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 the 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.
This Blog Includes:
- Why Study MPhil in Economics?
- Top Universities Abroad to Study MPhil Economics
- Eligibility Criteria and Admission Requirements for MPhil in Economics
- Application Process
- Documents Required
- MPhil in Economics in India
- Average Cost of Studying MPhil Economics in Different Countries:
- Scope of MPhil in Economics
- Average Salary after MPhil in Economics
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 do not simply open doors to academic careers, but also train 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 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|
|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:
- 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%.
- Applicants must have taken standard courses in Microeconomics, Macroeconomics and Econometrics.
- GRE Score – Above 90th percentile in the Quantitative Reasoning section and above 50th percentile in the Analytical Writing section.
- English proficiency requirements: IELTS – 7.0 or TOEFL (IBT) – 110
The application process for an MPhil degree in 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 for an MPhil in Economics degree abroad:
- 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 for the University that they are applying.
- 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.
- 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.
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- Academic Transcripts/Mark Sheets and Proof of Existing Qualifications
- Statement of Purpose
- Letters of Recommendation
- CV or Resume
- GRE or GMAT Scores
- Research Proposal
- Sample of Written Work
- English Proficiency Test Scores
- Financial Documentation
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|
|University of Hyderabad||Hyderabad||Public||6,730|
|Indian Institute of Technology, Hyderabad||Hyderabad||Public||66,990|
Admission Process in India
- 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.
- Wait for the declaration of the Result or cut-offs.
- If shortlisted, applicants will be called for a face-to-face interview conducted by the respective university to present their proposed research.
- Final Enrolment.
Average Cost of Studying MPhil Economics in Different Countries:
|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:
- Data Analyst
- Banking Professionals
- Economic Advisers
- Executive Officer
- Financial Analyst
- Technical Writer
- Market Analyst
- Economic Development Officer.
Areas of Recruitment
- Civil Services
- Business Firms
- Research & Development
- HR Departments
- Morgan Stanley
- JP Morgan Chase
- World Bank
Average Salary after MPhil in Economics
|Country||Average Salary in INR|
|United Stated||4 lakhs to 5 lakhs|
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.
Yes. You can pursue MPhil Economics in the distance mode from IGNOU.
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.