In an increasingly competitive world, having better qualifications is becoming a prerequisite to beat out other candidates when job hunting.
One of the more common ways to stand out to employers is to study a Master’s Degree, which is typically done after completing an Undergraduate Degree.
However, if you’re studying overseas in the US, Europe, or Australia, a Master’s Degree can be prohibitively expensive. Plus, Singapore has some of the best universities in the Asian region, if not the world.
Therefore, pursuing a Master’s degree here makes sense. But how much does it actually cost to get a Master’s degree in Singapore at the main universities?
MOE Subsidy Makes Big Difference
At the outset, it’s important to differentiate between the tiers of fees when undertaking a Master’s degree.
If you are a Singaporean Citizen, you will have access to preferential rates in terms of fees payable versus both Singapore Permanent Residents (PRs) and International Students.
However, there is a massive difference in the annual fees paid if you are eligible for a Ministry of Education (MOE) subsidy for your Master’s degree. The main criteria for receiving an MOE subsidy is that you must not have received a government subsidy/sponsorship previously for a completed first degree.
However, for certain post-graduate courses, for example those that serve as entry requirements to certain professions such as architecture, MOE continues to provide a subsidy. Some universities, including NUS, offer fee rebates to Singaporeans and PRs as well as alumni who take up their Master’s programme.
If you qualify for the MOE subsidy, the fees payable for a Master’s can be significantly reduced. For example, at National University of Singapore (NUS), a degree in the Arts & Social Sciences can cost a Singaporean Citizen – who’s subsidised by the MOE – as little as S$9,600 per year.
Yet, if that person is not eligible for an MOE subsidy, then the cost of the same degree rises to S$37,900 per year – a near-four-fold increase in price.
Read Also: How Much Does It Cost to Do an MBA in Singapore?
NUS Academic Year 2024/2025 graduate programme fees
The cost of more specialised and expensive Master’s courses (such as Medicine and Dentistry) can be even bigger, with a Singaporean Citizen with an MOE subsidy paying $15,850 for research programmes or even up to $28,000 per year for coursework programmes.
You may also have a choice for research vs coursework programmes. In general, a master’s degree by coursework will be more structured, involving classes, assignments, some research, and even exams. On the other hand, a master’s degree by research usually involves extensive research that will result in submission of a thesis.
Source: NUS
Look To Pay At Least $10k Per Year For A Master’s programme
For most graduate programmes in Singapore, the MOE-subsidised cost will be close to at least $10,000 per year in tuition fees.
However, if there is an unsubsidised application then the annual cost rises. For example, at Nanyang Technological University (NTU), a Master of Engineering degree costs $9,750 per year if subsidised for a Singapore Citizen. If that’s not subsidised, then the cost rises to S$46,850 per year.
Singapore PRs will get a preferential fee rate, if subsidised, but it will not be as low as that for Singapore Citizens.
Meanwhile, some universities will give slightly preferential fee rates for unsubsidised Singapore Citizens versus unsubsidised Singapore PRs and International Students.
Look For Right Course And University Fit
Rather than focusing on only the cost aspect of a Master’s degree, it’s probably worth individuals’ time and effort to figure out if taking a Graduate Programme is what they really need to progress in their career.
Once you figure that out, you also have to consider the best course and university culture, instead of zooming into the costs. That’s mainly because the graduate degree costs across universities are relatively similar, and the subsidised costs across courses don’t differ hugely.
Yet the course structure and teaching environment are more variable factors that prospective students should consider as well as, of course, the university that they’re obtaining their degree from. All these will likely have a bigger impact on an individual’s choice rather than cost alone.
Read Also: CFTe VS CMT: Which Is The Best Technical Analysis Course In The Finance Industry In Singapore?
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