how to get a phd in economics

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The complete guide to getting into an economics PhD program

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

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

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

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

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

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

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

If you’re weak in math…

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

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

• Linear algebra
• Multivariable calculus

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

• Ordinary differential equations
• Real analysis

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

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

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

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

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

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

If you’re new to econ…

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

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

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

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

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

And now for…

General tips for everyone

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

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

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

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

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

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

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

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

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Doctoral Program

The Ph.D. program is a full time program leading to a Doctoral Degree in Economics.  Students specialize in various fields within Economics by enrolling in field courses and attending field specific lunches and seminars.  Students gain economic breadth by taking additional distribution courses outside of their selected fields of interest.

General requirements

Students  are required to complete 1 quarter of teaching experience. Teaching experience includes teaching assistantships within the Economics department or another department .

University's residency requirement

135 units of full-tuition residency are required for PhD students. After that, a student should have completed all course work and must request Terminal Graduate Registration (TGR) status.

Department degree requirements and student checklist

1. core course requirement.

Required: Core Microeconomics (202-203-204) Core Macroeconomics (210-211-212) Econometrics (270-271-272).  The Business School graduate microeconomics class series may be substituted for the Econ Micro Core.  Students wishing to waive out of any of the first year core, based on previous coverage of at least 90% of the material,  must submit a waiver request to the DGS at least two weeks prior to the start of the quarter.  A separate waiver request must be submitted for each course you are requesting to waive.  The waiver request must include a transcript and a syllabus from the prior course(s) taken.  

2.  Field Requirements

Required:  Two of the Following Fields Chosen as Major Fields (click on link for specific field requirements).  Field sequences must be passed with an overall grade average of B or better.  Individual courses require a letter grade of B- or better to pass unless otherwise noted.

Research fields and field requirements :

• Behavioral & Experimental
• Development Economics
• Econometric Methods with Causal Inference
• Econometrics
• Economic History
• Environmental, Resource and Energy Economics
• Industrial Organization
• International Trade & Finance
• Labor Economics
• Market Design
• Microeconomic Theory
• Macroeconomics
• Political Economy
• Public Economics

3.  Distribution

Required:  Four other graduate-level courses must be completed. One of these must be from the area of economic history (unless that field has already been selected above). These courses must be distributed in such a way that at least two fields not selected above are represented.  Distribution courses must be passed with a grade of B or better.

4.  Field Seminars/Workshops

Required:  Three quarters of two different field seminars or six quarters of the same field seminar from the list below.   

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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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Ph.D. in Economics

The Ph.D. program in the Department of Economics at Columbia University trains students to do cutting edge research in economics.  Students in our program do research in all major areas of economics including microeconomics, macroeconomics, econometrics, international economics, labor economics, public finance, industrial organization, development economics, and urban economics.  Our department provides strong training both in theoretical economics and in applied and empirical economics.  The Ph.D. program is primarily designed for students that are interested in pursuing a career in teaching and research within academia but is also useful for student interested in certain positions within governments, research organizations, or private businesses.

The first two years of our Ph.D. program is largely devoted to rigorous coursework. After the second year, however, students devote most of their time to their own research under the supervision of faculty advisors. Students in our program generally complete their Ph.D. in 5 or 6 years.

Admission to the Ph.D. program is highly selective.  We receive approximately 1,000 applications each year for an incoming class of roughly 25 students.  We place a high value on attracting the very best minds, and recruiting members of groups who will both enhance the diversity of research in the field and contribute to the diversity of the university’s academic and professional community.

The Ph.D. program has a long and illustrious history.  Alumni of the program include some of the most distinguished economists of the last century – including Nobel Prize winners Kenneth J. Arrow, Milton Friedman, Simon Smith Kuznets, and William S. Vickrey.

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Ph.D. Program Preparation

A PhD in economics is a research degree. Students should pursue this degree if they are interested in a career answering questions on issues from health to monetary policy to development using economic models and/or data. Although the requirements of the economics degree at Yale will give you a good foundation for graduate studies, most Ph.D. programs expect students to have taken additional courses, particularly in statistics and mathematics.

Mathematics. Most graduate programs expect familiarity with multivariate calculus (for example, Math 120), linear algebra (Math 222, or even better, a proof-based course such as 225 or 226) and real analysis (Math 255 or 256). More advanced mathematics work in linear algebra, differential equations, analysis and other proof-based courses is useful preparation for graduate work.

Econometrics and Statistics.  It is strongly recommended that students take at least two semesters of econometrics. More advanced courses in econometrics (for example financial time series or applied microeconometrics) , or in probability, statistics and stochastic processes (offered in the math or statistics departments) are useful preparation for graduate work.

Economic Theory.  Although the more mathematical theory courses (Econ 125, 126, 350, and 351) are not required for admission to graduate school, taking one or more of them gives extra preparation and exposes students to the kind of course material they can expect in graduate school.

Research Assistance. Working as a research assistant to an economist on campus  or off campus , provides excellent exposure to the type of work that PhD economists do.

Senior Essay.  The independent research experience involved in writing a senior essay is extremely valuable as preparation for graduate school.

Additional Resources.  Each year the department has an information session for undergraduate students interested in pursuing a PhD. The slides from the most recent meeting are here . The American Economic Association (AEA) has an informative section on Preparing for Graduate School  to help students wade-through the process of a terminal degree in economics.   This article in the AEA annual newsletter, Committee on the Status of Women in the Economics Profession , gives a good overview of getting into and finishing a PhD program.

AEA Summer and Scholarship Programs .  Since 1974, the AEA Summer Training Program and Scholarship Program have increased diversity in the field of economics by preparing talented undergraduates for doctoral programs in economics and related disciplines. AEASP is a prestigious program that enables students to develop and solidify technical skills in preparation for the rigors of graduate studies. As many as 20% of PhDs awarded to minorities in economics over the past 20 years are graduates of the program.

All students receive 2 months of intensive training in microeconomics, math, econometrics and research methods with leading faculty. At 3 credits per class, students have the opportunity to earn 12 college credits.

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Graduate Program

Ph.d. studies at princeton economics.

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

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

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

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

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About the Ph.D. Program

The Ph.D. Program in Economics at UCLA prepares students for careers as economists in academia, business and government. The program combines rigorous work in economic theory and careful study of real-world problems and institutions. Graduates from this program work at major universities around the world, national and international government agencies, banks, research centers and in private businesses. Some of our graduates have achieved great prominence, such as William Sharpe , who earned both his B.A. and Ph.D. degrees at UCLA, and was co-recipient of the 1990 Nobel Prize in Economics for his work on the capital asset pricing model.

The department includes internationally recognized scholars in economic theory, econometrics, and all the major applied fields. These outstanding scholars form one of the foremost departments of economics in the world.

The Economics Department is situated within one of the world’s most youthful and vibrant universities. Founded in 1919, UCLA first developed into a major university in the 1950’s. After so short a history, the university was ranked second in the United States among public research universities by the Conference Board of Associated Research Councils in 1982. Thirty-one of its Ph.D. programs are currently ranked in the top 20 in their field–third best in the nation.

The Ph.D. is the degree objective of the graduate program. This degree is awarded to students who demonstrate professional competence by passing written qualifying exams and by completing a major piece of individual research (the Ph.D. dissertation).

Preparation for the qualifying exams through coursework and independent study occupies most student time for the first two years. Thereafter the focus shifts to independent research and finally to the writing of a Ph.D. dissertation. Research in progress by our graduate students as well as our faculty is presented at workshops that meet weekly throughout the academic year. Currently, the Dept. has workshops in Theory and Mathematical Economics, International and Development Economics, Labor and Population Economics, Business Organization and Regulation Economics, Economic History, Econometrics, and Monetary Theory. In addition, many graduate students work as research or teaching assistants for faculty members. The normal time to degree is six years.

This degree program classifies as STEM (CIP Code 45.0603: Econometrics and Quantitative Economics).

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Why Earn a PhD in Economics?

A PhD prepares you to do independent research at the frontier of Economics

How to Prepare for a PhD in Economics

Important points when preparing for Graduate school in Economics

Writing Personal Statements

Research Experience

Learn how research is a component of preparing for Graduate school

Getting Useful Letters of Recommendation

PhD Student Funding

In this section, we are going to focus on being a competitive applicant for top Economics PhD programs.  We want our very best undergraduates to have a chance to get into these highly competitive programs right after completing an undergraduate degree.  Preparing for graduate school in Economics can often be a confusing process for students.  The goal of this webpage is to illuminate this process and clarify what is required to be a competitive applicant.  While we emphasize the importance of taking difficult mathematics courses, in general, as you choose less selective Economics PhD programs, you can take fewer upper division mathematics classes and still be a competitive applicant. 

Of course, a PhD in Economics is not for everyone and we want you to pursue a career path that is right for YOU.  For great resources about careers, please see UCSD Career Services Center .

There are also many PhD and MA programs outside of economics (in finance, business, public policy, data analytics, business analytics, data science, etc.) that you may be more interested in and be well qualified for.  Please speak with our Vice Chair for Undergraduate Education and other economics faculty about any higher education program you are interested in and get their advice about what it will take for you to be to be a competitive applicant.

First Steps

A key requirement for earning a PhD is that your dissertation provides new knowledge that moves out the frontier of the profession

Why earn a PhD in Economics?

The key thing you need to know is that PhD programs in economics are highly mathematical

It is a great idea to talk to someone who was just in your shoes not too long ago!

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Preparing your application.

Conducting Research with a professor or graduate student will help prepare you for graduate school and can help you gain useful letters of recommendation

Letters from faculty members who know you well are the most useful letters for gaining admission to top 30 PhD and MA programs

While the prompts vary across schools, generally a personal statement will ask you to describe your research interests, qualifications, and career goals.

More Resources

Even though most graduate programs come with funding, it is potentially a good idea to apply for outside funding as well

Read the common questions about Economics Phd programs

Advice and more information from some external sources

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Doctor of Philosophy in Economics

Program description.

The PhD in Economics degree program provides a cutting-edge education in economic theories and the development of a rigorous toolkit of mathematical and econometric techniques. Students also gain extensive exposure to various research areas in economics that allow them to think critically about how to approach the analysis of economic problems and contribute to the knowledge base of the discipline. The program is particularly strong in the areas of public economics, applied microeconomics, macroeconomics, data analysis, and the economics of conflict.

Career Opportunities

Graduates of the program seek positions such as: academic, data analyst, economist in financial institutions, management firms, and consulting firms both in private and domestic sector, academics and researcher and government positions (the Federal Reserve banks, Bureau of Labor Statistics, Census Bureau, Social Security Administration and Federal Trade Commission.)

Application Requirements

Degree requirements:  Bachelor’s degree from an accredited college or university.

GPA:  Minimum GPA of 3.25 in upper-division and graduate course work in economics and related courses.

Test score required:  Yes

The minimum quantitative score is 158 with students averaging 163 on the quantitative score and 150 of the verbal score. The program does not accept GMAT scores as a substitute for GRE scores.

Letters of recommendation:  3

Applicants must submit three letters of recommendation from individuals who can judge the candidate’s probability of success in graduate school. Use the electronic request form in the graduate application to submit the letters. Contact the graduate academic program department if you have any questions.

Admissions essay required:  Yes

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Deadlines:  University  deadlines  apply.

Contact Information

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Degree Information Dr. Seth Giertz Director of Graduate Studies Email: [email protected] Phone: 972-883-6234 Office: GR 2.244

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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 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)

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Preparing for a Ph.D. 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. See an advisor  for assistance in planning your undergraduate program if you hope to go to graduate or professional school. 

Students who plan on going to graduate school should take every opportunity to work directly with their faculty, whether through participation in undergraduate research , writing an  honors thesis* , or doing an internship. There are many options which you should discuss with your academic advisors to find a project which is right for you.

*Please make an appointment to speak with Mark Witte , Director of Undergraduate Studies, if you are interested in pursuing an honors thesis.

Next steps: 

Take math, statistics, and analysis courses.

Economics at the graduate level is vastly different from the economics courses you may have taken as an undergraduate. Graduate-level economics is dominated by either highly mathematical theory or sophisticated empirical research (econometrics).

“…the point has been simply to stress that they need to prepare mathematically. Too often in my experience students would tell me that they were thinking of pursuing a Ph.D. but it turned out that they had no idea of the math required.”

• MATH 220-2 Single-Variable Integral Calculus
• MATH 230-1 Multivariable Differential Calculus
• Students are advised to take this course (or Math 386-1,2) instead of ECON 281. Prerequisites: MATH 226-0, MATH 230-1, MATH 230-2, MATH 240-0 and MATH 314-0
• MATH 300 Foundations of Higher Mathematics
• MATH 321 requires consent of the Mathematics Department.
• Other particularly useful math classes include: MATH 226 Sequences and Series , MATH 230-2 Multivariable Integral Calculus ; MATH 240 Linear Algebra ; MATH 250 Elementary Differential Equations , MATH 310-1,2,3 Probability and Stochastic Processes , and MATH 368 Introduction to Optimization
• COMPUTER SCIENCES courses can also be very helpful

Figure Out What Area of Economics You Want to Study

While it is important as an undergrad to get a healthy sampling of all the economic areas, as a ph.d. student you will need to focus your interest in one or two areas. for example, here at northwestern, we offer development economics, econometrics, economic history, financial economics, industrial organization, labor and public economics, macroeconomics and microeconomic theory., “something that is harder to give a clear path for, but students also need, is to start knowing economics well enough, and what parts of economics they like, to be able to write a good nsf proposal & good personal statement. that could be through ra work (if empirically oriented probably), doing a senior thesis, etc.”                     , – lori beaman , associate professor of economics, talk to your professors.

There is no greater resource than those who have come before you. Your professors and advisors are there to help you succeed and will know how to best help you reach your goals. Remember these are the people who are often your future mentors and will write your letters of recommendation.

Additional Resources:

• Considerations for prospective graduate students in Economics from the American Economic Association (AEA)
• Alphabetical list of U.S Graduate Programs in Economics from the AEA
• Conferences, events, and fellowships through the American Economic Association from the AEA

• University of Pennsylvania
• School of Arts and Sciences

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Graduate program.

The graduate economics program at Penn is a Ph.D. program administered by the Graduate Group in Economics, which consists of the  faculty  of the Department of Economics, and some of its secondary appointments in the  Wharton School  and the  School of Arts and Sciences . A master's program in Economics is  not  offered at the University of Pennsylvania.

The program trains students to conduct outstanding research in economics. All major areas of economics are covered, with particular strengths in theoretical and empirical microeconomics and in modern macroeconomics. Graduates of the program obtain positions at leading universities, research institutions, and government agencies around the world.

Students in this program acquire a thorough knowledge of economic theory and econometric methods before they begin their own research. They meet a series of  requirements  during their first years in the program, and thereafter devote most of their time to the writing of a  dissertation . The median length of time required for completion is 5.5 years. Almost all students are supported by combinations of fellowships, research assistantships, and teaching assistantships during at least their first five years of study.

We look forward to receiving your applications to our program this fall. Applicants are accepted only for full-time work towards the Ph.D. degree. Part-time  admissions and terminal Master's applications are not considered. The application system for Fall 2024 is expected to open on October 1, 2023.

2023-24 Job Market Candidates

Penn Ph.D. students seeking jobs during the 2023-24 academic year.

Graduate Program Information

Prospective students can learn about the graduate program here.

Graduate Requirements

Necessary requirements forms for all Department of Economics Graduate Ph.D. students.

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.

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PhD Economics admissions FAQs

LSE has a well-established infrastructure for admitting and funding PhD students in the Department of Economics. We have a Chair and committee for both PhD Admissions and PhD Recruitment. In addition we have a dedicated professional staff at School and Department level dealing with funding and admissions. Applications are processed centrally through the  Graduate Admissions Office .

There is a strict application deadline for the PhD Economics 2024 entry. All applicants are advised to read the  MRes/PhD Economics 2024 prospectus page .

Admissions FAQs (2024 entry)

Below you will find various FAQS categorised by application , post application , funding and programme queries.

Application queries

1. when is the application deadline for the phd economics .

For direct entry to the PhD Economics programme there is an application deadline of  14 December 2023 . Complete applications must be received by the LSE Graduate Admissions Office by 23.59hrs (UK time) on 14 December 2023. We will not be able to accept any materials that arrive after the deadline; only complete applications supplied with all required supporting information by 14 December 2023 will be considered.

2. How should I apply?

Applications must be submitted via  LSE’s Online Application System  and are processed through LSE’s central  Graduate Admissions Office . All applicants are advised to read the  Department of Economics 2024 prospectus page  (for entry in 2024).

3. When should I apply?

The deadline to submit an application is 23.59hrs (UK time) 14 December 2023. Candidates are encouraged to apply early rather than wait until very close to the deadline to avoid unforeseen circumstances (eg. technical issues) preventing timely submission. Applicants who are considering re-taking the GRE test to improve their scores should do so in time to submit their new scores by the application deadline.  The Department cannot accept new GRE scores after the application deadline. 

4. What are the entry requirements? 

Entry requirements for the PhD Economics are stated on the departmental prospectus page . See also the LSE Minimum Entry Requirements including information for international students .

For details about the programme itself, see the Department of Economics Research Programmes  and the prospectus pages. See also details of the PhD Economics coursework requirements .

5. What should my application include?

Your application should include:

• An application form
• Application fee
• Statement of academic purpose
• Transcripts
• Two academic references
• Research statement (see guidance on the Research statement below)
• A separate list of all the courses you are currently taking and/or will be taking (if you are currently undertaking a degree programme)
• English language test scores (if applicable - see English language requirements )

For a full explanation of what you need to supply, please see Graduate Admissions advice on  How to Apply and guide to Supporting Documents .

6. How can I get help with the application process?

Questions about the mechanics of the application process should be submitted to LSE’s central Graduate Admissions Office . See how you can Contact the Graduate Admissions Office . A full range of Graduate Admissions guidance and information is available via their Graduate Knowledge Base  page. If you do not find the answer to your question there, please follow the “ I Need Help ” link which allows you to contact the Graduate Admissions Office by email or Live Chat.  

7. Do I need to submit a written sample? 

No, applicants to the PhD Economics are not required to submit a sample of their written work. We will, however, require a research statement.

8. Do I need to submit a Statement of academic purpose as well as a Research statement? 

Yes, the Statement of academic purpose is a school-wide requirement as it helps our academic selectors understand your personal motivation for undertaking the programme and gives you the opportunity to explain your academic strengths, relevant interests and tell us what you can bring to the programme. This Statement can be brief (ideally not exceeding 1000 words). 

9. What should my Research statement contain? 

Your Research statement should be submitted in place of the Outline research proposal, along with your application form and other required supporting documents, via the LSE online application system.

Please answer the following questions clearly and concisely. Max 200 words per question.

• Why do you want to do research in economics?
• Can you explain how your studies and experience make you suitable to do research in economics?
• Which aspect of the PhD do you think you will like the most? Which will you dislike the most? Why?
• Tell us about your favourite paper in economics. What do you like about it? How would you improve it?
• Write a comment for a general audience on ONE of the following topics (i) Is inequality good for growth?   (ii) Do immigrants take the jobs of native workers?   (iii) Is CEO compensation excessive? (iv) Is universal minimum income a good idea? (v) Overall, has central banks' move to inflation targeting been a success? (vi) Is culture an important determinant of differences in income per capita across countries? (vii) Markets function well as information is aggregated efficiently through prices. (viii) Elections are effective at disciplining politicians who do not have the public interest as their main goal.

10. How can I demonstrate research potential?

If you have served as research assistant for an economist please ask that person to write a letter focussing on your research skills and describe your experience – reference point 2 (above) of the research statement.

If not, please list any evidence you think would be valuable. Examples include but are not restricted to: experience working autonomously under stress without any guidance, demonstration of creativity in any form, experience of writing original research.

11. Should my application include a diversity statement?

LSE is committed to building a diverse, equitable and truly inclusive university, a vision the Department of Economics fully supports. We believe strongly in expanding the diversity of our graduate student body and invite you to share your experiences, values, perspectives, and/or activities that shape you as a PhD candidate and align with these commitments as part of your statement of academic purpose.

Should a candidate submit a diversity statement as part of their statement of academic purpose the information provided will help the selection committee to contextualise the application; however, it will not play a part in assessing a candidate’s suitability for the MREs/PhD Economics programme. 

12. Can I contact faculty in advance, with a request to be my PhD supervisor? 

This is neither necessary nor desirable. Applicants must submit a complete application by the published deadline. There is a formal review process whereby the Department will decide if we can offer candidates a place on the programme. The allocation of a supervisor is done after completion of Year 1 of the programme, based on each student's area of interest and availability of faculty. There is no presumption that a student will be allocated the supervisor of their own choice, or any member of faculty they may have contacted before/during the application process.

13. Do I need to submit a GRE (Graduate Record Examination) score? 

All applicants must have taken the GRE General Test  and must include the test score with their application. For details of how to take the test, see the ETS website. The GRE has three sections: Verbal, Quantitative and Analytical. High GRE scores, especially in the Quantitative section, will further strengthen a good application. Most successful PhD Economics applicants have scores of 166 or more in the quantitative section. Applicants must enter their full and percentile GRE scores for all three sections. The test scores should be less than five years old on 1 October 2024.

14. Can I request an exemption on the GRE score requirement? 

GRE is a compulsory requirement, irrespective of the MRes/PhD Economics applicant’s academic background. Normally, no GRE waiver is possible.  However, applicants faced with exceptional and  unavoidable  circumstances may submit a waiver request by email, with relevant supporting information, to the Department’s admissions team .  The Selection Committee will consider such requests on a case-by-case basis and the GRE waiver cannot be guaranteed. NB. Please note that booking a late GRE test date will normally not be considered sufficient grounds for a waiver.

15. Can I submit an application solely for the MRes?

No, the MRes is an integral stage of the PhD Economics programme, and may only be taken by students who are committed to completing a PhD, subject to satisfying progression requirements.

16. Can I transfer from a PhD programme at another University?  

Applicants who commence/are already undertaking a PhD programme in another institution will not normally be allowed to transfer directly into a later stage of our PhD Economics. Such applicants would be expected to submit a full application to the programme like any other candidate and, if offered a place, would be required to undertake all parts of the course from the start of the programme, i.e. they would be registered as MRes students and undertake both years of the taught MRes programme along with the rest of the cohort. Exemption from parts of the PhD Economics, on grounds of having studied certain topics at a previous institution, will not normally be permitted.

17. Who should I contact for further information and advice?

If you have a query about our postgraduate Economics programmes that is not addressed above, or on the departmental website, contact the  Department of Economics postgraduate admissions team .  Please note that we are not able to reply to questions that constitute a request for an informal assessment. Applicants who have questions about their eligibility should consult the   Department of Economics prospectus page .

All enquiries about the application process must be addressed to LSE’s central  Graduate Admissions Office .

Post application queries

18. do you hold an open day.

As part of our recruitment process successful offer holders are invited to attend an Open Day where they will be able to meet and network with faculty and current MRes/PhD Economics students.

Applicants are, of course, very welcome to visit LSE on their own and attend a guided or self-guided tour – see more details about a visit to LSE . 

LSE also has many  public events  which are often open to all, although some do require a ticket.  There are also LSE Virtual Open Day events - for more information and to register your interest please visit the LSE Webpage .

19. What happens to my application after I click submit?

During this phase, the Graduate Admissions team conducts checks to ensure you have included all of the required documents with your application. Please note, the Department will not receive your application until you have supplied all of the required documents, which must be submitted by the application deadline. 

Once the deadline passes and the Department receives all complete applications the Selection Committee begins its review of all applications, until they arrive at a final shortlist of candidates. This process usually takes around 4 weeks at the end of which the Committee holds its final meeting to decide on who to make an offer to.

NB: The Department of Economics does not hold interviews as part of its selection process. 

After the Selection Committee meeting, all applicants who are offered a place on the PhD Economics programme are reviewed by the Funding committee for consideration of all funding at our disposal. The Department cannot guarantee that all of those offered places to study will also be offered funding. 

From early March onward, formal offers will be sent out by the LSE Graduate Admissions Office after carrying out its standard checks. The Department will also contact candidates to whom we wish to offer a place on the PhD Economics. At that stage, each candidate will be advised if they have been awarded funding, waitlisted for funding or have not been allocated funding at all. 

Candidates who are unsuccessful will be informed of the final decision by the Graduate Admissions Office. We typically expect this decision to be communicated to you around the beginning of March. 

20. When will I get my decision on my PhD Economics?

Admissions decisions will be made by a committee in the Department of Economics. Applicants will be informed of the decision by early March 2024. If your application is successful, we expect you to let us know by 15 April 2024 whether you are planning to enrol.

21. What are my chances of admission?

The admission committee reviews all applications and offers a place to those candidates with sufficient research potential.

Applicants who have questions about their eligibility for applying to research programmes at LSE should consult the  LSE Minimum Entry Requirements   and the  programme-specific  page for the programme to which they intend to apply. Also see  additional information for international students . Meeting the minimum requirements is not a guarantee of admission. In fact, most successful candidates exceed one or more of the requirements.

We regret that we cannot provide any further information or comment on an individual's chances of admission prior to receiving a complete formal application. The committee will make their decision based on all the information submitted with the application, which should be submitted online to the central  Graduate Admissions Office .

Funding queries

22. is there a separate process to apply for phd economics funding.

There is no separate process to apply for any funding which is administered and awarded by LSE - as a matter of normal procedure, all applicants who are offered a place on our PhD Economics would be considered for all types of funding at our disposal and for which they are eligible, on the basis of the information submitted in their application - see  Costs and financial aid  

As competition for places is very high and competition for funding is even more intense, we may not be able to offer funding to all PhD Economics students, hence applicants are advised to actively explore all sources of potential funding – see information in the School's  Financial Support Office  pages  (please check regularly for 2024 information updates) . 

23. Will there be funding options available once I've started the PhD Economics

Offer holders are expected to only take up a place on the PhD Economics if they have funds in place to finish their degree; please be aware that it's very unlikely there will be any funding available from the Department of Economics to fund PhD Economics students after they have started their degree. While there might be limited sources of funding at later stages of the PhD, e.g. from teaching or research assistant positions, these cannot be guaranteed nor can specific amounts (if any) be estimated at this stage. 

24. Will my financial status be a factor in the selection process?

Admissions decisions are made on the basis of academic merit alone, without any reference to an applicant’s financial situation. Applicants who are able to fund themselves or succeed in securing a scholarship or sponsorship from any source will be considered for entry to the programme in exactly the same way as applicants who have no funding in place. The same procedures and standards apply to all applicants competing for entry.

Programme queries

25. What can you tell me about the structure of the programme?

See the prospectus page for the PhD Economics programme – section “ Programme structure and courses” . The PhD Economics programme is grounded in two years of coursework through the MRes component followed by three to four years of research through the PhD.

Also see the LSE A cademic Calendar  for all Research Students at LSE, where clicking on “Programme Regulations” and “Research Course Guides” will give you detailed insight into the topics covered in each programme of study. 

26. Is the PhD Economics offered on a part-time basis?

The PhD Economics is only offered on a full-time basis.

27. How does the programme differ from the US and European programmes?

The programme has the standard structure of top US programmes with compulsory coursework in the first two years and research thereafter.  As in most US programmes, students take core courses in year one and field courses in year two.

28. Can I progress to the PhD Economics via an MSc programme at LSE?

There will no longer be automatic and direct progression from any LSE programme into our MRes/PhD Economics from the 2024/5 academic cycle.  Students registered in the LSE Department of Economics during the 2023/4 academic year, who wish to be considered for 2024 entry to the MRes/PhD Economics would need to submit the standard full application package by the deadline for 2024 entry (14 December 2023).  All applicants - including LSE students - will be given equal consideration, as part of the MRes/PhD Economics' standard process for admission as well as funding.  

Graduate Admissions

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.

About the Authors

What You Should Know Before Applying to an Economics PhD Program

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

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

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

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

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

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

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

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

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

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

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

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

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

My Response 

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

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Phd in economics: requirements, salary, jobs, & career growth, what is phd in economics.

A PhD in Economics is a doctorate-level degree that focuses on advanced training and research in the field of economics. It is a research-oriented degree that prepares students to contribute to the field through original, in-depth research and analysis.

The program typically involves taking advanced coursework in economics, completing a research project, and writing a dissertation that presents original findings. The coursework and research topics covered in a PhD in Economics program can include microeconomics, macroeconomics, econometrics, game theory, economic history, and various specialized areas within the field.

The PhD in Economics is ideal for individuals who are interested in pursuing careers in academia, government, international organizations, or research-focused organizations. Graduates of the program are equipped with the skills and knowledge necessary to conduct independent research, analyze data, and develop innovative solutions to complex economic problems.

How much money do people make with a PhD in Economics?

The earning potential of individuals with a PhD in Economics can vary widely based on a number of factors such as their experience, location, and type of employer. On average, economists with a PhD can expect to earn a higher salary than those with a master’s degree or a bachelor’s degree in the field.

According to data from the US Bureau of Labor Statistics (BLS), the median annual salary for economists was $105,020 in May 2020. However, salaries can range from less than $60,000 for entry-level positions to over $150,000 for experienced economists in leadership positions.

In academia, assistant professors with a PhD in Economics can expect to earn a starting salary in the range of $70,000 to $90,000, while full professors can earn well over $100,000. In the government sector, economists with a PhD can earn salaries that range from $70,000 to $120,000 or more, depending on their level of experience and the type of agency they work for.

In the private sector, salaries for economists with a PhD can be even higher, particularly for those working in consulting, finance, or other high-paying industries. However, the earning potential in the private sector is highly dependent on the specific job and the location, with salaries in certain cities, such as New York or San Francisco, being significantly higher than those in other parts of the country.

It’s important to note that salaries can vary greatly based on factors such as the individual’s level of experience, the type of employer, and the location.

What is expected job growth with PhD in Economics?

The job growth for individuals with a PhD in Economics is expected to be relatively strong in the coming years. According to the US Bureau of Labor Statistics (BLS), employment of economists is projected to grow 6% from 2019 to 2029, which is about as fast as the average for all occupations.

Demand for economists is expected to remain strong, particularly in the government and private sectors, as organizations continue to seek individuals with expertise in analyzing data, developing economic models, and creating solutions to complex economic problems.

In the government sector, there is expected to be continued demand for economists who can analyze economic data and provide research and policy analysis to inform government decision-making.

In the private sector, economists with PhDs are expected to be in high demand in consulting firms, financial institutions, and other organizations that require advanced economic analysis and problem-solving skills.

In academia, opportunities for economists with PhDs are expected to remain strong, as universities continue to seek highly trained individuals to conduct research and teach the next generation of economists.

Overall, the job outlook for individuals with a PhD in Economics is positive, and they can expect to have a range of opportunities across various sectors and industries. However, as with any job market, there may be fluctuations in demand based on economic conditions and other factors.

What can you do with a PhD in Economics?

A PhD in Economics provides individuals with advanced training and research skills in the field of economics, preparing them for a variety of careers in academia, government, international organizations, the private sector, and non-profit organizations. Some of the most common career paths for individuals with a PhD in Economics include:

1. Academia: Many individuals with a PhD in Economics pursue careers in academia as university professors, where they conduct research, teach courses, and mentor students.

2. Government: Economists with a PhD can find careers in the government sector, working in agencies such as the Federal Reserve, the Department of Labor, or the Bureau of Economic Analysis.

3. International organizations: PhD economists can also find careers in international organizations such as the World Bank, the International Monetary Fund, or the United Nations.

4. Private sector: Economists with PhDs can also find careers in the private sector, working for consulting firms, financial institutions, or other businesses that require advanced economic analysis.

5. Non-profit organizations: Economists with a PhD can also find careers in non-profit organizations, where they can use their expertise to address social and economic issues.

6. Research organizations: Economists with a PhD can also find careers in research organizations, where they can conduct independent research and publish their findings. 

What are the requirements for a PhD in Economics?

The requirements for a PhD in Economics can vary slightly depending on the specific program and university, but in general, most PhD programs in Economics require the following:

1. A bachelor’s or master’s degree in economics or a related field: Most PhD programs in Economics require applicants to have a bachelor’s or master’s degree in economics or a related field, such as mathematics, statistics, or finance.

2. Coursework: PhD programs in Economics typically require students to complete advanced coursework in economics, including microeconomics, macroeconomics, econometrics, game theory, and other specialized areas of the field.

3. Examinations: Many PhD programs in Economics require students to pass written and oral comprehensive exams to demonstrate their mastery of the field.

4. Research project: PhD students in Economics are typically required to complete a research project, either independently or as part of a team, and present their findings in a written thesis or dissertation.

5. Teaching experience: Many PhD programs in Economics also require students to complete teaching experience, either as a teaching assistant in an undergraduate course or as the instructor of their own course.

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How long does it take to get a phd in economics.

The time it takes to complete a PhD in Economics can vary, but most programs take between 4 to 7 years on average. The exact duration of the program depends on a number of factors, including the specific program requirements, the student’s course load, and the amount of time they can dedicate to their studies.

Typically, the first 2 to 3 years of a PhD in Economics program are spent completing coursework and exams, while the remaining years are dedicated to research and writing a thesis or dissertation. During this time, PhD students are also typically required to complete teaching or research assistantships to gain practical experience in their field.

In some programs, students may be able to complete their PhD more quickly by taking a heavier course load, while in others, students may need to take more time to complete their research and writing.

It’s important to keep in mind that the length of a PhD program can vary significantly depending on the specific program and the student’s individual circumstances.

Some students may complete their PhD in as little as 4 years, while others may take 7 years or more. Additionally, some programs may allow students to take a leave of absence or pause their studies for personal or professional reasons, which can also impact the overall duration of the program.

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Do you need a masters in economics to get a phd in economics.

Not all PhD programs in Economics require a master’s degree, but many do. A master’s degree in economics can provide students with a strong foundation in the field and help them prepare for the more advanced coursework and research required in a PhD program.

However, some PhD programs in Economics accept applicants with only a bachelor’s degree, particularly if they have strong academic performance and relevant work experience.

In some cases, PhD programs in Economics may offer a combined master’s and PhD program, allowing students to complete both degrees in a shorter amount of time. This can be a good option for students who are interested in pursuing a career in academia or research and want to obtain both degrees as quickly as possible.

What are the Best PhD in Economics Degree programs?

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How to Apply

We welcome all interested individuals to apply for admission to our Master of Science in Financial Economics degree program in Georgetown University’s Department of Economics.

Who is Eligible for Admission?

To be considered for admission to our program you need:

• An undergraduate degree , which may be from a three-year program. Your degree does not have to be in economics; however, substantial coursework in the field will strengthen your application. Because economics is a highly quantitative discipline, substantial coursework in mathematics, probability, statistics and other related areas can also strengthen your application.
• At least two courses in calculus, a course in intermediate microeconomics and a course in intermediate macroeconomics . These prerequisites are strictly required for admission. If these four courses do not already appear on your transcript, please indicate on the Economics Supplemental Information form within the application your plans to complete these courses before matriculation. Courses in linear algebra and mathematical statistics are highly recommended, but not required.
• A minimum GPA of 3.0 (on a 4.0 scale) , as required by the Graduate School of Arts & Sciences.

Application Deadlines

*Students who submit their application by the Priority Deadline maximize their chance to receive for merit-based aid.

Application Materials & Requirements

To be considered for admission to our master’s degree program, you must submit all required materials.

Required Materials

• Application form
• CV or resume
• Academic statement of purpose
• Two letters of recommendation
• Academic transcripts
• Economics Supplemental Information Form (within application)
• GRE official test results
• Demonstration of English language proficiency
• Non-refundable application fee ($90)

Application Form

Applications are submitted through our online application portal .

CV or Resume

Submit a current CV or resume that matches the information submitted through your online application.

Academic Statement of Purpose

Your statement of purpose should be approximately 500 words and state your goals and objectives for graduate study generally and at Georgetown University specifically. You can highlight areas of your background or interests that may not be clear elsewhere in your application. It is important to write a clear and concise statement expressing your interest in the program, what you hope to gain and what you will bring to the program. You may address special features of the program or specific topics you are interested in studying. If applicable, include aspects of your personal, academic and work-related experiences that would contribute effectively to the program or showcase your knowledge and interest in your chosen area of study.

Optional Statement (Diversity, Personal Background and Contributions)

As Georgetown is a diverse, global community, we encourage you to upload a brief statement of up to 500 words to help the Admissions Committee understand the contribution your personal background and individual experiences would make to our community. The Graduate School has more information on what you may include.

Letters of Recommendation

The application requires two letters of recommendation, with at least one from an academic source.

Academic Transcripts

You are required to upload unofficial copies of your transcripts from all undergraduate and graduate institutions you attended, where you either completed more than 15 credits of coursework or have completed course prerequisites (any number of credits) for the program to which you are applying. These unofficial copies of your transcripts documenting both degree and non-degree coursework provide our admissions committee with essential information on your academic preparation for graduate study.

If you receive an offer of admission, you will be required to submit official transcripts, which are transcripts submitted directly to Georgetown University by the institution you attended, for verification before enrolling. Do not send electronic or paper copies of your official transcripts before receiving an offer of admission.

Non-U.S. College or University Academic Transcripts

The Department of Economics strongly encourages our international applicants who attended non-U.S. colleges or universities to use the World Education Services Credential Evaluation (WES) when submitting transcripts, especially if your transcripts are in another language. Applicants should upload this evaluation directly to the application.

Review the Graduate School’s specific guidance on submitting transcripts.

Economics Supplemental Information Form

All applicants must complete the Economics Supplemental Information form as part of the application. The form, available within the application, requires details on the completion status of prerequisite courses, including institution, course name, course number and grade received. Our required prerequisites for admission are two courses in calculus, a course in intermediate microeconomics and a course in intermediate macroeconomics. Courses in linear algebra and mathematical statistics are highly recommended, but not required. The form also gives you the option of providing information on additional courses you have taken in economics, math, probability, statistics and related fields.

GRE Official Test Results

As the applicant, you must arrange for the submission of your official GRE test results by requesting that ETS (Educational Testing Services) send your GRE scores to Georgetown University Graduate School of Arts and Sciences (ETS Code: 5244).

Demonstration of English Language Proficiency

All applicants are required to demonstrate a level of proficiency in the English language in order to be eligible for admission. Proficiency can be demonstrated by the receipt of a bachelor’s or advanced degree from an accredited institution of higher education in the United States or from a university where English is the primary language of instruction. All other applicants must demonstrate proficiency by submitting an official TOEFL or IELTS score. The Economics Department requires a minimum TOEFL score of 100 or a minimum IELTS score of 7.0.

Non-Refundable Application Fee

Applicants must submit a $90 non-refundable application fee, payable online via credit card or e-check. Please do not send a personal check or money order.

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