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PhD in Economics: Courses, Syllabus, Top Colleges, Scope & Salary 2023

Course

Imtikokba Jamir

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. 

PhD in Economics: Course Highlights 

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.

Why Pursue PhD in Economics?

Pursuing a PhD in Economics can be a rewarding and intellectual pursuit for many reasons:

  • Economics Competence: By earning a PhD in Economics, one can become proficient and knowledgeable in economic theory, quantitative methods, and empirical analysis. 
  • Knowledge Contribution: PhD in Economics candidates can contribute new perspectives and information to the field of economics as each dissertation is on a new topic. 
  • Research-Oriented Careers: A PhD is frequently required for positions in academia as university professors or researchers. It enables people to instruct and guide the upcoming generation of economists, as well as open doors to important organizations.

Why Should pursue PhD in Economics?

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:

  • Dedicated to Economics: People are more likely to succeed in a Ph.D. program if they truly love economics, its theory, and its practical applications. 
  • People Who Are Research-Oriented: This field is best suited for those who take pleasure in studying, developing theories, and investigating economic issues through quantitative approaches.
  • Long-Term Commitment: Earning a Ph.D. in Economics requires endurance and dedication over the course of several years. Candidates should be ready to put in the time and overcome the difficulties associated with conducting original research and writing a dissertation.

PhD in Economics: Course Duration

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: Fees

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. 

  • Government Colleges/Universities: In comparison to private colleges, the cost of a PhD in Economics at government institutions is significantly lower. The annual fees for students in the general category might be anywhere from INR 50,000 – 2.5 Lakhs per year. 
  • Private Colleges/Universities: The fee in a private institution is generally higher and can also vary depending on the college's standing and location. The costs typically range from INR 80,000 - 40 Lakhs or more.

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.

PhD in Economics: Top Colleges 

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

Indian Institute of Technology

Indore

INR 3,00,000

Indian Statistical Institute

Kolkata

INR 2,00,000

Loyola College

Chennai

INR 3,55,000

Indian Institute of Management

Bangalore

INR 4,00,000

Lovely Professional University

Punjab

INR 2,49,500

Stella Maris College

Chennai

INR 2,07,620

Fergusson College

Pune

INR 45,800

IFMR - Institute for Financial Management and Research

Chittoor

INR 75,000

PhD in Economics: Admission Process

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: 

  • An aspirant should score more than 50-55% marks in their postgraduate examinations to be applicable for PhD in Commerce. 
  • Apply to the desired college through their official website or by physically visiting the institution and filling out the application form.
  • Make sure to check the eligibility criteria and have all the required documents (10th and 12th Certificates, Undergraduate degree, Aadhar Card, Photographs, etc.) in hand.  
  • Once the form is complete, the candidate will be asked to pay a minimal amount of application fee. 
  • The University may conduct NET, DET, MAT, DAT CSIR-UGC NET, UGC NET, or any state/national level entrance exam that the candidate must clear.
  • It is advised to check the website regularly for updates on the admit card, entrance exam, and entrance exam syllabus. 
  • Admit cards will be issued to all the eligible students which will have important information such as the date of the examination, examination center, and timings. 
  • The college/university will then publish lists according to their cutoff and seat availability. 
  • Some Universities may conduct a Group Discussion followed by a Personal Interview to filter potential students. 
  • If selected, a candidate should pay the course fee as soon as possible and attend the orientation/counseling organized by the college for further information.

PhD in Economics: Eligibility

  • Candidates must have completed a postgraduate degree in Economics or a related degree from a recognized university listed under the UGC/AIU with a minimum aggregate of 55 percent and above.
  • It is advantageous to the program if you have 4 years of relevant professional experience in either teaching or administration.
  • Group Discussions and Personal Interviews will also be held at some reputable institutions and universities.

PhD in Economics: Entrance Exams

PhD in Economics: Entrance Exams Syllabus

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

PhD in Economics: Subjects

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

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

PhD in Economics: Recommended Books 

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

PhD in Economics: Jobs 

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

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

PhD in Economics: Top Recruiters

  • Reserve Bank of India (RBI)
  • NITI Aayog
  • Indian Council for Research on International Economic Relations (ICRIER)
  • Ministry of Finance
  • Deloitte
  • Ernst & Young
  • Amazon
  • Google 
  • Wipro
  • Infosys 

PhD in Economics: Scope 

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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Frequently Asked Questions

What is a Ph.D. in Economics?

The 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.

How long does it take to complete a Ph.D. in Economics?

A Ph.D. in Economics normally takes between three and five years to complete, depending on the university and the student's progress.

What are the eligibility criteria for a Ph.D. in Economics?

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.

What entrance exams are required for Ph.D. in Economics admissions?

Common entrance exams include the UGC NET in Economics, GATE (Economics), JNU Entrance Exam, and the ISI Admission Test.

What is the scope of a Ph.D. in Economics?

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.

Can international students apply for Ph.D. in Economics programs in India?

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.

What is the average stipend or financial support for Ph.D. students in Economics?

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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