Graduate Studies in Economics

Graduate economics training should be considered by those that particularly enjoyed the more technical, mathematical, and econometric aspects of their undergraduate economics major and did well in these classes. This is because graduate economics programs use these skills extensively. The first year of a Ph.D. program in economics is a very math-based treatment of microeconomics, macroeconomics, and econometrics. At the end of this first year of study, students must pass qualifying exams in the first-year material in order to continue in the Ph.D. program. After this first year of study, Ph.D. students then spend the next 1-2 years training in their chosen fields of specialty and then take an additional 1-2 years to complete an original research project, known as the dissertation. Thus, a motivated student can complete the Ph.D. degree in four years, but the median time to completion is around five years. Many Ph.D. economists become professors at colleges and universities, but a likely larger number become economists/analysts for government agencies and private industry.

Ph.D. programs do not require a master's degree for enrollment and many students enroll directly into a Ph.D. program after completing a bachelor's degree. However, some universities (such as the UO) do offer a separate Master's program in economics. The benefit of a master's degree is the ability to gain employment as an economist/analyst in government and private industry at a more advanced level than that obtainable with a bachelor's degree. A master's degree is also a way for students to enhance their preparation and (mathematical) skills for eventual enrollment in a Ph.D. program.

 

Recommended Preparation Courses

Since graduate programs assume a high level of mathematical skills, it is highly recommended that those wishing to pursue a graduate degree take more mathematics courses than those required for the undergraduate economics major. At a bare minimum, students should complete a full year of calculus in the more-riguous Math 251, 252 and 253 sequence. Some of the top economics graduate programs are also now requiring that you have completed linear algebra (Math 341 and 342). Other mathematics courses that would be particularly helpful for graduate economics programs are:

In addition, the UO economics department offers the following advanced classes in economic theory and econometrics, which undergraduates can take with our graduate students to better prepare themselves for economics graduate school:

 

Application Process and Timeline

Application process and timeline is like many graduate programs. Application deadlines may be anywhere from mid-December through February. The typical economics Ph.D. program will require an application, an essay, Graduate Record Examination (GRE) scores, an official transcript and three letters of recommendation. In the fall before you apply you should be taking the GRE and asking professors to write letters of recommendation for you. The GRE has three parts, and most economics graduate programs place the most weight on your scores in the quantitative and analytical sections of the GRE. While there is an economics GRE subject test that one can take, almost no graduate economics programs require it. So don't take it unless a school you are applying to requires it.

For letters of recommendation, make sure you contact professors at least a few weeks before a letter is due to the graduate program. You should be asking professors who know you the best (presumably ones whose class you have taken and done well in). When asking for a letter of recommendation, make sure to bring that person a copy of your transcript, GRE scores, resume, a list of schools you are applying to, required recommendation forms from the schools, and envelopes that are already addressed and with correct postage. Most recommendation forms have an area that you need to decide whether to sign to waive your right of access to the letter, so that it remains confidential. Whether you sign it is your decision, but the vast majority waive their access to the letter, since the school may deem the letter less credible if it is not confidential.

Unlike professional schools, such as MBA and law programs, many economics graduate programs offer teaching and research assistantships, or fellowships, that may cover most of the cost of attending the school, as well as (very) modest living expenses. Some programs may fund all their accepted students in this manner, whereas most offer such financial support to only a subset of their incoming class. Decisions on these assistantships or fellowships come within reasonable time after admittance decisions so that the student can make a final decision after knowing where they are receiving financial support. The application process may require additional forms or an essay to apply for financial support.

 

Picking the Right Economics Program

Besides considerations of location and financial support, the decision of which graduate program is right for you can be made easier if you have a particular field of interest in economics (e.g., public or international or macroeconomics) that you will want to pursue in graduate school. Since programs can vary significantly in the faculty and resources they devote to various fields. You may want to ask a UO professor, who teaches and does research in your field of interest, which economics Ph.D. programs on your initial list are particularly strong in a field of interest. Of course, the internet has made it easier to investigate graduate programs. The following links provide directories of economics departments' web pages, which are great resources to find out specific details on application procedures, standards, etc., for various programs.

Links to Economics Departments with Graduate Programs Across the U.S. and Canada.
Links to Economics Departments Across the World.
 

The ranking of the economics department is important in determining the potential for landing a job in a highly-ranked academic position upon graduation. It may be a somewhat less important if your career aspirations are in private industry or government. The top ten economics programs are enrolling students with at least a 3.5 GPA in challenging math and economics courses with near-perfect GRE scores in the quantitative and analytical sections. Good economics programs will generally require a minimum of a 3.0 GPA in challenging math and economics courses with near-perfect GRE scores with a minimum of 75-80th percentile in GRE quantitative and analytical sections. Here are a few links that provide various rankings of economics graduate programs:

Ranking where you choose how much to weight various factors. Based on National Research Council Data.
Rankings based solely on faculty research.

 

Economics Graduate Programs Attended by Recent UO Graduates

Cornell University
Harvard University
Trinity College (Dublin, Ireland)
University of California - Davis
University of California - San Diego
University of Iowa
University of Oregon
University of Pittsburgh
University of Texas - Austin
University of Washington
University of Wisconsin