Pursuing a PhD
General Admission Requirements / Preparing to Apply
Requirements vary by institution, but in general, admissions committees consider the following criteria :
- Quantitative background
- GRE score, especially on the quantitative component
- Letters of recommendation
- Statement of purpose
Given that PhD courses in economics tend to be quantitative , it is important to have a strong math background. This means you should definite ly have taken the following courses before applying to graduate school:
- Multivariable Calculus (MATH 210)
- Linear Algebra (MATH 240)
- Empirical Analysis in Economics (ECON 410)
- ECON 410 may be also substituted by courses in Probability (MATH 311) and Statistical Inference (MAT
Other courses, which may help, but are not required for admissions to graduate programs, are:
- Real Analysis (MATH 370)
- Differential Equations (MATH 230)
Admissions committees are looking for evidence that ap plicants will be able to handle the math-intensive nature of graduate economics courses. The best way you can demonstrate this is by getting good grades in the courses listed above.
Most first and second tier graduate programs generally expect at least 750 out of 800 (top 10%) in the quantitative section of GRE. However, there are no such expectations for the verbal and analytical sections of the GRE (although getting good scores in these sections will not hurt).
Usually 3 letters from professors in your math and economics courses; letters from employers are not considered relevant.
Statement of Purpose
Most schools will expect you to submit a 1-2 page essay describing your research interests and career objectives. The admissions committee will evaluate the essay based on
- whether your research interests coincide with the program’s strength, and
- whether you are interested in pursuing a career related to economics. Since the admissions committees usually consist of faculty members, there is a marginal preference for those applicants who are interested in an academic career after graduate school (i.e. those who are interested in teaching economics at the undergraduate and/or graduate level).
Strategy for Applying to PhD Programs
- The admissions process tends to be somewhat unpredictable, so it is important to apply to 8 to 10 schools that range from ‘long-shots’ to ‘backups.’
- Start working on your applications early, since deadlines tend to be between December and February. This means studying for the GRE over the summer between your junior and senior years and giving sufficient time to your professors to write your recommendation letters.
- There is no separate application for financ ial a id; most PhD programs waive tuition and provide a monthly stipend for assisting a professor or teaching a principles class.
Most economics Ph.D. programs do not have a terminal Masters program, do not require a Masters degree for admission, and will not accept students who indicate they want to pursue a Masters degree rather than a PhD. You will receive a Masters degree if you successfully complete your first year in the program.
What to Expect in Graduate School
Summer before classes start
Some schools offer a math refresher course during the summer before school starts, others do not do this. If your school be longs to the latter category, you can brush up your math skills by looking up one of the following books:
- Mathematics for Economists by William Novshek
- Fundamental Methods of Mathematical Economics by Alpha C. Chiang
First year students usually take foundations courses in macroeconomics, microeconomics and econometrics, and then sit for a written qualifying exam at the end of the academic year. In their second and third years, students usually take courses in two or more fields that they select (e.g. labor economics, international trade, macroeconomics, public economics, etc.) plus other courses that will support their work in those fields.
Students then take a set of exams after their second year that test their knowledge in two primary fields they have selected.
Once graduate students are done with their courses, they are expected to develop a research project that either explores a question that nobody has answered before or addresses the question in a unique way (with different empirical techniques, new data, a new model, etc.). They do this with an advisor who can guide them during this process (usually a professor who works in the field and taught you one of the courses in the field you are working). This is the most intellectually rewarding phase of graduate school, but it is also very easy to lose focus during this stage (since there are no more classes). A dissertation typically takes 1-2 years to complete and requires consistent effort on a regular basis. All together, students take 5-6 years to finish graduate school.
Many schools expect graduate students to teach a few classes or serve as teaching assistants to other faculty members. This is an ideal preparation for graduate students who are interested in pursuing an academic career.
Life after graduate school
One of the best things about a graduate degree in economics is that it gives you a wide range of career options. Most economics PhDs choose an academic career in a large research university, small teaching college, or somewhere in between those two extremes (this is where most of the jobs are). Others work for the government (e.g. Federal Reserve), private sector (e.g. consulting), and international organizations (The World Bank, IMF, etc.)