A PhD, also known as a Doctor of Philosophy degree, is a doctorate awarded by a university to an academic who has completed all required qualifications and is now considered a doctor in his or her academic field. Those who study economics first learn the distinctions between microeconomics and macroeconomics. Microeconomics is concerned with the behaviour and interactions of individual markets, such as households and firms. On the other hand, macroeconomics is focused on the state of the economy as a whole. Over 4,000 higher education institutions are located in Europe, ranging from world-class research organizations to small, teaching-focused universities. Europe, which expands from the Arctic Circle to the African coast, is not unlike other continents.
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PhD in Economics: The Course
- A PhD in Economics typically includes coursework in both macroeconomics and microeconomics. However, if you want to teach or conduct formal research in economic subjects, this is a useful degree. Once the proposal is approved and the oral exam is passed, the final years of enrollment are devoted to dissertation research, writing, and defence.
- The major opportunity in the field of Economics is that it is primarily involved in research. A PhD degree should be pursued only if a person has a strong interest in research-oriented work. PhDs are typically pursued by individuals involved in the academic field. This may lead to a better understanding of the specific field or subject.
- After completing the PhD in Economics course, students will be able to understand a wide range of theoretical debates in economics and business, analyse economic problems, and evaluate the implications for economic policy and business planning and strategy.
- Most economist jobs require a master’s degree or a PhD in Economics. For advancement to higher-level positions, an advanced degree is sometimes required.
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Why Choose Europe for PhD?
Europe is a popular destination for postgraduate study. There are numerous reasons why people choose to pursue their master’s or PhD programme in Europe, not the least of which is Europe’s excellent reputation in terms of high educational standards, as well as the general way of life, vast amounts of choices and options, and cultural diversity. Here are some of the main reasons why you should pursue your PhD in Economics in Europe:
- Great Experience
Many students choose to pursue a postgraduate degree in Europe because of the overall experience it can provide. The ability to get cheap trains and flights to visit a variety of countries within Europe during a free weekend or the Christmas or Easter holidays is one of the benefits. If you live and study at a university in Europe, the rest of the continent is right on your doorstep, waiting to be explored.
- Quality of Education
Europe’s university quality is extremely high, with some of the world’s top-ranked institutions such as University College London, the University of Cambridge, and the University of Oxford in the United Kingdom. These universities, along with many others in Europe, are all held in high regard around the world and demonstrate Europe’s ability to provide an exceptional standard of teaching for postgraduate students.
- Budget Friendly
Pursuing a master’s degree or PhD programme in Europe can also be financially advantageous because tuition fees can be much lower than those in other countries such as America. Postgraduate course fees in Europe typically range from €5,000 (INR 4,10 Lakh) to €25,000 (INR 20.5 Lakh), depending on the university’s status and the course topic. Most postgraduate courses for international students cost €15,000 (INR 12.3 Lakh), which is significantly less than those in the United States.
- Possibilities for employment
Studying in a European city is advantageous for your future career because their student populations are large and diverse. This gives the postgraduate student a broader life experience while also providing excellent networking opportunities. Potential employers are well aware of the high quality of higher education institutions in Europe, which can undoubtedly help you along your chosen career path. Your chosen European university is likely to impress potential employers, which can help you advance your career.
Top Universities for PhD in Economics in Europe
According to the most recent international rankings, the following are the best economics schools for PhD in Economics in Europe:
- London School of Economics and Political Sciences (LSE), UK
- University of Oxford, UK
- The University of Cambridge, UK
- University College London (UCL), UK
- Bocconi University, Italy
- University of Warwick, UK
- Tilburg University, Netherlands
- University of Zurich, Switzerland
- London Business School, UK
- ETH Zurich, Switzerland
PhD Within the Framework of the European Higher Education Area
EHEA is a network of 48 countries that use the same university degree system. It consists of all 28 EU members (including the United Kingdom) as well as other countries from Europe and Eurasia.
The Bologna Process, which was signed in 1999 at the University of Bologna (Europe’s oldest university), is followed by all EHEA members. This divides academic degrees into three categories:
- Bachelor’s degrees are first-cycle degrees that typically take three years to complete.
- Master’s degrees are second-cycle degrees that typically last two years.
- Doctorates (such as PhDs) are third-cycle degrees that typically take three to four years to complete.
Academic degrees obtained in one EHEA country are automatically recognised in others. This makes studying abroad in different parts of Europe or working in another European country with your doctorate much easier.
Cost of PhD in Economics in Europe
According to the National Center for Education Statistics, a PhD in Economics in Europe costs an average of $19,314 (INR 15.9 Lakh) per year. This amount represents the average graduate tuition charged by both public and private institutions between the years 2018 and 2019. Tuition fees vary by school, and private universities are frequently more expensive than public universities.
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Careers and Scope
A PhD in Economics in Europe will provide you with career stability and financial security. Career opportunities in economics are excellent, as employment in these fields is expected to grow faster than the national average. Continue reading for a list of some of the best PhD in Economics jobs for graduates, as well as an overview of their annual salaries. According to PayScale, the average salary for someone with a PhD in Economics is $110,000 (INR 90.66 Lakh) per year. This value varies depending on your career path, the company you work for, and even the industry in which you work.
A PhD in Economics in Europe is well worth the investment. Obtaining a PhD in economics is an excellent way to gain valuable skills for the econ job market, improve your overall communication, and ensure financial security and stability throughout your career.
Economics PhD graduates have the option of conducting research and teaching in prestigious institutions, prestigious government positions, or ongoing work at some of the highest-paying private institutions.
Many universities depend on outside funding to establish PhD positions. External funding is frequently provided in the form of research grants for specific research projects. The European Commission and national scientific research councils are two common funding sources.
In general, a PhD in Europe takes at least four years to complete, though there are three- and five-year programmes, as well as part-time options.
In Europe, the average monthly minimum salary for a PhD student is €2,600. It is important to note that this figure includes all disciplines, not just science and engineering.
Consider an economics PhD if you want to work in research, are good at math (i.e., quant GRE score above 165), and have a demonstrated interest in economics research.
To help you shortlist colleges/universities in Europe or any other country, please contact Leverage Edu. You can also call us at 1800 57 2000 for a free 30-minute counselling session.