should i get a masters or phd in economics

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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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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.

Best Online Master’s Degrees

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

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

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

Master’s vs PhD in Economics Job Outlook

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

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

Difference in Salary for Economics Master’s vs PhD

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

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

Related Economics Degrees

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Why You Should Get a PhD in Economics

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

Reasons for Getting a PhD in Economics

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

Getting a PhD in Economics: Economics PhD Coursework

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

Microeconomics

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

Macroeconomics

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

Econometrics

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

Mathematics for Economists

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

Research Design and Methodology

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

Best Master’s Degrees

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How to Get a PhD in Economics: Doctoral Program Requirements

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

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

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

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

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

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

Potential Careers With an Economics Degree

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PhD in Economics Salary and Job Outlook

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

What Can You Do With a PhD in Economics?

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

Best Jobs with a PhD in Economics

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

What Is the Average Salary for a PhD in Economics?

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

Highest-Paying Economics Jobs for PhD Grads

Best economics jobs with a doctorate.

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

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

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

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

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

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

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

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

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

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

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

Is a PhD in Economics Worth It?

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

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

Additional Reading About Economics

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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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Preparing for graduate school

Things to consider.

Applying to graduate school in economics can be daunting, but there are several things you can do to prepare your application and improve your odds. This section of the site demystifies the application process and provides advice for applicants.

A wide variety of resources are available.

Graduate degrees in economics

Aea summer training program, suggested application timeline, funding opportunities for graduate school, math preparation for graduate school, program rankings, understanding the job market, considerations for prospective graduate students in economics, pathways to research and doctoral careers.

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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.

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A PhD in economics is the only one worth getting

People often ask me: “Noah, what career path can I take where I’m virtually guaranteed to get a well-paying job in my field of interest, which doesn’t force me to work 80 hours a week, and which gives me both autonomy and intellectual excitement?” Well, actually, I lied, no one asks me that. But they  should  ask me that, because I do know of such a career path, and it’s called the economics PhD.

“What?!!” you sputter. “What about all those articles telling me  never ,  ever , ever , ever  to get a PhD?! Didn’t you read those?! Don’t you know that PhDs are  proliferating like mushrooms  even as  tenure-track jobs disappear ? Do you want us to be stuck in eternal postdoc hell, or turn into adjunct-faculty wage-slaves?!”

To which I respond: There are PhDs, and there are PhDs, and then there are econ PhDs.

Basically, I think of PhDs as mostly falling into one of three categories:

1. Lifestyle PhDs . These include math, literature and the humanities, theoretical physics, history, many social sciences, and the arts. These are PhDs you do because you really, really, really love just sitting and thinking about stuff. You work on your own interests, at your own pace. If you want to be a poor bohemian scholar who lives a pure “life of the mind,” these PhDs are for you. I totally respect people who intentionally choose this lifestyle; I’d be pretty happy doing it myself, I think. Don’t expect to get a job in your field when you graduate, though.

2. Lab science PhDs.  These include biology, chemistry, neuroscience, electrical engineering, etc. These are PhDs you do because you’re either a suicidal fool or an incomprehensible sociopath. They mainly involve utterly brutal hours slaving away in a laboratory on someone else’s project for your entire late 20s, followed by years of postdoc hell for your early 30s, with a low percentage chance of a tenure-track faculty position. To find out what these PhD programs are like,  read this blog post . If you are considering getting a lab science PhD, please immediately hit yourself in the face with a brick. Now you know what it’s like.

(Note: People have been pointing out that electrical engineering isn’t as bad as the other lab sciences, with somewhat more autonomy and better job prospects. That’s consistent with my observations. But econ still beats it by a mile…)

3. PhDs that work.  I’m not exactly sure which PhDs fall into this category, but my guess is that it includes marketing, applied math and statistics, finance, computer science, accounting, and management. It  definitely , however, includes economics. Economics is the best PhD you can possibly get.

Why get a PhD in economics? Here’s why:

Reason 1: You get a job

Can I say it any more clearly? An econ PhD at even a middle-ranked school leads, with near-absolute certainty, to a well-paying job in an economics-related field. I believe the University of Michigan, for example, has gone many, many years without having a PhD student graduate without a job in hand.

You will not always get a tenure-track job, though there are a lot more of those available right now than in other fields (thanks, I am guessing, to the nationwide explosion in business schools, which hire a lot of econ PhDs, including yours truly). But if you don’t get a tenure-track job, you will get a well-paid job as a consultant, or a well-paid job in finance, or a decently-well-paid job in one of the many, many government agencies that hire armies of economists. All of these are what are commonly referred to as “good jobs,” with good pay, decent job security, non-brutal working conditions, and close relation to the economics field.

Now, this may be less true at lower-ranked schools; I don’t have the data. I imagine it’s not as certain, but still far, far better than for lab science PhDs at similarly ranked schools.

Why do so very few newly minted econ PhDs face the prospect of unemployment? Part of it is due to the econ field’s extremely well-managed (and centrally planned!)  job market . Part of it is due to the large demand from the lucrative consulting and finance industries. And part is due to the aforementioned proliferation of b-schools. There may be other reasons I don’t know. But in an America where nearly every career path is looking more and more like a gamble, the econ PhD remains a rock of stability—the closest thing you’ll find to a direct escalator to the upper middle class.

Reason 2: You get autonomy

Unlike the hellish lab science PhD programs, an econ grad student is not tied to an adviser. Since profs don’t usually fund econ students out of grants (few even have big grants), economics students mostly pay their way by teaching. This means you usually have to teach, but that is not nearly as grueling as working in a lab. Even when a professor does support you with a grant, he or she generally employs you as a research assistant, and gives you ample time to work on your own research.

Compare this to a lab science PhD, in which you basically do the project your adviser tells you to do, and you succeed or fail in part based on whether your adviser chooses a project that works out. Your destiny is out of your hands, your creativity is squelched, and your life is utterly at the mercy of a single taskmaster. In economics, on the other hand, you can start doing your own original, independent research the minute you show up (or even before). Professors generally encourage you to start your own projects. Unlike in lab science PhD programs (but as in “lifestyle” PhD programs), your time is mostly your own to manage.

This means that as an econ grad student, you’ll have a life. Or a chance at having a life, anyway.

Reason 3: You get intellectual fulfillment

Econ is not as intellectually deep as some fields, like physics, math, or literature. But it’s deep enough to keep you intellectually engaged. Econ allows you to think about human interactions, and social phenomena, in a number of different intellectually rigorous ways (e.g. game theory, incentives, decision theory, quantification of norms and values, bounded rationality, etc.). That’s cool stuff.

And economists, even if their research is highly specialized, are encouraged to think about all different kinds of topics in the field, and encouraged to think freely and originally. That’s something few people appreciate. In a lab science, in contrast, you are encouraged to burrow down in your area of hyper-specialization.

In econ, furthermore, you get exposed to a bunch of different disciplines; you get to learn some statistics, a little math, some sociology, a bit of psychology, and maybe even some history.

Also, as an economist, your status as an intellectual will not disappear when you get a job. Even if you go to work as a consultant or a financier, your thoughts will be welcomed and considered by economists in the blogosphere. And you can even publish econ papers as a non-academic.

In fact, it’s also worth pointing out that econ is a field in which outsiders and mavericks are able to challenge the status quo. This is in spite of the economics profession’s well-known deference to intellectual authority figures. The simple fact is that in econ, you don’t need money to advance new ideas, as you do in biology or chemistry. And you don’t need math wizardry either, as you would if you wanted to introduce new ideas in physics.

Reason 4: The risk of failure is low

In economics PhD programs, the main risk of failure is not passing your preliminary exams. This happens to a substantial fraction of people who get admitted to econ programs (maybe 25% or fewer at Michigan). But if you flunk out,  you get a complimentary Master’s degree , which is probably worth the 2 years that you’ll have spent in the program. And after you pass the prelims, there is little risk of not finishing a dissertation; unlike in most fields, you do not have to publish to graduate.

Caveats about the econ PhD

Of course, I don’t want to make it seem like the econ PhD is an utterly dominant strategy for life fulfillment. There are some caveats that you should definitely take into account.

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

Second, be aware that the culture of economics is still fairly conservative, and not in the good way. Econ is one of the few places in our society where overtly racist and sexist ideas are not totally taboo ( Steve Landsburg is an extreme example, but that gives you the general flavor). Discrimination against women, in particular, probably still exists, though I’d say (or I’d hope, anyway) that it’s on the wane.

Finally, there is the fact that if enough people read and believe this blog post, it will cease to be true. There’s a piece of economics for you: as soon as people become aware that a thing is overvalued, they will start bidding up its price. But information diffuses slowly. Expect the econ PhD to lose its luster in five to 10 years, but that still gives you a window of time.

Anyway, despite these caveats, the econ PhD still seems like quite a sweet deal to me. And compared to a hellish, soul-crushing, and economically dubious lab science PhD, econ seems like a slam dunk. There are very few such bargains left in the American labor market. Grab this one while it’s still on the shelves.

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Is a Masters in Economics Worth It? [2024 Guide]

Is a masters in economics worth it?

A graduate degree in economics can help you develop advanced skills in the fundamentals of economics and boost your knowledge of financial trends.

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The career opportunities that students who graduate with a Master of Economics can pursue are immense. Economics plays a role in nearly every industry and walk of life.

Is a Masters in Economics Worth it?

Yes, a masters in economics is worth it for many students. Masters in economics programs can help you learn how to interpret financial trends and analyze financial data at an advanced level. This can help you become an invaluable member of a company.

This knowledge is needed to formulate economic solutions and provide crucial business advice. Economists are considered extremely valuable and worthwhile in many industries.

With job growth projected to grow 14% through the next ten years, according to The Bureau of Labor Statistics, job prospects for people graduating from economics masters programs are extensive.

Because the work of studying financial trends is applicable in nearly every industry, an M.A. in Economics can give you the opportunity to pursue work in many different careers.

In addition, individuals who graduate with a masters of economics usually find themselves in high-paying roles. It is often considered to be one of the best-paying postgraduate degrees. While employment is not guaranteed upon graduation, it is an in-demand degree for many employers.

How to Decide Whether a Master’s Degree in Economics Is Right for You

Perhaps you are someone who is motivated by gathering and analyzing data and studying historical and future trends to make financial forecasts. Perhaps you want a career where you can positively influence and provide solutions for business fiscal issues.

Maybe the idea of recommending solutions to economic problems excites you, or perhaps you wish to find a high-paying career where you can work hands-on with financial data.

There are many reasons for wanting to pursue masters programs in economics. Here a few reasons you might want to pursue a Master of Economics:

1. You have great analytical and critical-thinking skills.

Having extensive problem-solving skills and the ability to suggest solutions for complex issues are beneficial traits for those pursuing a masters degree in economics.

Having an analytical eye can help you review data carefully, spot and indicate patterns in the data, and use that information to predict future financial conclusions. Being quick on your feet and having a sharp attention to detail can also help you show your commitment to positively impacting the business within which you work.

2. You have excellent communication skills.

Not everyone has the mindset of an economics graduate. Being able to effectively and efficiently explain your findings to people who are not in your role is essential.

This means having exceptional written and oral communication skills can be quite beneficial. Economists often need to report their findings to businesses or clients. This information is sometimes even published for stakeholder or outsider insight in journals, newspapers, or other media.

3. You want to be a more competitive hire in the job market.

If there’s one thing that a graduate degree in economics can help with, it is to make you more competitive in the job market. Focusing your economic studies on a particular field of interest by taking a specialization in your masters program may help with this even more.

Masters in economics programs can expose you to many different mathematical concepts, theories, and research methods. These studies can help you become a quick-thinking and impactful economist, which can help make you more valuable to future employers.

5 Things You Can Do with a Master’s Degree in Economics

Economics is a part of many careers and industries. Because of this, you should have many opportunities to pursue careers in a field that interests you the most.

Here are a few roles you may pursue with a masters degree in economics:

1. Economist

Economists study data and predict future financial trends for the businesses and clients they work for. They also recommend solutions to fiscal challenges and present these solutions and suggestions to others.

2. Mathematician or Statistician

Mathematicians and statisticians often collect data that is required to solve specific problems within the industries they work in.

They may create surveys or design experiments to assist in collecting that data. They may also be asked to present their findings and propose potential solutions.

3. Survey Researcher

Survey researchers design and analyze data from surveys and use this information to formulate ways to improve future surveys collected.

They are also involved in creating surveys and using the responses to develop factual answers and solutions that can be applied to larger populations.

4. Budget Analyst

Budget analysts prepare budget reports and monitor company spending. This assists in present and future planning of spending budgets. In addition, they look at past fiscal reports to monitor and improve future figures.

5. Senior Financial Analyst

Senior financial analysts are responsible for businesses’ investment decisions. They analyze the past, present, and future trends that may affect their finances.

People in this role often work in banks, mortgage agencies, or government agencies and are focused on improving the financial growth of the companies they work for.

Master’s in Economics Degree Alternatives

Perhaps a masters of economics degree isn’t exactly what you are looking for, but the thought of working with financial data and impacting businesses with positive solutions excites you. If that is the case, here are a few alternatives you might consider.

• Master’s in Finance . A graduate degree in finance can help you pursue a specific career in finance upon graduation. It’s also a shorter degree option that usually takes just around 1 year to complete.
• Master’s in Business Administration . An MBA is an all-encompassing business graduate degree that focuses on practical theories and investment management. Many that are interested in general business management earn this degree.
• Master’s in Science of Economics . A MSc in Economics typically focusues on the scientific principles involved in the field of economics. A MS in economics usually takes a broader approach. There is usually a greater emphasis on research and theories in a Master of Science in Economics program.

These are just a few alternative options to a graduate degree in economics. Finding which is best for you depends on your long-term career goals and interests.

Economics Careers & Salaries

With most industries requiring someone to work in economics, there are many jobs that can be pursued after getting a masters in economics. It is a competitive industry, but The Bureau of Labor Statistics predicts a 14% growth of employment for economists through the next decade.

According to the Bureau of Labor Statistics , here are some potential careers you can pursue with a Master of Economics.

These are just some of the careers you can pursue with a masters in economics. Some of the careers listed above may require additional licensure, education, or work experience to obtain.

What Do You Learn in Economics?

A masters in economics program can help you develop advanced analytical and problem-solving skills. It can help you learn how to make impactful decisions that positively affect the financial situations of the businesses you work for.

Economics programs typically teach how to design, collect, and analyze data research in a way that looks at the past, present, and future fiscal positions of companies and clients.

Here are a few courses you may encounter when enrolled in masters in economics programs.

• Microeconomic Theory
• Applied Econometrics
• Labor Economics
• Public Economics
• Financial Stability and Growth
• Advanced Mathematical Economics

These are just some of the courses that may be taken in a masters in economics program. Your curriculum will vary depending on the university you attend.

What Can You Do with a Masters in Economics?

There is so much you can do with a masters in economics because most industries require the assistance of people that are well-versed in this field. You may find yourself working full-time as an economist, a mathematician, a professor of economics in a postsecondary school, or a senior financial analyst.

The Bureau of Labor Statistics states that employment for economists is expected to be strong for workers with a Masters of Economics. They project a job growth of 14% for economists in the next ten years.

How Much Does a Masters in Economics Make?

Though a career is not guaranteed upon graduation, the salary outlook for those with a masters in economics is typically good.

According to the Center on Education and the Workforce (CEW), those with this degree usually make between $68,000 to $182,000 a year. The median income level is $109,000 a year.

It’s important to note, though, that the lower end of the pay scale is only within the 25th percentile of recorded employment. A masters in economics often leads to exceptionally well-paying careers.

What High Paying Jobs with a Masters Degree in Economics Can You Get?

According to the CEW, professionals employed in the field of economics holding a masters degree make a median salary of $109,000 annually. Some graduates see earnings up to $182,000 annually.

Although a masters degree in economics does not guarantee your employment upon graduation, this graduate program is definitely not worthless. Many students find getting this degree to be worthwhile.

Getting a masters degree in economics often leads to some of the highest paying positions in the field of economics and rewarding careers in a variety of industries as well. Many individuals with this degree report earnings of over $80,000 a year.

Some of these high-paying jobs include economists, senior financial managers, economics professors, and mathematicians.

What Does an Economist Do?

Economists collect and analyze data and research. They design and conduct surveys in order to evaluate economic issues that concern businesses and clients. They also look at the past, present, and future forecast data of organizations’ financial trends.

They use mathematical models and statistical techniques to advise businesses and give solutions to fiscal issues. Sometimes, the reports they create and share with their colleagues or shareholders are printed for journals, newspapers, and other media sources.

Which Is Better, MA in Economics or MBA?

The decision of whether an MA in economics is better than an MBA is dependent upon your personal career goals and interests. Both programs are applicable across a wide variety of industries, but they focus on different things.

Here a few ways that the two degrees differ from each other to help you decide which one you should pursue.

Either of these degrees can help open doors to a variety of careers. The choice of which is better depends on what you want to focus on in your chosen industry.

What’s the Difference between a Graduate Certificate vs. Masters in Economics?

There are a few differences between a graduate certificate in economics and a masters in economics.

There are some key benefits to pursuing a masters in economics over a graduate certificate, but which you should choose depends on your personal career goals.

Getting Your Masters in Economics Online

A masters in economics is often considered to be a highly desirable graduate degree. Getting this degree can potentially lead to high-paying opportunities in a wide variety of industries.

Although the coursework involved can often be intensive and research-heavy, the flexibility of online economics degrees can help you create a schedule adapted to your life and workload. The skills you can learn in this degree can help you become a valuable employee in many industries.

You can begin your journey by investigating which online masters in economics programs best suit your needs and can help you take the first steps to earning your masters in economics.

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

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

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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.

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Preparing for a PhD in Economics

The minimum requirements of the Economics undergraduate major are not designed to be training for doctoral economics programs. Students who plan to continue their education should take more quantitative courses than the minimum required for the major. Preparation should start early in your undergraduate education. In addition to the information below, we recommend visiting the Career Center and the Career Library for additional graduate school planning resources.

Students who plan on going on to graduate school should participate in research as an undergraduate, and plan on writing an honors thesis during their senior year. NOTE: For students who completed P/NP courses in 2020-2021, we recommend reviewing this statement from the Council of Deans which reaffirms UC Berkeley's Graduate Division committment to a holistic review.

Course recommendations

• Math 53 and Math 54 (multivariable calculus and linear algebra)
• Economics 101A-B, the quantitative theory sequence
• Economics 141, the more quantitative econometrics course
• Additional math and statistics courses (linear algebra, real analysis, probability, etc.)
• Additional economics courses that emphasize theory and quantitative methods, such as Economics 103, 104, and 142.

Upper-division math and statistics courses for those who are adequately prepared (in order of importance)

• Math 110, Linear Algebra
• Math 104, Introduction to Analysis
• Stat 134, Concepts of Probability
• Stat 150, Stochastic Processes
• Math 105, Second Course of Analysis
• Math 170, Mathematical Methods of Optimization
• Stat 102/Stat 135, Linear modeling Theory and Applications
• Stat 151A, Statistical Inference
• Math 185, Introduction to Complex Analysis

Graduate math and statistics courses for those who are adequately prepared (in order of importance)

• Math 202A/202B, Introduction to Topology
• Stat 200A/200B,Introduciton to Probability and Statistics at an Advanced Level; graduate version of 101/102 sequence, not much more difficult, but harder than 134/135
• Stat 205A/205B,Probability Theory; graduate probability, much higher level than 200A/200B

Please note: This is just a recommendation; not all courses are required. Admissions requirements vary by university and by program. Students interested in pursuing graduate school should begin gathering information from prospective programs as early as possible.

Post-Baccalaureate Research Opportunities

Pursuing research after completing an undegraduate degree is a great option for students who would like to gain more experience prior to graduate school. Post-baccalaureate research opportunities can be found through the  National Bureau of Economic Research (NBER)  and PREDOC: Pathways to Research and Doctoral Careers . For research opportunities outside of the NBER,  click here  and  follow @econ_ra  on Twitter.

Graduate School Preparation Additional Resources

http://www.aeaweb.org/resources/students/grad-prep/considerations/  (Considerations for prospective graduate students in Economics)

https://www.aeaweb.org/resources/students/schools/  (Alphabetical list of U.S Graduate Programs in Economics)

https://www.aeaweb.org/about-aea/committees/cswep/programs/resources/events2  (Conferences, events and fellowships through the American Economic Association)

https://www.aeaweb.org/about-aea/committees/aeasp (American Economic Association Summer Training Program, AEASP)

Books to Study Before Going to Graduate School in Economics

Must Read Books for Pre-Ph.D Economics Students

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

Q:  If I want to achieve a Ph.D. in economics what steps would you advise me to take and what books and courses would I need to study to gain the knowledge that is absolutely needed to be able to do and understand the research that is needed for a Ph.D.

A:  Thank you for your question. It's a question that I'm frequently asked, so it's about time that I created a page that I could point people toward.

It's really difficult to give you a general answer, because a lot of it depends on where you'd like to get your Ph.D. from. Ph.D programs in economics vary widely in both quality and scope of what is taught. The approach taken by European schools tends to be different than that of Canadian and American schools. The advice in this article will mainly apply to those who are interested in entering a Ph.D. program in the United States or Canada, but much of the advice should also apply to European programs as well. There are four key subject areas that you'll need to be very familiar with to succeed in a Ph.D. program in economics .

1. Microeconomics / Economic Theory

Even if you plan to study a subject which is closer to Macroeconomics or Econometrics , it is important to have a good grounding in Microeconomic Theory . A lot of work in subjects such as Political Economy and Public Finance are rooted in "micro foundations" so you'll help yourself immensely in these courses if you're already familiar with high level microeconomics. Most schools also require you to take at least two courses in microeconomics, and often these courses are the most difficult you'll encounter as a graduate student.

Microeconomics Material You Must Know as a Bare Minimum

I would recommend reviewing the book Intermediate Microeconomics: A Modern Approach by Hal R. Varian. The newest edition is the sixth one, bu if you can find an older used edition costing less you may want to do that.

Advanced Microeconomics Material that Would be Helpful to Know

Hal Varian has a more advanced book called simply Microeconomic Analysis . Most economics students are familiar with both books and refer to this book as simply "Varian" and the Intermediate book as "Baby Varian". A lot of the material in here is stuff you wouldn't be expected to know entering a program as it's often taught for the first time in Masters and Ph.D. programs. The more you can learn before you enter the Ph.D. program, the better you will do.

What Microeconomics Book You'll Use When You Get There

From what I can tell, Microeconomic Theory by Mas-Colell, Whinston, and Green is standard in many Ph.D. programs. It's what I used when I took Ph.D. courses in Microeconomics at both Queen's University at Kingston and the University of Rochester. It's an absolutely massive book, with hundreds and hundreds of practice questions. The book is quite difficult in parts so you'll want to have a good background in microeconomic theory before you tackle this one.

2. Macroeconomics

Giving advice on Macroeconomics books is a lot more difficult because Macroeconomics is taught so differently from school to school. Your best bet is to see what books are used in the school that you would like to attend. The books will be completely different depending on whether your school teaches more Keynesian style Macroeconomics or "Freshwater Macro" which is taught at places like "The Five Good Guys" which includes the University of Chicago, the University of Minnesota, Northwestern University, University of Rochester, and University of Pennsylvania.

The advice I'm going to give is for students who are going to a school that teaches more of a "Chicago" style approach.

Macroeconomics Material You Must Know as a Bare Minimum

I would recommend reviewing the book Advanced Macroeconomics by David Romer. Although it does have the word "Advanced" in the title, it's more suited for high level undergraduate study. It does have some Keynesian material as well. If you understand the material in this book, you should do well as a graduate student in Macroeconomics.

Advanced Macroeconomics Material that would be Helpful to Know

Instead of learning more Macroeconomics, it would be more helpful to learn more on dynamic optimization. See my section on Math Economics books for more detail.

What Macroeconomics Book You'll Use When You Get There

When I took Ph.D courses in Macroeconomics a few years ago we didn't really use any textbooks, instead we discussed journal articles. This is the case in most courses at the Ph.D. level. I was fortunate enough to have macroeconomics courses taught by Per Krusell and Jeremy Greenwood and you could spend an entire course or two just studying their work. One book that is used quite often is Recursive Methods in Economic Dynamics by Nancy L. Stokey and Robert E. Lucas Jr. Although the book is almost 15 years old, it's still quite useful for understanding the methodology behind many macroeconomics articles. I've also found Numerical Methods in Economics by Kenneth L. Judd to be quite helpful when you're trying to obtain estimates from a model which does not have a closed-form solution.

3. Econometrics Material You Must Know as a Bare Minimum

There's quite a few good undergraduate texts on Econometrics out there. When I taught tutorials in undergraduate Econometrics last year, we used Essentials of Econometrics by Damodar N. Gujarati. It's as useful as any other undergraduate text I've seen on Econometrics. You can usually pick up a good Econometrics text for very little money at a large second-hand book shop. A lot of undergraduate students can't seem to wait to discard their old econometrics materials.

Advanced Econometrics Material that would be Helpful to Know

I've found two books rather useful: Econometrics Analysis by William H. Greene and A Course in Econometrics by Arthur S. Goldberger. As in the Microeconomics section, these books cover a lot of material which is introduced for the first time at the graduate level. The more you know going in, though, the better chance you'll have of succeeding.

What Econometrics Book You'll Use When You Get There

Chances are you'll encounter the king of all Econometrics books Estimation and Inference in Econometrics by Russell Davidson and James G. MacKinnon. This is a terrific text, because it explains why things work like they do, and does not treat the matter as a "black box" like many econometrics books do. The book is quite advanced, though the material can be picked up fairly quickly if you have a basic knowledge of geometry.

4. Mathematics

Having a good understanding of mathematics is crucial to success in economics. Most undergraduate students, particularly those coming from North America, are often shocked by how mathematical graduate programs in economics are. The math goes beyond basic algebra and calculus, as it tends to be more proofs, such as "Let (x_n) be a Cauchy sequence. Show that if (X_n) has a convergent subsequence then the sequence is itself convergent". I've found that the most successful students in the first year of a Ph.D. program tend to be ones with mathematics backgrounds, not economics ones. That being said, there's no reason why someone with an economics background can not succeed.

Mathematical Economics Material You Must Know as a Bare Minimum

You'll certainly want to read a good undergraduate "Mathematics for Economists" type book. The best one that I've seen happens to be called Mathematics for Economists written by Carl P. Simon and Lawrence Blume. It has a quite diverse set of topics, all of which are useful tools for economic analysis.

If you're rusty on basic calculus, make sure you pick up a 1st year undergraduate calculus book. There are hundreds and hundreds of different ones available, so I'd suggest looking for one in a second hand shop. You may also want to review a good higher level calculus book such as Multivariable Calculus by James Stewart.

You should have at least a basic knowledge of differential equations, but you do not have to be an expert in them by any means. Reviewing the first few chapters of a book such as Elementary Differential Equations and Boundary Value Problems by William E. Boyce and Richard C. DiPrima would be quite useful. You do not need to have any knowledge of partial differential equations before entering graduate school, as they are generally only used in very specialized models.

If you're uncomfortable with proofs, you may want to pick up The Art and Craft of Problem Solving by Paul Zeitz. The material in the book has almost nothing to do with economics, but it will help you greatly when working on proofs. As an added bonus a lot of the problems in the book are surprisingly fun.

The more knowledge you have of pure mathematics subjects such as Real Analysis and Topology, the better. I would recommend working on as much of Introduction to Analysis by Maxwell Rosenlicht as you possibly can. The book costs less than $10 US but it is worth its weight in gold. There are other analysis books that are slightly better, but you cannot beat the price. You may also want to look at the Schaum's Outlines - Topology and Schaum's Outlines - Real Analysis . They're also quite inexpensive and have hundreds of useful problems. Complex analysis, while quite an interesting subject, will be of little use to a graduate student in economics, so you need not worry about it.

Advanced Mathematical Economics that would be Helpful to Know

The more real analysis you know, the better you will do. You may want to see one of the more canonical texts such as The Elements of Real Analysis by Robert G. Bartle. You may also want to look at the book I recommend in the next paragraph.

What Advanced Mathematical Economics Book You'll Use When You Get There

At the University of Rochester we used a book called A First Course in Optimization Theory by Rangarajan K. Sundaram, though I don't know how widely this is used. If you have a good understanding of real analysis, you will have no trouble with this book, and you'll do quite well in the obligatory Mathematical Economics course they have in most Ph.D. programs.

You do not need to study up on more esoteric topics such as Game Theory or International Trade before you enter a Ph.D. program, although it never hurts to do so. You are not usually required to have a background in those subject areas when you take a Ph.D. course in them. I will recommend a couple of books I greatly enjoy, as they may convince you to study these subjects. If you're at all interested in Public Choice Theory or Virginia style Political Economy, first you should read my article " The Logic of Collective Action ". After doing so, you may want to read the book Public Choice II by Dennis C. Mueller. It is very academic in nature, but it is probably the book that has influenced me most as an economist. If the movie A Beautiful Mind didn't make you frightened of the work of John Nash you may be interested in A Course in Game Theory by Martin Osborne and Ariel Rubinstein. It is an absolutely fabulous resource and, unlike most books in economics, it's well written.

If I haven't scared you off completely from studying economics , there's one last thing you'll want to look into. Most schools require you to take one or two tests as part of your application requirements. Here's a few resources on those tests:

Get familiar with the GRE General and GRE Economics Tests

The Graduate Record Examination or GRE General test is one of the application requirements at most North American schools. The GRE General test covers three areas: Verbal, Analytical, and Math. I've created a page called "Test aids for the GRE and GRE Economics" that has quite a few useful links on the GRE General Test. The Graduate School Guide also has some useful links on the GRE. I would suggest buying one of the books on taking the GRE. I can't really recommend any one of them as they all seem equally good.

It is absolutely vital that you score at least 750 (out of 800) on the math section of the GRE in order to get into a quality Ph.D. program. The analytical section is important as well, but the verbal not as much. A great GRE score will also help you get into schools if you have only a modest academic record.

There are a lot fewer online resources for the GRE Economics test. There are a couple of books that have practice questions that you may want to look at. I thought the book The Best Test Preparation for the GRE Economics was quite useful, but it's gotten absolutely horrid reviews. You may want to see if you can borrow it before committing to buying it. There is also a book called Practicing to Take the GRE Economics Test but I've never used it so I'm not sure how good it is. It is important to study for the test, as it may cover some material that you did not study as an undergraduate. The test is very heavily Keynesian, so if you did your undergraduate work at a school heavily influenced by the University of Chicago such as the University of Western Ontario, there will be quite a bit of "new" macroeconomics you'll need to learn.

Economics can be a great field in which to do your Ph.D., but you need to be properly prepared before you enter into a graduate program. I haven't even discussed all the great books available in subjects such as Public Finance and Industrial Organization.

• What Is Mathematical Economics?
• Why Get an Economics Ph.D?
• What You Should Know Before Applying to an Economics PhD Program
• Should I Earn an Economics Degree?
• Choosing the Best Economics Graduate Program
• Ace Your Econometrics Test
• What Are the Various Subfields of Economics?
• Timeline for Applying to Graduate School
• Choosing an Ivy League Business School
• What is Grad School Like?
• Study Tips for the GRE Vocabulary Section
• Should You Apply to Graduate School With a Low GPA?
• Microeconomics Vs. Macroeconomics
• 6 Tips Applying to Grad School for a Different Major
• Applying to Graduate School: What You Need to Know

Admissions FAQ

Please review these commonly asked questions carefully before reaching out to the department. Still can’t find the information you need? Send us an email at [email protected] .

I applied last year; how can I reapply?

You should complete a new online application and check the relevant box indicating that you previously applied. In order for your materials to be re-reviewed, you must provide at least one new recommendation letter as well as the standard application form, transcripts, and all required materials. The application fee is NOT waived for applicants who are re-applying.

May I include supplemental materials with my application?

Yes. The online application allows applicants to provide URLs for web-based supplemental documents such as a CV or resume, or full text or abstracts of a paper or publication. This link can be to a personal web page or a file-sharing account (e.g., Dropbox). Applicants should be judicious in their choice of supplemental documents. Committee members are most likely to review a CV and/or published papers. The supplemental materials section includes a larger field where you can enter more than one URL with comments or labels (the URLs will not be live links) and a smaller box that allows one URL without explanatory text that will appear as a live link when reviewed. You can use either or both boxes.  Do not mail or email supplemental materials to the department office.

What degree do I need to apply?

A bachelor’s degree (or equivalent) is required. It is not essential that the bachelor’s degree be in economics, but some preparation in undergraduate economics, especially in economic theory, is a necessity, as is a working knowledge of calculus.

Can I apply if I already have another PhD or doctoral degree?

Yes. You will still need to provide all the  required materials .

Is it required or recommended that I complete any specific undergraduate coursework?

No. Some students come to us after finishing master’s degrees in economics, some come from undergraduate economics programs, and some have degrees in another field. What we look for depends on the student’s background. Successful candidates whose prior background is primarily in economics have typically excelled in advanced undergraduate or graduate courses and taken math through at least linear algebra. Many have taken real analysis or some other advanced proof-oriented course, but it is not required. For candidates whose previous studies have not focused on economics, we look for evidence of exceptional performance in their prior field of study, strong technical skills, and some economics background. It would be unusual for us to accept a student who has not taken intermediate microeconomics.

May I apply to other MIT programs or departments while applying to MIT Economics?

Yes, but you are required to complete separate applications for each program. We do not share supporting materials, and a separate fee is required for each application.

Can I visit your department or contact faculty before being admitted?

No. Official department visits, including faculty meetings, are arranged  after  students have been admitted. However, you are more than welcome to arrange a tour of the MIT campus through the  MIT Information Center .

Can you give me an idea of my chances for admission, based on test scores or class rank, for example?

No. We cannot make preliminary evaluations based on one or two qualifications. Our admissions committee carefully reviews entire applications (recommendations, essay, grades, test scores, previous experience, etc.) when making its decisions. The department looks for academic and research potential, focusing primarily on coursework, grades and letters of recommendation.

Will the department keep me informed of my application status?

We do not routinely acknowledge receipt of applications or supporting documents. Once you have submitted an online application you may go back in and check the status of your application and recommendations. Decisions will be communicated via email and letter. Information about decisions will not be given over the phone.

When can I expect to be notified about an admission decision?

Most notices of acceptance are sent out by mid-February, though some may be sent as late as mid-March. Candidates have until April 15 to notify the Department of their decision to accept or reject their offer of admission.

Can I request information about why I was not accepted to the program?

No. Due to the large volume of qualified applicants to the program and the small number of students accepted, we are unable to provide specifics about why an application was denied.

How many applications does the department receive each year, and how many are admitted?

The department receives approximately 800 applications each year. Of those, about 40 students are admitted and 20-24 enroll.

What portion of graduate students are international? Are there any special considerations or requirements for international applications?

A significant portion, usually about half, of admitted students are international. No, there are no special considerations or requirements for those applications.

How long does it take to complete the PhD program?

It varies from person to person, but for most, the program is completed in five or six years, with the first two years spent on required coursework and the latter three or four devoted to field research and dissertation writing.

Can I transfer credits from another master’s or PhD program I have attended?

No, we do not accept transfer credits. However, we do offer the option of waiver exams for micro theory, macro theory, and statistics.

Can I defer if I am admitted to the program?

Deferrals are handled on an individual basis. The maximum deferral granted is two years. Funding offers cannot be deferred.

Do you offer a distance learning degree, a part-time degree, or part-time non-degree study?

We do not offer a distance learning degree or a part-time degree program. Part-time non-degree study is considered “special student status” at MIT and is overseen by the Graduate Admissions Office. Please see the  Graduate Admissions Office  website for more information.

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.