Why might PhD in Economics be the best grad degree?

Introduction

Graduation and post-graduation in Economics are very rewarding in the current economic scenario. The pandemic has caused many economic losses to major corporations and nations. Therefore, PhD in Economics is one of the best grad degrees to specialize in. With successful completion of the course, students can land in best jobs with a good salary. Moreover, students interested in research can be benefited from PhD in economics. The recent financial crisis due to the pandemic and recessions due to ongoing wars demand more economists worldwide. The primary job opportunity for a PhD in Economics is to produce research in economics. Other priority jobs offered for PhD holders are opportunities to work in many renowned institutions across the world. Not to mention, they have a major job opportunity in the corporate sector. 

Deciding to do a doctorate in any field is a great career decision. Regardless of the courses available in the country, it is important to choose the subject based on the interest and education of the students. This course provides advantages in daily life, work field, and business. However, some of the important key facts to keep in mind while choosing a PhD in economics are

• Outstanding math skills
• required specializations in the undergraduate and postgraduate courses
• Interest in research roles
• Interested in working overtime in both jobs and while pursuing the course
• Prescribed score in the entry-level exams (if applicable in the college)

Doing a doctorate in economics can be a very valuable achievement in life. This blog lists the changing business scenario, scope and career opportunities, and pros and cons of choosing the course. 

In-demand course with earning potential

People with PhD in economics have a great scope in the business environment. In recent times, the finance and banking sectors demand more economics graduates. Additionally, this course has massive job opportunities in the educational fields. The government and private sectors also hire economic candidates for high-profile jobs in decision-making. Therefore, this course offers a high salary for the candidates if placed in a good company. Moreover, this course has a great job growth potential.

The average salary of a PhD graduate is around 15 lakhs per year. But, the candidates with an additional degree in Mathematics or Statistics tend to get more salaries than the others. But a deep understanding and experience in economics are necessary to land a good job profile, even with a PhD in economics. This is one of the major reasons why a PhD in economics is still an attractive grad degree to pursue.

The boom of technology in all domains

One of the important factors to choose a PhD in economics is the rise of technologies. This resulted in overwhelming data production. Hence, the scope for people with expertise in statistical modelling increases. The major specialization of economics is in statistics. Thus, it increases the scope of economists as well. Specifically, economists with additional knowledge in data science and data analysis have a great scope for this job.

Getting a certification in computer fields are comparatively easy for economists due to their exposure to mathematics and statistics as their major subject. It is also a lucrative career for economists to assist in the data science jobs in the private and government sectors. Doctorate holders in economics are more likely to land these jobs because of the demand and knowledge they possess in the field. This is one of the reasons to choose a PhD in economics as a career path. 

Rise of private sectors in all fields

In today’s world, the private sector is marching in all the fields, from the food industry to the finance industry. Most private sectors are more concerned about their profit, reputation, products, and services. As a result, economists are hired in large numbers in the private sector. They are mostly hired for accounting, finance, and decision-making domains. The adventure of the private sector in the e-commerce sector increases the demand for economists with additional specialization in computer technology and the online marketplace. In some companies, economists are hired to work in building an online e-commerce business from scratch. 

Other important roles of economists in the private sector are Investment banking, professional services, asset management, retail banking, and market research.

Other advantages of doing a PhD in economics and getting into the private sector are-

• Good salary,
• High job security,
• International work opportunities,
• Variety of work environments,
• Large number of roles.

Regardless of the advantages, the private sector is very competitive for economists, and the environment is stressful for some people. Economists with deep understanding and knowledge can consider the private sector a good employment opportunity despite the cons.. 

Expansion of the banking sector in the world

The demand for the banking sector is increasing day by day. The growth of the population and disposable income of the working people is the key reason for improving the banking sector. One of the main subjects of expertise in the banking sector is economics. Therefore, PhD in economics has great potential in the banking sector. Most economists are employed in government and regulatory policymaking and in publishing economic market research. Moreover, the high posts such as managing directors and senior people in the banks are mostly economic graduates. 

The leading banks such as RBI and other nationalized banks also offer jobs for PhD economic graduates. Doctorate candidates can also work in prestigious world institutions such as the world bank provided they have the right skills and knowledge. Having a well-qualified economic graduate adds value to the financial firm. Even though they don’t get the opportunity to work as professional economists in the banking sector, most economists are involved in the banking sector as policy-making and regulatory authorities, data analysts, etc. This is another high-paying job for a doctorate candidate. Hence, the banking sector is another reason for choosing economics as a PhD subject. 

Growth of stock market

The stock market has a lot of risks and uncertainties. Nevertheless, the number of people investing in the stock market has increased. To succeed in stock market trade and investment, a deep understanding of economics and market situation is necessary. Consequently, the role of economists in the stock market is invariably important. PhD in economics graduates with skills can forecast the market trends and business. In the banking sector, economists are hired as stock market analysts for investing the clients in the stock exchange. There is also a notable increase in stockbrokers in the market with PhD in economics. 

Private stock broking companies also hire good economists to help their clients. Competitiveness in the stock market increases the demand for economists. Therefore, PhD in economics is a great option for students who have a keen interest in investments, management, and stock markets. Companies also need stock market experts to drive the company’s stock to profitable margins. Many millionaires succeeded in stock trading with better strategies. Qualified economists’ views on the market and policies are significant elements for success in stock trading. Hence, it is a good reason for opting PhD in economics after postgraduation. 

Development of educational institutions

Every institution in the world has specializations in economics. Therefore, it increases the demand for economists in the educational sector. Economists also benefit from working as an accountant and policymakers in institutions. Economists can work as part-time teachers in community colleges and secondary schools. Many colleges hire economists as professors and lecturers in the institutions. There are also educational institutions that hire economists as guest speakers. The institutions also appoint economists for publishing journals and articles. 

Progress of business entities

Business economics is an important field in economics. Every business needs a business expert to build a profitable business. Many businesses depend on economists to create strategies for managing their business. Economists can build strategies that take businesses on the path to success. Many economists are well-versed in demand analysis, forecasting, cost analysis, inventory management, advertisement, and price system. The job role of economists includes identifying various business problems, decision-making, and advisory bodies in the company. In addition to theoretical studies, business economics includes more operation-based budgeting and management. 

Some points to remember while choosing PhD in economics as a career path

The bright side of choosing a PhD in economics is high. Nevertheless, there are some points to take into account while choosing the course as a career path.

• PhD in economics takes a long time to complete. It takes an average of 5 years to complete the course.
• Competition is very high in this field. Many students are choosing PhD as their career path. Therefore, getting expertise in the field is crucial for success in a career.
• Economics is filled with numbers. Mathematics and statistics are key subjects in economics. Hence, the students should be very good at numbers. 
• Economics has a lot of theories. Therefore, the candidate should be willing to study more.
• The cost of completing a PhD is way higher in some institutes. The students should be willing to invest that kind of money in education. 
• Highly open-ended research and projects are associated with PhD in economics. This can be unmotivating for some students due to their lack of interest. Preparation of the students to face all these challenges is essential.

Even with all the drawbacks, economics is one of the sought-after courses in the world. Under the above circumstances, the students should be able to be motivated to move forward toward their goals. 

Conclusion

Economics is a great course for people for a successful career and life. Apart from job opportunities, knowledge of economics is very useful for daily economic transactions and other economic activities. Massive job opportunities and development in the economic market prove beneficial for the students willing to take up a PhD in economics. Various study areas in economics, such as microeconomics, macroeconomics, cost economics, and business economics, make it one of the best doctorate programs to pursue. 

Frequently asked questions 

Why PhD is the highest degree?

PhDs or doctorates are the highest degrees conferred by the university or colleges after post-graduation. It is also the highest degree awarded for persons across the whole length of academics in a particular subject. 

Is a PhD in economics in India a good degree?

PhD in economics in India is a good degree to pursue after the completion of post-graduation. It provides a lot of knowledge and understanding about the economic scenario of the world. More than career opportunities, PhD in economics offers a great deal of knowledge for the candidates. This course helps in landing a good job in the private sector, businesses, government sectors, educational institutions, and banking sectors. As a result, PhD in economics in India holds a great value.

What is the average salary of PhD economics graduates?

PhD in economics salary in India varies based on the field of work and the company of work. However, most companies offer a salary range of Rs. 10 lakhs per annum to Rs. 15 lakhs per annum. In the educational field, PHD in economics salary in India ranges from Rs. 4 lakhs per annum to Rs. 10 lakhs per annum. The salary increases with an increase in experience in expertise. 

Is a PhD in economics hard?

Pursuing every degree is hard if you join it without proper understanding. In the case of economics, the course is filled with theories and numbers. It also takes a long time to complete a doctorate. Anyone comfortable with all these can pursue a doctorate in economics. 

Which country is best for doing a PhD in economics?

Some of the best countries for a doctorate in economics are the United States and the United Kingdom. The top colleges to pursue the course are Harvard University, Massachusetts Institute of technology in the United States, and London School of economics and political science.

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