Are you considering pursuing a PhD in Economics in Europe? Then you are in the right place! Europe is home to some of the world’s most prestigious universities offering PhD programs in economics. The Doctoral Program in Economics (DPE) at the University of Helsinki is one such program that promotes doctoral education in economics by offering courses and seminars based on a program launched in 1990. Similarly, there are many such universities. across the continent offering PhD programs in Economics at affordable prices. Read on to learn more about pursuing a PhD in Economics in Europe!
PhD in Economics in Europe: Overview
A doctorate , also known as Doctor of Philosophy, 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 deals with the behavior and interactions of individual markets, such as households and businesses. On the other hand, macroeconomics focuses on the state of the economy as a whole. There are more than 4,000 higher education institutions in Europe, from world-class research organizations to small universities focused on teaching. Europe, which expands from the Arctic Circle to the African coast, is no different from other continents.
PhD in Economics: The Course
- A PhD in Economics generally includes courses in both macroeconomics and microeconomics. However, if you want to teach or conduct formal research in economic topics, this is a useful degree. Once the proposal is approved and the oral exam is passed, the last years of enrollment are dedicated to research, writing and defending the thesis.
- The greatest opportunity in the field of Economics is that it is mainly dedicated to research. A PhD should only be obtained if a person has a strong interest in research-oriented work. PhDs are usually completed by people involved in the academic field. This can lead to a better understanding of the specific field or topic.
- After completing the PhD in Economics course, students will be able to understand a wide range of theoretical debates in economics and business, analyze economic problems and evaluate the implications for economic policy and business planning and strategy.
- Most economist jobs require a master’s degree or doctorate in economics. An advanced degree is sometimes required to advance to higher-level positions.
Read also: Find the best PhD in Europe to study
Why choose Europe to do a doctorate?
Europe is a popular destination for postgraduate studies. There are numerous reasons why people choose to pursue their master’s or PhD in Europe, one of which is Europe’s excellent reputation in terms of high educational standards, as well as the general way of life, the wealth of choice 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 graduate school 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 for 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.
- Education quality
The quality of European universities is extremely high, with some of the highest-ranked institutions in the world, 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 highly regarded around the world and demonstrate Europe’s ability to provide an exceptional level of teaching to postgraduate students.
- Economic
Pursuing a master’s or doctoral program in Europe can also be financially advantageous because tuition fees can be much lower than those in other countries such as the United States. Postgraduate course fees in Europe typically range between €5,000 (INR 4.10 lakh) and €25,000 (INR 20.5 lakh), depending on the status of the university and the subject of the course. Most postgraduate courses for international students cost €15,000 (INR 12.3 Lakh), which is significantly less than those in the United States.
- Employment possibilities
Studying in a European city is advantageous for your future career because its student population is large and diverse. This gives the graduate 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 certainly help you in your chosen career path. The European university you choose is likely to impress potential employers, which can help you advance your career.
The best 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 Science (LSE), United Kingdom
- Oxford University, United Kingdom
- University of Cambridge, United Kingdom
- University College London (UCL), United Kingdom
- Bocconi University, Italy
- University of Warwick, United Kingdom
- Tilburg University, Netherlands
- University of Zurich, Switzerland
- London Business School, United Kingdom
- ETH Zurich, Switzerland
Doctorate in the Framework of the European Higher Education Area
The EHEA is a network of 48 countries that use the same university degree system. It is made up of the 28 members of the EU (including the United Kingdom), as well as other countries in Europe and Eurasia.
All EHEA members follow the Bologna Process, signed in 1999 at the University of Bologna (the oldest university in Europe). This divides academic degrees into three categories:
- Bachelor’s degrees are first-cycle degrees that typically take 3 years to complete.
- Master’s degrees are second-cycle degrees that usually last 2 years.
- PhDs (like Ph.D.s) are third-cycle degrees that typically take three to four years to complete.
Academic qualifications obtained in one EHEA country are automatically recognized in others. This makes studying abroad in different parts of Europe or working in another European country with your PhD much easier.
Cost of the PhD in Economics in Europe
According to the National Center for Educational 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 public and private institutions between the years 2018 and 2019. Tuition rates vary by school, and private universities are typically more expensive than public universities.
Read also: PhD in Germany
Careers and scope
A PhD in Economics in Europe will provide you with professional stability and financial security. Career opportunities in economics are excellent, as employment in these fields is expected to grow faster than the national average. Read on for a list of some of the best Economics PhD jobs for graduates, as well as an overview of their annual salaries. According to PayScale, the average salary of a person 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 you work in.
It is worth investing in a PhD in Economics in Europe. Earning a PhD in economics is a great way to gain valuable skills for the economic job market, improve your overall communication, and ensure financial security and stability throughout your career.
PhD graduates in economics have the option of conducting research and teaching at prestigious institutions, prestigious government positions, or continued work at some of the highest-paying private institutions.
Relevant readings:
| How to choose a research topic for your doctorate? | How to obtain financing for a doctorate? |
| What is a PhD stipend? | 5 countries that offer free or very cheap doctorate programs |
| PhD Abroad with Scholarships for Indian Students | Integrated PhD |
Frequently asked questions
Is the doctorate funded in Europe?
Many universities rely on external funding to establish doctoral positions. External funding is usually awarded in the form of research grants for specific research projects. The European Commission and national scientific research councils are two common funding sources.
How many years does a doctorate in Europe take?
A PhD in Europe generally takes at least four years to complete, although three- and five-year programs, as well as part-time options, are available.
Do all PhD students receive a stipend in Europe?
In Europe, the average monthly minimum salary for a doctoral student is 2,600 euros. It is important to note that this figure includes all disciplines, not just science and engineering.
Is a PhD in economics worth it?
Consider a PhD in economics if you want to work in research, are good at mathematics (i.e. quantitative GRE score above 165), and have a demonstrated interest in economic research.
To help you select colleges/universities in Europe or any other country, contact Leverage Edu . You can also call us on 1800 57 2000 for a free 30-minute counseling session.
