Reasons to go for Ph.D. in Economics - Course, Eligibility, Career

phd in economics
February 2, 2021
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Table of Contents

Introduction

Ph.D. in Economics is a three to five year course. It covers both macro and microeconomics. But, you can pursue a Ph.D. in many domains like agriculture, finance, and industry. You can also get a Ph.D. in economics in Banking, and Rural Development.

Is a Ph.D. in Economics in India a good option?

Many of you look for higher studies in Economics. This is a very good chance in the field of Economics which is mainly involved in the field of Research.

Why should you go for a Ph.D.? 

Well here are some reasons why you should go for a Ph.D. in India:

  • Helps to get you an ideal job

After doing a Ph.D. in economics you can not only get jobs in research but also in business and finance. Deep knowledge about the factors that affect various economic systems will also make you an ideal candidate for any job.

  • You can earn more

It takes extra effort to get a Ph.D. degree. So this extra effort will help you to earn higher salaries because you will be having a great academic background. Also, you will also have the experience necessary to get a high-end position.

  • Helps you to gain an extra edge in Research and Academics

Ph.D. in economics helps you to teach at any traditional college in internships during the course. This experience, and your ability to conduct independent research will help to increase your chances of moving up in your career. You being a professor will get a lot of freedom to do research. You will get the 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.

  • Helps you to understand the social world

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.

What is the procedure for doing a Ph.D.?

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:

  • Good knowledge of Maths so that you can work with different figures. It’s essential that you gain proficiency in Maths to build up a career in Economics.
  • Knowledge of the current market/ economic affairs, and also have to understand effects analytically and logically in various scenarios.
  • The will and ability to research any aspect of the economy.
  • Patience, be motivated, remain positive, and lastly try to be perfect.
  • Very good communication skills so that you can explain the complex economic analysis to the general public.

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:

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

Syllabus of Ph.D. in Economics in India

The syllabus of Ph.D. Economics in India can be found on the official website of BHU on this link.

Career Scope of Economists after doing a Ph.D. in Economics in India

Ph.D. in Economics has a huge demand in the Indian market for both career and job because of the 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 a Ph.D. in Economics, you may also apply for the Junior Fellowship exams. Hence this course is in high demand among the students nowadays in India.

Type of jobs after Ph.D. in India

top Jobs for PH.D. in Economics
  • Professional Economist
  • Financial Risk Analyst
  • Data Analyst
  • Financial Planner
  • Equity Analyst
  • Cost Accountant
  • Economic Researcher
  • Investment Analyst
  • Actuary

Other Jobs in Economics in India:

Teaching Profession

By qualifying Ph.D. in Economics, you will become eligible for the post of Assistant Professor in Indian Colleges or would get a Junior Research Fellowship in a Research Institution.

Banking Services in Public Sector/Private Sector or Foreign Banks

Reserve Bank of India, State Bank, and IBPS recruit people between 21-28 years with a Ph.D. in Economics. You may also opt for different job profiles in private and foreign banks.

National/International Research Agencies

National/International Research Agencies

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 a job in different foreign firms.

Entrepreneurship

You can open a 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 increasing jobs 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, and technical skills, etc. You 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 that you can’t reach by any of the above options.

Do you want to earn money while pursuing a Ph.D. in Economics?

Well here are some of the ways:

  • Part-time Jobs

You can join as a part-timer in the back-office for new firms/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, hiring, PR, etc. It will help you get work experience.

  • Freelancing

You can always do some of the freelancing like doing economics research and consulting private firms. You can earn a big amount of money by doing only freelancing. Also, you will gain experience in the work by doing freelancing.

Chegg is an e-learning company which provides digital and physical textbook rentals, online tutoring, and other student services. Chegg’s online tutoring connect millions of students across the globe with thousands of tutors. Chegg India hires subject matter experts from India who answer questions of the students online through our 24*7 Chegg Study portal. So just choose your subject, become a subject matter expert, answer anytime anywhere and earn sitting at home.

  • Youtuber

You can become a Youtuber by posting self made videos on economics in Youtube. You can spread your knowledge to many 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 your channel. There is a huge scope in this because there is a huge demand for accounting tutorial videos online.

  • Tutor

You can just sit back home and become a private tutor for economics both offline and online. Chegg India is offering an online platform for you to teach online. You can also join Chegg India as a Subject Matter Expert to answer 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 mainly creates solutions for the 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 a part-time job. You also get exposure to working at an MNC.

  • Content Writer

You can become a part-time blog with your own website where you can write, post videos on economics. You need to write very good content and real data related to the current economy and market scenario. Also, you can 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.

What is the salary in India after doing a Ph.D. in Economics in India?

After becoming an Economist you may earn around 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 a Professor in Government colleges, 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 consultants is also very high in India.

Top Institutes to Study Economics in India 

  • University of Delhi
  • JNU, New Delhi
  • University of Mumbai
  • Jamia Milia Islamia, Delhi
  • Bangalore University
  • University of Calicut
  • BHU, Varanasi
  • University of Pune
  • Sri Ram College of Commerce, Delhi
  • Lady Sri Ram College for Women, Delhi
  • Hans Raj College, Delhi
  • Hindu College, Delhi
  • Loyola College, Chennai
  • IIT, Kanpur
  • ISI Kolkata

Final Thought

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. This article tells you about the qualification for a Ph.D. in Economics. It also covers the course structure and the salary an economist gets in India. This article also goes through the jobs one can get after a Ph.D. in economics. It also answers the question that whether one can do a Ph.D. in economics after an MBA. And lastly, I suggested some top colleges for studying Ph.D. in Economics in India. Many firms look for experts to better understand the market. I have discussed 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 blame someone else. Last but not least- good luck with your career.

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