I applied to PhD programs in econ a few months ago. I was turned down by almost all of them except one top 50 program. I also have an admit to an MA program at a top 20. So my options are a) Settle for the low ranked PhD program or b) Take a risk at doing well in the MA program, then applying to PhD programs again.
The biggest drawback in my application is the lack of econ courses and good grades in my transcript(I’m an engineer/MBA with slightly above average grades). I have the highest possible score on my GRE, econ research experience, a paper that was accepted at a top conference.
On the negative side I’m getting old, pushing 30 now, and the MA is risky. What do you guys think?
It depends on what you want to do after you get the PhD. If you want an academic job, a low-ranked PhD program is not going to leave you with a lot of options[sup]1[/sup], so you’d be better off taking the MA and trying again with a stronger application. If you just want to have a PhD so you can get consulting gigs, take the offer you have and finish ASAP.
Otherwise, what kind of programs were you applying to? Traditional economics programs are very focused on theory, to the point where it’s almost easier to get in with a (pure) math degree than an econ one. They’re not going to be impressed with any paper that you can publish without taking years of PhD-level courses, so your application to these programs is not going to be as strong as you might like.
On the other hand, a lot of business schools have separate programs in applied economics that are aimed at filling the gap left by the rush towards theory. These programs tend to be a little easier to get into, and if you’re interested in doing applied work, they’re potentially a much better fit. It might also be worth your while to take a year off and apply to some of these programs if they’re a better match for your interests.
[sup]1[/sup]: While it’s true in general that rankings of academic programs don’t matter, they do in econ. It’s a weird field in a lot of respects.
What **ultrafilter **said.
Also, pushing 30 isn’t so old, from my experience. Having some real world work experience makes prioritizing and getting stuff done in grad school easier.
I was in nearly the exact same position. 30 yo, going back to grad school in History. I took the MA route, and after doing well there applied to better grad schools, and made it into one of the best in my particular field. I’d never have gotten into my Ph. D. program had I not had my MA at a ‘lesser’ school.
Get the best MA you can, then parley that into a much stronger Ph.D. program- better, more impressive letters of rec, a stronger CV (give a paper or two as an MA student, at a grad conference if you must, at a regular conference if you can), and a demonstrated track record of being able to handle grad school.
Hope this helps! Oh, btw, 30 ain’t old! One of my Grad-school colleagues was nearly 50 (in a great tenured professorship now) and another had retired after 30 years of teaching grade-school. She wrote a book, and had it published, well into her seventies!
Good luck!
Wow, I’m pretty sure you’re me. I’m 30, an engineer and getting my MBA right now with plans to get a PhD in Econ after I graduate.
The big difference is that I’m not going to quit my job to do the program so I’m looking at local schools one just in the top 50 and one just out. I’m more interested in application then theory particularly in the transition economy between fossil fuels and renewables so going to a lower ranked school especially one that specialized in energy econ isn’t bad for me. That being said I’ll be curious how this thread turns out for you.
Thanks for the advice. I too am leaning towards the MA route. The downsides are the riskiness and the extra time, but I don’t have any pressing obligations in my life, and think I have enough confidence in myself to take the risk involved. At the very worst, I should be able to crack a top 50 program again after the MA, so I only lose a couple of years.
Try and push your grades as high as you can. I’ve discovered in my application process that very good grades are like a minimum qualifier. They’re necessary, but not sufficient. All the feedback my advisers got about my application focused on this point.
I’m not sure I agree with the above. I’m a current PhD student in the biosciences and most of the professors I see are from top ranked schools in the field. There are always exceptions, of course, and results/publications clearly matter more than where the degree comes from, but I think the networking aspect of attending a “prestigious” schools is worth a lot (unfortunately in my opinion; everyone seems to know everyone and I’m not convinced it’s simply due to circumstance and shared interests). Some of the younger PIs that I know are quick to mention their relationships with Ivy League senior faculty.
If I were you I’d go for the higher ranked school. My PhD program has no qualms about taking older students… if it’s the same in econ, I would definitely work hard and try to plow through the MS, and then apply for Ph.D.
It’s true that the “prestige” and “networking” seems to count for much more than I’d hoped. I took a massive paycut(I’m working as a researcher for a third of what I used to make) and left the corporate life because I hate networking , only to find that godsdamned research is no better.
And if you want to work as a professor once you get your phd, it’s no better then either. Campus and disciplinary networking and politics rule my life at times.
Oh boy. Just got some mixed news. Now I have an accept for the econ masters program at LSE. But no funding. And it’s a two year, very expensive course. Damn.
Are you only applying to UK programs? 'cause that will presumably make a difference.
No, I’m actually only applying to US schools. LSE was the sole UK one. The Phd I’ve gotten into is funded, but both the master’s options are not 
Hi, I was in your same position a couple of years ago and ended up deciding to go for my masters in natural resource econ. The most important question is (well actually two) what is your career plans and how are your advanced math skills? If you want to work as a econ professor at a university you’ll need a Phd, but for government or private industry a Phd is a waste of time (from a potential earnings standpoint).
From a time perspective, a master+Phd is going to be within 1 year of straight Phd program so that doesn’t really matter. The average finish for a quality Econ Phd is 4-5 years with a masters and 5-6 without. Ask your perspective advisers what the median finishing time is. Most programs will underestimate the time required to finish.
How is your advanced calc, statistics and math programing? This is going to determine how fast you finish any program. Honestly, undergrad math is much more important than undergrad econ. You’ll pick up the economic concepts if you have the math to go along.
Couple other thoughts, your age doesn’t matter to the applied program. There will be lots of people in their 20s and 30s. In other words, you won’t be out of place. More important is if your willing to devote 5 years as a grad student, giving up income, time, family etc.
Depending on your Phd program, most will grant a masters after 2-2.5 years if you pass your orals and written exams.
Pm me if any other questions.
Standard academic disclaimer: my field (natural sciences) may be different from yours.
In my field, though, this doesn’t really hold. For applicants straight out of undergrad, grades are important because they’re the best indicators of future performance. For applicants with work experience or who already have graduate degrees, their grades are much less important than their work records.
This is particularly true for students with master’s degrees. If you want to continue to a Ph.D., your M.S. isn’t about coursework as much as it’s about learning to be a researcher. Do well in your classes, of course, but really put the bulk of your work into your research and your M.S. thesis. If you can publish (or at least get the process started) while you’re in a master’s program, you’ll be ahead of a lot of other applicants not only in applying for Ph.D. programs, but also in appliying for academic positions after you’ve compkelted the Ph.D.
That’s good advice for the natural sciences, but not for econ. The first couple years of a PhD program are all coursework, and you don’t even really start research until the end of your second year. A master’s program is all about preparing you to take the first year of courses and pass the qualifying exams.
Glad I put that disclaimer in, then - thanks for the clarification, ultrafilter.