Preparing for a Ph.D. in Economics
The minimum requirements of the Economics undergraduate major are not designed to be training for doctoral economics programs. Students who plan to continue their education should take more quantitative courses than the minimum required for the major. Preparation should start early in your undergraduate education. See an advisor for assistance in planning your undergraduate program if you hope to go to graduate or professional school.
Students who plan on going to graduate school should take every opportunity to work directly with their faculty, whether through participation in undergraduate research, writing an honors thesis, or doing an internship. There are many options which you should discuss with your academic advisors to find a project which is right for you.
* Please make an appointment to speak with Mark Witte, Director of Undergraduate Studies, if you are interested in pursuing an honors thesis.
Take Math, Statistics, and Analysis Courses
Economics at the graduate level is vastly different from the economics courses you may have taken as an undergraduate. Graduate-level economics is dominated by either highly mathematical theory or sophisticated empirical research (econometrics).
“…the point has been simply to stress that they need to prepare mathematically. Too often in my experience students would tell me that they were thinking of pursuing a Ph.D. but it turned out that they had no idea of the math required.”– Eric Schulz, Professor of Instruction
- Course Recommendations in addition to the standard requirements
- MATH 220-2 Single-Variable Integral Calculus (requires for senior honors)
- MATH 230-1 Multivariable Differential Calculus (required for senior honors)
- ECON 381-1,2 Econometrics, *Students are advised to take this course (or Math 386-1,2) instead of Econ 281(The pre-reqs for 381 are MATH 226-0, MATH 230-1, MATH 230-2, MATH 240-0 and MATH 314-0)
- MATH 300 Foundations of Higher Mathematics and MATH 320 or
- MATH 321 Real Analysis sequences; with the permission of the Math Department (prerequisites: MATH 291-3 or 300 and 234 and 240)
- Other particularly useful math classes include: MATH 226 Sequences and Series, MATH 230-2 Multivariable Integral Calculus; MATH 240 Linear Algebra; MATH 250 Elementary Differential Equations, MATH 310-1,2,3 Probability and Stochastic Processes, and MATH 368 Introduction to Optimization
- COMPUTER SCIENCES courses can also be very helpful
Figure Out What Area of Economics You Want to Study
While it is important as an undergrad to get a healthy sampling of all the economic areas, as a Ph.D. student you will need to focus your interest in one or two areas. For example, here at Northwestern, we offer Development Economics, Econometrics, Economic History, Financial Economics, Industrial Organization, Labor and Public Economics, Macroeconomics and Microeconomic Theory.
“Something that is harder to give a clear path for, but students also need, is to start knowing economics well enough, and what parts of economics they like, to be able to write a good NSF proposal & good personal statement. That could be through RA work (if empirically oriented probably), doing a senior thesis, etc.”
– Lori Beaman, Associate Professor of Economics
Talk to your Professors
There is no greater resource than those who have come before you. Your professors and advisors are there to help you succeed and will know how to best help you reach your goals. Remember these are the people who are often your future mentors and will write your letters of recommendation.
- http://www.aeaweb.org/resources/students/grad-prep/considerations (Considerations for prospective graduate students in Economics)
- https://www.aeaweb.org/resources/students/schools (Alphabetical list of U.S Graduate Programs in Economics)
- https://www.aeaweb.org/about-aea/committees/cswep/programs/resources/events2 (Conferences, events, and fellowships through the American Economic Association)