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Opportunities for Graduate Degree
Programs
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A major in Economics provides an excellent foundation
for many graduate programs. Students can pursue advanced degrees in
Economics, however, these will require a rather extensive background in
mathematics. If you are interested in pursuing economics, but prefer to avoid the rigorous
math associated with graduate programs in the field, consider a related program
instead. Graduate programs in business, public policy, public administration,
law, and industrial relations often allow you to continue your economic
interests with fewer mathematical demands.
Types of Graduate Degree Opportunities:
Choosing a Graduate School
- Consult faculty
You should discuss your objectives with members of the faculty. Different
faculty members are familiar with different programs and graduate schools. A
broad spectrum of opinion can help you formulate soundly based objectives that
are in accordance with your interest.
- Study alternatives.
The Internet places a world of information at your fingertips. Use it. Start
with a general reference such as
Peterson's Guide to get
an idea of what programs are available. Go to university websites to learn more details about the specific
programs they offer. What background do they expect of entering students? What does their program require? Does
the program specialize in particular fields? What are they? How many years does it take for a typical
student to complete a degree? What schools and organizations have hired recent graduates of the program?
- Consider fellowship/funding opportunities.
Most Ph.D. graduate students qualify for fellowships or
assistantships that cover tuition expenses and pay a stipend. Because they
carry no extra work requirements, students typically prefer fellowships if
available. However, teaching and research assistantships are more common. A
new teaching assistant typically begins by grading papers and leading discussion
groups for a class taught by a professor. Advanced teaching assistants might
teach entire sections of a class by themselves. Research assistants are
assigned to help a senior professor with research. Typical duties may involve
gathering and processing data and tracking down articles and references.
Funding is less common for students pursuing MBA and law degrees, but fellowships and/or assistantships
are still often available for particularly strong students.
- Aim high.
Aim for the best program to which you can be admitted. Being a graduate of one
of the more prestigious programs can open doors and may in itself be an
important credential for your future employment. Academic mobility is usually
horizontal or downward, not upward. Although ratings of programs are
controversial and subject to change, your advisor will be able to direct you to
one.
Calendar for Graduate School Applicants
Students considering graduate school should prepare early. The following timetable is a useful
guideline.
- Sophomore and junior years:
Start preparing for possible graduate school admission by
looking at potential programs and their requirements. Choose your elective courses at Winthrop
accordingly.
- Early senior year:
Review your goals and begin serious talks with department faculty.
Look at more possible programs and send for more information from schools that interest you.
Register for and take the required standardized exams. Applicants for Ph.D.
programs must typically take the Graduate Record Exam (GRE). MBA applicants will be expected
to take the Graduate Management Aptitude Test (GMAT), and law school applicants must take
the Law School Aptitude Test (LSAT).
- December, January, February of senior year:
Apply to several schools. It is advisable
to apply to a range of schools including at least one program that you believe
will definitely admit you.
Students completing an M.A. or a Ph.D. in Economics
find a rich array of career opportunities.
Teaching
Teaching in colleges and universities is a primary
occupation of economists with advanced degrees. Positions at four-year colleges
and graduate schools typically require a Ph.D.
Research
Teachers in most four-year colleges and all graduate schools are also engaged in
research. Indeed, research is often the primary activity of graduate school
faculty. Research interests are varied: from pure theory to applied economics,
from the discovery of something new to the testing or synthesis of the already
discovered, from individual scholarship to research as a member of a team.
Publication of research is desirable because it subjects the ideas and findings
to the scrutiny of others. Research economists are employed outside of academia
as well. Virtually every agency or department of the federal government and many
departments at the state level employ economists to study and evaluate the
theoretical and practical effects of past and prospective policies. Private
corporations also employ economists for market research and forecasting
economics trends.
- Administration
Economists both inside and outside academia frequently find themselves
transformed into administrators. Much administration involves setting priorities
and allocating scarce resources among alternative goals. These require economic
reasoning. Understandably, economists are often asked to be administrators. This
is particularly true in financial firms, but it also applies to other public and
private institutions.
- Consulting
Economists are consultants to businesses, governments, special interest groups,
and public enterprises. Some economists associate with a consulting firm either
on a full-time or a part-time basis. Other economists operate independently.
Obviously, to be a successful consultant and individual must have an in-depth
knowledge of a specialty field such as energy economics or pharmaceutical
pricing or demand forecasting. Personal and professional connections count as
well as knowledge. Economists with prestigious universities sometimes in effect
sell the value of their affiliation in addition to the value of their services.
Undergraduate
preparation for graduate programs in economics
Graduate programs in economics require a strong background in mathematics and
students are encouraged to take as many courses in this area as possible. First-year graduate
students in economics invariably complain about the heavy and rigorous mathematical
demands placed upon them. Indeed, introductory theory courses will seem more
like courses in advanced math than in economics. Be ready. Some schools will
allow you to make up a deficiency in math after enrolling, but this is often a
poor substitute. It is best to begin with your mathematical tools in place and
ready to use. Essential courses for students entering a graduate program in economics include:
- Calculus I (MATH 201)
- Calculus II (MATH 202)
- Linear Algebra (MATH 300)
- Quantitative Methods I (QMTH 205)
- Quantitative Methods II (QMTH 206)
Additional courses that would prove very useful include:
- Calculus III (MATH 301)
- Calculus IV (MATH 302)
- Differential Equations (MATH 305)
-
Real Analysis I (MATH 509)
- Elements of Set Theory and Introduction to Topology (MATH
522)
- Probability and Statistics I (MATH 541)
- Probability and Statistics II (MATH 542)
Building your general research skills is also a good plan. Graduate
students will be
expected to engage in original research, make oral presentations, and write
scholarly papers. Writing-intensive classes will help you develop some of these
skills, but you should seek out undergraduate research opportunities. Ask
faculty members if they could use volunteer research assistance. If you do
complete a research project, ask if there might be a conference at which you
could present your results in a professional setting. Potential graduate
schools will be impressed.
The American Economics Association has excellent web pages
describing graduate education and careers in economics.
http://www.vanderbilt.edu/AEA/gradstudents
Students majoring in economics
often decide to pursue legal careers. The demand for lawyers is high, but there are
many applicants to law schools and an ever-increasing flow of new
lawyers from law schools. In fact, the number of new lawyers is so great that
average salaries in the legal profession are held down because of oversupply.
Furthermore, the caliber of the students in law schools is rising continuously,
and the competition within law schools is intense. To obtain admission to law
school, students must have a serious, mature, professional interest in a legal
career. Their grades must be excellent, and they must be familiar with a wide
range of subject matters to achieve a good score on the Law School Admission
Test (LSAT)
As the following table indicates, economics majors score exceptionally well on entrance exams for
law schools. In 2002-03 they scored an average of 156.6 -- the second highest
among reported popular majors.
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| Major |
Average Score
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| Philosophy |
157.4
|
| Economics |
156.6
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| Engineering |
155.4
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| History |
155.0
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| English |
154.5 |
| Biology |
154.4 |
| Finance |
152.6 |
| Political Science |
152.1 |
| Psychology |
152.1 |
| Accounting |
151.1 |
| Sociology/Social Work |
151.1 |
Journalism/Communications |
150.9 |
Marketing |
150.2 |
Management |
149.7 |
Education |
148.9 |
Criminology |
145.1 |
Weighted Average |
152.2 |
Source:
Michael Nieswiandy, "LSAT Scores of Economics
Majors: The 2003-2004 Class Update," Journal of Economic Education,
Spring 2006. The table lists scores for all majors with more than 2,000
law school applicants.
Even more impressively, attorneys with an undergraduate degree in
economics earn salaries on more than 10% higher than those of other attorneys on
average. Economics is the only undergraduate major to have this impact.
[see "Do Economists Make Better Lawyers? Undergraduate Field and Lawyer
Earnings," by R. Kim Craft and Joe G. Baker in the Journal of Economic
Education, Summer 2003.]
A foundation in economics is critical for many legal specialties
and prepares students for the rigor of legal analysis and reasoning. Many
controversial legal issues (e.g., ones relating to pollution, resource scarcity,
pension rights, intellectual property rights and social security) are largely
economic in basis. The lawyer equipped with an economics background is certain
to have a real advantage in litigation and in efforts to find better solutions
to problems. According to one successful attorney, "people from other majors
have trouble seeing what the real issues are," while economics "cuts through the
fat."
Students interested in more
information about law school should consult the
Law School Admission
Council website.
The Masters in
Business Administration (MBA) is probably the most popular program for
economics graduates. Many complete MBA programs at top universities, but most
graduates work before starting an MBA. Strong programs usually require 3-5
years of professional experience. MBA programs prepare students to take
leadership roles in major corporations.
Economics majors also
do quite well on the Graduate Management Aptitude Test (GMAT) that is typically
required by MBA programs. In 1999, the average GMAT score for economics
majors was a 557, well above the average of all majors. While economics majors
did not score as well as those majoring in physics or engineering, they scored
significantly above students with undergraduate majors in business (with scores
ranging from 532 for finance majors to 485 for marketing majors). [See
Graduate Management Admission Council, Profile of GMAT Candidates, 1999, table
7.]
For more information, consult the
Graduate
Management Admission Council website.
Industrial and Labor
Relations programs (MLR) have also been popular with economics graduates.
These programs combine economics, psychology, and business courses to prepare
for careers in human resources
Public Administration and Policy Analysis programs are another
option for economics majors. Public policy programs prepare students for
careers in government and public service and draw from a variety of disciplines
to provide professional training.
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