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Economics Professor

Overview, Education, Careers Types, Skills, Career Path, Resources

Economics Professors teach economic principles, conduct research, and publish scholarly articles. They play a vital role in shaping future economists.

Average Salary

₹9,00,000

Growth

medium

Satisfaction

high

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Educational Requirements

Education Requirements to Become an Economics Professor

To become an Economics Professor in India, a strong educational foundation is essential. Here's a detailed breakdown:

  • Bachelor's Degree:
    • Begin with a Bachelor's degree in Economics or a closely related field like Mathematics, Statistics, or Finance.
    • Ensure a solid understanding of microeconomics, macroeconomics, and basic statistical methods.
  • Master's Degree:
    • Pursue a Master's degree in Economics. This program deepens your knowledge and introduces advanced concepts.
    • Focus on econometrics, advanced economic theory, and research methodologies.
  • National Eligibility Test (NET):
    • Qualify the NET exam conducted by UGC (University Grants Commission) after your master's degree. It is the basic requirement to apply for Assistant professor post in any college or university.
  • Ph.D.:
    • A Ph.D. in Economics is typically required for professorships at most universities.
    • This involves original research, culminating in a dissertation.
    • Choose a specialization area such as development economics, econometrics, or public policy.
  • Post-Doctoral Experience (Optional but Recommended):
    • Engage in post-doctoral research to gain more experience and publications.
    • This enhances your profile and makes you more competitive in the job market.

Key Skills

  • Analytical Skills: Ability to analyze complex economic data.
  • Communication Skills: Excellent verbal and written communication skills.
  • Research Skills: Strong research and publication record.
  • Teaching Skills: Ability to explain complex concepts clearly.
  • Mathematical Skills: Proficiency in mathematical and statistical techniques.
Study Path
Top Colleges

Top Colleges in India for Economics

To pursue a career as an Economics Professor, it's crucial to get your education from reputable institutions. Here are some of the top colleges and universities in India for studying Economics:

  • Delhi School of Economics (DSE), University of Delhi:
    • Renowned for its rigorous academic program and distinguished faculty.
    • Offers Bachelor's, Master's, and Ph.D. programs in Economics.
  • Indian Statistical Institute (ISI), Kolkata:
    • Focuses on quantitative economics and statistical methods.
    • Offers Bachelor's, Master's, and Ph.D. programs.
  • Jawaharlal Nehru University (JNU), New Delhi:
    • Known for its strong research focus and interdisciplinary approach.
    • Offers Master's and Ph.D. programs in Economics.
  • ** প্রেসিডেন্সি ইউনিভার্সিটি, কলকাতা (Presidency University, Kolkata):**
    • Has a long history of excellence in economics education.
    • Offers undergraduate and postgraduate programs.
  • Madras School of Economics (MSE), Chennai:
    • Offers specialized postgraduate programs in economics.
    • Known for its applied economics research.
  • Gokhale Institute of Politics and Economics, Pune:
    • One of the oldest economics research and training institutes in India.
    • Offers Master's and Ph.D. programs.
  • Indira Gandhi Institute of Development Research (IGIDR), Mumbai:
    • Focuses on development economics and policy research.
    • Offers Ph.D. programs.

These institutions provide a strong foundation in economic theory, econometrics, and research methodologies, essential for a career as an Economics Professor.

Fees

The fee structure for courses required to become an Economics Professor in India varies widely depending on the type of institution (government, private, autonomous) and the level of the program (Bachelor's, Master's, Ph.D.). Here’s a general overview:

  • Bachelor's Degree (B.A. Economics):
    • Government Colleges: ₹5,000 - ₹20,000 per year
    • Private Colleges: ₹20,000 - ₹1,00,000 per year
  • Master's Degree (M.A. Economics):
    • Government Colleges: ₹10,000 - ₹30,000 per year
    • Private Colleges: ₹30,000 - ₹1,50,000 per year
  • Ph.D. in Economics:
    • Government Universities: ₹10,000 - ₹40,000 per year
    • Private Universities: ₹50,000 - ₹3,00,000 per year

Additional Costs:

  • Application Fees: ₹500 - ₹2,000 per application.
  • Exam Fees (NET/SLET): ₹1,000 - ₹2,000 per attempt.
  • Study Materials: ₹5,000 - ₹15,000 per year (books, online resources).
  • Accommodation and Living Expenses: Vary significantly based on location; budget ₹5,000 - ₹15,000 per month.

Financial Aid:

  • Many government and private institutions offer scholarships, fellowships, and financial aid based on merit and need.
  • UGC provides various fellowships for Ph.D. students, covering tuition fees and providing a monthly stipend.
Related Exams

To become an Economics Professor in India, several exams play a crucial role in assessing your knowledge and eligibility. Here’s a detailed overview:

  • National Eligibility Test (NET):
    • Conducted by the University Grants Commission (UGC).
    • It is a mandatory exam to qualify for Assistant Professor positions in Indian universities and colleges.
    • The NET exam tests your understanding of economics concepts, research methodology, and teaching aptitude.
  • State Level Eligibility Test (SLET):
    • Similar to NET, but conducted by individual states.
    • Qualifying SLET makes you eligible to apply for lectureship in colleges within that state.
  • Ph.D. Entrance Exams:
    • Various universities conduct their own entrance exams for Ph.D. programs in Economics.
    • These exams typically cover microeconomics, macroeconomics, econometrics, and mathematical economics.
  • GATE (Graduate Aptitude Test in Engineering):
    • While primarily for engineering, a good score in GATE (Economics) can open doors for research positions and Ph.D. admissions in top technical institutes.
  • Indian Economic Service (IES) Exam:
    • Conducted by the Union Public Service Commission (UPSC).
    • Qualifying IES can lead to research-oriented positions in government economic departments, enhancing your profile for academic roles.
Exam NameExam Date
Pros And Cons

Pros

  1. Intellectual Stimulation and continuous learning.
  2. Opportunity to conduct impactful research.
  3. Contributing to the education of future economists.
  4. Job security and stability in government institutions.
  5. Respect and recognition in academic circles.
  6. Flexible work schedule with research opportunities.
  7. Opportunity to publish research papers and books.
  8. Chance to participate in conferences and seminars.

Cons

  1. Highly competitive job market.
  2. Extensive education and research required.
  3. Pressure to publish research regularly.
  4. Bureaucratic hurdles in academic institutions.
  5. Limited earning potential compared to the private sector.
  6. Time-consuming grading and administrative tasks.
  7. Dependence on research grants for funding.
  8. Dealing with diverse student needs and challenges.