PhD in Economics Admission 

PhD in Economics is a doctoral program that covers applied microeconomics, economic theory, game theory, energy economics, labor economics, and theoretical and applied econometrics. A minimum of three to five years is required to complete a PhD in Economics. Candidates who are interested in pursuing a Doctor of Philosophy (PhD) in Economics, need to follow a certain protocol and process in order to successfully get admission to a PhD in Economics, which is offered by various universities and colleges in India.

Students, who earn a doctorate in economics in India, are prepared to work as auditors, stockbrokers, media analysts, actuaries, lecturers or professors, bankers, economists, geographers, econometricians, and public relations officers, among other profitable professions. To pursue a PhD in Economics, the student needs to have a background where their Bachelor’s and Master’s should be in a similar field.

After completing PhD in Economics, students can work as Chief Research Scientists, Senior Economics Manager, Operations Manager, etc., and earn an average salary ranging between INR 3 lakh to INR 10 lakh.

Eligibility Criteria of PhD in Economics 

To pursue a PhD in Economics course, the candidate should have Masters's or M.Phil. degree in Economics from a recognized university. Also the masters in Biology/Pharmacy and Economics or the relevant stream with an aggregate of 55% marks and also with valid PhD entrance test along with the interview. For admission to the PhD program in the Economics department, a minimum requirement is Master’s degree in Economics.

If you have taken admitted to M.Phil degree through an entrance examination, you may not need to take any entrance exam at PhD level. Some Universities also admit students on basis of National Eligibility Test (NET).  Final Admission is given on the basis of Interview round conducted nearly a month before the commencement of the semester. 

Usually, PhD course admission is done after Master's or M.Phil degree, but if you happen to be one of the toppers in UG BE/B.Tech course from a reputed university, you may be eligible for direct admission to the PhD course. Such candidates require 75% marks in the qualifying examination along with a valid GATE score. 

How to Get Admission in a PhD Economics Course? 

PhD Economics admission requirements vary among colleges and universities. To earn a Doctorate degree in Economics, students must meet the PhD Economics eligibility requirements. Admissions can be applied for online or offline. Students who study at universities that offer a PhD Economics degree can earn this degree. Generally, the admission process includes the following components:

How to Apply for a PhD Economics Course?

Students can find more information about the PhD Economics course on the college’s website, as well as how to apply. The college’s website provides online applications for PhD Economics courses. Students are encouraged to regularly check the websites of universities and colleges since their admission process differs from each other. Students may also submit their applications online or in person. Students who wish to apply offline must complete a brochure, an application form, and a visit to campus. Online application forms must be completed, including the attachment of scanned documents. The course fee must be paid after the online application has been submitted.

PhD Economics Selection Process 

A candidate’s final grade determines whether or not they are admitted. Students can apply to colleges only if they are eligible and meet the minimum cutoff score. Students who have been selected to join the PhD Economics program can learn more about their program online at their university or college website. Students receive their final results via email or the college website.

PhD in Economics Subjects

Microeconomic Theory

1. Consumer Theory
2. Producer Theory
3. General Equilibrium Analysis
4. Game Theory
5. Information Economics
6. Contract Theory

Macroeconomic Theory

1. Economic Growth
2. Business Cycles
3. Monetary Economics
4. Fiscal Policy
5. Dynamic Stochastic General Equilibrium (DSGE) Models
6. Intertemporal Choice and Consumption-Saving Models

Mathematical Economics

1. Calculus
2. Linear Algebra
3. Real Analysis
4. Optimization Techniques
5. Dynamic Programming
6. Differential Equations

Econometrics

1. Linear Regression
2. Time Series Analysis
3. Panel Data Analysis
4. Instrumental Variables
5. Maximum Likelihood Estimation
6. Nonparametric and Semiparametric Methods
7. Bayesian Econometrics

Research Methods

1. Research Design
2. Quantitative and Qualitative Methods
3. Survey Design and Data Collection
4. Data Analysis Techniques
5. Causal Inference

A Quick Glance at the PhD Economics Entrance Exams 

Exam patterns and syllabus for PhD Economics should be familiar before students take the entrance exam. The entrance exams will be easier to pass for students. The format of an entrance exam is usually as follows: 

There are 50 questions on paper I and 100 questions on paper II.

Multiple Choice Questions [MCQs] are the type of questions.

Examinants have 3 hours to complete the test.

English and Hindi is the language of the question paper.

The questions will be divided into two papers.

In the paper, I include common general knowledge questions for all students.

Paper II includes specific subject-based questions.

Paper I carries a total of 100 points and Paper II has a total mark of 200.

Correct answers will be rewarded +2 marks.

There is no negative marking for incorrect answers.

Why Choose the PhD Economics Course? 

Before choosing a PhD Economics program, many students wonder about the details of the program. A common question students have when choosing a career is, “What is the PhD course?” and “Why choose the PhD Economics course?.” We have summarized the following three pointers to answer this question:

What PhD Economics Course is All About?

PhD Economics full form is Doctor of Philosophy in Economics. The duration of PhD in Economics is between three to five years. The PhD Economics course type is designed for students seeking a deeper understanding of economics through classroom study and practical application. PhD Economics course details are intended for individuals who wish to enter the world of economics, aspire to be self-employed, and wish to contribute to the socioeconomic of India. 

A PhD in Economics prepares students for careers in coaching centers, economics consultancies, economics departments, home tuitions, museums, private tuitions, publishing houses, research and development agencies, and schools.

What Does a PhD Economics Graduate Do? 

Graduate students in PhD Economics are able to choose between a variety of jobs in the public and private sectors. Students studying PhD Economics can use the knowledge they gain from their education to perform better at their jobs. Some of the fields where graduates can pursue their careers are accounting, banking and finance, insurance investment, marketing, management, manufacturing, advertising, communication, and actuarial.

Auditor: An auditor is an official who ensures that financial records are accurate and that companies are in compliance with the laws regarding taxation. Accounting and auditing jobs can have a high salary since their main purpose is to protect businesses from fraud and detect discrepancies in accounting practices.

Reasons Why PhD Economics Course Can Fetch You a Rewarding Career? 

PhD graduates in Economics in India advance in an array of careers in coaching centers, economics consultancies, economics departments, home tuitions, museums, private tuitions, publishing houses, research and development agencies, and schools. Academic institutions and economic consultancies are eager to hire PhD with Economics degrees. Graduates of PhD Economics programs are employed in both the public and private sectors. Some of the fields where graduates can pursue their careers are accounting, banking and finance, and insurance investment.

Career Scope and Options: Graduates of the PhD Economics program will likely work in research and development, specializing in rapidly evolving fields of economics and finance. As technology advances, a broader range of skills becomes more valuable. Additionally, students can work at Bank of India, Bharat Forge, Bharat Petroleum Corporation Limited, BSNL, Cognizant, Ericsson India, Flipkart, and Future Group.

Admission Process of PhD in Economics  

In India, universities have right to set their own procedure and standards for the PhD program admissions. But the set of requirements for the application are similar. These should include a research proposal, detailing the proposed outline of your PhD project, and explaining the methodology you plan to employ.

This is referred to as the National Eligibility Test (NET) and is administered by the University Grants Commission (UGC) for most subjects, with the exception of Science and Engineering which are covered by the Council of Scientific and Industrial Research (CSIR).

Entrance Exams are:

• JCECE (Jharkhand Combined Entrance Competitive Exam)
• UGC NET
• IIM PhD test
• GRE
• GATE

Although an undergraduate degree or a master's degree in economics may be helpful for admission, most programs only require prospective students to have completed a year or more of college-level economics. Additionally, many programs require applicants to have completed several semesters of calculus. While not required, some programs also recommend that students complete courses in statistical analysis before applying.

In addition, most programs require applicants to submit scores from the Graduate Record Examination (GRE) and letters of recommendation. Many economics departments require that prospective candidates also provide a statement of purpose. The statement should outline the student's goals and also indicate possible research areas, like international economics or income distribution.

Career Options After PhD Economics Course 

Students who complete the PhD program in Economics can pursue a variety of careers. PhD students in Economics gain practical and theoretical skills that can be applied to their careers. PhD Economics graduates are able to find employment in top economics consultancies after obtaining a PhD degree.

The PhD in Economics provides them with additional qualifications that enhance their employability. Graduates of the PhD program in Economics can work as Auditor, Stock Broker, Media Analysts, Actuarial, Lecturer or Professors, Banker, economists, Geographer, econometricians, Public Relations Officer, and many more. Doctoral degree holders in Economics may pursue the following careers: 

• Political Scientists
• Consultant
• Financial Consultant
• Advisor
• Accountant
• Senior Research Scientist
• Assistant Professor
• Head of the Educational Department
• Senior Economist
• Senior Market Analyst
• Director of Research and Development