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Calculating ROI: Getting Your Master’s vs. PhD in Economics

No matter what field they study, prospective graduate students should always consider the value of their degree.  As a potential graduate economics student, you’re likely familiar with the term return on investment or ROI — the ratio used to calculate the efficiency of an investment or compare the efficiency of several different investments.

Though there’s no cut-and-dry way to determine the value of a graduate degree , there are some important numbers and factors to consider when determining which degree will be most valuable to you.  

The overall ROI of any graduate degree comes down to:

• the type of job you want,
• the school you attend,
• the degree you pursue,
• your program length
• and available financial assistance.

Want to know more about graduate funding opportunities at SMU? Learn how the Moody School of Graduate and Advanced Studies is reducing financial barriers to earning a graduate degree thanks to a $100 million commitment from the Moody Foundation. 

PhD in Economics Salary

The most important factor to consider first is the type of job you want. Most of the time, a Master’s degree opens the door to more advanced positions in the same types of jobs you can get with a Bachelor's degree. But, a PhD opens the door to jobs in the private sector, academia, government, think tanks and international organizations. Remember, on average, a PhD economist has a 34% higher salary than a Master’s economist.

Next, you need to consider cost. Economics PhD students, including our SMU students, have a full tuition waiver and a stipend to cover living costs. So, the only cost is lost wages from the job you would otherwise have. On the other hand, an Economics Masters's degree takes 2 years or less but the average cost of a master’s degree in the U.S. is $66,340.

You need to weigh up these costs and benefits to know the return on investment for you of pursuing an advanced degree in economics. 

What Can I Do with a PhD in Economics?

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. 

Economics PhDs specialize in areas like labor economics, macroeconomics,  industrial organization, or international economics and pursue careers within that specialization. For example, institutions like the World Trade Organization (WTO) — the international trade body —  the International Monetary Fund (IMF) or the World Bank might seek to hire economists who have specialized in international economics.

• The Federal Reserve Bank system hires lots of PhD macroeconomists.
• Government agencies like the Federal Trade Commission hire PhD economists specializing in industrial organization.
• The Census Bureau hires lots of PhD economists specializing in fields like labor economics.

These complex, high-profile positions are often found in the corporate sector or government and frequently involve exploring regulatory, strategic or public policies.

In addition to jobs in government and industry, academic economists play leading roles in the development of new ideas in economics and hold faculty positions in a variety of academic settings.

Explore Economics at SMU

The Department of Economics at Southern Methodist University (SMU) is highly ranked among economics departments in the United States and offers comprehensive coverage of the major fields in modern economics. For more than 55 years the department has prepared PhD candidates for careers as economists in both academic and non-academic positions.

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With a graduate degree in economics, students may find jobs as analysts and economists in the government, multinational corporations, higher education and business organizations. These are the top graduate schools for economics programs. Each school's score reflects its average rating on a scale from 1 (marginal) to 5 (outstanding), based on a survey of academics at peer institutions. Read the methodology »

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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. 

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 Program

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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Ph.d. studies at princeton economics.

The Ph.D. program at Princeton Economics is one of the premier economics programs in the world. The small number of students admitted each year receive training in an exceptional research environment, supported by faculty members who are working at the forefront of research in their fields.

Admission to the program is extremely selective. Each year, the department receives approximately 800 applications for a class of 20 to 25 students. Students come from diverse backgrounds and from dozens of countries around the globe.

Princeton provides all admitted Ph.D. students tuition and fellowship support for the academic year. Admitted students also receive fellowship support through the summer months so they can continue their study and research when classes are not in session.

The Economics Department at Princeton does not offer a Master’s Degree. Students looking for information about the Master in Finance can learn more on the Princeton Bendheim Center for Finance website .

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The Harvard Department of Economics has long tried to use scholarship to find answers for some of the world’s most pressing questions including the future of work, ending global poverty, and improving the environment. We believe nothing should limit the economist’s imagination.

You will be part of a program that includes people working in many fields, such as finance, economic history, behavioral economics, political economy, and many more. The program will prepare you for a productive and stimulating career as an economist. You will attend seminars given by top scholars from both domestic and international communities and will have access to over 13 million books and pamphlets from 90 separate library units at Harvard.

Examples of student research include how investor base composition is an important determinant of bond price dynamics and capital allocation outcomes in response to aggregate credit cycle fluctuations, and the long-term effects that temporary upstream steel tariffs on US manufacturing have on downstream industries.

Graduates have secured academic positions at prestigious institutions like MIT, Stanford University, and Yale University. Others have gone on to careers at organizations like the International Monetary Fund, Vanguard, Federal Reserve Bank of New York, and Amazon.

Additional information on the graduate program is available from the Department of Economics and requirements for the degree are detailed in Policies .

Admissions Requirements

Please review admissions requirements and other information before applying. You can find degree program-specific admissions requirements below and access additional guidance on applying from the Department of Economics .

Academic Background

Applicants should have an understanding of economics and have taken at least some economics courses beyond the principles level. Applicants should be able to demonstrate their ability to do research by either having done research previously or via experience as a research assistant. In the latter instance, a letter from the supervisor indicating the ability to do research is critical.

Writing Sample

A writing sample is required and must be no less than 15 pages.

Math Preparation

The minimum level of mathematical preparation to be considered for admission includes calculus and linear algebra and demonstration of proficiency with mathematics. Increasingly, successful applicants will have taken more mathematics classes. In particular, most successful applicants now take real analysis, although that is not a requirement.

Standardized Tests

GRE General: Required GRE Subject Test: Optional

Applying to More Than One Program

Harvard has several PhD programs that may also be of interest to students considering applying to the PhD program in economics. These include Business Economics , Public Policy , and Health Policy . Many students in these programs have considerable overlap in their coursework with courses offered to PhD students in economics. Many also have dissertation committees that include faculty members of the economics department.

We encourage those with interest in any of those programs to also apply to those programs. The Department of Economics will make admissions decisions independently, so application to or admission to other programs will not adversely affect admissions decisions within the department. However, please note that if you choose to apply to additional programs, you can only submit three applications to Harvard Griffin GSAS during the course of your academic career.

Campus Visits

The department arranges for campus visits for all admitted students and we cover a portion the costs associated with these visits. We do not encourage visits prior to being admitted. Since the department receives an overwhelming number of applications, it’s simply more efficient to arrange meetings with faculty after students are accepted rather than before.

Theses & Dissertations

Theses & Dissertations for Economics

See list of Economics faculty

APPLICATION DEADLINE

Questions about the program.

Ph.D. Program

Make an impact: The intellectual rigor from researchers associated with Yale Economics drives innovations in domestic and international policy.

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Yale's Department of Economics offers a challenging and rigorous academic program, a distinguished and accessible faculty, and a friendly, supportive environment for study.

Our core teaching faculty of 66 is supported by a diverse group of visiting professors and graduate student teaching assistants, making it one of the largest economics departments in the United States with one of the highest teacher/student ratios for the 130 Ph.D. students in residence.

The Department of Economics also has close ties with professional schools in related fields, such as the Yale School of Management, the Yale School of the Environment, and the Yale School of Public Health, where many of its secondary faculty members teach. It also works with affiliated centers, including the Cowles Foundation for Research in Economics, the Economic Growth Center, and the newly created Tobin Center for Economic Policy . 

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Yale's economics faculty embraces a broad range of research and teaching interests. Courses and seminars span a wide spectrum of economics, from dynamic structural models to field experiments. Our students apply econometric and data analytic methods to a variety of subjects in macroeconomics, labor economics and finance. Our courses examine critical economic policy issues, including antitrust and environmental regulation. Our focus is global, spanning the United States and developed economies to the developing nations of Latin America, Asia and Africa. Whatever your interest, our faculty is ready to guide you through a wide offering of more than a hundred regular courses, seminars or workshops, combined with individually tailored reading and research courses to best prepare you for your Ph.D. research and dissertation.

Our faculty is eclectic in methodologies and views of economics. There is no Yale dogma or school. You will acquire a critical perspective on the full range of approaches to macroeconomics. You will be well trained in neoclassical theory and in the theory of public choice, externalities and market failures. You will master the skills of sophisticated modern econometrics and understand pitfalls in its applications. You will gain respect for the power of contemporary mathematical models and also for history and for the insights of the great economists of the past.  

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Dec. 21, Wed. Fall Term ends, Winter Recess begins.

Dec. 22 Thurs. Date of December degree award

Jan. 12, Thurs. Add/drop period opens, 8:30 am

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What You Should Know Before Applying to an Economics PhD Program

Here's One Student's Experience Applying to an Economics PhD Program

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I recently wrote an article about the types of people who shouldn't pursue a Ph.D. in economics . Don't get me wrong, I love economics. I've spent a majority of my adult life in the pursuit of knowledge in the field studying around the world and even teaching it at the university level. You may love studying economics, too, but a Ph.D. program is an entirely different beast that requires a very specific type of person and student. After my article was published, I received an email from a reader, who just happened to be a potential Ph.D. student. 

This reader's experience and insights into the economics Ph.D. program application process were so on point that I felt the need to share the insights. For those considering applying to a Ph.D. program in Economics, give this email a read.

One Student's Experience Applying to an Economics Ph.D. Program

"Thanks for the graduate school focus in your recent articles. Three of the challenges you mentioned [in your recent article ] really hit home:

• American students have a comparative disadvantage for selection compared to foreign students.
• The importance of math cannot be overstated.
• Reputation is a huge factor, especially that of your undergraduate program.

I applied unsuccessfully to Ph.D. programs for two years before conceding that I might not be ready for them. Only one, Vanderbilt , gave me even a wait-list consideration.

I was a little embarrassed at being shunned. My mathematics GRE was 780. I had graduated at the top of my class with a 4.0 GPA in my economics major and completed a statistics minor . I had two internships: one in research, one in public policy. And accomplished this all while working 30 hours a week to support me . It was a brutally hard couple of years.

The Ph.D. departments I applied to and my undergraduate adviser all pointed out:

• I attended a small, regional public university, and our professors spent significant time with students to the detriment of their own publishing.
• Though I took a heavy load of statistics coursework, I only had two terms of calculus.
• I had never been published; not even in an undergraduate journal.
• I aimed for highly-ranked schools in the Midwest like Illinois, Indiana, Vanderbilt, Michigan, Wisconsin, Washington University in St. Louis, but neglected schools on the coasts, which might have seen me as a more 'diverse' candidate.

I also made what many considered a tactical error: I went to talk with the graduate programs before I applied. I was later told that this is a taboo and seen as schmoozing. I even talked at length with the director of one program. We ended up talking shop for two hours and he invited me to attend presentations and brown bags whenever I was in town. But soon I would learn that he would be ending his tenure to take a position at another college, and would no longer be involved in the approval process for that program.

After going through these obstacles, some suggested I prove myself with a Master's Degree in Economics first. I had originally been told that many schools pick top candidates immediately after undergraduate, but this new advice made sense because departments commit considerable resources to their Ph.D. candidates and want to make sure their investment will survive first-year exams.

With that path in mind, I found it interesting that so few departments offer a terminal Masters in Economic. I'd say about half as many as those that offer only the terminal Ph.D. Fewer still offer an academic Master's - most of these are professional programs. Still, I'm glad it gives me a chance to dig deeper into research and see if I'm ready for Ph.D. research."

My Response 

This was such a great letter for many reasons. First, it was genuine. It wasn't a "why didn't I get into a Ph.D. program" rant, but a personal story told with thoughtful insights. In fact, my experience has been nearly identical, and I would encourage any undergraduate student considering pursuing a Ph.D. in economics to take this reader's insights to heart. I, myself, was in a Master's program (at Queen's University in Kingston, Ontario, Canada) before I entered my Ph.D. program. Today, I must admit that I wouldn't have survived three months as a Ph.D. student had I not attempted an MA in Economics first. 

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• Preparing for graduate school

Program rankings

The following organizations rank graduate economics programs using various approaches:

• US News and World Report 2023 Best Economics Schools
• US News and World Report Ranking of the Best Global Universities for Economics and Business
• RePEc Ranking of Institutions
• Tilburg University Top 100 Worldwide Economics Schools Research Rankings
• National Academies of Sciences, Engineering, and Medicine 2011 Ranking

Academic research evaluating economics programs

• Amir, Rabah and Malgorzata Knauff. 2008. " Ranking Economics Departments Worldwide on the Basis of PhD Placement ." Review of Economics and Statistics , 90 (1), pp. 185-90.
• Grijalva, Therese C. and Clifford Nowell. 2008. " A Guide to Graduate Study in Economics: Ranking Economics Departments by Fields of Expertise ." Southern Economic Journal , 74 (4), pp. 971-96.
• Kalaitzidakis, Pantelis, Theofanis P. Mamuneas, and Thanasis Stengos. 2011. " An Updated Ranking of Academic Journals in Economics ." The Canadian Journal of Economics , 44(4):1525-1538.
• McPherson, Michael A. 2012. " Ranking US Economics Programs by Faculty and Graduate Publications: An Update Using 1994-2009 Data ." Southern Economic Journal , 79 (1): 71-89.  

Graduate degrees in economics

Understanding the job market.

Economics Graduate Programs in America

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MIT School of Humanities, Arts, and Social Sciences

Cambridge, MA •

Massachusetts Institute of Technology •

Graduate School

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Stanford Graduate School of Business

Stanford, CA •

Stanford University •

• • Rating 4 out of 5   4 reviews

Master's Student: Incredibly positive academic experience with inspiring professors and diverse classmates. I have no negative feedback. ... Read 4 reviews

Stanford University ,

STANFORD, CA ,

4 Niche users give it an average review of 4 stars.

Featured Review: Master's Student says Incredibly positive academic experience with inspiring professors and diverse classmates. I have no negative feedback. .

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Yale Graduate School of Arts and Sciences

New Haven, CT •

Yale University •

• • Rating 4.5 out of 5   2 reviews

Master's Student: The resources at Yale are outstanding. While some of the required courses are slow-moving and less informative, I do have more academic freedom in my second year to the program to take classes that I enjoy across all departments (including data science, statistics, computer science, and law). ... Read 2 reviews

Yale University ,

NEW HAVEN, CT ,

2 Niche users give it an average review of 4.5 stars.

Featured Review: Master's Student says The resources at Yale are outstanding. While some of the required courses are slow-moving and less informative, I do have more academic freedom in my second year to the program to take classes that I... .

Read 2 reviews.

College of Business- Valparaiso University

Valparaiso University •

Graduate School •

VALPARAISO, IN

Drew University

MADISON, NJ

• • Rating 4.21 out of 5   24

Valparaiso University

• • Rating 4.7 out of 5   10

Harvard Graduate School of Arts and Sciences

Harvard University •

• • Rating 4.56 out of 5   9 reviews

Other: I am Harvard Extension School student pursuing a master degree, ALM, in sustainability. I have achieved a 3.89 in this program so far and have qualified, applied, and accepted as a 'Special Student' in the Harvard Graduate School of Arts and Sciences. Through this School, I will be focusing my time at the John A. Paulson school of Engineering & Applied Sciences. Looking forward to wrapping up my final year on campus! ... Read 9 reviews

Harvard University ,

9 Niche users give it an average review of 4.6 stars.

Featured Review: Other says I am Harvard Extension School student pursuing a master degree, ALM, in sustainability. I have achieved a 3.89 in this program so far and have qualified, applied, and accepted as a 'Special Student'... .

Read 9 reviews.

Princeton University

Princeton, NJ •

• • Rating 4.33 out of 5   3 reviews

Master's Student: The best part of the Princeton University mechanical engineering graduate degree is the excellent faculty that teach the courses. They are incredibly knowledgeable and also very willing to help students in office hours or in sponsorship of projects. The worst part of the Princeton University mechanical engineering graduate degree is the lack of structure for the graduate research program which can leave you feeling unsure on the direction of your research. ... Read 3 reviews

PRINCETON, NJ ,

3 Niche users give it an average review of 4.3 stars.

Featured Review: Master's Student says The best part of the Princeton University mechanical engineering graduate degree is the excellent faculty that teach the courses. They are incredibly knowledgeable and also very willing to help... .

Read 3 reviews.

Sanford School of Public Policy

Durham, NC •

Duke University •

• • Rating 4.75 out of 5   4 reviews

Current Master's student: My academic experience at Duke has been the most rewarding in my life. What makes Duke so great is the opportunity through the Sanford Policy School to exchange and engage ideas with professors and peers connected to my area of policy analysis. I have gotten the chance through summer internships to have real-world policy experience in analysis and implementation. Because my policy analysis is explicitly based on healthcare, I have focused on black maternal outcomes as my point of reference. I have had the opportunity to work with Professor Carolyn Barnes and collaborate since she is an expert in social and economic welfare and its effects on low-income families. The introductory and intermediate microeconomics, macroeconomics, and statistics classes give students a solid technical base when drafting briefs. One thing I would change is to provide more accessibility of recorded lectures when sick after the coronavirus. ... Read 4 reviews

Duke University ,

DURHAM, NC ,

4 Niche users give it an average review of 4.8 stars.

Featured Review: Current Master's student says My academic experience at Duke has been the most rewarding in my life. What makes Duke so great is the opportunity through the Sanford Policy School to exchange and engage ideas with professors and... .

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Brown University Graduate School

Providence, RI •

Brown University •

Brown University ,

PROVIDENCE, RI ,

School of Engineering and Applied Science - University of Pennsylvania

Philadelphia, PA •

University of Pennsylvania •

University of Pennsylvania ,

PHILADELPHIA, PA ,

Jones Graduate School of Business

Houston, TX •

Rice University •

• • Rating 4.6 out of 5   10 reviews

Other: Best part is the small class sizes and time flexibility. Worst is getting used to the online system. ... Read 10 reviews

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Rice University ,

HOUSTON, TX ,

10 Niche users give it an average review of 4.6 stars.

Featured Review: Other says Best part is the small class sizes and time flexibility. Worst is getting used to the online system. .

Read 10 reviews.

Weinberg College of Arts and Sciences

Evanston, IL •

Northwestern University •

Northwestern University ,

EVANSTON, IL ,

College of Arts and Science

Nashville, TN •

Vanderbilt University •

Vanderbilt University ,

NASHVILLE, TN ,

Olin Business School

St. Louis, MO •

Washington University in St. Louis •

• • Rating 4 out of 5   7 reviews

Master's Student: The enrolment process was an absolute pleasure. Being able to sit in on classes and interact with faculty and students was a fantastic opportunity. It gave me a real feel for the academic dynamic and the supportive community. This firsthand experience greatly influenced my decision, and I'm eagerly looking forward to becoming a part of the institution. ... Read 7 reviews

Washington University in St. Louis ,

ST. LOUIS, MO ,

7 Niche users give it an average review of 4 stars.

Featured Review: Master's Student says The enrolment process was an absolute pleasure. Being able to sit in on classes and interact with faculty and students was a fantastic opportunity. It gave me a real feel for the academic dynamic and... .

Read 7 reviews.

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Division of the Humanities and Social Sciences - California Institute of Technology

Pasadena, CA •

California Institute of Technology •

California Institute of Technology ,

PASADENA, CA ,

Mendoza College of Business

Notre Dame, IN •

University of Notre Dame •

• • Rating 4.9 out of 5   10 reviews

Master's Student: The University of Notre Dame is primarily centered around building your network. The professors cover material that is vital for your industry and do so in a quick and efficient manner. You will not find a better place to learn and meet people! I cannot speak highly enough of this school! ... Read 10 reviews

University of Notre Dame ,

NOTRE DAME, IN ,

10 Niche users give it an average review of 4.9 stars.

Featured Review: Master's Student says The University of Notre Dame is primarily centered around building your network. The professors cover material that is vital for your industry and do so in a quick and efficient manner. You will not... .

Social Sciences Division - University of Chicago

Chicago, IL •

University of Chicago •

• • Rating 3.75 out of 5   4 reviews

Master's Student: The University of Chicago offers many clubs you can attend. Do to COIVD most of the clubs meet online and some in person one day out of the week. There's boxing, archery, fencing, and one of my personal favorites ju-jutsu, just to name a few. These sports are completive but they also have clubs that are just for fun and any body of any skill level can join. There is also this amazing climbing wall in the recreation center but we are not allowed to climb it at the moment because of COVID restrictions. It's also convent to be surrounded by hospitals (Rush and UIC). I got hurt while I was at school, I broke my arm, and I did not have to call on anyone to take me to the hospital, I could just walk. The food is okay and you get to chose from a good selection of things. The rooms where a nice size and most of the students were so friendly it was easy to make friends. ... Read 4 reviews

University of Chicago ,

CHICAGO, IL ,

4 Niche users give it an average review of 3.8 stars.

Featured Review: Master's Student says The University of Chicago offers many clubs you can attend. Do to COIVD most of the clubs meet online and some in person one day out of the week. There's boxing, archery, fencing, and one of my... .

Dornsife College of Letters, Arts and Sciences

Los Angeles, CA •

University of Southern California •

University of Southern California ,

LOS ANGELES, CA ,

School of Arts and Sciences - Tufts University

Medford, MA •

Tufts University •

Master's Student: My experience was mostly great! I felt supported by faculty and staff and became involved in student activities. It was just unfortunate that my on-campus experience was cut short due to the pandemic so I was not able to fully take advantage of all the program and graduate school had to offer. ... Read 4 reviews

Tufts University ,

MEDFORD, MA ,

Featured Review: Master's Student says My experience was mostly great! I felt supported by faculty and staff and became involved in student activities. It was just unfortunate that my on-campus experience was cut short due to the pandemic... .

Carey Business School

Baltimore, MD •

Johns Hopkins University •

• • Rating 4.64 out of 5   28 reviews

Master's Student: I start in the Fall of 2024. I agree with the post stating, "You will not get easy A's here," everything in this program is earned and supports the legacy of Johns Hopkins. All of your exams are proctored. I am happy they require me to take the QuB course (Quantitative Basics). This is due to not having a heavy math-filled undergraduate degree. In stats, I believe I had a C. I think within my advisory class of 10 people, three of us were recommended for the Quantitative Basics Course. Basically, if we fail this, we are academically dismissed due to our math skills are not where they need to be, to perform in the program. Some people might be turned away by this, but I am happy they are requiring this. It helps employers see that we earn our education and they ensure we know everything we need to know before we essentially waste everyone's time. Like she said, these are not hand out A's. They are, "EARNED." Top Tier Classmates. ... Read 28 reviews

Johns Hopkins University ,

BALTIMORE, MD ,

28 Niche users give it an average review of 4.6 stars.

Featured Review: Master's Student says I start in the Fall of 2024. I agree with the post stating, "You will not get easy A's here," everything in this program is earned and supports the legacy of Johns Hopkins. All of your exams are... .

Read 28 reviews.

Dietrich College of Humanities & Social Sciences

Pittsburgh, PA •

Carnegie Mellon University •

Carnegie Mellon University ,

PITTSBURGH, PA ,

Scheller College of Business

Atlanta, GA •

Georgia Institute of Technology •

• • Rating 5 out of 5   2 reviews

Master's Student: The program has been challenging but very rewarding. The professors have been helpful during office hours and the material is very engaging and relevant to real-world workplace issues. ... Read 2 reviews

Georgia Institute of Technology ,

ATLANTA, GA ,

2 Niche users give it an average review of 5 stars.

Featured Review: Master's Student says The program has been challenging but very rewarding. The professors have been helpful during office hours and the material is very engaging and relevant to real-world workplace issues. .

Haas School of Business

Berkeley, CA •

University of California - Berkeley •

• • Rating 5 out of 5   3 reviews

Master's Student: I am a new EWMBA admit at Haas and so far the experience has been fantastic! It's a close-knit community of intellectual, humble, and talented working professionals. The entire team of program directors, admissions officers, etc. are SO willing to help! ... Read 3 reviews

University of California - Berkeley ,

BERKELEY, CA ,

3 Niche users give it an average review of 5 stars.

Featured Review: Master's Student says I am a new EWMBA admit at Haas and so far the experience has been fantastic! It's a close-knit community of intellectual, humble, and talented working professionals. The entire team of program directors, admissions officers, etc. are SO willing to help! .

D'Amore-McKim School of Business

Boston, MA •

Northeastern University •

• • Rating 2.5 out of 5   4 reviews

Master's Student: Recently began my journey in the GSPA MS in Accounting/ MBA program! So far classes have been tailored to students with nonbusiness/ accounting allowing for any interested parties to join. Teachers are both flexible with grad students and amazing at providing real-world experience. ... Read 4 reviews

Northeastern University ,

BOSTON, MA ,

4 Niche users give it an average review of 2.5 stars.

Featured Review: Master's Student says Recently began my journey in the GSPA MS in Accounting/ MBA program! So far classes have been tailored to students with nonbusiness/ accounting allowing for any interested parties to join. Teachers... .

Graduate School of Arts & Sciences - New York University

New York, NY •

New York University •

• • Rating 4.8 out of 5   10 reviews

Master's Student: I am enrolled specifically in the Magazine concentration. My professors have all been helpful with helping me succeed and are willing to stay back to go over something I don't understand. There are multiple points of resources at this program. A director is your main academic advisor. Aside from that, there is a pitch specialist to assist with freelancing and two wonderful career advisors. They help with setting up mingle sessions, job fairs, and internship talks. As of now, I haven't had bad experiences, however, I will say that the program is expensive and is an awkward three semesters. Those two things aren't ideal, however, its not too much of a dealbreaker. ... Read 10 reviews

New York University ,

NEW YORK, NY ,

10 Niche users give it an average review of 4.8 stars.

Featured Review: Master's Student says I am enrolled specifically in the Magazine concentration. My professors have all been helpful with helping me succeed and are willing to stay back to go over something I don't understand. There are... .

Woods College of Advancing Studies

Chestnut Hill, MA •

Boston College •

• • Rating 4.67 out of 5   3 reviews

Master's Student: great teachers. great faculty, easy to get help. course material not too stressful and manageable with full time/part time job. ... Read 3 reviews

Boston College ,

CHESTNUT HILL, MA ,

3 Niche users give it an average review of 4.7 stars.

Featured Review: Master's Student says great teachers. great faculty, easy to get help. course material not too stressful and manageable with full time/part time job. .

McCombs School of Business

Austin, TX •

University of Texas - Austin •

• • Rating 4.69 out of 5   13 reviews

Master's Student: Being in the accounting program at UT Austin has been a remarkable opportunity for me. The best part of being an accounting major at McCombs is the diverse set of classes that students can utilize to explore different interests within business and broaden their career opportunities. The worst part of being at McCombs is the competitive environment, although it incentivizes students to work harder, it can be mentally draining to constantly try to outperform one's peers. ... Read 13 reviews

University of Texas - Austin ,

AUSTIN, TX ,

13 Niche users give it an average review of 4.7 stars.

Featured Review: Master's Student says Being in the accounting program at UT Austin has been a remarkable opportunity for me. The best part of being an accounting major at McCombs is the diverse set of classes that students can utilize to... .

Read 13 reviews.

School of International Service

American University •

WASHINGTON, DC

• • Rating 4.5 out of 5   4

Colorado School of Mines

• • Rating 4.3 out of 5   10

Miami University

• • Rating 4.56 out of 5   25

Showing results 1 through 25 of 102

Graduate Degree Programs

Ph.D. Program

The curriculum includes a comprehensive treatment of modern theory and empirical techniques. Students are exposed to a broad range of applied fields, and elect specialization in two fields of particular interest. The typical student can expect to spend two full years completing the required course work. The remaining time in the program is usually spent engaging in dissertation research and participating in seminars.

Master’s Degree

The Economics department does not admit students who plan to terminate their graduate study with the M.A. degree.  A master’s option is only available to currently enrolled Econ Ph.D. candidates, or Ph.D. candidates from other departments at Stanford.

Ph.D. Minor

Students who are currently enrolled in another Ph.D. program at Stanford may elect to add a Ph.D. Minor in Economics to their degree program.

Joint Degree Programs

The Economics department offers two joint degree programs with the School of Law, leading to either a J.D./M.A. and a J.D./Ph.D degree.  We also offer a Ph.D./M.P.P. joint degree with the Public Policy program.

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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.

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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.

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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 .

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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.

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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.

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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.

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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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Is an Economics PhD Worth It? The PhD Pay Premium

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Economics students may often wonder if doing a PhD is the right move for them. After all, you can still get a good job in economics with just a Master’s degree. We’ve covered different angles of this topic before with helpful advice about what degree you’ll need as an economist , asking whether you should do a PhD , and even asking what kinds of economists are paid the most . Thanks to INOMICS Salary Report 2023 data, we can look more closely at the pay benefit for an economics PhD in today’s job market. This will help you decide if doing an economics PhD will be worth it for your own career.

Perhaps unsurprisingly, the typical PhD in economics earns more than the typical economist with “only” a Master’s degree. But how much more? Is doing an economics PhD program worth it in the long term?

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The short answer: yes. INOMICS Salary Report data shows that in 2023, economics PhDs earned on average 96% more than economists with a Master’s degree. These are worldwide statistics taken from the full breadth of the INOMICS Salary Survey data.

The benefit to doing a PhD in economics varies by region. Figure 1 compares the “earnings premium” that an economics PhD has over economists with a Master’s degree across the world, using 2023 INOMICS Salary Survey data.

Figure 1: Regional Premiums in economics PhD pay compared to a Master’s

Clearly, in most regions acquiring a PhD in economics offers quite the premium. Some results may stand out as surprising, however.

First, in North America in particular, the premium for earning a PhD in economics seems smaller than expected. If a PhD only earns an economist an extra 36% increase in wages, ignoring a PhD and continuing to work might seem like a preferred option in this high-wage region.

In the Caribbean, South & Central America and Africa, PhD earnings are below Master’s earnings. This unexpected result appears to be the case due to the distribution of survey respondents. In both regions, the amount of industry economist respondents is much larger than academic respondents, and Master’s-degree-holding economists outnumber PhD economists in Government, Central & International Bank, and private business roles. These three categories of employer tend to pay more highly than others. This suggests that in these two regions, acquiring a PhD may not be necessary to have a well-compensated industry career. Further, it seems more realistic for Master’s-degree-holding economists to attain high-paying roles in these sectors without a PhD, as opposed to many other regions where a PhD would be considered a requirement.

As the previous discussion just showed, Figure 1 doesn’t account for the different sectors that economists work in. In general, economists who work in industry tend to earn very high wages, while economists who work in academia earn noticeably less until they are finally promoted to a full Professor of Economics. Then, academic economist pay catches up to industry pay. This is a trend noted in multiple editions of the INOMICS Salary Report.

This is particularly true in North America, the highest-paying region on average. Economists working in industry can earn high wages with only a Master’s degree. This is also true of Western Europe & Scandinavia and East Asia & Australasia, the second and third highest-paying regions identified by the Report.

Some other regions of the world feature much more of a premium for PhD economists. Part of the reason for this is clear. Since high-paying regions like Western Europe and Australasia pay higher salaries to begin with due to the higher cost of living, a high pay increase in these regions represents a lower percentage of overall pay.

This fact is supported by the graph; North America is the highest-paying region and features the lowest positive percentage increase in pay for PhDs. Western Europe, which pays the second most on average, features a slightly higher percentage increase. Readers should make no mistake; a 35.6% increase from a base salary of $100,833 (the average Master’s degree economist salary in North America) is a massive increase in pay. Comparably, the almost 120% increase in pay in the Middle East, Central Asia & North Africa region is an increase from an average Master’s degree salary of $17,321 to almost $40,000. In percentage terms, this is obviously enormous, but in cash terms less than the difference in North America.

Additionally, however, the high percentage premium for PhD economists in lower-paying regions may suggest that in these regions (i.e., South Asia, Middle East) there are more opportunities for economists without a PhD to find meaningful employment, so fewer individuals elect to study for a PhD. If this is true, those who do complete a PhD enjoy a high pay premium over their economist peers since economics PhDs are more rare in those regions.

Academic economists need a PhD

Economics students should keep in mind that academic jobs will almost certainly require a PhD in economics. Economics students interested in a career in academia should therefore be strongly encouraged to pursue an economics PhD, regardless of differences in pay. The following Figure 2 shows the pay premium for economists employed at universities, by region:

Figure 2: Regional Premiums in economics PhD pay compared to a Master’s (Academic only)

The pay premiums for economics PhDs tells the story quite clearly: across the board, in every world region, economics PhDs in academia earn much more than their counterparts without a PhD.

Readers might note that this graph is likely skewed because economics PhDs are probably more senior economists than economists without a PhD in academic settings, and likely hold higher-level positions; but this skewness supports the point. Economists interested in a serious career in academia must strongly consider getting a PhD, or have a specific reason to not need one. It is very difficult to earn a Professor of Economics position without a PhD in most of the world. Figure 3 below provides evidence to support this point.

Figure 3: % of Master’s degree economists in Professor roles by region

Figure 3 shows very clearly that burgeoning economists should expect to earn a PhD if they wish to work as a Professor of Economics in the future. Every world region has very few Professors with just a Master’s degree. Even in South Asia, which has by far the largest representation for Professors with a Master’s degree in our data, only 20% of Professors have a Master’s while 80% have a PhD.

Industry economist roles

It’s clear that academic economists usually need a PhD, but this isn’t necessarily the case in industry. However, readers may be curious to repeat the above breakdowns in industry roles, which can be instructive. Figure 4 thus shows the pay premium for PhD economists in industry roles by region:

Figure 4: Regional Premiums in economics PhD pay compared to a Master’s (Industry only)

Figure 4 shows that PhD economists out-earn Master’s-holding economists in industry jobs by a substantial amount in most regions. The lower industry PhD economist pay compared to Master’s degree economists was already discussed above for Africa and the Caribbean. In summary, Master’s degree holding economists outnumber PhD economists in Government, Central & International Bank, and private business roles in these two regions. Since these three categories of employer tend to pay more highly than others, it may slightly skew the graph in favor of Master’s degree holders. However, this suggests that in these two regions, acquiring a PhD may not be necessary to have a well-compensated industry career.

In North America, part of the reason for a lower than expected premium is likely the fact that in this high-paying region, high base salaries mean that salary increases will be lower percentage-wise. This was discussed above as well. Average years of experience are quite comparable for industry economists in North America (about 12 for Master’s degree holders and 15 for PhD holders), and the employer distribution is relatively balanced.

Figure 4 suggests that industry economists with a Master’s degree in North America ought to consider their career path and whether a PhD is right for them before going back to school. A PhD opens up some employment opportunities in the private sector that aren’t available to Master’s degree holders, and will increase pay, but whether or not that is necessary or desired is likely up to the individual.

Keep in mind that specific non-academic employers – especially governments, central banks like the Federal Reserve, institutions seeking economics researchers, NGOs like the World Bank, and even increasingly consulting firms – are likely to require an econ PhD for some higher-level positions. Be sure to check job listings for economics jobs that you’re interested in to see if a PhD might help you reach them in your career.

Comparing previous years: PhD earnings on the rise again

Using past years of INOMICS survey data, we can examine how the benefit to doing an economics PhD has changed over time. It appears that the premium in pay that economics PhDs enjoy is recovering after a slight dip during the pandemic years. See below Figure 5 below:

Figure 5: How much more PhD economists earn vs. Master’s economists by year, INOMICS data

Figure 5 shows that earnings for economics PhDs are once again rising relative to pay for economists without a PhD. It’s worth noting that pay for economists with both degree types has increased this year. According to the latest INOMICS Salary Report, economists with a Master’s as their highest degree experienced a 3.2% increase in pay on average since 2022, while those with a PhD have experienced a 35.9% increase. This has widened the earnings premium between the two categories from 80% in 2022 to 91% in 2023.

The dip in pay that economists experienced in 2022 may be partially due to the COVID-19 pandemic. And PhD pay is not the only factor that appears to be improving since COVID. The post-pandemic recovery of the economics jobs market has already been discussed by INOMICS, showing that earnings for economists with Master’s and Bachelor’s degrees recovered sharply after the first waves of the pandemic.

So, is doing a PhD in economics right for you? According to the data, in most cases it will be. However, you must weigh the tradeoffs yourself. You may not need a PhD to have a fulfilling career in economics, particularly if you plan to work in a non-governmental and non-central bank role in industry, and particularly in certain countries and regions.

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PhD in Micro-Economics

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Our PhD Program in Micro-Economics is widely recognized for our faculty, whose insights have changed the course of modern-day economic research.

The Chicago School of Economics. It all started here at the University of Chicago.

Fields of specialization in the Micro-Economics Stevens Doctoral Program include price theory, market design, industrial organization, labor economics, public economics, health economics, and financial economics. While the research community at Chicago Booth is multidisciplinary and collaborative, the majority of Stevens Doctoral Program students produce scholarship in micro-economics. Doctoral students can take advantage of a wide range of course offerings in the Kenneth C. Griffin Department of Economics at the University of Chicago and at Chicago Booth.

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Chicago Booth faculty have been responsible for many of the pioneering economic concepts that inform today’s global businesses and policymaking. And they’ll be your teachers, mentors, and research collaborators. Below you’ll find our microeconomics faculty. For our macroeconomics faculty, visit the Booth faculty directory  and select “Macro/International Business” under “Academic Area.”

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Nick Tsivanidis, PhD '18

Assistant Professor in the Real Estate Group Haas School of Business, UC Berkeley Nick researches topics related to urbanization in developing countries. His current interests center on policy issues around transport and housing, with projects in India, Nigeria, Colombia and Brazil. He earned his PhD in economics.

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Becker Friedman Institute for Economics Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute fosters novel insights on the world’s most difficult economic problems.

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The Journal of Labor Economics presents international research on the relationship between labor and the economy.

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Nick Tsivanidis, PhD ’18, talks about the culture of interdisciplinary study he found at Booth.

Video Transcript

Nick Tsivanidis, ’18: 00:03 My PhD thesis was about how commute costs shape economic organization in cities. Billions of people over the next 50, 100 years, they're going to be moving into mostly developing cities. Governments are going to spend huge amounts of money on providing new infrastructure to try and accommodate them. My project had both macro and applied micro elements. One of the benefits of Booth is that you have access to people from a wide range of areas who are very happy to encourage you to work on interdisciplinary topics.

Nick Tsivanidis, ’18: 00:38 I've always been interested in development and in particular how cities and countries can use evidence-based policy to try and improve welfare of their citizens. I've decided that pursuing a PhD would allow me to research and help translate that research into policy. What attracted me to the PhD program here at the University of Chicago Booth School of Business was this culture of interdisciplinary study. People at Chicago certainly aren't scared or will shy away from trying to think at the intersection of different areas. This is where a lot of very fruitful and productive new research actually takes place, which is at the border of frontiers. That really attracted me to come here.

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From the effects of government regulation on economies to the impact of urban transit infrastructures, our PhD students examine a wide range of economic issues. When they graduate, they go on to positions at some of the top universities and companies in the world.

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Benedict Guttman-Kenney

Tyler Jacobson

Nidhaanjit Jain

Pauline Mourot

Lucy Msall Jeffrey Ohl

Fern Ramoutar

Pengyu Ren Gabriele Romano

Lillian Rusk

Christoph Schlom

Karthik Srinivasan

Jorge Tello Garza

Emily (Emma) Zhang

Program Expectations and Requirements

The Stevens Doctoral Program at Chicago Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year. For details, see General Examination Requirements by Area in the Stevens Program Guidebook below.

Download the 2023-2024 Guidebook!

Professor Behram Earned A Spot In the Top 100 Economics And Econometrics Scientists 2024!

The  AD Scientific Index  has ranked  Jere R. Behrman  among the world's  Top 100 Economics and Econometrics Scientists for 2024 ! He's #31in the world ranking, see how his other stats shake out  here .

Citations: "Professors Behrman and Diebold, faulty in the department, are in AD World top 100 Economics and Econometrics Scientists 2024."  Penn Economics,  Marc 11, 2024.

UCLA Graduate Student Huihuang Zhu is the 2024 recipient of the Treiman Fellowship

UCLA Department of Economics

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Department of Agricultural and Applied Economics

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7.0. Financial Assistance

A limited number of graduate assistantships are awarded on a competitive basis each year. Only students in the M.S. thesis option and the Ph.D. program are eligible for these assistantships. Teaching assistantships require the student to serve as instructor for undergraduate courses or laboratories under faculty supervision. Research assistantships require the student to assist on one or more research projects under faculty supervision.

Half-time graduate assistantship require that the student work 20 hours per week. Assistantships are considered half-time employment and the student is responsible for the hours of work and for the work output. A graduate assistant does not accrue annual leave. Each M.S.-thesis option student who is on a half-time graduate assistantship is required to register for 12 credit hours each regular semester and 6 credit hours for each summer session (with 2 summer sessions per summer). Ph.D. students who are on half-time graduate assistantships are required to register for 12 hours in each regular semester and 3 hours in each summer session. A graduate assistant is expected to remain free from other employment.

The assistantship stipends follow University guidelines and are subject to change each year. Students must maintain a B average or better and perform assigned duties in a satisfactory manner to retain a graduate assistantship. Performance is reviewed each semester.

A limited number of scholarships are available on the basis of need and academic achievement. Contact the department Graduate Advisor for more information.

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