11 Best Economics Universities in Canada-Top Must-Check Facts

In this article, we take a look at the reasons prospective students should study Economics in Canada, the best Economics Universities in Canada and also we answer some important FAQs that would help you make up your mind as to whether you really want to study in Canada. 

One could argue that the best way to manage scarce resources is through economics. This is a very important field of study with many jobs and good pay.

One of the best locations in the world to earn an economics degree is Canada. In addition to having some of the best economic programs in the world, the nation also provides a high standard of living at reasonable prices. 

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Why Study Economics In Canada? 

Below are some of the reasons why prospective students should seriously consider the economics universities in Canada when applying to study Economics. 

  1. High Safety: The country is regarded as one of the safest in the world, and the city has very little crime because residents there are very happy with their lives.
  1. High Employment: Finding a job after receiving a degree is comparatively simple thanks to the country’s distinctive coursework. In contrast to other developed countries that are still in a recession, Canada is still experiencing growth and has a lot of job opportunities for skilled workers.
  1. High Quality of Life: Unlike many other nations, Canada has an affordable cost of living, so even as a student, you can enjoy a high standard of living. 
  1. Required Internships: Most universities include mandatory internships in their course requirements. This gives you useful practical experience and practice enables you to prove your worth to a potential employer.
  1. Problem-Solving Emphasis: The best programs place a strong emphasis on problem-solving skills in their coursework.

    Students from Canada have an advantage over international students thanks to this skill that is highly valued in the workplace.
  1. Education Level: Canadian universities provide extremely high levels of education.

    The best colleges and universities in the nation ensure that their curricula are designed to help students fully comprehend the subject matter and understand how it is applied in the real world through internships with businesses and the government. 

General Requirements For Economics Program In Canada

A strong undergraduate GPA is required by all of the top Canadian universities. Although a CGPA of 3.2 or higher is required, the majority of applicants have excellent CGPAs of >3.6.

The GRE and TOEFL score sheets, original letters of recommendation from three professors, and occasionally a personal statement are also required in addition to transcripts as evidence of the CGPA. 

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The List of Best Economics University In Canada

The process for submitting an application is similar to that in the US and the UK. First, a completed online application must be submitted with a $50 to $100 application fee.

All required information and hard copies of grade reports must be submitted after the form has been submitted.

Following acceptance, you must apply for a student visa at a Canadian consulate in your country and have it approved before you can enroll in classes.

Without further ado, below are the best Economics universities in Canada. 

University of Toronto

The Department of Economics is ranked among the top 20 departments worldwide and first in Canada in the most recent rankings that compare it to other departments across the globe.

Bachelor’s Degree Programs:

Among undergraduates enrolled in the Faculty of Arts and Science, economics is by far the most popular subject.

During their undergraduate studies, nearly 70% of all students take at least one economics course, and more credits are awarded for economics courses than for any other discipline.

Undergraduate students can choose from a wide range of programs offered by the Department of Economics, including the Economics Minor, Major, and Specialist Programs as well as a number of joint programs, such as the incredibly popular Specialist Program in Commerce and Finance offered in collaboration with the Rotman School of Management. 

Graduate Programs:

There are numerous M.A. and Ph.D. programs offered by the department. There are typically fifteen new Ph.D. students and about fifty new M.A. students enrolled each year.

There are roughly 100 graduate students enrolled in total, and there are 50 graduate faculty members.

The program’s size enables them to provide a huge selection of courses and specializations. These programs draw a multicultural group of students from all over Canada and the world.

The majority of graduate students in the Department are either enrolled in a three-year Ph.D. program with a residency requirement or an eight-month M.A. program based solely on coursework. 

Click here for more details. 

University of British Columbia

The VSE is a global hub for research and practical education about urgent economic issues, and it is situated at the tip of a peninsula on Canada’s West Coast.

The Vancouver School of Economics consistently ranks as both one of the top 25 economics schools worldwide and the best in Canada. Experts in international trade, finance, and economics teach students from more than 50 different countries.

Through ground-breaking research and participation in debates, the faculty has influenced public policies on topics like taxes and minimum wage rates. Among many other domestic and international organizations, faculty advise Statistics Canada, Human Resources and Skills Development Canada, and the Bank of Canada.

One of the top 20 public universities in the world, the University of British Columbia, houses the VSE. 

Click here for more information. 

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Western University 

With a reputation for excellence in both teaching and research, Western Economics is one of Canada’s top economics programs. Mark K. Inman started their illustrious history in the late 1930s. Under Grant L. Reuber’s direction, Western Economics evolved into a research-heavy division in the 1960s.

Currently, there are about 30 full-time faculty members working on award-winning research who are experts in all branches of economics.

Many international post-doctoral fellows and guests visit Western Economics. Through their Institutes and Centers, Western participates in discussions about and trains for public policy.


The undergraduate programs offered by Western Economics are varied. Three specializations in economics are available to students: economics, global economics, and economics, politics, and philosophy.

Additionally, students have the option of finishing a Financial Economics Major, an Economics Minor, or both.

Within five years, students who are interested in a joint degree can complete both a BA (Honors) in Economics and a BA in Honors Business Administration (HBA) through the Ivey School of Business.

These programs have produced leading economists who work in both the public and private sectors. 


The Graduate Program is the focal point of the Department’s educational strategy. Students from around the world enroll in their M.A. and Ph.D. programs.

Graduates from these programs can be found in top government agencies, international organizations, public and private businesses, and universities all over the world.

Their brand-new, interdisciplinary Master in Financial Economics Program was unveiled in 2013.

This exciting program is a collaboration between the Department of Statistical and Actuarial Sciences, the Faculty of Law, and the Ivey Business School.

To succeed in the fiercely competitive and quickly changing financial market, graduates are equipped with analytical and quantitative skills. 

Click here for more information. 

University of Alberta

In 1964, this department was created. There are about 23 full-time faculty members who conduct research and teach on a variety of subjects, such as resource and environmental economics, public finance, economic development, international economics, law and economics, financial economics, labor economics, and industrial organization.

Each year, about 8,000 students sign up for economics classes, and the department currently has over 1000 undergraduate Economics Majors and Honors students.

75 students are typically enrolled in their Ph.D., Master’s, and Master’s in Economics and Finance programs as part of their graduate program

Click here for more information. 

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University Of Montreal

One of the best francophone departments in the world and the top francophone department in Canada is the UdeM Department of Economics.

It has beneficial connections to 2 significant research centers:

Particularly in econometrics, economic theory, macroeconomics, social choices, and public economics, their faculty members have established strong international reputations.

The Université de Montréal is ranked among the top 100 universities in the world for economics by US News and Shanghai Rankings. They offer both undergraduate and graduate programs. 

Click here for more information. 

York University 

They are among the biggest and most varied economic initiatives in the nation. You will learn the abilities needed to comprehend and address complex economic issues here.

Their distinguished faculty facilitate exciting research opportunities, facilitate interactive classroom discussions, and support collaborative learning.

These are the ways they differ:

  • They are situated in Toronto, the country’s financial and commercial hub. Here, you have exceptional chances to learn firsthand from business experts.

  • York Economics was ranked in the top 25% of organizations and economists in Canada by IDEAS, the largest database of the economics literature.

  • More than 40 full-time faculty members who are experts in market forecasting, environmental and development economics, microfinance, labor economics, and international trade make up the department. 

Click here for more information. 

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Simon Fraser University

Talent, creativity, and connections to the world abound in the department of economics at Simon Fraser University’s dynamic teaching and learning environment. SFU economists create methods for methodical world thinking.

One of the best economics departments in Canada is the one at Simon Fraser University. High-caliber research conducted by their renowned faculty is regularly published in prestigious economics journals.

Renowned research professors teach their undergraduate courses, and graduate students are pushed to the limits of their academic abilities. 

Click here for more information. 

McGill University

Their department offers top-notch instruction at all levels, including undergraduate Minor, Major, and Honors degree programs, as well as a graduate study leading to the Master’s and Ph.D. degrees, all of which are taught by academics with a distinguished international reputation and in the presence of outstanding international students.

In addition to teaching economic theory as a whole, they also teach statistical, institutional, and historical knowledge, as well as more general analytical and reasoning abilities.

The Department of Economics at the undergraduate level offers programs to meet a variety of needs.

Some students seek technical training to get ready for graduate-level study in economics, while others pursue an economics degree as part of a general liberal arts education. 

Click here for more information. 

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University of Calgary

Economics education is provided by the Department of Economics. Students who want to learn more about economics at the undergraduate level and those who want to pursue a graduate degree in the field are encouraged to enroll in the BA Honours program.

Economics is the methodical study of how people make decisions and behave when resources are scarce. Its main focus is on how economic activity, including the creation, consumption, and exchange of goods and services, is set up when resources are in short supply.

It aims to comprehend how people ought to and do make decisions, how societies structure economic activity and the relative efficacy of various institutions in easing or reducing scarcity constraints. 

Click here for more information. 

University of Waterloo 

Excellence in research and instruction is a priority for the department of economics.

They cover a wide range of topics in their research, and faculty members have published in some of the top economics journals.

Both their graduate and undergraduate programs provide students with up-to-date analytical skills while covering fascinating real-world developments.

The students’ extraordinary record of success is a result of excellent co-op work opportunities and classroom instruction. 

Click here for more information. 

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University of Concordia

The Department’s objectives are to instruct students in economics at the graduate and undergraduate levels and to advance the field through teaching and research.

For today’s business executives and policymakers, understanding the production, distribution, and consumption of goods and services is crucial knowledge.

The Department of Economics serves students preparing for related specialized professions (Honors, Specialization, Co-operative) as well as those interested in a general understanding of the discipline (Major, Minor programs) by fusing theory and practical applications. 

Click here for more information. 

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Which University is Best to Study Economics in Canada? 

The top Canadian universities for economics and business are listed below. 

  • The University of Toronto.

  • The University of British Columbia.

  • Western University.

  • The University of Alberta.

  • The University of Montreal.

  • York University.

  • Simon Fraser University.

  • McGill University. 

Is Canada Good to Study Economics? 

One of the best locations in the world to earn an economics degree in Canada.

The nation not only has some universities with some of the best economics programs in the world, but it also provides a high standard of living at reasonable prices. 

Is Economics in Demand in Canada? 

The employment outlook for economists, researchers in economic policy, and analysts (NOC 4162) in Ontario is favorable for the years 2021 to 2023.

The following elements played a role in this outlook: A modest number of new positions will be created as a result of employment growth. 

Is Toronto Good For Economics? 

The University of Toronto is among the top 20 departments worldwide according to a recent ranking of economics departments based on publications in economics journals (and 1st in Canada). 

Is Economics a Good Major? 

You can be sure that economics can be a great major if that is what you’re wondering.

Economics degrees actually ranked #10 on a list of the top master’s degrees in a recent Forbes article.

A major in economics can be extremely beneficial and a good foundation for a wide range of careers. 

What Can I Do With a Degree in Economics in Canada? 

  • Population Studies Analyst

  • Bank Research Analyst.

  • Business Credit/ Loan Administrator.

  • Consumer Credit Manager.

  • Research Analyst (Financial)

  • Financial Researcher

  • Tax Economist.

  • Transportation Planner.

What Can We Do After BA Economics in Canada? 

Graduates with a bachelor’s degree in economics can apply their education to a variety of fields, including accounting, auditing, insurance, management, advertising, actuarial science, and more. 

Is Canada Good for Masters in Economics? 

Let’s examine the benefits of earning a master’s degree in economics in Canada. 18 Canadian universities were listed among the top 500 universities worldwide in the QS News Ranking of 2019 for Economics & Econometrics. 

How Much Do Economists Make in Canada? 

In Canada, an economist makes an average salary of $136,490 per year and $66 per hour.

An economist can expect to make between $92,949 and $167,063 on average.

An economist typically has a master’s degree as the highest level of education. 

What is The Future of Economics Students? 

An economics graduate may work for government organizations at the regional, national, or even international level in research or consulting positions.

Graduates in economics have access to a wide range of international opportunities, such as employment with the World Bank, International Monetary Fund, or the United Nations. What are your suggestions about these economics universities in Canada? Please leave a comment below.

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