• Tuition, Funding, & Living Costs
  • PhD/Master's Application Process

All PhD students at Yale are fully funded. On average, doctoral students at Yale receive more than $500,000 in tuition fellowships, stipends, and health care benefits over the course of their enrollment. Some terminal Master's degree students also receive funding.

Tuition for full-time study at the Graduate School of Arts and Sciences in the academic year 2023-2024 is $48,300.

More information on Tuition & Fees is available in our Programs & Policies handbook. Please note that we do not charge many of the fees common to other schools (e.g., technology fee, library fee, gym fee, student activities fee).

See Student Accounts for billing and payment inquiries.

For PhD Degree Applicants

All PhD students at Yale receive the following financial award, typically for a minimum of five years:

  • a fellowship that covers the full cost of tuition ($48,300 for 2023-2024)
  • a 12-month stipend (minimum of $40,530 for 2023-2024)
  • comprehensive health insurance, including hospitalization coverage and specialty care for students, their legal spouse, and their children
  • a family support subsidy for graduate students with children under the age of 18

Additionally, a Dean's Emergency Fund is available to help students with eligible, unanticipated emergency expenses. In some cases, the Continuing Registration Fee for advanced PhD students is also covered by the Graduate School.

Most PhD students complete their degrees without incurring debt.

For Master's Degree Applicants

Most students pursuing Master's degrees do not receive financial support from the Graduate School and are responsible for paying tuition, but some programs offer limited funding. Please check with the program that interests you for more information.

All Master's students registered at least half time receive Student Basic Coverage at Yale Health. You are also eligible to purchase Hospitalization and Specialty Care coverage at a group rate through the university.

Other Sources of Funding

Many of our students win external fellowships and grants. See our External Fellowships & Awards page for more information on how an external award will affect your Yale funding.

Some students choose to take loans, participate in work-study programs, or engage in part-time employment to supplement their funding while in Graduate School. More information is available on Other Means of Financing Graduate Education .

Living Cost Estimates

To ensure that our financial aid package provides enough support to enable you to live in New Haven and study full time, we developed a cost-of-living guide (see below). The Office of Financial Aid also uses these calculations to determine financial need as required by certain funding sources and for immigration processes.

Estimated average living expenses include housing and food, transportation, personal and academic expenses (excluding tuition), and hospitalization coverage and specialty care. Expenses for doctoral students may actually be less than the estimate below, since PhD financial packages cover the full cost of single-student hospitalization and specialty care coverage in the Yale Health Plan, as well as half the cost of two-person coverage (for spouses and partners), and the full cost to cover children.

2023-2024 Academic Year Living Cost Estimate:

9-month living cost (master's students):.

  • Single Student: $29,778

12-MONTH LIVING COST (PhD Students):

  • Single Student: $38,260  

Graduate Financial Aid

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Yale College Programs of Study 2024–2025

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  • Summary of Requirements

Director of undergraduate studies:   Giovanni Maggi , 115 Prospect St., Rosenkranz Hall, Room 334; 432-3574; economics.yale.edu/undergraduate-program

Economics is much broader than the study of recessions and inflation or stocks and bonds. Economists study decision making and incentives such as how taxes create incentives for labor market and savings behavior. Many current public policy debates concern questions of economics, including causes and consequences of inequality and gender and racial wage gaps; how to address poverty; the impact of immigration and trade on the well-being of a country’s citizens; the cause of the Great Recession; and how to predict future downturns. 

At Yale, economics is regarded and taught as part of a  liberal arts  education, not as a preparation for any particular vocation. It can, however, provide a good background for several professions.  The economics major strengthens critical reasoning skills and gives students experience manipulating and analyzing data, skills that will serve students well on the job market both inside and outside academia.  Recent majors  have pursued careers in business,  government, and nonprofits.  Others h ave entered   law, medical,  or business school, or have gone on to graduate work in economics, often after working in related fields for two or three   years. 

requirements of the major

There are no prerequisites for the major.  Twelve credits are necessary to complete the major (11 Economics courses and 1 Mathematics course).  The required distribution of courses is as follows:

Math requirement  This can be fulfilled by MATH 110 / 111 , 112 , 115 , 116 , ENAS 151 , or preferably MATH 118 or 120 . MATH 118 and 120 are recommended because they emphasize economics applications. Any Math course numbered 200 or higher can also be used to fulfill the math requirement. Note that MATH 110 and 111 together count as one course toward the economics major.

Introductory microeconomics   ECON 108 or ECON 110 or ECON 115 . You can skip or Cr/D/F introductory microeconomics courses based on pre-college testing or other circumstances, but in this case, an extra elective course is required.

Introductory macroeconomics   ECON 111 or ECON 116 . You can skip or Cr/D/F introductory macroeconomics courses based on pre-college testing or other circumstances, but in this case, an extra elective course is required. 

Intermediate microeconomics   ECON 121 or ECON 125

Intermediate macroeconomics  ECON 122 or ECON 126

Econometrics   ECON 117  or  ECON 123 or ECON 136  (Students are required to complete a second semester of econometrics either before or during the first semester of senior year.)

Four electives  Any ECON course numbered 123 or above can count as an elective, if not already applied towards the core requirements. With DUS approval, a non-ECON course that is related to economics can be used to fulfill one of the electives.

Senior requirement  T wo courses numbered ECON 400–491 (at least one taken in senior year) are required.

Senior essay  Writing a senior essay is optional (see more details below), but it is necessary to earn distinction in the major.

Distinction in the majo r To earn Distinction, a student must write a senior thesis earning a grade of A- or better and receive A- or better in three-quarters of the courses that are counted toward the major (not including introductory microeconomics, introductory macroeconomics, the math requirement or courses taken outside of Yale). Economics courses taken beyond the requirements of the major are counted toward the Distinction calculation.

Credit/D/Fail  Courses taken  Cr/D/Fail  may not be counted toward the requirements of the major.

Note  Residential College Seminars  and  First Year Seminars ( ECON 001 / 002 ) may not be counted toward the requirements of the major.

Introductory Courses

Many Yale students, regardless of what major they later choose, take introductory courses in economics. The department offers introductory courses in microeconomics, macroeconomics, and data analysis and econometrics. Microeconomics examines how individuals, firms, markets, and governments allocate scarce resources; macroeconomics studies growth, unemployment, inflation, and international economics; data analysis and econometrics teaches students statistical fundamentals and how to manipulate data to answer economic questions.  Students must take introductory microeconomics before taking either introductory macroeconomics or data analysis and econometrics. Some students may wish to take introductory data analysis and econometrics before or concurrently with introductory macroeconomics, as data skills may be useful in the latter class.

ECON 115  is concerned with microeconomics and includes such topics as markets, prices, production, distribution, and the allocation of resources.  ECON 116  covers such macroeconomic issues as unemployment, inflation, growth, and international economics. ECON 117 introduces students to basic aspects of working with data to answer economic questions, as well as to the fundamentals of statistical analysis. ECON 116 and 117 have microeconomics as a prerequisite. Despite the numbering, students may wish to take ECON 117 before or concurrently with ECON 116 , as the data skills taught in ECON 117 may be helpful in ECON 116 . ECON 115 , 116 , and 117 are lecture courses with accompanying discussion sections.

ECON 110  and  111  are smaller, slightly more discussion-oriented versions of introductory microeconomics and macroeconomics. Those with little or no experience in calculus may be better served by ECON 108 , which covers microeconomics with greater discussion of quantitative methods and examples.  ECON 108 ,  110 , and  115 are similar in substance; ECON 111  and  116 are similar in substance as well.

The department recommends that students interested in majoring in Economics take at least two introductory economics courses in the first year. To make the introductory courses available to all first-year students and to students majoring in other subjects, the introductory courses do not have a mathematics requirement.

In the summer before they enter, all first-year students receive, through the University’s electronic bulletin board, a personalized recommendation for a first course in economics, based on application data and AP ( or equivalent ) exam scores. In general, students who receive a score of 5 on the Microeconomics or Macroeconomics AP exam and a score of 5 on the AP Calculus BC exam are recommended to place out of the corresponding introductory course and instead enroll in intermediate-level courses ( ECON 121  or 125  for microeconomics, ECON 122  or 126  for macroeconomics). 

Because of its emphasis on data analysis, the department recommends that even students with a background in statistics begin their econometrics and data analysis training with ECON 117 .

Mathematics courses

Students are advised to meet the mathematics requirement for the major during their first year. To fulfill the requirement, the department recommends that majors take MATH 118 or MATH 120 , or a higher-level course. Also acceptable, but less preferred, are  MATH 112 ,  115 ,  116 ,  ENAS 151 , or MATH 110 and 111 . Students who intend to pursue a graduate degree in economics should take additional math courses, including linear algebra ( MATH 222 or even better, a proof-based course such as  MATH 225  or 226 ) and real analysis ( MATH 255 or 256 or  300 or 301 ).  

Data analysis and econometrics courses

Students are strongly advised to take a two-term sequence of data analysis and econometrics courses, especially if they are interested in a research experience on or off campus. The statistical analysis of economic data has become central to the work of economists, and the ability to analyze large data sets is a skill that will serve students in the job market both inside and outside of academia. Most students should take ECON 117 , followed by 123 . Students with a stronger mathematics background, who prefer a more theoretical treatment of the material or who plan to pursue a graduate degree in economics, are encouraged to take ECON 135 or S&DS 241 and S&DS 242 , followed by ECON 136 .  Prospective majors are urged to start their econometrics sequence by the fall of sophomore year.

Note S&DS 241 and 242 together count as one course toward the economics major. Further note that neither ECON 135 nor S&DS 241 and 242 fulfill the major's requirement of one econometrics course as they are courses in probability and statistics that are prerequisites for ECON 136 , a course in econometrics. However, either ECON 117 or ECON 123 fulfills the econometrics requirement.

Intermediate microeconomics and macroeconomics courses

Two course options are available in both microeconomics and macroeconomics. The standard intermediate courses are ECON 121 and 122 . Students with a stronger mathematics background who are interested in a more theoretical treatment of the material are encouraged to take ECON 125 and 126 instead. The intermediate courses need not be taken in sequence: in particular, ECON 125 is not required for 126 ; ECON 121 is not required for 122 .

Field courses  

The department offers a wide selection of upper-level courses in a variety of fields, such as theoretical and mathematical economics, market organization, human resources, finance, international trade, development economics, public finance, health economics, labor economics, inequality, environmental economics, and economic history. These courses are numbered ECON 159 and above. Some field courses have no prerequisites or only introductory microeconomics as a prerequisite. Others apply intermediate-level theory or econometrics to economic problems and institutions, and for this reason list one or more of the theory or econometrics courses as prerequisites. 

Senior requirement 

Two courses numbered ECON 400–491 (at least one taken in senior year) are required.

Advanced lecture courses, generally numbered ECON 400–449, are limited-enrollment courses that cover relatively advanced material in more depth than regular field courses. While these courses vary in approach, they share features of other Economics courses: like field courses, they devote some time to traditional lecturing, and like seminars, they emphasize class interaction, the writing of papers, and the reading of journal articles. Advanced lecture courses may be applied toward the senior requirement.

Senior seminars are generally numbered ECON 450–490. Although there is diversity in approaches in the various seminars, all have in common an emphasis on class interaction, the writing of papers, and the reading of journal articles. Seminars represent an opportunity for students to apply and extend the economics they have learned through their earlier coursework. 

Enrollment in seminars and advanced lecture courses is limited. Senior Economics majors who have not yet completed the senior requirement for the major are given priority for these courses and may enter preference selection before the registration period for these courses; see the department website for instructions. Other majors and non-majors may enroll in Economics seminars and advanced lecture courses as space permits, but they may not enter preference selection.

Senior Essay

Students have the option to write a Senior Essay; it is not required. There are four types of senior essays: (1) students may write a one-term essay in the fall of the senior year as an independent project on a topic of their own design under the close and regular supervision of a faculty adviser ( ECON 491 ); (2) students may write a two-term essay starting in the fall and continued into the spring of the senior year as an independent project on a topic of their own design under the close and regular supervision of a faculty adviser ( ECON 491  and ECON 492 ); (3) students may write a one-term essay in an advanced departmental course (numbered 400–490) taken during the fall term of the senior year; or (4) students may write a two-term essay beginning in an advanced departmental course (numbered 400–490) taken during the fall term, and completed in the spring of the senior year as an independent project under the close and regular supervision of a faculty adviser ( ECON 492 ). Under this final option, the instructor of the advanced departmental course taken in the fall term typically serves as the faculty adviser for the full academic year.

Students are required to complete a second semester of econometrics either before or during the first semester of senior year.

The Economics department has faculty representatives/advisers for each residential college. Students majoring in economics should consult with an economics adviser for their college during course enrollment. Questions concerning the major or programs of study may also be directed to the college representative. College representatives can be found on the  department website . 

Transfer credits 

Students who take courses outside of Yale may petition the DUS to count some of them toward the requirements of the major. Students should consult with the DUS before taking such courses. Courses taken outside of Yale's Economics department may not be counted toward the major requirements in intermediate microeconomics, intermediate macroeconomics, econometrics, mathematics, or the senior requirement. See the department website section on transferring credits .

Graduate courses 

Well-qualified students who have acquired the requisite background in undergraduate courses may be admitted to graduate courses and seminars. Descriptions of courses are available on the department website .

Students who are planning graduate work in economics should take additional mathematics courses beyond the one-term course required for the major. Many graduate programs in economics require courses in multivariate calculus, linear algebra, and real analysis. Please see the department website on Ph.D. program preparation . Students are urged to discuss their plans for graduate work with the DUS as early in their college careers as possible.

SUMMARY OF MAJOR REQUIREMENTS

Prerequisites  None

Number of courses  12 term courses (including math req and senior req)

Distribution of courses  Introductory micro and macro; intermediate micro ( ECON 121  or  125 ); intermediate macro ( ECON 122  or  126 ); econometrics ( ECON 117  or 123 or 136 ); one math course ( MATH 112 or above, see Math requirement options); four electives (see above)

Substitutions permitted 1 non-ECON course related to economics, with DUS approval, can replace an elective course. If you place out of an introductory course you must take an additional elective.

Senior requirement 2 courses numbered ECON 400–491 (at least one of which taken in senior year)

Requirements 

12 courses (12 credits), including the senior requirement

  • ECON 108 , ECON 110 , or ECON 115 , Introductory Microeconomics (or extra elective if placed out)
  • ECON 111 or ECON 116 , Introductory Macroeconomics (or extra elective if placed out)
  • ECON 121 or ECON 125 , Intermediate Microeconomics
  • ECON 122 or ECON 126 , Intermediate Macroeconomics
  • ECON 117 or ECON 123 or ECON 136 , Econometrics
  • MATH 118  or  MATH 120  (preferred), or  MATH 110  and  111 (for one credit),  112 115 ,  116 , or above, or  ENAS 151
  • 4 electives, any ECON courses numbered 123 or above if not already applied toward core requirements
  • 2 senior requirement courses numbered ECON 400-491, 1 of which must be taken during the senior year

First Year Student planning information

Many Yale students, regardless of what major they later choose, take introductory courses in economics. The department offers introductory courses in microeconomics, macroeconomics, and data analysis and econometrics. Microeconomics examines how individuals, firms, markets, and governments allocate scarce resources; macroeconomics studies growth, unemployment, inflation, and international economics; data analysis and econometrics teaches students statistical fundamentals and how to manipulate data in order to answer economic questions.  Students must take introductory microeconomics before taking either introductory macroeconomics or data analysis and econometrics. Some students may wish to take introductory data analysis and econometrics before or concurrently with introductory macroeconomics, as data skills may be useful in the latter class.

ECON 115  is concerned with microeconomics and includes such topics as markets, prices, production, distribution, and the allocation of resources.  ECON 116  covers such macroeconomic issues as unemployment, inflation, growth, and international economics. ECON 117  introduces students to basic aspects of working with data to answer economic questions, as well as to the fundamentals of statistical analysis.  ECON 116  and  117  have microeconomics as a prerequisite. Despite the numbering, students may wish to take ECON 117  before or concurrently with  ECON 116 , as the data skills taught in  ECON 117  may be helpful in ECON 116 .  ECON 115 ,  116 , and  117  are lecture courses with accompanying discussion sections.

ECON 110  and  111  are smaller, slightly more discussion-oriented versions of introductory microeconomics and macroeconomics. Those with little or no experience in calculus may be better served by  ECON 108 , which covers microeconomics with greater discussion of quantitative methods and examples.  ECON 108 ,  110 , and  115  are similar in substance;  ECON 111  and  116  are similar in substance as well.

The department recommends that students interested in majoring in Economics take at least two introductory economics courses in the first year. In order to make the introductory courses available to all first-year students and to students majoring in other subjects, the introductory courses do not have a mathematics requirement.

In the summer before they enter, all first-year students receive, through the University’s electronic bulletin board, a personalized recommendation for a first course in economics, based on application data and AP ( or equivalent ) exam scores. In general, students who receive a score of 5 on the Microeconomics or Macroeconomics AP exam  and  a score of 5 on the AP Calculus BC exam are recommended to place out of the corresponding introductory course and instead enroll in intermediate-level courses ( ECON 121  or  125  for microeconomics,  ECON 122  or  126  for macroeconomics). 

Because of its emphasis on data analysis, the department recommends that even students with a background in statistics begin their econometrics and data analysis training with  ECON 117 .

Students are advised to meet the mathematics requirement for the major during their first year. To fulfill the requirement, the department recommends that majors take  MATH 118  or  MATH 120 , or a higher-level course. Also acceptable, but less preferred, are MATH 112 ,  115 ,  116 ,  ENAS 151 , or  MATH 110  and  111 . Students who intend to pursue a graduate degree in economics should take additional math courses, including linear algebra ( MATH 222  or even better, a proof-based course such as  MATH 225  or  226 ) and real analysis ( MATH 255  or  256  or  300  or  301 ).  

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Associate Professors  Jose-Antonio Espin-Sanchez, Mira Frick, Zhen Huo, Mitsuru Igami, Ryota Iijima, Ilse Lindenlaub, Michael Peters, Nicholas Ryan

Assistant Professors  Lauren Falcao Berquist, Max Cytrynbaum, Eduardo Dávila, Charles Hodgson, John Eric Humphries,  Yusuke Narita , Cormac O'Dea, Winnie van Dijk

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Economic history is the study of the long-term development of economies. The field uses empirical evidence, the tools of economics and econometrics, and appreciation of institutional context to understand how economies functioned in different times and places, and how present-day economic problems reflect earlier development.

The Program in Economic History exists within the Economic Growth Center to foster research in the field of economic history. The links at the top of this page will take you to information on weekly events, mini-conferences, and other program activities. 

The Director of the Program is Gerald Jaynes ([email protected]).

Yale does not offer graduate programs in economic history  per se . Students who participate in the activities of the Program in Economic History are working toward a PhD in economics, history, or another discipline. They fulfill the degree requirements for their respective department; there are no separate requirements for economic history. (For information on the economics PhD program, see  http://economics.yale.edu/graduate/requirements ; for the history PhD program,  http://history.yale.edu/academics/graduate-programs ; for other programs, consult the relevant departmental website, or the website for Yale Graduate school,  http://gsas.yale.edu ).

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For more information about the Econometrics summer conferences, see the Cowles Conferences and Workshops page .

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The Department offers an intensive six semester sequence of courses in econometric theory and its applications. These courses enable incoming students to cover foundational material in probability theory and econometric methods. Students with strong backgrounds are encouraged to enter the second year sequence which covers modern asymptotic theory, parametric and nonparametric modeling, time series, panel data methods, and microeconometrics. Further advanced topics courses are available in the following year as well as courses taught by faculty who specialize in empirical work.

For detailed field descriptions, please see the Department’s PhD Program Page .

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Dr. Carlson is an Assistant Professor of Epidemiology at Yale University School of Public Health. His work explores the challenges faced by health systems in the Anthropocene, with a focus on how climate change increases risks from both infectious diseases of poverty and pandemic threats. His research also explores problems in global health governance, with several ongoing projects focused on the legal, political, and scientific determinants of outbreak reporting and scientific data sharing.

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Prior to joining Yale University, Dr. Carlson was research faculty at Georgetown University’s Center for Global Health Science and Security , and earlier, a postdoctoral fellow at the National Socioenvironmental Synthesis Center at the University of Maryland. He has also contributed to reports by the Intergovernmental Panel on Climate Change (IPCC) and the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES). He holds a Ph.D. in Environmental Science, Policy, and Management from the University of California, Berkeley.

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

Kasey Chatterji-Len and Anna Kovner

Photo of three young students writing a formula on a green blackboard with white chalk.

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

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

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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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Video: Inside the Inaugural Responsible AI in Global Business Conference

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Five promising leaders from yale named 2024 marshall scholars.

Bobby Atkinson, Ayelet Kalfus, Robby Hill, Xavier Blackwell-Lipkind, Olivia Sally

Left to right: Bobby Atkinson, Ayelet Kalfus, Robby Hill, Xavier Blackwell-Lipkind, Olivia Sally

Five Yale College seniors — Bobby Atkinson, Ayelet Kalfus, Robby Hill, Xavier Blackwell-Lipkind, and Olivia Sally — are among 51 recipients of prestigious Marshall Scholarships, which funds up to three years of graduate study in any academic topic at any university in the United Kingdom.

The recipients, who are considered among the most accomplished undergraduate students and recent graduates in the United States, were chosen following an intense selection process and will begin graduate studies at top universities across the U.K. next year.

The Marshall Scholarship program was created by an act of the British Parliament in 1953 as “a living memorial” for former U.S. Secretary of State General George Marshall and the assistance of the U.S. under the Marshall Plan.

This year’s class of Marshall scholars is the largest in the seven-decade history of the program. Half of the 2024 class will pursue degrees in STEM-related fields, including several who will study issues relating to the ethics and advancement of artificial intelligence.

“ This year’s exceptional cohort boasts impressive academic achievement and promising researchers and innovators in a range of fields,” said Peter Abbott, British consul general to New England. “This class of scholars is already making a profound impact on the world, and their contributions will undoubtedly strengthen the U.K.-U.S. relationship and usher in a new era of collaboration — something which the world needs more than ever.”

Brief profiles of the five Marshall scholars from Yale follow:

Bobby Atkinson

Originally from Janesville, Minnesota, Bobby Atkinson is a first-generation college student studying global affairs. After graduating high school, he enlisted in the United States Air Force and entered the Special Warfare training pipeline. Shortly after completing United States Army Ranger School, he became the first Air Force member to be selected and directly assigned to the 75th Ranger Regiment’s Regimental Reconnaissance Company (RRC). While at RRC, Atkinson conducted multiple combat deployments in both Afghanistan and Iraq, receiving the Bronze Star medal twice. In addition to his military service, Atkinson interned at the U.S. Department of State’s Bureau of International Narcotics and Law Enforcement Affairs, focusing his efforts on illicit drug supply reduction. He is interested in affecting U.S. drug policy, improving access to medication-assisted treatment, and eliminating the domestic opioid epidemic. Next fall, he intends to pursue an M.Phil. degree in evidence-based social intervention and policy evaluation at the University of Oxford.

Ayelet Kalfus

Ayelet Kalfus, a senior from New York, New York, is majoring in physics at Yale. Fascinated by interdisciplinary science, her research experience spans physics, biology, and computer science. Within the Yale STEM communities, Kalfus has served as co-president of both the Yale Undergraduate Quantum Computing Group and Yale Women in Physics+. Deeply committed to the arts, she is working on a mini documentary following undergraduates across their four years at Yale. Kalfus volunteered with Ukrainian refugees in Prague this past summer, and has established a fellowship to fund further volunteers, with the first two students traveling this winter. Currently a first-year counselor, she enjoys academically and emotionally mentoring first-year students in her residential college, as well as volunteering with New Haven Reads. Kalfus plans to pursue the systems and synthetic biology MRes (Postgraduate Research Masters) degree and the artificial intelligence M.Sc. degree at Imperial College London.

Robby Hill is majoring in ethics, politics and economics and receiving a certificate in human rights from Yale Law School. His research interests lie in the role of housing policy as a driver of social and economic inequality. His senior thesis, to be written in the spring semester, measures the effect of the Interstate Highway System in exacerbating New Haven's racial wealth gap. Last summer, Hill received a Liman Undergraduate Summer Fellowship to assist in the defense of low-income clients in Brooklyn's Housing Court. Prior to that, he served as an intern in U.S. Senator Chris Murphy's Washington, D.C. office and as the outreach coordinator for Desegregate Connecticut, where he helped pass the first statewide land use reform legislation in nearly 40 years. He is also the head first-year counselor for Jonathan Edwards College and a former winter tour manager for the Yale Glee Club. Starting next fall, he will pursue an M.Phil. degree in evidence-based social intervention and policy evaluation at the University of Oxford.

Xavier Blackwell-Lipkind

Xavier Blackwell-Lipkind is majoring in comparative literature and writing a year-long senior thesis on Proust and music. A two-time recipient of the Yale English Department’s John Hubbard Curtis Prize, he serves as editor-in-chief of the Yale Literary Magazine , as Phi Beta Kappa president, and as a lead writing partner at the Poorvu Center for Teaching and Learning. He also tutors French and Portuguese and volunteers as a translator for immigration lawyers. His short stories and creative essays appear in publications including The Threepenny Review, The Drift, Gulf Coast, and West Branch , and he is working on a novel about a composer with a tic disorder . As a Marshall scholar, he plans to pursue an M.St. (Master of Studies) degree in comparative literature and critical translation at Oxford, followed by an M.A. in prose fiction at the University of East Anglia.

Olivia Sally

At Yale, Olivia Sally is pursuing a degree in education studies and political science. Sally, who hails from Oakland, California, spent the summer as a White House intern in the Office of the Vice President, where she served the vice president’s advance team, traveling throughout the country to help execute events. Last spring, she was appointed by New Haven Mayor Justin Elicker as the youngest member of the city’s Commission on Equal Opportunities, the oldest municipal civil rights agency in the United States. Before that, she served as Miss Connecticut Volunteer 2021, where she served as the first woman of color to hold a New England state title in the system’s history. On the Yale campus, she has helped build community for the next generation of students, previously serving as a recruitment chair and social chair of Yale Women’s Rugby and now leading the Yale Society Initiative. She has also served on The Yale Daily News managing board, in two butteries, and, currently, as a student assistant for the Yale Law School’s  Arthur Liman Center for Public Interest Law . As a Marshall scholar, she will pursue a M.Sc. degree in education (child development and education) and a M.P.P. (Master of Public Policy). She is the first Marshall scholar from Yale’s Education Studies Program.

Since 1954, more than 2,200 students have received graduate degrees through the Marshall Scholarship.

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Congratulations to the 2024 Undergraduate Senior Prize Winners!

Senior Prize

Each year, the Department of Economics awards prizes for outstanding student work in courses and senior essays. This year, the Department is proud to announce the five recipients of those prizes: Anup Bottu , Jorn Dammann , Iris Li , Kyle Shin , and Rock Zhu .

Around 30-50 students write senior essays in economics, and this year these essays spanned a wide array of topics across all fields of economics including econometrics, environmental economics, finance, macroeconomics, spatial economics, and more.

The top essays are nominated for prizes by the student’s advisor and a second reader from the department. A committee of economics faculty members read and select the winning essays, and the prizes are awarded on commencement day during the students’ respective college ceremonies.

The senior essay prizes are as follows:

  • The Charles Heber Dickerman Memorial Prize: the best departmental essay(s).
  • The Ronald Meltzer/Cornelia Awdziewicz Economic Award: runner-up(s) for the Dickerman Prize.
  • The Ellington Prize: the best departmental essay in the field of finance.

Both the Dickerman Prize for the best departmental essay and the Ellington Prize for the best essay in finance go to Rock Zhu for his paper titled “ Examining Pairs Trading Profitability ,” supervised by William Goetzmann.

The Meltzer/Awdziewicz Prize goes to Iris Li for her paper titled “ A Causal Mediation Model on the Valuation Effects of Cross-Listings ,” supervised by Xiaohong Chen.

In addition to essays, the Department of Economics awarded two additional prizes to graduating seniors majoring in economics:

  • Laun Prize: outstanding course record in all courses taken at Yale College.
  • Massee Prize: outstanding record in economics courses.

This year’s Laun Prize goes to Jorn Dammann , and this year’s Massee Prize goes to Kyle Shin and Anup Bottu .

Congratulations to all of these seniors for their exceptional accomplishments! Please see below for more information about the prize winners and their work.

Bottu

Anup Bottu: Massee Prize

Senior Essay: Examining the Corporate Bond Credit Surface (supervised by John Geanakoplos)

Anup’s Senior Essay studies heterogeneity in the credit spreads of corporate bonds. It creates credit surfaces that plot spreads at a given time as a function of credit rating and leverage. It verifies predictions of the Merton (1974) model using a series of regressions and performs a principal components analysis on movements of the surface. The second principal component reveals that there are moments in which the spreads of riskier firms increase in great excess to the spreads of less risky firms, such as the start of the COVID-19 pandemic. The paper argues that large moves in the second principal component are plausible points for the Fed to intervene and support credit to riskier borrowers.

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“My favorite memories in the economics department come from Professor English's course on Monetary Policy and Professor Geanakoplos's course on General Equilibrium. Both courses opened my mind to the power of economics as a lens through which I can understand the world.” — Anup Bottu, Massee Prize Winner

Dammann

Jorn Dammann: Laun Prize

Senior Essay: Covariate Adjustment and Post-stratification for Treatment Effect Estimation (supervised by Max Cytrynbaum)

Jorn’s paper studies covariate-adjusted estimation methods for potential outcomes in randomized experiments. We consider a general framework with multiple treatment arms and consider the cases of both covariate-dependent and fixed treatment propensities. Though linear covariate adjustment is a known technique for reducing estimator variance, its interaction with post-stratification is less well-explored. We derive asymptotically optimal linear covariate adjustments for three types of estimators: (i) inverse propensity weighted estimator, (ii) difference-in-means estimator, and (iii) post-stratified difference-in-means estimator. Finally, we provide asymptotically valid confidence intervals for each optimally adjusted estimator. The results illustrate the utility of combining post-stratification and covariate adjustment in randomized experiments for improved inference on potential outcomes and, in turn, arbitrary contrasts of these potential outcomes (e.g., average treatment effects).

“I got interested in economics because the field applies mathematical and statistical tools to questions of social interest in a way that I find well-motivated and exciting.” — Jorn Dammann, Laun Prize Winner

Li

Iris Li: Meltzer/Awdziewicz Prize

Senior Essay: A Causal Mediation Model on the Valuation Effects of Cross-Listings (supervised by Xiaohong Chen)

A company's decision to list its stock on multiple exchanges has been associated with higher valuation, as well as a change in how informative a company's ordinary stock price listing is. Since informativeness itself has been shown to impact valuation, this thesis applies a causal mediation model to decompose the causal impact that cross-listing has on valuation both directly and indirectly through informativeness. In our analysis, a significant, positive average direct effect and total effect are identified in mediation analysis both at the cross-section and pooled across years. The average indirect effect of cross-listing on valuation through informativeness tends to be negative and smaller in magnitude, but still significant; it is present at the aggregated level and in some years. Therefore, in the absence of a causal mediation model, the positive direct effect of cross-listing may be underestimated.

“I was introduced to the idea of cross-listings during my investment banking internship with Wells Fargo last summer. I saw my thesis as an interesting opportunity to analyze an industry-relevant topic through an academic lens, and I enjoyed the chance to dive into the many potential research pathways focused on the consequences of corporate decision-making.” — Iris Li, Meltzer/Awdziewicz Prize Winner

Shin

Kyle Shin: Massee Prize

Senior Essay: OLS Asymptotics Along Drifting Parameter Sequences for AR(2) Processes (supervised by Max Cytrynbaum)

This paper solves OLS asymptotic behavior for an AR(2) model with drifting au- toregressive parameter sequences. We make extensive use of results regarding AR(1) asymptotics under similar drifting parameter sequences. Then, we attempt to use our results, follow Andrews et al. (2020), and construct a uniform confidence set for the AR(2) parameters that has correct asymptotic size regardless of the true value of the parameters, making them robust in finite samples. However, we show the failure of key continuity assumptions that bars us from using this method.

“Professor Moscarini’s macro class is what inspired me to love economics.” — Kyle Shin, Massee Prize Winner

Zhu

Rock Zhu: Dickerman Prize & Ellington Prize

Senior Essay: Examining Pairs Trading Profitability (supervised by William Goetzmann)

This paper analyzes the profitability of pairs trading, a popular statistical arbitrage strategy that identifies close-moving stocks and capitalizes on their temporary divergence. We first replicate the strategy initially proposed by Gatev et al. (2006) using data from the past twenty years and show that a simple benchmark model can result in an average annual excess return of 6.2% and a Sharpe ratio of 1.35. We then delve into the risks of the strategy and show that it is decreasing in the momentum factor and increasing in market risk premium, which suggests that arbitrageurs are compensated for enforcing the Law of One Price. Lastly, we propose and analyze a psychology-based model that generates these empirical findings in equilibrium through simulation. Taken together, these results help bridge the theory and practice of pairs trading.

“I still remember when Professor John Geanakoplos gave his annual talk to Herb Scarf research assistants during the summer after my freshman year. It was the first time I was exposed to what lies beyond the models and methods introduced in the core economics sequence, and, more importantly, how it can assist decision-making in real life. I would go on to take his general equilibrium class the next fall, which made me discover the beautiful applications of math in economics.” — Kyle Shin, Dickerman Prize & Ellington Prize Winner

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  1. Ph.D. Program

    Our Program. Yale's economics faculty embraces a broad range of research and teaching interests. Courses and seminars span a wide spectrum of economics, from dynamic structural models to field experiments. Our students apply econometric and data analytic methods to a variety of subjects in macroeconomics, labor economics and finance.

  2. Ph.D. Student Directory

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  3. Prospective Students

    Prospective Students. Prospective applicants can apply to the Ph.D. Program in Economics using the online application found on the Yale Graduate School of Arts and Sciences website. Please be aware the application deadline for the Economics Department Ph.D. program was December 1, 2023. Information regarding the Graduate Program in Economics is ...

  4. Application Procedures

    Some very successful students have entered the Yale program in this way. Such students may petition the Economics Department and Graduate School to waive a portion of the Ph.D. course requirement (normally a maximum of three courses) in recognition of previous graduate-level work done at Yale or elsewhere.

  5. Ph.D. Program Preparation

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

  6. Department of Economics

    The Economics Department organizes dozens of events, workshops and seminars throughout the university. View all Events. Lunch. Sep 18 2024. Cowles Lunch Talk: Laura Veldkamp, Columbia University. Time: 12:00 pm — 1:15 pm. Lunch.

  7. Economics

    PhD students at Yale are normally full-funded for a minimum of five years. During that time, our students receive a twelve-month stipend to cover living expenses and a fellowship that covers the full cost of tuition and student healthcare. PhD Student Funding Overview. Graduate Financial Aid Office. PhD Stipends.

  8. Graduate Application FAQs

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  9. The Sylff Fellowships at Yale University

    In keeping with the Sylff Association's vision, the Sylff Program at EGC provides a number of fellowship awards each year to outstanding economics PhD students in development economics and trade at Yale. These awards are in the form of a scholarship to cover tuition and fees, a living stipend, and a $4000 additional stipend.

  10. Support for Graduate Students

    Research grants of up to $40,000 per student are available from the Ryoichi Sasakawa Young Leaders Fellowships Fund (Sylff) Research Fund. The award competition is open to all Yale Economics PhD students. To learn more about the separate Sylff Fellowship Program at EGC, click here. The Deadline for Spring 2024 Applications: April 1st. 2.

  11. PhD/Master's Application Process

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  12. Economics < Yale University

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  13. Graduate & Professional Study

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  15. Health Economics

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    Finance. Financial economics encompasses a broad area of topics and issues, including corporate investments and financing policy, security valuation, portfolio management, the behavior of prices in speculative markets, financial institutions, and intermediation. The PhD specialization in finance is designed to give the student a strong ...

  17. Current PhD Students

    The Broad Center Transformative leadership for public education; Yale Center for Customer Insights Advancing the frontiers of consumer understanding; International Center for Finance Support for research in financial economics; Program on Entrepreneurship Creating entrepreneurs for business & society; Program on Social Enterprise, Innovation, and Impact Harnessing business skills and markets ...

  18. Economics < Yale University

    Students who intend to pursue a graduate degree in economics should take additional math courses, including linear algebra (MATH 222 or even better, a proof-based course such as MATH 225 or 226) and real analysis (MATH 255 or 256 or 300 or 301). Data analysis and econometrics courses

  19. Economic Theory

    The Department offers an intensive two-course sequence for all students in the PhD program: Microeconomic Theory I (Econ 500a) and II (Econ 501b) is a two-course core sequence. Material covered includes consumer and producer theory, choice under uncertainty, general equilibrium theory, game theory, information economics, and mechanism design.

  20. Program in Economic History

    The Director of the Program is Gerald Jaynes ([email protected]). Yale does not offer graduate programs in economic history per se. Students who participate in the activities of the Program in Economic History are working toward a PhD in economics, history, or another discipline.

  21. Econometrics

    The Cowles Foundation funds a regular influx of short term and long term academic visitors, postdocs, and doctoral students from other institutions, who contribute to the research atmosphere in econometrics. The Cowles Foundation has hosted the journal Econometric Theory since its establishment in 1985. Seminars and Conferences.

  22. Departments & Programs

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  23. Department of Economics

    Department of Economics at Yale University provides on-going educational opportunities to those students seeking advanced degrees. ... Doctor of Philosophy (PhD) Economics Degrees Awarded. Degree Number Awarded; Master's Degrees: 33 Doctoral Degrees: 21: Earning Your Degree ...

  24. Colin J. Carlson, PhD < Yale School of Medicine

    Biography. Dr. Carlson is an Assistant Professor of Epidemiology in the Department of Epidemiology of Microbial Diseases at Yale University. His work explores the challenges faced by health systems in the Anthropocene, with a focus on how climate change increases risks from both infectious diseases of poverty and pandemic threats.

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

    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 ...

  26. Video: Inside the Inaugural Responsible AI in Global Business

    Master's in Technology Management One-year business & leadership program designed exclusively for Yale College engineering students; Joint Degrees Environment, Global Affairs, Medicine, Law, Public Health, Architecture, Drama, Divinity, PhD; Silver Scholars for College Seniors Opportunity for college seniors to immediately pursue a Yale MBA.

  27. Kerwin Charles named Beinecke Professor of Economics, Policy and

    3 min read. Kerwin Charles (Photo by Tony Rinaldo) Kerwin K. Charles, a world-renowned economist and award-winning educator whose work examines a range of topics in labor and applied economics, has been appointed the Frederick W. Beinecke Professor of Economics, Policy & Management, effective immediately. Since 2019 Charles has been the Indra K ...

  28. Five promising leaders from Yale named 2024 Marshall Scholars

    Five Yale College seniors — Bobby Atkinson, Ayelet Kalfus, Robby Hill, Xavier Blackwell-Lipkind, and Olivia Sally — are among 51 recipients of prestigious Marshall Scholarships, which funds up to three years of graduate study in any academic topic at any university in the United Kingdom. The recipients, who are considered among the most ...

  29. PhD Outcomes in Other Disciplines

    Past PhD Placements in Other Disciplines . 2022. In 2022, 1 student was accepted to UChicago for the PhD in The Committee on Social Thought. 15 applicants were accepted for the PhD in Business (Harvard, Yale, Columbia, Ole Miss), Cinema and Media Studies (UCLA), Classics (Southern California), Finance (Northwestern, British Columbia), Global Studies (UC-Irvine), Near Eastern Studies (Cornell ...

  30. Congratulations to the 2024 Undergraduate Senior Prize Winners!

    Each year, the Department of Economics awards prizes for outstanding student work in courses and senior essays. This year, the Department is proud to announce the five recipients of those prizes: Anup Bottu, Jorn Dammann, Iris Li, Kyle Shin, and Rock Zhu. Around 30-50 students write senior essays in economics, and this year these essays spanned a wide array of topics across all fields of ...