about different cultures, and make new friends.
Innovative environment: Germany is known for its innovative spirit and forward-thinking approach to business, making it a great place to study Economics and learn about new ideas and technologies.
Access to business networks: Germany has a strong business community, with many successful companies and entrepreneurs. Studying here can provide students with opportunities to network and connect with these influential individuals.
Affordable tuition: Tuition fees in Germany are relatively low, making it an affordable option for students who want to study abroad.
Quality of life: Germany is a safe and welcoming country with a high standard of living. Studying here can provide students with a great quality of life, with access to excellent healthcare, public transportation, and other amenities.
Some famous institutes in Germany provide a wide range of programs. These organizations or businesses specialize in economics. You can determine your eligibility using your profile:
| Universities/ Business Schools | Rankings | Location/Cities |
|---|---|---|
| Ludwig Maximilian University Munich | 32 | Munich |
| Technical University of Munich | 50 | Munich |
| University of Mannheim | 141 | Mannheim |
| University of Cologne | 268 | Cologne |
Every university in Germany has its specific criteria which it requires students to fulfill to get admitted for an MBA in Economics. Our Anigdha counselors verify the specific needs of the universities and help candidates accordingly. The majority of German institutes mandate some substantial admittance standards to assure admission to an MBA program:
A Bachelor’s Degree: A candidate must have completed 3 to 4 years of a bachelors degree or the German equivalent of a bachelors degree to pursue an MBA.
Academic Record: The high school sum of grades along with the undergraduate marks' sum should not be less than 50 per cent.
English Language Proficiency: Candidates must take and pass tests to assess their English language speaking and writing abilities like IELTS with a score spectrum of more than 6.5 bands or TOEFL with a score range of 90-100.
Required Examinations: Apart from taking and passing their respective university qualifying exams, candidates also need to prepare for international-level exams like the GRE with a score of 300+ or GMAT with a total score of 500-600 marks to asses their merit for admission in an MBA program in Economics.
Work Experience: Most academies instruct contenders to have gained a minimum of 1 year of work experience to be eligible for an MBA in Economics.
Here is a list of documents you should get beforehand when applying for an MBA in Economics in Germany to avoid panicking at the last stage:
Your high school, bachelors, or masters course certifications.
Scorecards and academic transcripts
Letters of recommendation, character certificates, statement of purpose, etc.
Scorecards of qualifying assessments like IELTS, TOEFL, GRE, GMAT, etc.
Recent passport size photo, valid passport, and VISA.
Documents certifying your past work experience.
The admission process of applying to institutions for higher studies in a foreign country like Germany can be a troublesome task without the right guidance and support at every step of the journey. Anigdha helps you pass all the possible hurdles by assisting you in the following steps:
Researching and Choosing the Best: Our team of expert career counselors will conduct meticulous research with you on various universities that align best with your career aspirations as well as long-term and short-term goals to help you choose the most appropriate university according to your needs and resources.
Eligibility and Paperwork: Our team will help you cross-check if you meet all the eligibility criteria prescribed by different universities and verify the essential documents before applying.
Exams and Preparation: Our team of experienced academic professionals will help you prepare for the various qualifying examinations like IELTS, GRE, etc. that you need to take for admission, as well as prepare you for interviews that some universities may assess you upon.
Filling out the Application Form: Anigdha’s industry experts will help you tailor your applications and aptitudes according to what the different universities are looking for.
MBA courses in Germany follow two phases of admission, the result, of which students get a chance to apply to times for their desired course in Germany. Have a look at the basic timeline of both admission periods to avoid missing any deadlines:
Summer intake: The summer intake, also known as the primary or the September intake, begins around April and ends sometime around July or August. Students admitted in this initial round of intake can begin their classes in the same academic year.
Winter Intake: The winter intake, also known as the secondary or March intake, begins around September or October and ends between February to March. This form of intake allows students to begin their classes in the next academic year.
While the winter intake is more popular than the two, both intakes are given equal preferences in German universities. Also, make sure to check for intakes for each course and university specifically as both intakes may not be available at some universities.
Most MBA courses in Economics in German universities last for about 2 years. Most universities offer a full-time program while some may even offer part-time courses. It is advised to check each university’s website specifically if you want to know more about the kind of course provided.
The medium of instruction for most MBA programs in Germany is English nowadays, given the advent of a globalized world and a globalized economy in turn. Along with this, English serves as the basic ground for all the students attending German universities from different parts of the world and goes a long way in avoiding any discrepancies. Hence, German universities require applicants to clear ability tests like IELTS or TOEFL to be eligible for MBA programs. Some German universities, though not often, may also offer courses in the German language and require applicants to be skilled in it by taking German aptitude tests with a B1 level proficiency, although these courses are more directed towards national students.
Most German academies instruct their applicants to submit the following proofs to indicate their command of the English language:
Marks above 6.5 in IELTS
Scores in between a breadth of 90-100 in TOEFL
A score falling anywhere between 500-600 on GMAT
All degree programs at public institutions in Germany are tuition-free, including electives such as the MBA in Economics. Administrative fees may still be assessed. The price structures of a few colleges are provided here to help you better understand the related costs.
| Universities/ Business Schools | Duration | Program name | Tuition Fee (per semester) |
|---|---|---|---|
| Ludwig Maximilian University Munich | 2 years | Economics | 1500 EUR |
| Technical University of Munich | 2 years | Economics | 500 - 1800 EUR |
| University of Mannheim | 2 years | Economics | 194 EUR |
| Cologne Business School | 2 years | Economics | 11,610 EUR |
Germany not only proposes inexpensive education but also furnishes students with various opportunities to cover their academic costs by offering different kinds of scholarships. Apart from several government-funded scholarships, there are many universities offering scholarships too. Here is a table with the details of all the scholarships you can avail of in Germany:
| Allotted assistance | Organization offering | Perks covered |
|---|---|---|
| DAAD Scholarship | Government | Total MBA academic costs |
| ESMT MBA Scholarships | University | 1000 EUR - 5000 EUR |
| Frankfurt School MBA Scholarships | University | 25% of the entire MBA expenditure |
What is an MBA in Economics, and what will I learn?
An MBA in Economics is a graduate degree that focuses on the application of economic principles to business decision-making. Students will learn about topics such as macro and microeconomics, finance, data analysis, and management.
What kind of jobs can I get with an MBA in Economics?
Graduates with an MBA in Economics can pursue a variety of careers, including roles in finance, consulting, government, and more. Some examples of job titles include financial analyst, data analyst, management consultant, and economist.
Do I need a background in economics to apply for an MBA in Economics program?
While some programs may require previous coursework in economics or related fields, some are designed for students from a variety of academic backgrounds. However, students should be comfortable with quantitative analysis and have strong analytical skills.
What are some of the benefits of studying for an MBA in Economics?
Studying for an MBA in Economics can provide students with a range of benefits, such as developing skills in critical thinking, problem-solving, and data analysis.
How long does it take to complete an MBA in Economics?
The length of an MBA in an Economics program can vary depending on the school and the program structure. Most programs last one to two years, while some may offer part-time or online options that can take longer.
What should I look for in an MBA program in Economics?
While studying MBA in Economics programs, candidates should examine variables such as the school's reputation, faculty quality, program content, and internship availability. Additionally considered are school costs, prospective employment options, and pay.
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