economics phd acceptance rates

Economics PhD Acceptance Rates 2024: Do You Stand a Chance?

Are you considering applying to Economics PhD programs in 2024? If so, you must be aware of the fierce competition and ever-decreasing acceptance rates in this field. Economics continues to be a popular choice for individuals seeking advanced study and a promising career path. However, as the number of applicants continues to rise, the acceptance rates at top-tier universities seem to plummet. Gaining admission requires a comprehensive understanding of the factors that influence your chances. It is crucial to make well-informed decisions throughout the application process to maximize your opportunities. In this blog post, we will delve into the world of economics PhD acceptance rates, providing you with valuable insights and guidance to help you determine if you stand a chance in this highly competitive landscape. Whether you are a recent graduate, a working professional looking to advance your career, or an aspiring economist searching for answers, stay tuned as we explore the trends, challenges, and strategies that may shape your journey toward a successful application.

Pursuing Excellence in Economics PhD Programs

Economics PhD programs are renowned for their competitive nature, attracting a broad pool of highly qualified candidates from around the globe. These programs are rigorous and demanding and seek to cultivate a deep understanding of complex economic phenomena and equip students with the tools necessary to conduct original research. Applicants often face intense competition with the number of available spots being significantly smaller than the pool of individuals seeking admission.

Unveiling the Competitiveness and Globalization of Economics PhD Programs

Economics PhD acceptance rates vary widely across institutions, but overall, they tend to be quite competitive. According to the National Science Foundation , the acceptance rate for doctoral programs in economics at top universities in the United States hovers around 10-15%.

Current trends in admissions reflect an increasing emphasis on quantitative skills and research experience . Applicants who have completed advanced coursework in mathematics or statistics, or who have substantive research experience, particularly if it has led to a publication, often have a competitive edge. There is also an increasing trend of students entering these programs with a master’s degree already in hand.

Another key trend is the growing internationalization of these programs. Universities are drawing applicants from across the globe, leading to an increasingly diverse cohort of doctoral students in economics. This trend not only reflects the global nature of economic challenges but also enriches the academic discourse within these programs.

Evaluating Your Suitability

When assessing your suitability for an economics PhD program, universities take into account numerous factors, among which your Graduate Record Examinations (GRE) scores and Grade Point Average (GPA) play a significant role. These quantitative measures offer admissions committees a snapshot of your academic abilities and potential for success in a rigorous program.

As a rule of thumb, competitive programs often expect a minimum GPA of 3.5 and high percentile GRE scores, particularly in the quantitative section. For instance, the Graduate School at Harvard University confirms that successful applicants to their economics PhD program typically score above the 95th percentile in the quantitative section of the GRE.

The PhD in economics at Berkeley states that recent admits have a major GPA of 3.8 or higher. Their quantitative GRE score is 165 or higher. Moreover, the school notes that students typically achieve A- grades or higher in intermediate-level theory courses such as microeconomics, macroeconomics, and econometrics. Preference is given to those who have taken honors or mathematical track versions of these courses.

At Duke , students who matriculated in 2023 had a verbal GRE verbal score of 159, a quant score of 166, and a GPA of 3.6. Penn writes that admits have a GRE quant score that is 164 or higher.

Based on the data for the Department of Economics at Brown University, the acceptance rate for the class starting in 2020 was approximately 8%. This percentage was drawn from a pool of roughly 750 applications, out of which about 60 were admitted. However, this rate varied according to different GRE scores. Particularly, applicants with a GRE score below 165 had a significantly lower acceptance rate of about 4%.

Although Yale ‘s Department of Economics website explicitly states that there is no required minimum for GRE scores, it does provide insight into the average scores of admitted students in recent years: Verbal 159, Quantitative 165, and Analytical 4.2.

Despite these numbers, it is also important to note that these are not hard and fast rules. The American Economic Association emphasizes that strong letters of recommendation and relevant research experience can offset weaker areas in an application.

If your numbers fall below the threshold of economics PhD acceptance rates, some areas to potentially improve could be to retake the GRE after thorough preparation, undertake additional coursework to boost your GPA or gain relevant research experience to strengthen your overall application

The Real Impact of a Master’s Degree on Admission Chances

When applying for PhD programs in Economics, many applicants believe that holding a master’s degree can have a significant impact on their admission chances. This belief stems from the notion that a master’s degree provides a valuable platform for producing high-quality research, which is highly regarded by admissions committees. Demonstrating the ability to contribute to the field is a primary expectation of PhD programs, and a master’s degree can serve as evidence of this capability.

Moreover, a master’s degree can also be seen as offering opportunities for obtaining strong recommendation letters from professors who can attest to the applicant’s readiness for rigorous doctoral study and therefore enhance the admission chances of master’s degree holders applying to economics PhD programs.

While this can be true, the reality is not as straightforward. According to data from the Council of Graduate Schools, there is not a direct correlation between holding a master’s degree and an increased likelihood of PhD acceptance. While a master’s degree can provide students with a deeper understanding of the field and advanced research skills, these benefits do not necessarily guarantee an edge in the highly competitive PhD application process.

Universities carefully assess each application in a comprehensive manner, taking into account various factors including academic accomplishments, research background, letters of recommendation , and personal statements. This suggests that by 2024, possessing solely a master’s degree may not significantly enhance the likelihood of being admitted to a PhD program .

Ultimately, prospective PhD applicants in 2024 should focus on building a robust profile encompassing strong academic records, relevant research experience, and compelling personal narratives, rather than relying solely on a master’s degree for admission.

Decoding Economics PhD Acceptance Rates: Unveiling Trends across Institutions and Years

Acceptance rates vary from year to year, reflecting changes in the academic landscape and student preferences. Some of the most competitive universities, such as Harvard and MIT, demonstrate consistently low acceptance rates due to the large number of high-caliber applicants they attract annually.

For example, Harvard’s economics PhD program has historically accepted around 5% of its applicants, a figure that’s remained relatively stable over the past decade. On the other hand, smaller or less renowned institutions might exhibit higher acceptance rates. For instance, the University of Nebraska-Lincoln has an acceptance rate of about 40%, driven by its smaller applicant pool.

However, while these figures indicate the competitiveness of these programs, they don’t necessarily reflect the overall quality of education or the potential outcomes for graduates. Therefore, when contemplating the pursuit of a PhD program in economics, it is imperative to go beyond mere acceptance rates and take into account other significant factors that bear influence.

Enhancing Your PhD Application: The Importance of Quality Research Experience and Strong Recommendations

Gaining a depth of research experience and strong letters of recommendation are crucial aspects that can significantly enhance your PhD application, making you stand out in the increasingly competitive landscape of 2024.

For research experience, consider engaging in projects that align with your intended field of study. This could be undergraduate research, independent studies, or working as a research assistant. Being credited on a published paper can provide a significant boost, but it’s not solely about the volume of research conducted. The depth and quality of your work are equally important. Your research should also demonstrate your ability to think critically about research problems, develop hypotheses, design experiments, and draw compelling conclusions.

When it comes to recommendations, choose professors or supervisors who know you well and can speak to your skills and potential as a researcher. A glowing letter from a professor who has worked closely with you can carry more weight than a lukewarm letter from a big name.

Ways to strengthen your application and stand out from other applicants

To bolster your application and distinguish yourself from other candidates in the economics PhD acceptance rates, consider emphasizing your unique skill sets and experiences. For instance, showcasing proficiency in technical skills such as statistical analysis software (like STATA, R, or Python) or mathematical modeling can demonstrate your readiness to engage in high-level economic research.

If you have a specific area of interest, such as labor economics or development economics, aligning your research experience, coursework, or future research goals with this specialization can also make your application more compelling.

Furthermore, articulating a clear, thoughtful, and original research proposal in your statement of purpose can significantly enhance your application. This proposal, ideally aligned with the research interests of faculty members at the institution you’re applying to, indicates your potential to contribute significantly to the field.

Lastly, consider undertaking professional experiences that align with your academic pursuits. For example, internships at economic research firms, governmental agencies, or industry positions that require a strong foundation in economics can demonstrate your ability to apply theoretical knowledge in a practical context.

Remember, a PhD in economics is not just an academic endeavor, but a platform for impacting economic thought and policy, so any evidence of your ability to contribute in this way can strengthen your application.

Deciphering Myths: Understanding and Navigating the Landscape of Economics PhD Acceptance Rates

Often, the domain of Economics PhD admissions is shrouded in myths and misconceptions that can cloud the judgment of aspiring scholars. One such myth is the belief that a flawless academic record is the sole determinant of success. While a strong academic standing is undeniably important, admissions committees also place significant emphasis on research experience, recommendation letters, and a well-articulated statement of purpose that presents a clear vision of your research interests and goals.

Another pervasive myth is that applicants must hold a bachelor’s degree in economics to be considered for admission. The truth is that many programs welcome candidates with diverse undergraduate backgrounds, valuing the unique perspectives and skills they bring.

Similarly, it is a common misconception that applicants must have extensive mathematical training. Although a basic understanding of calculus, statistics, and linear algebra is required, most programs do not expect applicants to be math wizards.

Lastly, there is a mistaken notion that gaining admission to top-tier programs is impossible without prior connections or a pedigree. In reality, admissions decisions are based on a holistic review of an applicant’s profile, not their connections or pedigree. It’s important to dispel these myths and understand the true nature of the admissions process to successfully navigate your way to a fruitful academic journey in economics.

Embracing Opportunities: The Advantages of Enrolling in Less Prestigious Economics PhD Programs

While it is certainly understandable to aspire to attend top-tier universities for your PhD in economics, it is equally important to recognize the potential benefits that less prestigious programs can offer.

Firstly, a less renowned program may provide a more intimate and supportive learning environment, allowing for closer mentorship and more individualized attention from professors. This can greatly enhance your learning experience and research progression.

Secondly, these programs might present more opportunities for you to lead or initiate research projects, as competition might be less intense compared to top-tier institutions. Such experiences can be invaluable in building your academic portfolio.

Lastly, less prestigious programs often harbor unique strengths or niche specializations that may align better with your research interests. These programs could provide you with unique perspectives and experiences that can make your research more distinctive. Therefore, rather than considering admission into a less prestigious school as a setback, view it as an opportunity to carve your unique path in the field of economics.

Making the Wise Choice: Starting Early and Seeking Guidance for Successful PhD Economics Admissions

It is essential to remember that a successful application to PhD programs in economics is not a product of rushed decisions or last-minute efforts. Instead, it is the result of meticulous planning, punctual execution, and thoughtful decision-making carried out well ahead of time. Initiating your application process early will afford you ample time to undertake in-depth research about various programs, understand their requirements, and tailor your application to best demonstrate your suitability. This practice can significantly boost your chances of admission by allowing you to present a well-rounded and thoughtfully curated application that reflects a sincere interest in the program and a clear understanding of its demands.

Furthermore, reaching out to mentors, alumni, or current students for their insights can be incredibly beneficial. Their firsthand experiences and perspectives can offer invaluable advice, expose you to different viewpoints, and help you avoid potential pitfalls.

By taking your time, starting early, and seeking input from others, you can significantly enhance your probability of securing admission to your desired PhD economics program.

In conclusion, the future of economics PhD programs is a competitive and rapidly evolving landscape. With an increasing number of applicants and declining acceptance rates, it is crucial to equip yourself with the necessary knowledge and strategies to stand out among the sea of applicants. From understanding the trends in acceptance rates to making informed decisions throughout the application process, these key insights can make all the difference in your journey toward a successful admission. As you consider your options for applying to economics PhD programs in 2024, remember that preparation is key. Don’t let the thought of intense competition discourage you; instead, use it as motivation to put your best foot forward and take advantage of every opportunity. If you find yourself feeling overwhelmed or seeking professional guidance, be sure to check out our comprehensive PhD application services. We are here to support you on your path toward achieving your academic and career goals in the field of economics. So don’t waste any time, take charge of your future today! Have questions? Sign up for a consultation . It’s FREE!

With a Master’s from McGill University and a Ph.D. from New York University, Philippe Barr is a former professor and assistant director of MBA admissions at Kenan-Flagler Business School. With more than seven years of experience as a graduate school admissions consultant, Dr. Barr has stewarded the candidate journey across multiple MBA programs and helped hundreds of students get admitted to top-tier graduate programs all over the world .

Follow Dr. Barr on YouTub e for tips and tricks on navigating the MBA application process and life as an MBA student.

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Applicant Qualifications & Admissions Statistics

Applicant qualifications.

Duke Economics does not pre-screen potential applicants. We are unable to evaluate a student's "chances" for admission to our program simply from looking at their self-reported scores and academic history. We judge each applicant's potential against the strength of the entire applicant pool, which varies from year to year. We do not measure students against a set of minimum criteria in order to decide upon admission, but instead gauge them against the overall caliber of all applicants. Students who are viewed as the most competitive for the Ph.D. program will typically demonstrate a solid academic or professional history with mathematics, including multi-variable calculus, linear algebra and real analysis, as they are the cornerstones of the program, which is quite math intensive. While prior experience in the field of economics is preferred, many successful applicants to the Ph.D. program have come from a variety of backgrounds, including public policy, political science, math, computer science, business, accounting, and engineering.

The usual profile of a matriculant who receives financial aid from Duke for study in the first year would be: (1) an undergraduate record strong in economics, mathematics, or physical science; (2) a perfect or near-perfect score on the quantitative section of the GRE; (3) mathematical skills, including multi-variable calculus, linear algebra, differential equations, real analysis, and introductory statistics and probability; (4) a GPA of 3.5 or better; (5) letters from individuals which confirm the intellectual strength of the candidate. Prospective students not presenting qualifying credentials are discouraged from applying for the Ph.D. program. For more information please refer to the Graduate School's  Degree Programs  page.

Admissions Statistics & Demographics

Each year more than 700 people apply to the Ph.D. program in economics. Of those applicants, fewer than 10 percent are offered admission. We do not discriminate against any applicant based on country of origin or previous educational experience in deciding which students receive financial aid. Of the students offered admission to the Ph.D. program, about 23 percent decide to come to Duke, and we matriculate an average of 14 students each year. Approximately 75 percent of the students in our program are from outside of the United States. We pride ourselves on our broad spectrum of academic talent from all over the world.

The Graduate School also provides a statistical summary our graduate programs' past admissions and enrollment. For information on offers of admission and matriculation according to demographics, go to  Admissions and Enrollment Statistics .

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Ph.D. in Economics Graduate Admissions Profile

Admission is based primarily on four factors:

• Mathematical ability and training as evidenced by courses taken in mathematics and related subjects, grades in those courses, and the quantitative GRE score.
• General academic ability as evidenced by the applicant's academic record, including both grades and the difficulty of courses taken.
• Training in economics as evidenced by the applicant's academic record in economics and related fields, letters of recommendation, and work experience related to economics.
• Evidence of motivation and aptitude for research judged primarily on the basis of the letters of recommendation, the statement of purpose, work experience in economics, and previous research projects.

In past years most applicants recommended for graduate admission were in the following profile areas:

• Major GPA of 3.8 or higher with consideration for the degree of difficulty of the course work.
• Upper level mathematical course work including real analysis or honors advanced calculus with grades of A- minus or better.
• Quantitative GRE score of 165 or higher.*
• Grades of A-minus or better in intermediate level theory courses (microeconomics, macroeconomics, econometrics) with a strong preference for honors or mathematical track versions of all three courses.
• Advanced undergraduate or graduate-level course work in economics.
• Proven independent research ability (e.g., honors thesis).
• Very strong letters of recommendations from at least two faculty members who know the candidate in both classroom and out-of-class settings (e.g. independent research).
• Statement of purpose that expresses coherent ideas about why the candidate is interested in pursuing a Ph.D. in economics and describes likely areas of research interest.
• TOEFL (if applicable) at least 90 for the Internet-based test (iBT).
• IELTS (is accepted) most recent overall Band score must be at least 7 on a 9-point scale.

*GRE scores will not be required for the 2021-22 admissions season (for matriculation in Fall 2022).

UPDATE 12/18/2020 (a note on P/NP grades since the Covid-19/Coronavirus Pandemic):

UC Berkeley evaluates applicants for admission to its graduate and professional schools holistically, meaning that we consider an applicant’s combination of personal accomplishments, letters of recommendation, personal statements, academic record, and test scores in making our admissions decisions. Such a review will take into account the significant disruptions of COVID-19 when reviewing students’ transcripts and other admissions materials during the pandemic. Thus, we will not penalize students for the adoption of P/NP grades and reduced research experiences during this unprecedented period, whether the choices were made by institutions or by individual students. What is most important is that applicants demonstrate that they pursued a challenging curriculum that was relevant to their plan for graduate or professional school.

As we have continued to observe in admissions cycles, Berkeley graduates have a remarkable track record of success in graduate school admissions to the most competitive programs in the country. Our graduates are admired for their academic abilities and resilience, and are assessed, as always, on their overall performance. We are confident that graduate admissions committees will make generous allowances for the academic challenges produced by the COVID-19 pandemic.

    Perhaps the best indication of the actual level of challenge is a mix between the quality and competitiveness indices (to some extent, there will be more places in more popular areas); the list in the next panel is based on the average of ranks on these two scores. Thus, getting into the best PhD programs appears to be an easier feat in economics than in computer science, physics, and math, but it’s tougher than just about everywhere else.

As readers with cross-disciplinary experience have pointed out, my method probably overestimates competitiveness in the hard sciences relative to economics. U.S. programs aren’t nearly so dominant in these areas: this circumstance, combined with more scattered pockets of specialized expertise, creates a larger pool of “respectable” institutions to which the global pool of applicants is matched. Let me also mention that fairly diverse fields, in content and selectivity, appear under the heading “business” in the first table. Out of these, finance gets much stronger applicants than others. On the whole, the considerably smaller size of business PhD programs, compared to economics, can make them very difficult targets, too.

Admission to good PhD programs in economics is very competitive – equally or more so than the scuffle for the most prestigious jobs out in “the real world.” Even some schools outside the top ten accept fewer than one in ten applicants, and this from a group of “overachievers” who have excellent grades and scores. They plan to enroll a smaller number than they admit – which means that only some of those 1 in 10 get fellowship offers … E.g. Rochester offered 7% a place in 2002, and fewer than 1% a place with full funding (fellowship and tuition waiver). If economics and math-intensive research are not your passions, the contest is not worth taking up. A suitable alternative may be business PhD programs, which are still a bit easier to get into (and through!), and provide more generous stipend packages, plus a less saturated job market with higher pay.

Official admission literature from the schools will always say that many factors are given consideration, and this is really true. In the end, the whole picture either looks like a fit with the particular department, or it doesn’t. On the other hand, certain weak spots are at once disqualifying. A popular program sees and expects very high undergraduate GPAs (still better graduate GPAs if applicable) at well-known institutions (ideally 3.7 / 4.0 or better, unless you come from a non-U.S. school or system that is understood to have tougher standards). It also expects a quantitative GRE score above 750 (800s are not out of the ordinary) and a decent analytical score. The verbal section is much less important, but a score below 500 looks off-putting, especially on an international application. Anything short of these benchmarks lands your application on the reject pile, unless you have some very intriguing other credentials (and usually inspite of it).

Pe digree matters - students from renowned U.S. undergraduate programs and state universities with top-ranked economics departments are popular with the adcoms (the more so, if applying to an Ivy). A concrete advantage these students have is access to well-known referees. But it is far from impossible to get into a good school without a gilt-edge degree, and the basic credentials (math background, grades ...) speak louder anyway. International admits are typically (though not without exception) chosen from the best institutions of their home countries. Professors know the major universities outside the U.S.; they understand that a Korean coming from Seoul National University is like an American coming from Berkeley. The department's past experience also plays a very important role in evaluating non-U.S. degrees. Some universities have a tradition of placing students in particular PhD programs every year because the adcoms have learnt by trial and error that they come well-prepared and succeed. In other cases, the adcom may be averse to admitting someone from the same school that "sent" a weak student last year. The same happens at the even cruder level of nationality. How does understanding this help you? Look up the current graduate students in a department, take note where they're from, and you'll get a sense of the adcom's little biases. Say you are from China and there seem to be very few Chinese students in the department: it's probably a tough place to get into.

You will need a number of math-related credits from your undergraduate studies. Graduate study in economics follows a theorem-proof approach and uses rigorous notation, so the adcoms pay a lot of attention to how comfortable you look to be with pure mathematics. Two or three terms of calculus, and often linear algebra, are deemed minimum preparation; similarly a semester of mathematical statistics. First-year graduate courses draw heavily on real analysis. Background in real analysis is highly valued and indeed almost expected of a strong applicant. Real analysis is usually the first "rigorous" mathematics course, where you have to work through all proofs and write some yourself. The course is supremely effective preparation for initial graduate courses. If you really want to delight the adcoms (you do), take metric spaces and functional analysis, too. When they see these and measure theory, perhaps even topology, they're rubbing their hands. Courses in differential equations are useful too, but if you have to choose in your final undergraduate years, the proof-based classes will always do more for you. Economics up to intermediate micro- and macroeconomics is also preferred, but perhaps not as essential. In all these, you should have earned good grades. Having taken too few math courses in college, or having performed poorly in them, rules you out of a top school. Apart from such coursework requirements, a formal major in economics is not necessary. In fact, the committee will view a math or physics major favorably, but anything – English, social work, Islamic studies – is fine as long as you demonstrate a strong aptitude for math.

Many successful international applicants have begun or completed a master's degree.  Existing graduate transcripts are very helpful to the adcoms, since the content of the courses is similar everywhere, so this gives professors a good idea of what you really know and how you perform at a level of some rigor. (Research master's are also offered in some countries - they make little difference for admission.) It is generally assumed that master's level grades are inflated, so a graduate GPA ought to be rather better than 3.7. As long as you can show some solid grades in the program, it is acceptable to apply to a PhD program while still in the first year of a master's course and transfer out without finishing it. The master's degree itself will have little value (you'll get another from your PhD program). PhD programs will generally not give credit for such coursework; it serves only as a signal in the admission decision. You will start into your PhD program from year one. But if your math background is somewhat deficient, you may want to strengthen your application by completing the master's and taking the courses in the meantime. It's also easier to get recommendations if you've been around for more than a term. (And let's not forget that you do benefit academically: students who have worked through the graduate textbooks before, perhaps TAed at that level, have a clear advantage in the first year of their PhD programs and are likely to raise their stipends.)

Is it always good to get a master's before applying to PhD programs? It's becoming a reality for prospective applicants from unfancied undergraduate schools who are less than very well-prepared. If you don't have the right math credits, or your undergraduate GPA is mediocre, a master's course can solve your problems. It is much easier to get into the terminal master's program of any department than into the PhD program. Unfortunately, terminal master’s students in economics are generally not funded in the U.S., and tuition is not cheap. (Scholarships for master's students are available at some non-U.S. schools, e.g. at the National University of Singapore, but the trend is to move the money into PhD programs.) From a cost angle, and also with a view to ideal preparation for the PhD, a master's in math or statistics may be preferable to a master's in economics. (It makes a more favorable impression on adcoms besides.) Economics master’s programs are actually on the wane; they seem hard to justify, which is why top schools that don’t need the cash don’t offer them, but concentrate their resources on the PhD. (NYU and Boston University are the most prestigious U.S.  schools that do offer the terminal master's.)

Letters of recommendation carry much weight. Contrary to popular belief, they do not need to come from famous professors. They must, however, come from academic economists (or perhaps mathematicians) – not your boss at work, nor your old philosophy instructor … If a non-economist can endorse you in a uniquely meaningful way, perhaps submit this recommendation as an extra. Of course, a distinguished referee can’t hurt, but getting an enthusiastic, specific letter from someone who knows you well is more important. Because lukewarm letters are very damaging, be sure to ask referees in advance whether they can support you whole-heartedly; a good way to breach the topic is to ask their advice on the type of program you should apply for. You can provide a background sheet with your grades, scores, and other credentials to recommending professors and refresh their memory about things you’ve done in class.

Phone calls from professors on your behalf will not necessarily help (and neither would personal e-mails to people on the committee, showing off your insightful opinions on their work); in fact, they can invite a negative reaction. More likely than not, people will find “helpful” outsiders disturbing and lecturing students presumptuous; professors often get contacted and won’t let it influence the decision. Of course, if your backer is or has been at the department you are targeting, that’s a different thing …   Keep in mind how many students are applying and that professors cannot give individual attention at this stage. If anything, resentment at being busied with networking attempts may work against you. The situation is different at less established, more narrowly focused departments. Writing to professors makes good sense here, since you’d want to ascertain that they have resources in your area of interest and perhaps identify a potential supervisor. In some European systems it is even a necessary step in the application process - more on that later.

Much is made of the Statement of Purpose, but apparently it has a smaller impact in economics than in other subjects. Little that’s definite is known, but in my opinion, overly enthusiastic homages to economics or the department should be avoided as they sound artificial and waste space. Don’t forget that the professors who will read it are very intelligent people and won't appreciate your presuming otherwise. Nor do they care much about your sincere love for economics, your presidency of the toastmaster’s club, or the good things you’ve done in your community, as long as you can read and construct proofs. They also know you’re applying to other top schools and would gleefully go to any of them if you had the chance. The best approach is a conservative one, stating your credentials and objectives in a clear and focused way, outlining a specific research idea (without sounding rigidly attached to it – a delicate balance needs to be struck here), and mentioning how the school’s particular strengths fit into your plans. Look up the faculty’s research interests and histories to determine this.

Work experience (except at a central bank) is wholly irrelevant for graduate admissions. No degree of accomplishment or seniority in the private sector means anything to the professors. If you try to turn such a background to advantage in the statement, it will hurt you. You will sound as if you are delusioned about the nature and requirements of graduate study. Any major program would reject you. Most applicants have little or no work experience, but those who have had a career (and made an informed decision to apply for the PhD) should make only passing reference to the fact and instead implicitly address the questions that a prolonged absence from academia raises in people's minds. Primarily, they would wonder whether your math background is active knowledge, whether you can discipline yourself to study, whether your commitment is final and unencumbered by financial and family obligations.

A popular myth is that the admission committee rolls out the red carpet for applicants who have published a paper. I suspect that the opposite can be true. Top-school professors think nothing of low-quality journals; those publications are rarely up to the mark of good graduate research. Moreover, a poor-quality publication becomes part of your permanent record as a writer. Your advisors intend to work hard to make you an attractive candidate for the academic placement market and might prefer to start out on a blank page   …   Of course, if you have a paper in a good journal, your fortune is almost made. But good journals (check the list of journals included in the econphd.net rankings ) are virtually inaccessible to students, so I ignore the possibility. That said, there’s nothing wrong at all with sending a well-crafted technical paper as evidence that you can do serious research. If you submit anything, it ought to be a short and rigorous piece; qualitative (or even empirical) work is not likely to impress the committee.

So graduate programs require high GPAs - but what if you don't have a GPA? The main alternative to letter grades are numerical grades on varying scales. Australia, for instance, uses a percentage scale, i.e. the best possible grade is 100. In converting numerical grades, I would use the following key, which the University of Michigan endorses for Australian grades. (If the scale is, say, 15, just work it out proportionally.)

To calculate your GPA, you need to convert every grade to U.S. grade points and take the weighted average, where the weights are credit hours. A credit hour corresponds to the number of lecture hours per week in a twelve-week term. (Hence, add up the total number of lecture hours for the class and divide by 12.)

Grades aren't the only way in which adcoms can compare you. It helps if you have an official class rank or percentile. Some universities award "honors" on graduation that directly imply a percentile - if so, explain this. If you have no official class rank, ask your referees to quantify your standing in the class as they perceive it.

Lastly, if you feel that your converted grades or your official class rank still don't do you justice - say because your university, although not well known, is particularly competitive, it's ok to mention this in your application. Chances are, the adcom is already aware of it from previous experience (otherwise, they probably won't pay attention to your claim unless it's substantiated by the referees).

Economics departments give considerably lower fellowships than business schools or science departments. Worse yet, some people will be admitted without fellowships and a few end up paying tuition. But it is commonly understood (although the department may not be willing to explicitly guarantee it) that all students who stay on beyond the first one or two years are funded in some manner. Often teaching assistantships are part of it, but many programs also reward academic success with scholarship money.

Generally, the best and most competitive programs offer the most generous funding – MIT, Princeton, Harvard, Stanford, and Yale admits can expect to get a package of, perhaps, between $ 16,000 and $ 20,000 per year (with tuition waiver). Most other schools offer lower awards or awards tied to teaching duties, and the less prestigious the program, the less money tends to be available, and the more teaching is allocated. Some schools offer good first-year fellowships that will not be renewed subsequently (but can be replaced with a teaching or research assistantship).

The reason good programs don’t normally tie their aid to teaching is that the first-year coursework will be too intense to be compatible with chores. A teaching assistantship in the first year is a suspicious affair: either the coursework is not that hard, or they deliberately expose students to tremendous stress, compromised performance, and threat of failure in order to keep staffing costs down. If financially manageable, it would be advisable to turn down a lucrative teaching assistantship in favor of a lower fellowship.

To a minor extent, and for the right reasons, it is possible to bargain for a higher award if you have only received a tuition waiver or a small fellowship (say, below $ 10,000). This needs to be done with tact and with stress on the insufficiency of the funding to meet your basic needs, rather than by pointing out your other options. Money is always a sensitive issue, and departments don’t want to “bid” for students. Weigh carefully whether the slim prospect of a significantly better deal justifies the risk of alienating some people you may soon be working with. Communicate your respect for the department and your correspondents before everything else. And if the financial side permits, you should finally base your choice on the quality of the education only.

The following is a common story: I didn't take college seriously at first and got really bad grades, but I've come around since then and aced the rest (or my master's program). Will those early years come back to haunt me? You know there's a price to be paid, but it's not as high as forefeiting all chances of entering a good graduate school. The adcoms genuinely want to find good students, not deliver moral justice. Recent grades count for a lot, but it's important that these grades are in subjects that matter most to the adcoms: your math and advanced economics classes. If you've taken real analysis etc. at that dark point in your life, you probably need to enroll in metric spaces or measure theory now, or graduate micro theory perhaps, and excel.

Although the disparities in your record will be obvious to the adcom and really don't need that much comment, you can refer to them in your statement. But don't devote much space, except to emphasize that the problem is resolved - sympathy is not a factor in admissions. It may be a good idea to cite a grade-point average for the two most recent years, or for advanced math and economics classes only.

It is quite feasible to enter a PhD program based on average credentials (or, at any rate, accept a less than ideal offer) and transfer after a successful first year. Since your grades in actual PhD coursework are considered to be an excellent indicator, even one term of high grades can greatly improve your appeal, so it is possible to reapply immediately after the first term. Typically you will want a reference from someone in your current program, confirming that it makes sense for someone of your capacity and / or interests to study elsewhere. The new program normally expects you to repeat the first year there.

Now for the unfortunate case that the bad years were the most recent ones. The typical example is a master's program, or beginning of a PhD program, gone awry. Your past achievements count for little once this has happened. Even not very selective departments will be reluctant to consider, let alone fund, you. In some cases, a current professor may be willing to recommend you and emphasize attenuating reasons for your recent performance. Short of this, the PhD may no longer be an option, unless you can study without funding (possibly even do a master's before reapplying).

Which schools should you apply to, and when? Almost everybody tries one or two really prestigious programs (Chicago, Harvard, MIT, Princeton, and Stanford are known as the “Big Five”), more if very confident. Even if you think that admission there is unrealistic, you’ll feel better afterwards for having probed the limit. The rest depends on how competitive you expect your application to be, and how safe you want to play. Normally, the final list will comprise five to eight departments and include one or two back-up choices where admission seems very likely. But if you wouldn’t want the economics PhD unless from a very good school – because you have other options or you can afford to wait and reapply if necessary – it is perfectly reasonable to have no safeties at all. There is a tradeoff between number and quality of applications; they do take time (particularly if you wish to understand and address what is special about the programs you picked), and your recommenders will be better motivated writing to a small number of appropriate choices than lots of inferior or unreachable ones.

How do the schools stack up? The “Big Five” are great in every major subdiscipline of economics. Other renowned programs are on par with them in some areas, but not in all. You’ll need to spend some time looking up the faculty’s research and identifying departments that have at least two or three well-published Associate Professors or Professors working on the topics you’ve earmarked for specialization. Later, on the job market, it will make a big difference who supervised your thesis - besides name recognition, an established professor has the contacts and the influence to get you on shortlists. On the other hand, one should not overestimate one's commitment to a research area before doing graduate coursework. You'll discover that there's more to various topics than you can now imagine, and your professors will sway your inclinations. Flexibility is therefore valuable at the point of entry - hopefully there's consistent quality at some level.

We’re all consulting, and subjecting a good part of our judgement to, “the rankings.” Not to do it would be foolish, since rankings contain fairly objective information, which is hard to come by through our personal contacts. But which ranking to use? There are two major types: reputation (survey) rankings and publication / citation counts. Economists know their colleagues and the work done at the leading departments; in reputation rankings they take all factors into account and provide a more or less balanced assessment. Aggregated over a large and representative sample, these ratings mean a lot. US News & World Report publishes the best-known reputation rankings of graduate programs each year – but the NRC (National Research Council)  studies, conducted every ten years, involve many more respondents (from a list of key faculty supplied by the schools’ dean’s offices). The US News ranking, which tries to survey two senior members in each program, garners a response rate of about one-half and basically has an adverse selection problem. The two key indices reported by the NRC are the “program effectiveness” and the “faculty quality” rating, each ranging from 0 to 5, where fives indicate universal agreement that the program is “extremely effective” and the faculty “distinguished.” The grades translate into: 5 – distinguished, 4 – strong, 3 – good, 2 – average, 1 – marginal, 0 – indadequate. You can look up the NRC rankings here .

Publication rankings have some methodological issues: articles published in different journals are hard to compare objectively and page numbers may or may not correlate with quality. Also, some schools excel in research productivity (publication) rankings because they have a handful of individuals who write prolifically in specialized areas - depending on your interests, this may be important or unimportant to you. However, I have come to side with publication rankings for primarily two reasons. (1) The reputation of departments in a professor's mind is really a proxy for publications, and an imperfect proxy at that, constrained by what fields the professor pays attention to, which recent moves she is aware of, etc. (2) It has been argued, and seems true by circumstantial evidence, that publication rankings are a leading indicator of future recognition. Partly, this may be because frontier research turns into mainstream stuff; more importantly, I think, professors correct their biases in response to publication rankings.

There are a good number of recent publication rankings around; I strongly recommend the econphd.net rankings because these use a consistent methodology to rank departments worldwide in fairly narrow subdisciplines, and are moreover the most inclusive (over 60 journals). Clearly subdiscipline rankings are more meaningful than aggregated rankings, since everyone has some preference for a research field within economics. Sampling different rankings, and perhaps averaging them, yields information of poor quality and is, in my view, not worth an applicant's time. Resist the temptation; the econphd.net rankings meet every need and are quite simply the most current and accurate publication rankings available.

It’s not a bad idea to apply to non-U.S. programs, for a couple of reasons. (1) They have much fewer applicants, even when compared to U.S. programs of similar quality. (2) Some programs offer generous funding with most admissions. Elsewhere, applying for available funds may be more involved, but that narrows the pool of applicants; there are information rents to be earned. (3) Every year, some admitted students have their visas denied by U.S. consulates. “At-risk” applicants (this is especially frequent for Chinese) may want an option outside the U.S.

Unfortunately, not every university system operates like the American system. All Canadian and Australian universities, and a few others besides, have very similar application processes to those in the U.S.; the marginal effort in applying to them is not large. (Note, however, that the Australian deadlines are entirely different.) Other good programs require a substantial investment in information search, personal contacts, filling up unfamiliar forms, and supplying extra write-ups and references. One should have a good reason for taking this upon oneself. Perhaps a specialty is particularly well represented in one of these places, or one is a marginal candidate where entry barriers are low and seeks the aforementioned information rents. Some regional specifics follow, although very sparse in some cases. There are no programs to speak of in Africa.

Canada  Toronto is traditionally viewed as on par with U.S. top 30 schools, and UBC (the University of British Columbia) currently has research output to rival that of top 20 departments. Next in line are Queen’s University, the University of Montreal (not to be confused with the University of Quebec at Montreal), which are roughly like top 50 U.S. schools, and Western Ontario. Application procedures and deadlines are as in the U.S., and there is similar availability of funding (which admits are automatically considered for). Canadian programs also run like their U.S. counterparts, with equivalent coursework, requirements, and placement mechanisms.

Australia / New Zealand  Australia (and New Zealand even more so) is still on the way to forming departments and programs that consistently meet U.S. standards. Traditionally, the Australian National University was the region’s flagship, but the University of Melbourne is now an equal competitor and attracts an impressive list of visitors every year. The University of New South Wales is the third power. Graduates from these programs usually place fairly well with Australian universities. University of Queensland, Monash University, and the University of Auckland (the best in New Zealand) have vestiges of noticeable research. These are not comparable to U.S. top 50 departments. Australia’s academic year begins in late February / early March and runs to December; the admission deadlines are in fall of the preceding year. The application process is similar to that of the U.S., although the GRE tends not to be required. The selection process (for funding in particular) places heavy emphasis on grades and is to an extent controlled by university bureaucrats, rather than the department. Hence the system favors those with good GPAs, even if the coursework is deficient in content.

UK  In the London School of Economics and University College, England has two fine American-style programs that bear comparison with U.S. top 20 schools. The application procedures are also similar. There are more good departments, but many of these (most prominently Oxford and Cambridge) separate funding from admission decisions, so that time-consuming applications to multiple bodies with various objectives are required in order to have a reasonable chance of support. Some of these foundations ask for separate essays and references. Funding is generally easier to obtain for European and Commonwealth citizens than for other foreigners. Among the more ambitious programs, e.g. Warwick and Essex, a positive trend is in the making to offer some department-sponsored scholarships. The best schools have two-year coursework sequences akin to those in the U.S. and are earning international recognition for the quality of the training (particularly LSE, UCL, and Warwick).

Europe  The centuries-old university systems of the continent still reflect different underlying philosophies. The German and French universities (and related systems such as the Belgian, Austrian, and Dutch) traditionally have no tuition charges, while scholarships are primarily offered to nationals through government offices (or to European citizens, through the European foundations). There are typically no admission cycles or even formal admission processes: rather, one contacts a desired supervisor and “competes” for an available PhD research topic (that may have funding attached to it). The departments are, in the German system, organized into professorships that function as separate institutes (with their own academic and other staff and budgets), working within a clearly demarcated specialty. One seeks affiliation with an institute (headed by a particular professor) and becomes a member of the department through membership in the institute. In the French system, a pattern has emerged in which departments host fairly autonomous research centers, and professors may be affiliated with several of these. This model is also becoming popular elsewhere in Europe and outside the U.S. Some of the centers train and fund graduate students. An outstanding success story of this system is the Toulouse, which must be counted among the world’s top sources of high-quality theory research.

In most cases, one needs to make specific enquiries (by e-mail to a professor or a secretary) to ascertain availability of places and prepare an application. At the leading departments, English is the lingua franca, so despite appearances command of the local language is not necessary. But scholarships and paid assistantships may be difficult or impossible to obtain. Alternative to these idiosyncratic systems, some European universities now offer U.S.-style programs at the department level, with the usual admission requirements, department-sponsored scholarships, and a standard coursework sequence. The University of Bonn, the Stockholm School of Economics, and the European University Institute are examples. Spain has already followed this route for some time; the University Carlos III of Madrid, Autonomous University of Barcelona, and Pompeu Fabra University are all well-established and accessible to international applicants. European education is in a rapid process of transition; those who are interested may benefit from researching some of the departments that are listed at this site for new offerings. I have not discussed Israeli universities, since I am not familiar with the system and because few people seem to consider them due to the security situation. But it should be noted that Israel’s economics departments have been remarkably productive; Tel Aviv University and Hebrew University have two of the most impressive faculties of mathematical economists.

Asia   Programs in Asia divide into those that cater to an English-speaking, international population and those that are national in focus and (except in India) conducted in a native language. The former are found in Hong Kong and Singapore and, although mostly populated by students of ethnic Chinese origin, are certainly open to others and in fact offer some of the best scholarship opportunities anywhere. HKUST (the Hong Kong University of Science and Technology) comes closest to being a university of international stature. The National University of Singapore (NUS) is an affluent, well-run institution but has a less serious research culture. Some outstanding theory research originates at Japanese universities, especially the Universities of Tokyo, Kyoto, and Osaka. But faculty quality is not uniform, and the programs are really not designed to accommodate non-Japanese PhD students. The only major Indian program, at the Delhi School of Economics (the Indian Statistical Institute doesn't systematically train PhDs), is of course conducted in English, but seems to attract little international enrollment - perhaps funding is too limited. Other programs, at the Seoul National University in Korea and Taiwan's best department, Academia Sinica, are also local in scope. For the typical applicant, Hong Kong's universities and NUS are possibly interesting options, since funding is quite generous, but one should be aware that in Singapore, at least, students regard the program more as a jumping-off point to the U.S. than as their PhD training of choice.

Latin America  I am not really acquainted with Latin American universities, so I cannot say much. The premier institution of the region is ITAM, the Mexican Autonomous Institute of Technology. Its publication output compares with that of top 100 U.S. departments. Else, and on a smaller scale, only the University of Chile can be said to have a noticeable volume of articles published in international journals. The Institute of Pure and Applied Mathematics (IMPA) in Rio is put on the map by occasional significant technical work.

Applying to economics-related programs at business schools is a popular diversification strategy. For a fact, business schools often pay significantly higher stipends to their students; they don’t attach teaching responsibilities and they usually don’t revise stipends on the basis of performance. Secondly, although business schools accept, on the whole, fewer PhD students than economics departments, their selection criteria are more subjective. Someone who lacks an important math credit or two, and would be disqualified by an econ adcom on that basis, may succeed with a b-school adcom that has less rigid expectations and is impressed with a compensating strength. There is also the argument that the applicant pool to business schools is on average not as strong, since very well-trained students are often theory-inclined and shun the business programs. And finally someone might apply to business schools for the “right reasons”: being interested in the applied economics of management and competition. (Of course, for one whose primary interest is theoretical or empirical finance, business schools are natural first choices. I’m guessing that this guide is mainly read by more generalist economists and have them in mind.)

The application process at business schools is decentralized; submissions are made to, and decisions taken by, a specialty, such as management & organization, business economics, finance, marketing, accounting, etc. One has to commit to a field at the time of application and invest some time and thought into presenting an informed research proposal in that field. Different departments would appeal to different types of economists: business economics to those with somewhat theoretical leanings and interest in industrial organization / game theory, or perhaps empirical macro and public policy. Business economics programs often have an emphasis on micro or macro. Wharton and Haas, for example, are on the public policy end of the spectrum; Northwestern’s MEDS is a game theory powerhouse. Management and organization is typically the least math-oriented department, given to survey, experimental, and other empirical studies. Decision science at business schools is usually a synonym for operations research, but in some places (notably Fuqua and INSEAD) it means choice theory. Under the umbrella of finance, technical general equilibrium research can take place, also time series econometrics. Columbia Business School has a combined finance and economics program.

An individual department typically admits a very small number of students – almost certainly less than ten, and perhaps as few as one. Because all are generously funded (at the major schools), few are expected to reject the offer. This makes the admission rates appear brutal, but of course the applicant pool divides into the specialties – if economics departments admitted people by subdiscipline, the numbers wouldn’t look so different. Without a doubt, however, business PhD programs are becoming more popular and more competitive every year. They are not necessarily easier to get into, in terms of a percentage, but the gamble is less predictable, and this works in certain people’s favor. Because the objective criteria have a smaller weight, the SOP (and any networking one is able to effect) deserves more attention. One should become familiar with the research done by the handful of department members who work in the targeted field: not at a general level, but specifically, by reading into their work, understanding the themes and current directions. The idea is to make a play for one or two of the faculty who are available to supervise by tailoring the proposal to their research program.

Some business economics programs – Harvard Business School and Stanford GSB – make their students take the first year sequence in the economics department. Kellogg also leans strongly toward pure microeconomics; they’ve hired a faculty that wouldn’t make a half-bad econ department by itself. But the majority of PhD programs in business schools end up being less rigorous, partially due to the chosen focus, and put their students through considerably more benign trials. Attrition is minimal. And for all that, placement prospects are typically bright, albeit in most cases restricted to business schools. (And with the caveat that a business economist faces competition from economics PhDs who are frequently preferred on account of research promise.)

A good ranking of business PhD programs does not exist. MBA program rankings are poor substitutes, since they have nothing to do with the faculty’s research output. But the list of potentially eligible programs is fairly small; it’s feasible to research their faculty publications and placements. Business schools with notable PhD programs are Anderson (UCLA), Chicago GSB, Columbia Business School, Fuqua (Duke), Haas (Berkeley), Harvard Business School, INSEAD, Kellogg (Northwestern), Michigan GSB, Olin (Washington University), Simon (Rochester), Sloan (MIT), Stanford GSB, Stern (NYU), Wharton (U Penn). The Darden School at Virginia does not have a PhD program, and Yale’s is, like some others, more of an afterthought than a serious undertaking in its own right.

Plan to mail your applications by early December. (You should check actual deadlines earlier than that: several schools discount or even waive the application fee if you submit completely or partially in November or early December.)  You need your final GRE score by end of October or early November: this means, start practicing for the GRE no later than early September. Whatever ETS claims, smart practice can raise your score by hundreds of points. You might get the best results from taking two sample tests in a row, about once a week. (Tests are available from prep books and the software ETS sends you three weeks after registration.) This builds up stress resilience and won’t make you as hostile to the GRE as looking at it every day, over a two-week period, would. Review math, but don’t memorize word lists – increasing the verbal score doesn’t help your application. Sit for the GRE by October, so that you have a chance to retake in November (you are allowed to test once per calendar month). Don’t try to improve a result that’s already good enough (quantitative part is 780 or better) – ETS will report all scores to the departments, and if you do worse the second time around, it discredits your initial, satisfactory performance. Draft your statement of purpose by early November and revise it several times, in intervals, until December until it sounds genuine. If a sentence looks dry, tortuous, or pompous to you, it will also look that way to the reader.

Some programs begin sending out acceptances in early February, but most of the action takes place in the last February week and the first week of March. Almost all schools notify admits by March 15; only waitlisted and rejected applicants will not hear until later. Generally, schools take care of their admits first – many immediately e-mail these applicants when a decision has been reached, though quite a number of schools still send acceptances by post. Rejections almost always come by letter, and weeks later, but if you politely enquire about your status by e-mail, the graduate secretary will usually reply after decisions have been reached. The best way to find out whether decisions are out is to check the Princeton Review graduate message board; information exchange tends to be particularly lively in the economics community. You might also try Who Got In? , a site that exists solely for this purpose. Details from the spring 2002-2004 rounds of admission are available in the decision tables at econphd.net.

You could be waitlisted for admission or for financial aid. It’s hard to predict whether this will eventually result in an offer; sometimes it does and sometimes not. The schools initially take in a group of people of whom they expect a subset, not exceeding the enrollment target, to come. Programs that offer full funding to most or all applicants (such as Stanford) make a conservative round of initial offers, and extend more offers once they get a picture of who’s accepting. Other programs (Chicago, for instance) manage enrollment by giving just a few of the admits money and passing any unclaimed financial aid on to the next best. Harvard makes awards conditional on the applicant’s securing outside funding (ideally, things like NSF grants) to shoulder part of the cost. Thus, some schools have waitlists and others haven’t, and Harvard has something they call a waitlist, which is more like an ultimatum. Waitlists are frustrating. Some claim that you can tip the scales by writing to professors and reiterating your interest in the place, but in reality there’s little you can do except … wait. ( One reader, who was waitlisted at three top schools, eventually got rejected for admission and / or funding by the two departments he actively and frequently contacted while on the waitlist, and received full funding from the third.) Getting waitlisted does not reflect uncertainty about your eligibility (in that case, they’d just reject you), it is a question of enrollment targets. All depends on which way the initial admits decide, and when.

When you have several offers, you start looking for information in earnest. Fortunately, departments will be much more responsive to enquiries when you’ve been admitted, and it’s easy to get in touch with current students. You’ll be committing something between five and seven years to the program, so the chemistry in such correspondence is a factor not to be discounted. You’ll also want to check how many students fail to complete the degree and why (because they are asked to leave? fail the exams? enter better programs? take industry jobs?). Some schools are notorious for taking in a lot more students than they plan to graduate, in order to have a large pool of budget-friendly TAs on hand. The implication is that many won’t pass the qualifying exams or, most commonly, will not continue to get funded at some point. Completion rates of about half are normalcy in many U.S. departments. Few publically report their numbers, but as a rule of thumb, programs with higher drop-out rates tend to offer fewer and / or less generous fellowships in the first year, for obvious reasons.

Another key aspect to consider is the placement track record of the program. Most departments make this information available on their website or in brochures. A historical perspective of the eventual success of PhD training is offered in a 1992 article in the Journal of Economic Education.   It ranks departments by current faculty positions occupied by their PhD graduates. The sample includes virtually every academic economist at a PhD-granting school in the U.S. in 1992, making this a particularly objective effort that looks at labor market outcomes which necessarily reflect careful evaluation, since hiring institutions “put the money where the mouth is.” On the negative side, the list is biased towards long-standing and large programs, and recent developments have little influence.

All said, there is a group of U.S. departments that has for decades supplied the great majority of leading economists. The stakes are high, and the competition is accordingly – but rest satisfied that, in giving it your best effort, you’ll serve the interest of our dismal science … as if led by an invisible hand, as they say!

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Gre prep online guides and tips, graduate school acceptance rates: can you get in.

Even the most qualified and confident applicants worry about getting into grad school. But don’t panic! Graduate school acceptance rates, which give the percentage of applicants that were admitted to a particular school or program in an academic year, can help you determine how likely you are to get into a given program.  But where can you find grad school admissions statistics?

In this article, we’ll first investigate the trends and factors associated with graduate school acceptance rates. Then, we’ll take a look at some of the current acceptance rates and give you expert tips on how to find acceptance rates for your programs. Finally, we’ll show you how to determine your odds of getting into grad school.

Graduate School Acceptance Rates: Factors and Trends

Grad school acceptance rates are the same as any other acceptance rate: the lower the acceptance rate, the more selective the school or program is. Similarly, the higher the acceptance rate, the less selective the school or program is. As with undergrad acceptance rates, grad school acceptance rates vary widely, from extraordinarily selective (less than 5 percent) to incredibly lenient (nearly 100 percent).

Unlike undergrad rates, though, grad school acceptance rates are usually calculated for specific programs or departments and  not for entire universities. This is because with grad school, you are essentially applying to an individual program rather than an overall institution (as you did for undergrad).

Now that we’ve covered all of the basics, let’s look at a few key trends. Our research indicates there are three major factors that help determine grad school acceptance rates:

• School or program prestige
• Degree type
• Amount of funding

Let’s look at how each of these factors influences grad school acceptance rates.

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#1: School or Program Prestige

How prestigious a particular grad school or program is can affect its overall competitiveness and selectivity. In general, the more prestigious a program is, the more competitive it’ll be and thus the lower acceptance rate it’ll have.

An easy way to determine school or program prestige is to consult official rankings, such as those listed on  U.S. News . (Grad schools are typically ranked by field or program and   not by overall institution.)

For example, a 2017  U.S. News  list of the best political science grad programs  ranked Duke’s political science program at #7 and Northwestern’s at #23. Because both of the programs have fairly high rankings, it’s safe to assume they’re probably quite selective.

And this is true: in 2016,  Duke  reported a mere 10 percent acceptance rate to its political science doctoral program, while  Northwestern  reported a 12 percent acceptance rate.

#2: Degree Type

Another major factor is degree type. Generally,  doctoral programs tend to be more selective than master’s programs (though this isn’t always the case as I’ll explain in a moment). This trend is likely due to the fact that doctoral programs often look for higher-quality applicants with proven academic track records and more relevant experience in their fields.

For example, in 2016  University of Michigan’s math doctoral program  had a 17.2 percent acceptance rate, whereas its master’s program  had a much higher 31.8 percent rate. In this case, the doctoral program is clearly tougher to get into than the master’s program.

Still,   master’s programs can have lower acceptance rates than doctoral programs. If we were to take the University of Michigan’s grad programs in computer science and engineering, we’d find that the doctoral program has  a 15 percent acceptance rate  and the master’s  an even lower 8 percent acceptance rate .

Additionally, M.F.A. programs are particularly cutthroat. In 2015, the creative writing M.F.A. program at UT Austin’s James A. Michener Center for Writers only admitted 12 out of 678 applicants — that’s a mere 1.8 percent acceptance rate !

#3: Amount of Funding

Funding, too, plays a big role in how selective a grad program is.

Well-funded  programs typically receive more applications than those offering little to no aid, thereby raising their selectivity. Competition is especially fierce for fully funded programs — possibly because fewer people are willing to go into debt for grad school.

Compared to fully funded doctoral programs, fully funded master’s programs are somewhat rare and thus pretty competitive. UT Austin’s Creative Writing M.F.A. program, for instance, is not only a prestigious program but also one of the most well-funded Creative Writing M.F.A. programs in the country: it  offers full tuition remission and a $27,500 stipend per academic year . It’s no wonder, then, that its acceptance rate is below 2 percent!

What Are the Current Graduate School Acceptance Rates?

For this section, we’ve scoured the internet to bring you a robust assortment of acceptance rates for popular U.S. grad schools.

Before we dive in, note that not all institutions calculate grad school acceptance rates using the same methodologies. Some offer only a single acceptance rate for all of their grad schools put together, while others offer individual rates by school, field, or program.

Now, let’s see how selective these schools really are!

*Statistics for NYU are based on the number of enrolled students and not the number of admitted students. Therefore, expect actual acceptance rates to be slightly higher.

How to Find Graduate School Acceptance Rates: 4 Methods

Unfortunately, grad school admissions statistics tend to be more difficult to find than undergrad acceptance rates.  But there are ways to search for them — you just have to do a lot of digging and possibly a little reaching out.

Below are our top four methods for finding grad school acceptance rates for the programs you’re applying to.

#1: Consult School Websites

By far the most reliable resources for grad school admissions statistics are  school websites.

Start your search by consulting program and departmental pages, particularly admissions and FAQ pages. Look out for any statistics-related keywords or phrases, such as “admission(s) rates,” “acceptance rates,” “enrollment,” “facts and figures,” etc. Use ctrl+F to move swiftly through large chunks of text.

Not all schools publish grad admissions information online, and those that do don’t always report it in the same way as others. For example, Princeton offers a handy PDF  containing acceptance rates for all academic fields of study. On the other hand,  Notre Dame  gives separate admissions charts for each of its grad programs (which you can access by selecting a program and then clicking “Admissions Statistics”).

Additionally, many schools release admissions statistics without explicitly publishing acceptance rates.  In this case, it’s your job to take the statistics provided and use them to calculate an acceptance rate. To find the acceptance rate of a school or program, you’ll need the following information:

• The total number of applicants in a year
• The total number of applicants granted admission  that year

The acceptance rate equals the total number of applicants offered admission divided by the total number of applicants and then multiplied by 100, or:

$$\acceptance \rate = {\number \of \applicants \offered \admission}/{\total \number \of \applicants}100$$

Be sure to  avoid conflating the number of students who were  offered admission   with the number of students who accepted their offers of admission. These two concepts sound alike but are actually different. What you’re looking for is the first statistic — that is, the number of admitted students (regardless of whether they decided to enroll).

If you’re having trouble finding admissions statistics by browsing school websites, search on Google for “[Your School] graduate acceptance rate” and see if any relevant school pages appear. While searching for acceptance rates to use in the table above, I consistently swapped “acceptance rate” with similar phrases, such as “admission(s) rate,” “facts and figures,” “student statistics,” “admittance rates,” and “admission(s) statistics.”

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Don’t be afraid to get creative! You can also use phrases like “Ph.D. admissions statistics” or “master’s admissions statistics” to narrow your search even further. Try to think outside the box as you do your research. What are other ways people talk about acceptance rates?

#2: Check  U.S. News

If your school or program doesn’t offer any admissions statistics on its website, go to  U.S. News . This website offers official rankings of grad programs as well as lists of the most (and least) selective programs in various fields.

For example, I found a 2016 list of the most competitive online M.B.A. programs  and a 2015 list of the most competitive online graduate engineering programs .

If U.S. News doesn’t offer any relevant lists for you to use, try skimming the current grad school rankings to gauge how competitive your program is compared with others in the same field.

#3: Search Other Websites

One less reliable method for looking up grad school admissions statistics is to  look for (unofficial) websites discussing acceptance rates for your school or program.

The Grad Cafe’s  admissions results  section is a solid place to start. Here, applicants post whether they’ve been accepted, rejected, or waitlisted for grad programs.

Search for your program to get a rough feel for how many acceptances and rejections go out each year. You might notice that certain types of applicants are more active than others. Creative Writing M.F.A. applicants, for example, are prolific posters in winter and spring (during admissions season).

Occasionally, Google itself will provide you with grad school acceptance rates, but this only appears to work consistently for well-known law schools, medical schools, and business schools.

Additionally, while using Google, don’t assume that any acceptance rates that pop up are directly connected to your search terms. For example, when I searched “stanford graduate acceptance rate,” Google gave me this result:

This 4.8 percent acceptance rate is  not  the acceptance rate for Stanford’s grad programs (what I searched for) but rather the acceptance rate for undergrads. So always cross-check any statistics Google gives you.

You can also consult grad school data websites such as  Peterson’s and StartClass . Take their grad school acceptance rates with a grain of salt, though — their data isn’t always verifiable online. If possible, try to compare any data you find on these types of websites with the school websites themselves or U.S. News .

#4: Contact Schools

If the internet isn’t giving you the help you need, call or email your schools. Be polite but upfront: ask whether the school calculates acceptance rates for grad programs and where you can find this information online (if available).

If a school refuses to divulge admissions statistics or simply doesn’t report acceptance rates, see if they can give you estimates for how many applications they receive each year, or for how many acceptances they usually extend to applicants in your program.

Graduate School Acceptance: What Are Your Odds?

By this point, you might be wondering how likely it is you’ll actually get into the grad program you wish to attend. After all, acceptance rates are pretty broad — they tell you what everyone’s odds are but not your odds specifically.

Below are three easy steps for determining your odds of getting into grad school, including advice on when it’s better to go for it or choose another program.

Step 1: Check Program Requirements

First, go to your program’s website and pinpoint the admissions requirements page. Now, ask yourself:  do you meet all of the program’s basic requirements? If not, you’ll likely wind up with a rejection (and might not even be able to apply).

However, if you’re still interested in applying, contact the program and ask if they’ll make an exception for you. Your chance of getting accepted is still low, but you’ll at least have your application considered.

If your program strongly recommends qualities you lack, don’t interpret this as an automatic rejection. Sometimes, applicants can make up for deficiencies in other ways. For example, if your undergrad GPA is 3.1 and your program recommends applicants have a minimum 3.2, don’t write off the program — you might still have a shot at getting in as long as the rest of your application is solid.

On the other hand, even if you meet all of a program’s requirements, you’re not necessarily a shoo-in. Remember, all other applicants have met these requirements, too, so you’ll need to find a unique way to make your application stand out.

Step 2: Find Average GRE Scores and GPAs

Your next step is to look up your program’s average GRE scores and GPA  to see how your own scores and GPA compare with those of previously admitted applicants.

You can usually find GRE score information on admissions requirements or FAQ pages. You can also search on Google for “[Your School] [Your Program] average GRE scores.” For step-by-step instructions on how to find average GRE scores, check out  my article on average GRE scores by school .

For GPAs, you can use the same basic methodology. Check admissions requirements and FAQ pages and use ctrl+F to search for “GPA.” If GPA information is available, you’ll most likely come across minimum GPAs or average GPAs (or both). For more tips on how to find GPA information for your grad schools, read our guide .

Now, compare your own GRE scores and GPA with the averages you’ve found. Below are all possible scenarios and what they mean for you and your odds of getting into the program:

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• Your GRE scores and GPA are both  higher than your program’s averages:  Congratulations! You have an excellent chance of getting accepted, especially if the rest of your application is equally impressive. Keep up the great work!
• Your GRE scores and GPA are both  about the same as your program’s averages:  You’re doing pretty well! You are just the type of applicant your program is looking for. The only drawback is that you probably won’t stand out as much from other applicants who have similar GRE scores and GPAs. So take time to make your application sparkle (I’m looking at you, statement of purpose).
• Your GRE scores and GPA are both lower than your program’s averages (or just one of the two is lower):  It ain’t over ’til it’s over! You can still make up for your deficiencies in other ways. While you can’t change your GPA, you can retake the GRE . If your GPA is low, a great strategy for combating this is to discuss it in your statement of purpose, taking care to highlight any external factors that contributed to the low GPA as well as any attributes of yours that prove you’re indeed ready for grad school.

Step 3: Decide Whether to Apply

Now, we get to the final question: do you apply to the program or not?  This is a vague question that’s difficult to answer as is. The real questions you should be asking yourself are as follows:

• Do I meet all of the program’s basic requirements?
• Do I meet most or all of the program’s expectations of applicants (in terms of GRE scores, GPA, etc.)?
• Is the program’s acceptance rate extremely low?
• Do I really like this program?

Although acceptance rates and GRE/GPA comparisons are helpful, don’t base your decision to apply solely on how difficult the program is to get into. We can’t know for sure what kind of applicant a grad program is looking for or who they’re willing to make an exception for.

Take a moment to think deeply about how interested you are in this particular program. Be realistic about your chances of getting in — but don’t cross the line into pessimism. If you don’t meet most or all of a program’s expectations and you’re not super invested in it, consider applying elsewhere.

But if you meet some, most, or all of a program’s expectations and you’re extremely interested in enrolling, give the application a go. Remember, it’s totally normal (and even encouraged) to have a few reach schools. Plus, you’ll never get in if you don’t apply!

Key Takeaways: Graduate School Acceptance Rates

Grad school acceptance rates quantify for us the selectivity of grad schools and programs. More specifically, acceptance rates tell us  what percentage of applicants were offered admission to a particular grad school or program. 

With grad school, acceptance rates are often reported for individual schools or programs,  not  entire universities. Acceptance rates can vary widely depending on program prestige, the type of degree you’re seeking, and how much (or how little) funding a program offers.

Unlike undergrad acceptance rates, grad school acceptance rates are somewhat difficult to locate online. You can look for them using any of the following four methods:

• Peruse school websites
• Check grad school facts and lists on  U.S. News
• Browse other websites and forums such as The Grad Cafe
• Call or email your schools

When trying to determine your  odds of getting into a program, look at your program’s requirements as well as the average GPA and GRE scores of previously admitted applicants to your program. If your GRE scores and GPA are comparable to those of your program, you have a decent shot at getting accepted. If one or both are lower than your program’s averages, however, you can always try to  raise your GRE score  with a retake or address your GPA in your statement of purpose.

At the end of the day, what ultimately matters isn’t that you get accepted to a highly competitive grad program but that you make the right decision for you and you alone!

What’s Next?

Need help with your grad school application?  Learn about the most common grad school requirements  and get tips on how to write a grad school CV or resume !

Is your GPA good enough for grad school ?  Read our in-depth guide to learn how you can make up for a less-than-stellar GPA and ultimately raise your chances of getting into the school of your dreams.

Do you have to take the GRE for grad school ? When are grad school deadlines ?  Check out our guides for answers to these questions and more.

Ready to improve your GRE score by 7 points?

Author: Hannah Muniz

Hannah graduated summa cum laude from the University of Southern California with a bachelor’s degree in English and East Asian languages and cultures. After graduation, she taught English in Japan for two years via the JET Program. She is passionate about education, writing, and travel. View all posts by Hannah Muniz

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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.

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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

[query_class_embed] how-to-get-into-*school

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.

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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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The Ph.D. Program in the Department of Economics at Harvard is addressed to students of high promise who wish to prepare themselves in teaching and research in academia or for responsible positions in government, research organizations, or business enterprises. Students are expected to devote themselves full-time to their programs of study.

The program prepares students for productive and stimulating careers as economists. Courses and seminars offered by the department foster an intellectually active and stimulating environment. Each week, the department sponsors more than 15 different seminars on such topics as environmental economics, economic growth and development, monetary and fiscal policy, international economics, industrial organization, law and economics, behavioral economics, labor economics, and economic history. Top scholars from both domestic and international communities are often invited speakers at the seminars.  The Harvard community outside of the department functions as a strong and diverse resource. Students in the department are free to pursue research interests with scholars throughout the University. Faculty of the Harvard Law School, Kennedy School of Government, and Harvard Business School, for example, are available to students for consultation, instruction, and research guidance. As a member of the Harvard community, students in the department can register for courses in the various schools and have access to the enormous library resources available through the University. There are over 90 separate library units at Harvard, with the total collections of books and pamphlets numbering over 13 million.  Both the department and the wider University draw some of the brightest students from around the world, which makes for a student body that is culturally diverse and likely unequaled in the range of intellectual interests of its members. These factors combine to add an important dimension to the educational process. Students are able to learn from one another, collaborate on research projects and publications, and form bonds that are not broken by distance once the degree is completed and professional responsibilities lead them in different directions.

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Economics: PhD Admissions and Enrollment Statistics

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The Department of Economics is home to over 50 faculty members and approximately 140 enrolled graduate students. The department hosts weekly seminars with academics from around the world in a wide range of subfields within economics including behavioral economics, international economics, industrial relations, industrial organization, microeconomic theory, macroeconomics, finance, econometrics, development, political economy, and more. Graduate students are an integral part of these seminars and are welcome and encouraged to attend.

Members of the faculty interact with graduate students at weekly student workshops and seminars and are readily available to meet with students outside of class.

The Economics Department is located in the Julis Romo Rabinowitz (JRR) Building on Washington Road, which was dedicated in spring 2017. Post-generals graduate students are all provided office space in JRR. First- and second-year students have group offices with 12 unassigned desks in each. Prospective students can take a virtual tour of campus .

Please note: The Economics Department at Princeton does not offer a Master’s Degree. Students looking for information about the Master in Finance can learn more on the Princeton Bendheim Center for Finance website .

Admissions process

All applications are processed by the Graduate Admissions Office. The application for graduate admission is available here . The deadline to submit an application is December 15.

Admission decisions will be made in early March and students will be notified of the decision via email. Those students who are offered admission will be invited to visit the department for an admitted student visiting day.

Admissions requirements

Please visit the Graduate Admissions Office website for all admissions requirements. Information about the GRE and English language testing requirements can be found here .

Admissions questions: Who to ask

Prospective students can contact the Graduate Admissions Office with questions via email or by calling 609-258-3034. When sending emails to the Graduate Admissions Office, please do not send the same email to multiple Princeton email addresses. This will only cause a delay in response time.

• For questions regarding the Graduate School’s website, updates to an applicant’s contact information, or fee waivers, please contact [email protected] . General questions about the Graduate Admissions Office should also be directed to this address.
• For questions regarding GMAT, GRE, IELTS and TOEFL tests, please contact [email protected] .
• For questions regarding a submitted application, including application requirements that were not previously uploaded to that application, please contact [email protected] . Please review these tips before sending emails to this account.

For questions regarding non-degree programs, please contact [email protected] .

Department of Economics

Ph.D. Admissions

The ph.d. in economics.

The Ph.D. program in economics admits between 8 and 12 students per year and prepares them for a successful career in academia, government, international organizations, or the private sector. In the first year, students take classes in microeconomics, macroeconomics, and econometrics, as well as mathematical economics and economic history. In the second and third year, students take 21 credit hours of specialized classes in at least two of the following concentrations:

• Microeconomic Theory
• Macroeconomic Theory
• Econometrics
• Economic Development
• Economic History
• Health Economics
• Industrial Organization
• International Economics
• Labor Economics
• Money and Financial Institutions
• Public Economics

Students can petition to combine at least two related classes to a nonstandard concentration.  

Applying to the Program

The application deadline for the Ph.D. program is January 15th for the coming fall semester. Successful applicants have strong quantitative backgrounds and a passion for research in  economics. The  application fee is $95.00 upon submission.

Please direct all Ph.D. admission inquiries to [email protected] .

Qualifications

Our incoming students usually have an undergraduate degree in economics and/or mathematics, with significant quantitative and math-intensive course experience. Many international applicants have a master’s degree. Research experience (such as an undergraduate or master’s thesis, or work as a research assistant) is a plus.  

• Required: One year of calculus, one semester of statistics, and intermediate-level courses in microeconomic theory and macroeconomic theory.
• Strongly recommended: Courses in linear algebra, differential equations, real analysis, and econometrics. 

Information to Submit

• Self-reported/unofficial or official GRE scores
• International students: self-reported/unofficial or official TOEFL or IELTS scores. This requirement will be waived for an international student with a degree from an institution in which English is the official language of instruction. Furthermore, while a TOEFL score is optional for applicants attending an English-language university in a non-English-speaking country, it can often be helpful to demonstrate command of English.
• Unofficial transcripts
• 3-5 letters of recommendation

Statement of Purpose

In your statement of purpose, tell us how your studies so far have prepared you for a Ph.D. program, and share what fascinates you about research in economics.  

Visiting Campus

Campus visits are offered to everyone admitted to the program. Visits consist of a half-day of individual meetings with faculty members and students, plus lunch. 

Q: What test scores do admitted candidates usually have  on the GRE?

A: Applicants often overestimate the importance of GRE scores for Ph.D. applications. The GRE tests whether you can do high school math quickly and correctly, as well as your vocabulary. Scores below a certain level (say, below 155 verbal and below 161 quantitative) tend to indicate problems, while very high scores do not necessarily guarantee that you are fully prepared for a Ph.D. program in economics.

For candidates who satisfy these thresholds, we look primarily at their preparation for a Ph.D. program in terms of how they did in the challenging courses they took in both advanced economics and math, rather than going only by their specific GRE scores.

Q: Do you have a minimum TOEFL or IELTS score?

A: Admitted international candidates tend to have a minimum TOEFL speaking score of 24 or an IELTS speaking score of 7. 

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Doctoral program statistics.

Use this page to explore summary statistics for research doctoral programs administered by the Graduate School. While the most common doctoral degree is the Ph.D., the D.M.A. in Music and the J.S.D. in Law are also included here. Methodology and definitions are provided at the bottom of the page.   

For additional graduate statistics, survey results, and career outcomes data, see program metrics .

Methodology and Definitions

Admissions counts.

Applied, admitted and matriculated counts are reported for new, external applications only. Current students who transfer into a different graduate program at Cornell without submitting a new application are not counted here.

Individuals may defer enrollment and/or be admitted to a program that differs from the one to which they originally applied. This can cause admitted and matriculated counts to be higher than application counts in some fields. 

Admission cycles start in the summer and continue through the following spring. For example, the 2020-21 admissions year includes data from summer 2020 through spring 2021. Because these dashboards are updated annually in the fall, the most recent year will not include data from the spring.

Average Admit Rate

Admit rate is the percentage of applicants who were admitted. Highly selective programs tend to have low admit rates. The five year average provides a good indicator of typical admit rates.

Enrollment numbers are derived from the student enrollment snapshot that is captured the sixth week of each fall term. Only students who are enrolled on the census date are counted. Students on an approved leave of absence are not included.

Average Completion Rate

Completion rate is the percentage of entering doctoral students who successfully completed the degree. Completion rates are reported by entering cohort, which is defined by the first term in which a student is enrolled in their doctoral program, regardless of any prior enrollment in a master’s program. The cohorts included here entered their programs seven to twelve years ago, and thus have had adequate time to finish a doctoral degree.

Status of Students in Each Recent Entering Cohort

This graph shows the current status of students who began the doctoral program in each of the last ten academic years. Students listed as completed have received the doctoral degree. Students are considered current in their program if they are still actively pursuing the doctoral degree or are on an approved temporary leave of absence. Students listed as discontinued have either left the university without a degree or switched to a different type of degree program (in many cases a master’s degree).

Time to Degree (TTD)

Time-to-degree degree measures the time in years from the first day of a student’s initial enrollment in their doctoral program to the day of their degree conferral. Time-to-degree measures elapsed time only, not enrolled time. It does not stop and start if a student takes a leave of absence. For Master’s/PhD students, time-to-degree starts when they begin the PhD phase of their studies. If a student was enrolled in a master’s program prior to matriculating in the doctoral program, the separate time in the master’s program is not included. Because of this, time-to-degree may appear shorter in some doctoral programs where it is common to complete a master’s prior to matriculation in the doctoral program.

The median time to degree can be thought of as the “mid-point”, where half of the students completed in a time period that is less than or equal to this value. The median is not affected by extreme values or outliers. 

Department of Economics

We look at applications holistically, evaluating the full range of criteria including GRE scores, grades, personal statements, letters, fields of interest, rank within class, our past experience with students from your program, and personal attributes.  Weaknesses in one or more areas may be compensated by strengths in other areas. We seek evidence of previous academic success, mathematical proficiency,  an understanding of economics as a discipline, curiosity about intellectual and social issues, persistence and creativity in surmounting obstacles, and effective written and verbal communication. We try to build a class that is balanced and diverse in interests and experiences and can contribute importantly to our mission as a department.

That is a decision for the graduate school. Information is here.

While the system permits submission of more than three letters of recommendation we only require three letters and, in our experience, extra letters tend to diminish the impact of the primary letter writers. Thus we would recommend that you pick the three letter from people who know you well and have an understanding of the requirements of an economics graduate program. 

We look at applications holistically, evaluating the full range of criteria including scores, grades, personal statements, letters, fields of interest, rank within class, our past experience with students from your program, and personal attributes. We try to build a balanced, diverse and high quality class, accounting for likelihood of enrolling, that can contribute importantly to our mission as a department.

We thus do not have cutoff scores for considering your application. We also cannot assess your probability of acceptance based on any one or two criteria. We also will not try to do evaluations of more detailed information except as part of the normal application process.

However, to give you some guidance on these issues we present below graphs of the cumulative distribution of GRE scores (quantitative, verbal, and written) among applicants as well as those who are accepted for the class starting in 2020. Overall we had about 750 applications and admitted about 60. So the ratio of the point on green curve to the point on the orange curve at any score X times 60/750 represents the proportion of people below that score who were admitted in the past year.  So that means that overall we admit about 8% of applicants but, for example, for we only admitted about 4% of those with a score below 165.

We discourage this.  First, all decisions are made by the admissions committee. We don’t consult faculty on whether a student is a particular match for him/her. While faculty can submit letters on the side to the committee those letters are likely to be disregarded unless you have a longer-term relationship with the faculty member or he/she has specific knowledge that would not otherwise appear in your application. We also have over 750 applications so if everyone made contact with the faculty member it would create a significant burden on faculty time.

Of course, all our faculty have web pages that contain a lot of information about their projects. The optimal time for you to contact faculty would be if and when you are admitted or wait listed and have a good sense of your choice set. Also it would be most productive if it were during or after our annual “campus visit” (around April 1). During the visit, you will see some presentations by selected faculty and then we will have open office hours that you can schedule and/or drop by. You will also have a chance to visit with some graduate students.

No. We only offer an MA Degree for students in our PhD program. This MA Degree is awarded following successful completion of the first-year sequence of the PhD program.

Applicants to the program should submit the application, 3 letters of recommendation, personal statement, transcripts, and GRE General Aptitude Test scores. We do not look at the GRE subject test score. The TOEFL test is required for foreign applicants, except those who hold (or will receive) a degree from an institution where the language of instruction is English. The TSE test is not required. 

Incoming doctoral students receive six years of guaranteed financial support, including summers, a stipend, tuition remission, a health-services fee, and health and dental insurance (some are funded through external sources).  

Students in the first year receive aid in the form of a fellowship (requiring no work on their part). In years 2+, the support may take the form of a teaching assistantship, research assistantship, or fellowship as long as student remains in good standing.  All such assignments form part of the student’s professional development.

In the first year, there are no teaching or research assistant responsibilities. After the first year, students generally work as a TA or RA. There are also competitive fellowships on campus through PSTC and IBES that substitute for TA or RA work. 

Target size of the incoming class in the PhD program is 16. The admission process is highly selective: in the last years, we have received over 750 applications.

The mean time to completion is between five and six years.  The mode is six years. 

A) Exposure to economics at a high level. We look for students who have taken upper-level courses that exposed them to active areas of research in the field. Students who have written senior or MA theses, or worked as researchers or research assistants have an advantage.  B) Adequate preparation in mathematics. Applications should have at least 2 or 3 semesters of calculus. We also look for coursework in linear algebra, real analysis, probability theory and/or statistics.  C) A good grade record. This is not precise, as standards vary widely among schools. D) Informative letters of recommendation. We are particularly interested in letters from scholars who understand the research environment at a top Ph.D. program, that is, scholars who themselves are actively engaged in research and publication and those who have Ph.D.s from research-oriented institutions. We look for letters that make it clear the applicant knows what doing a Ph.D. is like and which describe how the applicant has been exposed to the research process.  E) The median GRE quantitative percentile among those admitted is 96% with 90 percent of all quantitative scores being above 89 percentile. The median GRE verbal percentile among those admitted is 94% with 90 percent of all scores being above the 76th percentile.

From a demographic perspective, 48% of our admitted students are US citizens, 44% are female, 6% are US citizens from historically underrepresented groups in the US, and 7% are first-generation college students.

Decisions regarding admission and financial aid are made by mid-March. Applicants must make enrollment decisions by mid-April. 

Our University code is 3094. The department code for economics is 1801. 

The Department of Economics does not have the applications. You can apply online or request a paper application from the Graduate School 

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Admissions information to the ph.d. program in economics.

Students may enter the Ph.D. program  only in the fall . Applicants must present evidence of a baccalaureate degree or its equivalent, or show that they can expect such a degree by the time they begin graduate work. The University requires that applicants utilize the  CollegeNet  on-line application system. Applicants must upload a personal statement and their transcript (unofficial or official) from each university attended. If an applicant is accepted into our program then they must provide an official transcript mailed directly to the Graduate School of Arts and Sciences. Three letters of recommendation are also required, usually from professors who can judge the student's potential for high-quality academic work. Results of the Graduate Record Examination (GRE) must also be submitted. This test should be taken as early as possible to ensure that the results are received in time to be considered by the admissions committee.  Our GRE institution-department code is 2926-1801 . International students must submit a TOEFL score unless they have or will receive an undergraduate degree from a college/university in the US, Canada, UK, Australia, New Zealand, South Africa, or Ireland or they have completed, at the time of application, four semesters of graduate study at an institution in the above mentioned countries.

The program's goal is to admit 16 students a year. Applicants should be aware that the admissions committee reviews a large number of applications (over 600 last year). Our decisions on admission and financial aid are facilitated when application materials are clearly presented, well written, and concise. The committee tries to form an image of the intellectual and personal qualities of applicants, and then admits those who seem most likely to do high quality work. All applicants are encouraged to provide a personal statement (see below) and any additional information that might help the admissions committee in their task. For example, students might wish to submit research papers that they have written or a description of some major job experience related to economic analysis. 

Mathematics prerequisites

Proficiency in mathematics is crucial for successful completion of the first year of study, in the Department of Economics, at the University of Pennsylvania.

A minimal level of preparation  consists of two years of mathematics courses in college, including courses in:

• multivariable calculus
• probability theory and statistics
• linear algebra

An excellent level of preparation  consists of additional courses in:

• real analysis
• point-set topology
• measure-theoretic probability theory

We strongly suggest you obtain an excellent level of preparation, for your application to be competitive.

Requirement for Personal Statement:

In the personal statement, all Ph.D. applications within the Graduate Division of Arts & Sciences should address the following: Please describe how your background and academic experiences have influenced your decision to pursue a graduate degree and led you to apply to Penn. Your essay should detail your specific research interests and intellectual goals within your chosen field. Please provide information about your educational trajectory, intellectual curiosity and academic ambitions. If you have overcome adversity and/or experienced limited access to resources or opportunities in your field of study, please feel free to share how that has affected the course of your education. We are interested in your lived experiences and how your particular perspective might contribute to the inclusive and dynamic learning community that Penn values and strives to create.

In the Economics Graduate Group, we also ask that applicants discuss their relevant research experience, if any, that make Penn Economics a good fit for what you would like to accomplish in your PhD. Your statement can include specific fields of interests and specific faculty members that you think could be potential advisors. 

Deadline for admission:

All applications must be completed and submitted by 11:59pm eastern US standard time on December 15th. The admissions committee then examines completed applications which have been received. Notification of its decision is sent by April 15th.

Follow this link to apply on-line:  CollegeNet

College of Arts & Sciences

Frequently Asked Questions for Prospective Students

I. phd program inquiries.

Q. The Department of Economics looks for applicants to possess strong mathematical backgrounds. What exactly does a strong mathematical background consist of? Answer: Successful applicants generally have taken two years of calculus (through multivariate calculus), economic statistics, and introductory econometrics. Courses of Linear algebra, differential equations, and Real Analysis are also helpful. One way to get an idea about the level of math required for Ph.D. work is to look at any of these first-year textbooks: Microeconomics, by Mas-Collel, et. al., Introduction to Mathematical Statistics by Hogg & Craig, and Econometric Analysis, by Greene.

Q. What kind of financial support is available for students in the Economics Ph.D. Program? Answer: The Graduate School offers financial aid in the form of Teaching and Research Assistantships that provide tuition scholarships and stipends.

Q. Does the Department offer a MA Program in Economics? Answer: The Department offers an MA in Applied Economics. This program is entirely separate from the Ph.D. program in its admission process, and the courses required are distinct from those of the Doctoral program. Ph.D. Students earn the “master’s in passing” (in Economics) after accumulating 30 credits with a GPA of at least 3.0. Students who leave the Ph.D. program may receive an MA (in Economics) if they have accumulated a sufficient number of credits with a GPA of at least 3.0.

Q. Is it possible to do well in the Program if I work full time? Answer: NO. The Economics Department requires full-time study and classes meet during the day. Some students elect to hold jobs once they reach the dissertation stage of the program, but they often find it difficult to sustain the interest of their dissertation committees and generally take much longer to complete their degrees.

Q. What are the strengths of Georgetown University’s Ph.D. Program? Answer: The Ph.D. program has two major strengths: International Economics and Microeconomic Theory. However, the program offers an excellent variety of fields including Econometrics, Economic Development, Economic Theory, Industrial Organization, International Economics, Labor Economics, Macroeconomics, Public Economics, and Political Economy.

II. Application Inquiries

Q. When is it necessary to submit a TOEFL score in an application? Answer: All applicants must provide proof of English language proficiency to be eligible for admission. Please note that citizenship does not determine English language proficiency.  Proof of English language proficiency can be demonstrated by: 

• the receipt of a bachelor’s or advanced degree from an accredited institution of higher education in the United States or from a university where English is the primary language of instruction. The degree does not have to be earned by the time of application but will need to be conferred by the start of the semester to which the applicant is applying. (Please note that applicants receiving degrees at universities in U.S. territories, such as Puerto Rico, are required to submit the TOEFL or IELTS unless the primary language of instruction at the institution is English.)
• submission of an official Test of English as a Foreign Language (TOEFL) score report with a minimum score of 550 (paper-based test) or 80 (internet test).
• submission of an official International English Language Testing System (IELTS) Academic Module score report with a minimum score of 7.0.

Q. What does the Department consider to be an acceptable GRE score? Answer: The Department focuses on the quantitative and analytical sections of the GRE. Applicants who score below the 80th percentile are most likely not considered.

Q. How do I check my application status? Answer: The Graduate School will notify you when a decision has been made. The department is not allowed to release any information over the phone or by email. Please do not inquire .

Q. If I am admitted, may I defer matriculation until the subsequent year? Answer: No. The department of economics does not allow any deferrals.

III. Average Statistics

Q. Approximately how many students get accepted into the Ph.D. Program each year? Answer: In recent years the Ph.D. program has received about 515 applications, of which about 50 are admitted and 15 matriculate.

Q. Approximately, how many students are awarded financial aid each year? Answer: All Ph.D. Students receive a stipend for the first five years in the program and tuition for 7 years. For more information regarding financial aid, please click here .

Q. On average, how many years does it take the majority of your students to obtain their Ph.D.’s? Answer: Over the past ten years, the median time to completion is between five and one-half years and six years.

IV. Financial Inquiries (all amounts are subject to change)

Q. What are the terms of an assistantship award? Answer: The awards for the 2021-2022 academic year include full tuition, health insurance subsidy, and a living stipend of $33,100 paid over eight months of the academic semester. The assistantships carry work obligations of fifteen hours per week.

Q. What additional application materials do I need in order to be considered for financial aid? Answer: There is no separate financial aid application. Applicants wanting to be considered for financial aid need only to mark the box that indicates so on the general application for admission.

Q. What is the cost of tuition and insurance for the academic year 2023-2024? Answer: The current tuition is $2,278 per credit. A normal course load is 12 credits per semester. For I-20 purposes, living expenses are estimated to be $20,700, and books and health insurance $3,234. For more information about insurance costs, please contact the Office of Student Financial Services . Year 1 $2,278  x 27 credits = $ 61,506 Year 2 $2,278 x 18 credits = $ 41,004 Year 3 $2,278 x 8 credits = $ 18,224 Year 4 $2,278 x 2 credits = $ 4,556 Year 5 $2,278 x 2 credits = $ 4,556

V. Email Etiquette

Q. How does the department respond to inquiries sent by e-mail? Answer: There are several things of which you should be aware. First, it is rarely necessary to send an inquiry. The Graduate Admissions Office will let you know if your application is incomplete; the Economics Graduate Program Coordinator, Julius Shapiro, will let you know if the admissions committee has specific questions about your application. Second, applications are read by admissions committees who have access to all of the information in your file. Please do not email faculty members about your application, even if they work in the field that you want to study. Finally, be patient. You must keep in mind that we receive hundreds of inquiries and that it takes time to make sure that each email is answered correctly and completely. Sometimes applicants do not send their email to the person best qualified to respond. In such cases, the recipient forwards the email to someone who can provide the correct information. Under no circumstances should an applicant send the same inquiry to several recipients or send the same inquiry several times.

VI. Admission Requirements

Q. What does the application consist of? Answer: The Application consists of the following: 1. Application form and supplemental datasheet 2. 500 word typed Statement of Purpose 3. Official transcript(s) from all colleges/universities attended 4. Three letters of recommendation (in English) 5. Curriculum vitae (optional) 6. Entrance Exam (GRE, and/or TOEFL) 7. Application fee – No fee waivers

Q. What are the criteria for admission? Answer: The admissions committee carefully evaluates the previous academic record for evidence of strong analytical and creativity as well as substantial training in mathematics and statistics. At a minimum, applicants should have had multivariate calculus and undergraduate statistics; courses in differential equations, linear algebra, real analysis, and econometrics would strengthen an application. Undergraduate training in economics is desirable but is not essential for applicants with appropriate alternative backgrounds. The application must include three letters of recommendation (from teachers who recently taught the applicant), official transcripts, a statement of purpose, GRE score reports, and the application fee. The TOEFL score report is required for applicants whose first language of instruction is not English. The minimum requirement for the TOEFL is 550 on the paper test and 213 on the electronic test, and 80 on the Internet-based test.

Q. When is the application deadline? Answer: The deadline for admission is January 15, 2024, at Midnight EST . 

Q. When and how will I be notified about the decision? Answer: The Graduate School notifies applicants of decisions as quickly as possible. The department is not allowed to release any information over the phone or by email. Please do not inquiry .

Q. What are the GRE and TOEFL institutional codes for Georgetown University? Answer: The GRE code for Georgetown University is 5244. The TOEFL code for Georgetown University is 5244.

Q. Can I transfer credits from my current institution? Answer: Typically, No. However, the department occasionally awards “advanced standing” or transfer credit for graduate work completed elsewhere. We do not give transfer credit for the core theory courses (Microeconomics I & II, and Macroeconomics I & II). We can not give transfer credit for previous graduate work that applied to a previous degree. The maximum number of transfer credits that we award is 12.

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DEPARTMENT OF ECONOMICS

• Prospective Ph.D.s

The Department of Economics at Northwestern is committed to an individualized and holistic review of each application to the PhD program.  This review will take into consideration the substantive disruptions of the COVID19 pandemic as well as other challenges that influence personal circumstances.  We recognize that many institutions converted to a Pass/No Pass (P/N) grading system in response to the pandemic. Finally, we understand that there are circumstances which may prevent students from submitting a complete application. Please email [email protected] with any individual requests or concerns.

The Department of Economics and The Graduate School (TGS) at Northwestern  encourages underrepresented students  to apply for admission to our doctoral program.

The application will be available in September. The application deadline is January 4, 2024, 11:59pm CST

Before You Apply

Degrees offered.

The Department of Economics offers a full-time Ph.D. program in Economics.

The Department of Economics and the Finance Department in the Kellogg School of Management offer a joint full-time Ph.D. program in Financial Economics.  Read more about the program requirements and how to apply.

Applicants who wish to pursue graduate education in an Economics-based program at Northwestern University, either in the Kellogg School of Management or Department of Economics, are permitted to submit one application for a primary or first choice PhD program while requesting additional consideration for a second choice PhD program. Read more about the dual application process and requirements.

Please note that the department does not admit students for a terminal MA degree. An MA degree is only available to Economics Ph.D. students who have successfully completed the first year of the doctoral program, and to students enrolled in other doctoral programs at Northwestern.

Prerequisites

• Applicants must hold a bachelor's degree or its equivalent by the time they begin graduate work.
• Applicants are not required to have majored in economics but must possess a solid mathematics background. All students are expected to have a total of four quarters of differential and integral calculus plus linear algebra before entering the program. Students occasionally are admitted with an inadequate mathematical background if their record is extremely strong otherwise and they agree to take remedial math courses upon arrival. In most cases, however, students with inadequate mathematical training are advised to delay graduate school and take a year of math first.

Application Steps

Step 1: complete the university's application form.

All applicants must complete the standard application form , and pay the application fee. Procedures and qualifications for fee waivers can be found here . The application is available in September of the application year. 

Program Code  for the Ph.D. program in Economics is E05PH.

Application Fee:  The fee is $95.

Deadline: The application deadline is January 4, 2024 at 11:59pm.  Applicants are considered for admission to the fall term only. There are no winter or spring admissions.

Applicants from underrepresented groups:  The Department of Economics welcomes applications by students from underrepresented groups. Northwestern participates in the Big Ten Academic Alliance and accepts the FreeApp. Interested applicants who are U.S. citizens or permanent residents and have a serious intent to pursue a career in teaching and academic research may use the FreeApp to request an application fee waiver at Northwestern. Eligibility criteria and the FreeApp online application can be found at the Big Ten Academic Alliance site:  https://btaa.org/resources-for/students/freeapp/eligibility

CV/Resume:  A concise CV/resume is very important. It should make clear what you have done since graduating from high school without leaving any gaps. It should describe briefly any full time jobs that you have held, research experience while a student, publications (if any), and awards and honors. 

Courses Form: You will be prompted to complete a courses form in the application.  It summarizes the six most advanced college courses you have completed in both economics and mathematics. You can download this form as a fillable  PDF.

If you cannot download this form, then it is acceptable if you create your own form which contains the same information in a similar format.

• List only courses that have been already graded, and not courses that you are currently taking, or are planning to take.
• In the first five columns, you should fill in the course number, title, the school at which it was taken, date of completion, and grade exactly as they appear on your transcript.
• In the sixth column, mention the main textbook for the course, if there was such a text (it is enough to write the author(s) name(s) and the first few words of the title as space permits).
• If you have taken more than six courses in any of these disciplines, pick the six most advanced ones (but ensure that you mention core courses in intermediate microeconomics, intermediate macroeconomics and econometrics).
• If you are taking substantial courses during the fall term and do not have the grades in time to be included in this application, you may send an updated version of the form as an e-mail attachment to  [email protected]  after you know your grade. By substantial courses we mean advanced math courses such as Real Analysis or graduate economics courses.
• If your fall courses are standard economics courses of a similar level to those you have taken before, there is no need to report their results after submitting the application.

Academic Statement of Purpose (500 to 1,000 words):   The academic statement of purpose should be between 500 and 1,000 words and should focus on your research interests and goals, and how your qualifications and strengths will enable you to formulate important and creative research topics and convincingly execute the research.   Writing Sample:  The standard application allows the possibility of submission of writing samples. The Economics Department does not require writing samples. However, if you have a research paper you wish us to consider as part of the application, you can upload it in this part of the application. Do not upload more than one paper.  Students may also submit grant applications, such as the NSF research proposal, as a writing sample. Letters of Recommendation  are required from at least three people. You will provide emails for your recommenders in the application. The university then contacts the recommender directly with instructions on how to submit their letters. Up to five letters of recommendation will be accepted. Scanned Copies of GRE, and (if necessary) TOEFL/IELTS results . If you have already received your GRE and TOEFL/IELTS results, scan the results and upload them as part of your application. More details on these tests are described in Steps 2 and 3 below.  Results should be submitted by the January 5 deadline. Note that the university verifies your results based on information provided directly to the university from the testing companies. Scanned Copy of your Transcript(s).  An official transcript is required from each institution attended. Transcripts must bear the registrar's signature or official seal to be considered official and acceptable. Scan the transcript(s) and upload them as part of your application.  Please wait to upload your transcript(s) until after your fall grades have been posted.  If your fall grades aren’t available by January 5 (application deadline), upload your most current transcript.  If you ultimately enroll at Northwestern, you will be asked to supply the university with an official hard copy of your transcript(s).

For more information on the University's admission process , see  The Graduate School Admissions  page.

Step 2: Complete the GRE

The institution code for Northwestern University is 1565.

Step 3: Certify English Proficiency

Your success in graduate study of economics depends on your ability to understand, read, write and speak English. If English is not your native language, evidence of proficiency in its use will be decisive in reviewing your application for admission. Because of the nature of economics, the department has stricter language requirements than the minimum required by the University.

You can demonstrate English proficiency in only three ways:

• be a native English speaker;
• by earning an undergraduate degree at an accredited institution where the language of instruction is English, and you attended this institution for all years of your undergraduate study; or
• by providing official scores for either the  Test of English as a Foreign Language (TOEFL)  or the  International English Language Testing System (IELTS)  examination.

Earning a graduate degree at an English-speaking institution without having attended an English-speaking institution for your undergraduate degree is insufficient demonstration of proficiency in English. You should take the TOEFL/IELTS to support your admission to the Department of Economics.

Students taking the TOEFL must score a minimum of 600 on the paper-based exam, 250 on the computer-based exam, or 100 on the internet-based exam (TOEFL iBT).  We accept MyBest Scores for the TOEFL iBT. Students taking the IELTS must have a minimum overall score of 7.0. The tests must have been taken no more than two years before the intended date of entry (which  means no more than 15 months prior to your application). Results of the TOEFL/IELTS test are reported directly to the Graduate School. However, if you already have your results, upload a scan as part of your application. 

The institution code for Northwestern is 1565, and the relevant department code is 01.

In addition to these language requirements, most international students from non-English speaking countries will take the Versant English Test on their arrival at Northwestern to demonstrate their spoken English. Obtaining a score of at least 65 on this test is required to make a student eligible to be considered for appointment as a Teaching Assistant, a common form of financial support in the second and subsequent years.  However, students scoring 26 or higher (out of a possible 30) on the speaking section of the TOEFL internet-based test will be considered as meeting the spoken English proficiency requirement and will not need to take the Versant test.

Step 4: The Decision Process

Step 5: visas for international applicants.

For general information on the visa process once you have been admitted, please visit Northwestern's International Office website at  www.northwestern.edu/international

Northwestern University reserves the right to change without notice any statement in this publication concerning, but not limited to, rules, policies, tuition, fees, curricula, and courses.

It is the policy of Northwestern University not to discriminate against any individual on the basis of race, color, religion, national origin, sex, sexual orientation, gender identity, gender expression, parental status, marital status, age, disability, citizenship, or veteran status in matters of admissions, employment, housing, or services or in the educational programs or activities it operates, in accordance with civil rights legislation and University commitment.

Any alleged violations of this policy or questions regarding the law with respect to nondiscrimination should be directed to Director of Equal Employment Opportunity, Affirmative Action, and Disability Services, 720 University Place, Evanston, Illinois 60208-1147, phone +1-847-491-7458.

PhD Program

Year after year, our top-ranked PhD program sets the standard for graduate economics training across the country. Graduate students work closely with our world-class faculty to develop their own research and prepare to make impactful contributions to the field.

Our doctoral program enrolls 20-24 full-time students each year and students complete their degree in five to six years. Students undertake core coursework in microeconomic theory, macroeconomics, and econometrics, and are expected to complete two major and two minor fields in economics. Beyond the classroom, doctoral students work in close collaboration with faculty to develop their research capabilities, gaining hands-on experience in both theoretical and empirical projects.

How to apply

Students are admitted to the program once per year for entry in the fall. The online application opens on September 15 and closes on December 15.

Meet our students

Our PhD graduates go on to teach in leading economics departments, business schools, and schools of public policy, or pursue influential careers with organizations and businesses around the world. 

2024 Best Grad Schools Rankings Coming April 9

The next edition of the U.S. News graduate schools rankings will once again focus on outcomes.

2024 Best Grad Schools Rankings Coming

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New rankings of business, education, engineering, law, medical and nursing programs will be unveiled on April 9 as part of the 2024 edition of Best Graduate Schools . The rankings and data for these disciplines are derived from survey data that schools reported to U.S. News in fall 2023 and early 2024, in some cases combined with third party-sourced information. Detailed methodologies will be published in the ranking methodologies section of usnews.com.

For the first time since 2020, the website will also include new rankings of graduate programs in audiology, clinical psychology, occupational therapy, physical therapy, pharmacy, nurse midwifery and speech-language pathology. Additionally, social work will be ranked for the first time since 2022, and nurse anesthesia for the first time since 2016.

Finally, U.S. News will again update its annual rankings of graduate programs in public affairs, public health schools and programs, and computer science. These rankings, along with all the other health program rankings to be ranked in 2024, are calculated from qualitative ratings on academic quality submitted by top officials at these schools.

U.S. News has again worked with the Robert Graham Center, a division of the American Academy of Family Physicians, as the data provider to produce four exclusive stand-alone medical school rankings based on the following: the proportion of a medical school's graduates practicing primary care; the proportion of a medical school's graduates practicing direct patient care in medically underserved areas; the proportion of a medical school's graduates practicing direct patient care in rural areas; and the proportion of a medical school's fall 2023 enrollment, as reported to U.S. News, who are underrepresented minorities. That last ranking, referred to as the Most Diverse Medical Schools, takes into account Black, Hispanic, Native American and Native Hawaiian/Pacific Islander enrollment.

Disciplines that were most recently updated in earlier editions will remain on usnews.com.

The rankings should not be used as the sole basis for deciding to attend one graduate program or school over another. Prospective students should consider other factors as well, like a school's course offerings, department culture, total cost to obtain the degree , networking after graduation, advising or mentoring programs, location and campus life .

Prospective students seeking such information, along with the full rankings, should access the subscription-based U.S. News Graduate School Compass . The full rankings include those in specialized areas, in fields like marketing, educational curriculum and instruction, chemical engineering, internal medicine and nursing administration. The full law school rankings and data will be free to all users.

The statistical data that schools report to U.S. News appears in each school's profile in U.S. News's directory. The data can be used to compare factors such as application requirements; acceptance rates; entering class scores on the GRE, LSAT, MCAT and GMAT; student body characteristics; financial aid and graduate indebtedness; bar passage rates; the amount of research conducted at medical schools; and career-related information for graduates of law and business programs, such as starting salaries and job attainment success after graduation.

Tags: rankings , engineering graduate school , MBAs , law school , LSAT , MCAT , GMAT , GRE , nursing programs , education graduate school , paying for graduate school , medical school , education , students , graduate schools

About Morse Code: Inside the College Rankings

Robert Morse is chief data strategist for U.S. News & World Report and has worked at the company since 1976. He develops the methodologies and surveys for the Best Colleges and Best Graduate Schools annual rankings, keeping an eye on higher-education trends to make sure the rankings offer prospective students the best analysis available. Morse Code provides deeper insights into the methodologies and is a forum for commentary and analysis of college, grad and other rankings.

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