Ph.D. in Economics is a three to five-year doctorate course. Eligibility for the course is a postgraduate course in Economics, candidates should also have Bachelor’s degree in Economics/Bachelor in Technology in Economics from a recognized University.
Top institutes which are offering Ph.D. in Economics courses are as follows:
- Indian Institute of Technology
- Indian Statistical Institute
- Loyola College
- Indian Institute of Management
- Lovely Professional University
- Fergusson College
- IFMR - Institute for Financial Management and Research
The average tuition fee for Ph.D. in Economics ranges between INR 80,000 to 6 Lacs for the span of 3 to 5 years.
Admissions to Ph.D. in Economics courses are on the basis of counseling after clearing entrance tests depending on the colleges. Some of them are:
Major subjects studied in Ph.D. in Economics course are Agricultural Economics, Financial Economics, Labour Economics, Industrial Economics, International Economics, Business Economics, Banking Economics, Environmental Economics, Developmental Economics, Rural Economics and Rural Development and Econometrics etc.
Graduates with this degree have an opportunity in the industries like Coaching Centres, Economics Consultancies, Economics Department, Home Tuitions, Museums, Private Tuitions, Publishing House, Research and Development Agencies and Schools etc.
Some of the top companies hiring Ph.D. in Economics graduates are Bank of India, Bharat Forge, Bharat Petroleum Corporation Limited, BSNL, Cognizant, Ericsson India, Flipkart, Future Group, Goldman Sachs, Grasim Honda Two Wheelers, Indian Oil, Infosys, JCB, Mahindra Engineering, Microsoft, ONGC, Reliance, Reliance Industries Limited, TATA, Tata Power, TCS etc. The average salary for Ph.D. in Economics graduates is around INR 2 to 8 Lacs but this can be higher on the basis of experience and other factors.
Ph.D. in Economics: Course Highlights
Listed below are some of the major highlights of the course.
| Course Level | Doctorate |
| Duration | 3 to 5 years |
| Examination Type | Semester System |
| Eligibility | Post-graduation in Economics |
| Admission Process | Based on counseling after clearing Entrance Tests like UGC-NET for different colleges. |
| Course Fee | INR 80, 000 to 6 Lakh for three years |
| Average Starting Salary | INR 2 to 8 lacs per annum |
| Top Recruiting Companies | Bank of India, bharat forge, Bharat Petroleum Corporation Limited, BSNL, Cognizant, Ericsson India, Flipkart, Future Group, Goldman Sachs, Grasim Honda Two Wheelers, Indian Oil, Infosys, JCB, L T L T Engineering and Construction, Local Oye, Mahindra Engineering, Microsoft, ONGC, Reliance, Reliance Industries Limited, TATA, Tata Power, TCS |
| Job Positions | Accounting, Auditor, Banking and Finance, Insurance Investment, Marketing, Stock Broker, Media Analyst, Management, Manufacturing, Advertising, Communication, Actuarial |
Ph.D. in Economics: What is it About?
Ph.D. in Economics typically covers macroeconomics and microeconomics. However, this is a useful degree if you want to get a career in teaching or formally researching economic subjects. Once the proposal is approved and the oral exam passed, the final years of enrollment are dedicated towards the research, writing, and defense of a dissertation.
Many students are interested in pursuing higher studies in this subject. The major opportunity which lies in the field of Economics is that it is mainly involved in the field of Research. A Ph.D. degree should only be taken if a person has ample interests in research-oriented works. Mostly the PhDs are taken by people who are involved in the Academics field. This may result in better understanding of the particular field or subject in a better manner.
This could involve admissions in prestigious institutions and placements in blue-chip companies. Many of them have also been engaged in diverse fields ranging from civil society to policy making through their education, research, field action, and extension.
Students would be able to understand a wide range of theoretical debates in economics and business, analyze economic problems and evaluate the implications for economic policy and business planning & strategy after completing Ph.D. in Economics course
A master’s degree or Ph.D. in Economics is required for most economist jobs. An advanced degree is sometimes required for advancement to higher level positions.
Ph.D. in Economics: Top Institutes
| NAME OF INSTITUTE | CITY | AVERAGE COURSE FEES |
|---|---|---|
| Indian Institute of Technology | Indore | INR 3 Lakh |
| Indian Statistical Institute | Kolkata | INR 2 Lakh |
| Loyola College | Chennai | INR 3.55 Lakh |
| Indian Institute of Management | Bangalore | INR 400,000 |
| Lovely Professional University | Punjab | INR 249,500 |
| Stella Maris College | Chennai | INR 207,620 |
| School of Management, BML Munjal University | Gurgaon | INR 67150 |
| Fergusson College | Pune | INR 45,800 |
| IFMR - Institute for Financial Management and Research | Chittoor | INR 75,000 |
| Mizoram University | Mizoram | INR 80,000 |
| Madras Christian College | Madras | INR 60,000 |
| Amity University | Jaipur | INR 250,000 |
| Shri Ramswaroop Memorial University | Lucknow | INR 100,000 |
| Meenakshi College For Women | Chennai | INR 50,000 |
| AISECT University | Bhopal | INR 200,840 |
| Santosh University | Ghaziabad | INR 3 Lakh |
Ph.D. in Economics: Eligibility
To pursue a Ph.D. in Economics course, the candidate should have Masters or M.Phil. degree in Economics from a recognized university. Also the masters in Biology/Pharmacy and Economics or the relevant stream with an aggregate of 55% marks and also with valid Ph.D. entrance test along with the interview. For admission to the Ph.D. programme in Economics department, a minimum requirement is Master’s degree in Economics.
If you have taken admission to M.Phil degree through an entrance examination, you may not need to give any entrance exam at Ph.D. level. Some Universities also admit students on basis of National Eligibility Test (NET). Final Admission is given on the basis of Interview round conducted nearly a month before the commencement of the semester.
Usually, Ph.D. course admission is done after Masters or M.Phil degree, but if you happen to be one of the toppers in UG BE/B.Tech course from a reputed university, you may be eligible for direct admission to the Ph.D. course. Such candidates require 75% marks in qualifying examination along with a valid GATE score.
Ph.D. in Economics: Admission Process
In India, universities have rights to set their own procedure and standards for the Ph.D. programme admissions. But the set of requirements for the application are similar. These should include a research proposal, detailing the proposed outline of your Ph.D. project, and explaining the methodology you plan to employ.
This is referred to as the National Eligibility Test (NET) and is administered by the University Grants Commission (UGC) for most subjects, with the exception of Science and Engineering which are covered by the Council of Scientific and Industrial Research (CSIR).
Entrance Exams are:
Although an undergraduate degree or a master's degree in economics may be helpful for admission, most programs only require prospective students to have completed a year or more of college-level economics. Additionally, many programs require applicants to have completed several semesters of calculus. While not required, some programs also recommend that students complete courses in statistical analysis before applying.
In addition, most programs require applicants to submit scores from the Graduate Record Examination (GRE) and letters of recommendation. Many economics departments require that prospective candidates also provide a statement of purpose. The statement should outline the student's goals and also indicate possible research areas, like international economics or income distribution.
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Ph.D. in Economics: Syllabus and Course Description
| PAPER I) COURSE ON RESEARCH METHODOLOGY | PAPER II) ADVANCED TOPICS IN ECONOMICS |
|---|---|
Unit-1:
|
Unit 1: Micro and Macro Economics
|
Unit-2:
|
Unit 2: International Trade, International Finance, Corporate Finance
|
Unit-3:
|
Unit 3: Development and Growth Theory • Theories of under-development • Classical Growth Models • Endogenous Growth Models • Sustainable Development |
| Unit-4: • Methods of Analysis: Simple and Multiple Regression • Time series analysis • Problems in econometric estimation | Unit 4: Economic Issues and Policy-I • Planning and Economic Reforms • Financing of Infrastructure Development, Education Sector, • PSUs, Privatization and Disinvestment, • Fiscal and Monetary Policy Approaches Tax Reforms, Central Government Finances • Financial Sector Reforms, Money and Capital market. • Foreign Trade Liberalization, Balance of Payments, Exchange Rate • World Trade Organization (WTO) and Indian Competition Policy. • WTO and Effects of Trade (Liberalization and Globalization) on Poverty, Inequality, Environment, Gender, Labour Standards, Technological Transfers etc. |
| Unit-5: • Documentation - writing the research thesis • Introduction to statistical and econometric software | Unit 5: Economic Issues and Policy-II • Poverty, Income Distribution and Justice • Migration and Demographic Transition • Land Reforms in India and their impact on Agrarian Structure • Nature and Problems of Rural Development in India • Indian Industry and Structural Changes • Rural industrialization and strategies • Rural poverty alleviation and employment programmes |
Ph.D. in Economics: Career Prospects
The students can opt in for the various specializations which are available such as:
- Applied Economics
- Econometrics
- Business economics etc.
The candidates can clear NET conducted by UGC for lecture posts. The remuneration in this field is pretty good when compared to others.
| Work Location | Salary |
|---|---|
| Mumbai, Maharashtra | INR 258,000 - 645,000 |
| Chennai, Tamil Nadu | INR 200,000 - 720,000 |
| Hyderabad, Andhra Pradesh | INR 1,80,000 |
| Bangalore, Karnataka | INR 5,40,000 |
A Ph.D. degree will help a person to get into the research-oriented teaching profession.The candidates can also get employed in Research labs etc. After Ph.D. one can also apply for the Junior Fellowship exams. Hence the course of Economics in is in higher demand among the students nowadays.
The career prospects for Ph.D. in Economics graduates are many. Numerous fields are waiting for economic graduates both in the public as well as the private sectors. The average salary is Rs 4 to 8 lakh per annum.
Ph.D. in Economics? Employment Opportunities
The various fields are offering better job opportunity after passing Masters or M.Phil. in Economics.
- Accounting
- Auditor
- Banking and Finance
- Insurance Investment
- Marketing
- Stock Broker
- Media Analyst
- Management
- Manufacturing
- Advertising
- Communication
- Actuarial
- Education and Research
- Retailing
- System Analysis
Postsecondary economics teachers and economists are two careers in which a Ph.D. in Economics is helpful.
Different Fields of Economics
There are various fields of economics. Some of the important disciplines are given here.
- Agricultural Economics
- Financial Economics
- Labour Economics
- Industrial Economics
- International Economics
- Business Economics
- Banking Economics
- Environmental Economics
- Developmental Economics
- Rural Economics and Rural Development
- Econometrics
You can apply to Indian Economic Services.
Read about more Ph.D. in commerce courses
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| Job Position | Job Description | Average Annual Pay Scale in INR |
|---|---|---|
| Lecturer/Professor | The NET is conducted to determine the eligibility for Junior Research Fellowship Award or Assistant Professor. A lecturer’s job provides a stable salary and gives you a chance to constantly increase your knowledge. | 295,493 |
| Banker | Bankers give their customers a wealth of services. They assist in setting up certificates of deposit and opening a checking or savings account as well as handling trusts, investment accounts, deposits, lines of credit and much more. | 467,000 |
| Economists | An economist researches and interprets trends related to goods, services, and resources. They provide advice on economics to businesses and individuals. | 455,286 |
| Geographer | A geographer uses qualitative and quantitative methods to gather and analyze data, synthesizing it into maps, reports, and other usable formats. Geographers specialize in the study of physical and human characteristics of an area, such as vegetation or population density. Employment often requires at least a bachelor's degree - and more commonly a master's degree - and relevant experience. Professional GIS certification may also be required. | 5,14,536 |
| Econometricians | Reaching agreements about research projects with internal or external clients Monitoring and evaluating the data collection process. Using statistical software to organize and analyze the information gathered | 478,705 |
| Public Relations Officer | Public relations (PR) is about managing reputation. To provide support and understanding to the clients as well as to try to influence them by your opinions and behavior. All means of media and communication should be used to manage the reputation of the customers. | 240,790 |
| Industrial organization economists | Industrial economists analyze savings, investments, and risk. Industrial economists study the supply of workers and the demand for labor by employers. | 8,70,558 |
| Political Scientists | Political scientists research the developmental and organizational aspects of political institutions, including government policies and patterns. While a bachelor's degree may qualify some candidates for entry-level positions with government entities, nonprofit associations, political campaigns or research organizations, completion of a master's or Ph.D. program in political science or public administration is the usual requirement for obtaining a position. | 4,66,071 |
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