Ph.D. for Economics is a doctorate course pursued in Economics and its applications stream. The course duration is from 3-5 years, depending upon the syllabus depth and the institute adopting the syllabus. The syllabus of PhD Economics is basically full of research-based study and thesis proposition, however, in order to strengthen the basics as well as to strengthen the application studies, there are some subjects included in the course of study. The minimum eligibility required to pursue this course is 50% in postgraduate studies such as M.Phil or M.A in a Economics or finance based study, preferably Economics studies from a recognized university. Doctorate studies are the most valuable certification in any field of study and it might add up to wider job scopes after completion. Doctorate studies encourage students to perform research-oriented studies and come out with thesis and patents which will help them to gain a degree in ease. The job opportunities for PhD Economics the graduates of this course are very higher in the Market Analysis domain with often high payscales owing to their seniority in knowledge and experience on the field.

PhD Economics Fees in India:

Students who are interested in joining the Ph.D. in Economics course should be aware of the fees of the course. The course fees may vary based on the universities/colleges. The average Ph.D. in Economics course fee is INR 50K - 2 lakhs per annum.

 

PhD Economics  Salary in India:

Owing to their knowledge depth and experience in the field, graduates of this course are often offered higher job roles with the often high pay scale. The starting salary of Ph.D. in Economics graduates will vary from one candidate to another as it depends on the skill, knowledge, the thesis proposed and the experience one has gained while getting graduated in Doctorate Studies. The average salary the companies offer to the Ph.D. graduates is INR 3-10 lakhs per annum.

Ph.D Course Details

Degree Doctorate
Full Form Doctorate of Philosophy in Economics
Duration Course Duration of Ph.D (Economics) is 3 Years.
Age No age limit
Minimum Percentage 50% in Post Graduation
Subjects Required Not Specified
Average Fees Incurred INR 50K to 2 L per Annum
Similar Options of Study Ph.D. Physics, Ph.D. in Computer Science, M.Sc Economics
Average Salary Offered INR 3 - 10L per annum
Employment Roles Chief Research Scientist, Senior Economics Manager, Operations Manager, etc
Placement Opportunities Goldman Sachs, Forbes India, Ministry of Finance,

Ph.D. Economics Course:

PhD Economics is a 3 to 5-year long doctorate course in economics studies that focuses on advanced philosophical research and application of the same in several real-time scenarios. The doctorate in Economics course involves the development and research of several theses such as Advances in Microeconomic Theory, Indian economic structure, Modern Economics, etc. Their major role is to ensure the completion of projects and the development of the thesis from extensive research work.

 The Ph.D. Economics provides a platform for a world-class research-based study in several domains of  Economic development studies and several other specializations under economics depending upon the student’s interest. Syllabus of PhD Economics consists of subjects that lay greater emphasis on undergraduate/ masters studies. The course consists of subjects such as:

  •  Advances in Microeconomic Theory
  • Advanced Econometrics
  • Computer Applications related to economics
  • Urbanization and development 

However, the course duration and the subjects pursued will vary from one university to another depending upon the curriculum they follow and the depth of knowledge they’re willing to impart. In standard universities such as IIT and IISc, the course is pursued for 5 years which is combined with M.Phil. 

The minimum eligibility criteria required for the candidates is that the candidate must be a holder of any master’s degree(Preferably M.Phil or M.A) with a minimum of 50% marks from a recognized university preferably Economics background. The average tuition fee charged for the course in India ranges between INR 50,000 and 2 Lakhs per annum, depending upon the infrastructure and facilities offered. 

PhD Economics is offered by various colleges in and around India. Some of the top PhD Economics colleges in India are:

Jobs for PhD Economics graduates are available in plenty owing to their seniority in terms of education and their in-depth knowledge  The average salary offered for the graduates of this course in India may range from INR 3 lakhs to INR 10 lakhs depending upon the candidate's experience and skillset.

PhD Economics Quick Links:

What is a PhD Economics?:

The Ph.D. Economics program is designed in a manner in which the subjects and the modules have a greater emphasis on fundamentals learned during the Postgraduate Philosophical studies course. Candidates who are interested in pursuing this course will get a greater amount of exposure both theoretically and practically on various economic models and development studies along with research-oriented studies on several specializations that can be deployed in several domains. 

The duration of the course isn’t fixed as the depth of research-based study in the research science domain is much deeper and the course duration depends on the course structure followed by the university. PhD Economics scopes aren't restricted to only research and development but it also expands to applications in data analytics and data science domain. The coursework emphasizes on the basic research studies and contemporary economic studies along with applications and allows the candidates to specialize in any of specialized Economics courses. The concepts that are pursued provide a wide learning forum that can be used for research purposes. 

The research-based programs will have limited coursework, that will be sufficient enough for them to brush up the basics and lay the main emphasis on developing a thesis. However, in a broad subject such as Economics and its applications, candidates will be offered various elective streams, from which they can choose one for specialization purposes. The difficulty and the standards of this course are very high and hence it’s not as simple as an undergraduate course. This makes them more supreme compared to others in the domain and will land plenty of job opportunities for the graduates. PhD Economics jobs are always of higher proficiency and hence explain their higher pay scale.

Why Choose a PhD Economics?:

Students who are willing to venture into research-oriented studies in the field of Economics and its applications can opt for this course. This course will provide them a more detailed insight into research-based thesis development and also an in-depth study of the specialization fields present in Economics and their applications.

The basic eligibility criteria to opt for this course is a minimum of 50% in master’s studies only from Economics studies background. Graduates of financial studies and other economics related streams who are interested in research studies can opt for this course. A Ph.D in any field is the most valuable course in a particular domain. The graduates who hold a Ph.D. degree are very much entitled to receive many job opportunities with a higher payscale.

Some of the job opportunities that are available for a graduate of PhD Economics course are:

  • Senior Research scientist
  • Assistant Professor
  • Head of the educational department
  • Senior Economist
  • Senior Market Analyst

A graduate of a PhD Economics course is entitled to receive a higher pay scale as they rise in ranks from any organization they work owing to practical experience and their knowledge associated with the job. They earn up to 10 L per Annum.

Ph.D. Economics Course Preparation Tips:

Some of the Essential course preparation tips are listed below:

Make a Plan: Make a course plan that can help the student to plan according to the study of the work which enables them to keep both balanced.

Connect With Fellow Students: Start connecting with peers who can help you with providing an exchange of knowledge that might help you to reduce stress at the time of examination.

Interact with Professors: The interaction with the professors can bring in a new insight into the subjects for the course.

Look on to Journals: Since the course involves a lot of research-based studies, candidates can subscribe to weekly journals to keep themselves updated on the field.

Ph.D. Economics Subjects:

Even Though the majority of the course lays a greater emphasis on research-based studies, there is a bit of coursework included in their brief syllabus so as to broaden their vision of learning. The course structure isn’t always fixed for a Ph.D. course as it depends upon the syllabus structure followed by different universities. The course consists of 2 mandatory papers and one optional stream where the students can choose from various specialization streams. The subjects that are pursued in this course are:

PhD Economics Syllabus
Paper-1(Research)
SI No Subjects
1 Introduction to Research Methodology
2 Advanced Economic Theory
3 Data Collection and Organization
4 Probability Distribution and Testing of Hypothesis
5 Econometric Methods
6 Topics in Mathematical Economics
7 Econometric Methods
8 Advanced Econometrics
9 Advanced Microeconomic Theory
10 Advanced Macroeconomics Theory

 

PhD Economics Syllabus
Paper-2[Development Economics]
SI No Subjects
1 International Trade and Development
2 Poverty and inequality
3 Rural development
4 Urbanization and development
5 Labour and migration
6 Economics of the computer and information science
7 Health and education
8 Environment and development
9 Governance and the political economy of development
10 International Macroeconomics
11 Industrial Economics
12 Political Economy of Development

 

PhD Economics Syllabus
Paper-3 Mandatory(Financial Studies)
SI No Subjects
1 Overview of Financial Markets
2 Modeling the behavior of asset prices
3 Hedging strategies with financial markets
4 Trading strategies in financial markets
5 Interest rate derivative
6 Role of Financial Intermediaries
7 Macro-economic consequences of Financial Imperfections

 

PhD Economics Syllabus
Electives
SI No Subjects
1 Advanced Economic Theory
2 International Trade and Finance
3 Economics of Planning
4 Public Finance
5 Theory of Economic Growth and Technical Progress
6 Development of Economics
7 Agrarian Development
8 Welfare Economics
9 Economics of Education and Development
10 Economics of Energy

 

PhD Economics Syllabus
Paper-4(Mandatory)
SI No Subjects
1 Thesis presentation
2 Comprehensive Viva Voce

PhD Economics Course Fees:

The course fees for Ph.D. in Economics courses may vary based on the University/college that is offering the course. The average course fees may range from  INR 50,000 to 2L per annum depending upon the facilities and infrastructure offered by the college/university. 

For government-aided institutions such as IIT or ISI, graduates receive INR 20,000 as stipend per month for research-based study apart from their scholarships in course fees.

PhD in Economics Eligibility :

The minimum eligibility criteria to secure a seat in Ph.D. in Economics course is 50% in Postgraduate Arts or philosophical study in Economics or any specializations of Literature or philosophical sciences from recognized universities.

Apart from basic eligibility, the candidate should also appear for national /university level examinations such as IIT HSEE, Delhi University Entrance test, Indian Institute of Science test, ISI entrance exams, etc which will determine candidate’s proficiency and technical ability required to pursue this course. Based on the scores obtained in the PhD Entrance Exam and scores obtained in the post-graduation along with other national level exams, the university will release a rank list, based on which students are called for a counseling session.

There is also a relaxation of 5% in the total aggregate marks in the 10+2 marks i.e  45% marks are enough for the SC/ST category candidates.

In Ph.D. studies, admissions won’t be provided via direct method/ management quota, as this is a purely merit-based course.

PhD in Economics Admission:

PhD in Economics admissions are not quite complex as it seems to be. The admissions can be done both online and offline methods. Candidates are required to fill the form and submit it before the deadline date. The admission process varies from university to university, some conduct entrance exams while others take direct admission.

Most institutes offering the course admit students based on performance in a relevant entrance test. Most of the institutes consider the scores and ranks obtained in national level examinations such as IIT- HSEE, IGNOU Entrance exam, etc and some universities conduct their own entrance examinations like IISc Entrance exams, LPUNEST, etc based on which admission process is initiated.

Some institutes admit students through the direct mode of admission, that is, on the basis of grades obtained in M.A/M. Phil Economics course. This only applies when the student applies for a Ph.D. in the same university as M.Phil. Students should have at least 50% of marks of aggregate marks in their undergraduate studies and Master’s studies.

PhD in Economics Job Opportunities:

It is always essential to remember that a doctorate in any domain is the highest form of studies and it’s a worldwide respected course. Hence, the job scopes for the graduates of this course are generally higher and will be a walk in and take method in any core related organization.

Job Opportunities are available in plenty for a graduate in PhD in Economics in both the public sector as well as the private sector. PhD in Economics Jobs are widespread and aren’t confined to one field of study. The Job roles offered will be of the highest level of employment owing to their knowledge and research-based experience that makes them qualified to handle job roles of higher magnitude. The most common roles the graduates work as are:

  • Senior Research Scientist
  • Educational Head
  • Senior Marketing Analyst
  • Senior Data Analyst
  • Director of Research and Development 
  • Professor/Lecturer
  • Senior Economist

PhD Economics salary may vary based on the experience gained in the field and based on the skill set possessed. On average, graduates are entitled to receive a salary package ranging between INR 3L - 20 LPA in the initial stages and are subject to regular appraisals based on the experience gained and the role they work on.

PhD in Economics Colleges:

Sl. No. Name of the College
1 Indian Institute of Technology, Delhi
2 Indian Institute of Technology, Kharagpur
3 Indira Gandhi National Open University, Delhi
4 Madras School of Economics, Chennai
5 Delhi University, Delhi
6 Ashoka University, Haryana
7 BITS Pilani

Other Related Courses:

Frequently Asked Questions

-The course duration isn’t fixed and varies based upon the curriculum that the university is following. Generally, this course can be done in 3-5 years of time.

-Since Ph.D. is the highest and most prestigious degree, the difficulty level of this course is known to be harder than the postgraduate course. This degree tests the research knowledge of the candidates and their thesis efficiency in making an impact on the economical structure of a selective group.

-Graduates are entitled to receive several jobs offers from private economic analysis companies and business analytics and development conglomerates in a higher role and also from several data analytics and print media companies as senior analysts or data science engineers role. They’re also hired in central government and state financial and commercial operations in a senior role with gradually increasing payscale.

-The average salary offered for a graduate of this course depends upon his/her job role and the company he/she is hired in. On average, the graduates of this course are entitled to receive an average salary of INR 3 LPA -10 LPA.

-The graduates are expected to have a minimum of 50% in their post-graduate studies in economic science background. Along with that, their post-graduate projects will be evaluated along with their entrance exam scores, for further admission process.

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