Department of Economics

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If you’re considering a degree in economics, then you’d better be prepared to spend about ten years in school. Most economists begin their educational odyssey in a four-year undergrad program, where they learn the basic building blocks of microeconomics and macro economics, while concurrently drowning in math courses. If you have survived the onslaught of numbers, figures, data and philosophy, then you’ll need to get your master’s next. Over the next two years, you’ll take more advanced course work, you’ll do some field work and you’ll begin to hone in on what interests you most, within the department of Economics. Lastly, you’ll be ready to begin your four-year intensive PhD study, which will be two years of courses and two years of independent study on your thesis.

Stanford University is considered one of the best economics university institutions in the nation for both undergrad and graduate students. In February, the department reviews more than 700 graduate applications each year to choose the 50 best students for admittance next fall. Another school with a highly-regarded Economics department is Princeton University, which admits 25 students per year out of 800 applicants. To be considered, students will need a GRE score of 780 to 800 and above. The University of Wisconsin (Madison) will admit 25 to 30 students to their graduate school. Other prestigious schools in education economics include MIT, the University of Chicago, UC-Berkeley and Yale. If your grades weren’t top-of-your-class caliber, then you may want to try a middle-ranked school like Penn State.

To get accepted by a school’s department of Economics in a prestigious graduate program, you’ll need some letters of recommendation to help you clinch the deal. Be aware that recommendations from your employer in an unrelated field, your neighbor or a relative will hold very little value. Instead, you’ll need letters from economists who have contacts at the schools you’re applying to. The catch is you also have to know these economists well! While you’re getting your undergrad degree in economics, get to know some of your professors well. Remember, most professors will be excited about your ambitions, so don’t be afraid to approach them for advice or that recommendation letter. If your recommendations aren’t all that stellar, you’ll still have a chance at getting into the education economics program if your GRE scores, math grades and admission essays are particularly polished.

Unlike undergrad, the department of Economics in grad schools looks to cultivate the best and brightest talent. Most students are granted a fellowship, assistantship, grant, tuition remission or monthly stipend to cover the cost of the program and living expenses. Be aware that you’ll be required to do a lot of dirty work for your money, like grading, teaching, lecturing, leading weekly section meetings, researching and writing. If a lot of students are admitted, then you may still need to pay or seek NSF grants on your own. The good news is that, after all their hard work, 99% of graduate students get placed into applied economics positions right out of grad school.

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