M.Phil. (Economics) - Course Overview

  • STREAM

    ARTS

  • DURATION

    2 YEARS

  • COURSE

    Economics

  • COURSE TYPE

    Doctorate/M.Phil

    M.Phil. Economics Top Colleges, Syllabus, Scope and Salary

    Pranjal Singhal Pranjal Singhal
    Content Curator

    M.Phil. Economics or Master of Philosophy in Economics is a postgraduate research course in economics. The course can be called a mirror equivalent of Ph.D. but is different from it in certain aspects. Many colleges offer this course in an integrated form with Ph.D. also. The course duration is generally 2 years but can be more if distance education is pursued. When the M.Phil-Ph.D. integrated course is pursued, the M.Phil. duration is supposed to be 1 year.

    The basic eligibility for pursuing M.Phil. Economics is that the students must have earned their master’s degree in economics or any allied subject. The students should have secured at least 50% marks in masters for admission to M.Phil.

    Some of the top institutes offering this course are:

    The admission to M.Phil. Economics is generally through entrance exams. JNU conducts viva-voce exams for admissions to its M.Phil. programmes. Banasthali Vidyapith conducts its own aptitude test. IIT Hyderabad also conducts its own written test.

    M.Phil. Economics introduces students to the concepts of research methodologies in economics, quantitative techniques, contemporary economic issues, the economy of globalization, methods of data reduction, current issues in the Indian economy. The average course fee ranges from INR 10,000-1,00,000.

    The top recruiters for students of this field are AON Hewitt, Tata Consultancy Services, Accenture, Godrej, Coca-Cola. The major working profiles are Economist, Research Analyst, Assistant Professor, Fund Analyst, Risk Advisor, etc. The average starting salary ranges from INR 7-15 Lakhs.

    M.Phil. Economics: Highlights

    Course LevelPostgraduate Research
    Examination TypeSemester-wise/Year-wise
    Eligibility for the programMasters in economics from a recognized institute.
    Duration of the program1-2 years
    Average Tuition FeeINR 10,000-1,00,000
    Average Salary (per annum)INR 7-15 Lakhs
    Job ProfilesEconomist, Research Analyst, Assistant Professor, Fund Analyst, Risk Advisor, etc.

    M.Phil. Economics: What is it about?

    M. Phil. (Economics) is focused on the analysis and study of consumption, production, and distribution of goods and services. It is the branch of social sciences which deals with the aspects related to economics. It is concerned with the latest concepts and practices regarding distribution, consumption, and production of services and goods. 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 the 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 in 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.

    To check M.Phil. Economics syllabus in detail, click here.

    M.Phil. Economics: Top Institutes

    Institute NameLocationAverage Fee (per annum)
    Banasthali VidyapithJaipurINR 44,000
    Christ UniversityBangaloreINR 60,000
    Ramakrishna Mission Vivekananda CollegeChennaiINR 1,100
    Barkatullah UniversityBhopalINR 21,500
    The IIS UniversityJaipurINR 87,000
    Jawaharlal Nehru UniversityNew DelhiINR 400
    Jamia Millia Islamia UniversityNew DelhiINR 14,000
    Indian Institute of TechnologyHyderabadINR 30,000
    University of HyderabadHyderabadINR 8,200
    Sikkim UniversityGangtokINR 14,500
    Chaudhary Charan Singh UniversityMeerutINR 3,800
    Quantum UniversityRoorkeeINR 96,000
    Indira Gandhi National Open University [IGNOU]New DelhiINR 6,000

    M.Phil. Economics: Eligibility

    The minimum eligibility for this course is a post-graduation degree in Economics or allied discipline. The candidate must have passed a 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.

    M.Phil. Economics: Admission Process

    For admissions in M. Phil. Economics, the most common path goes through entrance exams. Most of the institutes conduct their own entrance tests for admission to this program.

    After the entrance, candidates may have to undergo a counseling process as per the specific requirement of the university. Some of the universities follow this process by group discussion and personal interview. The scores at each stage are accumulated according to respective weightage and candidates are selected on the basis of their final score.

    Entrance Mode

    Some of the methods of admission are:

    • JNU: JNU conducts viva-voce exams to admit students to M.Phil. Economics.
    • Banasthali Vidyapith: Banasthali Vidyapith conducts an aptitude test.
    • IIT Hyderabad: IIT Hyderabad conducts a written test.

    Many other colleges and universities conduct their own entrance examinations following different patterns.

    Some of the common topics which are covered in the entrance test for admission to M.Phil. Economics are:

    • Microeconomics
    • Macroeconomics
    • Econometrics

    Selection Process

    Every university has its own criteria for 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 a group discussion and an 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.

    M.Phil. Economics: Distance Education

    This course is offered in distance education by Indira Gandhi National Open University, New Delhi.

    M.Phil. Economics: Career Prospects

    Jobs

    Studying economics opens many doors for students in the current world. The major recruiting companies are:

    • AON Hewitt
    • Tata Consultancy Services
    • Accenture
    • Godrej
    • Coca-Cola

    The main job profiles are:

    • Economist
    • Research Analyst
    • Assistant Professor
    • Fund Analyst
    • Risk Advisor

    To know more, click here.

    Higher Studies

    Those who want to study furthermore can go for Ph.D. in Economics.

    M.Phil. (Economics) Fee Structure in India


    1.11 K (Minimum Fee)PUBLIC COLLEGES1.25 L (Maximum Fee)
    21.05 K (Average Fee)
    1.35 K (Minimum Fee)PRIVATE COLLEGES1.65 L (Maximum Fee)
    41.11 K (Average Fee)

    M.Phil. (Economics) Fee Structure by State


    Tamil Nadu

    1.11 KPUBLIC COLLEGES28.5 K
    10.94 K
    1.35 KPRIVATE COLLEGES26.48 K
    10.03 K

    Rajasthan

    70 KPUBLIC COLLEGES70 K
    70 K
    1.56 KPRIVATE COLLEGES1.65 L
    56.83 K

    Delhi NCR

    1.39 KPUBLIC COLLEGES18.09 K
    9.02 K
    3.72 KPRIVATE COLLEGES1 L
    49.85 K

    Gujarat

    8 KPUBLIC COLLEGES61.44 K
    32.54 K
    21.3 KPRIVATE COLLEGES58.5 K
    39.9 K

    Karnataka

    3.78 KPUBLIC COLLEGES58.6 K
    35.55 K
    58.6 KPRIVATE COLLEGES58.6 K
    58.6 K

    Madhya Pradesh

    21.45 KPUBLIC COLLEGES1.25 L
    48.48 K
    30 KPRIVATE COLLEGES66.5 K
    50.4 K

    Orissa

    1.4 KPUBLIC COLLEGES41.56 K
    14.7 K
    10.13 KPRIVATE COLLEGES10.13 K
    10.13 K

    West Bengal

    8.3 KPUBLIC COLLEGES27.3 K
    15.6 K
    35.3 KPRIVATE COLLEGES35.3 K
    35.3 K

    Haryana

    3.98 KPUBLIC COLLEGES60 K
    27.6 K
    10 KPRIVATE COLLEGES1 L
    55 K

    Telangana

    12.5 KPUBLIC COLLEGES12.5 K
    12.5 K
    25.02 KPRIVATE COLLEGES67.25 K
    46.14 K

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