Economics is the backbone of decision-making processes in governments, corporations, and international organisations. As the world faces complex challenges, the demand for experts who can navigate the intricacies of global and domestic economies has never been greater. Pursuing a PhD in Economics will enable you to contribute meaningfully to the policies that shape the future.

Key highlights:

• What is a PhD degree in Economics - Course overview
• Benefits of pursuing a PhD in Finance and Economics
• What is a Doctorate in Economics?
• Best universities for PhD in Economics
• PhD in Economics eligibility

What is a PhD degree in Economics - Course Overview

An Economics PhD is the highest academic qualification in the field. It is designed for individuals who wish to delve deeply into economic theories, conduct advanced research, and contribute original ideas to the discipline. The rigorous programme usually spans four to seven years and ends with the submission of a dissertation that adds new insights to the field of economics.

Benefits of Pursuing a PhD in Finance and Economics

Intellectual Growth

While working on a PhD, you can develop a comprehensive grasp of economic principles, models, and methodologies. You can master quantitative and qualitative research techniques to help analyze complex economic problems. Crucially, the PhD will help you hone critical thinking skills, enabling you to analyze data and develop innovative solutions.

Research Opportunities

After completing a PhD, you can pursue careers in research. This will enable you to conduct research and contribute to further academic discourse. Many students work on cutting-edge research and policy analysis.

Ability to Shape Economic Policy

With a PhD, you can contribute to the development of policies that impact millions of people. PhD students can become thought leaders who can influence public opinion on economic issues.

What is a Doctorate in Economics?

A Doctorate typically refers to the same qualification as a PhD degree in Economics. However, in some educational systems, the term Doctorate might encompass other forms of advanced research degrees, such as a Doctor of Science (DSc) or Doctor of Business Administration (DBA), with a focus on Economics. These are generally considered more application-oriented compared to the research-intensive PhD. After completing a PhD in Economics, you can explore career avenues such as Auditor, Actuary, Stock Broker, and Economist.

Areas of Specialisation

Students can choose one of the following specialisations for their thesis and research:

• PhD in Behavioural Economics
• PhD in Financial Economics or Econometrics
• PhD in Economic History
• PhD in Game Theory
• PhD in Political Economics
• PhD in International Economics

Students can select a specialisation based on their personal interests, their chosen mentor, and the options offered by their selected university.

Best universities for PhD in Economics

Here are the top universities as per the Quacquarelli Symonds (QS) World University Rankings and Times Higher Education (THE) World University Rankings.

• QS category: QS World University Rankings by subject 2024: Economics & Econometrics
• THE category: World University Rankings 2024 by subject: Business and Economics (Economics & Econometrics)

The top universities for PhD in Economics include:

Name of the University	QS Ranking	THE Ranking
Harvard University	1	3
Massachusetts Institute of Technology	2	1
Stanford University	3	2
University of Chicago	4	7
University of California, Berkeley (UCB)	6	4
London School of Economics and Political Science	7	11
Yale University	8	9
University of Oxford	9	5
University of Cambridge	10	5
Columbia University	11	14

PhD in Economics eligibility

Minimum qualification for PhD in Economics

Students must have a master’s degree in Economics or an equivalent degree in a related field to pursue a doctorate.

Research proposal

Many universities ask for a research proposal with the application. It is an outline of your research topic and other related information.

Entrance and language exams

It is necessary to check the university-specific requirements. However, some entrance exams you need to appear for are the Graduate Record Examinations (GRE) or Graduate Management Admission Test (GMAT). Additionally, you will have to appear for English proficiency exams such as the International English Language Testing System (IELTS) or Test of English as a Foreign Language (TOEFL).

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