PhD in Economics. Pros and cons of doing a doctorate in Economics

A sought-after course with earning potential

People with a doctorate in economics have a large scope in the business environment. In recent times, the finance and banking sectors have been demanding more economics graduates. In addition, this course has massive job opportunities in the fields of education. The government and private sectors also hire high-profile economic candidates for decision-making. Therefore, this course offers a high salary to the candidates if they are placed in a good company. Moreover, this course has great growth potential at work.

The average salary of a doctoral graduate is around 15 lakh per year. But, candidates with an additional degree in math or statistics tend to get more salaries than the others. But a deep understanding and experience in economics are necessary to achieve a good job profile, even with a doctorate in economics. This is one of the main reasons why a doctorate in economics is still an attractive graduate degree to pursue.

The blossoming of technology in all areas

One of the important factors in choosing a doctorate in economics is the rise of technologies. This led to crucial data production. Thus, the scope for people with expertise in statistical models has increased. The main specialization of economics is in statistics. Thus, it also increases the scope of economists. Specifically, economists with additional knowledge in data science and data analysis have a large scope for this work.

Obtaining a degree in computer science is relatively easy for economists due to their exposure to math and statistics as their main profession. It is also a lucrative career for economists to assist in data science jobs in the private and government sectors. Holders of doctorates in economics are more likely to reach these positions because of the demand and knowledge they have in the field. This is one of the reasons to choose a doctorate in economics as a career path.

Rise of the private sector in all areas

In today’s world, the private sector is marching in all areas, 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 employed in large numbers in the private sector. They are hired primarily for the areas of accounting, finance and decision making. The adventure of the private sector in the e-commerce sector is increasing the demand for economists with further expertise in computer technology and the online market. In some companies, economists are hired to work on building a website Ecommerce Business from scratch.

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

Other benefits of doing a doctorate in economics and entering the private sector are-

  • Good salary,
  • High job security,
  • International job opportunities,
  • A variety of work environments,
  • Multiple roles.

Regardless of the benefits, the private sector is very competitive for economists, and the environment is stressful for some people. Economists with in-depth understanding and knowledge can see the private sector as a good employment opportunity despite the shortcomings.

Expansion of the global banking sector

Demand for the banking sector is rising day by day. Population growth and the disposable income of working people are the main reason for the improvement of the banking sector. One of the main specialties in the banking sector is economics. Therefore, a doctorate in economics has great potential in the banking sector. Most economists are employed in setting government and regulatory policies and publishing economic market research. What’s more, senior positions like CEOs and bank executives are mostly economics graduates.

Leading banks like RBI and other nationalized banks also offer jobs to doctoral graduates in economics. Doctoral candidates can also work in prestigious institutions around the world like the World Bank provided they have the right skills and knowledge. A certified economics graduate adds value to the financial firm. Although they do not get the opportunity to work as professional economists in the banking sector, most economists are involved in the banking sector as policy and regulatory authorities, data analysts, etc. This is another high-paying job for a candidate doctorate. Hence the banking sector is another reason for choosing economics as a doctoral profession.

Stock market growth

The stock market has a lot of risks and uncertainties. However, the number of people investing in the stock market is increasing. To be successful in trading and investing in the stock market, a deep understanding of the economy and the market situation is needed. As a result, the role of economists in the stock market is always important. Doctoral graduates in economics with qualifications can predict market and business trends. In the banking sector, economists are hired as stock market analysts for the purpose of investing clients in the stock market. There is also a marked increase in market brokers with a doctorate in economics.

Private equity brokers also hire good economists to help their clients. Competitiveness in the stock market increases the demand for economists. Therefore, a doctorate 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 propel the company’s stocks to a profitable margin. Many millionaires have succeeded in trading stocks with better strategies. The views of qualified economists on the market and policies are significant components to success in stock trading. Thus, it is a good reason to choose a doctorate in economics after graduation.

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 enjoy working as accountants and policy makers in institutions. Economists can work as part-time teachers in community colleges and high schools. Many colleges hire economists as professors and lecturers in institutions. There are also educational institutions that hire economists as guest speakers. The institutions also appoint economists to publish 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 running their business. Economists can build strategies that take business on the path to success. Many economists are proficient in demand analysis, forecasting, cost analysis, inventory management, advertising and pricing. The role of economists includes identifying various business problems, making decisions and advisory bodies in the company. In addition to academic studies, business economics includes more budget-based budgeting and management.

Also read about:

The main difference between microeconomics and macroeconomics

Career opportunities in India after a bachelor’s degree in economics

MA Economics? Course, specialization, scope, career and eligibility

Some points to keep in mind when choosing a doctorate in economics as a career path

The positive side in choosing a doctorate in economics is high. However, there are some points to consider when choosing a course as a career path.

  • A doctorate in economics takes a long time to complete. It takes an average of 5 years to complete the course.
  • The competition is very high in this area. Many students choose a doctorate as their career path. Therefore, gaining expertise in the field is essential for career success.
  • The economy is full of numbers. Mathematics and statistics are key topics in economics. Hence, students should be very good at numbers.
  • Economics has many theories. Therefore, the candidate should be willing to learn more.
  • The cost of completing a doctorate is much higher in some institutes. Students need to be willing to invest that kind of money in education.
  • Very open research and projects related to a doctorate in economics. This can be unmotivated for some students because of their lack of interest. Preparing students to face all of these challenges is essential.

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

Summary

Economics is an excellent course for people for a career and a successful life. Aside from job opportunities, economics knowledge is very useful for day-to-day economic transactions and other economic activities. Massive job opportunities and development in the economic market are proving to be beneficial to students willing to take a doctorate in economics. Various fields of study in economics, such as microeconomics, macroeconomics, cost economics and business economics, make it one of the best doctoral programs to study.

Common questions

Q.1 Why is a doctorate the highest degree?

Postgraduate or PhD answers are the highest degrees given by the university or colleges after graduation. It is also the highest degree awarded to people throughout the length of academics in a particular subject.

Q.2 Is a PhD in Economics in India a good degree?

Doctoral answers in economics in India is a good degree to pursue after graduation. It provides a lot of knowledge and understanding about the economic scenario of the world. More than career opportunities, a doctorate in economics offers a great deal of knowledge to applicants. This course helps in putting in a good job in the private sector, businesses, government sectors, educational institutions and banking sectors. As a result, a PhD in economics in India has great value.

Q 3. What is the average salary of postgraduates in economics?

Answers to PhD economics in India vary depending on the field of work and the labor company. However, most companies offer a salary range of Rs. 10 lakh per year up to Rs. 15 lacs a year. In the field of education, doctoral salary in economics in India ranges from Rs. 4 lach per year up to Rs. 10 lacs a year. Salary increases with an increase in experience in expertise.

Q.4 Is a PhD in economics difficult?

Answers It is difficult to continue with any degree if one joins it without a proper understanding. In the case of economics, the course is full of theories and numbers. It also takes a long time to complete a doctorate. Anyone who is comfortable with all of these can pursue a doctorate in economics.

Q.5 Which country is best for doing a doctorate in economics?

Answers Some of the best doctoral countries in economics are the United States and the United Kingdom. The leading colleges to continue the course are Harvard University, the Massachusetts Institute of Technology in the United States and the London School of Economics and Political Science.

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