Pursuing a master’s degree in economics can open doors to global policy-making, research leadership, and high-impact positions in both public and private sectors. However, the financial investment required often poses a significant barrier—especially for students from developing countries. This is where masters in economics scholarships play a transformative role.
This article explores some of the most prestigious international scholarships available for economics-focused graduate programs, including those funded by the World Bank and the Hanken School of Economics. These scholarships not only provide financial relief but also equip scholars with the skills and networks necessary to drive economic development in their home countries.
Why Master’s in Economics Scholarships Matter
Economics is the backbone of informed policy decisions, financial systems, and global development. Scholarships targeting economics and development-related fields help build a pipeline of skilled professionals who can:
- Analyze complex economic challenges
- Formulate effective policies
- Contribute to sustainable development goals
- Lead in government, academia, and international organizations
By removing financial barriers, these scholarships empower students from low and middle-income countries to gain world-class education and return with skills that catalyze change in their regions.
World Bank-Funded Master’s in Economics Scholarships
The World Bank’s Development Economics Vice Presidency (DEC) has a long-standing commitment to capacity building in the developing world. Through scholarship and fellowship programs, DEC has supported over 7,000 scholars since 1982.
1. Joint Japan/World Bank Graduate Scholarship Program (JJ/WBGSP)
One of the most well-known masters scholarships in economics, the JJ/WBGSP is funded by the Government of Japan and supports mid-career professionals from World Bank member developing countries. The goal is to foster expertise in development-related fields.
Key Features:
- Open to nationals of developing countries
- Supports master’s degrees in development-related subjects, including economics
- Fully funded (tuition, travel, living allowance)
- Over 7,000 beneficiaries from 160 countries since 1987
Eligibility:
- Bachelor’s degree obtained at least three years before application
- Employment in a development-related field
- Admission to a partner program or a selected master’s program
This program is ideal for professionals aiming to impact public policy, education, and economic reform in their home countries.
2. Robert S. McNamara Fellowships Program (RSMFP)
While not strictly a scholarship, the RSMFP offers a unique research-focused pathway for young economists and development professionals.
Key Features:
- Connects fellows with World Bank research teams
- Offers one-on-one mentorship from World Bank researchers
- Includes a stipend for up to 8 months
- Fellows work as a cohort in Washington, D.C.
Eligibility:
- Recent PhD graduates or PhD candidates
- Research interests in economics, finance, international development, or related fields
- Citizens of developing countries
This fellowship is ideal for scholars looking to contribute to economic research and policy formulation on a global scale.
Inactive Program: Japan Indonesia Presidential Scholarship Program (JIPS)
Although no longer accepting applications, the JIPS once supported Indonesian PhD students with a €10 million grant from the Japanese government. Between 2008 and 2010, 43 Indonesian scholars pursued graduate degrees abroad under this initiative. It served as a model for bilateral scholarship partnerships aimed at enhancing local economic expertise.
Hanken School of Economics Master’s Scholarship for Developing Countries
Located in Finland, the Hanken School of Economics offers a highly competitive scholarship for students from developing countries interested in pursuing a master’s in economics or business administration.
Overview of Hanken
With over a century of academic excellence, Hanken is an internationally accredited business school. Its Masters Degree Program in Economics and Business Administration is a two-year, English-taught program focused on leadership, innovation, and applied research.
Master’s Programs Offered:
- Accounting
- Economics
- Finance
- Intellectual Property and Business Law
- International Strategy and Sustainability
- Marketing
- Supply Chain Management
Scholarship Options:
A. GBSN Premium Scholarship
- Full tuition fee waiver (15,000 EUR/year)
- 9,600 EUR/year living stipend
- For students from developing countries currently enrolled at GBSN member schools
B. GBSN Honor Scholarship
- Full tuition fee waiver only (15,000 EUR/year)
Eligibility:
- Students or alums of GBSN (Global Business School Network) member institutions
- Must apply during the main admission round (January 2026)
- Strong academic background and motivation to return and contribute to the home country’s development
Career Outcomes:
Graduates have gone on to roles in:
- Financial services and consulting
- Government and public policy
- International NGOs
- PhD programs in Europe and North America
Hanken’s scholarship supports students not just financially, but also with global networks, internships, and academic excellence that accelerate career growth.
How to Maximize Your Chances
Competition for masters in economics scholarships is intense. Here are a few tips to help you stand out:
1. Build a Strong Academic Profile
- Aim for high GPAs in undergraduate studies
- Take economics, math, or statistics courses if not already part of your curriculum
2. Gain Relevant Experience
- Work or volunteer in economic research, development programs, or financial services
- Demonstrate a strong understanding of global and regional economic issues
3. Write a Compelling Statement of Purpose
- Connect your academic background and career goals to the scholarship’s mission
- Show how you plan to contribute to economic development in your country
4. Prepare for Standardized Tests (if required)
- GRE, IELTS, or TOEFL scores may be necessary, depending on the program
- Give yourself ample time to prepare and retake if needed
Conclusion: Turning Ambition into Action
Whether you’re a mid-career professional, a recent graduate, or a young researcher, pursuing a master’s degree in economics can be a gateway to impactful change. These scholarship programs—especially those from the World Bank and Hanken School of Economics—represent life-changing opportunities for students from developing countries.
By investing in masters in economics scholarships, institutions are not only supporting individual aspirations but also building a global community of change-makers ready to shape the economic future of their nations. Take the next step, explore eligibility, and prepare to apply—you could be one of the next generation of economists leading global progress.
