Money Making Business

Department of Economics

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As you may have heard, the choice of school and the pursuit of a degree are extremely important in determining your success in economics. Just about every school offers macro economics and microeconomics courses, but to really get ahead, you’ll want to get into a graduate school with the best department of Economics you can find. The best schools may offer more passionate teachers, better internship options, more extensive areas of study and the sort of prestige you’ll need when looking to start your career in the competitive labor market.

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.

As you know, most students seeking PhDs love school and wish to continue working in academia at an economics college or university. According to the Job Openings for Economists (JOE) job board, as of June 2009, there are full-time positions open at John Hopkins University, Kansas State University, Lebanon Valley College, the University of Santa Barbara, the University of Austin Texas and West Virginia University. NYU, Lake Forest College, Saint Benedict’s, the University of Cincinnati and the University of Vermont also offer adjunct/part-time positions. Internationally, there are positions in Australia, South Korea, Germany and the UK. You’ll need to contact the department of Economics of these offers through the JOE website at www.aeaweb.org/joe.

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This entry was posted on Monday, September 21st, 2009 at 1:04 am and is filed under Business and Management. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.