This website addresses questions typical of individuals interested in graduate study of economics. The website provides a centralized location for obtaining objective and comprehensive information about graduate training in economics.
The Ph.D. is the most advanced degree in the field of economics and is generally considered a research degree. Earning a Ph.D. typically involves several years of post-baccalaureate study, including advanced courses in microeconomics, macroeconomics, quantitative analysis, and econometrics, followed by courses in the student's field of specialization.
The fields of specialization are classified by the Journal of Economic Literature. Offerings and strengths of faculty by field differ by Ph.D. program. Most programs require students to pass one or more examinations (often called preliminary, qualifying, or core examinations) before they are allowed to continue their Ph.D. studies by taking courses in their fields of specialization.
After all coursework is completed, students develop a research plan for a doctoral dissertation. In many Ph.D. programs the proposed research path is the subject of an oral examination before the research path is approved. The Ph.D. is awarded after successful defense of the doctoral dissertation, usually during a final oral examination.
The Master's degree in economics can be viewed as a terminal degree or as additional preparation (beyond the baccalaureate degree) for more advanced study. In some cases a Master's degree is routinely awarded after completion of a designated phase of a Ph.D. program.
Earning a Master's degree in economics typically involves two years of post-baccalaureate study, generally including courses in microeconomics, macroeconomics, quantitative analysis, and econometrics. Terminal Master's degree requirements generally include completion of a Master's thesis.
An increasing number of universities offer joint Ph.D. degrees in economics and other fields. The most common of these are joint Ph.D/J.D. degrees and joint Ph.D.s in Economics and Finance. Some schools also offer joint Ph.D. degrees in Economics and Public Policy, in Economics and Statistics, and in Economics and Applied Mathematics. There are also many joint Master's degree programs that combine economics with other disciplines.
Students from a wide variety of backgrounds earn graduate degrees in economics. This includes economics and non-economics majors, those with and without prior graduate training, and those with and without prior economics employment experience.
To decide which program is the best fit, potential students should examine their own qualifications (including their GRE scores, their GPA, and their mathematical preparation) as well as the methodological approach, fields of specialization, predominant ideology, size of program, program culture (cooperative, competitive, etc.), typical time-to-degree, required examinations, financial aid, emphasis on mathematics, job prospects, and location of the programs to which they apply.
For those who wish to pursue academic careers, the availability of training in teaching methods during graduate school may also be a consideration.
Some applicants find it useful to contact students at their target programs to find out about current students' perceptions and experiences. Keep in mind that faculty tend to be fairly mobile throughout their careers, so it may be risky to choose a program out of a desire to work with one specific faculty member.