The study conducts a needs analysis for the formulation of core competencies of graduate programs in Economics. The critical aspects of the needs analysis conducted include: (1) a benchmarking study which looked at the features of graduate programs of top universities offering M.A. in Economics and Ph.D. in Economics, (2) a market study of the qualifications being demanded by the industry where graduates of M.A. in Economics and Ph.D. in Economics went for employment, and (3) an analysis of the mission and vision statements of a top M.A. in Economics and Ph.D. in Economics school. Using the principles of outcomebased education, the taxonomy of cognitive domains as well as task analysis, the common competencies, core competencies and sub-competencies that should be developed by students enrolled in the M.A. and Ph.D. in Economics Programs were derived. A system of validation and revision also form part of the needs analysis.