Studying economics at a leading university can open doors to various careers in banking, finance, government, consulting, international development, policy research, data analysis, and academia. However, a major challenge for many international students is the cost involved.

Tuition, accommodation, insurance, travel, and everyday expenses can make studying abroad difficult without financial support. This is where fully funded economics scholarships for international students in 2027 become especially valuable.

A genuinely fully funded scholarship can cover a combination of tuition fees, living expenses, travel, health insurance, accommodation, or other study-related costs. However, not every scholarship advertised online as “fully funded” covers all expenses, so applicants need to carefully examine the official funding terms.

There are several strong opportunities for economics students in 2027. For example, Germany’s DAAD ERP Study Scholarships for Graduates of Economics and Business Administration are specifically designed for foreign graduates seeking a Master’s degree in economics or business administration at eligible German institutions. The current call for applications in 2027 lists a deadline of November 2026, with funding beginning in October 2027.

Other major scholarship opportunities can support economics-related Master’s and doctoral studies through broader programs such as DAAD, Chevening, and various government or university-funded awards.

This guide explains the best opportunities to explore, who qualifies for them, what documents you need, and how to create a competitive application for 2027.

Why Study Economics in 2027?

Economics is no longer limited to traditional careers in banking or government.

Modern economics increasingly overlaps with:

Data science
Artificial intelligence
Finance
Public policy
Development studies
Econometrics
Environmental economics
International trade
Behavioural economics
Financial technology
Economic forecasting
Labour economics
Health economics
Agricultural economics

This makes an economics degree useful for students who want careers across both the public and private sectors.

A Master’s degree can provide specialized training, while a PhD can prepare students for academic research, policy institutions, central banks, international organizations and research-intensive careers.

What Does a Fully Funded Economics Scholarship Cover?

The phrase “fully funded” does not have exactly the same meaning across every scholarship.

A comprehensive award may cover:

1. Tuition Fees

The scholarship may pay all or most university tuition.

2. Monthly Living Stipend

A regular payment helps cover accommodation, food, transportation and personal expenses.

3. Travel Costs

Some government scholarships provide travel allowances or flights.

4. Health Insurance

International students may receive health insurance or an allowance toward insurance.

5. Research Support

Doctoral scholarships may provide research-related funding.

6. Accommodation

Some awards provide accommodation directly; others provide a monthly allowance.

Important Warning

Always check the official scholarship page.

For example, Chevening explicitly describes its awards as fully funded and lists university tuition fees, a monthly stipend and travel costs among the benefits.

A university offering a “100% tuition scholarship,” however, may pay only tuition and nothing toward living costs.

Top Fully Funded Economics Scholarships to Consider for 2027

The opportunities below are not all economics-only scholarships. Some are broader international awards that can fund economics, financial economics, development economics, public policy or closely related programmes.

1. DAAD ERP Study Scholarships for Graduates of Economics and Business Administration — Germany

This is one of the most directly relevant scholarship opportunities for economics graduates.

The programme is sponsored by Germany’s Federal Ministry of Economic Affairs and Energy and is designed to enable foreign graduates of economics and business administration to pursue Master’s studies at a German public or state-recognized higher-education institution.

This makes it particularly important for international students searching specifically for economics funding.

Study Areas

Eligible programmes can include fields related to:

Economics
Business economics
Economic policy
International economics
Applied economics
Finance
Econometrics
Development-related economics

The exact eligible programme must be checked against the current scholarship call.

2027 Timeline

The current DAAD listing shows:

Application deadline: 2 November 2026

Selection: February–March 2027

Funding begins: October 2027.

This is an important point for students targeting the 2027 academic year.

You should not wait until 2027 to begin preparing.

Language Requirements

Depending on the programme, the language of instruction may be German, English or a combination.

DAAD states that applicants must provide proof of proficiency in the language of instruction for their chosen programme. Accepted English-language evidence can include IELTS, TOEFL, Cambridge qualifications and other recognised certificates.

Who Should Consider It?

This scholarship is particularly suitable for:

Economics graduates
Business graduates
Finance graduates
Applicants targeting a Master’s degree
International students eligible under the country-specific requirements

2. DAAD Study Scholarships — Master’s Studies for All Academic Disciplines

Another important route is the broader DAAD Study Scholarships programme for Master’s studies.

Unlike the ERP programme, this is not restricted to economics.

That means economics applicants may be able to use the general DAAD route when their intended Master’s programme and country eligibility fit the call.

The current DAAD listing gives a 16 November 2026 application deadline for the relevant 2027/28 cycle, with selection in spring 2027 and scholarship funding beginning in the winter semester 2027/28.

Potential Economics Areas

Depending on the specific programme, applicants may pursue:

Economics
Development economics
Economic policy
International economics
Finance
Econometrics
Public economics
Environmental economics

Typical Application Documents

DAAD lists documents such as:

CV
Motivation letter
Academic records
Programme-related documents
Language evidence
Other supporting materials.

The exact requirements depend on the scholarship programme.

3. DAAD Doctoral Funding — Germany

Economics students planning a PhD should also investigate DAAD doctoral funding.

Germany has a strong research environment and numerous universities and research institutions.

Economics PhD applicants may find research opportunities in:

Econometrics
Macroeconomics
Microeconomics
Development economics
International trade
Labour economics
Financial economics
Environmental economics
Economic history
Public economics

DAAD’s scholarship database includes doctoral programmes and funding opportunities applicable to economics and social sciences.

Who Should Apply?

This route is particularly relevant to students who have:

A strong Master’s degree
Research experience
A clear research proposal
Strong academic references
Relevant quantitative skills

4. Chevening Scholarships — United Kingdom

Chevening is one of the world’s best-known government-funded scholarship programmes for international students seeking Master’s study in the UK.

It is not exclusively an economics scholarship.

However, economics applicants can use Chevening when their chosen UK Master’s course meets the programme requirements.

The British Council describes Chevening as a fully funded Master’s scholarship for international students.

Economics-Related Courses

Depending on the participating university and current course list, applicants may consider:

Economics
Financial economics
Development economics
International development
Economic policy
Finance
Public policy
Business economics

For example, Chevening’s partnership information for the Weidenfeld-Hoffmann Trust lists Oxford’s MSc Financial Economics among eligible courses associated with that scholarship partnership.

What Does Chevening Cover?

Chevening’s funding can include:

University tuition
Monthly stipend
Travel to and from the UK
Other applicable allowances.

Who Should Consider Chevening?

Chevening is particularly attractive for professionals who want to combine academic study with leadership and development goals.

A strong candidate should be able to demonstrate:

Leadership
Professional experience
Networking
Clear career objectives
Community or national impact

For Nigerian applicants, Chevening maintains a dedicated Nigeria scholarship page.

5. Weidenfeld-Hoffmann Scholarships at the University of Oxford

Students interested in economics, financial economics, development and public policy should investigate Oxford’s Weidenfeld-Hoffmann funding opportunities.

The scholarship is focused on future leaders and supports selected graduate programmes.

The current Chevening partnership page specifically lists MSc Financial Economics among the Oxford programmes associated with the Weidenfeld-Hoffmann Trust.

This can make the programme particularly interesting to applicants with ambitions in:

Finance
Economic policy
International development
Global governance
Economic research

6. Erasmus Mundus Joint Master’s Scholarships

Erasmus Mundus Joint Master’s programmes are another major route for international students.

These programmes are delivered through partnerships between universities in different countries.

Economics applicants should search the current Erasmus Mundus catalogue for programmes involving:

Economics
Development
Public policy
Economic governance
Finance
Quantitative social sciences
International development

A major advantage is the international structure of the programmes.

Students can study in more than one European country during the degree.

However, the exact scholarship coverage depends on the individual Erasmus Mundus programme.

7. University-Specific Economics Scholarships

Do not limit your search to government scholarships.

Many universities offer:

Full tuition scholarships
Graduate assistantships
Research assistantships
Teaching assistantships
PhD funding packages
Departmental scholarships
Merit awards

This is particularly important at PhD level.

A university may not advertise an award as a “Fully Funded Economics Scholarship 2027.”

Instead, the funding may appear under:

PhD Funding

Graduate Assistantships

Departmental Funding

Research Studentships

Therefore, economics applicants should search university economics departments directly.

8. Development Economics Scholarships

Development economics is an excellent specialization for international students interested in:

Poverty reduction
Economic growth
International development
Agriculture
Education
Health
Labour markets
Financial inclusion
Trade
Governance

Students from developing countries may find this field particularly relevant because their academic and professional experience can connect naturally with development challenges in their home countries.

For example, DAAD materials identify Master’s-level development economics programs as pathways toward careers in governments, development agencies, international organizations, policy research institutes and multinational companies.

9. Public Policy and Economics Scholarships

Economics and public policy overlap considerably.

Students interested in government and policy careers can consider programs in:

Public policy
Economic policy
Public administration
Development policy
International affairs
Governance
Political economy

DAAD’s Helmut-Schmidt Programme is one example of a scholarship route covering Master’s programmes connected with the economic, social and political development of applicants’ countries.

10. Financial Economics Scholarships

Financial economics combines economics with financial markets and quantitative analysis.

Possible career destinations include:

Investment banking
Asset management
Central banking
Financial regulation
Risk management
Economic consulting
Financial research

Applicants should search for programmes titled:

Financial Economics
Finance and Economics
Economics and Finance
Financial Economics and Econometrics
Quantitative Finance

The University of Oxford’s MSc Financial Economics is one example of an advanced programme in this area, with scholarship opportunities available through relevant funding schemes.

Best Universities to Consider for Economics Scholarships

There is no universal ranking of universities that offer the “best fully funded economics scholarships.”

Instead, applicants should look for universities with:

Strong economics departments
Active research centres
Scholarships available to international students
Affordable or fully funded programmes
Strong graduate employment outcomes
Relevant specialisations

Some universities worth researching include:

Germany

University of Mannheim
University of Bonn
LMU Munich
University of Cologne
University of Göttingen
Goethe University Frankfurt
Heidelberg University
Humboldt University of Berlin

United Kingdom

University of Oxford
University of Cambridge
London School of Economics and Political Science
University College London
University of Warwick
University of Manchester
University of Bristol
University of Edinburgh

Other European Destinations

Also investigate universities in:

Netherlands
France
Belgium
Sweden
Denmark
Finland
Italy
Spain

The key is to match the university to the scholarship rather than choosing a university first and hoping funding appears later.

Eligibility Requirements for Economics Scholarships in 2027

Requirements vary considerably, but most competitive scholarships evaluate several major areas.

1. Academic Excellence

Strong grades are important.

For Master’s scholarships, your Bachelor’s degree is usually the central academic qualification.

For PhD funding, your Master’s results can be particularly important.

2. Relevant Academic Background

Depending on the programme, eligible degrees may include:

Economics
Business economics
Finance
Accounting
Mathematics
Statistics
Business administration
Development studies
Public policy
Political economy

Some quantitative economics programmes may require strong mathematics and statistics preparation.

3. English-Language Proficiency

For English-taught programmes, applicants may need:

IELTS
TOEFL
Cambridge English
PTE
Other recognised evidence

DAAD specifically lists several accepted English-language certificates for relevant programmes

However, university requirements differ.

4. Professional Experience

Some scholarships require or strongly value professional experience.

Chevening is particularly associated with leadership and professional development.

This means applicants should not treat the application as a simple academic competition.

Your professional story matters.

5. Leadership and Impact

Scholarship committees want to know what you will do with the opportunity.

Strong evidence may include:

Leading a project
Starting an initiative
Working with a community organisation
Mentoring others
Developing a business
Conducting research
Working on economic policy
Creating employment
Supporting financial literacy

6. Career Plan

A vague career goal can weaken an otherwise strong application.

Instead of writing:

“I want to become an economist.”

Explain:

What problem do you want to solve?

Why does economics provide the right tools?

How will the degree help you solve that problem?

How will your country or community benefit?

Documents Required

Although each scholarship has its own checklist, applicants should prepare:

International passport
Bachelor’s certificate
Academic transcripts
CV
Motivation letter
Personal statement
Recommendation letters
Proof of English proficiency
Research proposal, where applicable
University admission letter, where required
Evidence of employment
Professional certificates
Portfolio of research or publications, where applicable

For DAAD applications, documents are submitted through the DAAD portal, and translations may be required when documents are not already in German or English.

How to Apply for Fully Funded Economics Scholarships in 2027

Step 1: Start Early

Do not wait until January 2027.

Some major 2027 scholarship deadlines occur during 2026.

For example, the current DAAD ERP economics scholarship listing shows a November 2026 deadline for funding beginning in October 2027.

Step 2: Build a Scholarship Spreadsheet

Create columns for:

Scholarship	Country	Degree	Deadline	Tuition	Stipend	IELTS	Recommendation	Status

This simple system prevents missed deadlines.

Step 3: Identify Your Specialisation

Don’t search for “economics scholarships” only.

Search for your specific field.

For example:

Econometrics scholarships

Development economics scholarships

Financial economics scholarships

International economics scholarships

Public economics scholarships

Environmental economics scholarships

This can uncover opportunities that broad searches miss.

Step 4: Find the University Programme

Before applying for funding, verify:

Course title
Degree level
Entry requirements
Tuition
Language
Application deadline
Scholarship eligibility

Step 5: Prepare Your CV

Your CV should highlight:

Academic achievements
Research
Employment
Internships
Leadership
Volunteering
Quantitative skills
Software skills
Publications
Professional achievements

Economics applicants should consider highlighting skills such as:

Excel
Stata
R
Python
MATLAB
SPSS
Econometric modelling
Statistical analysis
Data visualisation

Step 6: Write a Strong Motivation Letter

Your motivation letter should answer four questions:

Why economics?

Explain the intellectual or professional motivation.

Why this programme?

Demonstrate that you researched the course.

Why this university?

Mention relevant modules, research centres or faculty areas.

What will you do after graduation?

Explain your career and impact plans.

Step 7: Secure Strong Recommendations

Don’t choose referees simply because they have impressive job titles.

Choose people who know your work.

A good referee should be able to discuss:

Academic ability
Research skills
Character
Leadership
Quantitative ability
Professional potential

Step 8: Apply to Multiple Scholarships

One application is not a strategy.

A better approach is to create a portfolio.

For example:

2 highly competitive scholarships
3 realistic scholarships
3 university scholarships
2 PhD funding opportunities

This increases your overall chances.

How to Make Your Economics Scholarship Application Stronger

A successful application is more than a high GPA.

Show Evidence

Instead of writing:

“I am passionate about economic development.”

Write about a specific economic problem you have studied or experienced.

For example:

Youth unemployment
Inflation
Financial inclusion
Agricultural productivity
Informal employment
Energy poverty
Public debt
SME financing

Then explain how your economics education can help address the issue.

Economics Research Topics That Can Strengthen a PhD Application

Potential areas include:

Inflation and monetary policy
Youth unemployment
Financial inclusion
Digital payments
Agricultural productivity
Climate economics
Energy economics
International trade
Exchange-rate volatility
Public debt
Poverty and inequality
Development finance
Labour economics
Health economics
Education economics

Choose a topic where you can demonstrate genuine academic interest and relevant preparation.

Fully Funded Economics Scholarships for African Students

Students from Africa should pay particular attention to scholarships that specifically target developing countries or international applicants.

Potential routes include:

DAAD scholarships
Chevening
Erasmus Mundus
Development-focused scholarships
University-funded Master’s awards
PhD research assistantships
Government scholarships

For Nigerian applicants, Chevening is one major UK scholarship programme to investigate. Its Nigeria page provides country-specific information and application resources.

DAAD’s economics-specific ERP scholarship is also particularly relevant, although eligibility is restricted to specified countries and applicants must check whether their country is included in the current call.

Can You Get a Fully Funded PhD in Economics?

Yes.

PhD funding can sometimes be more comprehensive than Master’s funding because universities may recruit doctoral students as:

Research assistants
Teaching assistants
Doctoral researchers
Funded project members

Funding can include:

Tuition waiver
Salary or stipend
Research budget
Conference support
Health insurance

However, the structure varies considerably between countries and universities.

For PhD applicants, search university department pages for funded PhD positions, not just “scholarships.”

Common Reasons Economics Scholarship Applications Fail

1. Generic Motivation Letter

A letter that could be sent to any university is unlikely to impress.

2. No Clear Career Plan

Explain what you intend to accomplish after graduation.

3. Weak Academic Evidence

Don’t simply state that you are intelligent. Provide evidence.

4. Poor Research Proposal

For PhD applicants, the research proposal can be decisive.

5. Applying Too Late

Many 2027 opportunities have deadlines in 2026.

6. Ignoring Eligibility Rules

A scholarship may be restricted by:

Nationality
Degree level
Age
Work experience
Academic discipline
Country of residence

7. Treating Every Scholarship as Fully Funded

Always verify exactly what is covered.

Economics Scholarship Application Timeline for 2027

A useful planning calendar is:

August–September 2026

Research scholarships
Choose programmes
Check eligibility
Update CV

September–October 2026

Take IELTS/TOEFL if needed
Request recommendations
Draft motivation letters
Prepare academic documents

October–November 2026

Submit major scholarship applications
Submit DAAD applications
Complete university applications where deadlines require early submission

The current DAAD ERP listing, for example, gives a November 2026 deadline for the 2027 funding cycle.

December 2026–March 2027

Interviews
Scholarship selection
University decisions

Spring/Summer 2027

Accept offers
Apply for visa
Arrange accommodation
Prepare travel

September/October 2027

Begin studies

Frequently Asked Questions

What are the best fully funded economics scholarships for 2027?

Strong opportunities to investigate include the DAAD ERP Study Scholarship for Economics and Business Administration, broader DAAD Master’s scholarships, Chevening, Erasmus Mundus Joint Master’s scholarships and university-specific funding.

Can international students study economics in Germany for free?

Some German public universities charge relatively low or no standard tuition for many programmes, but students still need money for living expenses and other costs. A scholarship such as DAAD can provide additional financial support.

Is DAAD available for economics students?

Yes. DAAD has an economics-specific ERP Study Scholarship for eligible foreign graduates of economics and business administration seeking Master’s study in Germany.

When should I apply for a 2027 economics scholarship?

Start in 2026. Some 2027 scholarship deadlines occur several months before the academic year begins.

Can Nigerian students apply?

Yes, depending on the specific scholarship’s nationality requirements. For example, Chevening has a dedicated Nigeria programme page.

Do economics scholarships require IELTS?

Not always. Requirements depend on the scholarship and university. Where English proficiency is required, accepted tests and minimum scores vary.

Can I get a fully funded Master’s in economics?

Yes. Government scholarships, international programmes and university-specific awards can provide full or substantial funding.

Can I get a fully funded economics PhD?

Yes. Many universities fund doctoral students through scholarships, research positions and teaching or research assistantships.

Is a high GPA enough to win a scholarship?

No. Competitive awards may also assess leadership, professional experience, research potential, motivation and future impact.

Final Thoughts

Fully funded economics scholarships can significantly enhance an international student’s ability to study at a leading university without encountering overwhelming financial stress. However, it is crucial to view scholarship applications as a proactive endeavor rather than a last-minute scramble for funding.

To prepare for the 2027 intake, start early, well before the academic year begins. First, identify your area of specialization within economics, such as development economics, financial economics, econometrics, international economics, public policy, or another related field. Next, create a shortlist of universities that offer programs aligned with your academic and career goals.

For students particularly interested in studying in Germany, the DAAD ERP Study Scholarship for Graduates of Economics and Business Administration is a key opportunity to consider. The current call for the 2027 intake has a November 2026 application deadline, with funding starting in October 2027.

For those looking to study in the UK, the Chevening Scholarship is a prominent option for eligible international applicants. Additionally, Erasmus Mundus and university-specific funding opportunities can offer further support.

Most importantly, avoid applying randomly. Build a strong academic profile, prepare your documents well in advance, and craft a personalized motivation letter. Choose referees who are familiar with your abilities and can articulate how your economics education will positively impact your career and community.

Always confirm the final scholarship requirements with the official provider, as scholarship deadlines, eligible countries, participating universities, and funding conditions may change between application cycles.

By preparing early, you increase your chances of exploring more opportunities for the 2027 intake.

Official Websites to Explore

DAAD Scholarship Database:

Chevening Nigeria:

Erasmus+: