Masters in Economics in Singapore 2027-28: Fees, Eligibility and Deadlines for Indian Students

Three universities run a taught masters in economics in Singapore, and a fourth option sits next to them in financial economics. Here is the current picture, with tuition quoted the way each university actually charges it.

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NUS splits its degree into two tracks, and the Department of Economics describes them plainly. The Applied Economics track is career-oriented, built for people who want to work as professional economists or economic consultants in business, non-profit or government organisations. The Quantitative Economics track is academic-focused, aimed at deeper training in advanced theory and quantitative methods, and prepares students for doctoral study.

One rule matters at application stage. You declare your preferred track and say whether you will be considered for the other. Students on the Quantitative track may request a transfer to Applied by the end of the first semester, subject to departmental approval, and no reversion is allowed afterwards. Students on the Applied track cannot transfer to Quantitative at all.

Counselor insight: That single declaration is the most consequential box on the NUS form. If your maths record is strong but your goal is a job rather than a PhD, applying to Quantitative and ticking willingness for Applied gives you two shots at admission and a one-way door out. Applying directly to Applied closes that door. For a wider view of options, see our guide to MS in Singapore for Indian students.

Eligibility Criteria for a Masters in Economics in Singapore

NUS Master of Economics

• Good honours degree, second class or above, or equivalent such as a four-year bachelor's with a B average
• Accepted fields are named explicitly: economics, finance, accounting, mathematics, statistics, physics, engineering, operations research, political science
• Alternate route: a good bachelor's with a B average plus a successful interview
• English: IELTS 6.0 or TOEFL iBT 85 with at least 22 in writing. A diagnostic test may still be set on arrival

NTU MSc in Applied Economics

• A good economics degree, or another discipline with a strong quantitative background
• English: IELTS 6.5 or TOEFL 85
• All admitted students complete preparatory maths and statistics courses online

SMU MSc in Economics

• Open to diverse academic backgrounds from the August 2026 intake, with foundation courses to close gaps
• Optional SMU admission test at S$125 (Rs.9,409), on top of the S$100 application fee

No GRE or GMAT is listed as compulsory at NUS or NTU.

Counselor insight: An Indian three-year BCom or BA Economics is not automatically read as a good honours degree. Lead with your econometrics, statistics and mathematical economics marks and the software you have used, not your overall percentage.

Fees and Total Cost of a Masters in Economics in Singapore in INR

Read the fee line carefully at each university, because they are not quoted the same way. NUS and SMU publish a whole-program figure; NTU publishes a figure covering one year. For NUS, tuition for the August 2026 and January 2027 intake is S$58,350 inclusive of GST for the entire program, the same for all nationalities, paid in three parts.

Exchange rate used: Rs.75.27 per Singapore Dollar. Verify the current rate before finalising your budget.

NTU is cheaper on paper at S$47,300 (Rs.35,60,271) effective AY2027/28 for a one-year duration, and SMU charges S$49,050 (Rs.36,91,994) for the MSc in Economics. Add NUS's advised minimum of S$19,500 (Rs.14,67,765) a year for living costs and one year comes to roughly Rs.58.60 lakh at NUS and Rs.50.28 lakh at NTU. NUS tuition has risen every year, from S$52,500 in 2023 to S$58,350 in 2026, and the August 2027 figure was not published at the time of writing.

The number nobody puts in a comparison table is what you pay before your visa is approved: a non-refundable S$14,588 (Rs.10,98,039) acceptance instalment at NUS, or a non-refundable S$15,000 (Rs.11,29,050) confirmation deposit at NTU. That is about Rs.11 lakh committed while ICA still has your file. See our breakdowns of the cost of studying in Singapore, NTU Singapore fees and SMU Singapore fees.

Counselor insight: Keep the acceptance money in a liquid account, separate from your education loan. Sanction letters routinely arrive weeks after the acceptance deadline, and families who planned to pay this from the loan end up scrambling for a bridge at the worst moment.

Scholarships and Fee Rebates for a Masters in Economics in Singapore

The funding structure here works against Indian applicants, and the honest picture differs from what most articles imply.

NUS ME Scholarship

• Up to nine merit awards: full tuition waiver plus S$6,000 (Rs.4,51,620) per semester for two semesters
• No separate application; every applicant is reviewed automatically
• Allocation: three to Singapore citizens and PRs, three to ASEAN applicants excluding Singapore, three to all others. Indian candidates compete for those three
• NUS also lists the ADB-Japan Scholarship Program for this program

NUS automatic fee rebates, 2027 and 2028 intakes

• 50% for Singapore citizens and PRs, 20% or more for international NUS alumni, and a rebate for ASEAN citizens
• India is not in ASEAN, so a non-alumnus Indian applicant gets none of these

NTU MSc in Applied Economics

• More than S$400,000 in awards across both intakes each year, assessed at the end of every trimester
• This rewards performance after enrolment, so do not count on it when signing a loan
• Service Obligation is no longer available to international coursework applicants, who pay non-subsidised fees

Our guide to NUS scholarships covers the university-wide awards beyond the department.

Counselor insight: Because NUS reviews every applicant automatically and makes offers on a rolling basis, submitting in July or August 2026 rather than near the January deadline is the closest thing to a funding strategy you have.

Application Process and Documents Needed for Masters in Economics in Singapore

NUS takes applications through its online GDA3 system, and the department is direct about two things: it has engaged no external agencies for graduate recruitment, and inaccurate, incomplete or unpaid applications are invalid.

Offers at NUS are made on a rolling basis, and the department states that a substantial number go out in the earlier rounds. Decisions typically arrive within three months of submission, and applicants who miss out in one round are automatically reconsidered in later rounds until the cycle ends. The final outcome for the August intake is confirmed by late May.

Our walkthroughs of the Singapore study visa for Indian students and the application process for PG courses in Singapore cover what happens after the offer.

Counselor insight: Brief your two referees in July, before Indian universities shut for the semester break. At NUS the referee uploads directly, so a professor who is travelling or slow to check email freezes your entire file, and you will not see a warning until the deadline is close.

August 2027 Timeline for a Masters in Economics in Singapore

Windows differ by university, and one of them opens a full year before classes start.

For the wider calendar, see our guide to the masters intake in Singapore.

Counselor insight: Submit to NUS in the first two months of the window. Everything about that program's admissions design, rolling offers, automatic scholarship review, three-month decisions, rewards early files and quietly penalises deadline-day ones.

Careers and Salaries After a Masters in Economics in Singapore

NUS describes the Applied track as training for professional economists and economic consultants in business, non-profit and government organisations. Below are the roles graduates typically move into, with the pay benchmarks that are actually published.

Sources: MOM Occupational Wages tables (median monthly gross wages of common occupations, full-time resident employees) and the MOM income summary table for the national median. The Occupational Wage Survey covers private-sector firms with at least 25 employees and excludes public-sector employees.

Counselor insight: Economics hiring in Singapore runs on a fixed campus recruiting calendar dominated by banks and consultancies. On a 12-month program, that calendar starts before your first semester ends, so treat term one as job-search time, not settling-in time.

What to Do When Things Go Wrong

• Your referee has not submitted and the window is closing. Chase in writing, and add a third potential referee to the form if the system allows. An incomplete file is not assessed.
• Your application was rejected as incomplete. Usually this is the unpaid application fee. NUS states plainly that failure to submit the fee renders the application invalid.
• Your IELTS is 6.0. That clears NUS but not NTU's 6.5. Retest before you rule NTU out, or concentrate on NUS and SMU.
• You missed 15 January 2027 at NUS. The Applied Economics January 2028 intake, with a window from 15 February to 15 June 2027, is a genuine fallback. There is no January equivalent for the Quantitative Economics track.
• You paid the deposit and the Student's Pass was refused. None of the three universities refunds it. Speak to the program office in writing about deferral before you make further payments.
• Your three-year degree is queried on equivalence. Use the NUS interview route, which exists for a good bachelor's degree with a B average, and put your quantitative coursework at the front of the file.

Counselor insight: NUS decisions typically land within three months. If you have a competing offer with a deposit deadline inside that window, email the program office and ask where your file stands before you pay anyone.

3 Takeaways on Masters in Economics in Singapore

Three things to act on if a masters in economics in Singapore is your plan for 2027-28:

1. Compare on whole-program cost, not per-year cost. NUS at Rs.43.92 lakh, NTU at Rs.35.60 lakh for a year, SMU at Rs.36.92 lakh. The SERP's per-year figures make these look closer than they are.
2. Apply to NUS in July or August 2026, not January 2027. Offers are rolling, scholarship review is automatic on the same file, and early submissions compete for a fuller pool.
3. Ring-fence about Rs.11 lakh in liquid funds for the acceptance payment. It falls due before your Student's Pass is approved, and none of the three universities gives it back.

Verified by: LeapScholar's Singapore counseling team, with hands-on experience guiding Indian students through NUS, NTU and SMU postgraduate applications, deposit timelines and Student's Pass processing.

Have questions about applying for a masters in economics in Singapore? Book a free session with a LeapScholar counselor.

Frequently Asked Questions About Masters in Economics in Singapore