Master of Philosophy or M. Phil. (Economics) is a postgraduate research course in economics. It is the branch of social sciences which deals with the aspects related with economics. It is concerned with the latest concepts and practices regarding distribution, consumption and production of services and goods.
The duration of M. Phil. (Economics) is 2 years and minimum eligibility for this course is a Master’s degree passed with a minimum score of 55% from any recognized university or equivalent.
The average tuition fee of M. Phil. (Economics) ranges from INR 50,000 to INR 2 lakhs. The most common route to this course goes through an entrance test. Most of the institutes hold test of their own for admission to the course.
The economics graduates enjoy a mounting demand in sectors like banking, insurance, investment, financial services, investment banking, professional services, asset management, retail banking, marketing research. The initial salary can range from 15,000 INR to 30,000 INR per month.
M. Phil. (Economics) is focused on the analysis and study of consumption, production and distribution of goods and services. It teaches the students the working of economies and interaction of economic agents. It is applicable in almost every area like finance, government, business, education, crime, law, social institutions, science etc. This course aims to equip the students with a broad perspective on social and political influences on economics. Along with the economic theories and principles, this course provides an insight into practical application of these theories and principles in practical situations. The students are taught to identify problems, think creatively and come up with innovative methods to present an optimal solution.
Students with a strong understanding of mathematical and statistical analysis methods can excel at this course. Candidates with analytical thinking as their strongest suit are tailor made for this course. Critical evaluation, performance assessment and research analysis are other attributes which go well with this course. Students who hold a keen interest economic analysis should look no further than this course. Aspirants with excellent communication skills are always welcomed. This course suits well to the students who are good at handling data which is numeric in form. Students having a strong background in Economics are perfect for this course. Students with ability to extract relevant information draw conclusions and make logical recommendation can take this course and further develop themselves.
The duration of M. Phil. (Economics) is 2 years spread over four semesters. The last year is mostly devoted to dissertation.
Post completion of M. Phil. (Economics), the students can introduce further qualification on their CV. By pursuing Ph.D. they can step into the field of research. Students can opt for PhD in economics offered by University of Delhi, University of Mumbai, Panjab University and Maharishi Dayanand University.
Most of the Universities offering Research courses in India offer and M.Phil. in Economics. The top colleges offering M. Phil. (Economics) are:
Name of Institute
Sacred Heart College
Guru Nanak College
Atal Bihari Vajpayee Hindi Vishwavidyalaya
Poona College of Arts, Science and Commerce
Stella Maris College
Tilak Maharashtra Vidyapeeth
Jawaharlal Nehru University
The IIS University
Maharishi Dayanand University
The minimum eligibility for this course is a post-graduation degree in Economics or allied discipline. The candidate must have passed post-graduation degree with a recommended aggregate of 55% from a recognized university or any other equivalent exam.
An entrance exam is the preferred mode of admission by most colleges for this course. The candidates with their post-graduation results awaited can also apply for this course.
For admissions in M. Phil. (Economics), the most common path goes through entrance exams. Most of the institutes conduct separate entrance test for admission to the program.
After entrance, the candidates may have to undergo a counseling process as per the specific requirement by university. Some of the universities follow this process by group discussion and personal interview. The scores at each stage are accumulated according to respective weights and candidates are selected on the basis of final score.
Some of the top entrance exams for M. Phil. (Economics) are:
Some of the common topics which are covered in the entrance test for admission to M.Phil. Economics are:
Every university has its own criteria of selection. Some of the universities take admission only on the basis of scores in the relevant entrance exams. However, there are some universities which may go for a counseling procedure. It can also be followed by group discussion and interview stage. The candidates who pass each stage and get through are selected for admission. Some institutions also take direct admissions on the basis of merit list.