phd in economics jobs

Questions about placement? Contact our placement officer Robert Townsend  or placement administrator  Shannon May .

Candidates for 2023-2024

Download the  MIT Economics Job Market Packet

See the  MIT Sloan School of Management candidates

Placement History

The department plays an active role in assisting graduate students with career placement. In a typical year, every MIT Economics PhD graduate finds a job.

Over the past six years, the department has placed a total of 130 graduates in academic, research, and government jobs. Of these, 90 graduates (69%) chose positions at academic institutions and 36 graduates (28%) chose non-academic positions. Of the 90 academic placements, 35 (39%) were at top-15 US economics departments or top-10 US business schools. The tables below break out these proportions for each cohort and highlight some of our top placements.

All placements, 2018-2023

Placements to top economics departments and business schools, 2018-2023.

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Best Doctorates in Economics: Top PhD Programs, Career Paths, and Salaries

If you’re a graduate student and interested in pursuing an advanced study in the field of economics, you should start researching the best PhDs in Economics. By enrolling in an economics PhD program, you’ll be getting an in-depth education on past and current economic trends.

In this article, we’ll try to help you choose the right PhD in Economics by going over some of the best programs in the United States. We’ll also cover some of the highest-paying economics jobs on the market and provide an overview of the PhD in economics salary possibilities.

Find your bootcamp match

What is a phd in economics.

A PhD in Economics degree is an advanced doctoral degree program that studies the distribution and consumption of goods and services. Economics classes teach students to analyze small-scale and global-scale economic factors to make predictions for future markets.

The main goal of economics departments in PhD programs is to teach students how to help different institutions improve and optimize their economic actions. Through a mix of teaching, research, and a heavy course load, economics grad students will perfect their quantitative skills and learn to make decisions that increase the profitability of the organizations they work for.

How to Get Into an Economics PhD Program: Admission Requirements

The admission requirements to get into an economics PhD program include a bachelor’s degree in a related field and a minimum 3.0 GPA. Other admission requirements can include GRE exam scores, letters of recommendation, a statement of purpose, and a resume. Admissions counselors will look at a student’s comprehensive experience before grad school.

Different schools have other specific admission requirements for their economics PhD programs, but all international and English as a second language-speaking (ESL) students will have to submit proof of English proficiency in the form of Test of English as a Second Language (TOEFL) exam scores.

PhD in Economics Admission Requirements

• Bachelor’s or master’s degree in a related field
• Minimum 3.0 GPA
• GRE test scores (optional for most schools)
• Two to three letters of recommendation
• Proof of English proficiency (for ESL and international students)
• Statement of purpose
• Previous knowledge in math-intensive subjects, such as economic theory, statistics, mathematics, differential and integral calculus, and linear algebra

Economics PhD Acceptance Rates: How Hard Is It to Get Into a PhD Program in Economics?

It can be very hard to get into economics PhD programs. Economics PhD acceptance rates vary between 2.4 and 7.4 percent. At Johns Hopkins University, for example, only 12 students are selected to enroll in the Economics PhD program out of more than 500 applications.

How to Get Into the Best Universities

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Best PhDs in Economics: In Brief

Best universities for economics phds: where to get a phd in economics.

The best universities for PhD economics programs include Arizona State University, John Hopkins University, Syracuse University, and Drexel University. These schools will adequately equip you with the economic knowledge and skills needed to ensure you are ready for a well-paying job in the economics career path of your dreams. Continue reading for all you need to know to prepare for grad school at one of the top Phd in Economics degree programs.

Arizona State University is a public research university founded in 1886. It is considered one of the best institutions for superior education. ASU offers more than 400 graduate degree programs led by experts and has been ranked as the nation’s most innovative university by US News & World Report . 

PhD in Economics

This economics PhD program provides training in microeconomic and macroeconomic theory, applied economics, and econometrics. Classrooms are relatively small, with about 45 graduate students, to facilitate mentoring and provide greater faculty attention within the department of economics. The program prepares students for teaching and research positions in the field of economics. 

PhD in Economics Overview

• Program Length: 5 years
• Acceptance Rate: Not stated
• Tuition: $ 858/credit (in state); $1,361/credit (out of state)
• PhD Funding Opportunities: National Science Foundation Graduate Research Fellowship, graduate teaching assistantships
• Bachelor's or master's degree from a regionally accredited institution
• Minimum cumulative GPA of 3.0
• Graduate admission application and application fee
• Official transcripts
• Three letters of recommendation

Colorado State University was founded in 1870. It is a public land-grant research university and is considered the flagship university of the Colorado State University System. It offers several programs and certificates across many fields and has over 7,000 enrolled graduate students.

This economics doctoral program offers meticulous training and teaches research methods in the many different areas of economics. These math intensive classes include microeconomic theory, macroeconomic theory, and econometrics. This econ program requires a minimum of 72 credits and allows students to focus on different areas like environmental, international, political, Keynesian, feminist, or regional economics.

• Tuition: $601.90/credit (in state); $1,475.80/credit (out of state)
• PhD Funding Opportunities: Graduate assistantships, scholarships, fellowships, internships, grants
• Online application and application fee
• Official transcripts of all collegiate work completed post-high school
• Letters of recommendation

Drexel University was founded in 1891. It is a private research university with over 8,900 enrolled graduate students. Their co-op education program sets this university apart from others, offering students the opportunity to get paid and gain real-world experience prior to graduating.

This PhD in Economics teaches a set of core courses including microeconomics, macroeconomics, and econometrics. Students are then required to specialize and demonstrate math skills in industrial organization, international economics, or macroeconomics. This PhD is an official STEM Designated Degree Program. Each class is composed of three to six doctoral students to optimize and facilitate interactions between students and faculty. 

• Tuition: $1,342/credit
• PhD Funding Opportunities: Graduate assistantships
• GRE scores from the past five years
• Personal statement
• Two letters of recommendation

Johns Hopkins University is a world-renowned private research university. It was founded in 1876 and is now organized into 10 campuses in Maryland and Washington, with international divisions in Italy and China. The university has over 22,000 graduate students enrolled across its social sciences, engineering, arts, and business schools.

This economics program is led by expert faculty and trains students in applied microeconomics and macroeconomics, economic theory, and econometrics. Students will receive one-on-one attention from faculty, allowing them to conduct better research and strengthen the complex analysis and quantitative skills necessary in the field of econ. 

• Program Length: 5-6 years
• Acceptance Rate: 2.4%
• Tuition: $58,720/year 
• PhD Funding Opportunities: Departmental fellowship (1st year), teaching or research assistantships (2nd to 5th years), Carl Christ Fellowship, Kelly Miller Fellowship, tuition fees funded by the department for enrolled students
• Unofficial transcripts from all previous colleges and universities
• GRE scores (quantitative scores of 160 or above)
• Minimum of two letters of recommendation

Kansas State University was founded in 1863 as the first public institution of higher education in Kansas. KSU is a public land-grant research university and has over 4,500 enrolled graduate students across 73 master's and 43 doctoral degree programs.

This PhD Economics program teaches students about the latest advances in econometrics, economic theory, and computation. The program requires the completion of a minimum of 90 credits, of which 30 are designated to researching and writing a high-quality dissertation.

• Tuition and Fees: $6,282/year (in state); $12,746/year (out of state)
• PhD Funding Opportunities: Teaching assistantships, the Wayne Nafziger Graduate Scholarship, the Lloyd and Sally Thomas Graduate Scholarship, and Edward Bagley Graduate Scholarship; tuition fees funded by the department for enrolled students
• Academic transcripts of all undergraduate and graduate coursework from each institution attended
• Short statement of objectives for graduate study
• GRE scores from the past five years (optional but encouraged)

Oregon State University ’s roots can be traced back to 1856 as a public land-grant research university that was founded as a primary and preparatory community school. Today, the university is the largest in Oregon. Oregon State is particularly renowned for its programs in earth, marine, and biological sciences and has over 5,668 enrolled graduate students.

PhD in Applied Economics

The 108-credit Applied Economics PhD degree program teaches students about economic theory, econometrics, development economics, and other quantitative methods. Grad school students of this program will gain the intellectual autonomy needed to examine real-world problems and apply relevant solutions regarding policy, education, trade, and the environment. 

PhD in Applied Economics Overview

• Program Length: 4-5 years
• Acceptance Rate: 6.7%
• Tuition: $498/credit (in state); $1,011/credit (out of state)
• PhD Funding Opportunities: Graduate assistantship

PhD in Applied Economics Admission Requirements

• Academic records from each institution attended
• Letters of reference
• Statement of objectives

Syracuse University is a private research university founded in 1831 with over 6,800 enrolled graduate students. Syracuse is ranked 59th on US News & World Report’s list of best national universities and features famous alum President Joe Biden. 

The PhD in Economics program at Syracuse University is a research-oriented degree that requires the completion of 72 credits. The program teaches students about mathematical economics, microeconomic theory, macroeconomic theory, and econometrics. Students will specialize in a primary field in labor, international, public, urban economics, or econometrics. 

• Acceptance Rate: N/A
• Tuition: $32,436/year
• PhD Funding Opportunities: University Fellowships, graduate assistantships, Melvin Eggers Graduate Economics Scholarship for Doctoral Students, David Greytak Fellowship Fund
• Transcripts from all collegiate and post-collegiate work
• Three letters of recommendation 

University of Maryland (UMD) at College Park was founded in 1856 and is the flagship campus of the University System of Maryland. UMD is a public, land-grant research university with 10,500 enrolled graduate students in over 230 graduate degree programs.  

PhD in Economics (ECON)

This econ PhD program offers a wide range of specializations to students, including advanced macroeconomics or microeconomics, behavioral and experimental economics, econometrics, economic history, international trade, and public economics. Students who enroll directly after they finish their bachelor’s degree are also able to obtain a Master of Arts degree simultaneously. 

PhD in Economics (ECON) Overview

• Acceptance Rate: 4.1%
• Tuition: $1,269/semester (in state); $2,496/semester (out of state)
• PhD Funding Opportunities: Graduate assistantships, Fellowship in Support of Diversity and Inclusion

PhD in Economics (ECON) Admission Requirements

• Transcripts from all institutions attended after high school
• Description of research and work experience
• GRE exam scores (optional)

University of Utah was established in 1850 as a public research university and is now considered the flagship institution of the Utah System of Higher Education. It currently has over 8,400 enrolled graduate students and offers several programs with financial assistance, academic opportunities, and postdoctoral fellows.

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This economics PhD program allows students to explore many topics, including economic theory, post-Keynesian macroeconomics, Marxian economics, the economics of gender, labor market institutions, and intensive math classes. The program focuses particularly on themes of inequality, globalization, and sustainability. 

• Acceptance Rate: 7.4%
• Tuition and Fees: $1,271.79/credit (in state); $4,517.11/credit (out of state)
• PhD Funding Opportunities: Graduate assistantships (research and teaching), fellowships, scholarships
• Completion of intermediate microeconomic and macroeconomic theory prerequisite courses 
• Three academic reference letters
• Brief statement of personal academic goals

West Virginia University was founded in 1867 as a public land-grant research university. Today, the university enrolls over 5,700 graduate students in more than 350 programs throughout 14 colleges and high-quality schools.

This 45-credit PhD program trains students to conduct original research, produce publishable articles, analyze real-world problems from economists and policymakers, and effectively communicate their results. Doctorate students must choose a specialization in health, international, monetary, public, regional, or urban economics. Classes in economics have a small number of students to facilitate and encourage interaction between students and faculty.

• Program Length: 4 years
• Tuition and Fees: $899/credit (in state); $2,053/credit (out of state)
• PhD Funding Opportunities: Graduate assistantships, Arlen G. and Louise Stone Swiger Doctoral Fellowship, W.E.B. Du Bois Fellowship, Provost Graduate Fellowship
• Minimum GRE score of, 300
• Completion of statistics, intermediate micro and macro theory, and calculus prerequisite courses

Can You Get a PhD in Economics Online?

Yes, you can get a PhD in economics online. Liberty University currently offers an online PhD in Public Policy with a concentration in Economic Policy. This program focuses on teaching students how to shape economic policy across legislation, communications, politics, education, and international relations. Grad school students can complete this online program in three years.

Best Online PhD Programs in Economics

How long does it take to get a phd in economics.

It takes five years on average to get a PhD in Economics. The first two years are usually spent completing core classes in economics, and by the third year, students prepare for exams in their specialization field of choice. The final two years are for research and writing a dissertation.

Some students are able to complete their PhD program in less time. Others take up to seven years to finish their degrees, especially if they don’t already have a master’s degree in the field, or are taking courses part-time.

Is a PhD in Economics Hard?

Yes, a PhD in Economics is a hard degree to obtain. However, at this level of education, regardless of the area of study you choose, all programs are hard to complete. Doctoral programs are intended for students who wish to become true experts in their field of choice.

Economics PhD programs are hard because extensive research and practical capabilities are required of candidates. Through a heavy course load, econ grad students are expected to work hard to develop their skills to the maximum and create publishable, high-quality work.

How Much Does It Cost to Get a PhD in Economics?

It costs an average of $19,314 per year to get a PhD in Economics , according to the National Center for Education Statistics. This value is an average of the graduate tuition required in all public and private institutions between 2018 and 2019. Tuition rates will vary by school, and private universities are often more expensive than public institutions.

How to Pay for a PhD in Economics: PhD Funding Options

PhD funding options that students can use to pay for a PhD in Economics include research and teaching assistantships, and many different fellowships and scholarships. These can either be provided directly by the university or by independent institutions and organizations.

Some of these include the Provost Graduate Fellowship, the Melvin Eggers Graduate Economics Scholarship for Doctoral Students, and the National Science Foundation Graduate Research Fellowship Program.

Best Online Master’s Degrees

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What Is the Difference Between an Economics Master’s Degree and PhD?

The main difference between an economics master’s degree and a PhD is that master’s degrees are more career-oriented, while PhDs are focused on research. Since many doctorate students wish to pursue academic careers and teach in high-quality schools, they opt for a PhD program that allows them to acquire expert-level knowledge through research and assistant teaching.

Other differences between these two programs include funding options for payment, as master’s degrees don’t have as many funding options as PhD programs do, as well as the time of completion and the difference in salary between economics master’s and PhD graduates.

Master’s vs PhD in Economics Job Outlook

Employment for both economics master’s and PhD graduates is expected to grow in the next 10 years. However, the growth percentage is much higher for certain economics jobs for those with a doctoral degree. For example, employment for budget analysts, a position that requires only a Master’s Degree in Economics, is projected to grow five percent from 2020 to 2030, which is slower than the average growth for all occupations.

On the other hand, employment for postsecondary teachers, who typically need to have a PhD in Economics, is expected to grow 12 percent in the next 10 years .

Difference in Salary for Economics Master’s vs PhD

Considering the differences mentioned above, there’s a significant difference in average salaries for economics master’s and PhD graduates. While a budget analyst makes around $84,240 on average per year, a postsecondary teacher makes $124,090 on average per year.

According to PayScale, the average salary of someone with a Master’s Degree in Economics is $82,000 per year , whereas the average salary of someone with a PhD in Economics is $110,000 per year .

Related Economics Degrees

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Why You Should Get a PhD in Economics

You should get a PhD in Economics because it will allow you to learn many valuable quantitative and analytical skills in the field, improve how you communicate with peers and non-experts alike, learn from a wide variety of specializations, and put you on track for a career in research and academics.

Reasons for Getting a PhD in Economics

• Wide range of specializations. A PhD in Economics allows you to specialize in an area that interests you most, such as financial, labor, international, political, business, feminist, Keynesian, environmental, or development economics.
• Improve communication skills. Throughout your economics PhD program, you’ll be required to publish high-quality articles for peer review. This means that you’ll also be expected to learn how to communicate your findings to the common layman.
• Learn many relevant skills. Econ students learn skills that will allow them to work for several institutions. They’re able to evaluate and calculate risk, make predictions, develop and use mathematical models, and deeply understand market dynamics.
• Work in academia. Most PhD graduates desire to become professors themselves. A PhD in Economics allows students to work for all kinds of superior institutions and have a fulfilling career in research and academia.

Getting a PhD in Economics: Economics PhD Coursework

Getting a PhD in Economics begins with core economics PhD coursework. For most programs, these courses include micro and macroeconomics, econometrics, mathematics for economists, and research design and methodology.

Microeconomics

A microeconomics course teaches decision-making when it comes to allocating resources of production, exchange, and consumption. Students learn about consumer and producer theory, general equilibrium theory, game theory, and other key applied microeconomic topics.

Macroeconomics

Macroeconomics is the area of economics that studies the economy as a whole. It accounts for the total goods and services provided, economic growth, and total income and consumption. In this course, students learn about the different macroeconomic models and current trends in macroeconomic thought.

Econometrics

In an econometrics course, students learn about probability and statistics, random variables, and hypothesis-testing procedures. Students will also be able to apply mathematical formulations to create complex economic models.

Mathematics for Economists

This core course is important to review the mathematical techniques required in economics. Students consolidate their knowledge in calculus, matrixes, algebra, differential equations, and set theory.

Research Design and Methodology

This introductory course is fundamental to guide students through conducting relevant research in economics literature for their dissertation, article publications, seminars, and any other papers they’ll need to prepare.

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How to Get a PhD in Economics: Doctoral Program Requirements

If you’re wondering how to get a PhD in Economics, the answer is pretty straightforward. To successfully complete an economics PhD program, students will have to complete all of the doctoral program requirements. These include successfully concluding core economics classes, establishing a program of study, passing the qualifying exam and candidacy examination, and defending a final dissertation.

Every PhD student will have to take a common set of core courses during their first year. These courses in micro and macroeconomics, econometrics, and mathematics provide students with basic training for conducting research in their field at advanced levels.

At the end of the first year, students will take their first-year exam to prove their competence in the core course and readiness to continue with the program. Passing these exams will allow students to choose their specialization courses for the second year.

Just before the beginning of the second year, students will work with an advisor to help them figure out the specialization courses best for them. They will also facilitate the process of finding a permanent advisor and creating a program of study for the rest of the degree program.

Candidacy examinations, or field course exams, are tests that prove a student’s knowledge in the specialized fields in which they wish to pursue their dissertation research. Upon passing these examinations, students are then recognized as PhD candidates.

By the end of the fifth year, most students have already completed their research and are ready to present and defend their theses. Students defend their dissertation in a final oral examination. Upon passing the defense, students must submit a final copy of their dissertation.

Potential Careers With an Economics Degree

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PhD in Economics Salary and Job Outlook

Getting a PhD in Economics will grant you career stability and financial security. Career prospects in the economics field are great, as employment in these jobs is projected to grow faster than average. Continue reading for a list of some of the best PhD in Economics jobs available to graduates and an overview of their annual salaries.

What Can You Do With a PhD in Economics?

With a PhD in Economics, you can apply to many high-paying jobs in the field. These jobs can include financial manager, postsecondary economics teacher, economist, personal financial advisor, or even urban and regional planner roles.

Best Jobs with a PhD in Economics

• Financial Manager
• Postsecondary Economics Teacher
• Personal Financial Advisor
• Urban and Regional Planner

What Is the Average Salary for a PhD in Economics?

The average salary for someone with a PhD in Economics is $110,000 per year , according to PayScale. This value varies depending on the career path you choose, the company you work for, or even the industry you base your work in.

Highest-Paying Economics Jobs for PhD Grads

Best economics jobs with a doctorate.

In this section, we’ll cover the best economics jobs you can get with a doctoral degree. They include financial managers, postsecondary teachers, and economists. Other high-paying jobs include personal financial advisors and urban and regional planners.

Financial managers are responsible for the financial standing of a company or organization. They coordinate accounting and investing, create financial reports, and develop long-term financial goals for their company. They must have knowledge of the tax laws and regulations specific to their industry.

• Salary with an Economics PhD: $153,460
• Job Outlook: 17% job growth from 2020 to 2030
• Number of Jobs: 681,700
• Highest-Paying States: New York, Delaware, and New Jersey

Many economics PhD students are interested in teaching in postsecondary academic institutions. After being hired, these professors are placed in the school’s department of economics where they can conduct research and teach one or more courses in the field.

• Salary with an Economics PhD: $124,090
• Job Outlook: 12% job growth from 2020 to 2030
• Number of Jobs: 1,276,900
• Highest-Paying States: New Hampshire, Montana, and California

Economists apply their knowledge and skills in economic analysis within a great variety of fields. They study the cost of products, examine employment, taxes, and inflation levels, and analyze economic history trends to make predictions for the future.

• Salary with an Economics PhD: $120,830
• Job Outlook: 13% job growth from 2020 to 2030
• Number of Jobs: 18,600
• Highest-Paying States: New York, Washington DC, and California

Personal financial advisors advise clients on investments, insurance, mortgages, taxes, and other areas related to financial investment and management. They work to assess a client’s needs and help them make the best financial decisions for their future.

• Salary with an Economics PhD: $119,960
• Job Outlook: 5% job growth from 2020 to 2030
• Number of Jobs: 275,200
• Highest-Paying States: New York, Washington DC, and Washington

Urban and regional planners gather and analyze information regarding economic, population, and environmental factors to advise developers on their plans to use land. Using their analytical and data skills, they eventually have the final say on whether a land project is feasible.

• Salary with an Economics PhD: $81,310
• Job Outlook: 7% job growth from 2020 to 2030
• Number of Jobs: 39,100
• Highest-Paying States: Washington DC, California, and New York

Is a PhD in Economics Worth It?

Yes, a PhD in Economics is worth it. Getting an economics PhD is a great way to gain valuable skills for the econ job market, work on your overall communication, and guarantee financial security and stability over the course of your career.

Economics PhD graduates can choose between conducting research and teaching in superior institutions, prestigious government positions, and continuous work at some of the highest-paying private institutions.

Additional Reading About Economics

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PhD in Economics FAQ

Some of the top companies that are hiring economists in 2022 include RAND, the Federal Reserve Bank of New York, and the World Bank. Fannie Mae, the IMF, and Amazon are also top companies looking for economists.

Yes, you are expected to teach or somehow be involved in classroom experiences during your PhD program. Most students receive financial funding through teaching assistantships. These are viewed as an important component of the PhD college career.

You’ll need to have some kind of mathematics background to be admitted to an economics PhD program. All candidates must have taken intensive math classes and need proven math ability in calculus, linear algebra, and differential equations.

No, you don’t need an econ master’s degree to enroll in an economics PhD. However, only a small number of applicants are accepted into these programs and a master’s degree could be considered a competitive edge.

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Phd in economics: requirements, salary, jobs, & career growth, what is phd in economics.

A PhD in Economics is a doctorate-level degree that focuses on advanced training and research in the field of economics. It is a research-oriented degree that prepares students to contribute to the field through original, in-depth research and analysis.

The program typically involves taking advanced coursework in economics, completing a research project, and writing a dissertation that presents original findings. The coursework and research topics covered in a PhD in Economics program can include microeconomics, macroeconomics, econometrics, game theory, economic history, and various specialized areas within the field.

The PhD in Economics is ideal for individuals who are interested in pursuing careers in academia, government, international organizations, or research-focused organizations. Graduates of the program are equipped with the skills and knowledge necessary to conduct independent research, analyze data, and develop innovative solutions to complex economic problems.

How much money do people make with a PhD in Economics?

The earning potential of individuals with a PhD in Economics can vary widely based on a number of factors such as their experience, location, and type of employer. On average, economists with a PhD can expect to earn a higher salary than those with a master’s degree or a bachelor’s degree in the field.

According to data from the US Bureau of Labor Statistics (BLS), the median annual salary for economists was $105,020 in May 2020. However, salaries can range from less than $60,000 for entry-level positions to over $150,000 for experienced economists in leadership positions.

In academia, assistant professors with a PhD in Economics can expect to earn a starting salary in the range of $70,000 to $90,000, while full professors can earn well over $100,000. In the government sector, economists with a PhD can earn salaries that range from $70,000 to $120,000 or more, depending on their level of experience and the type of agency they work for.

In the private sector, salaries for economists with a PhD can be even higher, particularly for those working in consulting, finance, or other high-paying industries. However, the earning potential in the private sector is highly dependent on the specific job and the location, with salaries in certain cities, such as New York or San Francisco, being significantly higher than those in other parts of the country.

It’s important to note that salaries can vary greatly based on factors such as the individual’s level of experience, the type of employer, and the location.

What is expected job growth with PhD in Economics?

The job growth for individuals with a PhD in Economics is expected to be relatively strong in the coming years. According to the US Bureau of Labor Statistics (BLS), employment of economists is projected to grow 6% from 2019 to 2029, which is about as fast as the average for all occupations.

Demand for economists is expected to remain strong, particularly in the government and private sectors, as organizations continue to seek individuals with expertise in analyzing data, developing economic models, and creating solutions to complex economic problems.

In the government sector, there is expected to be continued demand for economists who can analyze economic data and provide research and policy analysis to inform government decision-making.

In the private sector, economists with PhDs are expected to be in high demand in consulting firms, financial institutions, and other organizations that require advanced economic analysis and problem-solving skills.

In academia, opportunities for economists with PhDs are expected to remain strong, as universities continue to seek highly trained individuals to conduct research and teach the next generation of economists.

Overall, the job outlook for individuals with a PhD in Economics is positive, and they can expect to have a range of opportunities across various sectors and industries. However, as with any job market, there may be fluctuations in demand based on economic conditions and other factors.

What can you do with a PhD in Economics?

A PhD in Economics provides individuals with advanced training and research skills in the field of economics, preparing them for a variety of careers in academia, government, international organizations, the private sector, and non-profit organizations. Some of the most common career paths for individuals with a PhD in Economics include:

1. Academia: Many individuals with a PhD in Economics pursue careers in academia as university professors, where they conduct research, teach courses, and mentor students.

2. Government: Economists with a PhD can find careers in the government sector, working in agencies such as the Federal Reserve, the Department of Labor, or the Bureau of Economic Analysis.

3. International organizations: PhD economists can also find careers in international organizations such as the World Bank, the International Monetary Fund, or the United Nations.

4. Private sector: Economists with PhDs can also find careers in the private sector, working for consulting firms, financial institutions, or other businesses that require advanced economic analysis.

5. Non-profit organizations: Economists with a PhD can also find careers in non-profit organizations, where they can use their expertise to address social and economic issues.

6. Research organizations: Economists with a PhD can also find careers in research organizations, where they can conduct independent research and publish their findings. 

What are the requirements for a PhD in Economics?

The requirements for a PhD in Economics can vary slightly depending on the specific program and university, but in general, most PhD programs in Economics require the following:

1. A bachelor’s or master’s degree in economics or a related field: Most PhD programs in Economics require applicants to have a bachelor’s or master’s degree in economics or a related field, such as mathematics, statistics, or finance.

2. Coursework: PhD programs in Economics typically require students to complete advanced coursework in economics, including microeconomics, macroeconomics, econometrics, game theory, and other specialized areas of the field.

3. Examinations: Many PhD programs in Economics require students to pass written and oral comprehensive exams to demonstrate their mastery of the field.

4. Research project: PhD students in Economics are typically required to complete a research project, either independently or as part of a team, and present their findings in a written thesis or dissertation.

5. Teaching experience: Many PhD programs in Economics also require students to complete teaching experience, either as a teaching assistant in an undergraduate course or as the instructor of their own course.

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How long does it take to get a phd in economics.

The time it takes to complete a PhD in Economics can vary, but most programs take between 4 to 7 years on average. The exact duration of the program depends on a number of factors, including the specific program requirements, the student’s course load, and the amount of time they can dedicate to their studies.

Typically, the first 2 to 3 years of a PhD in Economics program are spent completing coursework and exams, while the remaining years are dedicated to research and writing a thesis or dissertation. During this time, PhD students are also typically required to complete teaching or research assistantships to gain practical experience in their field.

In some programs, students may be able to complete their PhD more quickly by taking a heavier course load, while in others, students may need to take more time to complete their research and writing.

It’s important to keep in mind that the length of a PhD program can vary significantly depending on the specific program and the student’s individual circumstances.

Some students may complete their PhD in as little as 4 years, while others may take 7 years or more. Additionally, some programs may allow students to take a leave of absence or pause their studies for personal or professional reasons, which can also impact the overall duration of the program.

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Do you need a masters in economics to get a phd in economics.

Not all PhD programs in Economics require a master’s degree, but many do. A master’s degree in economics can provide students with a strong foundation in the field and help them prepare for the more advanced coursework and research required in a PhD program.

However, some PhD programs in Economics accept applicants with only a bachelor’s degree, particularly if they have strong academic performance and relevant work experience.

In some cases, PhD programs in Economics may offer a combined master’s and PhD program, allowing students to complete both degrees in a shorter amount of time. This can be a good option for students who are interested in pursuing a career in academia or research and want to obtain both degrees as quickly as possible.

What are the Best PhD in Economics Degree programs?

Harvard university, massachusetts institute of technology (mit), stanford university, university of chicago, princeton university, columbia university, new york university (nyu), university of california, berkeley (uc berkeley), university of pennsylvania, yale university, leave a comment cancel reply.

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Throughout the year, there are always many opportunities available to undergraduates to enhance your knowledge and experience in the field of Economics.  Below are different types of opportunities currently available.

The Ec Department runs a  Semester Undergraduate Program for Economics Research  (SUPER), which pairs students with faculty for semester-long RA positions. The application and hiring cycle for Fall 2023 is now closed. The Spring 2024 cycle will accept applications starting in Dec/Jan. Please stay tuned  on our website  (and make sure you are signed up on our listserv to hear when SUPER is accepting applications).

Types of Opportunities:

Jobs, Research Analysts or Assistantships, Internships   For Seniors   Funding Opportunities   Other Interesting Opportunities

Jobs, Research Analysts or Assistantships, Internships

Fall 2024 Peer Tutors : The Academic Resource Center (ARC) seeks Peer Tutors for a variety of courses for the Fall 2024 term. Deadline: 5/1/2024 (posted 3/22/2024)

2024 Summer Pre-doc course : PREDOC Education 2024 is synchronous remote course designed to show rising undergraduate sophomores and juniors what quantitative social science research is, and equip them with the coding, research methodology, and professional skills that will be relevant if they choose to continue on their journey as researchers. Deadline: 3/23/2024 (posted 3/19/2024)

Research Assistant: Jared Ellias, professor at Harvard Law School, seeks full-time summer research assistants for empirical research on corporate bankruptcy and financial distress. Tasks will include reading and analyzing legal documents and business and financial data. To apply, please email Professor Ellias’ assistant Alina Kilcoyne ( [email protected] ) with a resume, transcript and a short cover email detailing your familiarity with statistical analysis and Python.  Prior familiarity with financial data, corporate law or bankruptcy is not necessary.  Programming experience is not necessary but is helpful. Deadline: none given (posted 3/11/2024)

Research Fellow : The Joint Center for Housing Studies at Harvard seeks a student research fellow to carry out quantitative research on the ownership of rental housing for a summer-term appointment with the possibility of continuing into the fall semester. Deadline: none given (posted 2/8/2024)

Research Assistant: Econometrics tutoring help needed for 10-20 hours for Visiting Fellow. Undergraduate or graduate student who is proficient in using STATA, R, and EVIEWS is desired for part time assistance.  Knowledge of Python will be considered an added advantage. Pay scale negotiable. If interested, please send your resume to Prof. Richard Peiser at [email protected] . Deadline: none given (posted 2/5/2024)

Research Assistant : PhD students in the Harvard economics department (Matthew Lee Chen, Eu-Wayne Mok, and Yu-Jia Wang) seek research assistants to help with data collection for an early-stage project that explores how the Chinese diaspora in Southeast Asia conditioned political change in China over the course of the 20th century. Applicants considered on a rolling basis and should apply as soon as possible. Deadline: none given (posted 2/2/2024)

Research Assistant : PhD student in the Harvard economics department (Matthew Lee Chen) seeks part-time research assistants for a project that seeks to understand how European exploration around the world conditioned a “culture of science” and imperialism at home. Deadline: none given (posted 2/2/2024)

Summer 2024 Internship : Abdiel Capital seeks summer interns to read financial reports, interview sources, and collect and analyze data. Deadline: none given (posted 2/2/2024)

Summer 24 Internship : The D. E. Shaw group seeks students with an expected grad term of Spring 2025 to apply to their summer 2024 internship program. Deadline: none given (posted 12/27/2023)

Research Assistant : PhD student seeks a research assistant to work on an ongoing project focusing on the intersection between the peace processes and on-the-ground conflict. The role will mainly require scraping data, training a language model, and labelling data. If interested, email Emily Silcock at [email protected] . Deadline: none given (posted 12/27/2023)

Research Assistant : PhD student seeks a research assistant to work on an ongoing project focusing on the intersection between the peace processes and on-the-ground conflict. The role will mainly require combing through news reports to find details of their peace processes. If interested, email Emily Silcock at [email protected] . Deadline: none given (posted 12/27/2023)

Fiscal Internship Program : The Peter G. Peterson Foundation’s Fiscal Internship program engages students in fiscal policy by providing them with first-hand research experience at public policy institutions in Washington, DC. Interns are expected to live and work in DC. Deadline: none given (posted 12/15/2023)

Research Assistant : Dr. Ashley Nunes (Harvard Law) is seeking an undergraduate research assistant to work on a project on the economics of decarbonization. Deadline: none given (posted 11/21/2023)

Hudson Institute Political Studies Summer Fellowship : Hudson Institute Political Studies seeks undergraduates and recent graduates for a fellowship in political theory and practice including residance in complimentary housing in Washington, D.C. and receive a stipend of $3,000. Deadline: 12/30/2024 (posted 10/19/2023)

Research Assistant : Professor Leo Bursztyn (UChicago Economics) and Aakaash Rao (Harvard Economics) seek an undergraduate research assistant to work on a project on American political campaigns. Deadline: none given (posted 10/10/2023)

Research Assistant : Professor Alisha Holland (Government, Harvard) seeks a part-time RA with a strong command of Stata to help build and analyze a dataset of international infrastructure contracts for a study of electoral cycles in infrastructure contracting in the developing world. Deadline: none given (posted 9/1/2023)

Research Assistant : Jared Ellias, a professor at Harvard Law School, seeks a Fall Semester research assistant through the Institute for Quantitative Social Science for empirical research on corporate bankruptcy and financial distress. To apply, contact Alina Kilcoyne ( [email protected] ) with necessary materials. Deadline: none given (posted 8/30/2023)

Research Assistant : The Culture, Cognition, and Coevolution lab at the Department of Human Evolutionary Biology seeks an RA for the Fall semester to work on a variety of computational and programming tasks. If interested, contact Mona Xue at [email protected] . Deadline: none given (posted 8/14/2023)

Research Assistant : Postdoctoral fellow seeks a part time research assistant, with experience with methods for causal inference and statistical software, to study and review economic applications of state-of-the-art causal inference and data science methods. If interested, please contact Davide Viviano at [email protected] . Deadline: none given (posted 12/8/2022)

Research Assistant : PhD Candidate seeks part-time undergrad research assistant to work on a set of research projects focused on capital cities in Latin American countries and in the U.S. If interested, contact Alice Xu at [email protected] . Deadline: none given (posted 3/24/2022)

• Various Summer Research Assistantships at the National Bureau of Economic Research
• Pathways to Research and Doctoral Careers (PREDOC) : A one-stop place where undergraduate students from any backgrounds can find all the information they need, including available RA job positions around the country, educational material to prepare for e.g. data tests, guidance on courses to take, testimonials, and more.
• NBER RA page . Aggregates RA searches by NBER fellows. 

For Seniors

Consultants : The Development Impact (DIME) department is looking to recruit 25 consultants across 19 projects to support our global portfolio of impact evaluations. The consultants will work with the DIME team and external researchers on all phases of the impact evaluations (IEs), from study design to analysis. Deadline: 4/2/2024 (posted 3/19/2024)

Post-doctoral Fellow : The Golub Capital Social Impact Lab in the Graduate School of Business at Stanford seeks fellows for a two year post-doctoral fellowship in field experiments for impact driven social science research working with The Economics of Technology professor Susan Athey and other affiliates of the GC Lab. Deadline: none given (posted 2/29/2024)

Post-doctoral Fellow : The Golub Capital Social Impact Lab in the Graduate School of Business at Stanford seeks fellows for a two year post-doctoral fellowship in applied causal inference with machine learning methods working with The Economics of Technology professor Susan Athey and other affiliates of the GC Lab. Deadline: none given (posted 2/29/2024)

Research Assistant : The Aspen Economic Strategy Group (AESG) seeks a Research Assistant to support its work promoting evidence-based economic policy and support AESG’s Director and Policy Director, both PhD Economists, by producing original economic research and editing commissioned papers. Deadline: none given (posted 2/26/2024)

Economist : Decision Economics, Inc. (DE) seeks a full-time economist to join their economic analysis and quantitative econometric model-based information system forecasting firm serving Corporations, Financial Institutions (Banks, Asset Managers and Traders), and Individuals. Part-time hours are possible for the right candidate. Deadline: none given (posted 1/22/2024)

Research Staff Associate : Columbia Business School seeks a Research Staff Associate for the Economics Division to work on empirical and theoretical research on sovereign debt, the emergence, propagation, and resolution of sovereign debt crises. Deadline: none given (posted 1/3/2024)

Pre-doctoral Researcher : Professors Tong Liu, Lira Mota, Christopher Palmer, and Kerry Siani seek full-time pre-doctoral research fellows for up to two years starting summer 2024 to collaborate on empirical projects in the fields of corporate finance, capital markets, macro-finance, entrepreneurial finance, household finance, and micro-econometrics. Deadline: none given (posted 12/13/2023)

Pre-doctoral Researcher : Professors Joseph Doyle, Alexey Makarin, and Benjamin Vatter seek full-time pre-doctoral researchers to collaborate at all stages of the research process on new and ongoing empirical projects in applied economics. Deadline: none given (posted 12/13/2023)

Pre-doctoral Researcher : Professor Mert Demirer, MIT Sloan, and Michael Rubens, UCLA, seek full-time research assistants for summer 2024 to collaborate on projects in industrial organization. Deadline: none given (posted 12/13/2023)

Pre-doctoral Researcher : David Thesmar & Emil Verner, MIT Sloan, seek fulltime Technical Associates for at least one year, ideally two, beginning in July, 2024 to collaborate in all stages of the research process on a number of new and ongoing empirical projects in the fields of financial economics and macroeconomics. Deadline: none given (posted 12/13/2023)

Pre-doctoral Researcher : Professors Charles Angelucci and Alexey Makarin at MIT Sloan School of Management seek a full-time Predoctoral Technical Associate to help conduct research for several projects in the areas of Political Economy, Economics of Media, Applied Microeconomics in Summer 2024. Deadline: none given (posted 11/22/2023)

Research Assistant : The American Enterprise Institute (AEI) seeks full-time, in-person research assistants to work with senior economists on a wide variety of economic policy issues related to the US economy, tax policy, international finance, political economy, financial services, and health care. Deadline: none given (posted 10/30/2023)

Research Fellow : Prof Marcella Alsan, Director of the Health Inequality Lab at the Harvard Kennedy School, seeks full-time predoctoral research fellows to start in Summer 2024 to support and collaborate on a series of projects related to the economics of health inequality within the U.S. and around the globe. Deadline: none given (posted 10/26/2023)

Strategy Associate : The Fidelity Foundations’ Strategy & Impact team seeks an associate for a strategy consulting role in social impact, with opportunity for learning and growth. Deadline: none given (posted 10/4/2023)

Research Professional :  The Booth School of Business at University of Chicago seeks full-time research assistants for a period of at least one year starting in Summer 2024. Deadline: none given (posted 10/3/2023)

Predoctoral Research Assistants : The Julis-Rabinowitz Center for Public Policy & Finance at Princeton University seeks predoctoral research assistants interested in macroeconomics and finance, to start in summer 2024. Deadline: none given (posted 9/29/2023)

Economics Consulting Analyst/Associate : The Antitrust and Competition Practice at Charles River Associates seeks economics consulting analyst/associates to apply the theoretical concepts learned in economics classes to real world data and problems. Deadline: none given (posted 9/29/2023)

Associate : Secretariat, an international consulting firm, seeks Associates for Summer 2024 starts in its Washington, DC and San Francisco, CA offices. The Associate position is an entry-level position with opportunities for advancement. Deadline: none given (posted 9/21/2023)

Economics Consulting Analyst/Associate Intern : Charles River Associates seeks candidates for their Summer Analyst/Associate Internship program, which is an 8-10 week program mirroring the analyst experience, working alongside senior colleagues to deliver live client consulting projects within the practice area. Deadline: none given (posted 9/12/2023)

Economics Consulting Analyst/Associate : Charles River Associates seeks analysts at a variety of practices and locations. Deadline: none given (9/12/2023)

Research Assistant : Economics professors Dan Benjamin (UCLA), David Cesarini (NYU), Patrick Turley (USC), statistical geneticist Alex Young (UCLA), and their co-authors seek full‐time research assistants at UCLA with start dates during the summer of 2024. Deadline: none given (posted 9/12/2023)

Director’s Financial Analyst Program : The Consumer Financial Protection Bureau (CFPB) are recruiting for the Director’s Financial Analyst (DFA) position to start in June 2024. The DFA offers two-year full-time rotational fellowships designed to engage new entry professionals in public service work. Deadline: none given (posted 9/12/2023)

Pre-Doctoral Fellowship : Economics professors David Laibson (Harvard University), James Choi (Yale University), and John Beshears (Harvard Business School) seek a full‐time predoctoral fellow for mid-June 2024, lasting until mid-July 2025, with a potential second-year renewal. This will involve work on theoretical and empirical research related to behavioral economics, decision making, household finance, and health behaviors. Deadline: none given (posted 8/31/2023)

Research Assistant : The Federal Reserve system seeks research assistants for Spring and Summer of 2024 to work closely with economists on a variety of research questions and real-world policy issues. Deadline: none given (posted 8/30/2023)

Research Assistant Program : The International Monetary Fund (IMF) seeks recent grads for their Research Assistant Program (RAP). Deadline: none given (posted 8/30/2023)

Pre-Doctoral Technical Associate : Professors Georg Rilinger and Johan Chu seek a full-time Technical Associate research assistant (Predoc) to be based at the MIT Sloan School of Management for one year. Deadline: none given (posted 6/28/2023)

Pre-Doctoral Technical Associate : Michelle Hanlon and Nemit Shroff in the Accounting Group at the MIT Sloan School of Management seek a full-time PA. Deadline: none given (posted 6/5/2023)

Research Professional : The University of Chicago Booth School of Business seeks research professionals (RPs) to work directly with faculty on their research in the quantitative social sciences throughout two-year full-time appointments. Deadline: none given (posted 9/29/2022)

• Compilation of job opportunities for graduating seniors interested in research-based careers ​.  

Funding Opportunities

The Harvard College Research Program (HCRP) : The HCRP provides funding in support of student-initiated, independent scholarly research or creative endeavors undertaken with guidance of a Harvard-affiliated faculty mentor. Applicants for this summer must apply before the deadline this Sunday (3/24/2024) at 11:59 pm ! If you're considering it, whether you're almost done tinkering with your application or have more general questions, feel free to reach out to a URAF Research Ambassador (upper-level students with research experience).

Harvard Culture Lab Innovation Fund:  Funding opportunities for advancing diversity, inclusion, and belonging through technology driven solutions. All Harvard students, staff, faculty, postdoctoral researchers, and academic personnel are eligible to apply. 

• All  Harvard Fellowships  from the Office of Undergraduate Research and Fellowship
• Harvard College Funding Sources Database  
• Harvard University CARAT  ( Common Application for Funding and Travel)
• Making the Most of Funding Sources at Harvard ( Powerpoint )
• Various links for funding opportunities in economics
• Echoing Green Fellowships  for funding opportunities social entrepreneurship
• Frank N. Newman Undergraduate Research Fund in Economics , rolling acceptance
• The Davis Center  for research related to Russia and Eurasia.
• Ec Dept Undergraduate Research and Travel Fund , rolling acceptance (thesis writers only)
• IQSS-OTD Entrepreneurship Program

Other Interesting Opportunities

HUEA Speaker Event : Are you interested in learning the economic insights behind prominent US trade policies? Join the Harvard Undergraduate Economics Association (HUEA) for a speaker event featuring White House Council of Economic Advisers Chair Jared Bernstein! Chair Bernstein will discuss how he leverages economics to advise President Biden’s trade policies. This event will take place over Zoom on Tuesday, March 26th from 7-8 pm . RSVP here as soon as possible for the Zoom link!

Participedia Summer School : Participedia seeks participants for their summer school program on Transnational Democratic Innovations taking place in person at three locations from June 10-15, 2024, held in partnership with Memorial University, the University of the Western Cape, McMaster University, the Coady Institute, Federal University of Minas Gerais, Innovation for Policy Foundation, Missions Publiques, and Democracy International. Deadline: none given (posted 2/27/2024)

Zotero Workshops :  Attend a Zotero class to learn how to easily save references, organize PDFs, create in-text citations & footnotes, and create bibliographies automatically. 

MATLAB Boot Camp : The primary objective is to familiarize students with the MATLAB computational environment.  This boot camp does not suppose any prior experience with MATLAB or computation.

• Python Boot Camp : The Python Boot Camp is designed to provide an introduction to coding in Python. It assumes zero prior knowledge of Python or programming in general.

Qualitative Research Workshops : Harvard Library workshops for students interested in using qualitative data and doing interview-based research.

The Harvard Undergraduate Economics Association : HUEA is a forum for all students concentrating or interested in economics providing academic, professional, and social support through student mixers and intercollegiate networking events, career and internship panels, and topical discussions with faculty and professional economists. 

• Harvard Undergrads for Inclusion in Economics (HUIE) works directly with the Harvard Economics Department to create a more diverse and inclusive community within the field.  Join the club to help foster a supportive Economics community, learn more about research in Economics, and/or sign-up for their peer mentorship program. You can also follow HUIE on Twitter.
• Interested in Study Abroad ? Meet with Office of International Education (OIE) staff and student advisers during drop-ins Monday-Thursdays, 2-4pm to chat about the vast range of academic opportunities.
• Sophomores interested in spending junior spring at Oxford or Cambridge, applications are due in January and February. View an Oxford Visiting Student panel recording to learn more!
• Enjoy coffee on the OIE with one of your fellow Economics concentrators, Kate Downey and Dan Contreras , or any of the OIE Student Adviser team members! Reach out to schedule a time to connect.
• It’s never too early to start planning. Summer and fall term applications are due in early spring and spring term applications are due in early fall.
• Hear from fellow Economics Concentrators who are willing to share their study abroad experiences with you.
• Follow the Instagram stories of students abroad this term at HarvardOIE !
• Feel free to reach out to the OIE team ( [email protected] ) and Nicole Garcia ( [email protected] ) with any questions or concerns.

Harvard Community Bus Trips to the Forest : Harvard students, faculty, fellows, and staff may sign up for one of several free monthly bus trips to visit Harvard Forest, located 70 miles west of Harvard Square. Trips will be geared towards undergraduate and graduate students; faculty, fellows, and staff are also welcome to sign up at no cost. Registration is first come first served. 

Interested in Development?  Kiran Gajwani, part of our Ec Advising Team, is starting a casual discussion group for undergrads interested in issues facing lower-income countries.  Kiran is a development economist and hopes to use this group to foster connections between development-interested students within the economics concentration and across the College more broadly.  If you're interested, please fill out this super quick form! https://forms.gle/E9UpuHniH4qcJmNL7

Big Brothers Big Sisters : Big Brothers Big Sisters of Eastern Massachusetts seeks volunteers for their site based mentoring program. Volunteer a few hours a month on campus, at a local school, or out in the community. Deadline: none given (posted 9/20/2022)

HUIE Mentorship Program : Harvard Undergraduates for Inclusion in Economics (HUIE) invites you to participate in our mentorship program! You will get personal mentorship from an upperclassman/woman/person or a graduate student about concentrating and/or finding a career in economics.

Journal Calls for Undergrad Papers :

UCL Journal of Economics : The UJE seeks a broad range of submissions, from literature reviews to full-length research papers and academic essays related to economics. Deadline: 4/1/2024 (posted 1/30/2024)

3-Minute Thesis Competition : The Harvard College Writing Center seeks participants for the 6 th annual 3-Minute Thesis Competition. To enter, please submit a video of your presentation by April 10. Finalists will be invited to present their speeches live and in person on April 23 at 5 p.m. A panel of faculty judges will award prizes. Questions? Email the writing center.

William & Mary Global Innovation Challenge : WMGIC invites teams of two to five to participate in a hack-a-thon style international development case competition open to undergraduate students. The Challenge encourages interdisciplinary collaboration between students to discuss and design innovative solutions to current global issues. Takes place virtually from 5pm EST on April 12, 2024 to 5pm EST on April 13, 2024.  Deadline: rolling basis (posted 3/1/2024)

Harvard Prize Office Prize Descriptions , for student achievements (esp. great for thesis writers: if you need to send thesis comments, contact [email protected] )

• Brevia , Harvard College Undergraduate Research Associate Publication, holds competitions, interviews, and writing submissions throughout the year.
• Econ RA Guide:   Offers a community resource based off of current and former RAs in Economics.  

Master of Health Science (MHS) in Global Health Economics

Ph.D. in Demography from the University of Pennsylvania

MSPH in Health Systems and MHS in Global Health Economics at Johns Hopkins

PhD in Insurance Economics and Actuarial Analytics at University of Wisconsin School of Business

Ph.D. in Population Studies or Population Studies and Social Policy at the Office of Population Research (OPR) in Princeton University

PhD in Political Economy at the University of Chicago

MIT Sloan Master of Business Administration

Dual Masters in Applied Economics (CUHK) and Social and Economic Policy (Northwestern) : Jointly developed by the Department of Economics at the Chinese University of Hong Kong and the School of Education and Social Policy at Northwestern University

Teaching and Teacher Leadership :  The Teaching and Teacher Leadership (TTL) master’s program at the Harvard Graduate School of Education (HGSE) applications are now open.

PhD or MS degree at Michigan State University : Interested students will join a transdisciplinary and multi-institutional USDA-funded research project and pursue a PhD or MS degree at Michigan State University. This project will investigate the complex interactions and cumulative impacts of multiple shocks on the resilience and sustainability of agri-food systems in the U.S. Midwest and beyond.

MSc in Applied Economics , Nanyang Technological University (NTU Singapore)

Master of Research in Economics , European University Institute

• MS program in Quantitative Economics at New York University : A new MS program to be offered jointly by the Economics Departments and the Stern School of Business. 
• Columbia Business School: Online classes in business
• Barcelona Graduate School of Economics
• Kellogg Future Leaders.  MBA deferred enrollment program. This program is for undergraduate seniors and master’s students with no work experience who can apply (and be accepted) before they finish their degree.
• PhD in Operations Management , NYU Stern School of Business
• MA programs at the George Washington University that focus on applied economics and international economic policy
• The New School : MA/MS Degree Programs in International Affairs
• Silver Scholars Program , Yale School of Management
• PhD in Economics at the University of Florida
• Master in Finance at Princeton University
• McCourt School of Public Policy , Georgetown
• School of Environment and Sustainability , University of Michigan
• Systems Engineering , Cornell 
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• The FRED Blog  Visit the blog to learn more about FRED’s database, and get tips and lessons in data literacy.
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Ph.D. in Economics

Our Ph.D. program serves advanced students of economics with a focus on research. We seek students with a strong math foundation who have completed coursework that covers multi-variable calculus, linear algebra, and introduction to proofs. Our program has several notable features.

Comprehensive Structure

Our program provides a solid foundation in modern economic analysis and develops expertise in two specializations (See Graduate Handbook ). After the first year, students take qualifying exams in June. There are annual milestones and incentives to help students finish in 5 years. This includes dedicated faculty advising and early pairing with research faculty .

Full Funding

Each year we bring in a class of 7-10 fully-funded students. Our five-year financial support package typically includes a full tuition waiver, a paid GTA position, funding for conference travel, and more.

Abundant research possibilities

KU is recognized as a Carnegie R1 Doctoral University , the top designation awarded to universities with very high research activity . Our faculty work in many fields, manage active research centers, and serve as Editors or Associate Editors at top journals.

Dedicated placement support

A placement team committed to supporting job market activities, including portfolio development, job talk coaching, and faculty outreach. We regularly place Ph.D. students in their areas before graduation. See recent placements.

Exceptional quality of life

The KU campus and Lawrence community provide a vibrant downtown adjoining campus, a low cost of living, and many diverse opportunities for entertainment and recreation. Be a part of the proud Jayhawk tradition!

Application Dealine

Fall-admission: January 5

Note: GRE is required.

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Domestic Applicants: You're eligible for a $34,000/year Fellowship. Learn more...

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Is an Economics PhD Worth It? The PhD Pay Premium

Read a summary or generate practice questions using the INOMICS AI tool

Economics students may often wonder if doing a PhD is the right move for them. After all, you can still get a good job in economics with just a Master’s degree. We’ve covered different angles of this topic before with helpful advice about what degree you’ll need as an economist , asking whether you should do a PhD , and even asking what kinds of economists are paid the most . Thanks to INOMICS Salary Report 2023 data, we can look more closely at the pay benefit for an economics PhD in today’s job market. This will help you decide if doing an economics PhD will be worth it for your own career.

Perhaps unsurprisingly, the typical PhD in economics earns more than the typical economist with “only” a Master’s degree. But how much more? Is doing an economics PhD program worth it in the long term?

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• PhD Program, Master's Program
• Posted 5 days ago

MSc/PhD in Quantitative Economics - University of Alicante

• Posted 2 weeks ago

MRes and PhD research programme in Economics

• PhD Program

PhD in Economics - University of Torino

The short answer: yes. INOMICS Salary Report data shows that in 2023, economics PhDs earned on average 96% more than economists with a Master’s degree. These are worldwide statistics taken from the full breadth of the INOMICS Salary Survey data.

The benefit to doing a PhD in economics varies by region. Figure 1 compares the “earnings premium” that an economics PhD has over economists with a Master’s degree across the world, using 2023 INOMICS Salary Survey data.

Figure 1: Regional Premiums in economics PhD pay compared to a Master’s

Clearly, in most regions acquiring a PhD in economics offers quite the premium. Some results may stand out as surprising, however.

First, in North America in particular, the premium for earning a PhD in economics seems smaller than expected. If a PhD only earns an economist an extra 36% increase in wages, ignoring a PhD and continuing to work might seem like a preferred option in this high-wage region.

In the Caribbean, South & Central America and Africa, PhD earnings are below Master’s earnings. This unexpected result appears to be the case due to the distribution of survey respondents. In both regions, the amount of industry economist respondents is much larger than academic respondents, and Master’s-degree-holding economists outnumber PhD economists in Government, Central & International Bank, and private business roles. These three categories of employer tend to pay more highly than others. This suggests that in these two regions, acquiring a PhD may not be necessary to have a well-compensated industry career. Further, it seems more realistic for Master’s-degree-holding economists to attain high-paying roles in these sectors without a PhD, as opposed to many other regions where a PhD would be considered a requirement.

As the previous discussion just showed, Figure 1 doesn’t account for the different sectors that economists work in. In general, economists who work in industry tend to earn very high wages, while economists who work in academia earn noticeably less until they are finally promoted to a full Professor of Economics. Then, academic economist pay catches up to industry pay. This is a trend noted in multiple editions of the INOMICS Salary Report.

This is particularly true in North America, the highest-paying region on average. Economists working in industry can earn high wages with only a Master’s degree. This is also true of Western Europe & Scandinavia and East Asia & Australasia, the second and third highest-paying regions identified by the Report.

Some other regions of the world feature much more of a premium for PhD economists. Part of the reason for this is clear. Since high-paying regions like Western Europe and Australasia pay higher salaries to begin with due to the higher cost of living, a high pay increase in these regions represents a lower percentage of overall pay.

This fact is supported by the graph; North America is the highest-paying region and features the lowest positive percentage increase in pay for PhDs. Western Europe, which pays the second most on average, features a slightly higher percentage increase. Readers should make no mistake; a 35.6% increase from a base salary of $100,833 (the average Master’s degree economist salary in North America) is a massive increase in pay. Comparably, the almost 120% increase in pay in the Middle East, Central Asia & North Africa region is an increase from an average Master’s degree salary of $17,321 to almost $40,000. In percentage terms, this is obviously enormous, but in cash terms less than the difference in North America.

Additionally, however, the high percentage premium for PhD economists in lower-paying regions may suggest that in these regions (i.e., South Asia, Middle East) there are more opportunities for economists without a PhD to find meaningful employment, so fewer individuals elect to study for a PhD. If this is true, those who do complete a PhD enjoy a high pay premium over their economist peers since economics PhDs are more rare in those regions.

Academic economists need a PhD

Economics students should keep in mind that academic jobs will almost certainly require a PhD in economics. Economics students interested in a career in academia should therefore be strongly encouraged to pursue an economics PhD, regardless of differences in pay. The following Figure 2 shows the pay premium for economists employed at universities, by region:

Figure 2: Regional Premiums in economics PhD pay compared to a Master’s (Academic only)

The pay premiums for economics PhDs tells the story quite clearly: across the board, in every world region, economics PhDs in academia earn much more than their counterparts without a PhD.

Readers might note that this graph is likely skewed because economics PhDs are probably more senior economists than economists without a PhD in academic settings, and likely hold higher-level positions; but this skewness supports the point. Economists interested in a serious career in academia must strongly consider getting a PhD, or have a specific reason to not need one. It is very difficult to earn a Professor of Economics position without a PhD in most of the world. Figure 3 below provides evidence to support this point.

Figure 3: % of Master’s degree economists in Professor roles by region

Figure 3 shows very clearly that burgeoning economists should expect to earn a PhD if they wish to work as a Professor of Economics in the future. Every world region has very few Professors with just a Master’s degree. Even in South Asia, which has by far the largest representation for Professors with a Master’s degree in our data, only 20% of Professors have a Master’s while 80% have a PhD.

Industry economist roles

It’s clear that academic economists usually need a PhD, but this isn’t necessarily the case in industry. However, readers may be curious to repeat the above breakdowns in industry roles, which can be instructive. Figure 4 thus shows the pay premium for PhD economists in industry roles by region:

Figure 4: Regional Premiums in economics PhD pay compared to a Master’s (Industry only)

Figure 4 shows that PhD economists out-earn Master’s-holding economists in industry jobs by a substantial amount in most regions. The lower industry PhD economist pay compared to Master’s degree economists was already discussed above for Africa and the Caribbean. In summary, Master’s degree holding economists outnumber PhD economists in Government, Central & International Bank, and private business roles in these two regions. Since these three categories of employer tend to pay more highly than others, it may slightly skew the graph in favor of Master’s degree holders. However, this suggests that in these two regions, acquiring a PhD may not be necessary to have a well-compensated industry career.

In North America, part of the reason for a lower than expected premium is likely the fact that in this high-paying region, high base salaries mean that salary increases will be lower percentage-wise. This was discussed above as well. Average years of experience are quite comparable for industry economists in North America (about 12 for Master’s degree holders and 15 for PhD holders), and the employer distribution is relatively balanced.

Figure 4 suggests that industry economists with a Master’s degree in North America ought to consider their career path and whether a PhD is right for them before going back to school. A PhD opens up some employment opportunities in the private sector that aren’t available to Master’s degree holders, and will increase pay, but whether or not that is necessary or desired is likely up to the individual.

Keep in mind that specific non-academic employers – especially governments, central banks like the Federal Reserve, institutions seeking economics researchers, NGOs like the World Bank, and even increasingly consulting firms – are likely to require an econ PhD for some higher-level positions. Be sure to check job listings for economics jobs that you’re interested in to see if a PhD might help you reach them in your career.

Comparing previous years: PhD earnings on the rise again

Using past years of INOMICS survey data, we can examine how the benefit to doing an economics PhD has changed over time. It appears that the premium in pay that economics PhDs enjoy is recovering after a slight dip during the pandemic years. See below Figure 5 below:

Figure 5: How much more PhD economists earn vs. Master’s economists by year, INOMICS data

Figure 5 shows that earnings for economics PhDs are once again rising relative to pay for economists without a PhD. It’s worth noting that pay for economists with both degree types has increased this year. According to the latest INOMICS Salary Report, economists with a Master’s as their highest degree experienced a 3.2% increase in pay on average since 2022, while those with a PhD have experienced a 35.9% increase. This has widened the earnings premium between the two categories from 80% in 2022 to 91% in 2023.

The dip in pay that economists experienced in 2022 may be partially due to the COVID-19 pandemic. And PhD pay is not the only factor that appears to be improving since COVID. The post-pandemic recovery of the economics jobs market has already been discussed by INOMICS, showing that earnings for economists with Master’s and Bachelor’s degrees recovered sharply after the first waves of the pandemic.

So, is doing a PhD in economics right for you? According to the data, in most cases it will be. However, you must weigh the tradeoffs yourself. You may not need a PhD to have a fulfilling career in economics, particularly if you plan to work in a non-governmental and non-central bank role in industry, and particularly in certain countries and regions.

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