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Economics PhDs

On this page:.

• Introduction
• 1 Research process
• 2 What is this career path?
• 3 Entry requirements
• 4.1 Doing high impact research
• 4.2 Advocacy potential
• 4.3 Other benefits
• 5 What are the downsides of doing an economics PhD?
• 6 Who should consider doing an economics PhD?
• 7 Next steps
• 8 Learn more
• 9 Get free, one-on-one career advice

An economics PhD is one of the most attractive graduate programs: if you get through, you have a high chance of landing an impactful research job in academia or policy. In particular, academic economics is one of the best ways of conducting and promoting global priorities research, one of our priority paths . You have back-up options in the corporate sector since the skills you learn are in-demand (unlike many PhD programs). You should especially consider an economics PhD if you want to go into research roles, are good at math (i.e. quant GRE score above 165) and have a proven interest in economics research.

• • Decent chance of entering economics academia, which has potential for highly valuable research (such as contributing to global priorities research) and the option of working on topics in related social sciences.
• • In demand by think-tanks, government departments and international organisations (e.g. IMF, World Bank).
• • Gain a broad set of tools for understanding how the social world works and evaluating causes and interventions.
• • High degree of autonomy when writing your dissertation.
• • Backup options in the corporate sector.
• • Takes a long time (5-7 years), with low pay.
• • Doing highly open-ended research provides little feedback which can be unmotivating.

Key facts on fit  

You can test your ability and interest by taking classes in economics, math and statistics either at your university or online. You don’t need an economics undergraduate degree to enter but proven math ability is required, so make sure you study quantitative subjects. See this guide to getting into an economics PhD program.

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We’ve helped hundreds of people compare between their options and introduced them to people who can help them with their career. If you’re interested in using an economics PhD to work on issues like global priorities research or artificial intelligence policy , apply for our free coaching service :

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If you are well suited to this career, it may be the best way for you to have a social impact.

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Based on a shallow investigation 

Table of Contents

Research process

For this profile, we interviewed economist Robin Hanson and read the following sources. See all our research in our wiki .

What is this career path?

In this profile we focus on doing an Economics PhD in the US, which usually takes 5-7 years. 1 In the first two years you take classes and the remaining time is spent on writing a dissertation. You usually have to teach during your PhD. More detail on what you do in each phase is here . At the end, you usually apply for jobs through the centrally organised Job Openings for Economists , which is run by the American Economic Association, or you can apply for jobs independently.

Entry requirements

An economics major isn’t required but you need proven math ability and it helps to have taken mathematical economics classes.

You also need:

• A high score on the quantitative reasoning section of the GRE – 165 (90th percentile for all individuals taking the GRE) or higher for most programs. If your score is less than 160, your chances are very low. 2
• A high GPA (3.5+), especially in economics and mathematics. 3
• Excellent letters of recommendation from academics; ideally, those that are well-known.

Can you enter from a non-quantitative background? It’s possible, but difficult. You’ll need to spend one to three years retraining. See some advice on how to meet the entry requirements if you have a non-quantitative undergraduate degree .

Why should you do an economics PhD?

Doing high impact research.

Research in economics academia is a potentially very high impact option because you can work on priority cause areas, like global priorities research or AI policy . For example, to contribute to global priorities research you might work on the economics of existential risk and long-term trajectory change, while the macroeconomics, political economy and industrial organisation of AI will be important for developing informed AI policy.

Doing such research is a realistic option because Economics professors get a lot freedom to do research across a wide range of topics and disciplines. That also gives you great option value for future research. 4 You often even get a high degree of autonomy with your dissertation and aren’t forced to specialise narrowly in your advisor’s research interests, giving you freedom to pursue research topics that you most want to work on during your PhD itself (though we’ve heard that sometimes there is pressure to choose topics with higher publication and job market value).

If you do an economics PhD, you have a decent chance of getting a job as an academic: Data indicates that more than half of economics PhD’s get jobs in academia after their PhD. 5

Non-academic research

If you don’t get a job in academia, or if you don’t want to, there are other important sectors that explicitly hire economics PhD’s, including:

• Government (e.g. Federal Reserve, Treasury, Department of Justice)
• Nonprofit research organisations and think-tanks (e.g. RAND , National Bureau of Economic Research)
• International organisations (e.g. World Bank, International Monetary Fund)

The impact you can have in these jobs tends to be more direct and focused on specific issues than in academia. Many of these jobs are advertised on the Job Openings for Economists , which means you don’t have to apply for them separately from academic jobs.

Advocacy potential

Having an economics PhD also puts you in a position to build a public platform and become a public intellectual through journalism and writing books.

You can also influence policy through your research, though some claim that most of the time economists just provide arguments for people with pre-existing views. However there could be room for outsized influence if you provide policy recommendations on issues that are orthogonal to popular disputes, 6 and our guess is that in the long-run economists can change conventional wisdom about what is good policy. You might do this by engaging directly with policy or by conducting academic research on the most pressing problems in order to shift the research priorities of the economics community. Examples of organisations working on the latter are the Global Priorities Institute and the Forethought Foundation .

Other benefits

• You gain a broad set of tools for understanding how the social world works, which is helpful for evaluating causes and interventions. This may help you better evaluate your future career options to have more impact. A notable example of this in action is the founding of GiveDirectly (one of GiveWell’s top recommended charities), which was founded by economics PhD students.
• Excellent job prospects: You are nearly guaranteed a job. The unemployment rate for economics PhD’s is very low (0.8% in 2013) and data indicates that it has the lowest unemployment rate of all science and engineering PhD’s. 7 You also get the benefit of the centrally organised Job Openings for Economists , which allows you to apply to many different jobs in a short period of time and interview for them at the same time, in the same place.
• Academic salaries for economics PhD’s tend to be higher than other PhD’s. The median pay for those who gained economics PhD’s in 2013 and were in full-time employment at a university was $108,000, which is higher than all other science PhD’s. 8 Moreover, the jobs outside of academia which economics PhD’s get are higher paid than non-academic jobs other PhD’s get. 9

What are the downsides of doing an economics PhD?

• You have a relatively low income whilst doing your PhD and have to work very long hours.
• You spend 5-7 years getting exposure only to academia, making this option less good for exploration value.
• The high degree of autonomy you get means there is little external structure on your time, which can be stressful, and you get very little feedback about how well you are doing which can be demotivating.
• Many PhD economists end up in academic jobs where they spend a large portion of their time teaching, leaving less time for research. 10

Who should consider doing an economics PhD?

Commonly given advice is that you should only do an economics PhD if you:

• Are good at math and enjoy formal models in economics
• Are willing to study 50-80 hours per week (hours are particularly long in the first year)
• Love intellectual pursuits and have a strong drive to do self-directed research. 11

If you meet those conditions, then an economics PhD may be a good option for you if you want to go into economics academia or if you want to do high-level research at think-tanks or international organisations.

To get a sense of what academic research looks like, try reading published papers in major journals, such as the American Economic Review ( here is one paper ). You can then test your ability and interest by taking classes in economics, math and statistics either at your university or online.

If you are interested in global priorities research, read our problem profile on the topic, and the research agenda of the Global Priorities Institute.

There are many guides online to getting into an economics PhD. We recommend that you start by reading this one , and then read a few of the others . If you’re applying from a non-quantitative background, see these tips by one of our users.

• Ideas for research questions in economics
• Noah Smith – If you get a PhD, get an economics PhD
• All our articles on Economics PhD’s
• Publishing and Promotion in Economics: The Tyranny of the Top Five by James J. Heckman and Sidharth Moktan
• Podcast: Dr Eva Vivalt’s research suggests social science findings don’t generalize. So evidence-based development – what is it good for?
• Podcast: David Roodman on incarceration, geomagnetic storms, & becoming a world-class researcher
• Podcast: Rachel Glennerster on how “market shaping” could help solve climate change, pandemics, and other global problems
• Podcast: Prof Yew-Kwang Ng is a visionary economist who anticipated many key ideas in effective altruism decades ago. Here’s his take on ethics and how to create a much happier world.
• Podcast: Mushtaq Khan on using institutional economics to predict effective government reforms
• Podcast: Economist Bryan Caplan on whether lazy parenting is OK, what really helps workers, and betting on beliefs

Notes and references

• See our wiki. ↩
• GRE Guide Table 1a and A Guide for UCSB Undergraduates Considering a PhD in Economics ↩
• “An overall GPA of at least 3.5 is a prerequisite. It is not uncommon to see an almost perfect GPA among top candidates.” Tips on Applying to Top Graduate Programs in Economics ↩
• “What other profession gives you so much freedom to choose your research topics? Many economists now devote their careers to studying topics which an outsider would classify as political science, psychology, or sociology. Some economists even do work that basically amounts to history or philosophy, though they probably need to work on more conventional topics until they get tenure.” Bryan Caplan – Is the Econ Ph.D. a Free Lunch? ↩
• “Among the successful job seekers, 62.8 percent found employment in academic institutions as compared to 61.0 percent in the 2013-14 year.” Center for Business and Economic Research, University of Arkansas. SURVEY OF THE LABOR MARKET FOR NEW PH.D. HIRES IN ECONOMICS 2015-2016 See also National Science Foundation. TABLE 61. Statistical profile of postgraduation plans of doctorate recipients in social sciences fields, by sex and field of study: 2013 ↩
• “Economists rarely influence policy as advisors for people who haven’t made up their minds and want advice. Instead, people who favor a certain position generally seek policy advisors who they will expect will provide arguments favoring their position. So economists, and other policy advisors, often have influence mainly by providing ammunition for advocates of the views they support. There is more room for influence if you provide policy recommendations that are orthogonal to popular disputes.” The value of economics PhDs: A conversation with Robin Hanson ↩
• National Science Foundation. Table 4-1. Unemployment rate among doctoral scientists and engineers, by field of doctorate: 2013 ↩
• National Science Foundation. Table 54. Median annual salaries of full-time employed doctoral scientists and engineers, by field of doctorate and sector of employment: 2013 ↩
• In 2013 Economics PhD’s had the highest median starting salaries of all science doctorates in government ($137,000), nonprofits ($135,000), and for-profit private companies ($148,000). National Science Foundation. Table 54. Median annual salaries of full-time employed doctoral scientists and engineers, by field of doctorate and sector of employment: 2013 ↩
• “…many econ PhDs teach college level courses while conducting very little research.” A Guide for UCSB Undergraduates Considering a PhD in Economics ↩
• A Guide for UCSB Undergraduates Considering a PhD in Economics ↩

Why Get an Economics Ph.D?

What the Econ Bloggers Have to Say

• U.S. Economy
• Supply & Demand
• Archaeology
• Ph.D., Business Administration, Richard Ivey School of Business
• M.A., Economics, University of Rochester
• B.A., Economics and Political Science, University of Western Ontario

I've been getting quite a few e-mails lately from people asking me if they should consider doing a Ph.D. in Economics. I wish I could help these people more, but without knowing more about them, I'm not at all comfortable giving career advice. However, I can list a few types of people who should not do graduate work in economics:

Types of People Who Have No Business in an Economics Ph.D. Program

• Not a superstar in mathematics . By mathematics, I do not mean calculus. I mean, the theorem - proof - theorem - proof type mathematics of real analysis. If you are not excellent at this type of mathematics, you will not make it to Christmas in your first year.
• Love applied work but hate theory . Do a Ph.D. in Business instead - it is half the work and when you leave you to get twice the salary. It's a no-brainer.
• Are a great communicator and teacher, but bored by research . Academic economics is set up for people who have a comparative advantage in research. Go somewhere where a comparative advantage in communication is an asset - such as a business school or into consulting.

A recent blog post by GMU Economics Prof Tyler Cowen, titled Trudie's advice to would-be economists that is an absolute must-read for anyone considering attempting a Ph.D. in Economics. I found this part particularly interesting:

Types of People Who Succeed As Academic Economists

Cowen's first two groups are relatively straight-forward. The first group includes exceptionally strong students at math who can get into top-ten schools and are willing to work long hours. The second group is those who enjoy teaching, do not mind the relatively low pay and will perform a little research. The third group, in Prof Cowen's words: "3. You do not fit either #1 or #2. Yet you have climbed out of the cracks rather than falling into them. You do something different and still have managed to make your way doing research, albeit of a different kind. You will always feel like an outsider in the profession and perhaps you will be under-rewarded...

Sadly, the chance of achieving #3 is fairly low. You need some luck and perhaps one or two special skills other than math... if you have a clearly defined "Plan B" your chance of succeeding at #3 diminishes? It is important to be fully committed." I thought my advice would be a great deal different that Dr. Cowen's. For one thing, he completed his Ph.D. in Economics and has a pretty successful career at it. My situation is a great deal different; I transferred from doing a Ph.D. in Economics to a Ph.D. in Business Administration. I do just as much economics as I did when I was in Economics, except I now work shorter hours and get paid a great deal more. So I believe I'm more likely to discourage people from going into Economics than Dr. Cowen.

High Opportunity Costs Destroy Grad School Completion Rates

Needless to say, I was surprised when I read Cowen's advice. I always hoped to fall into the #3 camp, but he's correct - in economics, it's very, very tough to do. I can't stress enough the importance of not having a plan B. Once you get into a Ph.D. program, everyone is very bright and talented and everyone is at least moderately hard working (and most could be described as workaholics). The most important factor I've seen that determines whether or not someone completes their degree is the availability of other lucrative options. If you've got nowhere else to go, you're a lot less likely to say "to heck with this, I'm leaving!" when things get really tough (and they will). The people that left the Economics Ph.D. program I was in (University of Rochester - one of those Top Ten programs Dr. Cowen discusses) weren't any more or less bright than those who stayed. But, for the most part, they were the ones with the best external options. Opportunity costs are the death of graduate school careers.

Economics Graduate School - Another Point of View

Prof. Kling also discussed the three categories on the EconLib blog, in an entry titled Why Get an Econ Ph.D.? . Here's a snippet of what he said: "I see academics as very much a status game. You worry about whether or not you have tenure, the reputation of your department, the reputation of the journals in which you publish, and so on..."

Economics as a Status Game

I would agree with all that as well. The idea of academia as a status game goes well beyond Economics; it's no different at business schools, from what I've seen.

I think an Economics Ph.D. is a terrific option for many people. But before you dive in, I think you need to ask yourself if the people described as succeeding at it sound like you. If they don't, you might want to consider a different endeavor.

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Is an economics PhD still a great deal?

Yes, but for different reasons than a decade ago..

My most popular post at my old blog, back in 2013, was called “ If you get a PhD, get an economics PhD ”. People still ask me about it to this day. In that post, I categorized PhD’s into three types:

Lifestyle PhDs , in which you get to think about fun stuff and exist in a stimulating intellectual community, but probably will struggle to find a job in your field,

Lab science PhDs , in which you will get a job after years of busting your butt working for a P.I. at a lab bench or in a cleanroom, and

PhDs that work , i.e. programs that get you both good job opportunities, intellectual fulfillment, and the lifestyle of an independent scholar.

Econ, I argued, was the paradigmatic example of the third type. As it’s mostly not a grant-funded lab science, PhD students get relative autonomy — a chance to think their own thoughts and set their own schedules. But because there are so many good job opportunities in econ — professorships, business school professorships, private sector econ jobs galore — you can largely do your own thing and be assured of a glide path to the upper middle class. And because economists occupy (or at least, occupied) a rather unique place in society, you can do all of this while still being afforded the respect given to the sages of the ivory tower. Thus, I argued, econ was the PhD that offered the best of all possible worlds.

To a large extent, that is still true. Econ still offers a good amount of personal and intellectual autonomy, despite a modest rise in grant funding and postdocs and the other trappings of lab science. There are still more academic jobs than for many other fields, thanks to the continued growth of business schools . And though economists are perhaps not viewed as the all-purpose sages they used to be, they are still afforded quite a bit of respect. Furthermore, the culture of econ is changing in ways that greatly mitigate the traditional downsides. In fact, overall I’d say that the economics PhD is an even better deal than it used to be.

Here are a few ways I see the landscape as having shifted in the decade since I got my degree.

The rise of data science

One of the most important trends over the past decade has been the emergence of data science as a highly lucrative and accessible field for people with PhDs. This field is red-hot — data scientists are some of the best-paid workers in industry, and demand for them continues to grow . This is being driven by a number of trends, but basically there are two stories here. First, the internet has generated a huge amount of data, and companies need people to wrangle that data and extract value from it. Second, deep learning turned out to basically be magic for many applications.

For economists, the first of these is more relevant. Yes, after a while in data science you might get into deep learning, but it’s not something that economists necessarily start out as specialists in; if that’s your goal you’re probably better off just going through computer science. Economists’ core strength is in statistical modeling; thanks in part to the empirical turn in the profession since the 1990s, people with econ PhDs are some of the better applied statisticians out there. So they’re a perfect fit for plenty of data science jobs that even Masters-level people can’t really do.

In fact, it’s extremely easy to transition from econ into the world of data science. You can just apply for jobs directly, or you can go through a boot camp like Insight that will quickly teach you the extra stuff you need to know. A good friend of mine from grad school decided to do this after she left her professor job; she now makes three times what her peak salary as a prof would have been. Not bad. And while figuring out how to optimize Spotify recommendations or whatever might not be quite as intellectually stimulating as searching for the true causes of unemployment, it does present you with a bunch of interesting mathy problems to solve. And if you’re into that sort of thing, it’s an alternative gateway to a lucrative career in tech company management for people who didn’t go the software engineer route.

Data science may not be the first job of choice for economists who want to do real econ work, but it provides a very safe and lucrative outside option that barely existed a decade ago. (This has more than compensated for the winnowing of quant finance, and it’s also far less soul-crushing.)

The boom in private-sector econ jobs

Data science uses the stuff you learned in econometrics, but it isn’t really an econ job per se. Fortunately, a lot more companies are hiring economists to do actual economics. For a primer, read this 2018 paper by Susan Athey and Michael Luca (Athey is probably the second-most-famous private sector economist after Hal Varian, and is one of the profession’s true geniuses, so heed her advice).

Essentially their are two stories here. First, tech companies have created a whole lot of online marketplaces — Google Ads auctions, Amazon Marketplace, two-sided search markets for Uber and Lyft, and a whole lot of others. They need economists to figure out how these markets work, and — perhaps more importantly — how they should work. In a way, creating an idealized market from scratch could be more intellectually fulfilling than studying more “natural” markets; with the magic of software, an economist can create the kind of economic interactions that previously were just theoretical approximations!

The second trend is, as before, the empirical turn in econ. The credibility revolution has produced a generation of economists who are able to think very subtly and intelligently about how to isolate causality from natural experiments and policy experiments. That’s something that’s proving increasingly valuable to businesses, who have all too often led astray by correlations that turn out not to be structural. Whether it’s A/B testing, or causal inference for marketing, or just figuring out the determinants of demand, companies want economists who can help them empirically understand how their corner of the world really works.

The softening of econ culture

One other way that an econ PhD has become an even better deal is that the culture of the profession has become much less dominated by jerks. I can’t actually prove this to you, but young people can feel it . I can, however, describe roughly what has changed.

First, there has been a big backlash against sexism (and, to some degree, racism) in the profession. A series of academic papers exposed the field’s gender bias from a variety of angles — toxic online forums , discrimination in the credit for co-authorships, discrimination in the peer review process , and so on. A few high-profile sexual harassment scandals chastened the behavior of some top male economists. The people who run the profession — which, if you don’t know, is a very hierarchical profession — have made concrete moves to signal that sexism and racism aren’t allowed. One example is banning interviews in hotel rooms .

These are small in substantive terms, but they send a strong signal about what type of behavior and attitudes will result in economists getting shut out from plum jobs. There are still a few universities that specialize in hiring disgraced professors, but overall the “old boys’ club” of economics is on the way out.

The erosion of sexism dovetails with another big change in econ culture, which is the decline of bullying. There has been a concerted effort to push back on professors who try to destroy speakers in the seminar room; the era of “Well, this is really more of a comment than a question” is rapidly fading. I conjecture that this also has something to do with the empirical turn in economics — when theory isn’t disciplined by evidence, a loud-shouting bully might advance his ideas to the forefront of the profession by force of personality alone, but when you have to bring data, that kind of crap just doesn’t work.

Finally, economics has become more politically progressive . Whether this is a good thing or a bad thing obviously depends on your personal politics. But since most of the Americans who are considering a PhD are going to be progressive, the fact that econ isn’t an outlier in this regard probably makes the field more attractive.

Add up all these changes, and the result is that doing an econ PhD no longer means having to worry (or at least, not having to worry nearly as much) about navigating an entrenched old boys’ club of right-wing bullies. That’s a big plus!

The changing role of economists in American society

Better culture, more private-sector jobs, and lucrative outside options in data science — those are three major ways that an econ PhD is an even better deal than it was in 2012. But there’s at least one major way in which econ is less like a $20 that someone left lying on the ground. Economists’ intellectual prestige has dwindled a bit.

Back in the 2000s, at the height of the finance-driven Bush years, economists were viewed as sort of all-purpose sages. Americans were thrilled to read economists’ insights on everything from abortion to how to name your kids. Economists held pride of place among presidential advisors, determining the fate of nations — or just telling you where to get a bite to eat .

The financial crisis and the Great Recession brought that world crashing down, and that definitely diminished economists’ prestige a bit. Donald Trump was another factor — he famously had little use for economists, preferring instead to rely on his own clumsy bellowing and aggressive tariffs rather than the nostrums of some academic scribblers. The utter disregard for the free-trade consensus — perhaps the only thing economists agreed on at the time — was a major symbolic defeat for the profession, and one that Biden shows no intention of reversing . In fact, astute observers have noticed a diminished role for economists in the current administration as well.

One more factor, I think, was the shifting of America’s fault lines to non-economic issues — matters of history, of race and gender, of culture and nation. Those deep questions about the nature of our society make the quotidian matters of real estate portfolios and GDP numbers less central to our lives, and I think that made Americans less likely to ask economists for their advice about anything and everything.

So if you do get an econ PhD, don’t expect to walk around and have people view you as a sage. It’s a bit more like being a biologist now — you have your area of expertise, and most (but not all) people will acknowledge it, but if you go outside your field you’ll be considered an amateur.

Personally, I like that better, but your mileage may vary.

General warning about getting a PhD

So the econ PhD is still one of the best PhDs you can get. I’d put it up there with computer science and applied math, which share many of these advantages. But remember that doing any PhD is going to have some major drawbacks and challenges. As I wrote in my 2013 post:

[A]n econ PhD program is still a PhD program. That means, first of all, that you will be in poverty in your late 20s. That is not fun for most people (some "lifestyle PhD" students and bohemian artists excepted). Also, econ PhD programs force you to manage your own time, while giving you very little feedback about how well or badly you're actually doing. That can be stressful and depressing.

PhD programs famously put an enormous strain on the mental health of many students. Even those who come out of it just fine often remember it as a very difficult time in their lives. That’s obviously not true for everyone — some people remember their PhD programs as the best days of their lives. But it’s a risk you should be aware of.

But if you decide that a PhD program is right for you, then I think you could easily do worse than economics. The role of economists in society has changed in the last decade, but in most ways I’d say it’s even better than before.

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The Economy of Everything

Why you need a phd in economics.

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How to Become an Economist: PhD Required

Earning a PhD in Economics means you have completed the highest level of education in the discipline, thereby creating nearly unlimited opportunities for any job in a related field. 

As a PhD economist, you'll have the skills to analyze real-world economic data with rigorous statistical techniques, critically assess the economic implications of public policy, and understand the complex relationships behind key macroeconomic variables like GDP growth, interest rates and inflation. 

The Department of Economics at SMU is highly ranked among economics departments in the United States and has prepared PhD candidates for careers as economists in both academic and non-academic positions for more than 55 years. 

If you want to become a PhD Economist, this guide will help you understand SMU's unique approach to the study of economics and prepare you to apply to our PhD program with confidence. 

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What can i do with a phd in economics.

Economics PhDs often work in complex, high-profile positions in the corporate sector or government and frequently explore regulatory, strategic or public policies. Our resource expands on both the academic and non-academic career paths for PhD economists.

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Is a PhD in Economics Worth It?

Pursuing a PhD in economics is a big investment. Even though you will have a full tuition waiver and a stipend to cover your cost of living, you must also consider the cost of lost wages during your education. This guide will help you calculate the ROI of your PhD in Economics and determine if it's the right choice for you compared to a master's in economics. 

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The Complete Guide to Getting Into an Economics Ph.D. Program

Math challenged? Never taken an econ class? Don't worry about it. There's hope for you yet.

Back in May, Noah wrote about the amazingly good deal that is the PhD in economics. Why? Because:

• You get a job.
• You get autonomy.
• You get intellectual fulfillment.
• The risk is low.
• Unlike an MBA, law, or medical degree, you don't have to worry about paying the sticker price for an econ PhD: After the first year, most schools will give you teaching assistant positions that will pay for the next several years of graduate study, and some schools will take care of your tuition and expenses even in the first year.

Of course, such a good deal won't last long now that the story is out, so you need to act fast! Since he wrote his post , Noah has received a large number of emails asking the obvious follow-up question: "How do I get into an econ PhD program?" And Miles has been asked the same thing many times by undergraduates and other students at the University of Michigan. So here, we present together our guide for how to break into the academic Elysium called Econ Ph.D. Land:

(Note: This guide is mainly directed toward native English speakers, or those from countries whose graduate students are typically fluent in English, such as India and most European countries. Almost all highly ranked graduate programs teach economics in English, and we find that students learn the subtle non-mathematical skills in economics better if English is second nature. If your nationality will make admissions committees wonder about your English skills, you can either get your bachelor's degree at a -- possibly foreign -- college or university where almost all classes are taught in English, or you will have to compensate by being better on other dimensions. On the bright side, if you are a native English speaker, or from a country whose graduate students are typically fluent in English, you are already ahead in your quest to get into an economics Ph.D. program.)

Here is the not-very-surprising list of things that will help you get into a good econ Ph.D. program:

• good grades, especially in whatever math and economics classes you take,
• a good score on the math GRE,
• some math classes and a statistics class on your transcript,
• research experience, and definitely at least one letter of recommendation from a researcher,
• a demonstrable interest in the field of economics.

Chances are, if you're asking for advice, you probably feel unprepared in one of two ways. Either you don't have a sterling math background, or you have quantitative skills but are new to the field of econ. Fortunately, we have advice for both types of applicant.

If You're Weak in Math... Fortunately, if you're weak in math, we have good news: Math is something you can learn . That may sound like a crazy claim to most Americans, who are raised to believe that math ability is in the genes. It may even sound like arrogance coming from two people who have never had to struggle with math. But we've both taught people math for many years, and we really believe that it's true. Genes help a bit, but math is like a foreign language or a sport: effort will result in skill.

Here are the math classes you absolutely should take to get into a good econ program:

• Linear algebra
• Multivariable calculus

Here are the classes you should take, but can probably get away with studying on your own:

• Ordinary differential equations
• Real analysis

Linear algebra (matrices, vectors, and all that) is something that you'll use all the time in econ, especially when doing work on a computer. Multivariable calculus also will be used a lot. And stats of course is absolutely key to almost everything economists do. Differential equations are something you will use once in a while. And real analysis -- by far the hardest subject of the five -- is something that you will probably never use in real econ research, but which the economics field has decided to use as a sort of general intelligence signaling device.

If you took some math classes but didn't do very well, don't worry. Retake the classes. If you are worried about how that will look on your transcript, take the class the first time "off the books" at a different college (many community colleges have calculus classes) or online. Or if you have already gotten a bad grade, take it a second time off the books and then a third time for your transcript. If you work hard, every time you take the class you'll do better. You will learn the math and be able to prove it by the grade you get. Not only will this help you get into an econ Ph.D. program, once you get in, you'll breeze through parts of grad school that would otherwise be agony.

Here's another useful tip: Get a book and study math on your own before taking the corresponding class for a grade. Reading math on your own is something you're going to have to get used to doing in grad school anyway (especially during your dissertation!), so it's good to get used to it now. Beyond course-related books, you can either pick up a subject-specific book (Miles learned much of his math from studying books in the Schaum's outline series ), or get a "math for economists" book; regarding the latter, Miles recommends Mathematics for Economists by Simon and Blume, while Noah swears by Mathematical Methods and Models for Economists by de la Fuente. When you study on your own, the most important thing is to work through a bunch of problems . That will give you practice for test-taking, and will be more interesting than just reading through derivations.

This will take some time, of course. That's OK. That's what summer is for (right?). If you're late in your college career, you can always take a fifth year, do a gap year, etc.

When you get to grad school, you will have to take an intensive math course called "math camp" that will take up a good part of your summer. For how to get through math camp itself, see this guide by Jérémie Cohen-Setton .

One more piece of advice for the math-challenged: Be a research assistant on something non-mathy. There are lots of economists doing relatively simple empirical work that requires only some basic statistics knowledge and the ability to use software like Stata. There are more and more experimental economists around, who are always looking for research assistants. Go find a prof and get involved! (If you are still in high school or otherwise haven't yet chosen a college, you might want to choose one where some of the professors do experiments and so need research assistants -- something that is easy to figure out by studying professors' websites carefully, or by asking about it when you visit the college.)

If You're New to Econ... If you're a disillusioned physicist, a bored biostatistician, or a neuroscientist looking to escape that evil Principal Investigator, don't worry: An econ background is not necessary . A lot of the best economists started out in other fields, while a lot of undergrad econ majors are headed for MBAs or jobs in banks. Econ Ph.D. programs know this. They will probably not mind if you have never taken an econ class.

That said, you may still want to take an econ class, just to verify that you actually like the subject, to start thinking about econ, and to prepare yourself for the concepts you'll encounter. If you feel like doing this, you can probably skip Econ 101 and 102, and head straight for an Intermediate Micro or Intermediate Macro class.

Another good thing is to read through an econ textbook. Although economics at the Ph.D. level is mostly about the math and statistics and computer modeling (hopefully getting back to the real world somewhere along the way when you do your own research), you may also want to get the flavor of the less mathy parts of economics from one of the well-written lower-level textbooks (either one by Paul Krugman and Robin Wells , Greg Mankiw , or Tyler Cowen and Alex Tabarrok ) and maybe one at a bit higher level as well, such as David Weil's excellent book on economic growth ) or Varian's Intermediate Microeconomics .

Remember to take a statistics class, if you haven't already. Some technical fields don't require statistics, so you may have missed this one. But to econ Ph.D. programs, this will be a gaping hole in your resume. Go take stats!

One more thing you can do is research with an economist. Fortunately, economists are generally extremely welcoming to undergrad research assistants from outside econ, who often bring extra skills. You'll get great experience working with data if you don't have it already. It'll help you come up with some research ideas to put in your application essays. And of course, you'll get another all-important letter of recommendation.

And now for...

General Tips for Everyone Here is the most important tip for everyone: Don't just apply to "top" schools . For some degrees -- an MBA for example -- people question whether it's worthwhile to go to a non-top school. But for econ departments, there's no question. Both Miles and Noah have marveled at the number of smart people working at non-top schools. That includes some well-known bloggers, by the way--Tyler Cowen teaches at George Mason University (ranked 64th ), Mark Thoma teaches at the University of Oregon (ranked 56th ), and Scott Sumner teaches at Bentley, for example. Additionally, a flood of new international students is expanding the supply of quality students. That means that the number of high-quality schools is increasing; tomorrow's top 20 will be like today's top 10, and tomorrow's top 100 will be like today's top 50.

Apply to schools outside of the top 20 -- any school in the top 100 is worth considering, especially if it is strong in areas you are interested in. If your classmates aren't as elite as you would like, that just means that you will get more attention from the professors, who almost all came out of top programs themselves. When Noah said in his earlier post that econ Ph.D. students are virtually guaranteed to get jobs in an econ-related field, that applied to schools far down in the ranking. Everyone participates in the legendary centrally managed econ job market . Very few people ever fall through the cracks.

Next -- and this should go without saying -- don't be afraid to retake the GRE. If you want to get into a top 10 school, you probably need a perfect or near-perfect score on the math portion of the GRE. For schools lower down the rankings, a good GRE math score is still important. Fortunately, the GRE math section is relatively simple to study for -- there are only a finite number of topics covered, and with a little work you can "overlearn" all of them, so you can do them even under time pressure and when you are nervous. In any case, you can keep retaking the test until you get a good score (especially if the early tries are practice tests from the GRE prep books and prep software), and then you're OK!

Here's one thing that may surprise you: Getting an econ master's degree alone won't help. Although master's degrees in economics are common among international students who apply to econ PhD programs, American applicants do just fine without a master's degree on their record. If you want that extra diploma, realize that once you are in a PhD program, you will get a master's degree automatically after two years. And if you end up dropping out of the PhD program, that master's degree will be worth more than a stand-alone master's would.

For getting into grad school, much more valuable than a master's is a stint as a research assistant in the Federal Reserve System or at a think tank -- though these days, such positions can often be as hard to get into as a Ph.D. program!

Finally -- and if you're reading this, chances are you're already doing this -- read some econ blogs. (See Miles's speculations about the future of the econ blogosphere here .) Econ blogs are no substitute for econ classes, but they're a great complement. Blogs are good for picking up the lingo of academic economists, and learning to think like an economist. Don't be afraid to write a blog either, even if no one ever reads it (you don't have to be writing at the same level as Evan Soltas or Yichuan Wang ); you can still put it on your CV, or just practice writing down your thoughts. And when you write your dissertation, and do research later on in your career, you are going to have to think for yourself outside the context of a class. One way to practice thinking critically is by critiquing others' blog posts, at least in your head.

Anyway, if you want to have intellectual stimulation and good work-life balance, and a near-guarantee of a well-paying job in your field of interest, an econ PhD could be just the thing for you. Don't be scared of the math and the jargon. We'd love to have you.

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Phd in economics: requirements, salary, jobs, & career growth, what is phd in economics.

A PhD in Economics is a doctorate-level degree that focuses on advanced training and research in the field of economics. It is a research-oriented degree that prepares students to contribute to the field through original, in-depth research and analysis.

The program typically involves taking advanced coursework in economics, completing a research project, and writing a dissertation that presents original findings. The coursework and research topics covered in a PhD in Economics program can include microeconomics, macroeconomics, econometrics, game theory, economic history, and various specialized areas within the field.

The PhD in Economics is ideal for individuals who are interested in pursuing careers in academia, government, international organizations, or research-focused organizations. Graduates of the program are equipped with the skills and knowledge necessary to conduct independent research, analyze data, and develop innovative solutions to complex economic problems.

How much money do people make with a PhD in Economics?

The earning potential of individuals with a PhD in Economics can vary widely based on a number of factors such as their experience, location, and type of employer. On average, economists with a PhD can expect to earn a higher salary than those with a master’s degree or a bachelor’s degree in the field.

According to data from the US Bureau of Labor Statistics (BLS), the median annual salary for economists was $105,020 in May 2020. However, salaries can range from less than $60,000 for entry-level positions to over $150,000 for experienced economists in leadership positions.

In academia, assistant professors with a PhD in Economics can expect to earn a starting salary in the range of $70,000 to $90,000, while full professors can earn well over $100,000. In the government sector, economists with a PhD can earn salaries that range from $70,000 to $120,000 or more, depending on their level of experience and the type of agency they work for.

In the private sector, salaries for economists with a PhD can be even higher, particularly for those working in consulting, finance, or other high-paying industries. However, the earning potential in the private sector is highly dependent on the specific job and the location, with salaries in certain cities, such as New York or San Francisco, being significantly higher than those in other parts of the country.

It’s important to note that salaries can vary greatly based on factors such as the individual’s level of experience, the type of employer, and the location.

What is expected job growth with PhD in Economics?

The job growth for individuals with a PhD in Economics is expected to be relatively strong in the coming years. According to the US Bureau of Labor Statistics (BLS), employment of economists is projected to grow 6% from 2019 to 2029, which is about as fast as the average for all occupations.

Demand for economists is expected to remain strong, particularly in the government and private sectors, as organizations continue to seek individuals with expertise in analyzing data, developing economic models, and creating solutions to complex economic problems.

In the government sector, there is expected to be continued demand for economists who can analyze economic data and provide research and policy analysis to inform government decision-making.

In the private sector, economists with PhDs are expected to be in high demand in consulting firms, financial institutions, and other organizations that require advanced economic analysis and problem-solving skills.

In academia, opportunities for economists with PhDs are expected to remain strong, as universities continue to seek highly trained individuals to conduct research and teach the next generation of economists.

Overall, the job outlook for individuals with a PhD in Economics is positive, and they can expect to have a range of opportunities across various sectors and industries. However, as with any job market, there may be fluctuations in demand based on economic conditions and other factors.

What can you do with a PhD in Economics?

A PhD in Economics provides individuals with advanced training and research skills in the field of economics, preparing them for a variety of careers in academia, government, international organizations, the private sector, and non-profit organizations. Some of the most common career paths for individuals with a PhD in Economics include:

1. Academia: Many individuals with a PhD in Economics pursue careers in academia as university professors, where they conduct research, teach courses, and mentor students.

2. Government: Economists with a PhD can find careers in the government sector, working in agencies such as the Federal Reserve, the Department of Labor, or the Bureau of Economic Analysis.

3. International organizations: PhD economists can also find careers in international organizations such as the World Bank, the International Monetary Fund, or the United Nations.

4. Private sector: Economists with PhDs can also find careers in the private sector, working for consulting firms, financial institutions, or other businesses that require advanced economic analysis.

5. Non-profit organizations: Economists with a PhD can also find careers in non-profit organizations, where they can use their expertise to address social and economic issues.

6. Research organizations: Economists with a PhD can also find careers in research organizations, where they can conduct independent research and publish their findings. 

What are the requirements for a PhD in Economics?

The requirements for a PhD in Economics can vary slightly depending on the specific program and university, but in general, most PhD programs in Economics require the following:

1. A bachelor’s or master’s degree in economics or a related field: Most PhD programs in Economics require applicants to have a bachelor’s or master’s degree in economics or a related field, such as mathematics, statistics, or finance.

2. Coursework: PhD programs in Economics typically require students to complete advanced coursework in economics, including microeconomics, macroeconomics, econometrics, game theory, and other specialized areas of the field.

3. Examinations: Many PhD programs in Economics require students to pass written and oral comprehensive exams to demonstrate their mastery of the field.

4. Research project: PhD students in Economics are typically required to complete a research project, either independently or as part of a team, and present their findings in a written thesis or dissertation.

5. Teaching experience: Many PhD programs in Economics also require students to complete teaching experience, either as a teaching assistant in an undergraduate course or as the instructor of their own course.

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How long does it take to get a phd in economics.

The time it takes to complete a PhD in Economics can vary, but most programs take between 4 to 7 years on average. The exact duration of the program depends on a number of factors, including the specific program requirements, the student’s course load, and the amount of time they can dedicate to their studies.

Typically, the first 2 to 3 years of a PhD in Economics program are spent completing coursework and exams, while the remaining years are dedicated to research and writing a thesis or dissertation. During this time, PhD students are also typically required to complete teaching or research assistantships to gain practical experience in their field.

In some programs, students may be able to complete their PhD more quickly by taking a heavier course load, while in others, students may need to take more time to complete their research and writing.

It’s important to keep in mind that the length of a PhD program can vary significantly depending on the specific program and the student’s individual circumstances.

Some students may complete their PhD in as little as 4 years, while others may take 7 years or more. Additionally, some programs may allow students to take a leave of absence or pause their studies for personal or professional reasons, which can also impact the overall duration of the program.

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Do you need a masters in economics to get a phd in economics.

Not all PhD programs in Economics require a master’s degree, but many do. A master’s degree in economics can provide students with a strong foundation in the field and help them prepare for the more advanced coursework and research required in a PhD program.

However, some PhD programs in Economics accept applicants with only a bachelor’s degree, particularly if they have strong academic performance and relevant work experience.

In some cases, PhD programs in Economics may offer a combined master’s and PhD program, allowing students to complete both degrees in a shorter amount of time. This can be a good option for students who are interested in pursuing a career in academia or research and want to obtain both degrees as quickly as possible.

What are the Best PhD in Economics Degree programs?

Harvard university, massachusetts institute of technology (mit), stanford university, university of chicago, princeton university, columbia university, new york university (nyu), university of california, berkeley (uc berkeley), university of pennsylvania, yale university, leave a comment cancel reply.

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PhD Program

Year after year, our top-ranked PhD program sets the standard for graduate economics training across the country. Graduate students work closely with our world-class faculty to develop their own research and prepare to make impactful contributions to the field.

Our doctoral program enrolls 20-24 full-time students each year and students complete their degree in five to six years. Students undertake core coursework in microeconomic theory, macroeconomics, and econometrics, and are expected to complete two major and two minor fields in economics. Beyond the classroom, doctoral students work in close collaboration with faculty to develop their research capabilities, gaining hands-on experience in both theoretical and empirical projects.

How to apply

Students are admitted to the program once per year for entry in the fall. The online application opens on September 15 and closes on December 15.

Meet our students

Our PhD graduates go on to teach in leading economics departments, business schools, and schools of public policy, or pursue influential careers with organizations and businesses around the world. 

Doctoral Program

The Ph.D. program is a full time program leading to a Doctoral Degree in Economics.  Students specialize in various fields within Economics by enrolling in field courses and attending field specific lunches and seminars.  Students gain economic breadth by taking additional distribution courses outside of their selected fields of interest.

General requirements

Students  are required to complete 1 quarter of teaching experience. Teaching experience includes teaching assistantships within the Economics department or another department .

University's residency requirement

135 units of full-tuition residency are required for PhD students. After that, a student should have completed all course work and must request Terminal Graduate Registration (TGR) status.

Department degree requirements and student checklist

1. core course requirement.

Required: Core Microeconomics (202-203-204) Core Macroeconomics (210-211-212) Econometrics (270-271-272).  The Business School graduate microeconomics class series may be substituted for the Econ Micro Core.  Students wishing to waive out of any of the first year core, based on previous coverage of at least 90% of the material,  must submit a waiver request to the DGS at least two weeks prior to the start of the quarter.  A separate waiver request must be submitted for each course you are requesting to waive.  The waiver request must include a transcript and a syllabus from the prior course(s) taken.  

2.  Field Requirements

Required:  Two of the Following Fields Chosen as Major Fields (click on link for specific field requirements).  Field sequences must be passed with an overall grade average of B or better.  Individual courses require a letter grade of B- or better to pass unless otherwise noted.

Research fields and field requirements :

• Behavioral & Experimental
• Development Economics
• Econometric Methods with Causal Inference
• Econometrics
• Economic History
• Environmental, Resource and Energy Economics
• Industrial Organization
• International Trade & Finance
• Labor Economics
• Market Design
• Microeconomic Theory
• Macroeconomics
• Political Economy
• Public Economics

3.  Distribution

Required:  Four other graduate-level courses must be completed. One of these must be from the area of economic history (unless that field has already been selected above). These courses must be distributed in such a way that at least two fields not selected above are represented.  Distribution courses must be passed with a grade of B or better.

4.  Field Seminars/Workshops

Required:  Three quarters of two different field seminars or six quarters of the same field seminar from the list below.   

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Is getting a PHD in econ this depressing?

For quite a while I've been thinking about going for a PHD in economics once I finish my undergrad. Even taking the GRE in a few months.

Then I read this thread http://www.reddit.com/r/askscience/comments/hcwtq/what_have_you_lost_in_the_pursuit_of_your_phd/ but the posters are all from hard sciences that I would generally think are more difficult than economics. Thoughts from anyone thats pursued a PHD in econ?

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About the Ph.D. Program

The Ph.D. Program in Economics at UCLA prepares students for careers as economists in academia, business and government. The program combines rigorous work in economic theory and careful study of real-world problems and institutions. Graduates from this program work at major universities around the world, national and international government agencies, banks, research centers and in private businesses. Some of our graduates have achieved great prominence, such as William Sharpe , who earned both his B.A. and Ph.D. degrees at UCLA, and was co-recipient of the 1990 Nobel Prize in Economics for his work on the capital asset pricing model.

The department includes internationally recognized scholars in economic theory, econometrics, and all the major applied fields. These outstanding scholars form one of the foremost departments of economics in the world.

The Economics Department is situated within one of the world’s most youthful and vibrant universities. Founded in 1919, UCLA first developed into a major university in the 1950’s. After so short a history, the university was ranked second in the United States among public research universities by the Conference Board of Associated Research Councils in 1982. Thirty-one of its Ph.D. programs are currently ranked in the top 20 in their field–third best in the nation.

The Ph.D. is the degree objective of the graduate program. This degree is awarded to students who demonstrate professional competence by passing written qualifying exams and by completing a major piece of individual research (the Ph.D. dissertation).

Preparation for the qualifying exams through coursework and independent study occupies most student time for the first two years. Thereafter the focus shifts to independent research and finally to the writing of a Ph.D. dissertation. Research in progress by our graduate students as well as our faculty is presented at workshops that meet weekly throughout the academic year. Currently, the Dept. has workshops in Theory and Mathematical Economics, International and Development Economics, Labor and Population Economics, Business Organization and Regulation Economics, Economic History, Econometrics, and Monetary Theory. In addition, many graduate students work as research or teaching assistants for faculty members. The normal time to degree is six years.

This degree program classifies as STEM (CIP Code 45.0603: Econometrics and Quantitative Economics).

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Economic Analysis & Policy

Our doctoral program in the field of economic analysis and policy prepares students for research careers in economics. The program offers rigorous training and has several distinct advantages:

Low Student-to-Faculty Ratio

First, enrollment in the program is small. This encourages close faculty-student contact and allows students to become involved in research very early. Students work first as assistants on faculty research projects and, as their interests and skills develop, on their own research. Students often begin their publishing careers before completing their degrees.

Flexible and Innovative Program

Second, the program is flexible and innovative; students can draw on both the school’s and the university’s distinguished faculty. In addition to the faculty in the economics group at Stanford GSB and in the university’s economics department, students have access to faculty in political and behavioral sciences; accounting and finance; mathematics, statistics, and computer science; and many other disciplines.

A Top-Ranked School

Third, the program is part of a top-ranked professional school. This setting allows students to gain a deeper understanding of the actual processes of business decision-making and public policy formulation.

Preparation and Qualifications

Students who enroll in this program have a substantial background in economics and mathematics. They are expected to have, minimally, mathematical skills at the level of one year of advanced calculus and one course each in linear algebra, analysis, probability, optimization, and statistics.

The faculty selects students based on predicted performance in the program. Evidence of substantial background or ability in the use of mathematical reasoning and statistical methods is important. Most successful applicants had quantitative undergraduate majors in economics, mathematics, or related sciences.

In addition to evidence of ability and letters of recommendation, the faculty considers carefully the applicant’s statement of purpose for pursuing the PhD degree. The successful applicant usually has clearly defined career goals that are compatible with those of the program.

Acceptance into the program is extremely competitive. Admitted applicants compare very favorably with students enrolled in the top economics departments of major universities.

Economic Analysis & Policy Faculty

Mohammad akbarpour, claudia allende santa cruz, susan athey, lanier benkard, jeremy i. bulow, modibo khane camara, sebastian di tella, rebecca diamond, yossi feinberg, guido w. imbens, charles i. jones, jonathan levin, michael ostrovsky, garth saloner, yuliy sannikov, kathryn shaw, andrzej skrzypacz, paulo somaini, takuo sugaya, juan carlos suárez serrato, christopher tonetti, shoshana vasserman, ali yurukoglu, weijie zhong, emeriti faculty, alain c. enthoven, robert j. flanagan, david m. kreps, peter c. reiss, john roberts, a. michael spence, robert wilson, recent publications in economic analysis & policy, a kinky consistency: experimental evidence of behavior under linear and non-linear budget sets, policy learning with adaptively collected data, trading stocks builds financial confidence and compresses the gender gap, recent insights by stanford business, a “grumpy economist” weighs in on inflation’s causes — and its cures, if/then: why research matters, at what point do we decide ai’s risks outweigh its promise, placement director.

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Department of Economics

Ph.D. Admissions

The ph.d. in economics.

The Ph.D. program in economics admits between 8 and 12 students per year and prepares them for a successful career in academia, government, international organizations, or the private sector. In the first year, students take classes in microeconomics, macroeconomics, and econometrics, as well as mathematical economics and economic history. In the second and third year, students take 21 credit hours of specialized classes in at least two of the following concentrations:

• Microeconomic Theory
• Macroeconomic Theory
• Econometrics
• Economic Development
• Economic History
• Health Economics
• Industrial Organization
• International Economics
• Labor Economics
• Money and Financial Institutions
• Public Economics

Students can petition to combine at least two related classes to a nonstandard concentration.  

Applying to the Program

The application deadline for the Ph.D. program is December 1st for the coming fall semester. Successful applicants have strong quantitative backgrounds and a passion for research in economics. The  application fee is $95.00 upon submission.

Please direct all Ph.D. admission inquiries to [email protected] .

Qualifications

Our incoming students usually have an undergraduate degree in economics and/or mathematics, with significant quantitative and math-intensive course experience. Many international applicants have a master’s degree. Research experience (such as an undergraduate or master’s thesis, or work as a research assistant) is a plus.  

• Required: One year of calculus, one semester of statistics, and intermediate-level courses in microeconomic theory and macroeconomic theory.
• Strongly recommended: Courses in linear algebra, differential equations, real analysis, and econometrics. 

Information to Submit

Base Requirements

• Self-reported/unofficial or official GRE scores
• Unofficial transcripts
• 3-5 letters of recommendation

English Language Proficiency Requirements 

• Test of English as a Foreign Language (TOEFL), minimum score  89
• International English Language Testing System (IELTS), minimum score  7.0
• Applicants to the Graduate School, regardless of citizenship, must either meet our waiver criteria or submit proof of English language proficiency. The online application will not require you to submit a language score if you meet the criteria for an exemption: you (will) have an equivalent degree from an English-language university in Australia, Canada, Ireland, New Zealand, Singapore, or the United Kingdom. See the Gradute School admissions page for more information about the English Proficiency Waiver:  Application Requirements | Graduate School | Vanderbilt University

Statement of Purpose

In your statement of purpose, tell us how your studies so far have prepared you for a Ph.D. program, and share what fascinates you about research in economics.  

Visiting Campus

Campus visits are offered to everyone admitted to the program. Visits consist of a half-day of individual meetings with faculty members and students, plus lunch. 

Q: What test scores do admitted candidates usually have  on the GRE?

A: Applicants often overestimate the importance of GRE scores for Ph.D. applications. The GRE tests whether you can do high school math quickly and correctly, as well as your vocabulary. Scores below a certain level (say, below 155 verbal and below 161 quantitative) tend to indicate problems, while very high scores do not necessarily guarantee that you are fully prepared for a Ph.D. program in economics.

For candidates who satisfy these thresholds, we look primarily at their preparation for a Ph.D. program in terms of how they did in the challenging courses they took in both advanced economics and math, rather than going only by their specific GRE scores.

Q: Do you have a minimum TOEFL or IELTS score?

A: The Graduate School recommends a minimum TOEFL score of 89 and a minimum IELTS of 7.0

Q: I am a native English speaker, do I have to submit proof of English proficiency?  

A: All applicants to the Graduate School, regardless of citizenship, must either meet the waiver criteria or submit proof of English language proficiency. See the Graduate School requirements page for more information:  Application Requirements | Graduate School | Vanderbilt University

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The Ph.D. Program in the Department of Economics at Harvard is addressed to students of high promise who wish to prepare themselves in teaching and research in academia or for responsible positions in government, research organizations, or business enterprises. Students are expected to devote themselves full-time to their programs of study.

The program prepares students for productive and stimulating careers as economists. Courses and seminars offered by the department foster an intellectually active and stimulating environment. Each week, the department sponsors more than 15 different seminars on such topics as environmental economics, economic growth and development, monetary and fiscal policy, international economics, industrial organization, law and economics, behavioral economics, labor economics, and economic history. Top scholars from both domestic and international communities are often invited speakers at the seminars.  The Harvard community outside of the department functions as a strong and diverse resource. Students in the department are free to pursue research interests with scholars throughout the University. Faculty of the Harvard Law School, Kennedy School of Government, and Harvard Business School, for example, are available to students for consultation, instruction, and research guidance. As a member of the Harvard community, students in the department can register for courses in the various schools and have access to the enormous library resources available through the University. There are over 90 separate library units at Harvard, with the total collections of books and pamphlets numbering over 13 million.  Both the department and the wider University draw some of the brightest students from around the world, which makes for a student body that is culturally diverse and likely unequaled in the range of intellectual interests of its members. These factors combine to add an important dimension to the educational process. Students are able to learn from one another, collaborate on research projects and publications, and form bonds that are not broken by distance once the degree is completed and professional responsibilities lead them in different directions.

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Advice for First-Year Ph.D. Students in Economics at Cornell

First of all: welcome to Cornell and congratulations on your acceptance into the Ph.D. program in Economics! You must wonder about what the program and life at Cornell will be like, both academically and socially. The main focus of this document is to provide some information, grad student to grad student, about the academic aspects of the Ph.D. program in Economics at Cornell, though we will also get into some other aspects of life at Cornell. From your peers in the Ph.D. program, we want you to know that we are happy to talk to you and give you advice based on our own experiences. The comments and advice have been gathered from a broad spectrum of students, with varying backgrounds and experiences. We hope that this will provide you with a number of perspectives and ideas on how to handle the first year and succeed to the best of your ability.

You Are Here for a Reason

The Cornell Ph.D. program in economics admits a wide variety of students, with various backgrounds and levels of academic preparation. By some system, the faculty sifts through literally hundreds of applications, to find a broad profile of students that best fit the research interests and teaching needs of the department. It should be no surprise that many of your classmates list labor, development, theory or econometrics as primary fields of interest – these are four of the areas in which Cornell Economics is strongest. The research done in each of these areas, as well as the other economics fields, requires fairly different skill sets, and therefore the students chosen for admission will vary in their preparation for the focus of the firstyear: learning quantitative tools, basic economic modeling frameworks, and mathematical problem solving. Some of your classmates may have seen some of the material before. Don't let this discourage you – with sufficient effort and perseverance, you are all capable of succeeding in the first year. In order for you to be admitted, someone took notice of your file and saw something they liked. Remember these facts in the many challenging and difficult days you will face in the coming year. The Department does not accept students unless it believes they are capable of successfully completing the program, and differences in preparation in September will seem smaller come June.

You are also hopefully here for another reason, namely because you have decided that this is what you want to do (this being quantitatively-oriented research). For that reason, you should make the best of the opportunities here. Work as hard as you can, but enjoy the process. Yes, it is tough at times, but tough things can be made more bearable when we really enjoy the stuff and believe it is important. For this reason also, take initiative for your course of studies.

Belief is key – know that you can do this, as much as you might be tempted to doubt yourself (we all do). If you make the decision early to take the material seriously and try to master it and internalize it, and not just memorize, the dividends will be great. This takes commitment, but know that what seems confusing and abstract early on will clear up later. For example, it is quite common for students to struggle through the first semester of microeconomics, only to come out saying things like, "it was hard, but now I can see how it all fits together." The material will seem easier once you've worked at it and grasped it, and this takes time and hard work! It will be tempting to doubt yourself, as you enter a new academic setting in which nearly all of the students are accustomed to being "top of the class," so don't let early struggles get you down, and don't let yourself believe that you're not smart enough.

The Schedule

Of course, you will all get a schedule for first-year that lists your courses. However, we thought you might want a better feel for the rhythm of the first year.

Math Camp in August gives you a nice, gentle introduction to the program. For those of you who find it easy, don't get overconfident, because you will be challenged in time. For those of you who struggle, take it as a signal of things you need to work on. Just because some of the material covered in Math Camp may be difficult or new to you, it doesn't mean that you can't handle the program – but it does mean that you may have to put in extra time over the next few months ensuring that you understand the mathematical tools that you will need to know (this is part of what ECON 6170 is about). Fall semester is as much about picking up tools and mathematical skills as it is about learning economics (which is more of the focus in spring semester).

While the first week or two of classes are usually quite gentle, you will quickly hit the first wave of exams. At Cornell, almost every first-year Econ Ph.D. class has two exams (aka. prelims, midterms, quizzes), plus a final exam. The Econ Ph.D. program coordinates things, so you have two waves in the fall semester of about an exam or two per week (one wave in late September/early October, and one around November). Be prepared, and don't underestimate the classes based on the first couple of weeks. In second semester the schedule changes a little, and the focus shifts in the final run-up to qualifying exams (aka. "Qs"), which occur in early June. There are two weeks of intense studying between finals in May and the Qs in June. There are re- takes of the qualifying exams that are given at the beginning of August.

As mentioned above, the first semester courses focus a lot on building up tools and problem-solving skills. Many would say that the most important course during this semester is Econ 6090: Microeconomics I, which lays much of the foundation for what you do in later classes. It teaches you the basic structure of graduate-level economics, and also how to do fundamental things like solve an optimization problem, do comparative statics, or think about economic uncertainty in a rigorous way. Your macroeconomics sequence (Econ 6130 in the fall and Econ 6140 in the spring) is basically an introduction to dynamic modeling and a presentation of some of the key static and dynamic models in the field. Your Mathematics for Economists class (Econ 6170) is mainly focused on mathematical problem solving, though the material it conveys is also very important in other classes and for all economists to know. Your Econometrics I class (Econ 6190) is mainly focused on conveying the essential things you "need to know" in probability and statistics, both for later work in econometrics, and also for other theory courses.

In second semester, the focus shifts a little, with more emphasis on materials that can be mapped into real economic modeling and analysis. The microeconomics course in general equilibrium theory (Econ 6100), builds off of Microeconomics I, and in the end provide you with a broad look at much of the foundational material in microeconomics that is used by researchers in every imaginable area of economics. Your Econometrics II course gives a broad (and very fast) overview of many of the important topics in econometric theory (i.e. regression analysis). You may be asked to come up with, work on and present (both orally and in written form) a small empirical project, to demonstrate that you are capable of finding, organizing and analyzing economic data.

Most students take all eight of these core courses (three in micro, two each in macro and econometrics, and one in mathematical economics) during the first year. The exceptions are usually students who pass out of the math course or the first econometrics course. All course planning advice should come from the faculty, and especially our graduate director, Prof. Levon Barseghyan. Please talk to Prof. Barseghyan and/or senior faculty in the relevant area if you want to discuss your course planning further, and they can be extremely helpful in general. Remember, the department wants you to succeed.

If you are taking all four courses in you first semester, you will have two lectures per day of one hour and fifteen minutes each from Monday through Thursday. Lectures are taught by one of the faculty. On top of this, you will have four sections on Friday, again one hour and fifteen minutes each, which are taught by TAs (usually upper-years Econ Ph.D. students). Fridays give you an opportunity to look at material again from a different (often more directly applied and exam-relevant) perspective. But the biggest drain on your time will be problem sets, which are assigned on roughly a weekly basis in each class. Once you start having four problem sets a week, you may occasionally need to sacrifice a lot to get through these. Do get through them though – give each problem set the attention it deserves because solving problem sets is the primary way to learn graduate-level material.

One other thing you might not expect is the number of students in your classes. Beyond your core group of twenty-or-so first-year economics Ph.D. students, you will have about as many other students from other departments or academic levels. The next biggest group will be students from the Applied Economics and Management (AEM) department, who are required to pass our microeconomics qualifying exam, and also pass a semester of macro. There will also be small bunches of students from other Ph.D. or masters programs – in Policy Analysis and Management, Business, Finance, certain areas of engineering, etc. There are also students who are re-taking some of the first-year classes for various reasons. And finally, you'll usually see a couple of ambitious undergrads taking the Ph.D.-level courses.

How to Study

You're here, right? So you must know something about how to study. Yet sometimes the techniques that got you here may not necessarily be the ones that will carry you through successfully. Remember, Ph.D. means Doctor of Philosophy – which carries the implication that the holders of such degrees will have acquired knowledge at a level deeper than simple short- term memorization. It means the ability not just to understand material, or even to respond to specific (familiar) questions, but to compare, contrast and criticize various theories and arguments, and to be able to contribute to that knowledge and convey one's insights to others. Acquiring such mastery, especially within the mathematical framework of mainstream economics, requires time, practice and hard work, and you will need to develop a system that works best for you in your first year. Here are some things that have worked well for others:

• Take problem sets (very) seriously. Perhaps the most important skill you need to develop in the first-year is the ability to understand and solve challenging economic problems (usually with mathematical content). Your ability to learn the skill of problem solving and proving mathematical results will help you succeed in your class exams, qualifying exams, and ultimately in your future research. Whenever you are faced with a problem (or something you don't understand in a lecture or in your reading), try to figure it out yourself. Then, try to look it up. Failing that, go to your peers (eg. your study group) or the TA. Then go back to it. If all else fails, see the professor.
• Learn how topics fit together and develop your intuition. Hopefully you will notice throughout the year that some approaches and concepts reappear many times through the eight courses in your first year. The sooner that you find these links the more successful you will be. The Microeconomics qualifying exam is known for introducing material that you haven't seen before – but it is more about applying concepts you have seen to new areas. If you are able to see this link, it will make your life easier through your first year, on qualifying exams, and looking at research projects.
• Form a study group. At Cornell there is no quota on how many students can pass the qualifying exams. This means that students are not in direct (only relative or indirect) competition with each other. This means that you can leverage thetremendous learning benefit of regularly studying with peers. It is difficult to overemphasize the benefit you can derive from being able to discuss problems, see how other people do things, and get hints and help with places where you are stuck. Try to find a good group of people that you can work well with, and plan a regular (eg. weekly, bi-weekly, etc.) meeting time. Some people insist that they learned more in graduate school from their study group and peers than from their lectures.
• Work on your own before meeting your study group. Your study group should be there to leverage the knowledge of your classmates – but not to replace working out problems on your own. There is tremendous value in struggling through material on your own before going to your study group for help. If you don't try problems on your own first, you will be unable to learn from your mistakes and the same mistakes are likely to reappear on your exams. As noted before, struggling through the material to the point of defolicating yourself before you actually understand it is fairly common.
• How much should you read? This is a personal thing. Just be aware that there are (quickly) diminishing returns to underlining and highlighting. Academic economists will tell you that it is best to read (eg. textbooks, articles, etc.) with a pencil in hand and some paper close by, and to try to jump ahead and solve the math yourself whenever possible and practical while you read. Such discipline will benefit you later on. In a similar vein, don't overload yourself with study materials. While some people find it helpful to supplement their primary textbooks with other texts or resources, getting different viewpoints will not replace deeply digesting the material in one book.
• See your TAs. TAs are some of the greatest resources your courses have to offer – students experienced in the courses, and with time available to help you through your difficulties. Try to talk to them regularly, even about things you think you understand, to reinforce your knowledge and understanding. You should read their problem set solutions to learn new ways to solve problems. On the other hand, do not overtax TAs – they are also not private tutors, and as a Ph.D. student you are expected to put in the necessary effort to figure things out yourself. So, don't be surprised if a TA occasionally seems surprised at something you don't understand or says that ‘this should be obvious from …'. If it isn't obvious to you ask for clarification or another text or notes where you could find a more detailed exposition. The main thing to remember here is, don't wait until it's too late to ask for help. Better to ask early than be sorry later. Don't suffer in silence! Also, do not be embarrassed if others in your class seem to be breezing through and you are struggling. If they are it is extremely likely because they have seen this exact material before, for example in a Master's program somewhere and not because they are smart and you are dumb.
• The style of learning in a Ph.D. program is different from undergrad. You will often need multiple encounters with the material to develop mastery. This may come through lecture, TA sections, reading, problem sets, discussion with peers and further examination of the concepts. But effort spent in mastering economic theory will yield tremendous benefits in your future research career no matter what area you specialize in.
• It is important to avoid the big pitfall of looking at others' solutions to old exams (Q or in- semester) before or while trying to solve them yourself. This typically leads to memorization and not understanding. A pitfall being that you can then very easily get stuck in a new problem (in your exam) that follows the same theme as the ones you have solved but has a different twist than the previous one. This also means that you need to be able to learn from your mistakes. You will fall down at some points, but stay positive and learn to analyze what went wrong and how to fix it.
• What difference do grades make? Certainly, you shouldn't take them as seriously as you have been trained to in the past. They are definitely a nice signal of your progress and understanding of the material, and your ability to take exams under pressure (which we must all do on the qualifying exam). However, do not take them too seriously. If you do well, do not get overconfident, because there is always more to learn. If you do not do as well as you would like, know that almost everybody in the program has struggled at certain points or in certain classes. Sometimes, a bad exam is just a fluke and nothing more, which can occur for various reasons. And in the end, grades are a noisy predictor of ultimate success in research.In any case, as long as you are really learning and internalizing the material, you will be fine on the qualifying exams, and having passed those, the first-year will be largely forgotten anyway (although hopefully the material won't…).
• Time management. Of course, this is key. You must find a system that works for you. If you've made it this far, you probably have. If not, try to get advice on this from other students.
• A very good suggestion for digesting material is to review your class notes within a few hours after the lectures. One way to do this is by going through in detail, trying to "fill in the blanks" and construct many simple and complex examples based on the material. You will find that the material you learn successively builds up, so it is good to build on a solid foundation from the start, even if things seem somewhat easy at first. It is amazing how easy it is to think that you have understood something, when you really didn't, so try to work with the material frequently.
• One technique for internalizing knowledge that works well for some students is to write up a "summary" of the material leading up to an exam (or keeping a running summary). The idea is to write up a briefer summary of the material in your own words, highlighting the most important points. This can be both a great way to go over material and force yourself to write and think, and also can provide great "crib sheets" for later review.
• Don't hide under the veil of "not realistic." Many first years complain that this and that model or theory is not real-world based, or they don't make any real-world sense. Good students look to the core, find the objectives of the models, and assess the model on how it addresses such objectives. Bear in mind, there ain't no "General Theory of the Real World." We can only provide snapshots of whatever phenomena we are interested in. If you don't want to believe the theories, fine. But you should know that a lot of these works have great motivations behind them, not only mathematical curiosity.
• A big determinant of your success will be the attitude you take to your studies – try to stay positive as much as possible. Try to see ways in which the material you are learning can be useful later. A wide and deep knowledge of economic theory will benefit you no matter what future research you do (including applied or empirical work) – it will provide you with tools and structures that allow you to communicate and analyze ideas more rigorously, effectively and professionally.

The "Q's"

There are three qualifying exams (or Qs, qualifying exams, quals, etc.), one in econometrics, one in microeconomics, and one in macroeconomics. They are usually given in the second week of June and again in early August. The exams are four hours long, and consist of graduate-level economic problem solving. They will be chosen roughly from the areas of study you have covered in your core micro and macro classes, though you will usually also see stuff you "haven't seen before."

If you want to make normal progress in the program, you need to pass them by the end of your first year, and this is your primary responsibility in the first year. However, most people pass them, and you should not let yourself be overwhelmed by the thought of them.

Here are some brief suggestions on things you can do to prepare throughout the year:

• Learn the material in your classes. This is the best thing you can do. Don't just study hard leading up to prelims and finals – master and internalize material as much as possible (mainly by independently solving problems), because it is hard to review a whole year's material in the two weeks between May finals and the Qs.
• You can ask the Graduate Field Assistant to share with you a Box folder containing the past 10 years of Q exams sometime later on in the fall. One technique is to use Q problems relevant to the exams in your classes as exam-prep materials. Since 10 years of Qs means about 120 micro problems and 80 macro problems (though not all relevant), it can be useful to start early, though don't panic and start too early. Another technique is to use your breaks as time for Q prep (eg. a couple weeks in January, spring break, etc.). Another is to set aside a little time each week in second semester to study for Qs.
• Don't worry about what other people are doing. How you chose to study for the Qs is a personal choice, and everybody has their own study habits that work for them. There is no right or wrong way to study (except, of course, not studying). It is important to decide what will work for you, even if it is different from what your classmates are doing.
• Don't get stressed over the numbers. You will hear various figures about pass rates in previous years' Q exams. Remember, these are meaningless. The exam is not graded on a curve, and the faculty grading the exam does not have a target pass rate. All you can do is study as well as possible throughout the entire academic year, and set yourself up to perform at your best on the exam.
• The last two weeks before June Qs are a good time to go back over your weaknesses and prep. Use them well. One successful strategy is to regularly (eg. daily) take full 4-hour practice Q exams, especially if you are not familiar with the experience and physical challenge of taking longer exams. One part of success in the Q is the ability to deal with the time pressure in the exam and pace yourself, yet solve problems relatively quickly and efficiently. You need to learn this skill, and it takes practice. Plus, doing practice exams gets you to solve more practice problems, and gives you something to go over with your study group.
• The Qs are ultimately about showing the faculty that you're ready to move on in the program and do research. This means, as discussed above, the ability to tackle, solve and analyze original problems (broadly understood). In many cases, the professors care as much about your ability to set up a problem, and "see" the solution, or apply economic intuition, as anything. Therefore, students who get into the Q and sit down and try to simply write whatever comes to mind, as quickly as possible, tend to be less successful.
• You are allowed to take food and water into the exam, and this can also help one stay fresh and energized.
• It's not the end of the world if you don't pass in June. It happens. Don't count on passing the June Qs – i.e. don't pack your summer with plans, because that only puts on extra pressure. Do whatever you can to take the pressure off so you can go in and do your best.
• Get advice from other students and faculty on what and how to study for the Qualifying exams throughout the year if you feel that will help. You will find people very forthcoming with advice (since everyone here has gone through the Q process at some time), but remember that everyone learns differently and you will find a schedule that you are comfortable with.

Don't worry too much about Qs right now. The upper-years graduate students in the department will probably provide you with more information and advice on Qs specifically, in the spring.

Life in the Department

Hopefully, you will enjoy life in the department, and find your place. You will find that the grad students and faculty at Cornell are generally a friendly, though socially diverse, group. Quite early on you will hear about the Graduate Student Association For Economics (GSAFE), which is essentially the "student government" inside the department. GSAFE is traditionally made up of second-year students, who take on social and academic responsibilities like organizing departmental parties and grad student gatherings, representing the department on graduate student committees in the university, and acting as a liaison between the grad students and the faculty in the department. Take advantage of the events and other things that GSAFE organizes. The "graduate student union" at Cornell is the Big Red Barn, which is conveniently located within a 1-minute walk from Uris Hall. There are various grad student-oriented events held there, and the Friday afternoon T.G.I.F. ("tell grads it's Friday") is particularly popular with Econ Ph.D. students. Oftentimes upper-year students won't get to know you unless you get involved or introduce yourselves. But they do enjoy the chance to talk, so make use of their presence.

Unlike some programs, economics has quite a structured and focused first-year. Most, if not all, of your first-year courses are explicitly mapped out, and there is a specific target to focus on – passing qualifying exams. For this reason, the interaction between grad students and professors is usually not as extensive in the first year as in other doctoral programs. Sure, you may interact with your professors in regards to the courses, but serious discussions about research and advisement usually happen after the first year. So don't be disappointed about this, but still take the chance to get to know who's doing work in areas you're interested in, and what field courses you might like to take in subsequent years.

If you are empirical, talk to empirical professors once in a while too. They'll provide comforting and great advice for people heading towards that direction (even what you should look to gain from first year classes). Empirical and applied people should also find the Johnson School of Business, AEM, ILR (Industrial and Labor Relations), and PAM (Policy Analysis and Management) comforting as places to meet faculty and students with similar interests, take future classes, and perhaps find a TA-ship.

Finally, one of the department's big gifts to its graduate students is an awesome seminar program. There are weekly presentations from star economists in Micro and Macro Theory, Econometrics, Development, Labor, Applied Micro, Public Economics, Policy Analysis and more. Seminars are scheduled throughout the week, usually at 4:00 pm, and (for the most part) classes are timed so as not to conflict with seminars. Attendance at a weekly seminar is only required as of third year, but you should not view them as a chore. In first year you will not generally have the time to go to a presentation regularly, but you are certainly welcome to attend them and we would encourage you to go to at least one or two presentations in each semester. Remember that there is life after the Qs and you will ultimately be judged on your ability to make the transition from student to researcher – getting a feel for the research done by top-name economists in your area of interest is an integral part of this process.

Being Successful Isn't Just About Studying

Do not take this point too lightly. While some of you may have Herculean visions of prolific studying exploits, in reality you do need to rest, as hard as that may seem at times. First of all, from the standpoint of a simple cost-benefit analysis, you are human, and therefore to perform at your peak you need to have reasonable amounts of sleep and rest. While it is true that you can push yourself for periods of time (and this is certainly necessary at certain times), you also need to listen to your body. Secondly, some of you may come here with families, significant others, etc., and they'll still want to hear from you and spend time with you. You may have a religious affiliation, and it can be nice to stay connected to that community during a trying year. And finally, rest time gives your brain time to subconsciously absorb and digest material. So if you find yourself studying 18 hours a day, 7 days a week, you probably need to think twice about your study habits and how efficiently you are using your time. Making new friends at Cornell is also important. However, while socializing is important, partying is not. Use your Cornell friends for human contact and social support, but make sure that your social life does not take energy away from studying.

Going through a Ph.D. program is not only an academic challenge – it is a mental, emotional and psychological challenge, too. It is perfectly normal if sometime in the next few months you find yourself questioning your abilities, your decision to come here, why in the world anyone would care about the stuff you're learning, or any other common feeling. Know this: you are not alone. Don't let disappointing grades, hard material, frustrating lecturers, or personal stresses get you down too much. Remember, the first year is important for your life as economist, but it is not everything. Seek help if you need it – your fellow grad students can be good sounding boards, and in a more difficult situation you can try to talk to someone at the Counseling Centre in Gannett Health Service. There is no question that this program is hard – it should be. Do what you need to do to be at your best.

Another good habit is to try to exercise regularly. Be realistic about this – some people come here with overly ambitious plans about athletic endeavors, and in many cases you will have to choose studying over the sports or activities you enjoy. But at the same time, try to find time a couple times every week to at least get out, have a walk, go for a jog, go dancing, or play a sport. Talk to other grad students about the activities available in and around Ithaca and Cornell.

To Research Or Not to Research

Some of you will come here with a research background and will be eager to continue that work. Others might have ideas they want to start exploring early on. Ultimately, research is what we are here for – not exams, problems sets, or listening to lectures. But the research frontier in economics has high technical demands, and to reach it we need preparation and study. That is what the first-year is mostly about.

Some professors and grad students will tell you that you should be thinking about research ideas and working on things in your first year. They will say that you should try to attend seminars (see above). These are all good things to try to do, as long as you are fulfilling your primary responsibility in the first-year – preparing to pass the qualifying exam. Some would say that attending seminars and doing your own research provides extra motivation and energy to master the tools thrown at you in the classes, especially if you find places where they can overlap. Others might say that it can be a distraction, and the attitude needed for research is different than that needed to master the large body of material thrown at you in first-year. This is ultimately something you must decide on your own, but it is good to seek multiple opinions and experiment. Usually, one's first attempts at research are rather weak and unsuccessful, and so it can be nice to get such attempts out of the way early, for more successful progress in second and subsequent years. Or as some faculty and students put it, ‘the first paper is crap anyway'. Additionally, being able to get something out of seminars is something that takes time (they generally involve presentations of technical, frontier-level research, and so if you only understand 10% of what is said in your first few seminars, that is quite normal), and so again, starting early can get you ahead of the game later on.

Taking Advantage of Cornell Resources

One of the great things about being at a world-class research university is the great set of resources at your disposal, in terms of people, technology, and other support. Right when you arrive on campus, you will receive information about things like library tours and computing classes. When it comes time to write your paper for Econometrics II, you can look into taking econometric software classes in programs like Stata and SAS through CISER (Cornell Institute for Social and Economic Research), and sign up for a CISER computing account that allows you online access to most of the leading econometric software packages from almost anywhere in the world.

One thing that some graduate students do is apply to use a "carrel" at Olin library. Applications for new grad students are in late August, and a carrel is basically a desk that you get first priority over. You can see them if you go to the stacks in Olin library and walk to the sides of the library near the windows. Depending on how you like to study, this can be a convenient place to do most of your work, or at least have a place to stop by and get work done during the day. Unless you are a TA or RA in your first year, you will not have a proper office assignment in the Economics Department, so a carrel can be a useful alternative. The application is free but competitive, so look up the library web page early to find out about the application process.

In future years (or for some students, in first year), you might take advantage of courses offered in other departments like Mathematics, Statistics or Operations Research, or even Regional Planning, Sociology, Psychology, Government, Computing, Information Science or any other, within Cornell's motto of "any person, any study." You might attend lectures and talks in these other departments.

We hope that this document has provided you with a useful head start on the first year. We all know that it is challenging, but you need to know that it is worth it. To achieve excellence in any field, one needs to master the fundamentals, and that is what the first year is all about. Yes, it requires discipline and diligence, but keep the end-goal in mind – the opportunity to pursue the interests and areas that first fascinated you about economics, but now with a whole new set of tools and language with which to do so.

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Thinking of Pursuing a PhD in Economics? Info on Graduate School and Beyond

Kasey Chatterji-Len and Anna Kovner

Becoming a PhD economist can provide a fulfilling and financially secure career path. However, getting started in the field can be daunting if you don’t know much about the preparation you’ll need and the available job opportunities. If you’re wondering what it means to be an economics researcher or how to become one, please read on. We’ll review how to prepare for a career in economics research, what an economics PhD program entails, and what types of opportunities it might bring. Economic education is a core component of the Federal Reserve Bank of New York’s mission to serve the community. To empower would-be economists, this post provides information for students who seek a career in economics research. We hope this information will be helpful to students interested in economics, regardless of their background and economic situation.  This information is most applicable to students applying to programs in the United States.  

The Breadth of Economics Research  

Academic disciplines conduct research in different ways, so it’s important to have a basic understanding of the types of questions economists ask and how they approach answering them. There are many definitions of economics, but a broadly useful one is the study of how people, organizations, and governments make decisions under different constraints, and how those decisions may affect their outcomes. 

When answering these questions, economists seek to ground their analyses in models and to be quantitatively precise about the effects they assign to any given cause. The range of topics economists can study is wide, but the accepted approaches to answering questions are stricter. Some examples of what economists might ask: 

• How do different public housing programs affect the children who live there? 
• Does a certain type of law encourage businesses to innovate? 
• How will a change in the interest rate affect inflation and unemployment rates? 
• How much does affordable health insurance improve people’s health? 
• How can poor countries eradicate poverty? 

There are many different subfields within economics, including, but not limited to behavioral, econometrics, energy/environmental, development, financial, international, monetary, public, and urban economics. You can familiarize yourself with the latest work in economics by subscribing to working paper series, such as NBER’s New This Week or the New York Fed’s Staff Reports . To get an idea of the breadth of questions economists can answer, you could listen to Stephen Dubner’s “ Freakonomics Radio ” podcast. You may also want to explore the Journal of Economic Perspectives , the New York Fed’s Liberty Street Economics blog, VoxDev , or VoxEU .  

What Is a PhD Program Like?    

Economics PhD programs typically last five to seven years. Unlike masters programs, they are often fully funded with a stipend, though most require students to complete teaching assistant and/or research assistant (RA) work as part of their funding package. In the first two years, students take classes, many of which are mathematically demanding. The rest of the program can include additional classes but is primarily devoted to original research with the aim of producing publishable papers that will constitute the dissertation.  

Faculty advisors are a central part of PhD programs, as students look to them for guidance during the research process. Economics PhD programs are offered within university economics departments, but there are similar programs in public policy and business schools. You can look at their websites to understand any differences in coursework and subsequent job placements. 

What Can You Do with an Economics PhD?  

Upon graduation, students can obtain jobs in a variety of industries. Many PhD students hope to become university professors. Governments and public policy-related institutions such as the Federal Reserve System, the U.S. federal government, the World Bank, and the International Monetary Fund (IMF) also hire economists to work on policy, lead programs, and conduct research. Finally, economics PhD graduates can also find employment at a variety of private sector companies, including banks, economic consulting firms, and big tech companies. The pay for these different positions can vary. According to the American Economics Association (AEA), the average starting salary for economics assistant professors in 2022-23 was approximately $140,000 at PhD granting institutions and $98,000 at BA granting institutions. 

Programs often publish the placements of their PhD graduates, so you can look online to see specific employment outcomes. See, for example, the University of Maryland’s placements . Ultimately, economists are highly regarded as authorities on a variety of topics. Governments, nonprofits, philanthropic foundations, financial institutions, and non-financial businesses all look to economists to answer important questions about how to best achieve their goals. Thus, earning an economics Ph.D. can potentially help you to influence issues that are important to you. 

Preparing for an Economics PhD Program  

There are several components to an economics PhD program application: college transcripts, GRE scores, letters of recommendation, and personal statements. Please download the Appendix linked below to learn more about transcripts and letters of recommendation. The Appendix details ways in which you can select coursework, obtain research experience, and develop relationships to position yourself for success as a PhD applicant.  

If you feel that you are too far along in your academic career to take enough of the classes described in the Appendix, this does not necessarily preclude you from pursuing an economics PhD. For example, it’s possible to take some of these classes through a master’s program, or through a pre-doctoral RA job. Some pre-doctoral RA jobs, such as the one here at the New York Fed , may enable you to take classes in preparation for graduate school. If you are concerned about your transcript, reach out to an economist at your university for advice; program standards for coursework and grades vary, and it’s a good idea to get more personalized advice. 

Research Experience   

If you’re interested in becoming an economics researcher and applying to PhD programs, it’s best to get research experience as soon as possible. Working as an RA is a great way to learn how to conduct research and get a better idea of whether it’s the right career path for you. Additionally, it can help you obtain a letter of recommendation for graduate school applications and improve your qualifications.  

All types of academic research can be enriching, but it’s beneficial to gain experience working directly with an economist. To find a position, you can reach out to professors whose work you find interesting or find an RA program at your school. Typical RA tasks may involve data collection and cleaning, as well as running analyses and creating charts to represent results. This is where coding skills become crucial; having taken math, statistics, and econometrics courses will also enable you to take on more responsibilities. 

You may also have the opportunity to conduct your own research, possibly under the supervision of a professor at your university. This research could be self-initiated or part of a course such as a thesis workshop. Self-directed research is a great opportunity to learn about all stages of the research process. It’s also an excellent opportunity to create a writing sample for graduate school applications. Ultimately, though, your motivation for conducting your own research project should be that you want to answer a question.  One thing economists have in common is a love of answering questions using data and theory. 

Research experience is also often obtained after completing an undergraduate or master’s degree. Taking on a full-time RA position before applying to PhD programs is very common and can make you a more competitive applicant. You may either get an RA job working for a professor or participate in a pre-doctoral RA program.  

Research assistant programs are more structured than positions with individual professors or projects, which could be helpful. Universities, parts of the government, think tanks, research organizations, and the Federal Reserve System are all good places to look for research assistant programs. To help you decide which opportunities are most desirable, you may want to ask potential employers : Where do people in this program tend to go afterward? Will I be working directly with an economist? How much of my time will be spent on academic research work? Will I be able to take classes as part of this program? Considering whether an economist will be able to evaluate your performance is an important factor for recommendation letters. The ability to take classes, either through tuition reimbursement or waivers, can also be an important benefit. 

The Research Analyst program here at the Federal Reserve Bank of New York is one example of these programs and you should check it out here . The Federal Reserve Board of Governors also has a large program, and many other regional Federal Reserve Banks have similar programs. In addition, the PREDOC website and the  NBER post listings of RA opportunities. J-PAL and IPA also tend to recruit RAs for economic development projects. Another source of RA opportunities is the @econ_ra account on X. 

Who Should Get a PhD in Economics?  

A PhD may not be for everyone, but it is for anyone—people of all genders, religions, ethnicities, races, and national origins have PhDs in economics. Many economists majored in economics, but others majored in math, physics, or chemistry. Because economics is such an integral part of policymaking, it is important that economists come from a wide range of backgrounds so policy can be stronger and more effective. The inclusion of differing perspectives helps ensure that the contribution of economists to work in public policy, academia, and beyond effectively serves the broadest range of society. 

• Coursework Appendix

Kasey Chatterji-Len is a research analyst in the Federal Reserve Bank of New York’s Research and Statistics Group.

Anna Kovner is the director of Financial Stability Policy Research in the Bank’s Research and Statistics Group.

How to cite this post: Kasey Chatterji-Len and Anna Kovner, “Thinking of Pursuing a PhD in Economics? Info on Graduate School and Beyond,” Federal Reserve Bank of New York Liberty Street Economics , May 31, 2024, https://libertystreeteconomics.newyorkfed.org/2024/05/thinking-of-pursuing-a-phd-in-economics-info-on-graduate-school-and-beyond/.

You may also be interested in: AEA: Resources for Students

PREDOC: Guidance for Undergraduates

RA Positions-Not at the NBER

Disclaimer The views expressed in this post are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author(s).

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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

The editors are Michael Fleming, Andrew Haughwout, Thomas Klitgaard, and Asani Sarkar, all economists in the Bank’s Research Group.

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The views expressed are those of the authors, and do not necessarily reflect the position of the New York Fed or the Federal Reserve System.

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Best Doctorates in Economics: Top PhD Programs, Career Paths, and Salaries

If you’re a graduate student and interested in pursuing an advanced study in the field of economics, you should start researching the best PhDs in Economics. By enrolling in an economics PhD program, you’ll be getting an in-depth education on past and current economic trends.

In this article, we’ll try to help you choose the right PhD in Economics by going over some of the best programs in the United States. We’ll also cover some of the highest-paying economics jobs on the market and provide an overview of the PhD in economics salary possibilities.

Find your bootcamp match

What is a phd in economics.

A PhD in Economics degree is an advanced doctoral degree program that studies the distribution and consumption of goods and services. Economics classes teach students to analyze small-scale and global-scale economic factors to make predictions for future markets.

The main goal of economics departments in PhD programs is to teach students how to help different institutions improve and optimize their economic actions. Through a mix of teaching, research, and a heavy course load, economics grad students will perfect their quantitative skills and learn to make decisions that increase the profitability of the organizations they work for.

How to Get Into an Economics PhD Program: Admission Requirements

The admission requirements to get into an economics PhD program include a bachelor’s degree in a related field and a minimum 3.0 GPA. Other admission requirements can include GRE exam scores, letters of recommendation, a statement of purpose, and a resume. Admissions counselors will look at a student’s comprehensive experience before grad school.

Different schools have other specific admission requirements for their economics PhD programs, but all international and English as a second language-speaking (ESL) students will have to submit proof of English proficiency in the form of Test of English as a Second Language (TOEFL) exam scores.

PhD in Economics Admission Requirements

• Bachelor’s or master’s degree in a related field
• Minimum 3.0 GPA
• GRE test scores (optional for most schools)
• Two to three letters of recommendation
• Proof of English proficiency (for ESL and international students)
• Statement of purpose
• Previous knowledge in math-intensive subjects, such as economic theory, statistics, mathematics, differential and integral calculus, and linear algebra

Economics PhD Acceptance Rates: How Hard Is It to Get Into a PhD Program in Economics?

It can be very hard to get into economics PhD programs. Economics PhD acceptance rates vary between 2.4 and 7.4 percent. At Johns Hopkins University, for example, only 12 students are selected to enroll in the Economics PhD program out of more than 500 applications.

How to Get Into the Best Universities

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Best PhDs in Economics: In Brief

Best Universities for Economics PhDs: Where to Get a PhD in Economics

The best universities for PhD economics programs include Arizona State University, John Hopkins University, Syracuse University, and Drexel University. These schools will adequately equip you with the economic knowledge and skills needed to ensure you are ready for a well-paying job in the economics career path of your dreams. Continue reading for all you need to know to prepare for grad school at one of the top Phd in Economics degree programs.

Arizona State University is a public research university founded in 1886. It is considered one of the best institutions for superior education. ASU offers more than 400 graduate degree programs led by experts and has been ranked as the nation’s most innovative university by US News & World Report . 

PhD in Economics

This economics PhD program provides training in microeconomic and macroeconomic theory, applied economics, and econometrics. Classrooms are relatively small, with about 45 graduate students, to facilitate mentoring and provide greater faculty attention within the department of economics. The program prepares students for teaching and research positions in the field of economics. 

PhD in Economics Overview

• Program Length: 5 years
• Acceptance Rate: Not stated
• Tuition: $ 858/credit (in state); $1,361/credit (out of state)
• PhD Funding Opportunities: National Science Foundation Graduate Research Fellowship, graduate teaching assistantships
• Bachelor's or master's degree from a regionally accredited institution
• Minimum cumulative GPA of 3.0
• Graduate admission application and application fee
• Official transcripts
• Three letters of recommendation

Colorado State University was founded in 1870. It is a public land-grant research university and is considered the flagship university of the Colorado State University System. It offers several programs and certificates across many fields and has over 7,000 enrolled graduate students.

This economics doctoral program offers meticulous training and teaches research methods in the many different areas of economics. These math intensive classes include microeconomic theory, macroeconomic theory, and econometrics. This econ program requires a minimum of 72 credits and allows students to focus on different areas like environmental, international, political, Keynesian, feminist, or regional economics.

• Tuition: $601.90/credit (in state); $1,475.80/credit (out of state)
• PhD Funding Opportunities: Graduate assistantships, scholarships, fellowships, internships, grants
• Online application and application fee
• Official transcripts of all collegiate work completed post-high school
• Letters of recommendation

Drexel University was founded in 1891. It is a private research university with over 8,900 enrolled graduate students. Their co-op education program sets this university apart from others, offering students the opportunity to get paid and gain real-world experience prior to graduating.

This PhD in Economics teaches a set of core courses including microeconomics, macroeconomics, and econometrics. Students are then required to specialize and demonstrate math skills in industrial organization, international economics, or macroeconomics. This PhD is an official STEM Designated Degree Program. Each class is composed of three to six doctoral students to optimize and facilitate interactions between students and faculty. 

• Tuition: $1,342/credit
• PhD Funding Opportunities: Graduate assistantships
• GRE scores from the past five years
• Personal statement
• Two letters of recommendation

Johns Hopkins University is a world-renowned private research university. It was founded in 1876 and is now organized into 10 campuses in Maryland and Washington, with international divisions in Italy and China. The university has over 22,000 graduate students enrolled across its social sciences, engineering, arts, and business schools.

This economics program is led by expert faculty and trains students in applied microeconomics and macroeconomics, economic theory, and econometrics. Students will receive one-on-one attention from faculty, allowing them to conduct better research and strengthen the complex analysis and quantitative skills necessary in the field of econ. 

• Program Length: 5-6 years
• Acceptance Rate: 2.4%
• Tuition: $58,720/year 
• PhD Funding Opportunities: Departmental fellowship (1st year), teaching or research assistantships (2nd to 5th years), Carl Christ Fellowship, Kelly Miller Fellowship, tuition fees funded by the department for enrolled students
• Unofficial transcripts from all previous colleges and universities
• GRE scores (quantitative scores of 160 or above)
• Minimum of two letters of recommendation

Kansas State University was founded in 1863 as the first public institution of higher education in Kansas. KSU is a public land-grant research university and has over 4,500 enrolled graduate students across 73 master's and 43 doctoral degree programs.

This PhD Economics program teaches students about the latest advances in econometrics, economic theory, and computation. The program requires the completion of a minimum of 90 credits, of which 30 are designated to researching and writing a high-quality dissertation.

• Tuition and Fees: $6,282/year (in state); $12,746/year (out of state)
• PhD Funding Opportunities: Teaching assistantships, the Wayne Nafziger Graduate Scholarship, the Lloyd and Sally Thomas Graduate Scholarship, and Edward Bagley Graduate Scholarship; tuition fees funded by the department for enrolled students
• Academic transcripts of all undergraduate and graduate coursework from each institution attended
• Short statement of objectives for graduate study
• GRE scores from the past five years (optional but encouraged)

Oregon State University ’s roots can be traced back to 1856 as a public land-grant research university that was founded as a primary and preparatory community school. Today, the university is the largest in Oregon. Oregon State is particularly renowned for its programs in earth, marine, and biological sciences and has over 5,668 enrolled graduate students.

PhD in Applied Economics

The 108-credit Applied Economics PhD degree program teaches students about economic theory, econometrics, development economics, and other quantitative methods. Grad school students of this program will gain the intellectual autonomy needed to examine real-world problems and apply relevant solutions regarding policy, education, trade, and the environment. 

PhD in Applied Economics Overview

• Program Length: 4-5 years
• Acceptance Rate: 6.7%
• Tuition: $498/credit (in state); $1,011/credit (out of state)
• PhD Funding Opportunities: Graduate assistantship

PhD in Applied Economics Admission Requirements

• Academic records from each institution attended
• Letters of reference
• Statement of objectives

Syracuse University is a private research university founded in 1831 with over 6,800 enrolled graduate students. Syracuse is ranked 59th on US News & World Report’s list of best national universities and features famous alum President Joe Biden. 

The PhD in Economics program at Syracuse University is a research-oriented degree that requires the completion of 72 credits. The program teaches students about mathematical economics, microeconomic theory, macroeconomic theory, and econometrics. Students will specialize in a primary field in labor, international, public, urban economics, or econometrics. 

• Acceptance Rate: N/A
• Tuition: $32,436/year
• PhD Funding Opportunities: University Fellowships, graduate assistantships, Melvin Eggers Graduate Economics Scholarship for Doctoral Students, David Greytak Fellowship Fund
• Transcripts from all collegiate and post-collegiate work
• Three letters of recommendation 

University of Maryland (UMD) at College Park was founded in 1856 and is the flagship campus of the University System of Maryland. UMD is a public, land-grant research university with 10,500 enrolled graduate students in over 230 graduate degree programs.  

PhD in Economics (ECON)

This econ PhD program offers a wide range of specializations to students, including advanced macroeconomics or microeconomics, behavioral and experimental economics, econometrics, economic history, international trade, and public economics. Students who enroll directly after they finish their bachelor’s degree are also able to obtain a Master of Arts degree simultaneously. 

PhD in Economics (ECON) Overview

• Acceptance Rate: 4.1%
• Tuition: $1,269/semester (in state); $2,496/semester (out of state)
• PhD Funding Opportunities: Graduate assistantships, Fellowship in Support of Diversity and Inclusion

PhD in Economics (ECON) Admission Requirements

• Transcripts from all institutions attended after high school
• Description of research and work experience
• GRE exam scores (optional)

University of Utah was established in 1850 as a public research university and is now considered the flagship institution of the Utah System of Higher Education. It currently has over 8,400 enrolled graduate students and offers several programs with financial assistance, academic opportunities, and postdoctoral fellows.

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This economics PhD program allows students to explore many topics, including economic theory, post-Keynesian macroeconomics, Marxian economics, the economics of gender, labor market institutions, and intensive math classes. The program focuses particularly on themes of inequality, globalization, and sustainability. 

• Acceptance Rate: 7.4%
• Tuition and Fees: $1,271.79/credit (in state); $4,517.11/credit (out of state)
• PhD Funding Opportunities: Graduate assistantships (research and teaching), fellowships, scholarships
• Completion of intermediate microeconomic and macroeconomic theory prerequisite courses 
• Three academic reference letters
• Brief statement of personal academic goals

West Virginia University was founded in 1867 as a public land-grant research university. Today, the university enrolls over 5,700 graduate students in more than 350 programs throughout 14 colleges and high-quality schools.

This 45-credit PhD program trains students to conduct original research, produce publishable articles, analyze real-world problems from economists and policymakers, and effectively communicate their results. Doctorate students must choose a specialization in health, international, monetary, public, regional, or urban economics. Classes in economics have a small number of students to facilitate and encourage interaction between students and faculty.

• Program Length: 4 years
• Tuition and Fees: $899/credit (in state); $2,053/credit (out of state)
• PhD Funding Opportunities: Graduate assistantships, Arlen G. and Louise Stone Swiger Doctoral Fellowship, W.E.B. Du Bois Fellowship, Provost Graduate Fellowship
• Minimum GRE score of, 300
• Completion of statistics, intermediate micro and macro theory, and calculus prerequisite courses

Can You Get a PhD in Economics Online?

Yes, you can get a PhD in economics online. Liberty University currently offers an online PhD in Public Policy with a concentration in Economic Policy. This program focuses on teaching students how to shape economic policy across legislation, communications, politics, education, and international relations. Grad school students can complete this online program in three years.

Best Online PhD Programs in Economics

How Long Does It Take to Get a PhD in Economics?

It takes five years on average to get a PhD in Economics. The first two years are usually spent completing core classes in economics, and by the third year, students prepare for exams in their specialization field of choice. The final two years are for research and writing a dissertation.

Some students are able to complete their PhD program in less time. Others take up to seven years to finish their degrees, especially if they don’t already have a master’s degree in the field, or are taking courses part-time.

Is a PhD in Economics Hard?

Yes, a PhD in Economics is a hard degree to obtain. However, at this level of education, regardless of the area of study you choose, all programs are hard to complete. Doctoral programs are intended for students who wish to become true experts in their field of choice.

Economics PhD programs are hard because extensive research and practical capabilities are required of candidates. Through a heavy course load, econ grad students are expected to work hard to develop their skills to the maximum and create publishable, high-quality work.

How Much Does It Cost to Get a PhD in Economics?

It costs an average of $19,314 per year to get a PhD in Economics , according to the National Center for Education Statistics. This value is an average of the graduate tuition required in all public and private institutions between 2018 and 2019. Tuition rates will vary by school, and private universities are often more expensive than public institutions.

How to Pay for a PhD in Economics: PhD Funding Options

PhD funding options that students can use to pay for a PhD in Economics include research and teaching assistantships, and many different fellowships and scholarships. These can either be provided directly by the university or by independent institutions and organizations.

Some of these include the Provost Graduate Fellowship, the Melvin Eggers Graduate Economics Scholarship for Doctoral Students, and the National Science Foundation Graduate Research Fellowship Program.

Best Online Master’s Degrees

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What Is the Difference Between an Economics Master’s Degree and PhD?

The main difference between an economics master’s degree and a PhD is that master’s degrees are more career-oriented, while PhDs are focused on research. Since many doctorate students wish to pursue academic careers and teach in high-quality schools, they opt for a PhD program that allows them to acquire expert-level knowledge through research and assistant teaching.

Other differences between these two programs include funding options for payment, as master’s degrees don’t have as many funding options as PhD programs do, as well as the time of completion and the difference in salary between economics master’s and PhD graduates.

Master’s vs PhD in Economics Job Outlook

Employment for both economics master’s and PhD graduates is expected to grow in the next 10 years. However, the growth percentage is much higher for certain economics jobs for those with a doctoral degree. For example, employment for budget analysts, a position that requires only a Master’s Degree in Economics, is projected to grow five percent from 2020 to 2030, which is slower than the average growth for all occupations.

On the other hand, employment for postsecondary teachers, who typically need to have a PhD in Economics, is expected to grow 12 percent in the next 10 years .

Difference in Salary for Economics Master’s vs PhD

Considering the differences mentioned above, there’s a significant difference in average salaries for economics master’s and PhD graduates. While a budget analyst makes around $84,240 on average per year, a postsecondary teacher makes $124,090 on average per year.

According to PayScale, the average salary of someone with a Master’s Degree in Economics is $82,000 per year , whereas the average salary of someone with a PhD in Economics is $110,000 per year .

Related Economics Degrees

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Why You Should Get a PhD in Economics

You should get a PhD in Economics because it will allow you to learn many valuable quantitative and analytical skills in the field, improve how you communicate with peers and non-experts alike, learn from a wide variety of specializations, and put you on track for a career in research and academics.

Reasons for Getting a PhD in Economics

• Wide range of specializations. A PhD in Economics allows you to specialize in an area that interests you most, such as financial, labor, international, political, business, feminist, Keynesian, environmental, or development economics.
• Improve communication skills. Throughout your economics PhD program, you’ll be required to publish high-quality articles for peer review. This means that you’ll also be expected to learn how to communicate your findings to the common layman.
• Learn many relevant skills. Econ students learn skills that will allow them to work for several institutions. They’re able to evaluate and calculate risk, make predictions, develop and use mathematical models, and deeply understand market dynamics.
• Work in academia. Most PhD graduates desire to become professors themselves. A PhD in Economics allows students to work for all kinds of superior institutions and have a fulfilling career in research and academia.

Getting a PhD in Economics: Economics PhD Coursework

Getting a PhD in Economics begins with core economics PhD coursework. For most programs, these courses include micro and macroeconomics, econometrics, mathematics for economists, and research design and methodology.

Microeconomics

A microeconomics course teaches decision-making when it comes to allocating resources of production, exchange, and consumption. Students learn about consumer and producer theory, general equilibrium theory, game theory, and other key applied microeconomic topics.

Macroeconomics

Macroeconomics is the area of economics that studies the economy as a whole. It accounts for the total goods and services provided, economic growth, and total income and consumption. In this course, students learn about the different macroeconomic models and current trends in macroeconomic thought.

Econometrics

In an econometrics course, students learn about probability and statistics, random variables, and hypothesis-testing procedures. Students will also be able to apply mathematical formulations to create complex economic models.

Mathematics for Economists

This core course is important to review the mathematical techniques required in economics. Students consolidate their knowledge in calculus, matrixes, algebra, differential equations, and set theory.

Research Design and Methodology

This introductory course is fundamental to guide students through conducting relevant research in economics literature for their dissertation, article publications, seminars, and any other papers they’ll need to prepare.

Best Master’s Degrees

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How to Get a PhD in Economics: Doctoral Program Requirements

If you’re wondering how to get a PhD in Economics, the answer is pretty straightforward. To successfully complete an economics PhD program, students will have to complete all of the doctoral program requirements. These include successfully concluding core economics classes, establishing a program of study, passing the qualifying exam and candidacy examination, and defending a final dissertation.

Every PhD student will have to take a common set of core courses during their first year. These courses in micro and macroeconomics, econometrics, and mathematics provide students with basic training for conducting research in their field at advanced levels.

At the end of the first year, students will take their first-year exam to prove their competence in the core course and readiness to continue with the program. Passing these exams will allow students to choose their specialization courses for the second year.

Just before the beginning of the second year, students will work with an advisor to help them figure out the specialization courses best for them. They will also facilitate the process of finding a permanent advisor and creating a program of study for the rest of the degree program.

Candidacy examinations, or field course exams, are tests that prove a student’s knowledge in the specialized fields in which they wish to pursue their dissertation research. Upon passing these examinations, students are then recognized as PhD candidates.

By the end of the fifth year, most students have already completed their research and are ready to present and defend their theses. Students defend their dissertation in a final oral examination. Upon passing the defense, students must submit a final copy of their dissertation.

Potential Careers With an Economics Degree

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PhD in Economics Salary and Job Outlook

Getting a PhD in Economics will grant you career stability and financial security. Career prospects in the economics field are great, as employment in these jobs is projected to grow faster than average. Continue reading for a list of some of the best PhD in Economics jobs available to graduates and an overview of their annual salaries.

What Can You Do With a PhD in Economics?

With a PhD in Economics, you can apply to many high-paying jobs in the field. These jobs can include financial manager, postsecondary economics teacher, economist, personal financial advisor, or even urban and regional planner roles.

Best Jobs with a PhD in Economics

• Financial Manager
• Postsecondary Economics Teacher
• Personal Financial Advisor
• Urban and Regional Planner

What Is the Average Salary for a PhD in Economics?

The average salary for someone with a PhD in Economics is $110,000 per year , according to PayScale. This value varies depending on the career path you choose, the company you work for, or even the industry you base your work in.

Highest-Paying Economics Jobs for PhD Grads

Best Economics Jobs with a Doctorate

In this section, we’ll cover the best economics jobs you can get with a doctoral degree. They include financial managers, postsecondary teachers, and economists. Other high-paying jobs include personal financial advisors and urban and regional planners.

Financial managers are responsible for the financial standing of a company or organization. They coordinate accounting and investing, create financial reports, and develop long-term financial goals for their company. They must have knowledge of the tax laws and regulations specific to their industry.

• Salary with an Economics PhD: $153,460
• Job Outlook: 17% job growth from 2020 to 2030
• Number of Jobs: 681,700
• Highest-Paying States: New York, Delaware, and New Jersey

Many economics PhD students are interested in teaching in postsecondary academic institutions. After being hired, these professors are placed in the school’s department of economics where they can conduct research and teach one or more courses in the field.

• Salary with an Economics PhD: $124,090
• Job Outlook: 12% job growth from 2020 to 2030
• Number of Jobs: 1,276,900
• Highest-Paying States: New Hampshire, Montana, and California

Economists apply their knowledge and skills in economic analysis within a great variety of fields. They study the cost of products, examine employment, taxes, and inflation levels, and analyze economic history trends to make predictions for the future.

• Salary with an Economics PhD: $120,830
• Job Outlook: 13% job growth from 2020 to 2030
• Number of Jobs: 18,600
• Highest-Paying States: New York, Washington DC, and California

Personal financial advisors advise clients on investments, insurance, mortgages, taxes, and other areas related to financial investment and management. They work to assess a client’s needs and help them make the best financial decisions for their future.

• Salary with an Economics PhD: $119,960
• Job Outlook: 5% job growth from 2020 to 2030
• Number of Jobs: 275,200
• Highest-Paying States: New York, Washington DC, and Washington

Urban and regional planners gather and analyze information regarding economic, population, and environmental factors to advise developers on their plans to use land. Using their analytical and data skills, they eventually have the final say on whether a land project is feasible.

• Salary with an Economics PhD: $81,310
• Job Outlook: 7% job growth from 2020 to 2030
• Number of Jobs: 39,100
• Highest-Paying States: Washington DC, California, and New York

Is a PhD in Economics Worth It?

Yes, a PhD in Economics is worth it. Getting an economics PhD is a great way to gain valuable skills for the econ job market, work on your overall communication, and guarantee financial security and stability over the course of your career.

Economics PhD graduates can choose between conducting research and teaching in superior institutions, prestigious government positions, and continuous work at some of the highest-paying private institutions.

Additional Reading About Economics

[query_class_embed] https://careerkarma.com/blog/online-college-economics-courses/ https://careerkarma.com/blog/best-companies-for-economists/ https://careerkarma.com/blog/best-online-economics-masters-degrees/

PhD in Economics FAQ

Some of the top companies that are hiring economists in 2022 include RAND, the Federal Reserve Bank of New York, and the World Bank. Fannie Mae, the IMF, and Amazon are also top companies looking for economists.

Yes, you are expected to teach or somehow be involved in classroom experiences during your PhD program. Most students receive financial funding through teaching assistantships. These are viewed as an important component of the PhD college career.

You’ll need to have some kind of mathematics background to be admitted to an economics PhD program. All candidates must have taken intensive math classes and need proven math ability in calculus, linear algebra, and differential equations.

No, you don’t need an econ master’s degree to enroll in an economics PhD. However, only a small number of applicants are accepted into these programs and a master’s degree could be considered a competitive edge.

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Ph.D. in Economics

The Ph.D. program at Berkeley is designed for students interested in pursuing advanced study and conducting original research in Economics. The Ph.D. degree is awarded in recognition of the recipient's qualifications as a general economist and of the ability to make scholarly contributions in fields of specialization. Additionally, the Economics Ph.D. program is residential, there is no remote enrollment option. 

In advancing to the Ph.D. degree, students pass through two major stages:

• Preparation for candidacy typically takes two to three years. During the first two semesters, students take courses to achieve competence in econometric methods, methods of economic history and fundamentals of microeconomic and macroeconomic theory. During the next two years, students prepare for examination in two fields of specialization of their choosing, prepare a dissertation prospectus, and take an oral examination. When these steps are completed, students are advanced to candidacy.
• Completion of a dissertation after advancing to candidacy typically takes one to two years. The dissertation must be based on original research and represent a significant contribution to the body of Economic knowledge.

The entire process takes approximately five to six years, although some students are able to complete the program in less time. Below is an overview of the program requirements by year and other pertinent information.

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The Economics Student Services Mission is to advise our students holistically by providing a high standard of service in a supportive and collaborative environment.  Professional and peer advisors work as a team to provide accurate information in a timely manner.  We partner with faculty to assist students in engaging with the campus and the global economic community.  We value fairness, diversity, and the important roles our students, faculty, and staff in the Department of Economics play at the University of California, Berkeley.

Meet the members of the Economics Graduate Student Services advising team!

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Sagar Saxena

“ HBS is the ideal environment because I get to think about the world like an economist, but I have the freedom and resources to draw on methods from other disciplines as I study market design and industrial organization. ”

Current Harvard Economics Faculty

• Pol Antràs
• Robert Barro
• Emily Breza
• John Y. Campbell
• Raj Chetty
• Gabriel Chodorow-Reich
• Richard Cooper
• David M. Cutler
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• James Stock
• Ludwig Straub
• Tomasz Strzalecki
• Lawrence H. Summers
• Elie Tamer
• Winnie Van Dijk
• David Yang

Current HBS Faculty

• Laura Alfaro
• Samuel B. Antill
• Brian K. Baik
• Malcolm P. Baker
• John Beshears
• Alberto F. Cavallo
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Current Business Economics Students

• Maxim Alekseev
• Sage Belz
• Fiona Chen
• Cameron Cohen
• Jorge Colmenares
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• Songyuan Ding
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Current HBS Faculty & Students by Interest

Recent placement, martin aragoneses, 2024, angela ma, 2024, john conlon, 2023, erica moszkowski, 2023, ran zhuo, 2023, matthew lilley, 2022, david zhang, 2022, karen shen, 2021, ravi jagadeesan, 2020, vitaly bord, 2019, weiling liu, 2019, michael blank, 2024, kunal sangani, 2024, spencer yongwook kwon, 2023, daniel ramos, 2023, francesca bastianello, 2022, frank pinter, 2022, andreas schaab, 2021, edoardo maria acabbi, 2020, michael thaler, 2020, oren danieli, 2019, janelle schlossberger, 2019, jiafeng (kevin) chen, 2024, hanbin yang, 2024, robert minton, 2023, sagar saxena, 2023, talia b. gillis, 2022, ron yang, 2022, gregor schubert, 2021, xiang ding, 2020, christopher anderson, 2019, yizhou jin, 2019.

• The Inventory

The complete guide to getting into an economics PhD program

Back in May, Noah wrote about the amazingly good deal that is the PhD in economics. Why? Because:

• You get a job.
• You get autonomy.
• You get intellectual fulfillment.
• The risk is low.
• Unlike an MBA, law, or medical degree, you don’t have to worry about paying the sticker price for an econ PhD:  After the first year, most schools will give you teaching assistant positions that will pay for the next several years of graduate study, and some schools will take care of your tuition and expenses even in the first year. (See Miles’s companion post  for more about costs of graduate study and how econ PhD’s future earnings makes it worthwhile, even if you can’t get a full ride.)

Of course, such a good deal won’t last long now that the story is out, so you need to act fast! Since he wrote his post , Noah has received a large number of emails asking the obvious follow-up question: “How do I get into an econ PhD program?” And Miles has been asked the same thing many times by undergraduates and other students at the University of Michigan. So here, we present together our guide for how to break into the academic Elysium called Econ PhD Land:

(Note: This guide is mainly directed toward native English speakers, or those from countries whose graduate students are typically fluent in English, such as India and most European countries. Almost all highly-ranked graduate programs teach economics in English, and we find that students learn the subtle non-mathematical skills in economics better if English is second nature. If your nationality will make admissions committees wonder about your English skills, you can either get your bachelor’s degree at a—possibly foreign—college or university where almost all classes are taught in English, or you will have to compensate by being better on other dimensions. On the bright side, if you are a native English speaker, or from a country whose graduate students are typically fluent in English, you are already ahead in your quest to get into an economics PhD.)

Here is the not-very-surprising list of things that will help you get into a good econ PhD program:

• good grades, especially in whatever math and economics classes you take,
• a good score on the math GRE,
• some math classes and a statistics class on your transcript,
• research experience, and definitely at least one letter of recommendation from a researcher,
• a demonstrable interest in the field of economics.

Chances are, if you’re asking for advice, you probably feel unprepared in one of two ways. Either you don’t have a sterling math background, or you have quantitative skills but are new to the field of econ. Fortunately, we have advice for both types of applicant.

If you’re weak in math…

Fortunately, if you’re weak in math, we have good news:  Math is something you can learn . That may sound like a crazy claim to most Americans, who are raised to believe that math ability is in the genes. It may even sound like arrogance coming from two people who have never had to struggle with math. But we’ve both taught people math for many years, and we really believe that it’s true. Genes help a bit, but math is like a foreign language or a sport: effort will result in skill.

Here are the math classes you absolutely should take to get into a good econ program:

• Linear algebra
• Multivariable calculus

Here are the classes you should take, but can probably get away with studying on your own:

• Ordinary differential equations
• Real analysis

Linear algebra (matrices, vectors, and all that) is something that you’ll use all the time in econ, especially when doing work on a computer. Multivariable calculus also will be used a lot. And stats of course is absolutely key to almost everything economists do. Differential equations are something you will use once in a while. And real analysis—by far the hardest subject of the five—is something that you will probably never use in real econ research, but which the economics field has decided to use as a sort of general intelligence signaling device.

If you took some math classes but didn’t do very well, don’t worry.  Retake the classes . If you are worried about how that will look on your transcript, take the class the first time “off the books” at a different college (many community colleges have calculus classes) or online. Or if you have already gotten a bad grade, take it a second time off the books and then a third time for your transcript. If you work hard, every time you take the class you’ll do better. You will learn the math and be able to prove it by the grade you get. Not only will this help you get into an econ PhD program, once you get in, you’ll breeze through parts of grad school that would otherwise be agony.

Here’s another useful tip:  Get a book and study math on your own before taking the corresponding class for a grade. Reading math on your own is something you’re going to have to get used to doing in grad school anyway (especially during your dissertation!), so it’s good to get used to it now. Beyond course-related books, you can either pick up a subject-specific book (Miles learned much of his math from studying books in the Schaum’s outline series ), or get a “math for economists” book; regarding the latter, Miles recommends Mathematics for Economists  by Simon and Blume, while Noah swears by Mathematical Methods and Models for Economists  by de la Fuente. When you study on your own, the most important thing is to  work through a bunch of problems . That will give you practice for test-taking, and will be more interesting than just reading through derivations.

This will take some time, of course. That’s OK. That’s what summer is for (right?). If you’re late in your college career, you can always take a fifth year, do a gap year, etc.

When you get to grad school, you will have to take an intensive math course called “math camp” that will take up a good part of your summer. For how to get through math camp itself, see this guide by Jérémie Cohen-Setton .

One more piece of advice for the math-challenged:  Be a research assistant on something non-mathy . There are lots of economists doing relatively simple empirical work that requires only some basic statistics knowledge and the ability to use software like Stata. There are more and more experimental economists around, who are always looking for research assistants. Go find a prof and get involved! (If you are still in high school or otherwise haven’t yet chosen a college, you might want to choose one where some of the professors do experiments and so need research assistants—something that is easy to figure out by studying professors’ websites carefully, or by asking about it when you visit the college.)

If you’re new to econ…

If you’re a disillusioned physicist, a bored biostatistician, or a neuroscientist looking to escape that evil  Principal Investigator, don’t worry:  An econ background is not necessary . A lot of the best economists started out in other fields, while a lot of undergrad econ majors are headed for MBAs or jobs in banks. Econ PhD programs know this. They will probably not mind if you have never taken an econ class.

That said, you may still want to  take an econ class , just to verify that you actually like the subject, to start thinking about econ, and to prepare yourself for the concepts you’ll encounter. If you feel like doing this, you can probably skip Econ 101 and 102, and head straight for an Intermediate Micro or Intermediate Macro class.

Another good thing is to  read through an econ textbook . Although economics at the PhD level is mostly about the math and statistics and computer modeling (hopefully getting back to the real world somewhere along the way when you do your own research), you may also want to get the flavor of the less mathy parts of economics from one of the well-written lower-level textbooks (either one by Paul Krugman and Robin Wells , Greg Mankiw , or Tyler Cowen and Alex Tabarrok ) and maybe one at a bit higher level as well, such as David Weil’s excellent book on economic growth ) or Varian’s Intermediate Microeconomics .

Remember to take a statistics class , if you haven’t already. Some technical fields don’t require statistics, so you may have missed this one. But to econ PhD programs, this will be a gaping hole in your resume. Go take stats!

One more thing you can do is research with an economist . Fortunately, economists are generally extremely welcoming to undergrad RAs from outside econ, who often bring extra skills. You’ll get great experience working with data if you don’t have it already. It’ll help you come up with some research ideas to put in your application essays. And of course you’ll get another all-important letter of recommendation.

And now for…

General tips for everyone

Here is the most important tip for everyone:  Don’t just apply to “top” schools . For some degrees—an MBA for example—people question whether it’s worthwhile to go to a non-top school. But for econ departments, there’s no question. Both Miles and Noah have marveled at the number of smart people working at non-top schools. That includes some well-known bloggers, by the way—Tyler Cowen teaches at George Mason University (ranked 64th ), Mark Thoma teaches at the University of Oregon (ranked 56th ), and Scott Sumner teaches at Bentley, for example. Additionally, a flood of new international students is expanding the supply of quality students. That means that the number of high-quality schools is increasing; tomorrow’s top 20 will be like today’s top 10, and tomorrow’s top 100 will be like today’s top 50.

Apply to schools outside of the top 20—any school in the top 100 is worth considering, especially if it is strong in areas you are interested in. If your classmates aren’t as elite as you would like, that just means that you will get more attention from the professors, who almost all came out of top programs themselves. When Noah said in his earlier post that econ PhD students are virtually guaranteed to get jobs in an econ-related field, that applied to schools far down in the ranking. Everyone participates in the legendary centrally managed econ job market . Very few people ever fall through the cracks.

Next—and this should go without saying— don’t be afraid to retake the GRE . If you want to get into a top 10 school, you probably need a perfect or near-perfect score on the math portion of the GRE. For schools lower down the rankings, a good GRE math score is still important. Fortunately, the GRE math section is relatively simple to study for—there are only a finite number of topics covered, and with a little work you can “overlearn” all of them, so you can do them even under time pressure and when you are nervous. In any case, you can keep retaking the test until you get a good score (especially if the early tries are practice tests from the GRE prep books and prep software), and then you’re OK!

Here’s one thing that may surprise you: Getting an econ master’s degree alone won’t help . Although master’s degrees in economics are common among international students who apply to econ PhD programs, American applicants do just fine without a master’s degree on their record. If you want that extra diploma, realize that once you are in a PhD program, you will get a master’s degree automatically after two years. And if you end up dropping out of the PhD program, that master’s degree will be worth more than a stand-alone master’s would. The one reason to get a master’s degree is if it can help you remedy a big deficiency in your record, say not having taken enough math or stats classes, not having taken any econ classes, or not having been able to get anyone whose name admissions committees would recognize to write you a letter of recommendation.

For getting into grad school, much more valuable than a master’s is a stint as a research assistant in the Federal Reserve System or at a think tank —though these days, such positions can often be as hard to get into as a PhD program!

Finally—and if you’re reading this, chances are you’re already doing this— read some econ blogs . (See Miles’s speculations about the future of the econ blogosphere here .) Econ blogs are no substitute for econ classes, but they’re a great complement. Blogs are good for picking up the lingo of academic economists, and learning to think like an economist. Don’t be afraid to  write  a blog either, even if no one ever reads it (you don’t have to be writing at the same level as Evan Soltas or Yichuan Wang );  you can still put it on your CV, or just practice writing down your thoughts. And when you write your dissertation, and do research later on in your career, you are going to have to think for yourself outside the context of a class . One way to practice thinking critically is by critiquing others’ blog posts, at least in your head.

Anyway, if you want to have intellectual stimulation and good work-life balance, and a near-guarantee of a well-paying job in your field of interest, an econ PhD could be just the thing for you. Don’t be scared of the math and the jargon. We’d love to have you.

Update:  Miles’s colleague Jeff Smith at the University of Michigan amplifies many of the things we say on his blog.  For a  complete  guide, be sure to see what Jeff has to say, too.

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• University of Pennsylvania
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Admissions information to the ph.d. program in economics.

Students may enter the Ph.D. program  only in the fall . Applicants must present evidence of a baccalaureate degree or its equivalent, or show that they can expect such a degree by the time they begin graduate work. The University requires that applicants utilize the on-line application system (new link coming soon). Applicants must upload a personal statement and their transcript (unofficial or official) from each university attended. If an applicant is accepted into our program then they must provide an official transcript mailed directly to the Graduate School of Arts and Sciences. Three letters of recommendation are also required, usually from professors who can judge the student's potential for high-quality academic work. Results of the Graduate Record Examination (GRE) must also be submitted. This test should be taken as early as possible to ensure that the results are received in time to be considered by the admissions committee.  Our GRE institution-department code is 2926-1801 . International students must submit a TOEFL score unless they have or will receive an undergraduate degree from a college/university in the US, Canada, UK, Australia, New Zealand, South Africa, or Ireland or they have completed, at the time of application, four semesters of graduate study at an institution in the above mentioned countries.

The program's goal is to admit 16 students a year. Applicants should be aware that the admissions committee reviews a large number of applications (over 600 last year). Our decisions on admission and financial aid are facilitated when application materials are clearly presented, well written, and concise. The committee tries to form an image of the intellectual and personal qualities of applicants, and then admits those who seem most likely to do high quality work. All applicants are encouraged to provide a personal statement (see below) and any additional information that might help the admissions committee in their task. For example, students might wish to submit research papers that they have written or a description of some major job experience related to economic analysis. 

Mathematics prerequisites

Proficiency in mathematics is crucial for successful completion of the first year of study, in the Department of Economics, at the University of Pennsylvania.

A minimal level of preparation  consists of two years of mathematics courses in college, including courses in:

• multivariable calculus
• probability theory and statistics
• linear algebra

An excellent level of preparation  consists of additional courses in:

• real analysis
• point-set topology
• measure-theoretic probability theory

We strongly suggest you obtain an excellent level of preparation, for your application to be competitive.

Requirement for Personal Statement:

In the personal statement, all Ph.D. applications within the Graduate Division of Arts & Sciences should address the following: Please describe how your background and academic experiences have influenced your decision to pursue a graduate degree and led you to apply to Penn. Your essay should detail your specific research interests and intellectual goals within your chosen field. Please provide information about your educational trajectory, intellectual curiosity and academic ambitions. If you have overcome adversity and/or experienced limited access to resources or opportunities in your field of study, please feel free to share how that has affected the course of your education. We are interested in your lived experiences and how your particular perspective might contribute to the inclusive and dynamic learning community that Penn values and strives to create.

In the Economics Graduate Group, we also ask that applicants discuss their relevant research experience, if any, that make Penn Economics a good fit for what you would like to accomplish in your PhD. Your statement can include specific fields of interests and specific faculty members that you think could be potential advisors. 

Deadline for admission:

All applications must be completed and submitted by 11:59pm eastern US standard time on December 15th. The admissions committee then examines completed applications which have been received. Notification of its decision is sent by April 15th.

Follow this link to apply on-line:  “coming soon a new link to the admissions application to the Ph.D. program.”

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Program overview.

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Rigorous, discipline-based research is the hallmark of the MIT Sloan PhD Program. The program is committed to educating scholars who will lead in their fields of research—those with outstanding intellectual skills who will carry forward productive research on the complex organizational, financial, and technological issues that characterize an increasingly competitive and challenging business world.

Start here.

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Click here for answers to many of the most frequently asked questions.

PhD studies at MIT Sloan are intense and individual in nature, demanding a great deal of time, initiative, and discipline from every candidate. But the rewards of such rigor are tremendous:  MIT Sloan PhD graduates go on to teach and conduct research at the world's most prestigious universities.

PhD Program curriculum at MIT Sloan is organized under the following three academic areas: Behavior & Policy Sciences; Economics, Finance & Accounting; and Management Science. Our nine research groups correspond with one of the academic areas, as noted below.

MIT Sloan PhD Research Groups

Behavioral & policy sciences.

Economic Sociology

Institute for Work & Employment Research

Organization Studies

Technological Innovation, Entrepreneurship & Strategic Management

Economics, Finance & Accounting

Accounting  

Management Science

Information Technology

System Dynamics  

Those interested in a PhD in Operations Research should visit the Operations Research Center .  

PhD Program Structure

Additional information including coursework and thesis requirements.

MIT Sloan Predoctoral Opportunities

MIT Sloan is eager to provide a diverse group of talented students with early-career exposure to research techniques as well as support in considering research career paths.

Rising Scholars Conference

The fourth annual Rising Scholars Conference on October 25 and 26 gathers diverse PhD students from across the country to present their research.

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The goal of the MIT Sloan PhD Program's admissions process is to select a small number of people who are most likely to successfully complete our rigorous and demanding program and then thrive in academic research careers. The admission selection process is highly competitive; we aim for a class size of nineteen students, admitted from a pool of hundreds of applicants.

What We Seek

• Outstanding intellectual ability
• Excellent academic records
• Previous work in disciplines related to the intended area of concentration
• Strong commitment to a career in research

MIT Sloan PhD Program Admissions Requirements Common Questions

Dates and Deadlines

Admissions for 2024 is closed. The next opportunity to apply will be for 2025 admission. The 2025 application will open in September 2024. 

More information on program requirements and application components

Students in good academic standing in our program receive a funding package that includes tuition, medical insurance, and a fellowship stipend and/or TA/RA salary. We also provide a new laptop computer and a conference travel/research budget.

Funding Information

Throughout the year, we organize events that give you a chance to learn more about the program and determine if a PhD in Management is right for you.

PhD Program Events

September 12 phd program overview.

During this webinar, you will hear from the PhD Program team and have the chance to ask questions about the application and admissions process.

DocNet Recruiting Forum at University of Minnesota

We will be joining the DocNet consortium for an overview of business academia and a recruitment fair at University of Minnesota, Carlson School of Management.

September 25 PhD Program Overview

Docnet recruiting forum - david eccles school of business.

MIT Sloan PhD Program will be joining the DocNet consortium for an overview of business academia and a recruitment fair at Utah, David Eccles School of Business.

Complete PhD Admissions Event Calendar

Unlike formulaic approaches to training scholars, the PhD Program at MIT Sloan allows students to choose their own adventure and develop a unique scholarly identity. This can be daunting, but students are given a wide range of support along the way - most notably having access to world class faculty and coursework both at MIT and in the broader academic community around Boston.

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Profiles of our current students

MIT Sloan produces top-notch PhDs in management. Immersed in MIT Sloan's distinctive culture, upcoming graduates are poised to innovate in management research and education.

Academic Job Market

Doctoral candidates on the current academic market

Academic Placements

Graduates of the MIT Sloan PhD Program are researching and teaching at top schools around the world.

view recent placements 

MIT Sloan Experience

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The PhD Program is integral to the research of MIT Sloan's world-class faculty. With a reputation as risk-takers who are unafraid to embrace the unconventional, they are engaged in exciting disciplinary and interdisciplinary research that often includes PhD students as key team members.

Research centers across MIT Sloan and MIT provide a rich setting for collaboration and exploration. In addition to exposure to the faculty, PhD students also learn from one another in a creative, supportive research community.

Throughout MIT Sloan's history, our professors have devised theories and fields of study that have had a profound impact on management theory and practice.

From Douglas McGregor's Theory X/Theory Y distinction to Nobel-recognized breakthroughs in finance by Franco Modigliani and in option pricing by Robert Merton and Myron Scholes, MIT Sloan's faculty have been unmatched innovators.

This legacy of innovative thinking and dedication to research impacts every faculty member and filters down to the students who work beside them.

Faculty Links

• Accounting Faculty
• Economic Sociology Faculty
• Finance Faculty
• Information Technology Faculty
• Institute for Work and Employment Research (IWER) Faculty
• Marketing Faculty
• Organization Studies Faculty
• System Dynamics Faculty
• Technological Innovation, Entrepreneurship, and Strategic Management (TIES) Faculty

Student Research

“MIT Sloan PhD training is a transformative experience. The heart of the process is the student’s transition from being a consumer of knowledge to being a producer of knowledge. This involves learning to ask precise, tractable questions and addressing them with creativity and rigor. Hard work is required, but the reward is the incomparable exhilaration one feels from having solved a puzzle that had bedeviled the sharpest minds in the world!” -Ezra Zuckerman Sivan Alvin J. Siteman (1948) Professor of Entrepreneurship

Sample Dissertation Abstracts - These sample Dissertation Abstracts provide examples of the work that our students have chosen to study while in the MIT Sloan PhD Program.

We believe that our doctoral program is the heart of MIT Sloan's research community and that it develops some of the best management researchers in the world. At our annual Doctoral Research Forum, we celebrate the great research that our doctoral students do, and the research community that supports that development process.

The videos of their presentations below showcase the work of our students and will give you insight into the topics they choose to research in the program.

Attention To Retention: The Informativeness of Insiders’ Decision to Retain Shares

2024 PhD Doctoral Research Forum Winner - Gabriel Voelcker

Watch more MIT Sloan PhD Program  Doctoral Forum Videos

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Economics (PhD)

Gain a strong foundation in economic theory and quantitative methods in applied fields of economics.

Why choose this program?

The Department of Economics has wide-ranging research strengths with specialties of labour, health and social policy, development, and macroeconomics.

Dal economics graduates work with universities, government agencies and the private sector.

Possible careers include:

Economic Analyst

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Admission requirements

You'll need to meet the  Faculty of Graduate Studies minimum requirements  as well as any program-specific admissions requirements before you can apply.

Financial information

At Dalhousie, we want our students to focus on their studies, rather than worry about their personal finances. We offer competitive tuition rates and funding programs to support graduate students in almost all of our degree programs.

Program options

Thesis : Pursue independent and original research guided by a supervisor to develop and defend your thesis. 

Standard program duration:

5 years or longer

Enrolment options:

Delivery format:.

All graduate programs at Dalhousie are collaboratively delivered by a home Faculty and the  Faculty of Graduate Studies .

Contact an admissions advisor

Questions about admissions or the application process get in touch with the program..

Email:  [email protected]

Phone: 902-494-2026

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Ph.D. in Economics Top Colleges, Syllabus, Scope and Salary, 2024

Satyam Purwar

Content Curator

Ph.D. in Economics is a three to five-year doctorate course. Eligibility for the course is a postgraduate course in Economics, candidates should also have Bachelor’s degree in Economics/Bachelor in Technology in Economics from a recognized University.

Top institutes which are offering Ph.D. in Economics courses are as follows:

• Indian Institute of Technology
• Indian Statistical Institute
• Loyola College
• Indian Institute of Management
• Lovely Professional University
• Fergusson College
• IFMR - Institute for Financial Management and Research

The average tuition fee for Ph.D. in Economics ranges between INR 80,000 to 6 Lacs for the span of 3 to 5 years.

Admissions to Ph.D. in Economics  courses are on the basis of counseling after clearing entrance tests depending on the colleges. Some of them are:

• JCECE (Jharkhand Combined Entrance Competitive Exam)
• IIM Ph.D. test

Major subjects studied in Ph.D. in Economics course are  Agricultural Economics, Financial Economics, Labour Economics, Industrial Economics, International Economics, Business Economics, Banking Economics, Environmental Economics, Developmental Economics, Rural Economics and Rural Development and Econometrics etc.

Graduates with this degree have an opportunity in the industries like Coaching Centres, Economics Consultancies, Economics Department, Home Tuitions, Museums, Private Tuitions, Publishing House, Research and Development Agencies and Schools etc.

Some of the top companies hiring Ph.D. in Economics graduates are Bank of India, Bharat Forge, Bharat Petroleum Corporation Limited, BSNL, Cognizant, Ericsson India, Flipkart, Future Group, Goldman Sachs, Grasim Honda Two Wheelers, Indian Oil, Infosys, JCB, Mahindra Engineering, Microsoft, ONGC, Reliance, Reliance Industries Limited, TATA, Tata Power, TCS etc. The average salary for Ph.D. in Economics graduates is around INR 2 to 8 Lacs but this can be higher on the basis of experience and other factors.

Ph.D. in Economics: Course Highlights

Listed below are some of the major highlights of the course.

Ph.D. in Economics: What is it About?

Ph.D. in Economics typically covers macroeconomics and microeconomics. However, this is a useful degree if you want to get a career in teaching or formally researching economic subjects. Once the proposal is approved and the oral exam passed, the final years of enrollment are dedicated towards the research, writing, and defense of a dissertation.

Many students are interested in pursuing higher studies in this subject. The major opportunity which lies in the field of Economics is that it is mainly involved in the field of Research. A Ph.D. degree should only be taken if a person has ample interests in research-oriented works. Mostly the PhDs are taken by people who are involved in the Academics field. This may result in better understanding of the particular field or subject in a better manner.

This could involve admissions in prestigious institutions and placements in blue-chip companies. Many of them have also been engaged in diverse fields ranging from civil society to policy making through their education, research, field action, and extension. 

Students would 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 & strategy after completing Ph.D. in Economics course

A master’s degree or Ph.D. in Economics is required for most economist jobs. An advanced degree is sometimes required for advancement to higher level positions.

Ph.D. in Economics: Top Institutes

Ph.D. in Economics: Eligibility

To pursue a Ph.D. in Economics course, the candidate should have Masters or M.Phil. degree in Economics from a recognized university. Also the masters in Biology/Pharmacy and Economics or the relevant stream with an aggregate of 55% marks and also with valid Ph.D. entrance test along with the interview. For admission to the Ph.D. programme in Economics department, a minimum requirement is Master’s degree in Economics.

If you have taken admission to M.Phil degree through an entrance examination, you may not need to give any entrance exam at Ph.D. level. Some Universities also admit students on basis of National Eligibility Test (NET).  Final Admission is given on the basis of Interview round conducted nearly a month before the commencement of the semester. 

Usually, Ph.D. course admission is done after Masters or M.Phil degree, but if you happen to be one of the toppers in UG BE/B.Tech course from a reputed university, you may be eligible for direct admission to the Ph.D. course. Such candidates require 75% marks in qualifying examination along with a valid GATE score. 

Ph.D. in Economics: Admission Process 

In India, universities have rights to set their own procedure and standards for the Ph.D. programme admissions. But the set of requirements for the application are similar. These should include a research proposal, detailing the proposed outline of your Ph.D. project, and explaining the methodology you plan to employ.

This is referred to as the National Eligibility Test (NET) and is administered by the University Grants Commission (UGC) for most subjects, with the exception of Science and Engineering which are covered by the Council of Scientific and Industrial Research (CSIR).

Entrance Exams are:

Although an undergraduate degree or a master's degree in economics may be helpful for admission, most programs only require prospective students to have completed a year or more of college-level economics. Additionally, many programs require applicants to have completed several semesters of calculus. While not required, some programs also recommend that students complete courses in statistical analysis before applying.

In addition, most programs require applicants to submit scores from the Graduate Record Examination (GRE) and letters of recommendation. Many economics departments require that prospective candidates also provide a statement of purpose. The statement should outline the student's goals and also indicate possible research areas, like international economics or income distribution.

Latest Ph.D. (Economics) Admission Alert

• MSU Baroda Admission 2024: UG, PG, PhD, Courses, Eligibility, Application Form, Last Date
• HNBGU Admission 2024: UG, PG, Ph.D, Courses, Eligibility, Application Form, Last Date To Apply
• Burdwan University Admission 2024: UG, PG, PhD, Eligibility, Application Form, Last Date
• Central University of Odisha (CUO) Admissions 2024: UG, PG, PhD Courses, Eligibility, Application Form, Dates
• Manipur University Admissions 2024: UG, PG, PhD, Courses, Eligibility, Application Form, Last Date
• Techno India University Admission 2024: Dates, Cut Off, Fees, Eligibility, Selection Criteria

Ph.D. in Economics: Syllabus and Course Description

Ph.D. in Economics: Career Prospects

The students can opt in for the various specializations which are available such as:

• Applied Economics
• Econometrics
• Business economics etc.

The candidates can clear NET conducted by UGC for lecture posts. The remuneration in this field is pretty good when compared to others.

A Ph.D. degree will help a person to get into the research-oriented teaching profession.The candidates can also get employed in Research labs etc. After Ph.D. one can also apply for the Junior Fellowship exams. Hence the course of Economics in is in higher demand among the students nowadays.

The career prospects for Ph.D. in Economics graduates are many. Numerous fields are waiting for economic graduates both in the public as well as the private sectors. The average salary is Rs 4 to 8 lakh per annum.

Ph.D. in Economics ? Employment Opportunities

The various fields are offering better job opportunity after passing Masters or M.Phil. in Economics.

• Banking and Finance
• Insurance Investment
• Stock Broker
• Media Analyst
• Manufacturing
• Advertising
• Communication
• Education and Research
• System Analysis

Postsecondary economics teachers and economists are two careers in which a Ph.D. in Economics is helpful.

Different Fields of Economics

There are various fields of economics. Some of the important disciplines are given here.

• Agricultural Economics
• Financial Economics
• Labour Economics
• Industrial Economics
• International Economics
• Business Economics
• Banking Economics
• Environmental Economics
• Developmental Economics
• Rural Economics and Rural Development

You can apply to Indian Economic Services.

Read about more Ph.D. in commerce courses

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6 Reviews found

A backbenchers take on Jadavpur University!

Campus life.

Campus Life is pretty fun. Because of the large size of the campus many fests are organized from time to time along with a host of other events. The arts department, science department and engineering department each has their own fests spanning over 2-3 days each. There are mainly two types of libraries: departmental library and central library. One can also get their hands on research papers through computer rooms (each department has one). But the quality of computers are a bit lagging with out of date hardware and softwares being used. Other than that it's pretty good. Now, coming to clubs there are many choices ranging from dramatics to sports club. Each club organises their own event from time to time over a year.

I faced an interview process where I had to present by research proposal. One can prepare a PPT and present it infront of the interviewers. Questions will be asked from the topic presented. The interviewee has to defend the proposal put forward by him/her. In order to defend a proposal one has to be adequately be versed in the topic being presented. For that, one has to devote a good amount of time in finding out as to why such a research is needed and what can be contributed in research literature through such a topic.

Davangere University

The Davangera University is situated in Karnataka. This University is UGC as well as AICTE discerned. My experience at this university was enormous. This university is famous for its Post Graduation courses as well as for Bed. You will get all the facilities such as Hostel, canteen, bank, etc inside the University Campus.

I was a student of PhD in economics at this university. You can get the admission in PhD on the basis of entrance test. Another criterion to get the admission in PhD is that you must hold a Master degree of any recognized University with 55% marks.

My experience in this college has been amazing

The college has various well-equipped labs, enormous sports ground, where a variety of sports tournaments are hosted and a variety of college events like national day celebrations, college fests, inter-college competitions etc are held.

Fee Structure And Facilities

The fee is a little expensive, but it is lesser than various colleges providing the same course and the same facilities. The fee for my course is around INR 75,000 and for the entire three-year course, the fee is around INR 225,000.

Durg College Review

Placement experience.

Our Placement Cell was highly driven to match the reputation and the merit that the college stands for. The country's top companies like Axis Bank, Policy Bazaar, Decathlon, Vivo, Just Dial, L& T Finance etc., were all frequently visited.

Course Curriculum Overview

Ph.D in Economics is a very common course a lot of people will do. While the research work was going on we were asked to submit six month progress reports and was asked to give atleast two Presentations. It was not a tedious process.

Sardar Patel Institute of Economic and Social Research - [SPIER]

The course curriculum is structured beautifully and will be taken well by the students aspiring to take up research as their career especially in the field of economics. The syllabus is good in terms of excellent exposure to many interesting research areas.

College Events

We have most of our focus on the seminars an educational conferences based on the economic subject. Many good things and useful information is taught to us in those seminars. Other than that there are no other events celebrated as such.

Gurukul of India.

Campus life is full of creative,enthusiasts, smart peoples and critics. The culture of campus is full of art lovers, such as of theater, singing, dancing, photographers, sculptures , linguists ,and more. The university team almost every year brings National prizes in the inter-university youth competitions. In sports the university reaches state and national levels too, and have also brought few national prizes in women basketball, men football , chess etc,

The faculty of the college are learned, well qualified and friendly. The student teacher ratio is very good. The teachers are dedicated towards the teaching as well as very much devoted to their own research interests. The department is blessed with a variety of teachers affiliated to different field of study on the subject. The departmental faculty academic culture is heterogenous in nature and both mainstream as well as radicals belong here.

Ph.D. (Economics) : 5 answered questions

Ques. is it really difficult to get into phd economics programs of universities like dse, isi or jnu with an m.a. economics degree from ignou.

● Top Answer By Aarushi Kumar on 03 Nov 22

Ques. I have completed my MBA With specialization in rural development am I eligible for phd economics

● Top Answer By Tithi Aggrawal on 16 Sept 23

Ques. Between JNU and Delhi School Of Economics, which option will be the best to pursue a PhD in economics for an individual?

● Top Answer By Tithi Aggrawal on 04 Jul 23

Ques. Which institute is better for a PhD in economics (in terms of exposure, curriculum, study methods, etc.), IIM Ahmedabad or IIM Bangalore?

● Top Answer By Pratik Parikh on 20 Oct 23

Ques. How good are your chances to get into PhD economics at MIT/Harvard/Stanford after completing MA economics from DSE or MSQE from ISI Delhi/Kolkata?

● Top Answer By Debarghya Sanyal on 04 Sept 21

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