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Updated on 18th August, 2023 , 8 min read
The full form of PhD in Economics is Doctor of Philosophy in Economics. It is a 3–6 year doctoral course. A PhD in Economics typically focuses on developing expertise in economic theory, quantitative methods, research skills, and the ability to contribute original knowledge to the field through a doctoral dissertation.
The admission into this course is done after students clear an entrance exam, followed by a group discussion and personal interview. PhD in Economics entrance exam includes GATE, UGC NET, GRE, and JCECE.
The eligibility into PhD in Economics is that a student must have earned at least 55% on their master's in economics or a related field from a recognized university.
PhD in Economics fees is INR 80,000 – 6 Lakhs. Some of the top PhD in Economics colleges are Banaras Hindu University, University of Delhi, Aligarh Muslim University and Amity University among others.
PhD in Economics syllabus includes topics on Agricultural Economics, Financial Economics, International Economics, and more.
PhD in Economics jobs include University Professor, Research Economist, Policy Analyst, Economic Consultant, Financial Economist, International Economist, Environmental Economist and Development Economist. PhD in Economics salary ranges from INR 8 – 20 LPA.
Some of the top recruiters for this course are Google, Microsoft, TATA, Infosys, Wipro, IBM, Amazon, Apple etc.
Details | Particulars |
Course Name | PhD in Economics |
Course Level | Doctor of Philosophy |
Course Full Form | Doctor of Philosophy in Economics |
Course Duration | 3-6 Years |
Course Types | Full time/Distance Education |
Admission Process | Merit and Entrance Based |
Eligibility Criteria | Must have a qualifying master’s degree in economics, or a related field equivalent with minimum aggregate of 55% or higher. |
Course Fees | INR 80,000 – 6 Lakhs |
Top Colleges | Banaras Hindu University, University of Delhi, Aligarh Muslim University and Amity University among others |
Average Salary in India | INR 8 – 20 LPA. |
Job Profiles | University Professor, Research Economist, Policy Analyst, Economic Consultant, Financial Economist, International Economist, Environmental Economist and Development Economist. |
Pursuing a PhD in Economics can be a rewarding and intellectual pursuit for many reasons:
PhD in Economics is the perfect course for people who are passionate about economics and research. However, it might be a good fit for the following potential candidates:
A PhD in Economics is a prestigious and advanced academic program that offers in-depth exploration and expertise in various aspects of economics, business, and related fields. This program is designed for individuals who aspire to make significant contributions to the field through original research, critical analysis, and scholarly inquiry. The course duration for a PhD in Economics in India typically ranges from 3 to 6 years, during which students engage in a comprehensive journey of learning, discovery, and intellectual growth.
PhD in Economics in India normally costs anywhere between INR 80,000 – 6 Lakhs. Depending on the university, college, and region, different PhD in Economics programs may have different costs. Given below is an overview of the fees for this course.
Note: Students in the reserved categories (SC/ST/OBC/EWS) may pay less in tuition or be eligible for fee exemptions or grants in both government and private institutions.
Given below is a list of the top colleges that offer PhD in Economics in India along with their fees:
Name of the College/University | Location | Average Annual Fees |
Indore | INR 3,00,000 | |
Kolkata | INR 2,00,000 | |
Chennai | INR 3,55,000 | |
Bangalore | INR 4,00,000 | |
Punjab | INR 2,49,500 | |
Chennai | INR 2,07,620 | |
Pune | INR 45,800 | |
Chittoor | INR 75,000 |
It is highly recommended that aspirants score well in their postgraduate examinations and prepare well for the entrance exam. Given below is an overview of the admission process for PhD in Economics:
PhD in Economics entrance exam syllabus may vary slightly depending on the college or university. However, here are some common topics that are usually included in the syllabus:
Subject | Topics |
Microeconomics | Consumer and producer theory General equilibrium theory Market structures (perfect competition, monopoly, oligopoly, etc.) Game theory Information economics Welfare economics |
Macroeconomics
| Aggregate demand and supply Economic growth Business cycles Monetary and fiscal policy Inflation and deflation International trade and finance |
Mathematical Economics | Calculus and differential equations Linear algebra Optimization techniques Static and dynamic optimization Dynamic programming |
Econometrics | Statistical methods for economics Regression analysis Time series analysis Panel data analysis Instrumental variables Maximum likelihood estimation |
International Economics
| Trade theories Balance of payments Exchange rates Trade policy and agreements International finance |
Public Economics | Public goods and externalities Taxation and government spending Welfare economics and social choice theory Public policy analysis |
Behavioral Economics
| Behavioral biases and decision-making Prospect theory Experimental economics |
Development Economics | Economic development theories Poverty and inequality Growth and development policies Role of institutions in development |
Labor Economics | Labor supply and demand Wage determination Human capital theory Unemployment Labor market policies |
A PhD in Economics program typically offers a range of subjects and areas of specialization that can vary based on the university, faculty expertise, and research. Here are some common subjects and areas of specialization that one might find in a PhD in Economics program:
Subject | Topics |
Microeconomic Theory | Consumer Theory Producer Theory General Equilibrium Analysis Game Theory Information Economics Contract Theory |
Macroeconomic Theory | Economic Growth Business Cycles Monetary Economics Fiscal Policy Dynamic Stochastic General Equilibrium (DSGE) Models Intertemporal Choice and Consumption-Saving Models |
Mathematical Economics | Calculus Linear Algebra Real Analysis Optimization Techniques Dynamic Programming Differential Equations |
Econometrics | Linear Regression Time Series Analysis Panel Data Analysis Instrumental Variables Maximum Likelihood Estimation Nonparametric and Semiparametric Methods Bayesian Econometrics |
Research Methods | Research Design Quantitative and Qualitative Methods Survey Design and Data Collection Data Analysis Techniques Causal Inference |
PhD in Economics syllabus will vary from college to college; however, given below is an overview of the topics in each semester and year:
PhD in Economics Syllabus: 1st Year | |
Semester – 1 | Semester – 2 |
Microeconomic Theory I | Microeconomic Theory II |
Macroeconomic Theory I | Macroeconomic Theory II |
Mathematical Economics I | Mathematical Economics II |
Research Methods in Economics | Econometrics I |
PhD in Economics Syllabus: 2nd Year | |
Semester – 3 | Semester – 4 |
Microeconomic Theory III | Elective Course 2 (Specialized Topic) |
Macroeconomic Theory III | Elective Course 3 (Methodology or Advanced Topic) |
Econometrics II | Dissertation Proposal Preparation |
Elective Course 1 (Specialized Topic) | - |
PhD in Economics Syllabus: 3rd Year | |
Semester – 5 | Semester – 6 |
Advanced Econometrics | Dissertation Research and Writing |
Elective Course 4 (Advanced Topic) | Teaching Assistantship or Teaching Practicum
|
Dissertation Research and Writing | - |
PhD in Economics Syllabus: 4th Year | |
Semester – 7 | Semester – 8 |
Dissertation Research and Writing | Dissertation Research and Writing |
Seminar in Research Presentation | Seminar in Research Presentation |
Given below are the names of some recognised books along with their authors in the field of Economics that a candidate must read to gain further knowledge in the course:
Name of the Book | Author’s Name |
Microeconomic Theory | Andreu Mas-Colell, Michael D. Whinstone, and Jerry R. Green |
Intermediate Microeconomics: A Modern Approach | Hal R. Varian |
Macroeconomics | N. Gregory Mankiw |
Advanced Macroeconomics | David Romer |
Mathematics for Economists | Carl P. Simon and Lawrence Blume |
Advanced Mathematical Economics | Rakesh V. Vohra |
Econometric Analysis | William H. Greene |
Research Design: Qualitative, Quantitative, and Mixed Methods Approaches | John W. Creswell and J. David Creswell |
Designing Social Inquiry: Scientific Inference in Qualitative Research | Gary King, Robert O Keohane, and Sidney Verba |
Labor Economics | George J. Borjas |
Development Economics | Debraj Ray |
Introduction to Econometrics | James H. Stock and Mark W. Watson |
A PhD in Economics opens a wide range of job opportunities in business and related fields. Given below is an overview of some of the key job roles that PhD in Economics graduates can explore:
Job Profile | Job Description |
Lecturer/Professor | Teach, conduct research, and publish scholarly work in universities and colleges. |
Banker | Bankers assist in setting up certificates of deposit and opening a checking or savings account and many more such services. |
Economists | An economist researches and interprets trends related to goods, services, and resources. |
Geographer | A geographer uses qualitative and quantitative methods to gather and analyse data, synthesizing it into maps, reports, and other usable formats. |
Econometricians | Reaching agreements about research projects with internal or external clients. |
Public Relations Officer | Public relations (PR) provide support and understanding to the clients. |
Industrial organization economists | Industrial economists analyse savings, investments, and risk |
Political Scientists | Political scientists research the developmental and organizational aspects of political institutions, including government policies and patterns. |
PhD in Economics salary ranges from INR 8 – 20 LPA. This can vary widely based on factors such as job role, years of experience, geographical location, company size, and industry sector. Below is a general salary overview for some key job roles in holding a PhD in Economics:
Job Profile | Average Salary |
Lecturer/Professor | INR 3 – 25 LPA |
Banker | INR 4 – 50 LPA |
Economists | INR 3 – 20 LPA |
Geographer | INR 3 – 15 LPA |
Econometricians | INR 4 – 25 LPA |
Public Relations Officer | INR 2 – 30 LPA |
Industrial organization economists | INR 4 – 25 LPA |
Political Scientists | INR 3 – 35 LPA |
A PhD in Economics offers a wide range of opportunities across academia, research, government, international organizations, and various industries. With expertise in economic theory, data analysis, and policy evaluation, PhD economists play a crucial role in shaping economic policies, influencing business strategies, and addressing societal challenges on local and global scales.
A PhD in Economics also provides a strong foundation for further education and advanced research. Graduates can pursue postdoctoral positions to delve deeper into specific research areas, collaborate with renowned economists, and publish groundbreaking research papers. Additionally, a PhD serves as a stepping stone for those interested in interdisciplinary studies, allowing them to explore fields such as public policy, social sciences, environmental economics, and more.
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PhD in Economics: Courses, Syllabus, Top Colleges, Scope & Salary 2023
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By - Shivam Kumar 2024-02-29 06:15:47 , 8 min readThe highest academic degree available in economics is a Ph.D., which emphasizes advanced study and specialized understanding in economic theory, policy analysis, and empirical research.
A Ph.D. in Economics normally takes between three and five years to complete, depending on the university and the student's progress.
Candidates often require a master's degree in economics or a closely related discipline, as well as a strong academic record. Additionally, exceptional applicants with a bachelor's degree might be accepted by some colleges.
Common entrance exams include the UGC NET in Economics, GATE (Economics), JNU Entrance Exam, and the ISI Admission Test.
A Ph.D. in Economics can lead to employment in academia, research facilities, economic consulting firms, governmental organizations, and international organizations, among other professional pathways.
Yes, a lot of Indian institutes accept applications from students from other countries. They might also need you to take tests like the TOEFL or IELTS to prove your English competence.
Universities offer different financial assistance and stipends. To help Ph.D. students in their studies, several schools provide research assistantships, scholarships, or teaching assistantships.
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