Agricultural Economics Careers: Jobs, Salary & Best Colleges In 2023
- Naief Khatri
- Updated Date: September 5, 2023
Table of Contents
Agricultural Economics is an interdisciplinary field that combines both, micro and macroeconomic principles towards solving problems of the agriculture industry. This branch of economics covers a vast arena of issues, including, but not limited to utilisation of farm resources, accounting, logistics and supply chain management and optimising farm output.
An agricultural economics job requires one to focus on a plethora of factors, ranging from crop and animal health and studying the effect of weather on them to monitoring crop prices and fluctuations in the commodity market and observing buying patterns and consumer preferences . In doing so, the ultimate aim of an agriculture economist is to ensure optimum output with efficient utilisation of available resources and deriving maximum profit in the market. In a traditionally agriculture dominated society of India, it is hard to overstate the economic imperative of a career in agricultural economics.
A master’s degree is considered a prerequisite to a successful agricultural economics career. A B.Sc. in agricultural economics or a related subject is specified as a criterion for entrance into a two-year M.Sc. course by most agricultural economics colleges. A number of institutes also provide a doctorate ( Ph. D.) in agriculture economics, for which a master’s degree is needed.
Agricultural Economics Careers
Agricultural economics offers a diverse range of rewarding careers that blend the principles of economics with the agricultural industry. These careers encompass research, analysis, policy development, and business management within the context of agricultural production and distribution. Here are some notable careers within the field of agricultural economics:
| Career | Description | Average Salary |
|---|---|---|
|
Agricultural Economist
|
Agricultural economists analyze economic data related to agriculture, such as crop yields, market trends, and government policies. They provide insights into efficient resource allocation and optimal farming practices. |
6-8 lakh INR per annum |
|
Agribusiness Manager |
Agribusiness managers oversee the operations of agricultural companies, including production, marketing, and distribution of agricultural products. They focus on maximizing profits while ensuring sustainable practices. |
8-10 lakh INR per annum |
|
Rural Development Officer |
Rural development officers work with government agencies and NGOs to plan and implement programs that improve the economic conditions and quality of life in rural areas. They may focus on projects related to agriculture, infrastructure, and education. |
5-7 lakh INR per annum |
|
Market Analyst in Agricultural Commodities |
Market analysts track market trends, supply and demand dynamics, and price fluctuations of agricultural commodities like grains, livestock, and dairy products. They provide valuable insights to traders, farmers, and agribusinesses. |
5-7 lakh INR per annum |
|
Research Analyst in Agricultural Policy |
Research analysts study agricultural policies, government regulations, and their impact on the agricultural sector. They provide recommendations to policymakers and stakeholders for improving agricultural practices and policies. |
6-8 lakh INR per annum |
|
Agricultural Extension Officer |
Agricultural extension officers work closely with farmers to disseminate knowledge about new farming techniques, technologies, and best practices. They play a crucial role in improving agricultural productivity and rural livelihoods. |
4-6 lakh INR per annum |
|
Agricultural Loan Officer |
Agricultural loan officers work in banks or financial institutions, providing loans and financial assistance to farmers for purchasing equipment, seeds, and other agricultural inputs. |
4-6 lakh INR per annum |
|
Supply Chain Analyst in Agribusiness |
Supply chain analysts focus on optimizing the flow of agricultural products from farm to market. They ensure efficient distribution and logistics, minimizing losses and maximizing profits. |
6-8 lakh INR per annum |
Agricultural Economics Courses
Bachelor’s Courses:
- Bachelor of Science (BSc) in Agricultural Economics:Â This is a 3-year undergraduate course that covers topics such as agricultural production, marketing, finance, and policy. The average annual fees for this course is INR 50,000.
- Bachelor of Arts (B.A.) in Agricultural Economics:Â A Bachelor of Arts in Agricultural Economics is a 3-year undergraduate degree program that provides students with a foundation in the principles of economics and their application to the agricultural sector. The program typically covers topics such as agricultural production, marketing, finance, and policy. Students also learn about the use of quantitative methods in economics, such as statistics and econometrics. The average annual fees for the program is around INR 60,000.
Bachelor of Business Administration (BBA) in Agribusiness Management:Â A Bachelor of Business Administration in Agribusiness Management is a 3-year undergraduate degree program that provides students with the knowledge and skills they need to manage businesses in the agricultural sector. The program typically covers topics such as agricultural production, marketing, finance, and entrepreneurship. Students also learn about the use of information technology in agribusiness. The average annual fees for the program is around INR 55,000.Â
Master Courses:
- Master of Science (MSc) in Agricultural Economics:Â This is a 2-year postgraduate course that covers advanced topics in agricultural economics. The average annual fees for this course is INR 80,000.
 Master of Business Administration (MBA) in Agribusiness or Rural Management: An MBA in Agribusiness or Rural Management is a 2-year postgraduate degree program that provides students with the knowledge and skills they need to manage businesses in the agricultural sector or to work in rural development. The program typically covers topics such as agricultural production, marketing, finance, entrepreneurship, and rural development. Students also learn about the use of information technology in agribusiness and rural development. The average annual fees for the program is around INR 85,000.
Postgraduate Diploma Courses:
- Postgraduate Diploma in Agricultural Economics: A Postgraduate Diploma in Agricultural Economics is a 1-year postgraduate degree program that provides students with advanced knowledge and skills in the field of agricultural economics. The program typically covers topics such as agricultural production, marketing, finance, policy, and development. Students also learn about the use of quantitative methods in agricultural economics, such as statistics and econometrics. The average annual fees for the program is around INR 60,000.
Postgraduate Diploma in Agribusiness Management:Â A Postgraduate Diploma in Agribusiness Management is a 1-year postgraduate degree program that provides students with the knowledge and skills they need to manage businesses in the agricultural sector. The program typically covers topics such as agricultural production, marketing, finance, entrepreneurship, and information technology. Students also learn about the latest trends in agribusiness and the challenges facing the agricultural sector. The average annual fees for the program is around INR 70,000.
Doctoral (Ph.D.) Courses:
- Ph.D. in Agricultural Economics:Â This is a 3-year doctoral program that covers cutting-edge research in agricultural economics. The average annual fees for this program is INR 100,000.
Online Courses:
- Agriculture, Economics and Nature on Coursera: This is a 7-week course that covers the basics of agricultural economics. The course fee is INR 4,990.
- Agricultural Economics on edX: This is a 4-week course that covers the economics of agricultural production, marketing, and policy. The course fee is INR 5,990.
- Introduction to Agricultural Economics on FutureLearn: This is a 4-week course that covers the fundamentals of agricultural economics. The course fee is INR 999.
- Agricultural Economics: Theory and Applications on Udemy: This is an 8-hour course that covers the theoretical and applied aspects of agricultural economics. The course fee is INR 1,999.
- Agricultural Economics: A Modern Approach on Alison: This is a 10-hour course that covers the basics of agricultural economics in a modern context. The course is free to take.
- Agricultural Economics for Development on Wageningen University: This is a 10-week course that covers the economics of agricultural development. The course fee is INR 2,999.
- Agricultural Economics and Policy Analysis on Iowa State University: This is a 12-week course that covers the principles of agricultural economics and policy analysis. The course fee is INR 3,999.
- Agricultural Economics: A Global Perspective on Michigan State University: This is a 10-week course that covers the economics of agriculture from a global perspective. The course fee is INR 3,499.
- Agricultural Economics and Food Policy on the University of California, Davis: This is a 10-week course that covers the economics of agricultural production, marketing, and policy. The course fee is INR 2,999.
Certification Programs:
- Certificate in Agricultural Economics by the Indian Institute of Management Bangalore (IIMB): This is a 6-month online program that covers the basics of agricultural economics. The course fee is INR 60,000.
- Certificate in Agricultural Economics by the National Institute of Agricultural Economics and Policy Research (NIAEPR): This is a 6-month online program that covers the fundamentals of agricultural economics. The course fee is INR 40,000.
- Certificate in Agricultural Economics by the Tamil Nadu Agricultural University (TNAU): This is a 6-month online program that covers the principles of agricultural economics. The course fee is INR 30,000.
- Certificate in Agricultural Economics by the Anand Agricultural University (AU): This is a 6-month online program that covers the concepts of agricultural economics. The course fee is INR 25,000.
- Certificate in Agricultural Economics by the University of Agricultural Sciences, Bangalore: This is a 6-month online program that covers the theories of agricultural economics. The course fee is INR 20,000.
Agricultural Economics Eligibility
General eligibility criteria for agricultural economics programs in India:
- Bachelor’s degree:Â Most undergraduate programs in agricultural economics require students to have a bachelor’s degree in any discipline with a minimum of 50% marks. Some universities may also require students to have taken specific courses in mathematics, economics, and statistics.
- Master’s degree:Â Most postgraduate programs in agricultural economics require students to have a master’s degree in agricultural economics or a related discipline with a minimum of 50% marks. Some universities may also require students to have taken the Graduate Aptitude Test in Engineering (GATE) or other entrance exams.
- Ph.D.:Â Most doctoral programs in agricultural economics require students to have a Ph.D. in agricultural economics or a related discipline with a minimum of 55% marks. Some universities may also require students to have published research papers in peer-reviewed journals.
Agricultural Economics Jobs
In the field of agricultural economics, professionals often seek information on agricultural economics jobs salary to make informed career choices and financial decisions. Below down is the list of different agricultural jobs with their average salary.
| Job | Primary Duties | Average Salary |
|---|---|---|
|
Farmer |
A farmer is an agricultural professional who tends to the crops, livestock and property on a farm. A farmer may specialize in a particular type of product, or cultivate a range of products. Often, farmers own the property they manage personally, and benefit directly from the profit generated from production. |
INR 2.5 lakhs to INR 4 lakhs per year |
|
Farm manager |
A farm manager oversees they operations of one or more farms. Their responsibilities may include agricultural tasks, such as daily activities related to the care and cultivation of crops and livestock. The farm manager may also oversee business responsibilities, such as inventory management, sales pricing and maintenance of property and equipment. |
INR 6 lakhs per year |
|
Logistics manager |
A logistics manager oversees the supply and distribution network for a business. They are responsible for ensuring that an agricultural business has the raw materials and equipment they require to complete daily operations. They also manage the process of shipping salable goods to customers in an efficient and cost-effective manner. The logistics manager responds to delays in receiving or shipping products in order to solve problems and restore efficient operation. |
INR 6-8 lakhs per year |
|
Pricing analyst |
A pricing analyst performs analysis on costs, consumer markets, competitor pricing and other factors in order to set pricing levels for a company. They use the information their research provides in order to maximize profitability for their employer. This allows a competitive advantage to a farm compared with other farms operating in the same market. |
INR 5-8 lakhs per year |
|
Financial analyst |
A financial analyst overseas a company's financial books in order to provide guidance on financial decision-making. They may examine records both on spending and income generated by the farm. A financial analyst may also be entrusted to set budgets or may serve in an advisory position to an employee of the farm who is responsible for making spending decisions. |
INR ₹ 4.7 Lakhs per year |
|
Purchasing manager
|
A purchasing manager overseas buying operations for a company. Responsibilities for purchasing managers include identifying potential sources for raw materials and tools, comparing quotes, managing a budget and making purchasing decisions. The purchasing manager is responsible for maintaining quality standards while operating within the farm's financial capabilities. |
INR 9.3 lakhs per year |
|
Economic analyst |
An economic analyst is a financial professional who specializes in finance within an industry. They analyze potential decisions for a company and determine the effect it would have operating within its market. Additionally, economic analysts may provide database guidance on the potential outcomes of changes to procedures and policies within a farming organization. |
INR 6-8 lakhs per year |
|
Policy analyst |
A policy analyst works for a government official or group, a political organization or other policy-focussed operations. They analyze the result of potential policies to estimate the results of enacting them. A policy analyst may perform an assessment of an existing policy plan, or make suggestions for a new policy plan based on the results of their analysis. |
INR 6 lakhs per year |
|
Economic consultant |
An economic consultant is a finance professional who offers their expertise to an organization, often in a contracting capacity. A consultant may work independently or as part of a consulting firm which customers contract with. A client may use an economic consultant's expertise in a variety of settings, including both analyzing current financial policies and seeking guidance for making changes or adopting new financial approaches. |
INR 9 lakhs per year |
|
Supply chain manager |
A supply chain manager is responsible for overseeing the logistics of a company's supply line, including both incoming and outgoing materials and products. They are responsible for ensuring that all steps in the process operate efficiently, while identifying methods of improving supply chains to increase their profitability. Duties for supply chain managers and the staff they oversee include tracking items in transit, managing incoming and outgoing items from the company's facilities and recording all necessary information to maintain accurate records. |
INR 8 lakhs per year |
Types Of Agricultural Economics
Agricultural economics is a multifaceted field that encompasses various types or branches, each focusing on different aspects of the agricultural sector and its economic interactions. Here are some key types of agricultural economics:
- Production Economics: Production economics focuses on the efficient use of resources in agricultural production. It involves analyzing factors such as land, labor, capital, and technology to optimize farm production and minimize costs.
- Agribusiness Economics:Â Agribusiness economics examines the economic aspects of the entire agricultural supply chain, including input suppliers, producers, processors, distributors, and retailers. It assesses the economic performance and decision-making processes of agricultural firms.
- Rural Development Economics: Rural development economics addresses the economic well-being of rural areas and communities. It explores strategies and policies aimed at improving living standards, infrastructure, and economic opportunities in rural regions.
- Environmental and Resource Economics: This branch focuses on the economic implications of environmental issues in agriculture. It evaluates the trade-offs between agricultural production and environmental sustainability, including topics like conservation practices and natural resource management.
- Agricultural Policy and Trade:Â Agricultural policy economists analyze government policies and international trade agreements that impact agriculture. They assess the effects of subsidies, tariffs, and trade regulations on agricultural markets.
- Agricultural Marketing and Price Analysis:Â This field examines the marketing and pricing strategies in agriculture. It involves studying supply and demand dynamics, price forecasting, and market structure to help producers and agribusinesses make informed decisions.
- Agricultural Finance and Risk Management:Â Agricultural finance experts deal with the financial aspects of agriculture, including credit access, risk management, insurance, and investment strategies for agricultural enterprises.
- Agricultural Labor Economics:Â This branch focuses on labor-related issues in agriculture, including wage determination, labor supply and demand, labor migration, and the impact of labor policies on agricultural productivity.
- International Agricultural Development:Â International agricultural economists work on global agricultural development projects and policies. They study food security, poverty alleviation, and sustainable agricultural practices in developing countries.
- Farm Management and Decision Analysis:Â Farm management economists assist farmers in making informed decisions about crop selection, resource allocation, and farm profitability. They use economic analysis and decision tools to optimize farm operations.
- Quantitative Methods and Modeling:Â This area involves the use of mathematical and statistical techniques to analyze and model various aspects of agricultural economics, including production, consumption, and market behavior.
- Consumer Economics:Â Consumer economics in agriculture explores consumer preferences, food choices, and the impact of consumer behavior on agricultural markets. It helps understand how consumer trends influence agricultural production and marketing decisions.
Agricultural Economics Scope
Agricultural economics encompasses a wide range of career opportunities and is integral to addressing the complex challenges and promising prospects within the agriculture and food sectors. Let’s delve into the scope of agricultural economics:
- Agricultural Policy and Government: Agricultural economists often find employment within government agencies. They play a pivotal role in formulating agricultural policies, analyzing subsidies, evaluating trade agreements, and shaping regulations that impact agricultural practices, market dynamics, and rural development.
- Agribusiness and Industry: Many agricultural economists are employed by agribusinesses, food processing companies, and agricultural cooperatives. Their responsibilities include devising strategies to optimize production, streamline distribution, and enhance the profitability of these organizations.
- Rural Development: The field of agricultural economics significantly contributes to rural development initiatives. Professionals assess the economic landscape of rural areas, design development projects, and identify opportunities to improve livelihoods, infrastructure, and market access for rural communities.
- Research and Academia: A significant number of agricultural economists engage in research and academia. They work at universities, research institutions, and think tanks, conducting studies on diverse aspects of agriculture, publishing research papers, and nurturing the next generation of professionals in the field.
- International Organizations: Agricultural economics experts are sought after by international organizations like the United Nations, the World Bank, and the Food and Agriculture Organization (FAO). They play an instrumental role in global food security initiatives, sustainable agriculture, and economic development projects across the globe.
- Financial Institutions: Financial institutions, including banks and lending institutions, employ agricultural economists to evaluate loan applications from farmers and agribusinesses. These professionals assess the financial feasibility of agricultural projects, contributing to informed lending decisions.
- Market Analysis and Forecasting: Professionals in this realm analyze agricultural commodity markets. They predict price trends and offer market intelligence to producers, traders, and policymakers, facilitating informed decisions in the ever-changing market landscape.
- Environmental Sustainability: In an era marked by heightened concerns about environmental sustainability, agricultural economists actively contribute by developing strategies to promote sustainable agricultural practices, reduce environmental impacts, and address challenges related to climate change.
- Consulting and Advisory Services: Many agricultural economists provide consulting services. They offer specialized advice to agricultural firms, governments, and non-governmental organizations (NGOs), leveraging their expertise to address various economic and business aspects of agriculture.
- Food Industry: The food industry also benefits from the insights of agricultural economists. These professionals work on issues related to food safety, quality control, supply chain management, and consumer preferences, ensuring the smooth functioning of this vital sector.
- Entrepreneurship: Some individuals with expertise in agricultural economics choose to become entrepreneurs. They establish their agricultural businesses or consulting firms, often focusing on tackling specific challenges within the agriculture sector.
- Technology and Innovation: The agricultural sector is experiencing a technological revolution, with advancements like precision farming and data analytics. Agricultural economists specialize in the economic analysis of these innovations and their implications for the industry.
Agricultural Economics Institutes & Colleges
| Institute/College | Course Name | Address | Contact Number |
|---|---|---|---|
|
Indian Agricultural Research Institute (IARI) |
M.Sc. in Agricultural Economics |
New Delhi, Delhi |
+91 11 2584 7628
|
|
National Institute of Agricultural Economics and Policy Research (NIAEPR) |
M.Sc. in Agricultural Economics |
New Delhi, Delhi |
+91 11 2684 5326
|
|
Tamil Nadu Agricultural University (TNAU) |
M.Sc. in Agricultural Economics |
Coimbatore, Tamil Nadu |
+91 422 256 7555
|
|
Anand Agricultural University (AU) |
M.Sc. in Agricultural Economics |
Anand, Gujarat |
+91 2692 262 500
|
|
University of Agricultural Sciences, Bangalore |
M.Sc. in Agricultural Economics |
Bangalore, Karnataka |
+91 80 2276 6500
|
|
Jawaharlal Nehru Krishi Vishwavidyalaya (JNKVV) |
M.Sc. in Agricultural Economics |
Jabalpur, Madhya Pradesh |
+91 761 246 4000
|
|
Dr. Panjabrao Deshmukh Krishi Vidyapeeth (PDKV) |
M.Sc. in Agricultural Economics |
Akola, Maharashtra |
+91 7242 225 225
|
|
Banaras Hindu University (BHU) |
M.Sc. in Agricultural Economics |
Varanasi, Uttar Pradesh |
+91 542 236 0241
|
|
Punjab Agricultural University (PAU) |
M.Sc. in Agricultural Economics |
Ludhiana, Punjab |
+91 161 245 2400
|
|
University of Calcutta |
M.Sc. in Agricultural Economics |
Kolkata, West Bengal |
+91 33 2241 0417
|
Agricultural Economics Foreign Universities
| University | Course Name | Address | Contact Number |
|---|---|---|---|
|
University of California, Berkeley |
Master of Agricultural and Resource Economics |
230 Hearst Hall, Berkeley, CA 94720, USA |
+1 (510) 642-2492
|
|
Cornell University |
Master of Agricultural Economics |
302 Savage Hall, Ithaca, NY 14853, USA |
+1 (607) 255-4860
|
|
University of Chicago |
Master of Arts in Agricultural Economics |
5807 South Woodlawn Avenue, Chicago, IL 60637, USA |
+1 (773) 702-8389
|
|
Iowa State University |
Master of Science in Agricultural Economics |
2220 Osborn Hall, Ames, IA 50011, USA |
+1 (515) 294-3461
|
|
University of Minnesota |
Master of Science in Agricultural and Applied Economics |
435 Elliott Hall, 199 Church Street SE, Minneapolis, MN 55455, USA |
+1 (612) 625-4704
|
|
Purdue University |
Master of Science in Agricultural Economics |
405 N. University Street, West Lafayette, IN 47907, USA |
+1 (765) 494-4457
|
|
University of Wisconsin-Madison |
Master of Science in Agricultural Economics |
4270 Agricultural Hall, 1550 University Avenue, Madison, WI 53706, USA |
+1 (608) 262-3592
|
|
University of Oxford |
MSc in Agricultural Economics and Development |
Manor Road, Oxford OX1 3RP, UK |
+44 (0)1865 272 244
|
|
University of Cambridge |
MSc in Agricultural Economics |
19 Silver Street, Cambridge CB3 9EP, UK |
+44 (0)1223 337 710
|
|
ETH Zurich |
Master of Science in Agricultural Economics and Resource Management |
8092 Zurich, Switzerland |
+41 44 632 22 11
|
FAQS
Agriculture Economist salary vary from ₹22lakhs per year to ₹25lakhs per year based on 2 profiles.
- Assistant Manager – Econometrics
- Analyst-Agri Economist – (NPSA8)Â
- Research Manager (India)Â
- Global Lead – Wheat Seed Systems
- Agriculture Field Officer
- IRSS22174 – Global Lead – Wheat Seed Systems
- Agriculture Field Officer
- Agriculture Field Officer
Agricultural economics is an applied field of economics concerned with the application of economic theory in optimizing the production and distribution of food and fiber products. Agricultural economics began as a branch of economics that specifically dealt with land usage.
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After completing M.Sc. Agricultural Economics, candidates can work in various sectors such as agriculture, agribusiness, finance, research, etc. They can work as agricultural economists, farm managers, agricultural analysts, agricultural policy analysts, commodity analysts, etc.
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The major courses offered are Microeconomics, Macroeconomics, Agricultural Production Economics, Econometrics, Development policy, Natural Resource Economics, Environmental Economics, Institutional Economics, International Economics and Agricultural Marketing.
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For job purpose, MBA Agriculture is better than M.Sc Agriculture while for research and further studies related to the course M.Sc is best. Also, expense for MBA is much more higher than that of M.Sc. From top institutes, MBA will cost you 8 lac to 12 lac while M.Sc will cost you maximum up to 2 to 3 lac.
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B.Sc. Agricultural Economics & Farm Management is a combination of agricultural sciences and economics, with a focus on the business aspects of farming. The course duration is typically 3-4 years. The eligibility criteria, entrance exams, and admission processes vary across universities and colleges.
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Here are the highest paying jobs in Agriculture:
- Biochemist.
- Food Scientist.
- Environmental Engineer.
- Agricultural Lawyer.
- Agricultural Operations Manager.
- Animal Geneticist.
- Agricultural Engineers.
- Agronomy Sales Manager.
There are a number of government jobs available for MSc Agri Economics graduates. Some of the common M.Sc Agri economics jobs in government sector include:
- Agricultural economist in government departments such as the Ministry of Agriculture, the Department of Rural Development, and the National Bank for Agriculture and Rural Development (NABARD)
- Research officer in agricultural research institutes such as the Indian Council of Agricultural Research (ICAR) and the National Dairy Research Institute (NDRI)
- Consultant to government agencies on agricultural policies and programs
- Data analyst in government departments that collect and analyze agricultural data
- Project manager for government-funded agricultural projects
Masters in Agricultural Economics salary in India can vary depending on the job profile, location, and experience. However, generally speaking, the salary range is between INR 3 lakhs and INR 8 lakhs per annum.
Articles Updates:
04/09/2023: Content update, InterlinkingÂ
04/09/2023: Add Faq and infographic
