Graduate Study in Economics
After four years of college we would understand if you think that grad school is the last thing you want to do immediately or even a few years after graduation. Moreover, you may have heard horror stories about students racking up debt in graduate school and/or struggling to find jobs, even with advanced degrees.
But – economics graduate school might not be what you think it is, and is quite different from most other graduate education experiences. We recommend that you consider it (at least if you, like us, love economics and economic reasoning).
First of all, economics Ph.D. programs are nearly always tuition-free and typically offer substantial annual stipends.
Second, a Ph.D. program is essentially no commitment. If you decide to leave after a year, or after a week, you can, with no debt owed. Moreover, most Ph.D. programs award a Masters’ degree after the first two years. So, if you decide the Ph.D. is not for you, you can still obtain a valuable advanced degree.
Third, the job market for economists has been extremely strong for many years. It is not like the job market for most other new Ph.D.s. It is highly organized (see here) and the quantity of Ph.D. economists demanded is very high relative to supply. This is because demand comes from many sources: liberal arts colleges, research universities, business schools, public policy schools, law schools, government agencies, research organizations, and the private sector, including many `Silicon Valley’ firms in addition to banking and finance. Economists have a range of skills that many employers value. See:
The Complete Guide to Getting Into an Economics Ph.D. Program
Goodbye, Ivory Tower. Hello, Silicon Valley Candy Store.
Survey of the Labor Market for New Ph.D. Hires in Economics 2015-2016
Fourth, you do not have to be a rocket scientist to be a professional economist. You should like math, and be reasonably good at it, but that’s all that’s necessary. There are a large number of Ph.D. programs in both economics, applied economics, business economics, agricultural economics, and public policy with different levels of mathematical intensity. Fifth, you get intellectual freedom in your research as a grad student and in most research and teaching based jobs - the ability to work on what you want.
Fifth, you get intellectual freedom in your research as a grad student and in most research and teaching based jobs - the ability to work on what you want.
Sixth, you don’t have to go grad school right after graduation. It is common to wait one-two years and many students wait three, four, or even five years.
Last, but not least, economics is ultimately about maximizing social welfare (certainly not just maximizing profits). Economists can both do well and do good. If you want to work on topics and issues that are important to society, and make a positive contribution to these issues, becoming an economist can be a great way to do it. See here.
For much more information and advice, see:
To prepare for econ grad school while at Bowdoin, we would recommend a combination of econ and math degrees: an Economics major with a Math minor, the reverse, a double major, or the combined Math and Econ major. Specific courses you should take are multivariate calculus (Math 1800), linear algebra (Math 2000), and a course in econometrics (Econ 3516) or mathematical statistics (Math 2206, 2606). Other valuable math courses include real analysis (Math 2603), linear programming and optimization (Math 2209, 3109), topology, nonlinear optimization, mathematical modeling, game theory and computer science courses. The Bowdoin faculty can assist you in choosing undergraduate courses.
Most graduate programs require GRE scores for admission, with strong emphasis on the math and analytic portions; some programs also require scores from the GRE economics subject exam. Other important considerations for admission include letters of recommendation, undergraduate coursework, essays and GPA.
In fact, letters of recommendation are an extremely important component of your application, so we recommend getting to know at least one economics faculty member well outside of the classroom, ideally by working on an independent study or honors project with her/him, or as a research assistant—and impressing that faculty member by doing a great job!
Lastly, a note on what Ph.D. training in economics actually consists of. It typically has the following components: (i) a first year of intense training in core courses on macroeconomics, microeconomics and econometrics, (ii) qualifying examinations (which need to be passed to proceed beyond the Masters degree), (iii) a second year of courses, largely in the student’s chosen areas of specialty, (iv) teaching and/or research assistant duties in most years, perhaps all, and (v) a dissertation, which typically consists of one very well-developed research paper, and one or two related papers, written starting in year three. The dissertation process is overseen by one or two primary advisors (professors) determined by the student and faculty.