phd in economics without economics background

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Any PhD programs friendly for those with non-economic background?

By socioeconomist December 22, 2011 in Economics Forum

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socioeconomist

My problem is that I want to study economics for PhD (something related to international economy, welfare, development or maybe behavioral economics) but my background can prevent this from happening (I'm going to apply the next year).

I have received my BA in sociology. Now I am doing MA in political science. Both programs were quantitatively-oriented with a lot of stats (so, I'm quite proficient in Stata, R and their application). The whole MA program, in fact, was about rational choice in politics, game theory and international political economy. I am also familiar with econometrics.

I have a huge research experience, working for various international laboratories, GPA of about 3.9, strong LORs from distinguished professors, decent GRE score. I have also done numerous scholarly writings and presentations (I also hope to have one article published in a good peer-reviewed journal). My motivation is huge (I believe that economists are doing better than other social scientists).

Still, I have nothing directly related to economics and no recommendation from an economist.

Are there any decent PhD program in Economics I could be eligible for? In MIT they say that they accept people with different background. Is it more likely that they consider me as an irrelevant candidate or vice verse as someone with a research potential?

Do you have any suggestions? I assume I should try to do something (research, paper, presentation) related to economics and somehow find at least one economist for a recommendation.

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• 2 weeks later...

I wouldn't worry too much about not having an economics background. It will be most important for you to show admissions committees that you have a solid math background and quantitative GRE score. After all, modern economics is essentially applied math. Don't try to publish something in economics for the sake of publishing. Any scholarship or research experience will be looked upon favorably, especially if it is of high quality. You should get recommendations from people who know you well and can write glowingly about your drive and aptitude for research. Don't look for any old economist who will write you a letter -- they won't know you very well or be able to talk about research you've done with them and that will definitely show in the letter. It seems like you have a pretty solid general background for research, but if you're sure you want to do economics, I would recommend taking a couple of advanced math classes if you can. Also try to figure out more specifically what sub-field you want to study. Admissions committee are going to want to see more than general interest and a discussion of topics in that sub-field that will show you to be a serious candidate.

• SingaporeCE_MBA

Thank you very much for your reply.

The main problem I see so far is exactly the lack of my math background. I had just one-year course in higher math and then several courses in stats. I had a lot of applied stuff, but no fundamental stuff. That's it. No opportunity for taking any more stuff now. Considering that I still have a very high GRE quant score, is it somehow possible to be admitted at least somewhere?

It is a problem. I'm not sure what level of school you are shooting for, but any lack of advanced calc, linear algebra, differential equations, or real analysis will probably put you at a distinct disadvantage for top programs. Having a high quant GRE score is important, but most top economic programs use that as just a preliminary condition for consideration of your application. You cold always apply to a couple and see what shakes out, but I would recommend applying to a range of schools and being especially careful about applying to schools that you seem a good fit for. For example, U Penn would probably be a bad choice because they place an extreme amount of importance on your math background and have a very math-heavy program that you may struggle to complete even if you were admitted. You might also consider applying to a couple of public policy schools for a Ph.D. since they are less math intensive. You won't graduate with a degree in economics, but you will still be able to study some of the topics you mentioned and take classes with the associated economics department. The Harris School at Chicago is one such opportunity.

No one can tell you if you'll get in somewhere. Even with the most careful preparation, where you get in and where you don't can be very random. Admissions decisions seem to depend a lot on who looks at your application on which day and what they think is important. Just do your best, start the application process early, and have a backup plan.

Public Policy / Administration sounds like a better fit for you.

You prepare for an Economics PhD by having a pseudo-math major background. It's also not just a barrier to entry -- if you don't have some fundamentals (calculus, ODE/PDE, real analysis, probability/stochastic theory, econometrics, etc.) you'll be at a real disadvantage during the coursework stage of the PhD and will actually be in real danger of failing the classes.

http://www.amazon.com/Mathematics-Economists-Carl-P-Simon/dp/0393957330

Yes, there are many programs friendly to non-economics, but none that are friendly to non-mathematics.

It also strikes me that you have a pretty fuzzy idea of what you want to study as there is a big difference in "something related to international economy, welfare, development or maybe behavioral economics" --- which won't sound very convincing to an ad comm reviewing your SOP. You might want to sharpen your focus. Most Ph.D. applicants to top programs have a pretty good idea what they want to pursue and you will be at a disadvantage.

• 1 month later...

Thank you guys. I totally agree that it could be hard without a math background even in the lucky case of acceptance. But, in reality I have no difficulties with stuff like "Mathematics for Economists" of SImon and Blume, I just don't have any records that I had a separate course of calculus etc.

Regarding my "fuzzy interests", it is just a matter of time and, of course, I will have a certain topic for my SOP.

So, let me put it this way: are there any econ programs among top-50 with no formal admission requirements of math courses? I feel like it is the only thing that stops me from applying...

• 8 years later...

I am in the exact same boat as you. Would really appreciate any suggestions to overcome this math weakness on my resume. 

On 6/21/2020 at 10:47 AM, Emm189 said: I am in the exact same boat as you. Would really appreciate any suggestions to overcome this math weakness on my resume. 

You'll need at least two courses in calculus (most people have three), a course in linear algebra, and as much statistics as possible. These are the absolute minimum requirements. Most successful applicants have real analysis also and differential equations. Without this you simply will not make it through the basic coursework - there really is no way around it.

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

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

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

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

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

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

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

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

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

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

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

• Linear algebra
• Multivariable calculus

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

• Ordinary differential equations
• Real analysis

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

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

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

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

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

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

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

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

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

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

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

And now for...

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

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

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

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

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

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

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

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Students from a wide variety of backgrounds earn graduate degrees in economics. This includes economics and non-economics majors, those with and without prior graduate training, and those with and without prior economics employment experience.

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Further reading for students considering graduate study in economics

• Dr. Ajay Shenjoy at UC-Santa Cruz has a YouTube video describing applying to an Economics PhD program in the U.S.
• The Fed has a two-year Research Assistants program that can provide training and experience for those who want to pursue a graduate degree in economics.
• Professor Sita Slavov has a page of tips for applying to PhD Programs in economics .
• The Occidental College Department of Economics has posted a guide called Becoming an Economist .
• Ceyhun Elgin and Mario Solis-Garcia, former PhD students at the University of Minnesota have written: So, you want to go to grad school in Economics? A practical guide of the first years (for outsiders) from insiders.
• The Summer 2014 CSWEP newsletter includes a guide for Getting Into and Finishing a PhD Program .
• The Committee on the Status of Women in the Economics Profession (CSWEP) has a list of its newsletter articles for specific audiences , including those focused on undergraduate and graduate students.
• Professor William D. Craighead has a webpage with advice for students interesting in pursuing graduate studies in economics.
• Professor Greg Mankiw at Harvard University has a blog with advice for grad students on various topics.
• Professor David Colander's " The Making of an Economist Redux " reports the findings of surveys and interviews with graduate students at top-ranking economics graduate programs.
• Professors Wendy Stock and John Siegfried published a paper that reports on 15 Years of Research on Graduate Education in Economics: What Have We Learned?
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The department of Economics at Harvard University is committed to seeking out and mentoring scholars who wish to pursue a rigorous and rewarding career in economic research. Our graduates are trailblazers in their fields and contribute to a diverse alumni community in both the academic and non-academic sectors. We invite you to learn more about the PhD program in Economics . Have questions about applying? Please thoroughly check the GSAS admission website before emailing us at: [email protected] . 

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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, Political Economy and Government, 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. Please refer to the Graduate School of Arts and Sciences for applicable program deadlines.  (Deadlines have already passed for some programs this year but not for others.) We encourage those with interest in any of those programs to also apply to those programs. The economics department will make admissions decisions independently, so application to or admission to other programs will not adversely affect admissions decisions within the Economics department. If you opt to apply, please note, the Graduate School will not accept more than three applications from any individual during the course of his or her academic career. 

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

Kasey Chatterji-Len and Anna Kovner

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

The Breadth of Economics Research  

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

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

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

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

What Is a PhD Program Like?    

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

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

What Can You Do with an Economics PhD?  

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

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

Preparing for an Economics PhD Program  

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

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

Research Experience   

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

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

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

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

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

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

Who Should Get a PhD in Economics?  

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

• Coursework Appendix

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

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

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

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

PREDOC: Guidance for Undergraduates

RA Positions-Not at the NBER

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

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

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

Liberty Street Economics does not publish new posts during the blackout periods surrounding Federal Open Market Committee meetings.

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

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• How to prepare for a PhD in Economics
• The key thing you need to know is that PhD programs in economics are highly mathematical and the mathematics required by both our Economics and Management Science degrees is not enough to get you into a top PhD program. To be a competitive applicant, you will need to take some upper division mathematics classes such as how to write proofs (Math 109), linear algebra (Math 102), real analysis (Math 140A or 142AB), probability (Math 180A) and statistics (Math 181AB).  See more below.
• Graduate schools care a lot about the difficulty and content of the classes you’ve taken. Getting a high GPA won’t necessarily get you into a good program unless they are the right classes.
• If you want to get into a top PhD program, it is especially important to take real analysis (Math 142AB or Math 140ABC—likely Math 140A is enough) and do well in the class. Real analysis teaches you how to write and understand proofs.  These skills will be important to your success in first-year graduate courses as well as in your research career.  Since real analysis tends to be a difficult course everywhere, your grade in this course is often taken as a key signal of your ability to succeed in a PhD program by admissions committees. If possible, try to take this course when you don’t have a lot of other commitments so that you can devote a significant amount of time to this course, learn the material well and get a good grade.
• Other upper division mathematics and statistics courses are also helpful. In particular, understanding linear algebra is important in graduate-level econometrics courses. Therefore, taking Math 18 and Math 102 (lower and upper division linear algebra courses) can give you a strong foundation in these topics.
• It is also important to have a strong foundation in statistics and probability theory. You will learn a lot of this in the econometrics sequence (if you are interested in pursuing graduate school, you should consider taking the honors classes 120AH-BH-CH). Another class to add to your statistics foundation would be a course in probability (Math 180A).
• In general, if you are interested in going to graduate school in Economics, you should seriously consider majoring in Joint Mathematics-Economics. This major will undoubtedly increase your workload, but it will both make you a more attractive applicant for graduate school and give you the mathematical foundation needed to succeed in graduate school. Students who took many math classes in while in high school should consider double majoring in math and economics.
• If you have exhausted your undergraduate opportunities to take classes in math and economics, consider taking a graduate class. Taking graduate courses in economics or mathematics can send a strong signal to admissions committees. This can be slightly risky, however. Undergraduates may be at a disadvantage as graduate students tend to form study groups for first year courses. If you decide to take a graduate course, you should plan on devoting A LOT of time to the course.  Again, it is extremely important that you to do well in a graduate class.
• Coding is an essential skill to have in graduate school. Therefore, taking courses with a data analysis and coding component (for example, Econ5/Poli5D: Introduction to Social Data Analytics, Econ 112: Macro Data Analysis and Econ 121: Applied Econometrics) can help develop your coding skills. The most popular statistical packages in economics are STATA, R, and MATLAB. If you have the time, it may also be a good idea to take an introduction to programming course from the computer science department.
• Courses that have a research component (Econ 191A-B and Econ 199) will also be invaluable preparation for graduate school. By developing your own research topic, you can learn about each step of the research process: from topic selection, background research, data management all the way to analysis and writing. Selecting an empirical topic is especially encouraged as it will give you valuable experience cleaning and analyzing data and getting more comfortable with various data analysis software. This might also be a good indication of whether a career in research is a good fit for you personally. Finally, the Professor teaching Econ 191AB will get to know you and how you tackle problems very well and so be able to write the kind of informed letter of recommendation that graduate schools like to see.

To summarize, in order to prepare for graduate school, it is extremely important to take the right courses and do well in them. To be competitive, you will need to have a record of performing well in difficult mathematics and economics courses.  

• Why earn a PhD in Economics?
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Doing a PhD Economics without background in formal theorems?

I could really use some advice. I am a new PhD student in Economics and Finance. My background is in economics, and while I did mathematics in my Master's course, it was more data-analysis based rather than formal proofs. So, for instance, I have become quite adept at analysing data in SPSS, STATA, R etc, but struggle when it comes to being given a formal problem and then having to prove using formal means; e.g. proving that a particular sequence is Cauchy or Martingale, etc.

What are the best ways to become better at formal theorem-proofs? I know that practice is the most obvious answer, but is there a base from which I should be starting? e.g. are there certain "bread-and-butter" proofs in mathematical economics such as law of large numbers, central limit theorem etc, that being able to prove would make it easier to prove others?

Would appreciate some advice on how to get better at the theorem-proof method, or even some textbooks/resources that would help with this, given that my background in this area is very limited.

• econometrics
• mathematical-economics
• academic-graduate

• $\begingroup$ Economics and Finance is kind of broad. Are you doing things like Microeconomics & General Equilibrium Theory or things like Stochastic Analysis & Probability Theory? $\endgroup$ –  Giskard Commented Oct 14, 2015 at 21:01
• $\begingroup$ My course encompasses elements of all those you just mentioned. So, it would be everything from microeconomics and macroeconomics, to econometrics and study of mathematical spaces. $\endgroup$ –  optimisation2810 Commented Oct 14, 2015 at 21:36
• $\begingroup$ Are you at the "PhD preparatory courses" stage? Because such a broad scope as the one you describe in your comment, is the best way to ensure that a PhD thesis will fail. Also, I notice that all your examples are about formal proofs related to mathematical statistics/econometrics rather than theoretical economics. If you don't get helpful advice here, you could ry also the "Quantitative Finance SE site, quant.stackexchange.com Just ask that your question be migrated ("flag" it for moderator attention). $\endgroup$ –  Alecos Papadopoulos Commented Oct 14, 2015 at 21:54
• $\begingroup$ The first year PhD sequences in micro, macro, and metrics are broad. Folks without math backgrounds usually just push through them and move on. The more math you have, the easier it gets (and is why econ programs strongly encourage folks to have undergraduate degrees in math). $\endgroup$ –  ml0105 Commented Oct 15, 2015 at 0:54

I did my undergraduate double majoring in discrete mathematics and economics. I went through the grad micro sequence, the math for economists grad course, and the game theory field course, though. So I have a good idea of what the courses are like on both ends. (Doing the grad school route now, but that's additional commentary with which I won't bore everyone).

Traditionally, coursework like abstract Linear Algebra and Number Theory have been used by math departments to teach proof writing. In the last 15-20 years, an Intro to Proofs class has been added. Number theory doesn't come up appreciably in economics. So I'd punt that. But a solid course in linear algebra is so important. And if you have a strong data science background, then you should be very comfortable with the material, though perhaps not the formalization.

Real analysis is the maturity sequence in the math departments. Rudin is the standard textbook. If you take it, expect to be putting in a solid 20 hours per week, but you will be razor sharp by the end of it. Real analysis is usually a senior or introductory grad sequence. There is often times an introductory analysis class that uses a text like Abbott. This introductory class is still something you shouldn't take lightly, but it should be much easier and sufficient for a lot of what you'll do in economics. If you are working in stochastic processes, martingales, etc., then measure is likely to come up, and so you should take the Rudin sequence at some point and follow it up with measure theory (which is a very tough grad course).

The math for economists course compresses much of these courses (usually not measure) into a semester. When I took it, we trucked through the abstract linear algebra semester-long course in three weeks. It was also an ugly presentation, but that's what happens when you push for speed rather than elegance. And this is one more reason why you should take these courses in the math department.

Combinatorics and graph theory is also becoming increasingly important in economics, with regards to networks. So a course in graph theory wouldn't hurt either. Graph theory proofs are picky in the sense that you have to be very precise in saying "because it looks like it." This is different than analysis and algebra proofs. Graph theory is my particular area, so I can definitely speak to it.

A course in analysis of algorithms or theory of computation wouldn't be a bad thing to have either, with complexity becoming increasingly important in economics (algorithmic mechanism design, algorithmic game theory, strategic network formation, showing computing equilibria is computationally difficult for certain classes of games, etc.).

To sum it up, I'd strongly recommend: Abstract Linear Algebra Intro to Real Analysis

I'd recommend you consider: Real Analysis (Rudin) Measure Theory

Nice to Have courses: Graph Theory Combinatorics Theory of Computation Analysis of Algorithms

Let me know if you want book recommendations for any of these courses.

• 2 $\begingroup$ I'd also argue that Topology Courses are very useful, especially for more microeconomics based work. $\endgroup$ –  Kitsune Cavalry ♦ Commented Oct 15, 2015 at 0:41
• 1 $\begingroup$ Definitely. If you're working in Consumer Theory, I'd strongly recommend Topology. Otherwise, the point-set topology in real analysis is usually sufficient. $\endgroup$ –  ml0105 Commented Oct 15, 2015 at 0:42

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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. 

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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.

School of Economics

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PhD in Economics (by Dissertation)

• PhD in Economics by Coursework and Dissertation
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The degree of Doctor of Philosophy (PhD) is offered in all Faculties of the University. In the Faculty of Commerce, it is a research degree on an advanced topic under supervision. The examination is by thesis alone. The general rules for this degree are set out in Book 3 of this series entitled "General Rules and Policies". The degree of Doctor of Philosophy is also subject to the following Faculty rules:

A candidate who registers for the degree without submitting an approved research proposal is required to submit this approved research proposal to the Faculty Board by no later than six months from the date of first registration.   FDA2

If the Faculty Board approves the research proposal, the Board shall recommend the candidate for registration to the University’s Doctoral Degrees Board.

If the candidate fails to submit a research proposal by not later than six months from the date of first registration, or if the Faculty Board rejects the research proposal, the candidate’s registration shall be cancelled. 

A candidate registering for the first time for the degree may register at any time.

A returning candidate shall register by not later than 28 February each year.

The registration renewal is subject to a satisfactory annual report from the primary supervisor and relevant Head of Department approved by the Dean or Dean’s nominee. 

Except by the special permission of the Dean of Commerce, the thesis submitted for the degree shall not be less than 40,000 words or exceed 80,000 words. 

For further information, please  send an email to   [email protected]

To apply, please click this link    Apply here

PROCEDURES FOR ADMISSION INTO THE PhD in Economics (by Thesis)

• A Masters degree in Economics is usually required.
• Applicants should upload a 5-page proposal with their application. Check our staff page  for our academic's areas of interest. 
• You must put in an application to the University as well. You can do this online at  http://applyonline.uct.ac.za/ . We encourage students to apply through the Commerce Faculty.
• Your proposal will be distributed to the relevant lecturers within the School of Economics to match you with a suitable supervisor.
• The Post-graduate Committee in the School of Economics will send recommendations for suitable candidates to the Faculty Board.
• Subject to Faculty Board approval, the candidate may register with the university for this degree.
• A candidate will be required to submit and present a formal research proposal to the Post-graduate Committee and Faculty Board for approval by no later than six months from the date of first registration.
• If the proposal is not accepted, registration will be cancelled.
• During the registration period, a candidate will normally be required to “attend the University” for a period of at least one year. By “attend at the University”, the Senate understands that the candidate shall, within reason, be readily available for discussion at the University.
• For practical purposes, the PhD in Economics (by thesis) programme takes about 4 years to complete. The Doctoral Degrees Board (DDB) controls much of the process after registration, even though the School of Economics can call for seminars periodically. Students are generally required to be residents in Cape Town for at least one year.  The thesis submitted for the degree shall not exceed 80,000 words. 

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The complete guide to getting into an economics PhD program

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

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

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

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

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

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

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

If you’re weak in math…

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

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

• Linear algebra
• Multivariable calculus

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

• Ordinary differential equations
• Real analysis

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

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

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

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

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

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

If you’re new to econ…

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

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

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

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

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

And now for…

General tips for everyone

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

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

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

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

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

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

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

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

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Home / Preparation for Graduate Study in Economics

Preparation for Graduate Study in Economics

Graduate study in economics is very different from undergraduate study. At the master’s level, there are two different types of degree programs. A professional or terminal master’s degree typically requires twelve-to-eighteen months of study and prepares you for employment in business or government or consulting as a working economist. It is not a step toward or preparation for a Ph.D. program in economics. These programs emphasize such quantitative skills as data analysis, statistics, and econometrics but do not typically require much higher order mathematics. Admission usually requires intermediate microeconomics, one semester of calculus, and statistics.

The second type of master’s degree is a step along the way toward a Ph.D. These programs have the same admissions requirements as a Ph.D. program and students take the same coursework as doctoral students. This type of master’s degree is most useful for the student who begins a Ph.D. program and decides to leave before completing it or the student who wants to use a master’s degree earned at a lower-rated university as a credential to secure admission to a Ph.D. program at a higher-rated university.

Doctoral study in economics is intensely (maybe even insanely) mathematical, at least in the first year. The first year of doctoral study is a mathematical boot camp that everyone must endure even though many students will use little of the high-powered mathematics in their later study and work. The mathematics is very formal, focused on proving theorems, and highly abstract. There are still abundant opportunities, however, for policy-oriented economists and for economists conducting empirical research. Beyond the first year of graduate study, there are many applied economics courses that are less mathematical as well as many courses that emphasize empirical analysis. The attrition rate from doctoral programs is relatively high, especially among domestic students (more than 50% of the Ph.D.’s awarded in economics in the U.S. are awarded to international students, and the percentage of international students in the top programs is even higher). Most of the students who leave do so either because they were insufficiently prepared for the level and kind of mathematics required in the first year of study or because they failed to anticipate it and are disinterested in it.

Even students with little or no undergraduate coursework in economics can be successful in graduate study if they have the necessary mathematical and statistical preparation. Students interested in earning a masters degree in economics should have at least one semester of calculus and one semester of statistics. Students interested in an economics doctoral program should have single and multivariate calculus, linear algebra, and statistics. Students are encouraged to take additional math courses such as probability, differential equations, and real analysis.

Students intending to pursue a Ph.D. in economics should follow the Specialized Studies in Advanced Economic Analysis curriculum , whether or not they are majoring in economics.

More information on graduate study in economics is contained in an excellent essay, “So you want to go to Econ Grad School…” by Prof. Tim Salmon. The American Economic Association undergraduate website also provides extensive information on graduate study in economics.

Welcome to the Economics blog

From Economics Undergraduate to PhD

We recently caught up with chuanzi, an accomplished economics alumnus who began his academic journey at the university of bristol with a bsc in economics in 2012. after graduating in 2016, he pursued an msc and mres in economics, ultimately earning his phd in 2023..

How did your undergraduate studies at the University of Bristol set the stage for your advanced degrees and current role at Imperial College London?

Bristol BSc Economics has equipped me with a comprehensive, scrutinised curriculum in economics and econometrics, which is crucial for a higher degree and a further career in economic research.

Can you briefly tell us about what your current role and research entails? What are the most rewarding aspects of your work?

As a postdoctoral researcher on a European Commission-funded project, my role involves collaborating with the Professor, and other team members on data collection, literature review, presenting at conferences, supervising junior researchers, proposing research questions, and conducting economic and econometric analysis. My research focuses on the intersection of health economics and empirical industrial organization (I.O.).

I find the job extremely rewarding as it grants me access to excellent data and the opportunity to connect with and learn from other talented researchers in the field. The Economics department at Imperial also has strong expertise in health economics and empirical I.O., making it a highly cultivating environment.

Can you share the journey that led you to pursue Economics from undergraduate level right through to obtaining a PhD? What motivated your decision to continue this journey solely at the University of Bristol?

My decision to stay in Bristol was greatly influenced by the tremendous support from the department and my deep affection for the city itself. The department strikes a perfect balance with its intimate size, hosting both distinguished scholars and bright, emerging researchers. Furthermore, the school provides substantial bursaries and teaching opportunities, which alleviated any financial pressures during my PhD journey.

The dedication of my supervisors, Dr Alessandro Iaria and Professor Gregory Jolivet, to my research projects was truly remarkable. Having spent a significant part of my life in Bristol, I’ve forged strong connections with the local community and have come to know every charming nook of this beautiful city intimately.

Looking ahead, what direction do you see your research taking? Are there any particular areas of Economics and Econometrics you’re eager to explore further?

In the near future, I’ll further apply adequate econometric tools to the economics of innovation through the lens of pharmaceutical market. I would like to answer questions such as what the most cost-effective design for public policy is, especially considering the interconnected nature of pharmaceutical innovation. Hopefully, this line of inquiry will yield valuable insights into how networks within the industry can influence policy outcomes.

What advice would you offer current undergraduate students considering a career in Economics and Econometrics, particularly those aspiring to pursue advanced degrees and research positions?

The courses you undertake will lay a solid foundation for your research career. Becoming a qualified researcher is a journey that requires time and resilience. Make the most of the resources available in Bristol, and maintain a strong sense of curiosity and passion for the real economy. These qualities will sustain you through your studies and enrich your research perspective.

Is there anything else about your time at Bristol and resulting career which you’d like to share?

I can’t emphasise enough the bonus of residing in such a beautiful city. Make sure to enjoy your time here! 🙂

Discover our postgraduate programmes . Find out more about studying as an international student at Bristol .

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This subreddit is for anyone who is going through the process of getting into graduate school, and for those who've been there and have advice to give.

PhD in Economics without formal education/coursework in economics

Hi everyone,

I recently graduated with an Honors in Physics and minor in Math from an R1 uni. During the completion of my physics degree, my main goal was to go into physics grad school so I took as many physics and math courses as possible and did not venture into my second main interest at the time (i.e. econ). I ended up with a cGPA of 3.84 and a major GPA of 3.89, with almost all my junior and senior year marks being A+. Now i am in the middle of a masters degree in physics and I am assessing my options again. Economics seems much more appealing to me now, both as a field and career. So I thought of asking this sub for some advice.

In all the other posts I read on reddit, the OP had some formal education in econ or had at least a minor in it. My situation is a bit different, as I have no opportunity to go back to undergrad and take econ courses anymore.

My questions would be the following:

- First of all, do I have a realistic chance of being admitted to an R1 (top100) graduate program?

- What can I do to significantly improve my chances considering my background? (in a realistic time frame)

- Which universities, in your opinion, are more lenient with prior economics education for incoming grad students?

- Lastly, how does one usually find a willing supervisor in this field? Is direct prior contact with profs common like in STEM?

I would very much appreciate your advice and please excuse my lack of knowledge in the field.