PhD Economics is a doctorate program in economic theory, game theory, energy economics, applied microeconomics, labor economics, and theoretical and applied econometrics. The program lasts a minimum of two years (three years for external applicants) and a maximum of five to six years from the time of registration. Admission requirements and minimum qualifications would be the same for regular students.
Some of the major subjects studied in a PhD in Economics program are: Financial Economics, Labor Economics, Agricultural Economics, Industrial Economics, International Economics, Business Economics, Banking Economics, Environmental Economics, Econometrics, Rural Economics and Rural Development, and Developmental Economics. Candidates will be able to grasp a broad variety of theoretical debates in business and economics, analyze economic problems, and assess the implications for economic policy and business planning and strategy courses.
Table of Contents
PhD Economics: An Overview
|Level of Course||Doctorate|
|Duration of Course||3 to 5 years|
|Type of Examination||Semester System|
|Eligibility Criteria||Post-graduation in Economics|
|Process of Admission||Based on counseling after clearing Entrance Tests like UGC-NET for different colleges.|
|Fee for Course||INR 80, 000 to 6 Lakh for three years|
|INR 2 to 8 lacs per annum|
|Top Hiring Firms||Bharat forge, Bharat Petroleum Corporation Limited, BSNL, Bank of India, Cognizant, Ericsson India, Flipkart, Future Group, Goldman Sachs, Indian Oil, Infosys, JCB, L T L T Engineering and Construction, Grasim Honda Two Wheelers, Local Oye, Mahindra Engineering, Microsoft, ONGC, Reliance, Reliance Industries Limited, TATA, Tata Power, TCS|
|Job Positions||Auditor, Banking and Finance, Insurance Investment, Accounting, Marketing, Actuarial, Stock Broker, Media Analyst, Management, Manufacturing, Advertising, Communication|
PhD Economics Eligibility
A candidate for a PhD in Economics program must have a Masters or M.Phil. in Economics from a recognized university. Also required is a master’s degree in Biology/Pharmacy, Economics, or a related field with a minimum of 55 percent in each subject and a valid PhD entrance exam as well as an interview. A Master’s degree in Economics is required for admission to the Economics Department’s PhD program.
If you were admitted to an M.Phil. program through an entrance exam, you may not need to take an entrance exam for a PhD program. Some universities also accept students based on their performance on the National Eligibility Test (NET). Final admission is based on an interview round that takes place nearly a month before the semester begins.
PhD Economics: Focus Areas
- Macroeconomics and microeconomics are typically covered in a PhD in Economics. This degree, on the other hand, is useful if you want to teach or conduct formal economic research. The final years of the program are dedicated to the research, writing, and defense of a dissertation after the proposal has been approved and the oral exam has been passed.
- Many students are willing to pursue their education in this field. The most significant opportunity in the study of Economics is that it is primarily concerned with research. A PhD degree must only be pursued if a person has a strong interest in research. PhD programs are typically pursued by people who work in the academic field. This could help in a better understanding of the specific field or subject.
- This could include admissions to prestigious universities and job placements at Fortune 500 companies. Through their own education, research, field action, and extension, many of them have worked in a variety of fields ranging from civil society to policy making.
- After completing the PhD in Economics course, students will be able to comprehend a broad variety of theoretical debates in business and economics, analyze economic problems, and assess the implications for economic policy and business planning and strategy.
- Most economics jobs require a master’s or doctoral degree in economics. For advancement to higher-level positions, an advanced degree is often required.
PhD Economics Admission
Universities in India are free to set their own admissions procedures and standards for Ph.D. programs. However, the application’s set of requirements
For most subjects, the University Grants Commission (UGC) administers the National Eligibility Test (NET), with the exception of Science and Engineering, which are covered by the Council of Scientific and Industrial Research (CSIR).
Although an undergraduate or master’s degree in economics may be advantageous, most programs only enable potential candidates to have completed one year or more of college-level economics. Many programs also demand that applicants have completed a few semesters of calculus. While not required, some programs advise students to take statistical analysis courses before applying.
In addition, the Graduate Record Examination (GRE) and letters of recommendation are usually required for most programs. Many economics departments also require a statement of purpose from prospective students. The statement should include the student’s objectives as well as potential research areas, such as global relations or income distribution.
PhD Economics: Some Important Entrance Exams
- JCECE (Jharkhand Combined Entrance Competitive Exam)
- UGC NET
- IIM Ph.D. test
PhD Economics: Important Documents Required
- Mark-list of the last qualifying degree examination
- passing/degree certificate of the last qualifying degree examination.
- No objection certificate from the employer (if employed)
- A character certificate (from the head of the institute from which the student has obtained his qualifying degree)
- Documentary proof of the date of birth
- Gap certificate (if applicable)
- Migration Certificate (No objection certificate from the university last attended)
- Research Proposal
Students should be aware that if the aforementioned certificates are not attached to their application, their application will not be taken into account for admission.
PhD Economics Syllabus
|First Paper- COURSE ON RESEARCH METHODOLOGY||Second Paper- ADVANCED TOPICS IN ECONOMICS|
|Unit-1:Introduction to scientific philosophy and research methods Research Design: What is the need for research design? What are the characteristics of a good research design? What are the different types of research designs? Fundamental principles of experimental design are outlined in this survey. Problems and limitations with case studies Research project planning and implementation: research project planning, problem formulation, research strategy, and methods||Unit 1: Micro and macroeconomics are two types of economics. Choice under Certainty and Uncertainty in Consumer Demand Theory Cost and Production Theory The Closed and Open Economy’s Inflation and Unemployment Options for macroeconomic policy|
|Unit-2:Data collection methods include direct and indirect methods. Questionnaires and schedules are used to collect data. Issues with data collection Data Processing: Data Processing Operations and Issues The meaning and applications of sampling design Techniques for measurement and scaling include: Measurement scales and sources of measurement errors||Unit 2:International Trade, International Finance, and Corporate Finance are all terms that can be used to describe different aspects of international trade Intra-industry trade, free trade versus protection, and modern trade theory and policy Benefits from free trade are examined. Theories of the Balance of Payments and the Determination of Exchange Rates Policy Misalignment and Adjustment at Fixed and Flexible Exchange Rates Financial Derivatives Modern Investment Theory|
|Unit-3:Data Analysis: Measuring and analyzing data Theoretical Distributions: Normal, Poisson, and Binomial Statistical Estimation and Testing of a Hypothesis Central Tendency, Skewness, Dispersion,and Kurtosis Theoretical Distributions: Normal, Poisson, and Binomial Statistical Estimation and Testing of a Hypothesis||Unit 3:• Theories of underdevelopment • Classical Growth Models • Endogenous Growth Models • Sustainable Development • Development and Growth Theory|
|Unit-4: • Simple and Multiple Regression are two types of analysis methods. • Time series analysis • Estimation problems in econometrics||Unit 4: Policy and Economic Issues-I • Economic Reforms and Planning • Infrastructure Development Financing, Education Sector Financing, PSUs, Privatization and Disinvestment Financing, PSUs, Privatization and Disinvestment Financing, PSUs, Privatization and Disinvestment Fina • Approaches to Fiscal and Monetary Policy Finances of the Central Government, Tax Reforms • Reforms in the financial sector, as well as the money and capital markets. • Liberalization of foreign trade, balance of payments, and exchange rate • Indian Competition Policy and the World Trade Organization (WTO). • The World Trade Organization (WTO) and the Impact of Trade (Liberalization and Globalization) on Poverty, Inequality, the Environment, Gender, Labor Standards, and Technological Transfers, among other things.|
|Unit-5: • • Introduction to statistical and econometric software • Documentation – writing the research thesis||Unit 5: Economic Issues and Policy-II • Income Distribution, and Justice • Poverty Indian Industry and Structural Changes|
Migration and Demographic Transition • Land Reforms in India and Their Impact on Agrarian Structure • Nature and Problems of Rural Development in India • Rural industrialization and strategies
PhD Economics: Top Academic Institutes
|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|
PhD Economics: Suitable Candidates for the Course
- If you need a PhD for a promotion in academia, a raise in salary, or a stable job in academia, this course is for you. Such applicants should enroll in state-run universities and part-time PhD programs.
- They must be able to evaluate their own, other people’s, or organizations’ performance in order to bring about improvements or take the appropriate action.
- Applicants should also be able to comprehend how new information affects current and future problem-solving and decision-making.
- Applicants must also have time management skills, such as the ability to complete specific tasks within specified time frames.
Required Skills for PhD Economics
|Passionate||Good Communication Skills|
PhD Economics: Important Job Profiles
|Position of Job||Description of Job||Average Annual Pay|
|Lecturer/Professor||The NET is used to determine whether a candidate is eligible for a Junior Research Fellowship Award or an Assistant Professor position. A lecturer’s job provides a steady income and allows you to expand your knowledge on a regular basis.||295,493|
|Banker||Bankers provide a wide range of services to their clients. They can help with everything from setting up certificates of deposit to opening a checking or savings account, as well as investment accounts, deposits, trusts, lines of credit, and more.||467,000|
|Economists||An economist is a person who studies and interprets trends in goods, services, and resources. They offer economic advice to both businesses and individuals.||455,286|
|Geographer||A geographer collects and analyses data using both qualitative and quantitative methods, then synthesizes it into reports, maps,and other usable formats. Geographers are experts in the study of an area’s physical and human characteristics, such as vegetation and population density. A bachelor’s degree – or, more commonly, a master’s degree – and relevant experience are frequently required for employment. It’s possible that professional GIS certification will be required.||5,14,536|
|Econometricians||Getting internal or external clients to agree on research projects The process of collecting data is being monitored and evaluated. Organizing and analyzing the data gathered with statistical software||478,705|
|Public Relations Officer||The purpose of public relations (PR) is to keep one’s reputation in good shape. To provide support and understanding to clients while also trying to influence them with your words and actions. All available mass communication channels should be used to manage customers’ reputations.||240,790|
|Industrial organization economists||Savings, investments, and risk are all examined by industrial economists. The supply of workers and the demand for labor by employers are studied by industrial economists.||8,70,558|
|Political Scientists||Political scientists study the growth and structure of political institutions, as well as government policies and patterns. Whereas a bachelor’s degree might very well qualify some candidates for entry-level positions with government agencies, nonprofit organisations, political campaigns, or research organisations, most positions require completion of a master’s or doctoral programme in political science or public administration.||4,66,071|
Some other Employment Areas
- Financing Companies
- Insurance Companies
- Educational Institutes
- Stock Exchanges
- Financial Dept. (Industry)
- Banking Sector
- Medical Economics Market Manager
- Economics Tutor or Teacher
- Part-time economics instructor
- Medical Economics Manager
- Business Analyst
- Health Economics
- Healthcare Economics Manager
PhD Economics: Research Areas
|Development of Economics||Behavioural & Experimental|
|Econometric Method with Casual Inference||Econometrics|
|Industrial Organisation||International Trade|
|International Finance||Labor Economics|
|Market Design||Micro-economic Theory|
PhD Economics: Benefits and Scope
- Coaching centers, economics departments, home tuitions, economics consultancies, museums, private tuitions, publishing houses, research and development agencies, and schools all employ PhD economists in India. PhDs with economics degrees are in high demand by educational institutions and economic consulting firms. PhD economics graduates can find work both in the public and private sectors. Accounting, banking and finance, and insurance investment are some of the fields in which graduates can work.
- PhD Economics graduates are likely to work in research and development, specializing in the constantly changing fields of economics and finance. A wider variety of abilities becomes much more valuable as technology advances. Students can also work for companies like Bharat Forge, Bharat Petroleum Corporation Limited, Bank of India, BSNL, Cognizant, Ericsson India, Flipkart, and Future Group.
- This degree program prepares students for a variety of jobs in the economic and banking fields.
- A doctorate degree allows you to keep up with the growing forefront of new knowledge and provides research experience that is relevant to the country’s current social and economic goals.
- It learns how to write an effective research report and how to present data graphically.
To enroll in a PhD in Economics program, you must first pass the National Eligibility Test (NET). However, in order to sit for that entrance exam, you must have an overall grade point average of 55 percent in both graduation and post-graduation. After you have qualified for the NET exams, you will be interviewed for final admission.
A PhD in any field, not just economics, is difficult as it is a research training exercise, not because of the content or requirements. You’re learning and putting skills and abilities to use that you probably didn’t have before, or that you didn’t have very well developed.
Most employers prefer candidates who have completed MATH 111 and 112 (Calculus), 211 (Linear Algebra), and 212 (Applied Mathematics) (Multivariate Calculus). Furthermore, decent grades in all of these courses are required.
To work as an economist, you must have completed at least a three-year undergraduate degree in economics and an honors degree in economics (1 year). A Bachelor of Social Science, a Bachelor of Commerce, or a Bachelor of Business Science degree can all include an Economics major.
Yes, it is a rewarding profession. An economics graduate would have some unique and in-demand skills, and job prospects are generally favorable. Many banking and accounting professionals have economics degrees.
The field of economics began with the observations of the first economists, like Adam Smith, the Scottish philosopher widely regarded as the “Father of Economics”—although scholars had been making economic reflections long before Smith’s 1776 publication of The Wealth of Nations.
Despite the fact that admissions requirements for economics graduate programs vary, economics graduate training is heavily mathematical. The majority of economics PhD programs require advanced calculus, linear algebra, differential equations, and basic probability theory.
“Doctor of Philosophy” is abbreviated as “PhD.” This is an academic and professional degree that qualifies the holder to help educate their chosen subject at the university level or work in a specialized role in their chosen field in most countries.