Ph.D. Courses in Economics
A Ph.D. is the gold standard in most academic disciplines, and economics is no exception. At the highest level, economists provide research and theories that sway economic policy around the world, affecting the lives and lifestyles of every person on the planet. Others formulate policy directly for cities, states, and regions, or work in the academic world to train new economists.
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The Role of the Economist
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A Ph.D. is considered a research degree, and economists with this degree work on the very frontiers of economic knowledge. A doctorate may lead to a career path in government with the FDIC or the Federal Reserve, in the academic world as a professor of economics, in business as a banker or consultant, in an international economic organization such as the World Bank or in a public or private research institution such as the National Bureau of Economic Research.
The Structure of a Ph.D. Program
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A Ph.D. in economics typically takes five years to complete. The first two years are spent largely in course work, laying the theoretical foundations for original research. Courses in this initial portion of the program will include micro- and macro-economics, econometrics and advanced statistics and mathematical modeling tools. Candidates will also take courses in their expected specialization. After passing an oral exam, students will construct and execute a planned program of original research, which culminates in writing and defending a doctoral thesis.
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Top Schools Offering Ph.D. Programs
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There are hundreds of schools teaching economics around the country, but as of the 2011 academic year the American Economics Association recognized only 136 Ph.D. programs. In its 2009 survey of the field, the "U.S. News and World Report" rankings list the top programs as Harvard, MIT, Princeton and the University of Chicago. It should be noted that the methodology of any ranking system is open to criticism, and that in some areas of specialization a lower-ranked school may be superior to one of higher rank. The American Economic Association provides links to several rankings from other organizations.
Employment and Compensation for Economists
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The Bureau of Labor Statistics foresees sluggish growth in the field through 2018, the end date of its current projections. The Occupational Outlook Handbook notes that the best job opportunities will fall to those who complement a Ph.D. with strong analytical and interpersonal communication skills. In its May 2009 survey, the BLS reports that the middle 50 percent of economists averaged $86,930 annually. It should be noted that the top 10 percent of earners reported salaries of over $150,000.
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