is a phd in applied economics worth it

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The Economy of Everything

Why you need a phd in economics.

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How to Become an Economist: PhD Required

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. 

As a PhD economist, you'll have the skills to analyze real-world economic data with rigorous statistical techniques, critically assess the economic implications of public policy, and understand the complex relationships behind key macroeconomic variables like GDP growth, interest rates and inflation. 

The Department of Economics at SMU is highly ranked among economics departments in the United States and has prepared PhD candidates for careers as economists in both academic and non-academic positions for more than 55 years. 

If you want to become a PhD Economist, this guide will help you understand SMU's unique approach to the study of economics and prepare you to apply to our PhD program with confidence. 

We'll email you a PDF of the eBook for your reference as you apply to graduate school.

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What can i do with a phd in economics.

Economics PhDs often work in complex, high-profile positions in the corporate sector or government and frequently explore regulatory, strategic or public policies. Our resource expands on both the academic and non-academic career paths for PhD economists.

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Is a PhD in Economics Worth It?

Pursuing a PhD in economics is a big investment. Even though you will have a full tuition waiver and a stipend to cover your cost of living, you must also consider the cost of lost wages during your education. This guide will help you calculate the ROI of your PhD in Economics and determine if it's the right choice for you compared to a master's in economics. 

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Thinking of Pursuing a PhD in Economics? Info on Graduate School and Beyond

Kasey Chatterji-Len and Anna Kovner

Becoming a PhD economist can provide a fulfilling and financially secure career path. However, getting started in the field can be daunting if you don’t know much about the preparation you’ll need and the available job opportunities. If you’re wondering what it means to be an economics researcher or how to become one, please read on. We’ll review how to prepare for a career in economics research, what an economics PhD program entails, and what types of opportunities it might bring. Economic education is a core component of the Federal Reserve Bank of New York’s mission to serve the community. To empower would-be economists, this post provides information for students who seek a career in economics research. We hope this information will be helpful to students interested in economics, regardless of their background and economic situation.  This information is most applicable to students applying to programs in the United States.  

The Breadth of Economics Research  

Academic disciplines conduct research in different ways, so it’s important to have a basic understanding of the types of questions economists ask and how they approach answering them. There are many definitions of economics, but a broadly useful one is the study of how people, organizations, and governments make decisions under different constraints, and how those decisions may affect their outcomes. 

When answering these questions, economists seek to ground their analyses in models and to be quantitatively precise about the effects they assign to any given cause. The range of topics economists can study is wide, but the accepted approaches to answering questions are stricter. Some examples of what economists might ask: 

• How do different public housing programs affect the children who live there? 
• Does a certain type of law encourage businesses to innovate? 
• How will a change in the interest rate affect inflation and unemployment rates? 
• How much does affordable health insurance improve people’s health? 
• How can poor countries eradicate poverty? 

There are many different subfields within economics, including, but not limited to behavioral, econometrics, energy/environmental, development, financial, international, monetary, public, and urban economics. You can familiarize yourself with the latest work in economics by subscribing to working paper series, such as NBER’s New This Week or the New York Fed’s Staff Reports . To get an idea of the breadth of questions economists can answer, you could listen to Stephen Dubner’s “ Freakonomics Radio ” podcast. You may also want to explore the Journal of Economic Perspectives , the New York Fed’s Liberty Street Economics blog, VoxDev , or VoxEU .  

What Is a PhD Program Like?    

Economics PhD programs typically last five to seven years. Unlike masters programs, they are often fully funded with a stipend, though most require students to complete teaching assistant and/or research assistant (RA) work as part of their funding package. In the first two years, students take classes, many of which are mathematically demanding. The rest of the program can include additional classes but is primarily devoted to original research with the aim of producing publishable papers that will constitute the dissertation.  

Faculty advisors are a central part of PhD programs, as students look to them for guidance during the research process. Economics PhD programs are offered within university economics departments, but there are similar programs in public policy and business schools. You can look at their websites to understand any differences in coursework and subsequent job placements. 

What Can You Do with an Economics PhD?  

Upon graduation, students can obtain jobs in a variety of industries. Many PhD students hope to become university professors. Governments and public policy-related institutions such as the Federal Reserve System, the U.S. federal government, the World Bank, and the International Monetary Fund (IMF) also hire economists to work on policy, lead programs, and conduct research. Finally, economics PhD graduates can also find employment at a variety of private sector companies, including banks, economic consulting firms, and big tech companies. The pay for these different positions can vary. According to the American Economics Association (AEA), the average starting salary for economics assistant professors in 2022-23 was approximately $140,000 at PhD granting institutions and $98,000 at BA granting institutions. 

Programs often publish the placements of their PhD graduates, so you can look online to see specific employment outcomes. See, for example, the University of Maryland’s placements . Ultimately, economists are highly regarded as authorities on a variety of topics. Governments, nonprofits, philanthropic foundations, financial institutions, and non-financial businesses all look to economists to answer important questions about how to best achieve their goals. Thus, earning an economics Ph.D. can potentially help you to influence issues that are important to you. 

Preparing for an Economics PhD Program  

There are several components to an economics PhD program application: college transcripts, GRE scores, letters of recommendation, and personal statements. Please download the Appendix linked below to learn more about transcripts and letters of recommendation. The Appendix details ways in which you can select coursework, obtain research experience, and develop relationships to position yourself for success as a PhD applicant.  

If you feel that you are too far along in your academic career to take enough of the classes described in the Appendix, this does not necessarily preclude you from pursuing an economics PhD. For example, it’s possible to take some of these classes through a master’s program, or through a pre-doctoral RA job. Some pre-doctoral RA jobs, such as the one here at the New York Fed , may enable you to take classes in preparation for graduate school. If you are concerned about your transcript, reach out to an economist at your university for advice; program standards for coursework and grades vary, and it’s a good idea to get more personalized advice. 

Research Experience   

If you’re interested in becoming an economics researcher and applying to PhD programs, it’s best to get research experience as soon as possible. Working as an RA is a great way to learn how to conduct research and get a better idea of whether it’s the right career path for you. Additionally, it can help you obtain a letter of recommendation for graduate school applications and improve your qualifications.  

All types of academic research can be enriching, but it’s beneficial to gain experience working directly with an economist. To find a position, you can reach out to professors whose work you find interesting or find an RA program at your school. Typical RA tasks may involve data collection and cleaning, as well as running analyses and creating charts to represent results. This is where coding skills become crucial; having taken math, statistics, and econometrics courses will also enable you to take on more responsibilities. 

You may also have the opportunity to conduct your own research, possibly under the supervision of a professor at your university. This research could be self-initiated or part of a course such as a thesis workshop. Self-directed research is a great opportunity to learn about all stages of the research process. It’s also an excellent opportunity to create a writing sample for graduate school applications. Ultimately, though, your motivation for conducting your own research project should be that you want to answer a question.  One thing economists have in common is a love of answering questions using data and theory. 

Research experience is also often obtained after completing an undergraduate or master’s degree. Taking on a full-time RA position before applying to PhD programs is very common and can make you a more competitive applicant. You may either get an RA job working for a professor or participate in a pre-doctoral RA program.  

Research assistant programs are more structured than positions with individual professors or projects, which could be helpful. Universities, parts of the government, think tanks, research organizations, and the Federal Reserve System are all good places to look for research assistant programs. To help you decide which opportunities are most desirable, you may want to ask potential employers : Where do people in this program tend to go afterward? Will I be working directly with an economist? How much of my time will be spent on academic research work? Will I be able to take classes as part of this program? Considering whether an economist will be able to evaluate your performance is an important factor for recommendation letters. The ability to take classes, either through tuition reimbursement or waivers, can also be an important benefit. 

The Research Analyst program here at the Federal Reserve Bank of New York is one example of these programs and you should check it out here . The Federal Reserve Board of Governors also has a large program, and many other regional Federal Reserve Banks have similar programs. In addition, the PREDOC website and the  NBER post listings of RA opportunities. J-PAL and IPA also tend to recruit RAs for economic development projects. Another source of RA opportunities is the @econ_ra account on X. 

Who Should Get a PhD in Economics?  

A PhD may not be for everyone, but it is for anyone—people of all genders, religions, ethnicities, races, and national origins have PhDs in economics. Many economists majored in economics, but others majored in math, physics, or chemistry. Because economics is such an integral part of policymaking, it is important that economists come from a wide range of backgrounds so policy can be stronger and more effective. The inclusion of differing perspectives helps ensure that the contribution of economists to work in public policy, academia, and beyond effectively serves the broadest range of society. 

• Coursework Appendix

Kasey Chatterji-Len is a research analyst in the Federal Reserve Bank of New York’s Research and Statistics Group.

Anna Kovner  is the director of Financial Stability Policy Research in the Bank’s Research and Statistics Group.

How to cite this post: Kasey Chatterji-Len and Anna Kovner, “Thinking of Pursuing a PhD in Economics? Info on Graduate School and Beyond,” Federal Reserve Bank of New York Liberty Street Economics , May 31, 2024, https://libertystreeteconomics.newyorkfed.org/2024/05/thinking-of-pursuing-a-phd-in-economics-info-on-graduate-school-and-beyond/.

You may also be interested in: AEA: Resources for Students

PREDOC: Guidance for Undergraduates

RA Positions-Not at the NBER

Disclaimer The views expressed in this post are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author(s).

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Applied Economics

Wharton’s highly selective phd program in applied economics offers students many resources not available at other institutions, such as 1:1 faculty to student ratio, five years of funding, and minimal teaching requirements..

Combining the faculties of the departments of Real Estate and Business Economics & Public Policy, Wharton’s Applied Economics program leverages the breadth and depth of its faculty to prepare students for careers doing frontier theoretical and empirical research. Students can focus on a variety of research areas, including Behavioral Economics, Development and International Economics, Energy and Environmental Economics, Health Economics, Industrial Organization and Regulation, Labor Economics, Law and Economics, Market Design, Public Economics, Risk and Insurance, Urban Economics and Real Estate. You can find the list of Applied Economics Faculty here.  Students may also develop an inter-disciplinary focus by taking courses and working with faculty in some of the other departments at Wharton such as Finance, Health Care Management, Management, and Marketing.

For more information on courses, please visit the University Graduate Catalog .

Sample Schedule

The course of study for the Ph.D. in Applied Economics requires the completion of 15 graduate course units. The common core consists of 3 theory courses and 3 statistics/econometrics courses. Students are also expected to master two field areas by passing two courses in each (total of 4 courses units). The remaining course units necessary to achieve 15 are split between the mandatory graduate student research seminars and other electives.

ADMISSIONS AND FINANCIAL AID

Students will apply for admission to the Wharton Program in Applied Economics, and may, if they wish, indicate a preferred field of study in their application. All else equal, the admissions committee may consider field choice in determining admission. Fellowship support will be in accordance with usual Wharton and University guidelines.

CORE REQUIREMENTS

Students will be required to master core materials in economic theory covering the topics of household decision-making, production theory, theory of markets and market failure, game theory, decision-making under uncertainty, and resource allocation in dynamic economies. The following courses will satisfy the three-course economic theory requirement:

Microeconomic Theory I: ECON 7010 Microeconomic Theory II: ECON 7110 Macroeconomic Theory: ECON 7200 or 7210 or FNCE 9240

Students will be required to master core materials in applied econometrics covering the topics of statistical inference, linear regression analysis, panel regression analysis, and estimation of models using discrete dependent variables. The following courses will satisfy the three-course econometric/statistics requirement:

Econometrics: ECON 7300, FNCE 9260, ECON 8310 or ECON 7310, BEPP 9110 and BEPP 9310

FIELD REQUIREMENTS

In addition to the core theory and econometrics materials, students will be required to master two applied fields by passing two courses in each field. Students will be free to offer their own field as a substitute with approval of the graduate group chair and (when relevant) an appropriate advisor from another Wharton graduate group.

• Development Economics BEPP 9410: Development Economics • Industrial Economics and Business Regulation: BEPP 9870: Industrial Organization and Competition Policy HCMG 9020: Special Topics of Health Services Research: Industrial Organization of Health Care ECON 8450: Empirical Methods in Industrial Organization • Market Design BEPP 9710: Market Design • Public Economics and Political Economy: BEPP 9330: Public Economics: Social Insurance & Government Expenditures HCMG 9030: Public Policy ECON 8410: Public Economics I ECON 8411: Public Economics II • Urban Economics and Real Estate: REAL 9450: Urban and Real Estate Economics REAL 9460: Advanced Topics in Urban Economics REAL 9470: Advanced Real Estate and Urban Economics • Behavioral Economics: BEPP 9040: Experimental Economics: Methods and Applications OIDD 9000: Foundation of Decision Processes OIDD 9040: Experimental Economics

In addition, all students must take elective courses to achieve the necessary 15 Course Credits to be eligible for Dissertation Status.

During the second and third year of the program students will be required to attend and actively participate in the graduate student research seminar. Students will also be responsible for presenting a paper of original research to the seminar before entering dissertation status. All students will also be required to attend the faculty Applied Economics Workshop during the 2nd and 3rd years.

BEPP 9000: Research Seminar BEPP 9620: Applied Economics Seminar

QUALIFYING EXAM

At the end of first year (usually in last week of May or first week of June), students are expected to take and pass the qualifying exam for Microeconomic Theory and the qualifying exam for Econometrics. These exams are written and graded by the Wharton Applied Economics PhD Committee. If a student fails in one qualifying exam, another opportunity to take that exam will be given at the end of the second year.

Students can also request a waiver for one or both exams if they perform well in the courses associated with each exam. A satisfactory performance for Microeconomic Theory, for example, corresponds to having at least a B- or better in each micro course, and an average of B or better.

FACULTY ADVISORS

Students are required to select or are assigned two faculty advisors in the beginning of the second year in the program. Because the student will not have had all of the major field courses at that time, it is possible that a student will later decide to change advisors; such an eventuality will be considered a normal outcome. In addition, since students will not have had all of the major field course work by June of their first year, they should “read ahead” in their chosen fields to begin identifying a research topic for the Second Year Paper. Students are expected to initiate meetings with faculty members to discuss possible research topics, and these meetings should begin as early as possible after the student enters the program and are part of the process of getting to know the faculty and learning about the field.

CANDIDACY PAPER

The Program in Applied Economics provides students with several opportunities to conduct research. All students are required to write a candidacy paper in their second year to be submitted in the summer of the second year in the program. This paper should demonstrate the student’s ability to conduct PhD quality research. This is often used as the Master’s Thesis submission- and, as the title implies, it is one of the requirements for admission to Doctoral candidacy.

The deadline for submission of the Candidacy Paper is strictly enforced, and failure to complete and submit the paper by the deadline (July 15 of the end of the student’s second year in the program) is grounds for dismissal from the program. The paper must be submitted to the faculty members who are the student’s principal advisors for the project, as well as to the Doctoral Coordinator. A copy of the candidacy paper, together with letters from two faculty members noting approval of it, must be in each student’s file in the Program office prior to the start of the student’s fifth term (typically the start of the third year). Failure to fulfill this requirement may result in the student being dropped from the program.

The main objective of the candidacy paper is to demonstrate the student’s ability to do original research. Often the Candidacy Paper is submitted for publication, and it can also serve as the foundation for PhD research, possibly as a dissertation essay. The Candidacy Paper must be solely authored by the student, not co-authored with the faculty advisor.

Milestones on the road to the candidacy paper are as follows:

September of 2nd year in the program Fall semester, 2nd year Spring semester, 2nd year Faculty advisors selected Candidacy Paper proposal Work on Candidacy paper Submit final version of Candidacy Paper

ADMISSION TO CANDIDACY Before admission to candidacy, the student is required to:

• Complete all required coursework, including all core courses, with at least a B + or better in each course and with an average GPA of B+ or better. (For some courses, a passing grade on a qualifying exam can substitute for a grade below B.)
• Pass both qualifying exams or request exam waivers.
• Submit a satisfactory candidacy paper

THE PHD DISSERTATION The best ways to find a dissertation topic is to talk to the program faculty and read the literature. Discussions with faculty can range from “cold calls,” where the student asks the faculty member for topic suggestions, to more proactive visits where the student discusses potential topic ideas that have come up in course work or research seminars. Students should also take a close look at recent dissertations written by students in their major field as well as dissertations written by students from other Wharton departments.

There are two primary models for the organization of dissertations. The “single study” traditional dissertation, and the essay approach. In the latter approach, two or three essays are generally found acceptable by the student’s dissertation committee, depending on length and quality. Dissertation essays are more prevalent for a number of reasons, including most importantly, (a) the Candidacy Paper may be permitted to constitute a substantial part of one essay, (b) an essay can be used as an interview paper (see discussion below), and (c) if properly structured, an essay can often be converted into a paper to be submitted to a journal. Whether two or three essays are appropriate depends on the length and complexity of the research undertaken and is determined by the student’s dissertation committee.

Dissertation essays may be co-authored, although the extent to which this is appropriate will depend on each student’s topic, doctoral committee, and faculty advisor. A circumstance where a co -authored essay might be appropriate could arise from a joint research project with a faculty member. However, the student’s dissertation must include at least one essay that is solely authored by the student. The dissertation process must begin with the selection of a principal advisor or co-advisors. Each student is responsible for this selection, and then the student works with the advisor(s) to select the dissertation topic and begin exploratory research. The student and advisor then work together to select committee members. Committee members can be approached to join the committee by either the student or the principal advisor(s). The student should work with the advisor(s) to arrange a mutually agreeable procedure. The student should review the Wharton Doctoral Programs Policies and Procedures, to be sure that the committee structure satisfies the overall requirements of the Wharton Doctoral Program.

Important: the PhD Dissertation proposal must be defended before the end of the fourth year in the program. Failure to defend can result in dismissal from the program.

GOING ON THE JOB MARKET The ultimate objective of the Wharton Doctoral Program is to prepare our students for a teaching and research career, ideally at a college or university. Because the placement process for academic jobs is lengthy, students should become familiar with it well in advance of the “job market year.” The program provides full support for students going on the job market, and a series of meetings and timelines are provided to the students during the fourth and fifth years in the program.

PROGRAM ADMINISTRATION The program will be administered by the graduate group in Applied Economics. Primary appointments in the Departments of Business Economics and Public Policy and Real Estate will be automatic members of the graduate group and comprise the initial membership of the graduate group. The graduate group can extend membership to other Wharton and University faculty as they consider appropriate. The graduate group will decide on its preferred administrative structure. Currently, the chairs of the departments of Real Estate and Business Economics and Public Policy are responsible for jointly appointing a PhD Coordinator that will serve a two-year term, with the option to renew it for another two years. The PhD Coordinator is also the representative for the group to the Doctoral Executive Committee.

STUDENT INVOLVEMENT Students are expected to spend full-time on their coursework and research during the first two years of the program. In subsequent years, students are expected to work with faculty, preferably as research assistants or co-authors, thereby gaining the experience required to be successful researchers. Students are also required to TA a core course (any alternatives will need to be approved by the PhD Coordinator) each in their 3rd year and 4th year of the program as a funding requirement. Other activities that further the student’s research careers are encouraged, subject to the approval of the doctoral coordinator (this includes teaching assistant positions). Failure to communicate with the doctoral coordinator about a research assistant or teaching job may result in cancellation of your scholarship.

Get the Details.

Visit the Applied Economics site for details on program requirements and courses. Read faculty and student research and bios to see what you can do with an Applied Economics PhD.

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

If you’re a graduate student and interested in pursuing an advanced study in the field of economics, you should start researching the best PhDs in Economics. By enrolling in an economics PhD program, you’ll be getting an in-depth education on past and current economic trends.

In this article, we’ll try to help you choose the right PhD in Economics by going over some of the best programs in the United States. We’ll also cover some of the highest-paying economics jobs on the market and provide an overview of the PhD in economics salary possibilities.

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What is a phd in economics.

A PhD in Economics degree is an advanced doctoral degree program that studies the distribution and consumption of goods and services. Economics classes teach students to analyze small-scale and global-scale economic factors to make predictions for future markets.

The main goal of economics departments in PhD programs is to teach students how to help different institutions improve and optimize their economic actions. Through a mix of teaching, research, and a heavy course load, economics grad students will perfect their quantitative skills and learn to make decisions that increase the profitability of the organizations they work for.

How to Get Into an Economics PhD Program: Admission Requirements

The admission requirements to get into an economics PhD program include a bachelor’s degree in a related field and a minimum 3.0 GPA. Other admission requirements can include GRE exam scores, letters of recommendation, a statement of purpose, and a resume. Admissions counselors will look at a student’s comprehensive experience before grad school.

Different schools have other specific admission requirements for their economics PhD programs, but all international and English as a second language-speaking (ESL) students will have to submit proof of English proficiency in the form of Test of English as a Second Language (TOEFL) exam scores.

PhD in Economics Admission Requirements

• Bachelor’s or master’s degree in a related field
• Minimum 3.0 GPA
• GRE test scores (optional for most schools)
• Two to three letters of recommendation
• Proof of English proficiency (for ESL and international students)
• Statement of purpose
• Previous knowledge in math-intensive subjects, such as economic theory, statistics, mathematics, differential and integral calculus, and linear algebra

Economics PhD Acceptance Rates: How Hard Is It to Get Into a PhD Program in Economics?

It can be very hard to get into economics PhD programs. Economics PhD acceptance rates vary between 2.4 and 7.4 percent. At Johns Hopkins University, for example, only 12 students are selected to enroll in the Economics PhD program out of more than 500 applications.

How to Get Into the Best Universities

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Best PhDs in Economics: In Brief

Best universities for economics phds: where to get a phd in economics.

The best universities for PhD economics programs include Arizona State University, John Hopkins University, Syracuse University, and Drexel University. These schools will adequately equip you with the economic knowledge and skills needed to ensure you are ready for a well-paying job in the economics career path of your dreams. Continue reading for all you need to know to prepare for grad school at one of the top Phd in Economics degree programs.

Arizona State University is a public research university founded in 1886. It is considered one of the best institutions for superior education. ASU offers more than 400 graduate degree programs led by experts and has been ranked as the nation’s most innovative university by US News & World Report . 

PhD in Economics

This economics PhD program provides training in microeconomic and macroeconomic theory, applied economics, and econometrics. Classrooms are relatively small, with about 45 graduate students, to facilitate mentoring and provide greater faculty attention within the department of economics. The program prepares students for teaching and research positions in the field of economics. 

PhD in Economics Overview

• Program Length: 5 years
• Acceptance Rate: Not stated
• Tuition: $ 858/credit (in state); $1,361/credit (out of state)
• PhD Funding Opportunities: National Science Foundation Graduate Research Fellowship, graduate teaching assistantships
• Bachelor's or master's degree from a regionally accredited institution
• Minimum cumulative GPA of 3.0
• Graduate admission application and application fee
• Official transcripts
• Three letters of recommendation

Colorado State University was founded in 1870. It is a public land-grant research university and is considered the flagship university of the Colorado State University System. It offers several programs and certificates across many fields and has over 7,000 enrolled graduate students.

This economics doctoral program offers meticulous training and teaches research methods in the many different areas of economics. These math intensive classes include microeconomic theory, macroeconomic theory, and econometrics. This econ program requires a minimum of 72 credits and allows students to focus on different areas like environmental, international, political, Keynesian, feminist, or regional economics.

• Tuition: $601.90/credit (in state); $1,475.80/credit (out of state)
• PhD Funding Opportunities: Graduate assistantships, scholarships, fellowships, internships, grants
• Online application and application fee
• Official transcripts of all collegiate work completed post-high school
• Letters of recommendation

Drexel University was founded in 1891. It is a private research university with over 8,900 enrolled graduate students. Their co-op education program sets this university apart from others, offering students the opportunity to get paid and gain real-world experience prior to graduating.

This PhD in Economics teaches a set of core courses including microeconomics, macroeconomics, and econometrics. Students are then required to specialize and demonstrate math skills in industrial organization, international economics, or macroeconomics. This PhD is an official STEM Designated Degree Program. Each class is composed of three to six doctoral students to optimize and facilitate interactions between students and faculty. 

• Tuition: $1,342/credit
• PhD Funding Opportunities: Graduate assistantships
• GRE scores from the past five years
• Personal statement
• Two letters of recommendation

Johns Hopkins University is a world-renowned private research university. It was founded in 1876 and is now organized into 10 campuses in Maryland and Washington, with international divisions in Italy and China. The university has over 22,000 graduate students enrolled across its social sciences, engineering, arts, and business schools.

This economics program is led by expert faculty and trains students in applied microeconomics and macroeconomics, economic theory, and econometrics. Students will receive one-on-one attention from faculty, allowing them to conduct better research and strengthen the complex analysis and quantitative skills necessary in the field of econ. 

• Program Length: 5-6 years
• Acceptance Rate: 2.4%
• Tuition: $58,720/year 
• PhD Funding Opportunities: Departmental fellowship (1st year), teaching or research assistantships (2nd to 5th years), Carl Christ Fellowship, Kelly Miller Fellowship, tuition fees funded by the department for enrolled students
• Unofficial transcripts from all previous colleges and universities
• GRE scores (quantitative scores of 160 or above)
• Minimum of two letters of recommendation

Kansas State University was founded in 1863 as the first public institution of higher education in Kansas. KSU is a public land-grant research university and has over 4,500 enrolled graduate students across 73 master's and 43 doctoral degree programs.

This PhD Economics program teaches students about the latest advances in econometrics, economic theory, and computation. The program requires the completion of a minimum of 90 credits, of which 30 are designated to researching and writing a high-quality dissertation.

• Tuition and Fees: $6,282/year (in state); $12,746/year (out of state)
• PhD Funding Opportunities: Teaching assistantships, the Wayne Nafziger Graduate Scholarship, the Lloyd and Sally Thomas Graduate Scholarship, and Edward Bagley Graduate Scholarship; tuition fees funded by the department for enrolled students
• Academic transcripts of all undergraduate and graduate coursework from each institution attended
• Short statement of objectives for graduate study
• GRE scores from the past five years (optional but encouraged)

Oregon State University ’s roots can be traced back to 1856 as a public land-grant research university that was founded as a primary and preparatory community school. Today, the university is the largest in Oregon. Oregon State is particularly renowned for its programs in earth, marine, and biological sciences and has over 5,668 enrolled graduate students.

PhD in Applied Economics

The 108-credit Applied Economics PhD degree program teaches students about economic theory, econometrics, development economics, and other quantitative methods. Grad school students of this program will gain the intellectual autonomy needed to examine real-world problems and apply relevant solutions regarding policy, education, trade, and the environment. 

PhD in Applied Economics Overview

• Program Length: 4-5 years
• Acceptance Rate: 6.7%
• Tuition: $498/credit (in state); $1,011/credit (out of state)
• PhD Funding Opportunities: Graduate assistantship

PhD in Applied Economics Admission Requirements

• Academic records from each institution attended
• Letters of reference
• Statement of objectives

Syracuse University is a private research university founded in 1831 with over 6,800 enrolled graduate students. Syracuse is ranked 59th on US News & World Report’s list of best national universities and features famous alum President Joe Biden. 

The PhD in Economics program at Syracuse University is a research-oriented degree that requires the completion of 72 credits. The program teaches students about mathematical economics, microeconomic theory, macroeconomic theory, and econometrics. Students will specialize in a primary field in labor, international, public, urban economics, or econometrics. 

• Acceptance Rate: N/A
• Tuition: $32,436/year
• PhD Funding Opportunities: University Fellowships, graduate assistantships, Melvin Eggers Graduate Economics Scholarship for Doctoral Students, David Greytak Fellowship Fund
• Transcripts from all collegiate and post-collegiate work
• Three letters of recommendation 

University of Maryland (UMD) at College Park was founded in 1856 and is the flagship campus of the University System of Maryland. UMD is a public, land-grant research university with 10,500 enrolled graduate students in over 230 graduate degree programs.  

PhD in Economics (ECON)

This econ PhD program offers a wide range of specializations to students, including advanced macroeconomics or microeconomics, behavioral and experimental economics, econometrics, economic history, international trade, and public economics. Students who enroll directly after they finish their bachelor’s degree are also able to obtain a Master of Arts degree simultaneously. 

PhD in Economics (ECON) Overview

• Acceptance Rate: 4.1%
• Tuition: $1,269/semester (in state); $2,496/semester (out of state)
• PhD Funding Opportunities: Graduate assistantships, Fellowship in Support of Diversity and Inclusion

PhD in Economics (ECON) Admission Requirements

• Transcripts from all institutions attended after high school
• Description of research and work experience
• GRE exam scores (optional)

University of Utah was established in 1850 as a public research university and is now considered the flagship institution of the Utah System of Higher Education. It currently has over 8,400 enrolled graduate students and offers several programs with financial assistance, academic opportunities, and postdoctoral fellows.

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This economics PhD program allows students to explore many topics, including economic theory, post-Keynesian macroeconomics, Marxian economics, the economics of gender, labor market institutions, and intensive math classes. The program focuses particularly on themes of inequality, globalization, and sustainability. 

• Acceptance Rate: 7.4%
• Tuition and Fees: $1,271.79/credit (in state); $4,517.11/credit (out of state)
• PhD Funding Opportunities: Graduate assistantships (research and teaching), fellowships, scholarships
• Completion of intermediate microeconomic and macroeconomic theory prerequisite courses 
• Three academic reference letters
• Brief statement of personal academic goals

West Virginia University was founded in 1867 as a public land-grant research university. Today, the university enrolls over 5,700 graduate students in more than 350 programs throughout 14 colleges and high-quality schools.

This 45-credit PhD program trains students to conduct original research, produce publishable articles, analyze real-world problems from economists and policymakers, and effectively communicate their results. Doctorate students must choose a specialization in health, international, monetary, public, regional, or urban economics. Classes in economics have a small number of students to facilitate and encourage interaction between students and faculty.

• Program Length: 4 years
• Tuition and Fees: $899/credit (in state); $2,053/credit (out of state)
• PhD Funding Opportunities: Graduate assistantships, Arlen G. and Louise Stone Swiger Doctoral Fellowship, W.E.B. Du Bois Fellowship, Provost Graduate Fellowship
• Minimum GRE score of, 300
• Completion of statistics, intermediate micro and macro theory, and calculus prerequisite courses

Can You Get a PhD in Economics Online?

Yes, you can get a PhD in economics online. Liberty University currently offers an online PhD in Public Policy with a concentration in Economic Policy. This program focuses on teaching students how to shape economic policy across legislation, communications, politics, education, and international relations. Grad school students can complete this online program in three years.

Best Online PhD Programs in Economics

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

It takes five years on average to get a PhD in Economics. The first two years are usually spent completing core classes in economics, and by the third year, students prepare for exams in their specialization field of choice. The final two years are for research and writing a dissertation.

Some students are able to complete their PhD program in less time. Others take up to seven years to finish their degrees, especially if they don’t already have a master’s degree in the field, or are taking courses part-time.

Is a PhD in Economics Hard?

Yes, a PhD in Economics is a hard degree to obtain. However, at this level of education, regardless of the area of study you choose, all programs are hard to complete. Doctoral programs are intended for students who wish to become true experts in their field of choice.

Economics PhD programs are hard because extensive research and practical capabilities are required of candidates. Through a heavy course load, econ grad students are expected to work hard to develop their skills to the maximum and create publishable, high-quality work.

How Much Does It Cost to Get a PhD in Economics?

It costs an average of $19,314 per year to get a PhD in Economics , according to the National Center for Education Statistics. This value is an average of the graduate tuition required in all public and private institutions between 2018 and 2019. Tuition rates will vary by school, and private universities are often more expensive than public institutions.

How to Pay for a PhD in Economics: PhD Funding Options

PhD funding options that students can use to pay for a PhD in Economics include research and teaching assistantships, and many different fellowships and scholarships. These can either be provided directly by the university or by independent institutions and organizations.

Some of these include the Provost Graduate Fellowship, the Melvin Eggers Graduate Economics Scholarship for Doctoral Students, and the National Science Foundation Graduate Research Fellowship Program.

Best Online Master’s Degrees

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

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

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

Master’s vs PhD in Economics Job Outlook

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

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

Difference in Salary for Economics Master’s vs PhD

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

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

Related Economics Degrees

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Why You Should Get a PhD in Economics

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

Reasons for Getting a PhD in Economics

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

Getting a PhD in Economics: Economics PhD Coursework

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

Microeconomics

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

Macroeconomics

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

Econometrics

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

Mathematics for Economists

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

Research Design and Methodology

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

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How to Get a PhD in Economics: Doctoral Program Requirements

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

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

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

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

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

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

Potential Careers With an Economics Degree

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PhD in Economics Salary and Job Outlook

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

What Can You Do With a PhD in Economics?

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

Best Jobs with a PhD in Economics

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

What Is the Average Salary for a PhD in Economics?

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

Highest-Paying Economics Jobs for PhD Grads

Best economics jobs with a doctorate.

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

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

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

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

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

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

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

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

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

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

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

Is a PhD in Economics Worth It?

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

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

Additional Reading About Economics

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PhD in Economics FAQ

Some of the top companies that are hiring economists in 2022 include RAND, the Federal Reserve Bank of New York, and the World Bank. Fannie Mae, the IMF, and Amazon are also top companies looking for economists.

Yes, you are expected to teach or somehow be involved in classroom experiences during your PhD program. Most students receive financial funding through teaching assistantships. These are viewed as an important component of the PhD college career.

You’ll need to have some kind of mathematics background to be admitted to an economics PhD program. All candidates must have taken intensive math classes and need proven math ability in calculus, linear algebra, and differential equations.

No, you don’t need an econ master’s degree to enroll in an economics PhD. However, only a small number of applicants are accepted into these programs and a master’s degree could be considered a competitive edge.

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PhD in Applied Economics and Management Program

Earn your doctorate at the dyson school—an innovative, immersive phd program.

Prepare for research-rich careers in academia and industry.

Offered by the Charles H. Dyson School of Applied Economics and Management at Cornell University, this PhD program is fully funded, fully residential—and fully designed to prepare you to tackle today’s most pressing economics issues. 

Earning a doctoral-level degree opens you up to exciting opportunities, whether you plan to teach at the college level, want to pursue a research-related career in industry, or wish to use your skills and knowledge in the nonprofit sector.

Why Earn a PhD in Applied Economics and Management at the Dyson School?

Considered one of the best applied economics PhD programs in the nation for research output, the Dyson School’s doctoral offering combines Ivy League rigor, experiential learning, and faculty mentorship. Here are just a few ways our program is unique among applied economics PhD s:

Fully Funded

All applied economics PhD students receive full tuition assistance, plus health insurance and a stipend for all five years

STEM-Designated

Our program prepares you to be a researcher in today’s technologically advanced, big-data-focused landscape.

Flexible and Focused

Choose an industry-focused concentration area, such as food and agricultural economics.

Experience-Rich

Partnerships across Cornell give you unprecedented teaching and research opportunities.

Program Overview: The PhD in Applied Economics and Management at a Glance

Here’s a quick overview of the AEM PhD program, from degree type to program duration:

Degree Awarded

PhD in Applied Economics and Management

Program Format

Full-time residential and STEM-designated

Program Duration

Our Curriculum: PhD Course Requirements

The first two years of the PhD in applied economics and management program include foundational coursework in areas such as economic theory, applied econometrics, and macroeconomic research. Then, you’ll progress into general electives, as well as electives related to your concentration area.

The heart of the PhD program is your dissertation, and this faculty-mentored, research-based project will be the focus of your final three years in the program.

PhD in AEM Concentrations: Developing Your Expertise

As a doctoral student at the Dyson School, you’ll choose one of four concentrations. As you take electives and engage with faculty in one of these research areas, you’ll begin to home in on your own area of expertise. Within this concentration, you’ll develop your dissertation idea and form your special faculty committee.

Environmental, Energy, and Resource Economics (EERE)

Discover how the economy and the environment interconnect. This concentration covers a wide range of existing and emerging environmental issues. EERE students gain environmental economics experience through our partnerships with the Atkinson Center for a Sustainable Future and the Cornell Institute for China Economic Research .

Faculty expertise in the environmental, energy, and resource economics PhD concentration area includes:

• Climate change
• Air and water quality
• Policy evaluation
• Transportation
• Renewable and nonrenewable energy

Food and Agricultural Economics (FAE)

Explore every aspect of the food chain, from farm to market to consumer. Not only will you get to work with experts at the Dyson School, but with our connection to Cornell’s College of Agricultural and Life Sciences (CALS) , Cornell Cooperative Extension , and the Food Industry Management Program (FIMP) , you have unparalleled access to a broad range of experts, including natural scientists, farmers, and food retailers.

Faculty expertise in the food and agricultural economics PhD concentration area includes:

• Agricultural finance
• Behavioral economics
• Food retailing and marketing
• Farm management

International & Development Economics (IDE)

Find solutions to market challenges around the world. This concentration will expand your knowledge of pressing societal issues, including poverty, public health, and agriculture. Teaching and research opportunities for IDE students include the Tata-Cornell Institute for Agriculture and Nutrition , the Emerging Markets Institute , and the Einaudi Center for International Studies .

Faculty expertise in the international and development economics PhD concentration area includes:

• Poverty and inequity
• Nutrition and urbanization
• Public works programs
• Resilience measurement
• Labor markets

Management (MGMT)

Dive into the science of management in industries of all kinds. Concentrating in management gives you flexibility in building your academic plan, including hundreds of electives and endless possibilities for dissertation research topics. Our faculty members have an incredible range of scholarly and professional experience, our management concentration highlights three core areas:

Real Estate Economics (REE)

Faculty in this area examine issues related to real estate and urban development. Research interests include:

• Commercial real estate finance
• Investment performance
• Tall buildings

Strategy and Business Economics (SBE)

Faculty in this area explore a range of strategy-related questions. Their research interests include:

• Digitization
• Human capital management
• Organizational economics

Faculty in this area focus on empirical finance issues. Research interests include:

• Climate finance
• Household finance
• Asset pricing
• Financial institutions

Benefits of a STEM-Designated PhD in Applied Economics and Management

A longtime innovator in economics education, the Dyson School has always prepared its students for the changing marketplace. Our STEM-designated PhD program takes that to another level by ensuring our graduate-level curriculum gives you the technical competencies demanded of today’s researchers. Your studies will cover applied econometrics, machine learning, programming, and other emerging areas relevant to business. 

The STEM designation offers additional benefits to Dyson School students on an F-1 visa, including the opportunity for extended learning and professional experiences in the United States.

After the PhD: Careers in Academia and Industry

A senior data scientist at Citibank. A research agricultural economist at the US Department of Agriculture. An assistant professor at Hong Kong University of Technology. 

Dyson School PhD graduates take their research experience into academia and industry. As scholars, they teach and continue their research at institutions across the US and abroad. They also serve in high-profile economist, data scientist, advisor, and related roles at organizations from federal agencies to global financial services firms to nongovernmental organizations. 

VIEW PhD in AEM CAREER OUTCOMES

Your Dissertation: Putting Ideas into Action

Intellectual curiosity at the Dyson School is strong. Our PhD students devote their research to economics and management topics spanning sectors and industries. Dissertations in recent history take a deep dive into issues such as:

• Tax policy, public health, and government spending
• Food safety and consumer demand in China
• Business process innovation in commercial firms
• Impact of fintech in agricultural economics

Our Faculty: Research with Industry-Leading Scholars

As a PhD student at the Dyson School, you’ll work alongside some of the most brilliant minds in economics and management. In addition to receiving individual mentorship, you’ll get to build your own special faculty committee—an advisory group that will guide you through every step of your dissertation.

Throughout the program—from foundation courses to electives across Cornell—you will learn from award-winning educators, widely published scholars, and industry-leading practitioners.

“One of my favorite aspects of the PhD in Applied Economics and Management program was the abundance of seminars and the regular hosting of conferences. The wide range of seminars and the frequency of conferences created an intellectually stimulating environment and facilitated thought-provoking discussions with experts and peers.” — Natasha Jha ’23

The PhD Student Experience: Living and Learning at the Dyson School

When you join the Dyson School, you will become part of a vibrant, collaborative learning community dedicated to positively impacting people around the world through economic and management research.

Our Community

As a PhD student at Dyson, you will make meaningful connections across campus and beyond. You’ll learn from a world-class faculty, engage with ambitious peers, receive close research mentorship, and have access to a broad range of academic and career support services.

With historic buildings, modern learning spaces, beautiful scenery, and plenty of amenities, Cornell is an amazing place to live and learn. We’d love to show you around campus.

Our Expertise

Our faculty are experts in many areas but perhaps most notably for consulting, consumer packaged goods, financial services, technology, and agribusiness. The breadth and depth of our knowledge is especially helpful as you pursue your doctoral research. 

LEARN MORE ABOUT DYSON

Admissions Overview: How to Apply to the PhD in Applied Economics and Management Program

The ideal candidate for the Dyson School’s applied economics PhD program will have a thorough knowledge of economic theory and quantitative methods, as well as a background in calculus and real analysis. Our admissions page has more details about eligibility requirements, deadlines, and materials you need to submit with your application.

Applied Economics FAQ: Your PhD Questions Answered

As you research and compare applied economics PhD programs , you probably have questions about program length, the admissions process, dissertation requirements, career possibilities, and more. Explore the answers to frequently asked questions to help you learn more about the Dyson School’s program.

Next Steps: Apply to the Dyson School PhD in AEM

Ready to apply to our highly selective, fully funded PhD in Applied Economics and Management? We encourage you to officially start the application process today at the Cornell Graduate Admissions website.

Is an economics PhD still a great deal?

Yes, but for different reasons than a decade ago..

My most popular post at my old blog, back in 2013, was called “ If you get a PhD, get an economics PhD ”. People still ask me about it to this day. In that post, I categorized PhD’s into three types:

Lifestyle PhDs , in which you get to think about fun stuff and exist in a stimulating intellectual community, but probably will struggle to find a job in your field,

Lab science PhDs , in which you will get a job after years of busting your butt working for a P.I. at a lab bench or in a cleanroom, and

PhDs that work , i.e. programs that get you both good job opportunities, intellectual fulfillment, and the lifestyle of an independent scholar.

Econ, I argued, was the paradigmatic example of the third type. As it’s mostly not a grant-funded lab science, PhD students get relative autonomy — a chance to think their own thoughts and set their own schedules. But because there are so many good job opportunities in econ — professorships, business school professorships, private sector econ jobs galore — you can largely do your own thing and be assured of a glide path to the upper middle class. And because economists occupy (or at least, occupied) a rather unique place in society, you can do all of this while still being afforded the respect given to the sages of the ivory tower. Thus, I argued, econ was the PhD that offered the best of all possible worlds.

To a large extent, that is still true. Econ still offers a good amount of personal and intellectual autonomy, despite a modest rise in grant funding and postdocs and the other trappings of lab science. There are still more academic jobs than for many other fields, thanks to the continued growth of business schools . And though economists are perhaps not viewed as the all-purpose sages they used to be, they are still afforded quite a bit of respect. Furthermore, the culture of econ is changing in ways that greatly mitigate the traditional downsides. In fact, overall I’d say that the economics PhD is an even better deal than it used to be.

Here are a few ways I see the landscape as having shifted in the decade since I got my degree.

The rise of data science

One of the most important trends over the past decade has been the emergence of data science as a highly lucrative and accessible field for people with PhDs. This field is red-hot — data scientists are some of the best-paid workers in industry, and demand for them continues to grow . This is being driven by a number of trends, but basically there are two stories here. First, the internet has generated a huge amount of data, and companies need people to wrangle that data and extract value from it. Second, deep learning turned out to basically be magic for many applications.

For economists, the first of these is more relevant. Yes, after a while in data science you might get into deep learning, but it’s not something that economists necessarily start out as specialists in; if that’s your goal you’re probably better off just going through computer science. Economists’ core strength is in statistical modeling; thanks in part to the empirical turn in the profession since the 1990s, people with econ PhDs are some of the better applied statisticians out there. So they’re a perfect fit for plenty of data science jobs that even Masters-level people can’t really do.

In fact, it’s extremely easy to transition from econ into the world of data science. You can just apply for jobs directly, or you can go through a boot camp like Insight that will quickly teach you the extra stuff you need to know. A good friend of mine from grad school decided to do this after she left her professor job; she now makes three times what her peak salary as a prof would have been. Not bad. And while figuring out how to optimize Spotify recommendations or whatever might not be quite as intellectually stimulating as searching for the true causes of unemployment, it does present you with a bunch of interesting mathy problems to solve. And if you’re into that sort of thing, it’s an alternative gateway to a lucrative career in tech company management for people who didn’t go the software engineer route.

Data science may not be the first job of choice for economists who want to do real econ work, but it provides a very safe and lucrative outside option that barely existed a decade ago. (This has more than compensated for the winnowing of quant finance, and it’s also far less soul-crushing.)

The boom in private-sector econ jobs

Data science uses the stuff you learned in econometrics, but it isn’t really an econ job per se. Fortunately, a lot more companies are hiring economists to do actual economics. For a primer, read this 2018 paper by Susan Athey and Michael Luca (Athey is probably the second-most-famous private sector economist after Hal Varian, and is one of the profession’s true geniuses, so heed her advice).

Essentially their are two stories here. First, tech companies have created a whole lot of online marketplaces — Google Ads auctions, Amazon Marketplace, two-sided search markets for Uber and Lyft, and a whole lot of others. They need economists to figure out how these markets work, and — perhaps more importantly — how they should work. In a way, creating an idealized market from scratch could be more intellectually fulfilling than studying more “natural” markets; with the magic of software, an economist can create the kind of economic interactions that previously were just theoretical approximations!

The second trend is, as before, the empirical turn in econ. The credibility revolution has produced a generation of economists who are able to think very subtly and intelligently about how to isolate causality from natural experiments and policy experiments. That’s something that’s proving increasingly valuable to businesses, who have all too often led astray by correlations that turn out not to be structural. Whether it’s A/B testing, or causal inference for marketing, or just figuring out the determinants of demand, companies want economists who can help them empirically understand how their corner of the world really works.

The softening of econ culture

One other way that an econ PhD has become an even better deal is that the culture of the profession has become much less dominated by jerks. I can’t actually prove this to you, but young people can feel it . I can, however, describe roughly what has changed.

First, there has been a big backlash against sexism (and, to some degree, racism) in the profession. A series of academic papers exposed the field’s gender bias from a variety of angles — toxic online forums , discrimination in the credit for co-authorships, discrimination in the peer review process , and so on. A few high-profile sexual harassment scandals chastened the behavior of some top male economists. The people who run the profession — which, if you don’t know, is a very hierarchical profession — have made concrete moves to signal that sexism and racism aren’t allowed. One example is banning interviews in hotel rooms .

These are small in substantive terms, but they send a strong signal about what type of behavior and attitudes will result in economists getting shut out from plum jobs. There are still a few universities that specialize in hiring disgraced professors, but overall the “old boys’ club” of economics is on the way out.

The erosion of sexism dovetails with another big change in econ culture, which is the decline of bullying. There has been a concerted effort to push back on professors who try to destroy speakers in the seminar room; the era of “Well, this is really more of a comment than a question” is rapidly fading. I conjecture that this also has something to do with the empirical turn in economics — when theory isn’t disciplined by evidence, a loud-shouting bully might advance his ideas to the forefront of the profession by force of personality alone, but when you have to bring data, that kind of crap just doesn’t work.

Finally, economics has become more politically progressive . Whether this is a good thing or a bad thing obviously depends on your personal politics. But since most of the Americans who are considering a PhD are going to be progressive, the fact that econ isn’t an outlier in this regard probably makes the field more attractive.

Add up all these changes, and the result is that doing an econ PhD no longer means having to worry (or at least, not having to worry nearly as much) about navigating an entrenched old boys’ club of right-wing bullies. That’s a big plus!

The changing role of economists in American society

Better culture, more private-sector jobs, and lucrative outside options in data science — those are three major ways that an econ PhD is an even better deal than it was in 2012. But there’s at least one major way in which econ is less like a $20 that someone left lying on the ground. Economists’ intellectual prestige has dwindled a bit.

Back in the 2000s, at the height of the finance-driven Bush years, economists were viewed as sort of all-purpose sages. Americans were thrilled to read economists’ insights on everything from abortion to how to name your kids. Economists held pride of place among presidential advisors, determining the fate of nations — or just telling you where to get a bite to eat .

The financial crisis and the Great Recession brought that world crashing down, and that definitely diminished economists’ prestige a bit. Donald Trump was another factor — he famously had little use for economists, preferring instead to rely on his own clumsy bellowing and aggressive tariffs rather than the nostrums of some academic scribblers. The utter disregard for the free-trade consensus — perhaps the only thing economists agreed on at the time — was a major symbolic defeat for the profession, and one that Biden shows no intention of reversing . In fact, astute observers have noticed a diminished role for economists in the current administration as well.

One more factor, I think, was the shifting of America’s fault lines to non-economic issues — matters of history, of race and gender, of culture and nation. Those deep questions about the nature of our society make the quotidian matters of real estate portfolios and GDP numbers less central to our lives, and I think that made Americans less likely to ask economists for their advice about anything and everything.

So if you do get an econ PhD, don’t expect to walk around and have people view you as a sage. It’s a bit more like being a biologist now — you have your area of expertise, and most (but not all) people will acknowledge it, but if you go outside your field you’ll be considered an amateur.

Personally, I like that better, but your mileage may vary.

General warning about getting a PhD

So the econ PhD is still one of the best PhDs you can get. I’d put it up there with computer science and applied math, which share many of these advantages. But remember that doing any PhD is going to have some major drawbacks and challenges. As I wrote in my 2013 post:

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

PhD programs famously put an enormous strain on the mental health of many students. Even those who come out of it just fine often remember it as a very difficult time in their lives. That’s obviously not true for everyone — some people remember their PhD programs as the best days of their lives. But it’s a risk you should be aware of.

But if you decide that a PhD program is right for you, then I think you could easily do worse than economics. The role of economists in society has changed in the last decade, but in most ways I’d say it’s even better than before.

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Applied Economics, PhD

Combining the faculties of the departments of Real Estate and Business Economics & Public Policy, Wharton’s Applied Economics program leverages the breadth and depth of its faculty to prepare students for careers doing frontier theoretical and empirical research. Students can focus on a variety of areas including Behavioral Economics, Development Economics, Energy and Environmental Economics, Industrial Organization, Market Design, Public Economics, Risk Management, and Urban Economics and Real Estate. Students may also develop an inter-disciplinary focus by taking courses and working with faculty in some of the other departments at Wharton such as Finance, Health Care Management, Management, and Marketing.

For more information: https://doctoral.wharton.upenn.edu/programs-of-study/applied-economics/

View the University’s Academic Rules for PhD Programs .

Required Courses

The course of study for the Ph.D. in Applied Economics requires the completion of 15 graduate course units. The common core consists of 3 theory courses and 3 statistics/econometrics courses. Students are also expected to master two field areas by passing two courses in each (total of 4 courses units). The remaining course units necessary to achieve 15 are split between the mandatory graduate student research seminars and other electives.

Students may also take STAT 9210 , STAT 5200 , and STAT 5210 .

Taken in the Spring and Fall of years 2 and 3 for 0.5 cu each

The degree and major requirements displayed are intended as a guide for students entering in the Fall of 2024 and later. Students should consult with their academic program regarding final certifications and requirements for graduation.

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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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• Ph.D., Business Administration, Richard Ivey School of Business
• M.A., Economics, University of Rochester
• B.A., Economics and Political Science, University of Western Ontario

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

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

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

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

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

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

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

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

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

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

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

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

My Response 

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

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PhD in Applied Economics

The PhD program is small and focused, with students concentrating in one field of specialization. Fewer than ten students enter the program each year. Students may concentrate in either industrial organization, competition policy, and regulatory economics; or labor economics. Each field is covered in two semester courses at the PhD level. Students who elect the industrial organization, competition policy, and regulatory economics field may further elect a second field in transportation economics. Admission from the Bachelor’s level requires taking the MA core courses and two additional elective courses plus the PhD requirements.

The PhD program is  STEM  certified covering a curriculum based on the idea of educating students in four specific disciplines — science, technology, engineering and mathematics — in an interdisciplinary and applied approach. ( The IPEDS classification:   Detail for CIP Code 45.0603    Title: Econometrics and Quantitative Economics)

The field of  Industrial Organization, Competition Policy, and Regulatory Economics  analyzes and evaluates the performance of markets and devises appropriate policy responses when markets are not performing well. By developing techniques for examining the structure, conduct, and performance of markets, it bridges economic theory and the real world. In addition, it helps to develop and implement antitrust and regulatory policies to remedy failures of those markets. Students specializing in industrial organization may further elect a second field in transportation economics.

The field of Labor Economics analyzes the neoclassical labor market, covering such topics as the supply of labor from the perspective of the individual and the family, human capital. The demand for labor, market equilibrium, and the determination and distribution of wages and earnings are analyzed. Theoretical and empirical issues surrounding current topics in labor economics are examined, and may include discrimination, efficiency wage theory, labor legislation, life cycle analysis and the use of microdata (panel studies), search behavior, intergenerational earnings mobility, and employment and training policies.

Silvia Prina

Associate professor of economics.

Silvia Prina is a development economist interested in understanding the behavior of poor households for the purpose of uncovering potential strategies to improve their lives. Her first set of papers investigates how financial access, particularly via…

Contact: Northeastern University 360 Huntington Avenue 301 Lake Hall Boston, MA 02115-5000 phone: 617.373.2871 fax: 617.373.3640

email: [email protected]  

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Get more information about this graduate program., more programs, bachelor of arts (b.a.) in economics, bachelor of science (b.s.) in economics, combined majors, masters of science in economics, plusone accelerated master’s program economics.

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A PhD in economics is the only one worth getting

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

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

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

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

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

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

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

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

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

Reason 1: You get a job

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

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

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

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

Reason 2: You get autonomy

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

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

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

Reason 3: You get intellectual fulfillment

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

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

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

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

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

Reason 4: The risk of failure is low

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

Caveats about the econ PhD

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

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

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

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

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

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Economics Degrees: Worth it or Useless for Getting a Job?

With an estimated 13% employment growth rate for economists in the next decade, an economics degree is worth it to many.

Entry-level jobs are available for graduates with a bachelor’s degree in economics. But, to thrive in the field, many people do also go on to pursue a Master’s degree or PhD in economics.

What Is an Economics Degree?

Economics is a discipline that explores how money and the global capitalist market affects and enhances human life.

While it’s a heavily mathematical and theoretical degree, at its heart it is the study of how to help people thrive. Economics can explain the reasons that drive human behavior, reactions, and decisions.

With an economics degree, students obtain top-tier statistical and mathematical skills, including the knowledge to apply economic models and principles to problems related to finance, assets, business, or public administration.

What Jobs can you get with an Economics Degree?

Studying the financial market and social policies are some of the major components of an economics degree. As a result, it paves the way for countless job opportunities. Here is a quick look at some of the most popular jobs with a degree in economics.

Pros and Cons of an Economics Degree

If you can’t figure out if an economics degree is the right fit for you, then take a look at its pros and cons below. It’s important to consider all the positives and negatives when seeking out proper career options.

1. Benefits of an Economics Degree

Here are the benefits of having a degree in economics.

• You will develop logical and analytical thinking skills.
• The degree combines mathematics and social theory in a very interesting way.
• Optimistic job outlook. Many employers are looking to hire graduates from economics majors.
• High pay. While an entry-level position might not pay as much as you’d like, career economists often end up in high-paying positions.

2. Negatives of an Economics Degree

Just like any major out there, economics has its downsides.

• Math and statistics are the core of economic classes. If they are not your strong suit, then you probably won’t like it.
• You may need an advanced degree such as a Masters of PhD to beat the competition.

What are the Requirements for Economics Degrees?

The minimum GPA requirement in overall economics courses is usually 3.3, while in upper-division economics, you will need at least a 3.5 GPA .

Of course, these requirements will vary depending on the university you select.

For example, students who enter Berkeley as freshmen need a minimum 3.0 GPA in the prerequisite courses. For a transfer student, a minimum 2.7 GPA is necessary. So, check the requirements in the college you want to apply to.

What Economics Majors are There?

Economic majors cover topics related to economic systems and theories. This includes mathematical methods and practical knowledge that can come in handy when analyzing resources, trades, and other factors of a business.

Here are some of the majors you can go for. 

What is the Average Salary for Economics Graduates?

According to the American Economic Association , the average wage for economists varies based on the major you work in.

For Applied Economics and Management, the starting salary is usually about $58,900, which can reach $140,000 in mid-career. With Econometrics, the average starting pay is $60,100, reaching $131,000 in mid-career.

Overall, in the salary race, economists generally earn more than most, but less than engineers and computer science majors. However, economics majors also have excellent employment prospects and earnings.

Skills Learned In An Economics Degree

1. soft skills.

• Problem-solving
• Critical and logical thinking
• Spoken and written communication
• Polished presentation and research skills
• Time management
• Interpersonal skills

2. Hard Skills

• Data analysis
• Cultural & commercial awareness
• Using literary and information-processing skills
• Drawing economic inferences
• Assimilating quantitative & qualitative data

Final Verdict: Are Economics Degree Worth It or Worthless?

Economics is a popular field of study for people who are interested in the practical application of mathematical and analytical thinking. It can be a challenging but worthwhile area of study if you want to work for big corporations, banks, or international companies. It pays well and will likely be an in-demand qualification for many decades to come.

Do Further Research on your Degree Choices:

• Is a Liberal Arts Degree Worth It?
• Is a Chemistry Degree Worth It?
• Is an Engineering Degree Worth It?
• Is a Business Degree Worth It?
• Is a Finance Degree Worth It?
• The 6 Types of Degrees
• 15 Jobs you can Get with a Teaching Degree
• Is a Computer Science Degree Worth It?
• Is an Economics Degree Worth It?
• 17 Types of Bachelor Degrees

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• Chris Drew (PhD) https://helpfulprofessor.com/author/chris-drew-phd/ 15 Self-Actualization Examples (Maslow's Hierarchy)
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Is an Economics PhD Worth It? The PhD Pay Premium

Read a summary or generate practice questions using the INOMICS AI tool

Economics students may often wonder if doing a PhD is the right move for them. After all, you can still get a good job in economics with just a Master’s degree. We’ve covered different angles of this topic before with helpful advice about what degree you’ll need as an economist , asking whether you should do a PhD , and even asking what kinds of economists are paid the most . Thanks to INOMICS Salary Report 2023 data, we can look more closely at the pay benefit for an economics PhD in today’s job market. This will help you decide if doing an economics PhD will be worth it for your own career.

Perhaps unsurprisingly, the typical PhD in economics earns more than the typical economist with “only” a Master’s degree. But how much more? Is doing an economics PhD program worth it in the long term?

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The short answer: yes. INOMICS Salary Report data shows that in 2023, economics PhDs earned on average 96% more than economists with a Master’s degree. These are worldwide statistics taken from the full breadth of the INOMICS Salary Survey data.

The benefit to doing a PhD in economics varies by region. Figure 1 compares the “earnings premium” that an economics PhD has over economists with a Master’s degree across the world, using 2023 INOMICS Salary Survey data.

Figure 1: Regional Premiums in economics PhD pay compared to a Master’s

Clearly, in most regions acquiring a PhD in economics offers quite the premium. Some results may stand out as surprising, however.

First, in North America in particular, the premium for earning a PhD in economics seems smaller than expected. If a PhD only earns an economist an extra 36% increase in wages, ignoring a PhD and continuing to work might seem like a preferred option in this high-wage region.

In the Caribbean, South & Central America and Africa, PhD earnings are below Master’s earnings. This unexpected result appears to be the case due to the distribution of survey respondents. In both regions, the amount of industry economist respondents is much larger than academic respondents, and Master’s-degree-holding economists outnumber PhD economists in Government, Central & International Bank, and private business roles. These three categories of employer tend to pay more highly than others. This suggests that in these two regions, acquiring a PhD may not be necessary to have a well-compensated industry career. Further, it seems more realistic for Master’s-degree-holding economists to attain high-paying roles in these sectors without a PhD, as opposed to many other regions where a PhD would be considered a requirement.

As the previous discussion just showed, Figure 1 doesn’t account for the different sectors that economists work in. In general, economists who work in industry tend to earn very high wages, while economists who work in academia earn noticeably less until they are finally promoted to a full Professor of Economics. Then, academic economist pay catches up to industry pay. This is a trend noted in multiple editions of the INOMICS Salary Report.

This is particularly true in North America, the highest-paying region on average. Economists working in industry can earn high wages with only a Master’s degree. This is also true of Western Europe & Scandinavia and East Asia & Australasia, the second and third highest-paying regions identified by the Report.

Some other regions of the world feature much more of a premium for PhD economists. Part of the reason for this is clear. Since high-paying regions like Western Europe and Australasia pay higher salaries to begin with due to the higher cost of living, a high pay increase in these regions represents a lower percentage of overall pay.

This fact is supported by the graph; North America is the highest-paying region and features the lowest positive percentage increase in pay for PhDs. Western Europe, which pays the second most on average, features a slightly higher percentage increase. Readers should make no mistake; a 35.6% increase from a base salary of $100,833 (the average Master’s degree economist salary in North America) is a massive increase in pay. Comparably, the almost 120% increase in pay in the Middle East, Central Asia & North Africa region is an increase from an average Master’s degree salary of $17,321 to almost $40,000. In percentage terms, this is obviously enormous, but in cash terms less than the difference in North America.

Additionally, however, the high percentage premium for PhD economists in lower-paying regions may suggest that in these regions (i.e., South Asia, Middle East) there are more opportunities for economists without a PhD to find meaningful employment, so fewer individuals elect to study for a PhD. If this is true, those who do complete a PhD enjoy a high pay premium over their economist peers since economics PhDs are more rare in those regions.

Academic economists need a PhD

Economics students should keep in mind that academic jobs will almost certainly require a PhD in economics. Economics students interested in a career in academia should therefore be strongly encouraged to pursue an economics PhD, regardless of differences in pay. The following Figure 2 shows the pay premium for economists employed at universities, by region:

Figure 2: Regional Premiums in economics PhD pay compared to a Master’s (Academic only)

The pay premiums for economics PhDs tells the story quite clearly: across the board, in every world region, economics PhDs in academia earn much more than their counterparts without a PhD.

Readers might note that this graph is likely skewed because economics PhDs are probably more senior economists than economists without a PhD in academic settings, and likely hold higher-level positions; but this skewness supports the point. Economists interested in a serious career in academia must strongly consider getting a PhD, or have a specific reason to not need one. It is very difficult to earn a Professor of Economics position without a PhD in most of the world. Figure 3 below provides evidence to support this point.

Figure 3: % of Master’s degree economists in Professor roles by region

Figure 3 shows very clearly that burgeoning economists should expect to earn a PhD if they wish to work as a Professor of Economics in the future. Every world region has very few Professors with just a Master’s degree. Even in South Asia, which has by far the largest representation for Professors with a Master’s degree in our data, only 20% of Professors have a Master’s while 80% have a PhD.

Industry economist roles

It’s clear that academic economists usually need a PhD, but this isn’t necessarily the case in industry. However, readers may be curious to repeat the above breakdowns in industry roles, which can be instructive. Figure 4 thus shows the pay premium for PhD economists in industry roles by region:

Figure 4: Regional Premiums in economics PhD pay compared to a Master’s (Industry only)

Figure 4 shows that PhD economists out-earn Master’s-holding economists in industry jobs by a substantial amount in most regions. The lower industry PhD economist pay compared to Master’s degree economists was already discussed above for Africa and the Caribbean. In summary, Master’s degree holding economists outnumber PhD economists in Government, Central & International Bank, and private business roles in these two regions. Since these three categories of employer tend to pay more highly than others, it may slightly skew the graph in favor of Master’s degree holders. However, this suggests that in these two regions, acquiring a PhD may not be necessary to have a well-compensated industry career.

In North America, part of the reason for a lower than expected premium is likely the fact that in this high-paying region, high base salaries mean that salary increases will be lower percentage-wise. This was discussed above as well. Average years of experience are quite comparable for industry economists in North America (about 12 for Master’s degree holders and 15 for PhD holders), and the employer distribution is relatively balanced.

Figure 4 suggests that industry economists with a Master’s degree in North America ought to consider their career path and whether a PhD is right for them before going back to school. A PhD opens up some employment opportunities in the private sector that aren’t available to Master’s degree holders, and will increase pay, but whether or not that is necessary or desired is likely up to the individual.

Keep in mind that specific non-academic employers – especially governments, central banks like the Federal Reserve, institutions seeking economics researchers, NGOs like the World Bank, and even increasingly consulting firms – are likely to require an econ PhD for some higher-level positions. Be sure to check job listings for economics jobs that you’re interested in to see if a PhD might help you reach them in your career.

Comparing previous years: PhD earnings on the rise again

Using past years of INOMICS survey data, we can examine how the benefit to doing an economics PhD has changed over time. It appears that the premium in pay that economics PhDs enjoy is recovering after a slight dip during the pandemic years. See below Figure 5 below:

Figure 5: How much more PhD economists earn vs. Master’s economists by year, INOMICS data

Figure 5 shows that earnings for economics PhDs are once again rising relative to pay for economists without a PhD. It’s worth noting that pay for economists with both degree types has increased this year. According to the latest INOMICS Salary Report, economists with a Master’s as their highest degree experienced a 3.2% increase in pay on average since 2022, while those with a PhD have experienced a 35.9% increase. This has widened the earnings premium between the two categories from 80% in 2022 to 91% in 2023.

The dip in pay that economists experienced in 2022 may be partially due to the COVID-19 pandemic. And PhD pay is not the only factor that appears to be improving since COVID. The post-pandemic recovery of the economics jobs market has already been discussed by INOMICS, showing that earnings for economists with Master’s and Bachelor’s degrees recovered sharply after the first waves of the pandemic.

So, is doing a PhD in economics right for you? According to the data, in most cases it will be. However, you must weigh the tradeoffs yourself. You may not need a PhD to have a fulfilling career in economics, particularly if you plan to work in a non-governmental and non-central bank role in industry, and particularly in certain countries and regions.

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Calculating ROI: Getting Your Master’s vs. PhD in Economics

No matter what field they study, prospective graduate students should always consider the value of their degree.  As a potential graduate economics student, you’re likely familiar with the term return on investment or ROI — the ratio used to calculate the efficiency of an investment or compare the efficiency of several different investments.

Though there’s no cut-and-dry way to determine the value of a graduate degree , there are some important numbers and factors to consider when determining which degree will be most valuable to you.  

The overall ROI of any graduate degree comes down to:

• the type of job you want,
• the school you attend,
• the degree you pursue,
• your program length
• and available financial assistance.

Want to know more about graduate funding opportunities at SMU? Learn how the Moody School of Graduate and Advanced Studies is reducing financial barriers to earning a graduate degree thanks to a $100 million commitment from the Moody Foundation. 

PhD in Economics Salary

The most important factor to consider first is the type of job you want. Most of the time, a Master’s degree opens the door to more advanced positions in the same types of jobs you can get with a Bachelor's degree. But, a PhD opens the door to jobs in the private sector, academia, government, think tanks and international organizations. Remember, on average, a PhD economist has a 34% higher salary than a Master’s economist.

Next, you need to consider cost. Economics PhD students, including our SMU students, have a full tuition waiver and a stipend to cover living costs. So, the only cost is lost wages from the job you would otherwise have. On the other hand, an Economics Masters's degree takes 2 years or less but the average cost of a master’s degree in the U.S. is $66,340.

You need to weigh up these costs and benefits to know the return on investment for you of pursuing an advanced degree in economics. 

What Can I Do with a PhD in Economics?

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

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

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

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

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

Explore Economics at SMU

The Department of Economics at Southern Methodist University (SMU) is highly ranked among economics departments in the United States and offers comprehensive coverage of the major fields in modern economics. For more than 55 years the department has prepared PhD candidates for careers as economists in both academic and non-academic positions.

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Campus news and industry insights from boston college, why applied economics is the preferred degree no matter your career path.

Whether you are just getting started in your career or are a seasoned professional aiming for a C-suite job, a master’s degree in applied economics offers important advantages. The degree program is designed to develop “T-shaped professionals:” those professionals with sophisticated technical skills and soft skills, both of which are fundamental for success in solving today’s complex problems and working across industry sectors, organizational environments, and geographic contexts.

Employers have cited the need for more T-shaped professionals. In a recent Financial Times article , top employers around the globe identified and discussed the most and least important skills they seek as part of their responses to the 2018 MBA Skills Gap survey. Survey results show that soft skills are the most in demand by leading employers; however, the article continues to say that without demonstrated technical skills, job candidates are not even scoring initial interviews.

How can professionals determine which graduate course of study best prepares them to meet these divergent skills gaps? Let’s start with one of the most frequently asked questions: What exactly is the relationship between the MBA and the Master’s in Applied Economics?

Applied Economics vs. MBA

“I think these two programs are perfect complements for one another,” said Michael Hanson, a student in the Boston College M.S. in Applied Economics degree program and a graduate of Boston College’s dual MBA and MSF degree programs. “I think of the MBA as where you learn core business functional skills and broad skills in leadership, negotiation, and management. The M.S. in Applied Economics degree program, on the other hand, is where you learn how to approach problem-solving, how to make data-driven decisions, and how to simplify what the evidence is telling you so that it makes sense for an organization to use as the basis of strategy.”

Ed Ryan, a seasoned professional of more than 40 years, agrees. “The MBA gives you what you need to get started in finance, marketing, and operations. But, there is no question that the world is moving toward artificial intelligence and big data,” said Ryan. “The Master’s in Applied Economics program is at that intersection between what the market needs and the skills its graduates learn. We need to be sure the business world understands what these graduates can offer.”

How does the Master’s in Applied Economics degree program uniquely prepare its graduates to be in-demand T-shaped professionals?

Applied Economics: Analytical Approaches

Applied Economics students develop a toolkit of analytical approaches that leverage what they already have learned in theoretical microeconomics, macroeconomics, and statistics. This means that before any time-consuming work begins, graduates of an Applied Economics program can review the problem to be solved from several different angles to determine the best approach. Should this problem be addressed from the top down, for example, or from the bottom up? What should be the plan for getting to the most meaningful result? Students in the program learn to think through the problem and design the process versus just diving in.

In addition to learning how to think like an economist and a consultant, students in the program have the opportunity to learn specific technical skills that are in high demand, such as forecasting and predictive analytics, transfer pricing, measuring business cycles, and more.

Applied Economics: Big Data and Coding Techniques

As mentioned in the Financial Times article, finding professionals who can work with big data is one of the most difficult searches for leading employers. In the Boston College M.S. in Applied Economics program, students have the opportunity to work with real-world data sets that are often unstructured, complex, and require some knowledge of coding to manage effectively. Virtually every industry – and many nonprofits and government agencies – continue to move further into data-driven strategic models. Knowing how to work with this kind of data in a time- and cost-effective way can give these professionals an edge in the job market.

Applied Economics: Team Collaboration Skills

The Boston College M.S. in Applied Economics degree program brings together a diverse group of students in each of its courses. Less than half of the student population is from the U.S. International students come from across the globe and bring a wealth of diversity in backgrounds and cultures, in styles and approaches to problem-solving, and in professional interests and connections. In addition, the program has a mix of students who are early in their careers looking for the perfect job, and students who are seasoned professionals seeking new skills and advancement to the next level. Courses in the program often require team-based projects and deliverables so that graduates of the program have deep experience in communicating and collaborating with diverse team members and in having to accommodate and find leverage in differences around skills, schedules, and styles.

Applied Economics: Communication and Presentation Skills

Finally, the Boston College M.S. in Applied Economics degree program requires students to deliver polished presentations on the analytical work they are doing for course projects. Faculty act as presentation coaches for the students so that each student receives extensive feedback on areas for improvement. Students are coached on making sure they have boiled down their findings to simple language and concepts so that anyone can follow the presentation. Students are also asked to deliver strategic insights from their work so that leaders can use their findings in order to make decisions.

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Book of Gary Becker’s unpublished work shows his evolution as an economist

By Sarah Steimer

Former colleagues and students draw upon Nobel laureate’s drafts and notes of his approach to human behavior  

Prof. Gary Becker, AM'53, PhD'55, is regarded as one of the foremost economics scholars of the 20th century. The Nobel laureate broke new ground by approaching economics as the study of human behavior, and his contributions to the field continue to be felt, even a decade after his death in 2014.

A recently published book edited by Becker’s former colleagues and students draws upon his unpublished work to bring readers closer to the ever-evolving research of the pioneering economist—and perhaps inspires them to continue working where he left off.

The Economic Approach: Unpublished Writings of Gary S. Becker  (2023, UChicago Press) was brought to life through the editing by Profs.  Julio J. Elias  of the University of CEMA, Argentina; and UChicago Professors  Casey B. Mulligan  and  Kevin M. Murphy .

The process began when Guity Becker, Gary’s wife, gathered together a collection of her husband’s papers from over the years. These included drafts and notes of both his published and unpublished work, from sketches of initial ideas to near-completed papers. “When Guity Becker shared with us these unpublished manuscripts, which I had never seen, we were all fascinated,” said Julio Elias, a former student, teaching assistant, research assistant and coauthor of Gary Becker’s. “It was like when Becker would send us his first thoughts on an idea; a problem that he thought was worth tackling with the economic approach because of the important insight that it could bring, especially when the implications would lead to ‘uncommon sense’ implications, typically considered controversial.”

The team worked to format the collection in a way that a reader could move through Becker’s work, organized by topics the late researcher spent considerable time working on. These categories included different parts of social science that, according to Mulligan, Becker believed didn't have enough of an economics lens on them yet: notably, taking an economic approach to human behavior, such as preference formation, rational indoctrination, income inequality, drugs and addiction, and the economics of family.  

Elias did the bulk of organizing the papers, which sometimes included typing the papers that were not available in digital formats and produced a draft of the book. He, Mulligan and Murphy collaborated on writing introductions for each chapter, the chronological academic biography, and in putting together the list of dissertations that he chaired at Columbia University and UChicago.

“There's a lot of continuity in how he approached the world, but you can also see his evolution over time, given it covers such a wide range of his career,” Murphy said. “It gives you a perspective about how Gary was changing over time, learning more and trying to improve on the answers he had.”

“It gives you a perspective about how Gary was changing over time, learning more and trying to improve on the answers he had.”

Murphy said he expects many former students and colleagues may use the text as a way to reminisce about Becker’s impact on the field of economics, but also to get motivated to do more work along the path he forged—continuing to answer the questions he asked and maybe even finish projects he began.

“The reader will gain deeper insights into Gary Becker through these unfinished manuscripts,” Elias contended. “They hold significant value in providing a better understanding of Becker's craft of economic analysis, revealing his process: Gary Becker as a master of economic analysis.”

The text is also a resource for those less familiar with Becker the economist, but interested in the “edges” of economics.

“If you go through the topics in the book, many of them wouldn't be covered in your standard macro, micro, graduate or undergraduate textbook,” Murphy said. “The book could help people get interested in some of those areas that maybe they weren't exposed to directly.”

— Adapted from a story that was first published on the Division of the Social Sciences website .

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

Is a masters in economics worth it?

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

Editorial Listing ShortCode:

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

Is a Masters in Economics Worth it?

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

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

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

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

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

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

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

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

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

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

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

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

2. You have excellent communication skills.

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

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

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

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

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

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

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

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

1. Economist

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

2. Mathematician or Statistician

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

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

3. Survey Researcher

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

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

4. Budget Analyst

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

5. Senior Financial Analyst

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

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

Master’s in Economics Degree Alternatives

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

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

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

Economics Careers & Salaries

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

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

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

What Do You Learn in Economics?

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

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

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

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

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

What Can You Do with a Masters in Economics?

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

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

How Much Does a Masters in Economics Make?

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

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

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

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

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

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

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

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

What Does an Economist Do?

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

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

Which Is Better, MA in Economics or MBA?

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

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

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

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

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

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

Getting Your Masters in Economics Online

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

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

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

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• &]:text-lg [.small>&]:leading-tight [.large>&]:text-[calc(22rem/16)] ml-[calc(-1*var(--pl))] pl-[var(--pl)] [.no-arrow>&]:ml-0 after:hidden [.lock-icon>&]:after:inline-block [.lock-icon>&]:after:mask-lock [.lock-icon>&]:after:bg-current [.museum-icon>&]:after:inline-block [.museum-icon>&]:after:mask-museum [.museum-icon>&]:after:bg-roanoke-maroon-500 relative after:pointer-events-none after:relative after:top-1 after:left-7 after:-ml-4 after:w-4 after:h-4 after:scale-125 after:origin-bottom-right [.small>&]:after:scale-100 [.small>&]:after:left-6 [.small>&]:after:top-[calc(3rem/16)]" title="RC Today">RC Today &]:hidden absolute mask-right-arrowhead-2-by-3 pointer-events-none w-2 h-3 top-1.5 [.small>&]:scale-75 [.large>&]:scale-110 origin-top left-0 peer-hocus:left-1 sm:peer-hocus:left-1.5 motion-reduce:!left-0 bg-theme-fancy-link-color peer-hocus:bg-theme-fancy-link-hocus-color theme-dogwood-bloom-400:peer-aria-current:bg-black theme-dogwood-bloom-400:peer-aria-current:peer-hocus:bg-dogwood-bloom-900 transition-[left,background-color] ease-linear">

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Roanoke partners with Virginia Tech on accelerated path into agricultural and applied economics master’s program

May 31, 2024

Category: Academic Programs

  A newly formed partnership with Roanoke College delivers a pathway for students to take advantage of an accelerated 4+1 undergraduate/ graduate program in the Department of Agricultural and Applied Economics in the College of Agriculture and Life Sciences at Virginia Tech.    The partnership allows students at Roanoke College who are working toward a Bachelor of Science degree to complete a master’s degree in just one additional year at Virginia Tech. The agricultural and applied economics master’s degree provides students with data analytics skills in economic modeling, data analysis, econometrics, forecasting, and micro- and macroeconomics.     The program integrates industry and government issues with applied coursework in commodity markets, pricing, and contemporary issues and responses in food systems. As a result, students will gain the knowledge and skills needed to excel in the job market, including various fields within the agriculture sector and other data analytics roles and industries. Career paths may include: 

• Agriculture economist: analyze economic data related to farming, food production and agriculture policies for government agencies, research institutions or private companies.
• Policy analyst: Evaluate agriculture policies and their impact on farmers, consumers and the environment for government agencies, think tanks or advocacy organizations.
• Market analyst: Study supply and demand dynamics, pricing trends and market competition in agriculture commodities for agriculture businesses, commodity trading firms or market research companies. 

“This program gives our talented Roanoke College students a chance to leverage their excellent undergraduate education, speeding their journey into a challenging, fulfilling and high-demand field."

Kathy Wolfe, Roanoke’s vice president for academic affairs

This announcement is timely, as a USDA report predicts a strong demand for new college graduates with expertise in food, agriculture, renewable natural resources and the environment in the United States through 2025 and beyond. It is anticipated that heightened demand will persist beyond 2025 because of population growth, changing diets and food preferences, climate change and technological advancements.     The 100% online master’s degree program is open to all Roanoke College students with a 3.3 GPA, regardless of major, who have completed certain required courses. As part of the accelerated 4+1 agreements, students will not have to pay application fees or submit GRE scores to Virginia Tech.     “This program gives our talented Roanoke College students a chance to leverage their excellent undergraduate education, speeding their journey into a challenging, fulfilling and high-demand field,” said Kathy Wolfe, Roanoke’s vice president for academic affairs.     “We are proud to extend the 4+1 program to Roanoke College and provide their students with a gateway to further enhance applied economic analytic skills. This program will allow students to enter the workforce one year earlier, and we look forward to welcoming them to the program,” said Matthew T. Holt, department head and professor in the Department of Agricultural and Applied Economics.    Roanoke College students interested in learning more about these opportunities should contact:  

• Roanoke College: Alice Louise Kassens, Professor of Economics, [email protected] .
• Virginia Tech: Amy Guerin, Graduate Program Professional Coordinator, [email protected] .    

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Virtual: Information Session: Master of Science in Applied Economics and Data Intelligence

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• Sep. 4, 2024, 5:30pm to 6:30pm

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Are you interested in a career at the intersection of economics and data science? Join us to learn about the Master of Science in Applied Economics and Data Intelligence at UNLV. This graduate program combines skills in programming, data collection, management, and mining with training in economic reasoning and modern econometric analytics. Developed through a joint effort between the Economics and MET Departments, the program equips students with a robust skillset poised to meet the demands of the rapidly evolving landscape of data-driven industries. Discover how this unique program can help you achieve your professional goals.

Stay for the Q&A session immediately following the workshop to get all your questions answered.

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Please  register  for this event. A link will be sent to you 18 hours prior to the event start time.

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Graduate Recruitment

Virginia Tech, Roanoke College partner on accelerated pathway to agricultural and applied economics master’s degree

• Melissa Vidmar

31 May 2024

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A newly formed partnership with Roanoke College delivers a pathway for students to take advantage of an accelerated 4+1 undergraduate/ graduate program in the Department of Agricultural and Applied Economics in the College of Agriculture and Life Sciences at Virginia Tech.

The partnership allows students at Roanoke College who are working toward a Bachelor of Science to complete a master’s degree in just one additional year at Virginia Tech. The agricultural and applied economics master’s degree provides students with data analytics skills in economic modeling, data analysis, econometrics, forecasting, and micro- and macroeconomics.

The program integrates industry and government issues with applied coursework in commodity markets, pricing, and contemporary issues and responses in food systems. As a result, students will gain the knowledge and skills needed to not only prepare themselves for the workforce, but also excel in the job market, including various fields within the agriculture sector and other data analytics roles and industries. Career paths may include

• Agriculture economist: Analyze economic data related to farming, food production and agriculture policies for government agencies, research institutions, or private companies
• Policy analyst: Evaluate agriculture policies and their impact on farmers, consumers, and the environment for government agencies, think tanks, or advocacy organizations
• Market analyst: Study supply and demand dynamics, pricing trends, and market competition in agriculture commodities for agriculture businesses, commodity trading firms, or market research companies

This announcement is timely, as a U.S. Department of Agriculture report predicts a strong demand for new college graduates with expertise in food, agriculture, renewable natural resources, and the environment in the United States through 2025 and beyond. It is anticipated that heightened demand will persist far into the future because of population growth, changing diets and food preferences, climate change, and technological advancements.

The master’s degree program is 100 percent online and open to all Roanoke College students with a 3.3 GPA, regardless of major, who have completed certain required courses. As part of the accelerated 4+1 agreement, students will not have to pay application fees or submit GRE scores to Virginia Tech.

“This program gives our talented Roanoke College students a chance to leverage their excellent undergraduate education, speeding their journey into a challenging, fulfilling, and high-demand field,” said Kathy Wolfe, Roanoke College’s vice president for academic affairs.

“We are proud to extend the 4+1 program to Roanoke College and provide their students with a gateway to further enhance applied economic analytic skills,” said Matthew T. Holt, department head and professor in the Department of Agricultural and Applied Economics. “This program will allow students to enter the workforce one year earlier, and we look forward to welcoming them to the program.”

In 2023, Roanoke College entered into a similar agreement with Virginia Tech to accelerate student pathways in the Master of Engineering program in either computer science and applications or computer engineering.

Roanoke College students interested in learning more about the accelerated 4+1 undergraduate/ graduate program in the Department of Agricultural and Applied Economics opportunities should contact the following:

• Roanoke College: Alice Louise Kassens, professor of economics, [email protected]
• Virginia Tech: Amy Guerin, graduate program professional coordinator, [email protected]

Tom Soladay

540-232-2501

• Agricultural and Applied Economics
• College of Agriculture and Life Sciences
• Graduate Education

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