PhD in Economics

W

WallStGolfer31

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I'm an undergraduate at a US university. I now plan on getting my PhD afterwards. Most I have found have the masters programs embedded within the PhD program. I've given it alot of thought, and I think this would be what I would find most enjoyable. (I'm majoring in finance and economics minor in mathematics, I was torn). I'd be looking for a position with a private firm, not really interested in government or academics.

I wanted to ask you guys here your advice. Crazy plan? No job market? or does this seem valid?

I've looked, most major banks hire PhD economists, so does GM & Ford and other auto makers, along with numerous consulting groups, and so do private economic forecasting firms lol. I guess If all else fails I could go back and teach lol, professors make like 80-100k a year in this field (at least they do in my school).

But I'd be looking to get into one of the big banks and work along side PM's.......
 
WallStGolfer31,

There have been some studies on this issue, comparing the career of people with BS, MS and PhDs over the period of years. Granted, these were conducted years ago, and education has become easier and more accessible to everyone since then, but I thought that the results were interesting:

1. If one looks at starting salary and position, of course, PhDs have a significant edge.

2. If one looks at salary and level 10 years later, the edge has diminished a lot.

3. If one looks at salary and level 10 years later, BUT, discounting for the 4 years a PhD degree cost (ie, comparing someone with a Masters degree and 10 years professional experience with someone with a PhD and 6 years professional experience) then the Masters people win, but slightly. I would imagine that there are differences here wrt industry, firm, etc, but the main results should hold: the career inpact of Masters and PhDs is, by then, about the same, but holds above the impact of BS degrees.

What this means, (if the results still hold), imo, is that one should do a PhD if they like te field and want it for themselves. With it, you get to do higher level work (whether you do research or not) and learn more interesting things along the way. The pure investment value of a PhD in the long run is questionable. A Masters degree gives you sufficient knowledge to contribute significantly to any good employer's bottom line, and that's what counts in the market place. In the long run, those who get promoted to the corner office are the ones who deliver real results, and it takes a lot more than education to be good at that.

Btw, both my wife and I have PhDs. We are encouraging our son (who is a senior in high school) to eventually pursue one too, mainly because structured education is great and it feels good to get as much of it as possible before one starts messing too much (by necessity) with office politics and the like.

Stay young as long as possible, but no longer. :) Make sense?
 
When the air comes out of the balloon then i think those jobs will be hard to find. Better to learn growing your own tomatoes :)
At least if you have to get into debt.
 
Quote from jtnet:

going to school for 8yrs is not my idea of fun. its about who u know. not what u know.
More...
Depends on the person. What employers value most is what you can do for them. School is a great place to pick up skills, and so is a good job in a good company or working for yourself. What I learned in my professional life is that if you get a good job you don't deserve because you know someone, it won't last long.
 
I suppose. in many cases in the corporate politics enevironment. it seems any monkey can do 90% of the jobs out there with a little training or shadowing. with little having to do with ones degree. my degree in engineering I feel I can knock out a job in marketing, finance, any level of management and business.give me a few knowledgable contacts. let me shadow you thru your tasks and send me on the way.
 
Agree 100%!


Quote from jtnet:

I suppose. in many cases in the corporate politics enevironment. it seems any monkey can do 90% of the jobs out there with a little training or shadowing. with little having to do with ones degree. my degree in engineering I feel I can knock out a job in marketing, finance, any level of management and business.give me a few knowledgable contacts. let me shadow you thru your tasks and send me on the way.
More...
 
On the question of schools I'm not sure yet. I'm still a junior, but I'll have an idea of the different schools I will apply to by the end of the school year.

My dad is a NYU BS,MS, and PhD alumni so I'm assuming I'd get a legacy application for NYU (No assurance of acceptance, but it increases your chances a little.)

The schools I'm thinking about are:

NYU
Columbia
Rutgers
Duke
& Boston College

Backups:
Indiana U
& KU


For Yannis,

I really love both finance and economics. It's more for personal enrichment than for salary purposes. I'd like to teach part-time on the college level when I retire though. Though Yannis, I do appreciate your detailed response! I need all the opinions I can get.



Thanks for all the replies everyone, anyone else who wants to comment is still welcome!
 
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