Q1. Name some good universities in Singapore. 

Singapore has several world-renowned universities that offer undergraduate programs in Economics. Some of the top universities in Singapore for undergraduate economics are:

a) National University of Singapore (NUS) – The Department of Economics at NUS is consistently ranked as one of the top economics departments in Asia and the world. It offers a Bachelor of Social Sciences (Honours) in Economics program, which covers topics such as micro and macroeconomics, econometrics, international economics, and public policy.

b) Singapore Management University (SMU) – SMU’s School of Economics offers a Bachelor of Science (Economics) program, which provides students with a strong foundation in economic theory and analysis, as well as the practical skills needed to apply economic concepts in real-world situations.

c) Nanyang Technological University (NTU) – NTU’s School of Social Sciences offers a Bachelor of Social Sciences (Hons) in Economics program, which covers topics such as micro and macroeconomics, econometrics, game theory, and behavioural economics.

d) Singapore Institute of Management – SIM offers a BA in Economics program.

 

Q2. What is the score required?

The score requirement for admission to universities in Singapore is generally quite high, especially for top institutions like the National University of Singapore (NUS) and Nanyang Technological University (NTU).

To be considered for admission to NUS, the minimum score required is typically around 99-100. For NTU, the score requirement is slightly lower than NUS, ranging between 97-98.

 

MASTERS IN ECONOMICS IN SINGAPORE

Q3.  Which are some of the best universities in Singapore for a master’s in economics?

a) National University of Singapore, Singapore

Course link https://nusgs.nus.edu.sg/programme/master-of-economics/

 

b) Nanyang Technological University, Singapore

Course link https://www.ntu.edu.sg/sss/graduate-education/msc-in-applied-economics

 

c) Singapore Management University, Singapore

Course link https://economics.smu.edu.sg/mse

 

Q4. What are the requirements for a Master’s in Economics?

The requirements vary between study programmes and levels of university. For each course, Indian students will need to meet a minimum English language requirement.

Following are the basic entry requirements of some good universities in Singapore for Master’s in Economics:

a) National University of Singapore

Applicants should have either:

• An International equivalent (e.g., a four-year Bachelor’s degree with at least an average grade of B or equivalent) in Economics or a related field (e.g., finance, accounting, mathematics, statistics, physics, engineering, operations research); or
• A Bachelor’s degree with at least an average grade of B or equivalent in Economics or a related field and successful completion of a placement test which is in the form of an oral interview to be conducted by at least three members of the Master of Economics Committee; or
• Other qualifications and experience, subject to approval by the Board of Graduate Studies.
• Internet-based test (iBT): Minimum score of 85 (with a minimum of 22 for the writing section)/590 for *TOEFL ITP Plus for China (with a minimum of 60 for the writing section)
• Computer-based test (CBT): Minimum score of 237
• A minimum IELTS or *IELTS Indicator result score of 6.0 is required.

Link: https://fass.nus.edu.sg/ecs/me-application-information/

 

b) Nanyang Technological University

• ​Applicants should possess a degree in Economics with good honours (if applicable). Applicants who do not have a degree in Economics will be considered provided they have an honours degree in other disciplines and a strong quantitative background.
• All students will be required to read preparatory courses in Statistics, Mathematics, English and Presentation Skills two weeks before the start of the programme.
• A good IELTS/TOEFL is required for applicants from non-English speaking countries unless they accomplished a bachelor’s degree (on campus) in native English-speaking countries. There is no exemption for applicants from a joint degree or transfer of academic units. IELTS/TOEFL is still required.

Minimum Test Score

TOEFL – Internet based 85

IELTS  – IELTS score of 6.5

Link:https://www.ntu.edu.sg/sss/graduate-education/msc-in-applied-economics/admissions

 

c) Singapore Management University, Singapore

• Good Bachelor’s degree
• Good score in GMAT/GRE/SMU Admission Test*
• EQ: A very good score in the quantitative section will be expected
• Good TOEFL or IELTS (required if your first degree was not taught in English)
• Good reference letters (2)
• Admission interview
• Personal statement
• Include CV with your application

Link – https://economics.smu.edu.sg/mse/admissions-requirements_new

 

Q5. What is the part-time job prospect, while pursuing the degree?

Overseas students at certain institutes of higher education are permitted to work while they study. During term time, these eligible students are permitted to work 16 hours per week. Work permits are not required for those who want to work during holidays.

Overseas students should visit the website of the Ministry of Manpower to find out if their institution’s students are afforded work privileges.

Link: https://www.mom.gov.sg/passes-and-permits/work-pass-exemption-for-foreign-students

 

Q6. What is the part-time job prospect, while pursuing the degree?

Overseas students at certain institutes of higher education are permitted to work while they study. During term time, these eligible students are permitted to work 16 hours per week. Work permits are not required for those who want to work during holidays.

Overseas students should visit the website of the Ministry of Manpower to find out if their institution’s students are afforded work privileges.

Link: https://www.mom.gov.sg/passes-and-permits/work-pass-exemption-for-foreign-students

 

Q7. What is the fee structure, and do they provide any scholarships?

 The fee structure varies from college to college for a Master in Economics in Singapore.

For example, it is around S$50,000 for the National University of Singapore and around S$36,000 to S$45,000 for Singapore Management University.

 

NUS-https://fass.nus.edu.sg/ecs/me-fees-and-payment-2023/

SMU- https://economics.smu.edu.sg/mse/programme-fees-and-scholarships%20

 

Yes, these universities provide many scholarship opportunities for International students.

 

Some of them are:

NUS College International Scholarship

NUS Merit Scholarship

SOE MSE Academic Merit Scholarship

SOE MSE Diversity Scholarship

 

NUS- https://fass.nus.edu.sg/ecs/master-of-economics/

SMU- https://economics.smu.edu.sg/mse/programme-fees-and-scholarships%20

 

Q8. Is there any extension of visa for us to look for jobs?

Upon completion of their degree program, overseas students may submit an application for a one-year Visit Pass (Long-Term) to ICA, if they wish to seek employment in Singapore. This can be done electronically via e-VP (ltpass.ica.gov.sg/eltsvp/main.do). Prospective employers usually make this application for you.

 

Q9. How do you compare the UK with Singapore?

When comparing the United Kingdom (UK) and Singapore, several factors need to be considered. Some of the factors that can be compared between the two countries are:

a) Number of Universities: The UK has around 120 universities and colleges while Singapore has approximately 20 universities and colleges. The UK has a higher number of universities than Singapore, which means that students have a wider range of options to choose from. However, it is worth noting that Singapore has made significant strides in establishing world-class universities such as the National University of Singapore and the Nanyang Technological University.

b) Cost of living and tuition: The cost of living and tuition is 2 – 3 times higher for the UK compared to Singapore.

c) Geographical Location: Singapore is located closer to India than the UK, which can be an important consideration for individuals who want to maintain close ties with their home country. However, the UK is located in a prime location for exploring Europe, which can be an advantage for students who want to travel and experience different cultures.

d) Safety: Singapore is considered to be one of the safest countries in the world, with low crime rates and strict laws. The UK, on the other hand, has higher crime rates and can be less safe in certain areas.

 

Q10. Is Singapore a better option than the USA and UK for a master’s degree in terms of cost and quality?

 Cost comparison:

• USA is the most expensive with tuition and living costs ranging from 50-80 lakhs.
• UK is less expensive than the USA but more expensive than Singapore with tuition and living costs ranging from 30-40 lakhs.
• Singapore is the least expensive of all with tuition and living costs ranging from 15-35 lakhs.

Quality of education:

• USA is considered the best in terms of quality of education.
• UK is considered the second best.
• Singapore education is considered one of the best in Asia but cannot be compared with USA education in terms of quality.

Business environment:

• Political stability: Singapore has a stable political environment that supports a pro-business policy direction. It has embraced liberalization for trade, finance, and economy for economic growth.
• Ease of setting up a business: Singapore has one of the easiest regulatory frameworks to set up a business, with 100% foreign ownership and one-day company incorporation. The UK takes more steps to incorporate a company.
• Judicial system: Both Singapore and the UK have a strong emphasis on the rule of law, but several international surveys have given higher ratings to Singapore than the UK.
• Peacefulness: Singapore has a low crime rate and strives to maintain peaceful coexistence. The UK faces potential terror threats and military engagements that challenge its peacefulness score.

Economic environment:

• Labor market: Singapore has a highly skilled and productive workforce, while the UK has a vast labor pool but minimum wage rules that drive up business costs.
• Access to financial services: Singapore is one of the leading financial centres in the world with a comprehensive network of financial market players.

 

Overall, while the USA is the best in terms of education quality, Singapore is the most cost-effective option with a stable political environment and ease of doing business.