MPhil Economics is a postgraduate academic research course for a duration of minimum one year. An MPhil is also considered as an intermediate degree between a Masters and a Doctorate degree.
It is designed for students who wish to attain a comprehensive background in Economics, investigating the broad range of issues impacting financial conditions and decisions at an advanced level.
MPhil Economics Syllabus includes researching at the local and global levels fields of Politics, Economics, Law, Psychology, Geography, and History. Check detailed Syllabus of M.Phil. Economics here.
A candidate with MSc Economics or an equivalent degree with a minimum aggregate of 55% marks is eligible to pursue this course. They should also qualify the national level entrance test such as NET JRF/NET LS/SLET or university level test. The average fees for M.Phil. Economics ranges from INR 10,000 to INR 1,00,000 in Indian colleges/universities.
After completion of the course, students can work as an Economist, Research Analyst, Assistant Professor, Fund Analyst, Risk Advisor etc. with top recruiters such as AON Hewitt, Tata Consultancy Services, Accenture, Godrej, Coca-Cola and so on. The average salary is expected to be in the range of INR 7,00,000 to INR 15,00,000 per annum.
The graduates can also choose to pursue a Ph.D. in Economics after completion of M.Phil. in Economics. An M.Phil. degree holder is exempted from a written test to apply for a Ph.D. degree, therefore M.Phil. acts beneficial for candidates planning to pursue a Ph.D. in future.
Table of Content
2.1 Why Study?
3.2 Entrance Exams
3.3 How to get admission in a good MPhil Economics college?
- MPhil Economics Distance Education
- MPhil Economics Syllabus
- Course Comparison
- MPhil Economics Job Prospects
8.1 Future Scope
MPhil Economics: Course Highlights
M.Phil. in Economics usually offers huge opportunities in the future, therefore students majoring in Economics usually choose to do M.Phil. The basic information about the course is mentioned in the table below:
| Course level | Post Graduate - Academic Research |
| Duration | One year |
| Examination Type | Semester |
| Eligibility Criteria | Masters in Economics |
| Admission Process | Entrance Test |
| Course Fee | INR 10,000 - INR 1,00,000 |
| Average Salary | INR 7,00,000 - INR 15,00,000 |
| Top Recruiting Companies | Aon Hewitt, Tata Consultancy Services, Accenture, Godrej, Coca-Cola, etc. |
| Job Positions | Economist, Assistant Professor, Risk Advisor, Research Analyst, Fund Analyst, etc. |
MPhil Economics: What is it about?
Given below are details about the MPhil in Economics program.
- Economics is the practical and abstract study of wealth formation and distribution.
- M.Phil in Economics is well divided into a taught portion and a significant portion of the research, during which a thesis project is carried out under supervision.
- It has developed considerably as a field and now integrates a variety of other topics, including Sociology, Geography, Law, and many others, to improve our collective understanding of the current economic structures today.
- The Economics research offers a comprehensive structure for examining, researching, writing, and teaching a wide variety of financial and national economic issues.
- The course allows students to combine economic theory with empirical analysis, using statistical methods to analyze public policy problems and the business / financial domains.
- The program includes a dissertation in partial fulfillment of the Degree award requirements.
Why Study MPhil Economics?
The reasons to study M.Phil. Economics course will differ from candidate to candidate. Some of the reasons why most choose this field of study have been elaborated below.
- Learning about economic principles will help you understand the news, make financial choices, influence public policy, and see the world in a different way.
- Studying an economics degree gives a range of subject-specific skills that allows applying economics knowledge to real-world situations.
- The discipline has two essential features: build mathematical behavior models to forecast reactions to changes in policy and market conditions, and use quantitative statistical analysis to analyze those changes.
- This is an opportunity to become an authority in the chosen subject and contribute academically and practically to knowledge.
- It will also enable the education sector of the country to expand and improve.
- The course puts out research on human behavior and explains social processes using theoretical models or empirical evidence.
- This boosts high-paid job prospects and opens up a wide variety of opportunities.
MPhil Economics Admission Process
- MPhil admissions are done mainly through the Entrance Test followed by a personal interview conducted by the respective institute/university.
- Candidates who have passed national entrance exams such as NET JRF / NET LS / SLET are excluded from the entrance examination at university level, but must be eligible for the personal interviews before securing a seat in the program.
- Application forms for admissions are invited generally during the month of May for the M.Phil. program on web portals/newspapers/websites of the college/university.
- Institute / College may specify a higher credit requirement for their MPhil program.
- The Selection Committee will call eligible candidates possessing the minimum educational qualifications and satisfying score in the entrance exam and satisfying additional and stiffer criteria set from time to time, for an interview and/or test.
- Based on the academic record and the performance of the candidates in selection criteria, candidates found suitable for admission will be accepted.
- Reservations apply to SC / ST / EWS / OBC NCL / PwD candidates as per Govt. of India rules.
Entrance Based Admission
The most popular M.Phil. entrance exams in the country is UGC NET, which is required for admission into primarily public universities. Private institutes also conduct their own examinations or rely on the national/ state level entrance exams. The guide to apply for entrance exam based admission is as follows.
- Candidates need to register on the official website by providing their email id, mobile number, and password.
- Fill up the online form with personal and academic details and course details.
- Upload all the scanned documents like candidate’s Photograph, Signature, Photo Identification, mark sheets, caste certificate, etc.
- Payment of the application fees using a Net banking, debit/credit card.
- Submission of the application fee and form, submit, and download the form for future references.
MPhil Economics Eligibility Criteria
Students who wish to pursue M.Phil. in Economics should fulfil the minimum eligibility criteria mentioned below:
- Candidates must hold a Master’s Degree in Economics or allied subjects from a recognized institute.
- Minimum aggregate of 55% marks in the Master's Degree or equivalent grade B in the UGC 7 point scale or equivalent.
- In the case of reserved category SC/ST/OBC/PH candidates, a relaxation of 5% marks or equivalent grade is given as per UGC guidelines.
- NET JRF / NET LS applicants are excluded from appearing for university entrance examinations, but must appear for the personal interview round.
- There is no age bar to apply for the M.Phil in Economics.
- Candidates should have strong communication skills, or the ability to communicate verbally and in writing.
MPhil Economics Entrance Exams
Candidates need to qualify the entrance exam conducted by UGC, State, or University to secure a seat in MPhil Economics course. Below is a list of some entrance exams applicable for M.Phil. programs:
The dates of application and examination for the above-mentioned examinations are mentioned in the table below:
| Entrance Exam | Exam Dates |
|---|---|
| IIT JAM | Check Here |
| VITMEE | Check Here |
| UGC NET | To be Announced |
COVID-19 related information :
- Most of the entrance exams have been postponed due to COVID-19. The dates for the entrance exams will be released on the official website in due course of time.
- Many universities / institutes opt for the personal interview via video conferencing.
How to prepare for the MPhil Economics Entrance Exam?
To prepare for the entrance exams, candidates should know the syllabus, the books to refer to, and the question pattern, and they should prepare according to it. They should also refer to the previous year question papers and also appear for the mock tests. Some of the important points that candidates can keep in mind while preparing for the exam are given below:
- Exam Pattern: The exam is usually of 2-3 hour duration. It is divided into MCQ and subjective questions with a minimum of 100 marks.
- Important topics: The syllabus of most of the entrance exam usually include common topics from the master studies that include Micro Economics, Macro Economics, Statistics and Econometrics, Mathematical Economics, International Economics, Public Economics, Money and Banking, Growth and Development Economics, Environmental Economics and Demography, and Indian Economy.
- Books: The candidates can simply refer to their coursebook studies in the master's degree program.
How to get admission in a good MPhil Economics college?
To secure admission into a top-ranking MPhil Economics college, a number of factors come into play. Some of the following tips will be helpful in that regard.
- To secure a seat in a good college for an M.Phil. in Economics, candidates must hold an exceptional academic record.
- Candidates must look out for an advertisement for MPhil admissions to be aware of the vacancy in the research area of your choice.
- Candidates must appear for National Entrance Tests and score high ranking marks to secure a seat in a good college.
- Candidates should put their time and effort in the entrance test as well as be prepared for a personal interview round.
- Be thorough with Economics subjects and be well versed with bachelor and post-graduation subjects.
- They should check the eligibility, cut-offs, selection criteria, admission process, application procedure, and other updates for better preparation.
MPhil Economics Top Colleges
Here is the top M.Phil. Economics college list for your reference. These colleges show the admission process, location, and average fee charged for M.Phil in Economics:
| Name of the Institute | City | Admission Process | Average Annual Course Fee | Average Annual Placement Package |
|---|---|---|---|---|
| JNU | New Delhi | JNUEE | INR 1,391 | INR 9,00,000 |
| Jadavpur University | Kolkata | Entrance Test | INR 3,600 | INR 19,96,000 |
| University of Hyderabad | Hyderabad | Entrance Test | INR 8,670 | INR 5,00,000 |
| Calcutta University | Kolkata | RET | INR 4,400 | INR 2,30,000 |
| Jamia Millia Islamia | New Delhi | Entrance Test | INR 13,870 | INR 4,50,000 |
| Bharathiar University | Coimbatore | TANCET | INR 9,400 | INR 4,20,000 |
| Banasthali University | Jaipur | Entrance Test | INR 74,500 | INR 3,60,000 |
| Mumbai University | Mumbai | Entrance Test | INR 2,696 | INR 3,20,000 |
| Dr. Babasaheb Ambedkar Marathwada University (BAMU) | Aurangabad | Merit-Based | INR 1,181 | INR 3,00,000 |
| Maharshi Dayanand University | Rohtak | MDUEE | INR 3,984 | INR 4,00,000 |
Source: College Websites
MPhil Economics College Comparison
Below is the college comparison of the top colleges offering M.Phil. in Economics course. The comparison has been made in terms of several parameters in regards to M.Phil in Economics like average fee, college overview, admission process, top recruiter, and many others.
| Parameters | Loyola College | Madras Christian College | Christ University |
|---|---|---|---|
| Overview | It was established in 1925 and granted the status of autonomy, affiliated to the University of Madras. This college offers a large number of programs at the UG, PG and Research level | It is affiliated to the University of Madras. It is a private college that was founded in 1837. | It is a deemed private university. It is recognized by UGC and accredited by NAAC. This deemed university is known for its Research Courses. |
| Location | Chennai | Chennai | Bangalore |
| Eligibility Criteria | Master's Degree in Economics | Master's Degree in Economics | Master's Degree in Economics |
| Admission Process | Entrance test + PI | TANCET | CUET + PI |
| Average Annual Fees | INR 7,200 | INR 31,500 | INR 50,000 |
| Average Annual Salary | INR 5,50,000 | INR 2,50,000 | INR 6,85,000 |
| Top Companies Visited | HCL, Cactus, Real Foundations, Sutherland, etc. | Larsen & Toubro, Tata Consultancy Services, Infosys, Deloitte, and others. | KPMG, Accenture, ICICI Bank, Deloitte, Ernst & Young, etc. |
Source: College Websites
MPhil Economics Distance Education
Many students choose distance learning as it gives them the ability to study at their own pace. M.Phil in Economics can be completed in more than 2 years through Distance Education program. A degree acquired by distance education is a valid degree and is typically selected by the working professionals.
| Name of the University | Location | Course Duration | Admission Procedure | Average Annual Course Fees |
|---|---|---|---|---|
| IGNOU | New Delhi | 4 years | Entrance Test | INR 10,500 |
| Tamil Nadu Open University | Chennai | 3 years | Entrance Test | INR 10,000 |
| Mother Teresa Women’s University | Kodaikanal | 2 years | Entrance Test | INR 9,500 |
MPhil Economics Syllabus
The research course is a minimum of one year. It includes a taught portion and research portion during which a thesis project is carried out under supervision.The M.Phil. in Economics syllabus shall include :
| Paper I: Research Methodology |
|---|
| Understanding Research |
| Data and its Collection and Sampling Considerations |
| Probability Distribution and Testing of Hypothesis |
| Econometric Methods |
| Research Results Reporting, Referencing Techniques and Plagiarism |
| Paper II: Advances in Economic Theory and Policy |
| Advances in Microeconomic Theory |
| Advances in Macroeconomic Theory |
| Trade and Development Dynamics |
| Contemporary issues of Indian Economy |
| Review of Literature |
| Paper III: Dissertation |
Some reference books to guide for M.Phil in Economics and understand the concepts of research areas are:
| Book | Author |
|---|---|
| Statistics for Business and Economics | Anderson, Sweeney and Williams |
| Basic Econometrics | Gujarati, D; Porter, D. C. & Gunasekar, S. |
| Microeconomic Theory: Mathematical Approach | Henderson, M. and R.E. Quandt |
| Advanced Macroeconomics | Romer, D |
| Development Economics | Ray, D. |
| Development in India Micro and Macro Perspectives | Dev, S. Mahendra, Babu, P.G. |
| International Economics | Salvatore, D., and Reed |
MPhil English vs MPhil Development Studies
M.Phil. in Economics and M.Phil. in Development Studies are almost similar courses except for a few differences. The below-given comparison is given keeping in mind all the important parameters of differences in M.Phil in Economics and M.Phil in Development Studies:
| Parameters | M.Phil. in Economics | M.Phil. in Development Studies |
|---|---|---|
| Degree Type | Post Graduation Research | Post Graduation Research |
| Overview | M.Phil. in Economics focuses on the research and evaluation of products and services use, output, and distribution. | M.Phil. in Development Studies typically concentrate on topics related to economic and growth problems at national and global levels. |
| Examination Type | Semester | Semester |
| Average Annual Fees | INR 10,000 - INR 1,00,000 | INR 4,000 - INR 40,000 |
| Duration | 1 - 2 years | 2 - 3 years |
| Eligibility Criteria | Master's degree in Economics | Master’s degree in any discipline |
| Admission Process | Entrance Test + PI | Entrance Test + PI |
| Top Colleges | Loyola College, Madras Christian College, Christ College, Presidency College, PSG College | Jamia Millia Islamia University, Mahatma Gandhi University, Ambedkar University, Institute of Development Studies |
| Top Recruiting Companies | Aon Hewitt, Tata Consultancy Services, Accenture, Godrej, Coca-Cola, etc. | Centre for Studies in Society and Development, Govt. of India Offices such as NITI Aayog, Ambedkar University, International Organizations such as UNDP, Allahabad University, etc. |
| Job Positions | Economist, Assistant Professor, Risk Advisor, Research Analyst, Fund Analyst, etc. | Lecturer, Researcher, Scientist, Social Worker, Advisor, Development Manager, etc. |
| Average Annual Salary | INR 7,00,000 - INR 15,00,000 | INR 2,00,000 - INR 6,00,000 |
| Further Studies | Doctorate in Economics | Doctorate in Development Studies |
MPhil Economics Job Prospects and Career Options
There are a large number of job opportunities and career options in front of students on completion of M.Phil. Economics course. Some of the prominent ones are:
- Economics students have an array of resources in many fields, irrespective of industry. A number of employers want the transferable skills you gain from Economics, whether you are looking to pursue a similar economic profession or exploring other fields.
- Every company is seeking graduates from Economics to gain an edge over its rivals. Although it makes one eligible for admission to a Ph.D. program, on the one hand, it also makes one eligible for an assistant professorship in different universities.
- The consultancy companies also employ students to fund research projects.
- Here are some job positions available after pursuing MPhil Economics degree:
| Job Profile | Job Description | Average Annual Salary |
|---|---|---|
| Economist | Economists are specialists in economics who research business behavior. Its primary tasks include gathering and analyzing financial and socio-economic data, advising companies and governments on economic decisions, and designing economic forecasting models. | INR 10,00,000 |
| Research Analyst | A Research Analyst is responsible for studying, evaluating, interpreting, and presenting data pertaining to markets, operations, finance/accounting, economics, consumers, and other knowledge related to the field in which they operate. | INR 4,00,000 |
| Assistant Professor | Assistant Professors are working in universities or colleges where they perform research and teach. They assist full professors, guide and supervise graduates, and spend time doing research and study. | INR 4,50,000 |
| Fund Analyst | Investment analysts offer financial information, advice, and guidance derived from global investment data to stockbrokers, fund managers, and stock market traders. Investment banking work hours are notoriously long but compensation is good. | INR 5,80,000 |
| Risk Advisor | Risk consultants use their experience in accounting, business, and math to determine their clients' stakes in financial decisions. We then come up with strategies to mitigate the risk. Consultants also specialize in insurance related to life, safety, accident, or properties. | INR 9,00,000 |
| Quantitative Modelling Manager | Formulate problem models for mathematics or simulation, comparing constants and variables, constraints, alternatives, contradictory goals, and their numerical parameters. Perform model validation and testing to ensure adequacy and to reformulate models as needed. | INR 7,80,000 |
Source: College Websites
MPhil Economics Future Scope
Students can prefer to do jobs after completion of MPhil Economics or can go for further research. The most popular choices of education post completing a MPhil Economics degree are as follows.
- It's worth considering which branches of Economics are of interest or where you see your future taking you because that will make it easier to determine which subjects to research.
- There are a large number of MPhil Economics jobs. You can choose in accordance to your area of interest.
- Appearing for UGC NET / UGC CSIR widens opportunities in teaching / academic areas.
- After completion of M.Phil., a candidate can opt for a Ph.D. in Economics. Candidates are exempted from the Ph.D. entrance exam provided they have completed M.Phil.
- The course incorporates high-level analysis of key subjects, the ability to study advanced field topics, and the experience of writing a research paper, offering an excellent basis for a career as a professional economist.
- They also contribute to many other public initiatives including health care, housing, and education reform as well as attempts to minimize inequality, pollution, and crime.
MPhil Economics FAQs
Some of the most frequently asked questions related to MPhil Economics course are provided below:
Ques. What are the alternatives for a personal interview for an M.Phil. in Economics?
Ans. Due to Covid-19, in the current situation colleges and institutes are opting for video-conference mode for shortlisted candidates for Personal Interview for the M.Phil. in Economics program. The college will reach out to you regarding the same. Keep checking the official websites for updates.
Ques. Is financial aid provided to pursue M.Phil. in Economics?
Ans. Research scholars who have passed national level exams with JRF or equivalent receive financial assistance from the funding agency concerned. Non NET UGC fellowships are offered for research scholars who have no financial support.
Ques. What are the benefits of doing M.Phil. in Economics?
Ans. An M.Phil. in Economics delivers advanced research skills and experience valued by a variety of employers. The aim of the course is to develop a strong foundation in core economic disciplines such as micro and macroeconomics, econometrics, and mathematics, combined with elective courses offering subjects focused on research interests.
Ques. Is the entrance exam mandatory to secure a seat in the M.Phil in Economics Program?
Ans. Yes, it is mandatory to qualify the entrance test to secure a seat in M.Phil in Economics. The M.Phil in Economics entrance examination consists of two papers, General Aptitude & Research Methodology, and Economics studied at the postgraduate level.
Ques. What is the structure of a dissertation?
Ans. A typical paper or thesis may have the following structure: Title page – One page with the title, date, degree to which the report was submitted, and the full name. Abstract – A short project description, no more than one paragraph in length, summarizing the objectives, history, methods, and findings.
Ques. What is the eligibility to apply for M.Phil in Economics?
Ans. A candidate with a Master’s degree in Economics or equivalent examination securing a minimum aggregate of 55% marks is eligible provided they qualify the national level entrance test such as NET JRF / NET LS / SLET or university level test.
Ques. Is M.Phil. compulsory to pursue a Ph.D.?
Ans. It is not mandatory to pursue M.Phil. before applying for a PhD. The candidate who has completed M.Phil. adds more value to a doctorate degree. While some universities offer direct admissions to M.Phil. holders.
Ques. What to expect in M.Phil. in Economics?
Ans. M.Phil in Economics is well divided into a taught portion and a significant portion of the research, during which a thesis project is carried out under supervision. The course allows students to combine economic theory with empirical analysis, using statistical methods to analyze public policy problems and the business / financial domains.
Ques. What can I pursue after M.Phil.?
Ans. M.Phil lays down the foundation for a doctorate. A candidate can pursue a doctorate after MPhil.
Ques. How long does it take to complete M.Phil in Economics?
Ans. It takes a minimum of one year to complete M.Phil in Economics. It is divided into semesters and the dissertation is the crucial part to complete the degree.
Ques. Is there any extension for the application procedure for M.Phil in Economics?
Ans. Yes, most of the institutes have extended the application procedure for M.Phil in Economics. You can check the official website to be updated with the new dates for the application process. The admission committee monitors the announcements from the authorities of UGC, NTA, and so on.
Ques. What is the difference between a Ph.D. and an M.Phil.?
Ans. A doctoral degree has an advantage over an M.Phil. Doctoral thesis is commonly used as a preparation for advanced study. The theoretical work in a Ph.D. degree must usually be original. The research in the dissertation should not be compulsorily original as it is in MPhil, but may replicate a study that has already been done.
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