Ph.D. in Economics is a three to five-year doctorate course. It covers both macro and microeconomics. However, you can pursue Ph.D. in any of the subjects- 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.
Many of you look for higher studies in Economics. This is a very good opportunity in the field of Economics which is mainly involved in the field of Research.
Well here are some reasons considering which you should go for a Ph.D. in India according to me:
After doing a Ph.D. in economics you will have the ability to get a job in not just research and academia but in business and finance as well. The deep understanding of the factors that affect various economic systems will also make you an ideal candidate for a government job.
It takes an extra effort to get a Ph.D. degree so the extra effort will definitely help you to earn much higher salaries because you will be having a great educational background and the experience necessary to obtain a high-end position in management.
Ph.D. in economics helps you to teach at any traditional college or university, with the help of teaching assistantships during the course. You can use that experience, along with your ability to conduct independent research, to increase your chances of moving up in your career.
You being an Economics professor will get a lot freedom to do research. You will get freedom to pursue research topics that you wanted the most to work on. In India you are more likely to get a job as an academic after doing Ph.D.
You will get to understand how the social world works, which is necessary for evaluating the causes and interventions. This will help you evaluate your future career options.
Well for the qualification you need to have a postgraduate degree in Economics, or you can also do a Ph.D. in Economics after MBA. But before Post Graduation, you definitely need to have a Bachelor’s degree in Economics/Bachelor in Technology in Economics from any recognized University.
If you really want to qualify for Ph.D. in Economics you need to have the following:
To pursue a Ph.D. in Economics course you need to pass the National Eligibility Test (NET). But to appear in that entrance exam you need to have an aggregate of 75% marks in graduation and post-graduation. Once you qualify for the NET exams, final admission is given on the basis of an Interview.
There are some other entrance tests to get admitted for Ph.D. in Economics, except NET depending on different colleges. Some of them are:
Unit 1: Micro and Macro Economics
Unit 2: International Trade, International Finance, Corporate Finance
Unit 3: Development and Growth Theory
Unit 4: Economic Issues and Policy-I
Unit 5: Economic Issues and Policy-II
Ph.D. in Economics has a huge demand in Indian market for both career and job because of globalization and world economy. The demand for a well-trained economist is rapidly increasing due to the globalizing economic scenario.
A Ph.D. in Economics degree will help you to get into the research-oriented teaching profession. You might also opt to get employed in Research labs etc. After Ph.D. in Economics you may also apply for the Junior Fellowship exams. Hence the course of Economics in is in higher demand among the students nowadays in India.
By qualifying Ph.D. in Economics, you will become eligible for the post of Assistant Professor in Indian Universities and Colleges or would get a Junior Research Fellowship in a Research Institution.
Reserve Bank of India, State Bank and IBPS recruits people between 21-28 years with Ph.D. in Economics. You may also opt for different job profiles in private and foreign banks.
You can also find yourself a job in research institutes like the NCAER, ICSSR, IEG, etc.
After gaining enough experience you may apply to get employment opportunities in different international organizations.
You can open start-up or business because you will be having depth knowledge of the market. You will quickly understand the economic condition of the market for the business. Hence you may achieve economic growth by creating your own business. This will also help in reducing unemployment in our country. For starting a business you need a good team, plan, capital etc. For making a business/successful you need to have knowledge about almost everything like Marketing, HR skills, technical skills, etc. You definitely need to have leadership skills. But always remember that doing a business/ start-up is the most difficult option with great risk. You might or not succeed, but if you succeed you will definitely reach heights which you can’t reach by any of the above options.
Well here are some of the ways:
You can join as a part-timer in the back-office for new companies/start-ups that cannot afford to keep full-time employees. Working as a part-timer, you will need to do all the basic aspects of everything like accounting, marketing, recruitment, customer service representatives, Pr, etc. It will help you get work experience.
You can always do some of the freelancing i.e. working independently sitting back at home like doing economics research and consulting private firms. You can earn a handsome amount of money by doing only freelancing. You will also gain experience about the work by doing freelancing.
You can become a Youtuber by posting self made videos on economics in Youtube. You can spread your knowledge to millions of students through Youtube for free. The main twist is that you will be paid by Youtube if you can drive a certain number of viewers/views for you channel. There is a huge scope in this because there is a huge demand of accounts tutorial videos online.
You can just sit back home and become a private tutor for economics both Offline and Online. Chegg India is offering online tutoring platform for you to teach online. You can also join Chegg India as a Subject Matter Expert to answer academic questions asked by students on their Question & answer board. Chegg is a publicly-held company based in Santa Clara, California and trades on the NYSE under the symbol CHGG. Chegg India primarily creates solutions for Chegg Study board and handles several verticals of marketing and content support management. You can definitely earn a handsome amount of money through Chegg India just by sitting back at home and doing part time job. You also get an exposure to working at an MNC.
You can become a part-time blog with your own website where you can write, post videos etc on economics. You need to write very good contents and with real data related to current economy and market scenario. You can also answer the questions of the students through your web-page. Becoming a blogger/ content writer helps you to gather traffic which is a very good way of earning money.
After becoming Economist you may earn approximately in between 1.88 lakhs to 14.81 lakhs per annum.
In Government Sectors, if you do a job, your salary would be Rs 10,000 to Rs 12,000 per month whereas if you become an Economics Professor and Assistant Professor in Government colleges and Universities, your salary would be Rs 12,000 to Rs 80,000 depending on your seniority and experience.
You may also work in the banking sector because they provide a very good pay package. And lastly the earning of economic consultants is also very impressive in India.
So, I guess now you have a fair idea about a Ph.D. in Economics in India. I answered some of the basic questions in this article, such as- What is the qualification for a Ph.D. in Economics? Can you do a Ph.D. in Economics after MBA? What is the course structure? What is an Economist salary in India? What are the jobs after Ph.D. in India? And lastly, I suggested some top institutions for studying Ph.D. in Economics in India.
Many companies and organizations in today’s life are looking for specialized and expert economists to better understand the economic condition/ market scenario. I have discussed about the reasons to go for a Ph.D. in Economics so go through the information I mentioned above and take the right decision. Everything has its own pros and cons but still you have to make a choice and it should be your own decision so that later you don’t regret/ blame someone else.
Last but not least- good luck with your career.