MPhil in Economics

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MPhil in Economics

Economics is one of the most important aspects of our lives. The world is a market-driven society and it’s important for people to be aware of the consumption of resources which are limited. Economics is not only about the production of wealth but about the distribution of wealth. How, when and where should the resources be consumed is what a foundational degree in Economics entails. MPhil, or Masters of Philosophy in Economics is a Postgraduate research degree in Economics designed to train students in the theory, skills and techniques required for a full-scale research degree in Economics. Students can specialize in areas such as Economics of the Family, Health Economics, Labor Markets, Public Policy, Poverty and Income Distribution and so on. Know everything you need about an MPhil degree in Economics, from eligibility to universities and admissions in the following blog.

Why Study MPhil in Economics?

  • Advanced Knowledge – MPhil in Economics provides a solid foundation for students who want to pursue doctoral research. At the same time, it equips students with advanced knowledge and skills in economic theory and applied economics  for careers as economists in the government or private sector. 
  • Wide Range of Opportunities – MPhil Economics graduates does not simply open doors to academic careers, but also trains researchers to take up professional roles in the government and private sectors, such as Banks, 
  • Technical Training – An Postgraduate Research degree in Economics prepares students for undertaking independent research by equipping them with the skills and the experience of putting them into practice. 

Top Universities Abroad to Study MPhil Economics

Below is the list of the best universities offering MPhil Economics abroad:

University Country QS World University Rankings 2022
University of Oxford United Kingdom 2
University of Cambridge United Kingdom 3
SOAS University of London United Kingdom 391
Birkbeck, University of London United Kingdom 332
Yale University United States 14
London School of Economics and Political Science  United Kingdom 49
University of Essex United Kingdom 439
UCL United Kingdom 8
University of Bath United Kingdom 166
University of Strathclyde United Kingdom 302
University of New South Wales Australia 43
The Australian National University Australia 27

Eligibility Criteria and Admission Requirements for MPhil in Economics

To apply for an MPhil in Economics degree, students must meet the following eligibility criteria: 

  1. A 4-year professional Bachelor’s degree in Economics or related discipline, or a Bachelor’s + Master’s degree from a well-ranked institution with an overall aggregate of 75%.
  2. Applicants must have taken standard courses in Microeconomics, Macroeconomics and Econometrics.
  3. GRE Score – Above 90th percentile in the Quantitative Reasoning section and above 50th percentile in the Analytical Writing section. 
  4. English proficiency requirements: IELTS – 7.0 or TOEFL (IBT) – 110

Application Process

The application process for an MPhil degree Economics normally takes place by separately applying to universities. While the specifications might vary from one University to the other, students must checklist the following common steps to apply to an MPhil in Economics degree abroad:

  1. Step-1: Shortlist a University

When planning to apply to a foreign university for an MPhil in Economics degree, the first step is to select a suitable University, depending on the specializations offered and the availability of supervisors in the proposed research area. Also, students must ensure that they meet the MPhil Economics eligibility requirements to the University that they are applying to. 

  1. Step-2: Gather the Documents Required.

Once you have shortlisted a University, the next step is to compile all the documentation. This will include test scores such as IELTS or TOEFL as proof of English proficiency, Research proposal, SOP, Letters of Recommendation and so on. Students are advised to get their test scores and documentation ready well in advance of the application deadline. 

  1. Step-3: Get Started with Your Online Application

After compiling the necessary documents, students can begin their online applications by filling in the required details including Personal, Academic and Professional background. Finally, pay the required application fee to complete the online MPhil Economics application. 

Want to apply for an MPhil degree in Economics degree abroad? Connect with our counsellors at Leverage Edu who will land you a spot in your dream study abroad destination, right from the application preparation to the final admission.  

Documents Required

MPhil in Economics in India

Top Universities for MPhil Economics in India

University State/UT Type Fees in INR
University of Delhi Delhi Public 10,000
IGNOU Delhi – Indira Gandhi National Open University Delhi Public 12,600
Christ University Bangalore  Private 5,000
University of Hyderabad  Hyderabad Public 6,730
Panjab University Chandigarh Public 8,064
Indian Institute of Technology, Hyderabad Hyderabad Public 66,990

Admission Process in India

  1. Apply for the Entrance Exam or UGC NET for public universities while it may differ for private universities. NET JRF/NET LS qualified applicants are exempted from giving the exam, but are required to appear for the interview.
  2. Wait for the declaration of Result or cut-offs.
  3. If shortlisted, applicants will be called for a face-to-face interview conducted by the respective university to present their proposed research.
  4. Final Enrolment.

Average Cost of Studying MPhil Economics in Different Countries:

Country Average Cost
United States  INR 3,00,000 (Annual)
United Kingdom INR 2 Lakh (First Year)
India INR 10,000 – INR 1,00,000

Scope of MPhil in Economics

An MPhil degree in Economics is a lucrative study option and opens avenues not just in academics, but also government, diplomacy and corporate sectors. Scholars of Economics can take up the following job profiles as their career path: 

  • Lecturer/Professor/Teacher
  • Manager
  • Consultant
  • Forecaster
  • Data Analyst
  • Writer
  • Administrator
  • Clerks
  • Banking Professionals
  • Accountant
  • Economic Advisers
  • Executive Officer
  • Journalist
  • Economist
  • Financial Analyst
  • Technical Writer
  • Market Analyst
  • Economic Development Officer.

Areas of Recruitment

  • Law
  • Civil Services
  • Business Firms
  • Education
  • Finance
  • IES
  • Research & Development
  • HR Departments

Top Recruiters

  • HSBC
  • NatWest
  • Morgan Stanley
  • ICBC
  • JP Morgan Chase
  • AXA
  • World Bank
  • Allianz
  • IKEA
  • Genpact
  • Uber

Average Salary after MPhil in Economics

Country Average Salary in INR
United Stated 4 lakhs to 5 lakhs
UK 3 Lakhs
India 4 Lakhs

FAQs

Is taking an entrance exam mandatory to do an MPhil in Economics?

Yes, it is mandatory to qualify the entrance test for pursuing M Phil in Economics in India. However, for pursuing MPhil Economics abroad, students might be able to take standardized tests like GRE or GMAT. 

Can I do a distance course in MPhil Economics in India?

Yes. You can pursue MPhil Economics in the distance mode from IGNOU.

How long does it take to complete MPhil in Economics?

Full-time MPhil Economics degree generally last from 1.5 to 2 years while the duration of a part-time MPhil Economics degree could go up to 4 to 5 years.

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