The Complete Guide To Study Economics in Malaysia

Overall, it offers detailed knowledge of the company’s resources and business decisions made in economics. In three years, students will be able to study microeconomics and macroeconomics due to backing from reputable universities such as Taylor’s and Monash. The job opportunities that graduates can target include positions like financial analyst, economist, policy advisor, and many others.

Country

Malaysia

Duration

3 Years

Fees

$7,500+ Yearly

Field

Bussiness

Program Overview

Economics can be defined as the study of analyzing and allocating resources. It is a human-based activity that ranges from trading resources to delivering services to exchanging money. It is an integral area of education that intends to teach students meaningful life and professional skills. Economics mainly concerns the relationships and links emerging within a resource exchange system and how exactly humans interact with them. Unlike common understanding, Economics covers a lot more than just money. It focuses on and comprehends people’s decisions about money and why. Pursuing economics as a career can help you learn about complicated topics such as tax rates, poverty, inflation, etc. It also ranks among the top ten majors students opt for in the US.

Economics is a field of social science that can assist you in studying how different individuals, businesses, societies, and governments make the critical decisions of allocating available resources among the existing population to meet their needs and wants. It comprises multiple sub-fields, including microeconomics, macroeconomics, etc. Microeconomics is focused on analyzing the behaviors of an individual or a firm. In contrast, macroeconomics focuses on the entire economy of a state, addressing the significant issues of unemployment, inflation, economic growth, and so on. The core objective of economics is to interpret and analyze the decision-making process, optimize the use of available resources, and predict how the changing regulations or market conditions can impact a state’s overall economic outcomes.

Studying economics can help improve your quantitative and analytical students. It can also contribute to empowering your critical thinking skills and understanding how your state’s economy works within yourself. These skills and competencies possess great value and accreditation from many industries around the globe, offering versatile working opportunities for economics graduates. There is a wide variety of career options for an economics graduate, and a few major and top-paying jobs include roles such as financial analyst, economist, policy advisor, researcher or consultant, etc. As a successful economic graduate, you can efficiently work in finance, banking, academia, government, private sector, or even large-scale international organizations. The core skills any organization or company would look for in an economics graduate include the ability to analyze and understand economic data and market trends, offer strategic advice based on those trends, and assist crucial decision-making processes.

As an economics student, you will likely study various courses, including microeconomics, macroeconomics, econometrics, international economics, public finance, development economics, labor economics, financial economics, etc. The best universities in Malaysia offering either degree or diploma programs in Economics can be listed as follows:

1. Universiti Kebangsaan Malaysia (UKM)
2. Universiti Sains Malaysia (USM)
3. Monash University Malaysia
4. University of Nottingham Malaysia
5. Sunway University
6. Taylor’s University

Why Study Economics?

There are various reasons to study economics, a few top-tier among them can be listed as follows:

Helps Understanding the World: Economics offers a framework that can assist in understanding how the different societies around the world allocate available resources and how decisions are made on both collective and individual levels. By enrolling in an economics degree or diploma program, you can gain insights into how the market operates, what influence the governments have on an economy, and what creates an interconnection between the global economic systems. All this information helps us understand the significant things about the world, including international trade, unemployment, inflation, and economic development.

Versatile Skill Set: Studying economics can enrich you with a much more versatile set of skills. You can enhance your analytical skills, allowing you to break down very complex problems and develop logical solutions. Economics might also teach you some quantitative skills, making you proficient at using statistical tools and economic models to analyze market patterns and quickly predict future trends. Skills such as problem-solving and critical thinking can also be adapted by learning economics, allowing you to evaluate opinions while making important decisions and address real-world economic problems with effective yet practical solutions. An economics graduate is likely to make around USD 70,000 per year.

Influence on Policy and Society: They play a significant role for economists in shaping public policies and addressing societal challenges. They can analyze and determine evidence from economic trends and market patterns to assist policymakers in designing and implementing effective changes and interventions in the existing regulations and policies that can reduce inequality, improve financial outcomes, promote sustainable development, etc. By pursuing a degree and career in economics, you can easily contribute to making important decisions that are informed and can have a positive impact on society.

Adaptability in a Changing World: The global economy tends to evolve continuously, taking the influence of political shifts, technological advancements, and environmental changes. A thorough education in economics can help you better adapt to those changes, for you can understand the underlying principles of economics and implement them in different contexts. This quick adaptation would be integral for you to thrive in the continuously evolving world.

Why Study Economics in Malaysia?

There are several reasons you should study economics in Malaysia, a few best among them include the following:

Quality Education: Malaysia is known for being home to all the highly accredited and globally renowned universities that offer the best economics courses. Each of these courses and programs is accredited by professional global bodies such as the Malaysian Qualifications Agency (MQA), which ensures that quality education is offered to students who meet international standards. The curriculum has been rigorously developed with the latest developments in the world’s economy and upcoming trends in mind

Affordable Tuition Fee: Compared to most educational institutions, Malaysian universities offer affordable fee options. By ensuring the best quality education and that global standards are not compromised, Malaysian universities make themselves an attractive destination for students with high-end academic dreams.

Strategic Location & International Exposure: Located in the very central heart of Southeast Asia, Malaysia offers strategic access to almost every economically growing state. It is an easy-to-access study destination for students aiming to get a quality education abroad and experience an international perspective of economics at the same time.

Vibrant Student Life: Universities of Malaysia are known for offering vibrant campus lives for both local and international students. These all-inclusive educational centers welcome students from varying cultures and allow them to engage with each other, enjoy multicultural festivities, and experience a fun-loving study environment where their academics are always complemented with the best extra-curricular activities to ensure a balanced life.

Career Prospects

Economics is a foundational area of study that further expands into many different sub-fields and branches. Therefore, students pursuing a degree or diploma in economics are much more likely to get a variety of career prospects to choose from; a few prominent and high-paying careers among them may include:

Economist: The core job role of an economist is to conduct thorough research, analyze data and information, and predict upcoming trends and patterns in the world’s economy. Economists can be employed by governmental agencies, international organizations, research institutions, the World Bank, or even private firms. An economist tends to make up to USD 105,000 per year as per an analysis conducted by the US. Bureau of Labor Statistics.

Financial Analyst: The core job role of a financial analyst is to evaluate and analyze financial data and investment opportunities for businesses and individuals. Based on their analyses, these professionals can offer recommendations for making important financial decisions. They can be employed by investment firms, corporations, insurance companies, banks, etc. A financial analyst can make up to USD 60,00 per year on average.

Policy Advisor: The role of a policy advisor is to analyze existing public policies related to the economy and develop newer regulations when required. They can also be necessary to assess the impact of those implemented regulations and offer strategic advice based on their analyses. They can make around 55,000 USD on an annual basis and have a much growth-centered career.

Consultants: An economics consultant offers expert advice on business planning, market analysis, or economic strategies. They can be employed by consultancy firms and multinational organizations or start their consultancy services. Consultants are often likely to begin with a sum of $ 70,000 and there’s a great chance of growth in the longer run.

Data Analyst: The job of a data analyst is to analyze complex sets of data, derive insights from them, and, through their analyses and interpretation, support significant decision-making processes. Tech-based companies, financial institutions, market research firms, and even healthcare organizations often hire data analysts. The salary range of data analysts usually begins with USD 65,000 per year and expands up to USD 95,000 per annum.

Market Research Analyst: A market research analyst is usually responsible for studying market conditions, analyzing consumer behavior thoroughly, and predicting upcoming sales trends based on their analyses. Advertising agencies, corporations, and marketing firms can mostly hire them. The average salary of a market research analyst is USD 63,000 per year with great chances of growth.

Program Duration

Undergraduate Programs

1. Bachelors in Economics (3-4 years typically)

Postgraduate Programs

1. Master’s Degree in Economics (1-2 years typically)
2. Doctorate (PhD) in Economics (3-5 years typically)

Entry Requirements

The general entry requirements set by the Malaysian Qualifications Agency (MQA) are implied and followed by every professional university in Malaysia. They can be described as follows:

Undergraduate Programs

Academic Qualifications:

1. A-Levels (at least two passes)
2. Matriculation/Foundation (at least 2.00 CGPA)
3. Diploma (a course-relevant diploma with at least a 2.00 CGPA)
4. Unified Examination Certificate (at least five Bs)
5. STPM (Sijil Tinggi Persekolahan Malaysia) ( at least 2.00 CGPA)

English Language Proficiency:

1. At least one credit in SPM English or equivalent for Malaysian Nationals.
2. A minimum IELTS score of 5.5 or TOEFL score of 550 (paper-based) and 80 (internet-based) for international students.

Post Graduate Programs (Masters' Degree)

Academic Qualifications :

1. A relevant bachelor’s degree with at least a 2.00 CGPA.

English Language Proficiency:

1. At least one credit in SPM English or equivalent for Malaysian Nationals.
2. A minimum IELTS score of 6.0 or TOEFL score of 550 (paper-based) and 80 (internet-based) for international students

Postgraduate Programs (Doctorate – PhD)

Academic Qualifications :

1. A relevant master’s degree with at least a 3.00 CGPA.
2. A well-crafted and subject-relevant research proposal is to be submitted.

English Language Proficiency:

1. At least one credit in SPM English or equivalent for Malaysian Nationals.
2. A minimum IELTS score of 6.0 or TOEFL score of 550 (paper-based) and 80 (internet-based) for international students.

Fee and Costing

The fee structures for both undergraduate and postgraduate degree and diploma programs in Malaysia vary based on the program you’ve chosen, the institution you might be looking for, the duration of the study, etc. However, the generic cost of a bachelor’s degree in Malaysia may be between 20,000 MYR and 70,000 MYR (an estimated 5,000 USD to 17,500 USD) a year.

Postgraduate programs, however, may cost a bit higher, ranging from 25,000 MYR to 80,000 MYR (an estimated 6,250 USD to 20,000 USD) a year. The range is often similar for both master’s and doctorate programs. However, the total expense of doctorate programs might vary based on the nature and duration of the research involved.

But the good news is that most Malaysian Universities offer scholarships and financial aid to help students in need. There are also many flexible payment plans offered to help accommodate students without strong financial backgrounds but a desire for bright academic careers.

Accommodation

Malaysian universities offer excellent, versatile accommodation facilities that suit each student’s diverse needs and requirements. As a foreign student landing in an entirely new destination for studies, accommodation could be a significant issue for you. But you need not worry because most Malaysian Universities offer a wide range of options, including hostels, dormitories, and even spacious apartment residences. You can pick what suits your needs and comes under your budget, and boom – enjoy all the excellent facilities they offer along with the comfortable and budget-friendly accommodation.

The shared facilities and amenities usually include :

1. Study desks
2. Beds
3. Attached bathrooms
4. Fully functional kitchens or pantries include a microwave, electric kettle, stove, fridge, etc.
5. Laundry rooms
6. Socializing areas
7. Recreational activities
8. 24/7 security surveillance

Admission Procedure

The admission process for getting into Malaysian Universities typically comprises multiple steps, including submission of an application, verification of the documents, eligibility assessment, and, in some cases, entrance exams or interviews etc. While it can be overwhelming and tedious to handle all that pressure while preparing for your entrance exams and interviews, TJS Study Steps can be your savior and simplify the admission process like never before. Here’s how the experts from TJS Study Steps can help during each stage of the admission procedure and ease you from the hassle!

1. We have added featured university and program guides on our website that experts from the industry have prepared. These guides can help you pick the finest universities and programs from a widespread palate as per your academic goals and aspirations.
2. Filling out the lengthy application forms can be exhausting; our team’s experts know how to ease you from that hassle. They offer professional assistance to the students in filling out correct information and attaching the required documents with their applications without any error to ensure the admission process goes smoothly.
3. TJS Study Steps also has documentation experts onboard who can help you gather all the required documents, such as transcripts, personal statements, certificates, and so on.
4. We also track your applications on your behalf and inform you of their progress in real-time.
5. If a university invites you to an interview or entrance exam, TJS can also assist you in your preparation and ensure you perform well and get selected.
6. Once you’ve secured admission at a university in Malaysia, the next step is to get a student Visa, and we also provide total guidance for the Visa application process.
7. Last but not least, TJS Study Steps ensures your well-being abroad. From booking the best flights at affordable rates to assisting you with a city tour, we help you adjust to the city.

The Complete Guide To Study Economics in Malaysia

Country

Duration

Fees

Field

Navigation

Program Overview

Why Study Economics?

Why Study Economics in Malaysia?

Career Prospects

Program Duration

Entry Requirements

Undergraduate Programs

Post Graduate Programs (Masters' Degree)

Postgraduate Programs (Doctorate – PhD)

Fee and Costing

Accommodation

Admission Procedure

Navigation