Ph.D. (Economics) Top Colleges, Syllabus, Scope and Salary

Ph.D. (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 recognized University.

The average tuition fees for Ph.D. (Economics) ranges between INR 80,000 to 6 Lakh for the span of 3 to 5 years.

Admissions for such course are on the basis of counselling after clearing entrance tests depending on the colleges. Some of them are:

1. GATE
2. UGC NET
3. GRE
4. IIM Ph.D. test

Top institutes which are offering this course 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

Major subjects studied in this 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 opportunity for 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 these 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. (Economics) graduates is around INR 2 to 8 Lakh but this can be higher on the basis of experience and other factors.

Ph.D. (Economics): Course Highlights

Listed below are some of the major highlights of the course.

Ph.D. (Economics): What is it about?

A Ph.D. degree program 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 for 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 going through these courses.

A master’s degree or Ph.D. is required for most economist jobs. An advanced degree is sometimes required for advancement to higher level positions.

Ph.D. (Economics): Top Institutes

Ph.D. (Economics): Eligibility

To pursue a PHD course in Economics the candidate should have bachelor’s degree in Economics from recognized university. Also the masters in Biology/Pharmacy and Economics or the relevant stream with 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 minimum requirements are: Master’s degree in Economics.

Ph.D. (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 PhD 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:

1. UGC NET
2. IIM Ph.D. test
3. GRE
4. GATE

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.

Ph.D. (Economics): Syllabus and Course Description

Ph.D. (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.

A PhD degree will help a person to get in to research oriented teaching profession .The candidates can also get employed in Research labs etc. After PhD 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 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.

B.Ed. course makes an individual, skilled in efficient teaching of subjects on the basis of accepted principles of learning and teaching. After B.Ed., students can pursue Master in Education (M.Ed.) in Indian universities.

Economics Employment Opportunities

The various fields are offering better job opportunity after passing BA or MA in economics.

1. Accounting
2. Auditor
3. Banking and Finance
4. Insurance Investment
5. Marketing
6. Stock Broker
7. Media Analyst
8. Management
9. Manufacturing
10. Advertising
11. Communication
12. Actuarial
13. Education and Research
14. Retailing
15. 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.

1. Agricultural Economics
2. Financial Economics
3. Labour Economics
4. Industrial Economics
5. International Economics
6. Business Economics
7. Banking Economics
8. Environmental Economics
9. Developmental Economics
10. Rural Economics and Rural Development
11. Econometrics

You can apply to Indian Economic Services.

Candidate applying for admission in this program must have passed post-graduation from a recognized university