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The M.Phil. in Economics is a Master of Philosophy program that is offered to candidates interested in postgraduate research in the area of economics. They engage in a high level research exercise under the supervision of a faculty member for at least 2 years. The M.Phil. programme assists students in developing an in-depth understanding of microeconomics, macroeconomics, econometrics, international trade, development economics, international economics, agricultural economics, industrial economics and other fields of economics. It also requires students to complete a dissertation based on the outcome of the research work done by the student. The usual span of an M.Phil. Economics programme takes 2 year full time.
The admission requirements that may be used in the common entrance exams for M.Phil. Examination are UGC NET in Economics, CSIR NET in Economics, GATE in Economics and other examinations conducted by different universities of central or state level. The date of examinations differ from University to university although UGC NET is conducted twice a year in June and December. The GATE Economics exam date for the academic year 2023 is February 4th to February 12th. The application process for UGC NET June session is generally in the first week of May while the application process for December session is in the first week of November. But for other exams and particularly state level examination or university level examinations, it is between August and September with examinations in November and December respectively. It is recommended to consult the website of the specific university of interest for more concrete time frames.
| Column Name | Description |
|---|---|
| Full Form | Master of Philosophy (Economics) |
| Duration | 1-2 Years (Varies by Institution) |
| Course Level | Postgraduate Research Degree |
| Eligibility | Master's Degree in Economics or related field |
| Top Colleges | * University of Oxford (UK) * London School of Economics (UK) * Harvard University (USA) * Massachusetts Institute of Technology (USA) * Delhi School of Economics (India) |
| Entrance Exam | Varies by Institution (Common Examples - GRE, GMAT, University-Specific Exams) |
1. Graduate from a recognized University with major in Economics or related fields with a minimum pass percentage of fifty-five percent.
2. Qualification of the entrance examination such as CUCET/University exam or interview after the admission.
3. Scholastic aptitude coupled with literacy in microeconomics, macroeconomics, statistic, and mathematical disciplines.
4. General knowledge and the ability to conduct research to gain further understanding of complex economic theories and frameworks.
5. It is imperative that the individual has a good command of the English language to understand academic writings and write research proposals/papers.
| Subject | Important Topics |
|---|---|
| Advanced Microeconomics | * General Equilibrium Theory * Market Failures and Public Policy * Information Asymmetry and Mechanism Design * Behavioral Economics |
| Advanced Macroeconomics | * Dynamic Optimization and Economic Growth * Monetary Theory and Policy * Open Economy Macroeconomics * Fiscal Policy and Public Debt |
| Econometrics | * Time Series Analysis * Panel Data Analysis * Limited Dependent Variable Models * Econometrics of Selection Bias |
| Research Methodology | * Research Design and Hypothesis Testing * Literature Review and Critical Thinking * Data Collection and Management * Empirical Research Strategies |
| Elective Courses (Choose a few based on specialization) | * Development Economics * Health Economics * Labor Economics * Industrial Organization * International Trade * Environmental Economics |
| College Name | Average CTC (INR LPA) | Career Paths |
|---|---|---|
| Indian Institute of Management Calcutta (IIM Calcutta), Kolkata | - | Research Associate (Financial Institutions), Economic Consultant (Government/Private), Economics Professor |
| Madras School of Economics (MSE), Chennai | - | Research Fellow (Development Economics), Policy Analyst (Government Agencies), Economics Lecturer |
| University of Mumbai, Mumbai | 5-7 | Research Assistant (Economic Research Institutes), Economist (Public Sector Banks), Doctoral Studies |
| Jawaharlal Nehru University (JNU), Delhi | - | Research Scholar (Economics PhD Programs), Economic Analyst (International Organizations), Assistant Professor (Economics) |
| Job Title | Specialization | Average Salary (INR LPA) |
|---|---|---|
| Research Scholar (PhD Programs) | - | Variable (Depends on funding) |
| Economic Analyst (Think Tanks/Consultancy) | Development Economics, Industrial Organization, Environmental Economics | 6 - 8 |
| Economic Consultant (Government/Private) | Health Economics, Labor Economics, International Trade | 7 - 10 |
| Economics Faculty (Universities/Colleges) | Microeconomics, Macroeconomics, Econometrics | 5 - 8 (Early Career) |
| Research Fellow (Development Economics Institutes) | Development Economics | 5 - 7 |
| Policy Analyst (Government Agencies) | Public Finance, Health Economics | 6 - 8 |
| Economic Researcher (Research Institutes) | Environmental Economics, Behavioral Economics | 5 - 7 |
| Economist (Public Sector Banks) | Financial Economics, Econometrics | 6 - 8 |
