N. S. Subba Rao was at St. John's College, Cambridge from 1905 to 1909. He was a student of Alfred Marshall and studied economics, political science and European history. His contemporaries here included John Maynard Keynes and Arthur Cecil Pigou. Subba Rao published an essay titled "Political and Economic conditions of Ancient India, as described in the Jatakas", which won him the prestigious Le Bas award in 1909. He completed his Tripos exam at Cambridge (M. A. Cantab.) while simultaneously finishing his Bar-at-Law qualification. During his four years in England, Subba Rao toured France, Germany and a few other European nations before returning to India on 28 October 1909. His close friendship with Keynes was something he treasured for years to come. Both Keynes and Subba Rao maintained a close correspondence for nearly two decades. Keynes even recommended Subba Rao's name to the India Office at Calcutta for a high position in the British India Government - an offer which Subba Rao had to kindly decline owing to his sense of obligation to the Mysore Government and Royalty which had funded his higher education at Cambridge for four years. Keynes described Subba Rao as a "Good Marshallian of the Orthodox Sect".
N. S. Subba Rao returned to India on 28 October 1909. In 1910, he was appointed as a lecturer in Economics at Maharaja College, Mysore. Here, in addition to Economics, Subba Rao taught Political Science, European History and English Literature as well. Among his foremost students here was the future Kannada writer and poet V. Seetharamaiah. The University of Mysore came into existence on 27 July 1916. N. S. Subba Rao took charge as Principal of Maharaja College, Mysore from C. R. Reddy on 24 September 1917 and held the post till 1928.
N. S. Subba Rao was a founding member and first professor in the newly established economics department at the nascent University of Mysore. N. S. Subba Rao was instrumental in founding a dedicated publishing division in the University of Mysore by the name of Prasaranga. In 1919, N. S. Subba Rao was invited to Ceylon to foresee the establishment of the State University in Ceylon. In July 1927, N. S. Subba Rao delivered many prominent papers on Economics and Administration in the National Educational Conference as representative of the Mysore Government. These papers won him favourable reviews by K. Myathen and E. G. McAlpine. Subba Rao founded the Mysore University Co-operative Society in 1923 to offer financial aid for the teaching fraternity. He introduced Kannada medium of instruction in High Schools across the state in July 1935. Subba Rao was Vice Chancellor of the University of Mysore and Chairman of the Academic Council from 1937 - 42. He played a key role in convincing S. Srikanta Sastri to take up writing "Sources of Karnataka History, Vol I" and getting it eventually published in 1940. Subba Rao chaired a meeting with Thomas Denham and Radha Kumudh Mukherjee in 1918 towards establishment of Mysore University library. Along with B. M. Srikantaiah and M. Venkatakrishnayya, Subba Rao took a keen interest in the establishment of the Mysore Government Central Library at Mysore. His idea for starting a "College Library Scholarship Fund" was a boon for many a poor student at the university. N. S. Subba Rao prevailed on A. R. Krishna Shastry, who was then Editor of "Prabhuddha Karnataka" to widen the magazine's horizons by including non-literary articles and to include contributions from readers outside the Mysore Princely State area. N. S. Subba Rao was responsible for recruiting many a future literary stalwart into the university as faculty. This was testament to his keen eye for academic talent and his administrative acumen in recruiting them into the university. This list includes the likes of M. Hiriyanna, G. P. Rajarathnam, S. Srikanta Sastri, T. S. Venkannayya, Kuvempu and A. N. Murthy Rao among others.
In 1910, Subba Rao delivered a lecture at Mythic Society, Bangalore elaborating on the paper which had won him the 'Le Bas' award at Cambridge. This was later published in the Quarterly Journal of Mythic Society (QJMS) Issue of 1910 and later by Wesleyan Mission Press in 1911. Subba Rao's foreword to M. N. Srinivas' "Marriage and Family in Mysore" published in 1942 is considered a seminal work for its depth and understanding of the prevalent sociological realities of Mysore state. N. S. Subba Rao's monograph on changing realities of Education in India came forth under the title of "Education in Changing India" in 1933. His essay on Vocational Training in India came forth under the title of "Vocational Education" in 1932. N. S. Subba Rao delivered a series of lectures as part of the Sir William Meyer Lectures Series from 1932 - 33 at Madras on "Some Aspects of Economic Planning".These were later published by Bangalore Press in 1935. Subba Rao delivered a guest lecture at the 'Indian Economic Association', Allahabad in 1929. In 1940, Subba Rao delivered the inaugural address of 'All India Economic and Political Congress' at Mysore. In 1943, he delivered ten lectures on 'Rural Reconstruction in India' at Delhi University as part of 'Sir Kikibhai Premchand Lecture Series'.
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