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.
|Course Level||Postgraduate Research|
|Eligibility for the program||Masters in economics from a recognized institute.|
|Duration of the program||1-2 years|
|Average Tuition Fee||INR 10,000-1,00,000|
|Average Salary (per annum)||INR 7-15 Lakhs|
|Job Profiles||Economist, Research Analyst, Assistant Professor, Fund Analyst, Risk Advisor, etc.|
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.
|Institute Name||Location||Average Fee (per annum)|
|Banasthali Vidyapith||Jaipur||INR 44,000|
|Christ University||Bangalore||INR 60,000|
|Ramakrishna Mission Vivekananda College||Chennai||INR 1,100|
|Barkatullah University||Bhopal||INR 21,500|
|The IIS University||Jaipur||INR 87,000|
|Jawaharlal Nehru University||New Delhi||INR 400|
|Jamia Millia Islamia University||New Delhi||INR 14,000|
|Indian Institute of Technology||Hyderabad||INR 30,000|
|University of Hyderabad||Hyderabad||INR 8,200|
|Sikkim University||Gangtok||INR 14,500|
|Chaudhary Charan Singh University||Meerut||INR 3,800|
|Quantum University||Roorkee||INR 96,000|
|Indira Gandhi National Open University [IGNOU]||New Delhi||INR 6,000|
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.
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.
Some of the methods of admission are:
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:
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.
This course is offered in distance education by Indira Gandhi National Open University, New Delhi.
Studying economics opens many doors for students in the current world. The major recruiting companies are:
The main job profiles are:
To know more, click here.