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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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David Autor named the inaugural Daniel (1972) and Gail Rubinfeld Professor in Economics

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The Department of Economics has announced David Autor as the inaugural holder of the Daniel (1972) and Gail Rubinfeld Professorship in Economics, effective July 1. 

The endowed chair is made possible by the generosity of Daniel and Gail Rubinfeld. Daniel Rubinfeld SM ’68, PhD ’72 is the Robert L. Bridges Professor of Law and professor of economics emeritus at the University of California at Berkeley, and professor of law emeritus at New York University.

“The Rubinfeld Professorship in Economics is important for two reasons,” Rubinfeld says. “First, it allows MIT to wisely manage its resources. Second, as an economist, I believe it’s efficient for the economics department to plan for the long term, which this endowment allows.” 

MIT will use the fund to provide a full professorship for senior faculty in the Department of Economics. Faculty with research and teaching interests in the area of applied microeconomics will receive first preference.

David Autor’s scholarship explores the labor-market impacts of technological change and globalization on job polarization, skill demands, earnings levels and inequality, and electoral outcomes. He is a faculty co-director of the recently-launched MIT Shaping the Future of Work Initiative.

“I am privileged to be the inaugural holder of the Rubinfeld Professorship in Economics, honoring Daniel Rubinfeld’s illustrious career of scholarship and public service. As the Daniel (1972) and Gail Rubinfeld Professor of Economics, I aim to honor Dan Rubinfeld’s legacy by contributing in both domains,” Autor says.

Prior to Berkeley and NYU, Rubinfeld previously spent 11 years teaching at the University of Michigan at Ann Arbor.

Rubinfeld has been a fellow at the National Bureau of Economic Research, the Center for Advanced Study in the Behavioral Sciences, and the John Simon Guggenheim Memorial Foundation. Rubinfeld previously served as deputy assistant attorney general for antitrust in the U.S. Department of Justice.

Jon Gruber, department chair and Ford Professor of Economics, says the Rubinfelds’ gift illustrates two important lessons.

“The first is the ongoing power of the MIT education — Daniel’s PhD helped him to build an important career both inside and outside of academia, and this gift will help ensure others continue to benefit from this powerful experience,” says Gruber. “The second is the importance of support directly to the economics department at this time of rapidly growing costs of research.”

“Nothing ensures the future strength of an academic department as much as endowed professorships,” adds Agustin Rayo, the Kenan Sahin Dean of the MIT School of Humanities, Arts, and Social Sciences. “This seminal gift by Gail and Daniel Rubinfeld will have a lasting impact on the success of MIT economics for decades to come. We are deeply grateful for their generous investment in the department.”

Autor has received numerous awards for both his scholarship — the National Science Foundation CAREER Award, an Alfred P. Sloan Foundation Fellowship, the Sherwin Rosen Prize for outstanding contributions to the field of Labor Economics, the Andrew Carnegie Fellowship in 2019, the Society for Progress Medal in 2021— and for his teaching, including the MIT MacVicar Faculty Fellowship. 

In 2020, Autor received the Heinz 25th Anniversary Special Recognition Award from the Heinz Family Foundation for his work “transforming our understanding of how globalization and technological change are impacting jobs and earning prospects for American workers.” 

In 2023, Autor was recognized as one of two NOMIS Distinguished Scientists.

Autor earned a BA in psychology from Tufts University in 1989 and a PhD in public policy from Harvard University’s Kennedy School of Government in 1999.

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What Can I Do with a PhD in Economics?

If a graduate degree in economics is on your mind, you may wonder why someone would pursue a doctorate degree in the field. After all, many master's degrees in economics are designed to prepare students like you for myriad economics careers. But while a master's degree will help you stand out against competitors in the job. market, a PhD can open even more doors.   

Earning a PhD in Economics means you have completed the highest level of education in the discipline, thereby creating nearly unlimited opportunities for any job in a related field. 

What does an Economics PhD do?

Economics PhDs specialize in areas like labor economics, macroeconomics,  industrial organization, or international economics and pursue careers within that specialization. For example, institutions like the World Trade Organization (WTO) — the international trade body —  the International Monetary Fund (IMF) or the World Bank might seek to hire economists who have specialized in international economics.

The Federal Reserve Bank system hires lots of PhD macroeconomists. Government agencies like the Federal Trade Commission hire PhD economists specializing in industrial organization. The Census Bureau hires lots of PhD economists specializing in fields like labor economics.

These complex, high-profile positions are often found in the corporate sector or government and frequently involve exploring regulatory, strategic or public policies.

In addition to jobs in government and industry, academic economists play leading roles in the development of new ideas in economics and hold faculty positions in a variety of academic settings.

Industry Profile for Economists 

The need for candidates with extensive economic knowledge and an upper-level understanding of quantitative analysis continues to grow as the government and private corporations seek to understand international competition, predict consumer behaviors and apply analysis to a rapidly changing global environment. 

Industries With the Highest Levels of Employment in Economics

Nearly every entity relies on economists in some way to help research and advise, optimize results, interpret data and recommend solutions. Some of the top industries that employ economists include:

• Federal and state governments
• Management, scientific and technical consulting services
• Scientific research and development firms
• Finance and insurance companies 

How to Get a Doctorate in Economics: The Econ PhD Program at SMU

The PhD program in Economics at SMU is the oldest PhD program at the university and has been providing students with rigorous training in a broad range of fundamental methodologies for conducting economic research for more than 55 years. 

With a low student-to-faculty ratio in a relatively small program, the Economics PhD program at SMU allows for an open and friendly environment, careful supervision, quality contact time with faculty and individualized mentoring that can’t be matched elsewhere. 

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• A PhD prepares you to do independent research at the frontier of what economists know. In fact, a key requirement for earning a PhD is that your dissertation provides new knowledge that moves out the frontier of the profession.
• A PhD is required if you want to do research and teaching at a university. For many top jobs in government, at consulting firms, or large companies, a PhD is required.
• PhD vs MA? Top PhD programs are typically free because they offer their incoming class TA-ships (sometimes RA-ships) and a small stipend for 4-6 years.  (Note:  MA programs typically do not provide financial support).
• There is no specific timeline for earning a PhD. You will earn a PhD when you complete the coursework, pass the qualifying exams and complete a dissertation.  A PhD typically takes 5-6 years to complete with 80% of programs requiring 50-60 hours of studying per week according to the AEA .   MA programs are typically either a 1 or a 2 year program.
• Here is what the AEA has to say for PhD Economists. We also recommend checking out Cawley's guide to the job market process .
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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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The department of Economics at Harvard University is committed to seeking out and mentoring scholars who wish to pursue a rigorous and rewarding career in economic research. Our graduates are trailblazers in their fields and contribute to a diverse alumni community in both the academic and non-academic sectors. We invite you to learn more about the PhD program in Economics . Have questions about applying? Please thoroughly check the GSAS admission website before emailing us at: [email protected] . 

Harvard does not discriminate on the basis of race, color, sex, sexual orientation, gender identity, religion, age, national origin, political beliefs, veteran status, or disability unrelated to job or course of study requirements, and we actively  seek applicants  from historically underrepresented communities. We hope you’ll consider applying. Immigration status does not factor into decisions about admissions and financial aid. For more information, see  Undocumented at Harvard . 

Apply to Economics @Harvard

Application Requirements

• Completed online application form (Must be completed by December 1st)
• Statement of Purpose
• Transcripts for all college/university degrees and courses Self-reported transcripts are accepted for both all programs at the application stage. Applicants must upload copies of his/her transcripts to the online application system. Hard copy transcripts will only be required if admitted to a program, prior to enrollment.
• Current GRE scores
• TOEFL or IELTS scores (non-native English speakers see details below)
• Three letters of recommendation (at least one from an academic source). Recommendation letters must be submitted online through the online application system. 
• Application fee 
• Writing sample (at least 15 pages in length)

All applicants are required to take the  General Test of the Graduate Record Examination  (GRE). Test scores are valid for five years (scores must be from no earlier than January 5, 2019 for Fall 2024 admission). Applicants are, however, advised to take the exam no later than mid-November. There is no minimum test score requirement. A department code is not required for score submission. Institution Codes for PhD Programs GRE: 3451

Financial Aid

All admitted students are awarded a financial package which includes tuition, single-person health insurance, living stipend for the first two years, teaching and research assistant stipends and a completion fellowship in the final year of the program.

International Applications

Adequate command of spoken and written English is required for admission. Applicants whose native language is other than English and who do not hold a Bachelor's degree or its equivalent from an institution at which English is the language of instruction must submit  TOEFL  or IELTS scores.

TOEFL/IELTS scores are valid for two years. (scores must be from no earlier than January 5, 2022 for Fall 2024 admission). The committee prefers scores of at least 100 on the internet-based test.  Institution Codes for Toefl score reports PhD programs: 3451

Reapplicants

Applicants who applied last year are considered reapplicants. Those reapplying must submit a completely new application. The new application must include all required documents to be provided by the applicant - we will not re-use material previously submitted. These materials include an updated statement of purpose, transcripts, test score reports, updated letters of recommendation, the application fee, and any other supporting materials

Please note, Harvard University will accept no more than three applications from any one individual over the course of his/her lifetime.

Applying to more than one Program

Harvard has several PhD programs that may also be of interest to students considering applying to the PhD program in economics. These include Business Economics, Political Economy and Government, Public Policy, and Health Policy.  Many students in these programs have considerable overlap in their coursework with courses offered to PhD students in economics.   Many also have dissertation committees that include faculty members of the economics department. Please refer to the Graduate School of Arts and Sciences for applicable program deadlines.  (Deadlines have already passed for some programs this year but not for others.) We encourage those with interest in any of those programs to also apply to those programs. The economics department will make admissions decisions independently, so application to or admission to other programs will not adversely affect admissions decisions within the Economics department. If you opt to apply, please note, the Graduate School will not accept more than three applications from any individual during the course of his or her academic career. 

Economics Mentoring Program

Many students interested in an economics PhD experience disparate degrees of support in the application process. The Economics Mentoring Program (EMP, formerly known as AAMP) aims to mitigate these gaps by helping students from underrepresented groups connect with graduate student mentors in the economics PhD programs at Duke, Harvard, MIT, and Stanford. These mentors can provide:

• Advice on graduate school and fellowship applications, including questions about the application process and feedback on application materials.
• Information about economics research, life as a PhD student or in an academic career, for students who are deciding whether a PhD in economics is the right choice for them.

The EMP aims to increase the pipeline of diverse talent in economics PhD programs and welcomes participation from all groups underrepresented in economics, including but not limited to: Black, Hispanic-Latin, Native American, low-income, and LGBTQ+ students, women, students with disabilities, and students who are the first in their families to go to college. The EMP welcomes participation among students at various stages of their economics studies, including undergraduates and college graduates. The EMP is open to students who are curious about the academic economics experience and interested in figuring out if it’s right for them.

Interested participants should fill out the application linked below. We will accept applications until July 22, 2024. Mentorship will begin over the summer and continue through Fall 2024. Mentees who prefer to meet for a single “coffee chat” may indicate their preference on the form. We will do our best to match all interested applicants with a mentor; however, demand may exceed the availability of mentors.

Please note that the EMP is a volunteer-based, student-run program. This program is not considered part of the admissions process for the economics PhD at Duke, Harvard, MIT, or Stanford nor will any student's participation in the EMP be considered by the graduate admissions committee at any school.

Please direct any questions to [email protected] . To join the program, please click the link below to fill out the form. For more information, please visit our website here

Website link: www.economicsmentoringprogram.com

EMP Application Form Link: https://forms.gle/tWvNRXRJQWEHhFn16

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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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Ph.D Economics vs Ph.D Finance

By quantmeup June 5, 2007 in PhD in Economics

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I am recent economics graduate from Boston University. I would like to ask if somebody can comment on which is degree is "better" in terms of more diverse career prospects and a higher earnings.

I am preparing for my GRE and taking CFA level 1 exam in December. My goal is to work in quantitative side of Wall Street. I have no aspiration to become a professor and would like to go into private industry upon graduation.

I know that many places have phd economics with concentration in econometrics or financial economics, etcs - which can get quite "quantitative".

However, I one's goal is to end up on Wall Street, do you think phd finance is the better route?

i am really conflicted and would appreciate any comments. Thanks.

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Actually, most fields in economics are fairly quantitative (or at least mathematical) but not all of them are the best for getting into quantitative finance jobs.

If you're worried primarily about the job prospects, then take a look at the placement records of the departments of finance and economics at the universities that interest you. It does seem like economics PhD students occasionally get jobs at the major hedge funds and investment banks, but I have no idea whether it's easier to harder to get there with a Finance Ph.D. I think it might still depend on specific faculty members. Sometimes Economics departments have kick-*** finance faculty, but those departments usually are among the top 25 or so economics departments. However, at the lower ranked universities, with a few exceptions like USC, I bet it's usually safer to just go for a Finance Ph.D. if you are 100% sure that you want an industry job, because as an economics Ph.D. student at those universities, you would have to work with finance department faculty anyways (and, I bet, it's not possible or easy at least at some universities).

What field in economics would be the best to prepare for a career in the finance industry?

Applied Econometrics would probably be one of them. What else?

What field in economics would be the best to prepare for a career in the finance industry? Applied Econometrics would probably be one of them. What else?

Asset pricing, time series econometrics, international finance, monetary economics.

falco123456

I'm not an expert, but look into the following programs:

Financial economics with a major in econometrics

Mathematical finance

If you just want to work in industry, a masters in mathematical finance might be best. If your sure you want a PhD, Carnegie Mellon has a mathematical finance PhD program in the math department. My guess, if you want to work in quantitative finance, get a degree in mathematical finance.

shootermcgavin7

I think PhD finance will be the best thing for you... its a bit more easier to get in there,

I wasn't aware of this

quantwanabe

From what I've heard, PHD in finance is not easier at all to get in. In fact, it is much more difficult.

you are absolutely right dhtuan, anyone who thinks it is easier to get into a Phd in finance is really in for a big surprise. In economics, a prospective candidate mostly compete with econ and math majors; however, in finance you have physics, engineering, math, econ, and business majors competing for a few spots. It is hard to say that a Phd econ is harder to get into. In my opinion, both Finance and Econ Phds are equally hard to get into.

Thank you all for your replies. The premise of my question derived from a though I ha about doing a MS in Financial Engineering (check Global Derivatives). This site also lists some doctorate programs.

I currently hold just a BS in Econ. but am working toward my CFA. I know that academia is very rewarding, but my ambition is to make a lot of money, work at a hedge fund/private equity. I know some will say "why not get an MBA". But I know that I will not get into a top MBA school. Plus I like details and rigor which most B-schools do not provide.

Hence it seems like it'll be Ph.D Finance for me or perhaps CUNY's Econometrics program.

Thank you all.

Thank you all for your replies. The premise of my question derived from a though I ha about doing a MS in Financial Engineering (check Global Derivatives). This site also lists some doctorate programs.   I currently hold just a BS in Econ. but am working toward my CFA. I know that academia is very rewarding, but my ambition is to make a lot of money, work at a hedge fund/private equity. I know some will say "why not get an MBA". But I know that I will not get into a top MBA school. Plus I like details and rigor which most B-schools do not provide.   Hence it seems like it'll be Ph.D Finance for me or perhaps CUNY's Econometrics program.   Thank you all.

Take a look at Princeton Master of Finance program: http://www.princeton.edu/~bcf/master.htm

I guess a PhD Finance would be just fine if you wanted to make money, but don't you think 5 years is too long?

If you can pass the CFA, trust me you will make money!!!!The CFA is guetting harder and harder thanks to a 200% increase in enrollment from India alone. You are probably aware that they do no set the passing grade untill all applicants complete the exam. Good luck on your CFA, study hard and you will be fine

futurefinancier

This is one more of those myths. I believe that the honest answer is: we do not know whether it is harder or not and, I have never heard of a serious attempt to make the comparison. So since we don't know you shouldn't base your decision on this.

If you are 100% sure you want to go into finance, then go for the finance PhD. Entering for an Econ PhD implies you will spend some time studying material you are not really interested in, so skip it and go directly to finance. If you are not sure, an Econ PhD offers a lot of flexibility and if you consider econ departments with good finance departments you can always benefit from faculty in that department. That is, departments like UPenn, NYU, Chicago, Harvard, are very good in econ and very good in finance as well. There are others in the econ top 25 too.

What about LSE? Does anyone know if its department of Accounting and Finance has a PhD as good as its Economics Department?

I ask that because I'll probably have funding for Economics PhD conditional to returning for my country after finishing the PhD while funding for Financial PhD is unconditional.

My main areas of interest are: Macroeconomics, Internacional Finance and Corporate Finance

Entering for an Econ PhD implies you will spend some time studying material you are not really interested in, so skip it and go directly to finance.

I agree somewhat, but the first year core at many schools is nearly identical between Econ & Finance.

Once you start getting into seminars/research tend to be when the two diverge.

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Chris Blattman

Faqs on phd applications.

• March 25, 2022

I’m asked about PhD admissions a lot. I’m going to give some advice and demystify the process of US admissions a bit. I also address the question “Would you be my advisor if I apply?” Since I can’t respond in detail to most emails, I hope this post answers your questions.

I won’t demystify the process entirely, because uniform applications are unhelpful to us reviewers. But I do want to make the application process easier to understand, both to make it easier for people like me to decipher your application, and also to level the playing field. Undergraduates at the top research institutions have the advantage of advisors who already give them this advice. I didn’t benefit from that advice as a young applicant, however, and I’d like to democratize admissions as much as possible.

You would be wise to get several opinions. In my case, my experience comes from my current role in Chicago Harris PhD admissions , two years on the admissions committee in Yale political science, two in Columbia political science, and one in Columbia sustainable development (which is essentially an applied economics PhD in science, environment and health topics). I also write letters for my research assistants and students every year.

Go here to read about the Harris Public Policy PhD, and here for information on the joint Political Economy PhD with political science. You’ll see why we think it is one of the best places to study political economy of development. Other specialities include applied microeconomics, formal political theory, and energy. It’s also one of the only places to get rigorous retraining in both political science and economics. And remember that most (though not all) public policy PhD programs are like applied economics programs. You will need many of the same requirements for admission.

If you are applying to economics or public policy, you absolutely must heed the following:

• Greg Mankiw’s advice for  aspiring economists  and  why you need math
• Susan Athey’s  advice to economics applicants

Nearly all of Athey and Mankiw’s advice applies equally well to aspiring political scientists who want to do political economy or development work, and indeed almost any of the applied empirical fields in politics.

For advice on political science PhD applications, also see  Dan Drezner  and  Dan Nexon , who focus a little on international relations scholars. My thoughts are are on economics and political science together, with the most relevance for those doing applied empirical work and my fields: development, comparative politics, political economy, and labor.

Should you do a PhD?

A first important, simple point: If your goal is to be a professional researcher and instructor, then a PhD makes perfect sense. If your goal is to occupy a highly technical policy position (such as a central banker, or a minister of finance), then a PhD may help. If these are not your goals, then it’s doubtful a PhD is a good idea.

I meet a lot of students who want a prominent career in policy, and see the PhD as a powerful accreditation. Especially students from middle and low income countries. That may be true in your country, but I’m skeptical.

Why? Opportunity cost. A PhD is five to seven years, and a Master’s is two. A PhD means you are sacrificing several years of valuable work experience and as much as several hundred thousand dollars in income. Also, you’ll be acquiring skills that are far too specialized for a policy career.

Also, PhD programs (like most organizations) don’t just teach you; they socialize you. They gradually change what you think is interesting and important, the peer group you compare yourself to, the value you place on leisure and family over career, and the kind of life you will value when you emerge. This is good for science, maybe or maybe not so good for you.

In sum, if your goal is to be influential in policy and practice, then an MA or MPA or MIA from a US or UK/European institution probably makes far more sense for you (e.g. Harris, Tufts, SIPA, Princeton, SAIS, HKS, etc). Or consider the MACRM program here at UChicago’s Harris Public Policy if you want intense and applied research training and the option of a PhD at the end. I talk about choosing among Masters-level programs  here .

Where should I go?

If you are set on a PhD, then you’ll want to attend an institution with full funding (which often comes in exchange for a reasonable research and teaching load). If a PhD is going to land you with tens of thousands in debt, it’s a highly questionable decision.

Your first objective is to get the best quality general research training you can. So don’t choose on your preferred city. And certainly don’t select schools based on a particular professor or speciality. Look for places with breadth and excellence across subfields. Apply to as many as you can afford. Then, only once you’re admitted, start to narrow down your choices based on fit and overall quality. Visit everywhere you are admitted, to be confident it’s the right place for you.

The other reason to apply to many places is that the admissions process is not only ridiculously competitive but also extremely idiosyncratic. Getting from the 100 attractive candidates down to the 30 to 50 you admit is borderline random. So even strong candidates with a good fit with a program might not get in.

That said, schools are much more likely to admit you if you demonstrate a good match with their faculty–something you need to help them see by researching the faculty and reading their work, and describing how you would fit in. Then explain in the letter the people you see as the best fit (see below). This is more important in politics than in economics. In my experience, in politics programs they tend to take your cover letter very seriously. In economics less so.

In the end, it is a numbers game. Applying to more programs might not change your expected probability of admission very much, but it will reduce the variance.

Ideally, however, you will want entry into the top ten schools in your field because it keeps the most doors open, especially if you want an academic job. It’s not necessarily fair, but it seems to be the way the market works. Especially in economics, which seems to me to be the most hierarchical field in social science. The good news, however, is that across most social sciences you can fabulous PhD training in the top 30-50 schools.

As far as I can tell, however, PhDs outside the top 50 schools are unlikely to lead to careers in research universities. This varies by discipline, but in the US the top 10 to 20 schools tend to staff the top 100 to 200 US universities. For those who graduate from lower-ranked programs, many opportunities remain open at teaching universities, think tanks, international institutions, government and the like. There are a lot of fulfilling research careers, and I am willing to bet that rates of job satisfaction are pretty high.

I would love to see (and will post) numbers on this if anyone has it for political science or economics.

Greg Mankiw also has advice on  choosing a grad program .

Should you do a PhD in economics, political science, or public policy?

As a MPA student, Dani Rodrik advised me: “Look at the people you admire and want to be like, and do what they did.” This is good advice, though it biases you to the areas you know not the areas you don’t. Most of the political economy scholars I admired at the time trained as economists, so I took the economics route. But I didn’t know the most interesting political science work because I had been trained in economics. So at least be aware of this circular trap.

Noah Smith  recommends an economics PhD  if you’re not sure what PhD you should do. He’s even a little more emphatic than that: “Economics is the best PhD you can possibly get.”

This is a little suspicious coming from an economist. It helps to remember that most people like to make their students in their own image (I am no exception).

I think Noah’s advice makes sense if you like economics a lot, if you want to do highly mathematical research, and if you want to be assured of a job. That is why I did an economics PhD.

But if you are motivated by other questions, prefer other methods, or if your strengths are somewhere other than math, I don’t see how your path to fulfillment lies through economics.

If for example you are deeply motivated by questions about politics, you will generally learn a lot more about politics in a political science department. Economics is almost unmatched at a very narrow slice of political economy. That’s what you’d expect as a result of specialization. But you will get fairly narrow political training. It worked for me, but you have to decide based on what and who interests you.

If your interests are political economy (like a great many readers of this blog) you will be well served by both economics and political science. But your choice will be path dependent. An economics PhD will most likely result in an economics job, for example. As I have written elsewhere , it is extremely difficult to get a job in another discipline, like political science.

What about policy school PhDs, such as Harris? These are a great fit for people interested in very applied work. To be honest, it will add a slight hurdle to the already hurdle-strewn process of getting a job in a conventional department such as economics or political science. Successful Harris graduates sometimes receive assistant professorships in economics and political science departments, but more often than not their career paths lie in professional schools of policy, health, education and the like.

We’ve also created a new political economy PhD program at UChicago, joint between Harris and the political science department. This is designed for students who want supercharged technical skills, and I suspect we will mainly place people in political science departments, as well as professional schools and some economics departments. Apply if you are interested in political economy issues and want the best training in formal modeling, econometrics, and microeconomic theory out of any political science department in the US.

Finally, there is the Sustainable Development PhD at Columbia, where I used to teach. This is basically an economics PhD where people study applied sciences, health, environment, etc. The biggest mistake I see applicants make is mistaking this for a non-quantitative program. This is a hard-headed ultra-quantitative program for people who want to be on the frontier of both economics and science at the same time, and requires all the math requirements of economics to be considered (see below).

Okay, so what does it take to get into a top school?

In my view, the fundamental problems in graduate admissions are “information overload” and “noise”. For every slot in a PhD program, there are probably 30 to 50 applicants. A department that plans to have a class of 20 students may receive 1000 applications.

Meanwhile, most departments delegate admissions to a small committee of two to six faculty. They don’t have time to read 1000 applications in detail. And the committee may change every year. Thus, their experience may be limited. And you never know who will be on the committee or what they care about. This adds further randomness.

These faculty want to admit the most talented and creative young researchers who will push the field ahead. And they also want you to pass all the most technical classes, because they hate kicking students out. So the admissions committee are looking for strong signals of intelligence, creativity, determination, and other proclivities for research.

But this is hard . There are too many applications. Applicants don’t have many good ways to signal quality. All applicants are trying to send the same signals. And there is a ton of uncertainty around each signal. Hence: Information overload and noise.

Your job as an applicant is to send the best, clearest signal possible, and minimize the noise around that signal.

Here are the components of an application, and advice on sending the best and clearest signals.

• This is especially true in economics, where some programs cull anyone with quantitative scores outside the very top percentiles. (They could care less about your written or other test scores.)
• Political science programs are more heterogenous in their cutoffs and what scores they look at (if any). But having a score above the 95th percentile is a good signal if you can manage it.
• Economics applicants will want to have A’s in as many mathematics classes as possible.
• Night courses or an MA or MPA are common ways to make up for a patchy undergrad degree. That’s what I did. See below for more information.
• Note, though, many and perhaps most people we admit do not have an MA. The American PhD is designed for smart people to come with only undergraduate training. But if you are coming from a foreign country, you probably ned an MA. See below.
• Letter writers take these letters very  seriously. Professors typically specify in their letter how and how long we have known you and often give a sense of ranking relative to previous students we have recommended.
• Non-academic letters are discounted, since they can seldom speak to your ability to do what a PhD expects of you: produce great research. So a great letter from your boss at a consulting firm, NGO, or government office probably will not help your application.
• This means that during or after your undergrad or MA you build relationships with two and ideally three faculty.
• So: Have you developed close relationships yet with professors in the field where you want a PhD? Start now. Work as an RA, take small classes, and remember that it’s better to get a great letter from someone less known than an okay letter from a well-known scholar.
• I’ve written more detailed advice on recommendation letters here .
• For most: quantitative methods. Economists in particular probably need 2-3 semesters of calculus and statistics each, plus real analysis and linear algebra. Other courses (e.g. differential equations) help. Aspiring political scientists (except the theory/philosophy focused and some ethnographers) would be wise to do the same in calculus and statistics. Nine out of ten job market papers I see use quantitative theory or statistics to some extent, often inadequately. The bar is rising rapidly and those with basic math foundations have advantages. This includes the ethnographers, who often want to do multi-method work, integrating insights from game theory or run regressions. If so, 4-8 classes of methods preparation in undergrad is the minimum to be literate in half the work in your field.
• I can’t speak for all schools, but each year I’ve served on admissions, most of the faculty on the committee discriminate against students that come straight from undergrad, at least in applied fields.
• Also see Mankiw on  working before grad school .
• A compelling personal/research statement. Most people do this wrong. Basically, you should be able to articulate a concrete research question and how you would propose to answer it. See my advice on writing a good statement .
• Outside funding.  This won’t make a difference at all schools, but at many it can help. US students should apply for an NSF and foreign students may have a similar institution in their country. See my  grant application advice .

Lest you are beginning to despair: Very few applicants have all of these things. Most applicants are weak in one or two or three areas. So don’t stress out too much. Even so stress out enough that you do now what you can to improve your chances with the time you have.

A big piece of advice: Try to work on research projects with professors, because the best way to decide whether you want to do something is to try it out before it’s too late. Become an RA in your department, or start looking for RA jobs with professors in top departments in areas of your interest. This will also help with letters and your statement.

If you think you don’t have what you need, but want a short, applied program designed to launch you into a top PhD program, consider the MACRM degree here at the Harris school. You will get PhD training in microeconomics, political economy, game theory, and stats/econometrics. You apprentice with a faculty member and get a string letter. I personally take and train 1-2 students a year.

How many programs should I apply to?

The short answer is “many”. I think 10–15 is commonplace in political science and economics. This is partly because admissions is so idiosyncratic. You don’t know your fit. We don’t either. There’s lots of noise. Most people who apply to 10-15 schools may only get into 2 programs. That’s what happened to me.

This is time consuming. More importantly for some of you, it’s expensive, because schools charge fees. Schools do so partly because otherwise we get WAY more applications than we can handle (and so that the students who are admitted don’t bear the burden of paying for admissions staff through their tuition).

Here’s the secret: if this cost is a real constraint for you, ask the school if they will waive the fee. Explain your personal circumstances in a short and professional email. Attach a CV.. Many schools will co sider your request seriously.

Thanks for the general advice, but what about you and Chicago?

If you want to know what it’s like to work with me,  read this .

Most of the students I work with are interested in topics related to something under the umbrella of the political economy of development (micro- and macro-level), conflict and terrorism, political behavior (like voting or rioting or collective action), or causal inference. If your topic falls here, then I’d be a natural advisor for you, and I welcome new students. I commonly work with economics, politics and Harris School PhD students.

Do I need to have faculty advisers picked out in advance?

Yes and no. Mostly no.

“Yes” because your personal statement should demonstrate that you are a good fit with the department. In your applications  you should be able to point to two to five faculty who, methodologically or topic-wise, do things that are relevant to you.

• The reason you want to identify multiple faculty is that we know things you do not: who has too many students already, who takes few students because they are solitary or retiring or on long leave, who has job offers elsewhere, etc. So don’t make your application hinge on one faculty member.
• Also, make sure the people you focus on are core faculty in the department, not adjuncts or someone in the law school, since these people seldom advise PhD students.

“No” because you think you know what you want to work on right now, but that will probably change three times. You haven’t learned much about the discipline yet, and it would be odd if two years of coursework and conversations didn’t change your mind.

Also, “no” because it’s rare to have a relationship and any kind of commitment to or from a faculty member in advance. Most of us tend to let the admissions process run its course before getting involved.

As a result, I don’t recommend contacting economics and political science professors in advance.

• This is different than psychology or some of the humanities or sciences where you are expected to have a specific advisor and relationship in advance.
• The reason is that we may get 1000 applications and a small committee may make 60 offers for 20 spots. It would be almost impossible to meet and screen people personally, and the majority of faculty in the department may not be closely involved in the admission process that year.
• Even so, we faculty can get bombarded by emails from prospective students in the months before applications are due. Different professors deal with this in different ways, and I am guessing a majority don’t respond at all. I try to respond but only to explain that I engage in depth with students mainly after the committee has made offers.

Special considerations for international students

The bad news: In my experience, it’s difficult to get into a top US PhD program without an American master’s degree. There are many exceptions. Several countries, especially in Europe and Latin America, have a premiere school that funnels students to top US PhD programs every year. Thus, American schools know what they are getting. Otherwise, it’s hard for an admissions committee to judge your record. This happened to me. I come from Canada, but from a school that few Americans know (Waterloo). Even though it’s not that foreign, Canada is foreign enough to create some hurdles in an already hurdle-strewn field.

A lot of foreign recommendation letters, especially those outside Europe, say very little about how they know you, how long, where their institution ranks in the country in research, what they think of your relative quality, whether they’ve sent grad students to the US before and where, etc. This tends to be helpful information and if you can find a diplomatic way to see if your professors are aware of the US norms, the better for you.

It’s also very hard for us to remember and track how every country grades their students. I wish students would make it easier for us. If your registrar or an online site can convert your GPA, do so. At minimum, I’d suggest telling us what it means in your personal statement.

I’m not sure about this, but I’d consider putting that conversion directly into the field online where it asks your GPA. Because many schools get from 1000 applications to the 200-300 they read in depth with a big spreadsheet of GPAs, GREs, school name, and a few other pieces of info. A blank GPA field either raises or lowers the chance they look at your application, and I don’t know which. There’s no simple solution or recommendation here. But this is something I think applicants ought to know about.

Comments and other perspectives welcome. I am also happy to entertain other questions. First see my advice on the right sidebar about success and fulfillment in a PhD, including (for the idealists like me)  how to still save the world .

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Economics PhDs

By Roman Duda · Published June 2015

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Economics PhDs  

On this page:.

• 1 Research process
• 2 What is this career path?
• 3 Entry requirements
• 4.1 Doing high impact research
• 4.2 Advocacy potential
• 4.3 Other benefits
• 5 What are the downsides of doing an economics PhD?
• 6 Who should consider doing an economics PhD?
• 7 Next steps
• 8 Learn more
• 9 Get free, one-on-one career advice

An economics PhD is one of the most attractive graduate programs: if you get through, you have a high chance of landing an impactful research job in academia or policy. In particular, academic economics is one of the best ways of conducting and promoting global priorities research, one of our priority paths . You have back-up options in the corporate sector since the skills you learn are in-demand (unlike many PhD programs). You should especially consider an economics PhD if you want to go into research roles, are good at math (i.e. quant GRE score above 165) and have a proven interest in economics research.

• • Decent chance of entering economics academia, which has potential for highly valuable research (such as contributing to global priorities research) and the option of working on topics in related social sciences.
• • In demand by think-tanks, government departments and international organisations (e.g. IMF, World Bank).
• • Gain a broad set of tools for understanding how the social world works and evaluating causes and interventions.
• • High degree of autonomy when writing your dissertation.
• • Backup options in the corporate sector.
• • Takes a long time (5-7 years), with low pay.
• • Doing highly open-ended research provides little feedback which can be unmotivating.

Key facts on fit  

You can test your ability and interest by taking classes in economics, math and statistics either at your university or online. You don’t need an economics undergraduate degree to enter but proven math ability is required, so make sure you study quantitative subjects. See this guide to getting into an economics PhD program.

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We’ve helped hundreds of people compare between their options and introduced them to people who can help them with their career. If you’re interested in using an economics PhD to work on issues like global priorities research or artificial intelligence policy , apply for our free coaching service :

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If you are well suited to this career, it may be the best way for you to have a social impact.

Review status

Based on a shallow investigation 

Table of Contents

Research process

For this profile, we interviewed economist Robin Hanson and read the following sources. See all our research in our wiki .

What is this career path?

In this profile we focus on doing an Economics PhD in the US, which usually takes 5-7 years. 1 In the first two years you take classes and the remaining time is spent on writing a dissertation. You usually have to teach during your PhD. More detail on what you do in each phase is here . At the end, you usually apply for jobs through the centrally organised Job Openings for Economists , which is run by the American Economic Association, or you can apply for jobs independently.

Entry requirements

An economics major isn’t required but you need proven math ability and it helps to have taken mathematical economics classes.

You also need:

• A high score on the quantitative reasoning section of the GRE – 165 (90th percentile for all individuals taking the GRE) or higher for most programs. If your score is less than 160, your chances are very low. 2
• A high GPA (3.5+), especially in economics and mathematics. 3
• Excellent letters of recommendation from academics; ideally, those that are well-known.

Can you enter from a non-quantitative background? It’s possible, but difficult. You’ll need to spend one to three years retraining. See some advice on how to meet the entry requirements if you have a non-quantitative undergraduate degree .

Why should you do an economics PhD?

Doing high impact research.

Research in economics academia is a potentially very high impact option because you can work on priority cause areas, like global priorities research or AI policy . For example, to contribute to global priorities research you might work on the economics of existential risk and long-term trajectory change, while the macroeconomics, political economy and industrial organisation of AI will be important for developing informed AI policy.

Doing such research is a realistic option because Economics professors get a lot freedom to do research across a wide range of topics and disciplines. That also gives you great option value for future research. 4 You often even get a high degree of autonomy with your dissertation and aren’t forced to specialise narrowly in your advisor’s research interests, giving you freedom to pursue research topics that you most want to work on during your PhD itself (though we’ve heard that sometimes there is pressure to choose topics with higher publication and job market value).

If you do an economics PhD, you have a decent chance of getting a job as an academic: Data indicates that more than half of economics PhD’s get jobs in academia after their PhD. 5

Non-academic research

If you don’t get a job in academia, or if you don’t want to, there are other important sectors that explicitly hire economics PhD’s, including:

• Government (e.g. Federal Reserve, Treasury, Department of Justice)
• Nonprofit research organisations and think-tanks (e.g. RAND , National Bureau of Economic Research)
• International organisations (e.g. World Bank, International Monetary Fund)

The impact you can have in these jobs tends to be more direct and focused on specific issues than in academia. Many of these jobs are advertised on the Job Openings for Economists , which means you don’t have to apply for them separately from academic jobs.

Advocacy potential

Having an economics PhD also puts you in a position to build a public platform and become a public intellectual through journalism and writing books.

You can also influence policy through your research, though some claim that most of the time economists just provide arguments for people with pre-existing views. However there could be room for outsized influence if you provide policy recommendations on issues that are orthogonal to popular disputes, 6 and our guess is that in the long-run economists can change conventional wisdom about what is good policy. You might do this by engaging directly with policy or by conducting academic research on the most pressing problems in order to shift the research priorities of the economics community. Examples of organisations working on the latter are the Global Priorities Institute and the Forethought Foundation .

Other benefits

• You gain a broad set of tools for understanding how the social world works, which is helpful for evaluating causes and interventions. This may help you better evaluate your future career options to have more impact. A notable example of this in action is the founding of GiveDirectly (one of GiveWell’s top recommended charities), which was founded by economics PhD students.
• Excellent job prospects: You are nearly guaranteed a job. The unemployment rate for economics PhD’s is very low (0.8% in 2013) and data indicates that it has the lowest unemployment rate of all science and engineering PhD’s. 7 You also get the benefit of the centrally organised Job Openings for Economists , which allows you to apply to many different jobs in a short period of time and interview for them at the same time, in the same place.
• Academic salaries for economics PhD’s tend to be higher than other PhD’s. The median pay for those who gained economics PhD’s in 2013 and were in full-time employment at a university was $108,000, which is higher than all other science PhD’s. 8 Moreover, the jobs outside of academia which economics PhD’s get are higher paid than non-academic jobs other PhD’s get. 9

What are the downsides of doing an economics PhD?

• You have a relatively low income whilst doing your PhD and have to work very long hours.
• You spend 5-7 years getting exposure only to academia, making this option less good for exploration value.
• The high degree of autonomy you get means there is little external structure on your time, which can be stressful, and you get very little feedback about how well you are doing which can be demotivating.
• Many PhD economists end up in academic jobs where they spend a large portion of their time teaching, leaving less time for research. 10

Who should consider doing an economics PhD?

Commonly given advice is that you should only do an economics PhD if you:

• Are good at math and enjoy formal models in economics
• Are willing to study 50-80 hours per week (hours are particularly long in the first year)
• Love intellectual pursuits and have a strong drive to do self-directed research. 11

If you meet those conditions, then an economics PhD may be a good option for you if you want to go into economics academia or if you want to do high-level research at think-tanks or international organisations.

To get a sense of what academic research looks like, try reading published papers in major journals, such as the American Economic Review ( here is one paper ). You can then test your ability and interest by taking classes in economics, math and statistics either at your university or online.

If you are interested in global priorities research, read our problem profile on the topic, and the research agenda of the Global Priorities Institute.

There are many guides online to getting into an economics PhD. We recommend that you start by reading this one , and then read a few of the others . If you’re applying from a non-quantitative background, see these tips by one of our users.

• Ideas for research questions in economics
• Noah Smith – If you get a PhD, get an economics PhD
• All our articles on Economics PhD’s
• Publishing and Promotion in Economics: The Tyranny of the Top Five by James J. Heckman and Sidharth Moktan
• Podcast: Dr Eva Vivalt’s research suggests social science findings don’t generalize. So evidence-based development – what is it good for?
• Podcast: David Roodman on incarceration, geomagnetic storms, & becoming a world-class researcher
• Podcast: Rachel Glennerster on how “market shaping” could help solve climate change, pandemics, and other global problems
• Podcast: Prof Yew-Kwang Ng is a visionary economist who anticipated many key ideas in effective altruism decades ago. Here’s his take on ethics and how to create a much happier world.
• Podcast: Mushtaq Khan on using institutional economics to predict effective government reforms
• Podcast: Economist Bryan Caplan on whether lazy parenting is OK, what really helps workers, and betting on beliefs

Notes and references

• See our wiki. ↩
• GRE Guide Table 1a and A Guide for UCSB Undergraduates Considering a PhD in Economics ↩
• “An overall GPA of at least 3.5 is a prerequisite. It is not uncommon to see an almost perfect GPA among top candidates.” Tips on Applying to Top Graduate Programs in Economics ↩
• “What other profession gives you so much freedom to choose your research topics? Many economists now devote their careers to studying topics which an outsider would classify as political science, psychology, or sociology. Some economists even do work that basically amounts to history or philosophy, though they probably need to work on more conventional topics until they get tenure.” Bryan Caplan – Is the Econ Ph.D. a Free Lunch? ↩
• “Among the successful job seekers, 62.8 percent found employment in academic institutions as compared to 61.0 percent in the 2013-14 year.” Center for Business and Economic Research, University of Arkansas. SURVEY OF THE LABOR MARKET FOR NEW PH.D. HIRES IN ECONOMICS 2015-2016 See also National Science Foundation. TABLE 61. Statistical profile of postgraduation plans of doctorate recipients in social sciences fields, by sex and field of study: 2013 ↩
• “Economists rarely influence policy as advisors for people who haven’t made up their minds and want advice. Instead, people who favor a certain position generally seek policy advisors who they will expect will provide arguments favoring their position. So economists, and other policy advisors, often have influence mainly by providing ammunition for advocates of the views they support. There is more room for influence if you provide policy recommendations that are orthogonal to popular disputes.” The value of economics PhDs: A conversation with Robin Hanson ↩
• National Science Foundation. Table 4-1. Unemployment rate among doctoral scientists and engineers, by field of doctorate: 2013 ↩
• National Science Foundation. Table 54. Median annual salaries of full-time employed doctoral scientists and engineers, by field of doctorate and sector of employment: 2013 ↩
• In 2013 Economics PhD’s had the highest median starting salaries of all science doctorates in government ($137,000), nonprofits ($135,000), and for-profit private companies ($148,000). National Science Foundation. Table 54. Median annual salaries of full-time employed doctoral scientists and engineers, by field of doctorate and sector of employment: 2013 ↩
• “…many econ PhDs teach college level courses while conducting very little research.” A Guide for UCSB Undergraduates Considering a PhD in Economics ↩
• A Guide for UCSB Undergraduates Considering a PhD in Economics ↩

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Best Online Doctorates in Economics: Top PhD Programs, Career Paths, and Salary

The best online PhD in Economics offers a broad, comprehensive knowledge of how economics affects the global landscape. An online program at the doctoral level in economics provides graduates with the advanced analytical and critical thinking skills they need to build successful careers in banking, government, politics, healthcare, insurance, and non-profit sectors.

If you are looking to get an online PhD in Economics, then this article is for you. This guide contains a list of the best schools you can earn your economics PhD online, their admission requirements and tuition, as well as the economics jobs you’ll qualify for after graduating from business school.

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Can you get a phd in economics online.

Yes, you can get a PhD in Economics online. Online degree programs offer students the opportunity to earn an economics doctoral degree without the inconvenience of taking physical classes on the university campus. Online graduate programs are a great choice for students who are restricted by geographical location or who prefer to take online classes.

Is an Online PhD Respected?

Yes, an online PhD is respected. They have the same coursework, curriculum, and degree requirements as in-person degrees. A survey by the Society for Human Resources Management on hiring practices and attitudes reported that 55 percent of organizations would not give preference to a candidate with an in-person degree over one with an online degree if both had the same job experience.

That being said, students need to ensure that they get their online degrees from an accredited online school . Accreditation demonstrates that a school meets the minimum acceptable academic standards set by an external accreditation body to be able to offer academic degrees. Checking a school’s accreditation status before beginning the application process is recommended.

What Is the Best Online PhD Program in Economics?

The best online PhD program in economics is the PhD in Public Policy – Economic Policy offered by Liberty University. Out of all the online doctoral degree programs on our list, Liberty University’s PhD in Public Policy – Economic Policy’s high-quality curriculum and faculty stand out among the others.

Why Liberty University Has the Best Online PhD Program in Economics

Liberty University has the best online economics PhD program because of its well-rounded curriculum, giving students a comprehensive understanding of national and global public and economic policies. Students take classes taught by industry leaders and experienced policymakers and take high-level courses in public and economic theory and policy, policy analysis, and research design.

Best Online Master’s Degrees

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Online PhD in Economics Admission Requirements

The typical admission requirements for an online PhD in Economics are a Master’s Degree in Economics or in a related field from an accredited institution with a minimum cumulative GPA of 3.0 on a 4.0 scale. Other common requirements include recommendation letters, an interview, your resume, a statement of purpose or personal statement, and professional work experience.

While the specific requirements will differ from one school to the next, prospective students are always required to submit their unofficial or official transcripts of all of their undergraduate and graduate coursework. Although some schools have waived this due to the pandemic, many require students to submit GMAT or GRE test scores as part of the application process.

• A Master’s Degree in Economics or in a related field from an accredited institution
• A minimum cumulative GPA of 3.0 on a 4.0 scale
• Three letters of recommendation
• A copy of your resume
• A statement of purpose or personal statement
• Professional work experience
• Your GMAT or GRE test scores
• An online interview

Best Online PhDs in Economics: Top Degree Program Details

Best Online PhDs in Economics: Top University Programs to Get a PhD in Economics Online

The top university programs to get a PhD in Economics online are able to let students benefit from experiencing diverse cultures and learning from a high-quality curriculum with many research opportunities without having to relocate. It is a great option for students who want to balance school with work, family, or other personal commitments. Here are the best online PhDs in Economics.

California Baptist University was founded in 1950 and is located in the city of Riverside in Southern California. This private, Christian university offers a wide variety of bachelor’s, master’s, doctoral and associate degrees , as well as certificate programs in an in-person and online format.

Doctor of Business Administration

The online Doctor of Business Administration at California Baptist University is a 56-credit-hour doctorate program that equips students with the specialized skills and insights needed to achieve their career goals. Students will gain the tools and theoretical foundation to carry out research and develop actionable plans with the goal of solving complex business problems.

Doctor of Business Administration Overview

• Accreditation: Western Association of Schools and Colleges Senior College and University Commission
• Program Length: 3 years
• Acceptance Rate: N/A
• Tuition and Fees: $795/credit 

Doctor of Business Administration Admission Requirements

• A Master’s Degree in Business Administration from an accredited institution
• A copy of your resume with your work experience and education, and your leadership, professional and scholarly activities
• Meeting the professional guidelines set by the Accreditation Council for Business Schools and Programs (ACBSP)
• Your official transcripts

Hampton University , founded in 1861, is a dynamic institution of higher learning offering a wide range of technical, liberal, and arts degree programs at all education levels. Its 97 degree programs can be found in different fields of study, including business, engineering and technology, nursing, pharmacy, science, and liberal arts.

Doctor of Philosophy in Business Administration

This is a 60-credit-hour program for students aspiring to become consultants, researchers, and academicians in leadership roles in the industry. It is a hybrid program with two compulsory four-week summer residencies. Students take core courses in managerial economics, quantitative business analysis, and accounting.

Doctor of Philosophy in Business Administration Overview

• Accreditation: Southern Association of Colleges and Schools Commission on Colleges
• Tuition and Fees: $695/credit 

Doctor of Philosophy in Business Administration Admission Requirements

• A master’s degree from an accredited institution. Prerequisite courses may have to be taken depending on the master’s degree held
• A copy of your resume with at least three years of work experience relevant to the field of study
• A GMAT score of at least 400
• A written Statement of Career Plans or Professional Plans
• Your official transcripts 

Liberty University was founded in 1971 in Lynchburg, Virginia and is a private, Christian college offering world-class education. It has a total enrollment of over 100,000 students across its over 700 programs at all educational levels, including doctoral programs. The majority of its students are enrolled in online courses, making it one of the largest distance learning institutions in the country.

PhD in Public Policy - Economic Policy

This is a 60-credit hour program for students wanting to learn how to better serve the public interest and create actionable solutions to today’s global economic challenges. It provides the specialized knowledge that students need to land leadership job roles in government, consulting, and international organizations.

PhD in Public Policy - Economic Policy Overview

• Accreditation: Southern Association of Colleges and Schools Commission on Colleges 
• Tuition and Fees: $595/credit 

PhD in Public Policy - Economic Policy Admission Requirements

• Complete and submit an online application form
• A master’s degree with a minimum GPA of 3.0 on a 4.0 scale
• Pay a non-refundable $50 application fee
• Submit your official undergraduate and graduate transcripts

Marymount University is a private catholic university founded in 1950. Ranked 38th among the best southern regional universities by US News & World Report, it has over 4,000 students enrolled in its wide range of bachelor’s, master’s, and doctoral degree programs. Marymount combines theory with experiential learning to provide its students with valuable education, leading them to gratifying careers.

Online Doctor of Business Administration in Business Intelligence

Offered by Marymount’s College of Business, Innovation, Leadership, and Technology, this 36-credit program introduces students to real-world business intelligence tools currently used by professionals in leadership positions. Students develop analytical, higher-order thinking, and research skills and work on a doctoral research project that attempts to solve real-world issues.

Online Doctor of Business Administration in Business Intelligence Overview

• Accreditation: Southern Associations of Colleges and Schools Commission on Colleges 
• Tuition and Fees: $1,140/credit 

Online Doctor of Business Administration in Business Intelligence Admission Requirements

• A completed online application
• A master’s degree in a business or IT related field
• Five to 10 years of work experience
• A minimum GPA of 3.5
• A statement of research background and interest
• A writing sample

Founded in 1947 and headquartered in College Park, Maryland, the University of Maryland - Global Campus (UMGC) is the online division of the University System of Maryland. UMGC first began offering online courses in the mid-1990s and is now home to a wide range of bachelor’s, master’s, and doctoral programs obtainable fully online.

PhD in Business Administration

This 48-credit program provides its students with a solid foundation in economic theory and statistical methods. Offering advanced courses in data analytics, management solutions, and research methods, this terminal degree requires the completion of a 12-credit dissertation project.

PhD in Business Administration Overview

• Accreditation: Middle States Commission on Higher Education
• Acceptance Rate: NA
• Tuition and Fees: $1,087/credit 

PhD in Business Administration Admission Requirements

• Completed the Foundation of Doctoral Studies course with a minimum B grade
• Completion of UMGC’s online admission application
• A master’s degree
• Two professional references
• A personal statement
• A writing sample (optional)
• An interview, if requested by the UMGC admission committee

Online Economics PhD Graduation Rates: How Hard Is It to Complete an Online PhD Program in Economics?

It is very hard to complete an online PhD in Economics. This can be attributed to the stress students experience, as well as lack of motivation. Those that want to pursue a PhD must be certain that they are academically and financially prepared.

How Long Does It Take to Get a PhD in Economics Online?

It takes about three years to get a PhD in Economics online. Although, it can take as long as seven or eight years, depending on the school’s curriculum, learning pace, and specialization. Over these three years, students need to complete a certain number of courses, pass written or oral exams, and research and write a dissertation on their chosen research topic.

How Hard Is an Online Doctorate in Economics?

An online Doctorate in Economics is very hard. It is a broad, multidisciplinary degree that involves the study of complex business, sociology, mathematics, and accounting topics. Students in an online Doctoral Degree in Economics take advanced courses that require strong skills in critical thinking and complex mathematical models to succeed.

The overall level of difficulty of an online PhD in Economics depends on a student’s academic foundation and their chosen program’s curriculum. Programs offered at universities with a higher reputation or higher school ranking are usually more difficult. That being said, these programs will usually better prepare you for the real world and impress potential employers.

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Best PhD Programs

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What Courses Are in an Online Economics PhD Program?

An online economics PhD program includes courses such as Economic History, Economics and Public Policy, Policy Analysis and Research Design, Introduction to Economic Policy Studies, and Managerial Economics. These courses will prepare you for a long and lucrative career in the industry and equip you with the skills you need.

Main Areas of Study in an Economics PhD Program

• Economic history
• Economics and public policy
• Policy analysis and research design
• Introduction to economic policy studies
• Managerial economics

How Much Does Getting an Online Economics PhD Cost?

It costs around $19,314 per year to get an online PhD in Economics, according to the National  Center for Education Statistics. However, this is a ballpark estimate. The actual amount you will spend to get an online economics PhD largely depends on whether the school is public or private. On top of tuition costs, you also need to consider fees, study material costs, and other miscellaneous expenses.

How to Pay for an Online PhD Program in Economics

You can pay for an online PhD program in economics through an upfront payment, grants and scholarships, employer tuition reimbursement, government loans, and private loans. Students in the Peace Corps, AmeriCorps, and the US Military can also benefit from tuition reduction. For example, Liberty University offers their doctoral degree for $300 per credit for members of the military, which is an almost 50 percent discount.

How to Get an Online PhD for Free

You can’t get an online PhD for free. All legitimate PhD programs charge tuition, and there are no fully funded online PhDs in Economics. That being said, students needing financial aid can inquire about available scholarships and grants offered by their school. Online PhD students can register for the Free Application for Federal Scholarship Aid.

What Is the Most Affordable Online PhD in Economics Degree Program?

The most affordable online PhD in Economics is the PhD in Public Policy – Economic Policy offered by Liberty University. At $595 per credit, this 60-credit program costs a total of $35,700 in tuition. Compared to the most expensive program on our list, which costs approximately $52,000, you could save up to $16,300.

Most Affordable Online PhD Programs in Economics: In Brief

Why You Should Get an Online PhD in Economics

You should get an online PhD in Economics because it’ll provide you with specialized knowledge of economics and equip you with the in-demand skills you’ll need to work in leadership positions across the fields of politics, history, business administration, and finance. A PhD is the highest level of education you can get and will give you a leg up over other candidates during the hiring process.

Top Reasons for Getting a PhD in Economics

• Increased job opportunities. A PhD in Economics will make you more attractive to employers looking to fill high-level leadership positions in the industry. PhD graduates have more career options than lower-level degree holders.
• Enhanced earning potential. A PhD in Economics can improve your earning potential. The US Bureau of Labor Statistics reports that PhD holders have a median weekly salary of $1,885. This is higher than the salary for master’s and bachelor’s degree graduates.
• Higher employment rate. The skills and knowledge that economics doctoral degree holders have can qualify them for a wider range of positions. In fact, the US Bureau of Labor Statistics also reports that PhD holders have a higher employment rate than all other degree holders.
• Specialized skills. Getting a PhD will provide you with advanced technical skills in your field of study as well as transferable soft skills. Both of these hard and soft skills are things you need to succeed in the highest possible career after graduation.

Best Master’s Degree Programs

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What Is the Difference Between an On-Campus Economics PhD and an Online PhD in Economics?

The difference between an on-campus economics PhD and an online PhD in Economics is each program’s cost, flexibility, interactivity with faculty and fellow students, and availability of funding. While their course content and curricula may be alike, there are a few differences between an online economics PhD and an on-campus PhD in Economics.

Online PhD vs On-Campus PhD: Key Differences

• Cost. Online doctoral programs usually cost less than on-campus degrees. Not only is the tuition itself usually lower for an online program, but you’ll also avoid needing to pay additional fees related to transportation, student accommodation, and labs or study materials.
• Flexibility. Students in on-campus programs have to be physically present at specific times and locations on the school campus to take classes, while online PhD students can take their classes from the comfort of their homes. Many online courses are also asynchronous and can be taken when convenient.
• Interactivity. Students in an on-campus PhD program enjoy physical interaction with faculty and peers, which can help with learning and motivation. On the other hand, online students have to employ virtual platforms to contact faculty at scheduled times.
• Availability of funding. There are more funding opportunities for on-campus students than students in online programs. On-campus students usually have access to fellowships, teaching assistantships, and research assistantships.

How to Get a PhD in Economics Online: A Step-by-Step Guide

To get a PhD in Economics online, you need to gain admission into an accredited university, complete your course credit requirements, pass all examinations, get your dissertation project topic approved, research your dissertation topic, and defend what you wrote during the final stage of the dissertation process. Doctorate programs take a lot of work to complete, but knowing what to expect will help you prepare.

The first step you need to take to get a PhD in Economics online is to look for schools that offer the program and that offer the specific specialization that you want to study. Afterward, you should review each program’s admissions requirement for prospective students. Once you’ve gathered your application materials, you’re ready to apply to your desired doctorate degree programs.

All doctoral students need to complete a certain number of online courses. Some schools also have residency requirements. While these are less common for online programs, residencies do require in-person attendance. Make sure to review the delivery format of each of the doctoral programs you’re interested in before enrolling.

During your PhD program, you will have to pass certain examinations. These examinations are used by the faculty at graduate schools to track and gauge your progress and understanding of the course material. You won’t be able to graduate without passing your examinations.

As you complete your classes, you will also need to pick a dissertation topic and get it approved by the faculty. Your dissertation is a long-term research project that you must complete along the course of your PhD program. Make sure to pick a topic you’re interested in as it’ll make the research process much more enjoyable.

After getting your topic approved, you will be able to start your research, which you will work on either at the same time as or after your course requirements. You will be asked to demonstrate your progress to your dissertation supervisor many times during your studies. It’s typical for 12 of your required credits to be dedicated to your dissertation.

As you research your dissertation project, you will need to write a paper on your findings under the guidance, support, and supervision of your program’s faculty. Once you’ve completed your research and finished writing your paper, you will need to explain and defend your findings to your program’s faculty. Once you pass, you will be able to get your PhD.

Online PhD in Economics Salary and Job Outlook

Online economics PhD graduates can earn between $77,427 and $153,460 per year, depending on their job title, location, employer, and experience. An online PhD in Economics will provide you with the skillset needed to land high-paying roles in different sectors, including academia, business, finance, government, and politics.

What Can You Do With an Online Doctorate in Economics?

With an online Doctorate in Economics, you can become an economic consultant, postsecondary professor of economics, economist, financial manager, and financial analyst. Some of these roles are high-paying senior-level positions requiring applicants to hold a PhD.

Best Jobs with a PhD in Economics

• Economic Consultant
• Postsecondary Professor of Economics
• Financial Analyst
• Financial Manager

Potential Careers With an Economics Degree

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What Is the Average Salary for an Online PhD Holder in Economics?

The average salary for a PhD holder in Economics is $110,000 per year , according to PayScale. PhD graduates can qualify for a wide range of high-paying positions across many industries. Keep in mind that your actual annual salary can vary depending on factors such as location, years of experience, industry, and position.

Highest-Paying Economics Jobs for PhD Grads

Best Economics Jobs for Online PhD Holders

Knowing the best economics jobs for online PhD holders will help you decide whether or not it’s worth it for you to embark on the long journey of earning your PhD. In this section, we’ve  put together a list of the best economics jobs for online PhD holders, a description of what they do, their job outlook, the number of jobs, and the highest-paying states.

Financial managers coordinate banking, accounting, insurance, security, and other financial operations in an organization. Financial management includes ensuring good financial health, monitoring cash flow, managing an organization’s expenses, analyzing profitability, and providing accurate financial information.

• Salary with an Economics PhD: $131,710
• Job Outlook: 17% job growth from 2020 to 2030
• Number of Jobs: 681,070
• Highest-Paying States: New York, Delaware, New Jersey, Colorado, District of Columbia

Economists collect and analyze data to study the relationship between economic resources and the production and distribution of goods and services. They conduct surveys and review economic problems to find actionable solutions. They also advise businesses and organizations on economic issues.

• Salary with an Economics PhD: $105,630
• Job Outlook: 13% job growth from 2020 to 2030
• Number of Jobs: 18,600
• Highest-Paying States: New York, District of Columbia, California, New Hampshire, Illinois

Professors of economics teach in economics departments at a university. They prepare and deliver lectures, examinations, and curricula for undergraduate and graduate economics students. They also conduct research and publish their findings to contribute to the field of economics.

• Salary with an Economics PhD: $96,198
• Job Outlook: 12% growth from 2020 to 2030
• Number of Jobs: 1,276,900
• Highest-Paying States: New Hampshire, Montana, California, Indiana, District of Columbia

Financial analysts study current and past financial data and economic trends to gain a better understanding of a company’s financial health. They advise the organization on the best investments to make to help them maximize profits according to the data they’ve studied.

• Salary with an Economics PhD: $81,410
• Job Outlook: 6% job growth from 2020 to 2030
• Number of Jobs: 492,100
• Highest-Paying States: New York, Alaska, Connecticut, District of Columbia, Wyoming

Economic consultants develop plans to improve the policies and operations of the company they work for to increase their economic gains. They conduct surveys and create forecasts to discover economic trends to improve the company’s practices. They also work in the production, budgeting, and accounting department to optimize quality control practices.

• Salary with an Economics PhD: $77,427

Is It Worth It to Do a PhD in Economics Online?

Yes, it is worth it to do a PhD in Economics online because it allows you to get advanced education and expertise in economics from the comfort of your home while preparing you to land high-profile positions where you can make an impact on the world. Economics PhD graduates gain advanced knowledge in the theoretical foundations, methodology, and philosophy of economics.

Additional Reading About Economics

[query_class_embed] https://careerkarma.com/blog/online-college-economics-courses/ https://careerkarma.com/blog/economics-bachelors-degrees/ https://careerkarma.com/blog/best-online-economics-masters-degrees/

Online PhD in Economics FAQ

Yes, you can do a PhD in Economics entirely at a distance. An increasing number of schools are beginning to offer completely online economics PhD programs for distance learners. Online degrees are respected by hiring managers as well and are considered as good as in-person degrees.

No, you can not get a PhD in Economics in one year. It usually takes a minimum of three years to complete the graduate degree requirements. This includes the credit requirements and dissertation paper.

Yes, it is possible to do a PhD in Economics without a master’s. Although the typical requirements for a PhD program include having an in-person or online Master’s Degree in Economics or relevant field from an accredited institution, some schools allow students to apply to their PhD program without one.

No, 50 is not too late to get a PhD. There is no age limit in the pursuit of higher education, and you can go back to college at 50 or at any time you want. Anyone can enroll in a PhD program regardless of age. All it takes is the willingness to learn and the determination to succeed. In fact, your work experience can help you get into a PhD program.

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Admissions FAQ

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

I applied last year; how can I reapply?

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

May I include supplemental materials with my application?

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

What degree do I need to apply?

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

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

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

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

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

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

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

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

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

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

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

Will the department keep me informed of my application status?

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

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

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

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

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

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

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

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

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

How long does it take to complete the PhD program?

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

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

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

Can I defer if I am admitted to the program?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• Linear algebra
• Multivariable calculus

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

• Ordinary differential equations
• Real analysis

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

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

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

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

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

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

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

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

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

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

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

And now for...

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

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

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

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

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

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

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

Argument: What the United States Can Learn From China

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What the United States Can Learn From China

Amid china’s rise, americans should ask what beijing is doing right—and what they’re doing wrong..

• U.S. Foreign Policy
• United States
• Stephen M. Walt

In any competitive realm, rivals constantly strive to do better. They search for innovations that will improve their position and they strive to imitate whatever appears to be working for their opponents. We see this phenomenon in sports, in business, and in international politics. Emulation doesn’t mean one has to do exactly what others have done, but ignoring the policies from which others have benefited and refusing to adapt is a good way to keep losing.

Today, the need to compete more effectively with China is perhaps the only foreign-policy issue on which nearly all Democrats and Republicans agree. That consensus is shaping the U.S. defense budget, driving the effort to shore up partnerships in Asia, and encouraging an expanding high-tech trade war. Yet apart from accusing China of stealing U.S. technology and violating prior trade agreements, the chorus of experts warning about China rarely considers the broader measures that helped Beijing pull this off. If China really is eating America’s lunch, shouldn’t Americans ask themselves what Beijing is doing right and what the United States is doing wrong? Might China’s approach to foreign policy provide some useful lessons for people in Washington?

To be sure, a big part of China’s rise was due to purely domestic reforms. The world’s most populous nation always had enormous power potential, but that potential was suppressed for more than a century by deep internal divisions or misguided Marxist economic policies. Once its leaders abandoned Marxism (but not Leninism!) and embraced the market, it was inevitable that the country’s relative power would increase sharply. And one could argue that the Biden administration’s efforts to develop a national industrial policy via the Inflation Reduction Act and other measures reflect a belated attempt to imitate China’s state-backed efforts to seize the high ground in several key technologies.

But China’s rise was not due solely to domestic reforms or Western complacency. In addition, China’s ascent has been facilitated by its broad approach to foreign policy, which U.S. leaders would do well to contemplate.

First, and most obviously, China has avoided the costly quagmires that have repeatedly ensnared the United States. Even as its power has grown, Beijing has been leery of taking on potentially costly commitments abroad. It hasn’t promised to go to war to defend Iran, for example, or to protect its various economic partners in Africa, Latin America, or Southeast Asia. It is supplying Russia with militarily valuable dual-use technologies (and getting paid well for it), but Beijing isn’t sending Russia lethal weaponry, debating whether to send military advisors, or contemplating sending its own troops to help Russia win the war. Chinese President Xi Jinping and Russian President Vladimir Putin may talk a lot about their “ no-limits ” partnership, but China continues to drive hard bargains in its dealings with Russia, most notably in demanding that it get Russian oil and gas at bargain prices.

The United States, by contrast, seems to have an unerring instinct for foreign-policy quicksand.

When it isn’t toppling dictators and spending trillions of dollars trying to export democracy to places like Afghanistan, Iraq, or Libya, it is still extending security guarantees it hopes never to have to honor to countries all over the world. Remarkably, U.S. leaders still think it is some sort of foreign-policy achievement whenever they take on the job of protecting yet another country, even when that country is of limited strategic value or cannot do much to help advance U.S. interests.

The United States is now formally committed to defending more countries than at any time in its history, and trying to meet all those commitments helps explain why the U.S. defense budget is much larger than China’s. Just imagine what the United States could do each year with the more than half-trillion-dollar difference between what China spends and what we do. If it wasn’t trying to police the whole world, maybe the United States could have world-class rail, urban transit, and airport infrastructure—you know, like China has—as well as a lower budget deficit, too.

This is not an argument for leaving NATO, severing all U.S. commitments, and retreating to Fortress America, but it does imply being more judicious about extending new commitments and insisting that our existing allies should pull their weight. If China can grow stronger and more influential without pledging to protect dozens of countries around the world, why can’t we?

Second, unlike the United States, China maintains businesslike diplomatic relations with nearly everyone. It has more diplomatic missions than any other country, its ambassadorial posts are rarely unfilled, and its diplomats are increasingly well-trained professionals (instead of amateurs whose main qualification is their ability to raise funds for successful presidential candidates). China’s leaders recognize that diplomatic relations are not a reward to others for good behavior; they are an essential tool for acquiring information, communicating China’s views to others, and advancing their interests via persuasion rather than brute force.

By contrast, the United States is still prone to withholding diplomatic recognition from states with whom we are at odds, thereby making it more difficult to understand their interests and motivations and making it much harder to communicate our own. Washington refuses to officially recognize the governments of Iran, Venezuela, or North Korea, even though being able to communicate with these governments on a regular basis would be useful. China talks to all of these states, of course, and to all of America’s closest allies, too. Shouldn’t we do the same?

China has diplomatic relations and economic ties with every country in the Middle East, for example, including those that are closely aligned with the United States such as Israel or Egypt. By contrast, the United States has a “special relationship” with Israel (and, to some extent, Egypt and Saudi Arabia), meaning that it supports Israel no matter what it does. Meanwhile, it has no regular contacts with Iran or Syria or with the Houthis in Yemen, who control much of that country. America’s regional partners take its support for granted and frequently ignore its advice, because they never have to worry that the United States might reach out to their rivals. Case in point: Saudi Arabia maintains good relations with Russia and China and has used tacit threats to realign to extract ever-greater concessions from Washington, but U.S. officials never try to play the same game of balance-of-power politics in return. Given this asymmetric arrangement, it is hardly surprising that it was Beijing, not Washington, that helped midwife the recent détente between Saudi Arabia and Iran.

Third, China’s general approach to foreign policy emphasizes national sovereignty: the idea that every country should be free to govern itself according to its own values. If you want to do business with China, you don’t have to worry about it telling you how to run your country, and you don’t have to worry that you’ll be sanctioned if your political system differs from Beijing’s.

By contrast, the United States sees itself as the principal promoter of a set of universal liberal values and believes that spreading democracy is part of its global mission. With some noteworthy exceptions, it often uses its power to get others to do more to respect human rights and move toward democracy, and it sometimes makes its help conditional on other states pledging to do more to respect human rights and move toward democracy. But given that a clear majority of the world’s countries are not full democracies, it’s easy to understand why plenty of countries might prefer China’s approach, especially when China is offering them tangible benefits. As former U.S. Treasury Secretary Larry Summers has recounted , “Somebody from a developing country said to me, ‘What we get from China is an airport. What we get from the United States is a lecture.’” If you were an unrepentant autocrat, or the leader of a less-than-perfect democracy, which approach would you find more appealing?

Making matters worse is America’s propensity for moral posturing, which leaves it vulnerable to charges of hypocrisy whenever it fails to live up to its own standards. No great power ever lives up to all its professed ideals, of course, but the greater a state’s claim to be uniquely virtuous, the greater the penalty when it falls short. Nowhere has this problem been more apparent than in the Biden administration’s tone-deaf and strategically incoherent response to the war in Gaza. Instead of condemning the crimes committed by both sides and using the full extent of U.S. leverage to end the fighting, the United States has provided the means for Israel to conduct a brutal campaign of vengeful destruction, defended it at the U.N. Security Council, and dismissed plausible charges of genocide despite the abundant evidence for them and the harsh assessments of both the International Court of Justice and the chief prosecutor of the International Criminal Court . And all the while insisting how vital it is to preserve a “rules-based order.” It should surprise no one to learn that these events have severely damaged the U.S. image in the Middle East and in much of the global south, or that China is benefiting from them. Remarkably, U.S. officials have still not articulated a clear statement explaining how the U.S. response to this tragedy is making Americans safer, more prosperous, or more admired around the world.

The bottom line is that China has emerged as America’s principal rival in part by mobilizing its latent power potential more effectively, but also by limiting its overseas commitments and avoiding the self-inflicted wounds that successive U.S. administrations have suffered. Which is not to say that China’s record is spotless—far from it. It was a mistake for Xi to openly abandon the policy of rising peacefully , and his highly nationalistic “wolf warrior” diplomacy alienated countries that had previously welcomed closer ties with Beijing. The much-ballyhooed Belt and Road Initiative has been at best a mixed bag, generating both good will and resentment and creating sizable debts that Beijing will have trouble collecting. Its tacit support for Russia in Ukraine has tarnished its image in Europe and encouraged governments there to back away from tighter economic integration, and it doesn’t always live up to its supposed commitment to the principle of national sovereignty, either.

But Americans who are deeply worried about China’s rise should reflect on what Beijing has done well and what Washington has done poorly. It’s hard to miss the irony here: China has risen rapidly in part by imitating America’s earlier rise to the pinnacle of world power. The fledgling United States had many innate advantages, including a fertile continent, a sparse and divided Indigenous population, and the protection provided by two vast oceans, and it capitalized on those assets by staying out of trouble abroad and building power at home. The United States fought only two wars with foreign countries between 1812 and 1918, and its opponents in those wars—Mexico in 1846 and Spain in 1898—were weak states with no significant allies. And once it became a great power, the United States let the other major powers balance each other, stayed out of their conflicts as long as it could, suffered the least damage in both world wars, and “won the peace.” China has followed a similar course since 1980, and it has paid off handsomely so far.

German Chancellor Otto von Bismarck once remarked: “Only a fool learns from his own mistakes. The wise man learns from the mistakes of others.” His remark could be amended: A wise country learns not just from the mistakes of others, but also from what they’ve done right. The United States should not seek to become more like China (though former U.S. President Donald Trump clearly envies its one-party system), but it could learn a thing or two from Beijing’s more pragmatic and self-interested approach to the rest of the world.

Stephen M. Walt is a columnist at Foreign Policy and the Robert and Renée Belfer professor of international relations at Harvard University. Twitter:  @stephenwalt

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