With the fast-paced era, the world catches on to the trend even before it is popular and completes a degree while looking for another one with a blink of an eye. A big credit for it goes to the technological advancements which have made it possible for individuals to be aware of degrees like PhD which weren’t pursued by a larger audience before.
PhD is one of the highest achievements in academics that an individual can achieve. PhD is becoming increasingly important in job prospects. Every big firm and company want someone with a thesis and a specialization in hand.
PhD in Finance and PhD in Economics are two of the most competitive courses as of now. From budgeting of a household to the budgeting of the country, both require an individual to either have a specialization in finance or in economics, depending on their interest. PhD in finance and PhD in Economics are often interconnected and can sometimes appear unchangeable.
In this article, we will explore about both the courses PhD in Finance and PhD in Economics, with respect to their benefits and available career options to help you understand better in picking one.
Table Of Content
🔷 What is a PhD in Economics?
🔷 Finance vs Economics PhD: Comparison
🔷 PhD in Finance Benefits
🔷 PhD in Economics Benefits
🔷 PhD in Finance Career Options
🔷 PhD in Economics Career Options
🔷 Conclusion
🔷 Frequently Asked Questions
What is a PhD in Finance?
PhD in Finance is a doctorate degree which can be completed in the span of 2-6 years. PhD in Finance focuses on research and theoretical studies relating to finance at an advanced level. To be eligible for a Doctorate in Finance, an individual needs to have completed their postgraduation from a recognized university with an aggregate of 55% or above. In addition to this, an individual must appear for entrance exams like UGC NET, CSIR NET, GATE, etc.
The Finance PhD Program helps an individual in gaining deeper insights into fields relating to Accounting, Taxation, Banking, Financial Planning, Business Environment and much more. It offers many opportunities including Tax Consultants, Financial Chief Advisor, Professors and much more.
What is a PhD in Economics?
PhD in Economics is another demanding degree that focuses on exploring the production and consumption to make predictions and assumptions about future trends and practices. PhD in Economics is a 2–6-year program with an eligibility criterion of postgraduation in economics and related fields from a recognized university scoring up to 55% or more. One must appear for entrance exams like UGC NET, CSIR NET and GATE to be qualified for the program.
An individual can specialize in different fields like microeconomics, macroeconomics, international economics, business economics, etc. PhD in Economics offer many opportunities including Financial Analyst, Investment Banker, Policy Analyst, Business Strategist, and much more.
Finance vs Economics PhD: Comparison
| Particulars | PhD in Finance | PhD in Economics |
| Full Form | Doctor of Philosophy in Finance | Doctor of Philosophy in Economics |
| Scope | Focused more on markets, risk management, corporate finance and investments | Focused more on microeconomics, macroeconomics, econometrics and policy analysis |
| Research Orientation | Applied research with quantitative method, with financial model and data-driven methods | A mix of theoretic and applied research focusing on economics theory |
| Career Paths | Professor, Investment Bankers, Asset Management, Consulting, Regulatory Advisory | Professor, Government Job, NGOs, research institutes, international organizations |
| Time Duration | 2–6 years | 2–6 years |
| Suitable for | Individuals who are passionate about the financial market, investment and data analytics | Individuals who are interested in global economy, policymaking, inequality, trade and development |
PhD in Finance Benefits
PhD in Finance dwells deep into financial theory and practice. More than that, it helps an individual in growing their skills in quantitative methods, research, and a deeper understanding of the financial market. Below are some of the benefits for PhD in Finance:
1.Specialized Knowledge and Expertise: An individual with a PhD gains a specialized knowledge in derivation, financial engineering or behavioral finance with a promise to gain expertise to help you stand out from the crowd.
2. Advanced Research Skills: With the help of advanced research skills, an individual can excel in various fields of their career. It can help an individual in executing research projects, analyzing enormous datasets and new theories and models as well.
3. Thought Leadership: With the completion of PhD in Finance, you shine as a thought leader in the sector of finance. This dominance level does not restrain itself to the industry practices and academic literature but also explores many opportunities in the consultancy roles and leadership roles.
4. Career Opportunities: With a PhD in Finance, an individual can gain various career opportunities and at a higher level. The highest achievement of a PhD comes with its own set of careers including Tax Consultants, Invesment Banker, Regulatory Advisory, Consultant and much more.
PhD in Economics Benefits
With a PhD in Economics, a researcher gains more benefits in theoretical and practical terms. An individual with a PhD in economics has a lot to gain, especially in case of job prospects. Below are some of the advantages of PhD in Economics:
1.Global Relevance: Expertise in Economics helps an individual in gaining global relevance. An expertise in economics with the help of a PhD in Economics is valued worldwide. This opens the door for international global opportunities like IMF, World Bank, UN for an individual.
2. Interdisciplinary Scope: Doctoral Economists can connect with other disciplines as a form of collaboration with finance, sociology, political science and even literature in the non-fictional form.
3. Long-Term Stability: A career in economics helps in keeping the long-term stability as these are permanent jobs provided to an individual including data analyst, and in terms of policy, research and academia.
4. Influential on Society: Economists who have completed their doctoral program with PhD in Economics make a direct impact and influence on society by shaping economic policies, welfare programs and development initiative.
PhD in Finance Career Options
PhD in Finance offers a wide variety of job aspects with a domestic and even an international opportunity based on your interest and academic qualifications. This is where a PhD in Finance comes to a roleplay wherein it provides an ample opportunity to work outside their homeland. Below are some of the career options along with their brief discussion:
| Job Profile | Description | Salary |
| CFA Manager | The full form of CFA is Chartered Financial Analyst. The work of a CFA is to advise clients on financial and investment decisions. They work in various establishments including banks, insurance companies, trust companies, and much more. | INR 3.3 LPA – INR 17.1 LPA |
| Stockbroker | A stockbroker is a professional who facilitates the buying and selling of stocks and other securities on behalf of investors. | INR 2.2 LPA – INR 5.5 LPA |
| Finance Consultant | The work of the financial consultant is to help their clients to achieve their financial goals. They analyze the financial situation, develop strategies and offer recommendations on investments, tax planning and much more. | INR 3.1 LPA – INR 18 LPA |
| Tax Consultant | A Tax Consultant researches tax issues, recommends strategies and provides advice and guidance to individuals, companies and organizations. | INR 2.4 LPA – INR 11.1 LPA |
PhD in Economics Career Options
An economist is a need in any part of the world whether it be in India or outside. An individual with a PhD in Economics studies the pattern of production and consumption to know about the future trends. Below are some of the career options for individuals who have done PhD in Economics:
| Job Profile | Description | Salary |
| Economist | The work of an economist is to determine how societies use their resources to produce and distribute goods and services, analyzing trends and providing insights of decision making. | INR 4 LPA – INR 6 LPA |
| Advisor | An economic advisor advises the government on economic matters and helps in preparing the Economic Survey of India debated in Parliament before being presented to the Union Budget of India. | INR 4 LPA – INR 6 LPA |
| Investment Analysis | The job of Investment Analysis is to evaluate financial and investment information of the client for buying, selling or holding recommendations for security. | INR 7 LPA – INR 9 LPA |
| Lecturer | Economics is supposed to teach the specific discipline they excel in to help the university students. | INR 5 LPA – INR 7 LPA |
Conclusion
Both the PhD in Finance and PhD in Economics are the most demanding courses with an enormous career opportunity as discussed. An individual who wants to focus on financial theory can opt for a PhD in finance and a researcher who is more interested in exploring the production and consumption of goods and services to predict a future can opt for Economics. It all lies where your interest is!
Frequently Asked Questions
Q1: What are the eligibility criteria for a PhD in Finance?
The eligibility criteria for a PhD in Finance includes a post-graduation from a recognized university with an aggregate of 55% or more.
Q2: Are entrance exams necessary for any PhD program?
Yes, entrance exams are a necessity for admission to any PhD program in India. Without an entrance exam, one cannot apply for any university. However, some universities offer their own entrance exams to the students.
Q3: What are the career options for a PhD in Economics?
PhD in Economics gives an individual with multiple career options including economist, professor, advisor, investment analysis.
Q4: Do I need to prepare for a thesis writing even in PhD in Finance?
Yes, one needs to make a thesis based on their original research work even for PhD in Finance.
Q5: I have done my bachelor’s in finance and related courses. Can I get admission for PhD in Finance?
No, if you have only completed your bachelor’s in finance. You cannot be eligible for a PhD program. You will need to complete your master’s first.
