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What Can I Do with a PhD in Economics?

If a graduate degree in economics is on your mind, you may wonder why someone would pursue a doctorate degree in the field. After all, many master's degrees in economics are designed to prepare students like you for myriad economics careers. But while a master's degree will help you stand out against competitors in the job. market, a PhD can open even more doors.   

Earning a PhD in Economics means you have completed the highest level of education in the discipline, thereby creating nearly unlimited opportunities for any job in a related field. 

What does an Economics PhD do?

Economics PhDs specialize in areas like labor economics, macroeconomics,  industrial organization, or international economics and pursue careers within that specialization. For example, institutions like the World Trade Organization (WTO) — the international trade body —  the International Monetary Fund (IMF) or the World Bank might seek to hire economists who have specialized in international economics.

The Federal Reserve Bank system hires lots of PhD macroeconomists. Government agencies like the Federal Trade Commission hire PhD economists specializing in industrial organization. The Census Bureau hires lots of PhD economists specializing in fields like labor economics.

These complex, high-profile positions are often found in the corporate sector or government and frequently involve exploring regulatory, strategic or public policies.

In addition to jobs in government and industry, academic economists play leading roles in the development of new ideas in economics and hold faculty positions in a variety of academic settings.

Industry Profile for Economists 

The need for candidates with extensive economic knowledge and an upper-level understanding of quantitative analysis continues to grow as the government and private corporations seek to understand international competition, predict consumer behaviors and apply analysis to a rapidly changing global environment. 

Industries With the Highest Levels of Employment in Economics

Nearly every entity relies on economists in some way to help research and advise, optimize results, interpret data and recommend solutions. Some of the top industries that employ economists include:

• Federal and state governments
• Management, scientific and technical consulting services
• Scientific research and development firms
• Finance and insurance companies 

How to Get a Doctorate in Economics: The Econ PhD Program at SMU

The PhD program in Economics at SMU is the oldest PhD program at the university and has been providing students with rigorous training in a broad range of fundamental methodologies for conducting economic research for more than 55 years. 

With a low student-to-faculty ratio in a relatively small program, the Economics PhD program at SMU allows for an open and friendly environment, careful supervision, quality contact time with faculty and individualized mentoring that can’t be matched elsewhere. 

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

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

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

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

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

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

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

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

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

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

What is expected job growth with PhD in Economics?

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

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

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

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

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

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

What can you do with a PhD in Economics?

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

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

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

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

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

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

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

What are the requirements for a PhD in Economics?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

What are the Best PhD in Economics Degree programs?

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

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What Can You Do With A Ph.D. In Economics?

Find your degree.

A Ph.D. in Economics represents the highest level of educational achievement in economics, opening up the opportunity for any job in a related field. As a result, the job market for economic professionals is wide open.

PhDs in economics have historically enjoyed one of the lowest unemployment rates of all science and engineering PhDs. One of the most lucrative doctoral degrees available, PhDs in economics typically make more than other PhDs, with a median salary of $108,000 among economists who obtained a Ph.D. and worked full-time at a university, higher than all other PhDs in science combined. Furthermore, economics PhDs receive higher salaries than other PhDs outside academia. 

See Also: Top Online Colleges for a Ph.D. In Economics

As a result of the coursework required for an Economics Doctorate, individuals will be able to advise corporations, governments, and individuals on how to interpret collected financial data and, in turn, make sound financial decisions. In addition, a deep understanding of all economic systems will help them effectively select the appropriate data collection methods to solve real-world problems. 

These same individuals will provide managerial and employee insight into various economic factors to enhance more cost-effective and efficient systems. If you are interested in research roles, are good at math (i.e., you have a quant GRE score above 165), and have a demonstrated interest in economics research, a Ph.D. in economics may be for you. 

There are many excellent job prospects for Ph.D.s in Economics. Graduates with this degree commonly have long careers in academic fields and financial institutions. The following is a list of the most popular career choices for anyone with a Ph.D. in Economics.

Table of Contents

Seven Great Careers for Individuals With a PH.D. In Economics

Accountants

The average base salary for an Accountant with a Ph.D. in Economics is $109,000 per year. The national employment estimate of this profession is 1,392,200. 

Accounting professionals are responsible for the keeping and interpretation of financial records. Most accountants have a wide range of financial activities, whether for individual clients or larger companies and organizations. Typically, an Accountant’s duties consist of preparing financial records, checking those records for accuracy, and possibly making recommendations based on the financial situation of an organization or individual. 

In addition, accountants are responsible for examining earnings and losses using their arithmetic, accounting, law, and financial expertise. As a result, accountants provide a valuable service by assisting their clients, or companies, in maintaining solvency and expanding their profits.

While a general definition can be for all accountant types, there are many different types and specializations. Here are a few examples:

Auditors are accountants whose primary responsibility is to check a company’s records to ensure that all information is correct. For example, an auditor examines bookkeeper, creditor, and tax records for mistakes and determines how to remedy them.

Certified Public Accountant (CPA)

CPAs ensure that organizations and individuals comply with the Financial Accounting Standards Board’s generally accepted accounting principles. They often handle a wide range of accounting responsibilities, such as tax preparation, financial planning, audits, and more, but they may opt to specialize in one field.

Forensic Accountants

A forensic accountant conducts, audits, and investigates the financial affairs of individuals and corporations using accounting principles. They collect and analyze complex financial data before summarizing and expressing their conclusions in reports and presentations.

Management Accountants

By recognizing, measuring, analyzing, interpreting, and conveying information to management, a Management Accountant (or Cost Accountant) helps firms budget and perform better. They also estimate cash flows, create budgets, and analyze the rate of return for short and long-term projects to provide data for internal use.

Personal Finance Advisors

Personal Finance Advisors offer their clients financial advice regarding loans, investments, mortgages, taxes, and any other financial matters. They can be hired for a full-time salary by large corporations, or work as private consultants. 

The average salary of a Personal Finance Advisor is $89,330 per year, and the demand for this role is expected to increase by five percent over the next decade.

Not only is becoming a Personal Finance Advisor is a lucrative and safe career option for graduates with Ph.D. degrees in Economics, but it’s also an excellent choice for those who are more entrepreneurial-minded. 

Financial Managers

The average base salary for a Financial Advisor with an Economics Ph.D. is $134,180 per year. The national employment estimate of this profession is 681,700. 

A Financial Manager’s function is focused on a single objective: assessing and improving a client’s financial situation. They are in charge of an organization’s economic well-being. Financial Manager’s duties typically include:

• Keeping track of a company’s finances.
• Analyzing data.
• Offering advice on how to increase earnings.

A successful financial manager is well-versed in their industry and will possess strong communication skills. They are in charge of an organization’s financial health and are thus valuable assets.

Financial managers carry out activities that are unique to their company or industry. While they work in a variety of roles, some examples are as follows:

A treasurer, also known as a financial officer, is a finance expert who directs a company’s long-term and short-term budgetary goals. They are ultimately in charge of ensuring that all funds are appropriately accounted for.

Risk Management Specialists

Risk management Specialists employ specialized training and experience to detect potential hazards that could result in reduced cash flow and increased insurance premiums for the client. Simply put, they’re in charge of keeping a company afloat and profitable.

Financial Controllers

The duties of a Financial Controller are to ensure that a business is operating effectively and efficiently. Their responsibilities include accounting management and internal control monitoring. A successful controller Stays current on finance technology.

College Professor

Many graduates with PhDs in Economics choose to stay in academia and become college professors, teaching finance courses to their students. This is one of the safest careers in the field of economics, as it is the least dependent on market fluctuation. 

In addition to teaching, other duties of a College Economics professor include:

• Building a course curriculum
• Mentoring students
• Creating supplemental instructional materials
• Creating course syllabi
• Presenting lectures
• Accurately evaluating and grading student progress
• Researching and publishing
• Staying current on the subject material
• Presenting research
• Leading and directing research in the field of Economics

College Economics professors make an average of $88,902 per year, and the demand for postsecondary instructors over the next decade is expected to increase by 12% through 2030. Becoming a college professor is a great choice for Economics Ph.D. graduates who want to remain in the academic and research field.

The average base salary of an Economist with a Ph.D. is $108,350 per year. The national employment estimate of this profession is 18,600. 

An economist studies how society interacts with and utilizes its resources. Economists conduct economic research and create and distribute surveys to aid in collecting data on such topics. Furthermore, they serve as consultants to governments, businesses, and individuals. 

Concerned with predicting future trends for government and business purposes, professionals with the title of Economist determine the relationship between a community’s resources and the products made from those resources. Governments and organizations rely on economists’ ideas to plan for the future based on their projections about the economy’s trajectory.

While the most common responsibilities include research, data collection, analyzing, advising, and creating policy, the exact duties depend on the professional titles. Some of these titles include:

Labor Economists

Labor economics is the study of labor as a component of the manufacturing process. Labor economists look at how labor supply and demand affect employee-employer relationships.

Econometricians

An econometrician studies, models, and predicts economic concepts and consequences using statistics and mathematics. They rely on statistical and other quantitative metrics and mathematical formulae to create objective outcomes.

Statisticians

The average base salary for a Statistician with a Ph.D. in Economics is $93,290 per year. The national employment estimate of this profession is 44,800.

A Statistician is a professional who specializes in the compilation and analysis of statistical data. They use statistical methods and models to solve real-world issues. Professionals with the title of Statistician collect, analyze, and evaluate data to help with various business decision-making processes. 

In addition, they strive to understand data to inform organizational and corporate plans. Successful statisticians need a mix of technical, analytical, and leadership abilities. Finally, a statistician helps companies and businesses solve real-world problems.

The particular responsibilities of a Statistician vary and are determined by the industry and organization in which they operate. However, the most common types are:

Mathematical Statisticians

A mathematical statistician studies data to find solutions to problems. They use mathematical and statistical methods to solve issues and collect data to assist companies in making informed decisions.

Biostatisticians

Biostatisticians evaluate the information accessible in conjunction with how the data was obtained and what populations it represents. They may plan research to see if medications effectively treat illnesses or medical problems. The work of a biostatistician is motivated by concerns for people’s health, whether as individuals or as members of a population.

Urban Planners

The average base salary for an Urban Planner with a Ph.D. in Economics is $75,950 per year. 

Urban planners assess community requirements and construct short- and long-term plans to build, grow, or rejuvenate a town or area. In addition, they collect and evaluate data on a variety of economic and environmental issues. 

Urban and regional planners assist project developers and government authorities in developing solid development plans that make the most available land use. Policies and programs that support economic growth are a primary purpose of urban and financial development planning. In addition, they employ planning to build communities, accommodate expansion, and regenerate physical infrastructure in towns, cities, counties, and metropolitan regions.

The national employment estimate of this profession is 38,190. Some planners concentrate on community-wide strategies, while others specialize in a particular subject. 

Perhaps the most popular forms of urban planning occupations in transportation development. Transportation Developers plan the construction of new roads and public transit design, such as subways, buses, and trains. 

Other types of Urban Planners include Space Planners, City Planners, Campus Planners, Regulatory Planners, and Project Managers. In the end, all planners advocate for the most efficient use of a community’s land and resources, whether for residential, commercial, or recreational services.

Closing Thoughts on What You Can Do With a PH.D. In Economics

Having a Ph.D. in Economics is one of the most profitable doctoral degrees to pursue. Most students should be able to maximize their investment in their education and obtain a position commanding a highly competitive salary. 

If you are a working professional who wants to pursue a Ph.D. in Economics to raise your qualifications or advance in the field, you might desire the scheduling flexibility offered by online degree programs. Not all online doctoral degrees offer the same quality, so prospective students should be sure to check out our list of the top online colleges for a PH.D. In economics.

• Top 20 Best Online Colleges for a Bachelor’s Degree in Economics
• Top 20 Highest Paid Careers for Those with Online Degrees
• What is a Doctorate Degree?
• Top 30 Online Masters in Finance Degrees
• Top Online PhDs in Finance
• What Are The Top Online Colleges With The Best Ph.D. in Finance?

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A PhD in economics is the only one worth getting

People often ask me: “Noah, what career path can I take where I’m virtually guaranteed to get a well-paying job in my field of interest, which doesn’t force me to work 80 hours a week, and which gives me both autonomy and intellectual excitement?” Well, actually, I lied, no one asks me that. But they  should  ask me that, because I do know of such a career path, and it’s called the economics PhD.

“What?!!” you sputter. “What about all those articles telling me  never ,  ever , ever , ever  to get a PhD?! Didn’t you read those?! Don’t you know that PhDs are  proliferating like mushrooms  even as  tenure-track jobs disappear ? Do you want us to be stuck in eternal postdoc hell, or turn into adjunct-faculty wage-slaves?!”

To which I respond: There are PhDs, and there are PhDs, and then there are econ PhDs.

Basically, I think of PhDs as mostly falling into one of three categories:

1. Lifestyle PhDs . These include math, literature and the humanities, theoretical physics, history, many social sciences, and the arts. These are PhDs you do because you really, really, really love just sitting and thinking about stuff. You work on your own interests, at your own pace. If you want to be a poor bohemian scholar who lives a pure “life of the mind,” these PhDs are for you. I totally respect people who intentionally choose this lifestyle; I’d be pretty happy doing it myself, I think. Don’t expect to get a job in your field when you graduate, though.

2. Lab science PhDs.  These include biology, chemistry, neuroscience, electrical engineering, etc. These are PhDs you do because you’re either a suicidal fool or an incomprehensible sociopath. They mainly involve utterly brutal hours slaving away in a laboratory on someone else’s project for your entire late 20s, followed by years of postdoc hell for your early 30s, with a low percentage chance of a tenure-track faculty position. To find out what these PhD programs are like,  read this blog post . If you are considering getting a lab science PhD, please immediately hit yourself in the face with a brick. Now you know what it’s like.

(Note: People have been pointing out that electrical engineering isn’t as bad as the other lab sciences, with somewhat more autonomy and better job prospects. That’s consistent with my observations. But econ still beats it by a mile…)

3. PhDs that work.  I’m not exactly sure which PhDs fall into this category, but my guess is that it includes marketing, applied math and statistics, finance, computer science, accounting, and management. It  definitely , however, includes economics. Economics is the best PhD you can possibly get.

Why get a PhD in economics? Here’s why:

Reason 1: You get a job

Can I say it any more clearly? An econ PhD at even a middle-ranked school leads, with near-absolute certainty, to a well-paying job in an economics-related field. I believe the University of Michigan, for example, has gone many, many years without having a PhD student graduate without a job in hand.

You will not always get a tenure-track job, though there are a lot more of those available right now than in other fields (thanks, I am guessing, to the nationwide explosion in business schools, which hire a lot of econ PhDs, including yours truly). But if you don’t get a tenure-track job, you will get a well-paid job as a consultant, or a well-paid job in finance, or a decently-well-paid job in one of the many, many government agencies that hire armies of economists. All of these are what are commonly referred to as “good jobs,” with good pay, decent job security, non-brutal working conditions, and close relation to the economics field.

Now, this may be less true at lower-ranked schools; I don’t have the data. I imagine it’s not as certain, but still far, far better than for lab science PhDs at similarly ranked schools.

Why do so very few newly minted econ PhDs face the prospect of unemployment? Part of it is due to the econ field’s extremely well-managed (and centrally planned!)  job market . Part of it is due to the large demand from the lucrative consulting and finance industries. And part is due to the aforementioned proliferation of b-schools. There may be other reasons I don’t know. But in an America where nearly every career path is looking more and more like a gamble, the econ PhD remains a rock of stability—the closest thing you’ll find to a direct escalator to the upper middle class.

Reason 2: You get autonomy

Unlike the hellish lab science PhD programs, an econ grad student is not tied to an adviser. Since profs don’t usually fund econ students out of grants (few even have big grants), economics students mostly pay their way by teaching. This means you usually have to teach, but that is not nearly as grueling as working in a lab. Even when a professor does support you with a grant, he or she generally employs you as a research assistant, and gives you ample time to work on your own research.

Compare this to a lab science PhD, in which you basically do the project your adviser tells you to do, and you succeed or fail in part based on whether your adviser chooses a project that works out. Your destiny is out of your hands, your creativity is squelched, and your life is utterly at the mercy of a single taskmaster. In economics, on the other hand, you can start doing your own original, independent research the minute you show up (or even before). Professors generally encourage you to start your own projects. Unlike in lab science PhD programs (but as in “lifestyle” PhD programs), your time is mostly your own to manage.

This means that as an econ grad student, you’ll have a life. Or a chance at having a life, anyway.

Reason 3: You get intellectual fulfillment

Econ is not as intellectually deep as some fields, like physics, math, or literature. But it’s deep enough to keep you intellectually engaged. Econ allows you to think about human interactions, and social phenomena, in a number of different intellectually rigorous ways (e.g. game theory, incentives, decision theory, quantification of norms and values, bounded rationality, etc.). That’s cool stuff.

And economists, even if their research is highly specialized, are encouraged to think about all different kinds of topics in the field, and encouraged to think freely and originally. That’s something few people appreciate. In a lab science, in contrast, you are encouraged to burrow down in your area of hyper-specialization.

In econ, furthermore, you get exposed to a bunch of different disciplines; you get to learn some statistics, a little math, some sociology, a bit of psychology, and maybe even some history.

Also, as an economist, your status as an intellectual will not disappear when you get a job. Even if you go to work as a consultant or a financier, your thoughts will be welcomed and considered by economists in the blogosphere. And you can even publish econ papers as a non-academic.

In fact, it’s also worth pointing out that econ is a field in which outsiders and mavericks are able to challenge the status quo. This is in spite of the economics profession’s well-known deference to intellectual authority figures. The simple fact is that in econ, you don’t need money to advance new ideas, as you do in biology or chemistry. And you don’t need math wizardry either, as you would if you wanted to introduce new ideas in physics.

Reason 4: The risk of failure is low

In economics PhD programs, the main risk of failure is not passing your preliminary exams. This happens to a substantial fraction of people who get admitted to econ programs (maybe 25% or fewer at Michigan). But if you flunk out,  you get a complimentary Master’s degree , which is probably worth the 2 years that you’ll have spent in the program. And after you pass the prelims, there is little risk of not finishing a dissertation; unlike in most fields, you do not have to publish to graduate.

Caveats about the econ PhD

Of course, I don’t want to make it seem like the econ PhD is an utterly dominant strategy for life fulfillment. There are some caveats that you should definitely take into account.

First, there is the fact that an econ PhD program is still a PhD program. That means, first of all, that you will be in poverty in your late 20s. That is not fun for most people (some “lifestyle PhD” students and bohemian artists excepted). Also, econ PhD programs force you to manage your own time, while giving you very little feedback about how well or badly you’re actually doing. That can be stressful and depressing.

Second, be aware that the culture of economics is still fairly conservative, and not in the good way. Econ is one of the few places in our society where overtly racist and sexist ideas are not totally taboo ( Steve Landsburg is an extreme example, but that gives you the general flavor). Discrimination against women, in particular, probably still exists, though I’d say (or I’d hope, anyway) that it’s on the wane.

Finally, there is the fact that if enough people read and believe this blog post, it will cease to be true. There’s a piece of economics for you: as soon as people become aware that a thing is overvalued, they will start bidding up its price. But information diffuses slowly. Expect the econ PhD to lose its luster in five to 10 years, but that still gives you a window of time.

Anyway, despite these caveats, the econ PhD still seems like quite a sweet deal to me. And compared to a hellish, soul-crushing, and economically dubious lab science PhD, econ seems like a slam dunk. There are very few such bargains left in the American labor market. Grab this one while it’s still on the shelves.

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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. 

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• PhD Program

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

The best online PhD in Economics offers a broad, comprehensive knowledge of how economics affects the global landscape. An online program at the doctoral level in economics provides graduates with the advanced analytical and critical thinking skills they need to build successful careers in banking, government, politics, healthcare, insurance, and non-profit sectors.

If you are looking to get an online PhD in Economics, then this article is for you. This guide contains a list of the best schools you can earn your economics PhD online, their admission requirements and tuition, as well as the economics jobs you’ll qualify for after graduating from business school.

Find your bootcamp match

Can you get a phd in economics online.

Yes, you can get a PhD in Economics online. Online degree programs offer students the opportunity to earn an economics doctoral degree without the inconvenience of taking physical classes on the university campus. Online graduate programs are a great choice for students who are restricted by geographical location or who prefer to take online classes.

Is an Online PhD Respected?

Yes, an online PhD is respected. They have the same coursework, curriculum, and degree requirements as in-person degrees. A survey by the Society for Human Resources Management on hiring practices and attitudes reported that 55 percent of organizations would not give preference to a candidate with an in-person degree over one with an online degree if both had the same job experience.

That being said, students need to ensure that they get their online degrees from an accredited online school . Accreditation demonstrates that a school meets the minimum acceptable academic standards set by an external accreditation body to be able to offer academic degrees. Checking a school’s accreditation status before beginning the application process is recommended.

What Is the Best Online PhD Program in Economics?

The best online PhD program in economics is the PhD in Public Policy – Economic Policy offered by Liberty University. Out of all the online doctoral degree programs on our list, Liberty University’s PhD in Public Policy – Economic Policy’s high-quality curriculum and faculty stand out among the others.

Why Liberty University Has the Best Online PhD Program in Economics

Liberty University has the best online economics PhD program because of its well-rounded curriculum, giving students a comprehensive understanding of national and global public and economic policies. Students take classes taught by industry leaders and experienced policymakers and take high-level courses in public and economic theory and policy, policy analysis, and research design.

Best Online Master’s Degrees

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Online PhD in Economics Admission Requirements

The typical admission requirements for an online PhD in Economics are a Master’s Degree in Economics or in a related field from an accredited institution with a minimum cumulative GPA of 3.0 on a 4.0 scale. Other common requirements include recommendation letters, an interview, your resume, a statement of purpose or personal statement, and professional work experience.

While the specific requirements will differ from one school to the next, prospective students are always required to submit their unofficial or official transcripts of all of their undergraduate and graduate coursework. Although some schools have waived this due to the pandemic, many require students to submit GMAT or GRE test scores as part of the application process.

• A Master’s Degree in Economics or in a related field from an accredited institution
• A minimum cumulative GPA of 3.0 on a 4.0 scale
• Three letters of recommendation
• A copy of your resume
• A statement of purpose or personal statement
• Professional work experience
• Your GMAT or GRE test scores
• An online interview

Best Online PhDs in Economics: Top Degree Program Details

Best online phds in economics: top university programs to get a phd in economics online.

The top university programs to get a PhD in Economics online are able to let students benefit from experiencing diverse cultures and learning from a high-quality curriculum with many research opportunities without having to relocate. It is a great option for students who want to balance school with work, family, or other personal commitments. Here are the best online PhDs in Economics.

California Baptist University was founded in 1950 and is located in the city of Riverside in Southern California. This private, Christian university offers a wide variety of bachelor’s, master’s, doctoral and associate degrees , as well as certificate programs in an in-person and online format.

Doctor of Business Administration

The online Doctor of Business Administration at California Baptist University is a 56-credit-hour doctorate program that equips students with the specialized skills and insights needed to achieve their career goals. Students will gain the tools and theoretical foundation to carry out research and develop actionable plans with the goal of solving complex business problems.

Doctor of Business Administration Overview

• Accreditation: Western Association of Schools and Colleges Senior College and University Commission
• Program Length: 3 years
• Acceptance Rate: N/A
• Tuition and Fees: $795/credit 

Doctor of Business Administration Admission Requirements

• A Master’s Degree in Business Administration from an accredited institution
• A copy of your resume with your work experience and education, and your leadership, professional and scholarly activities
• Meeting the professional guidelines set by the Accreditation Council for Business Schools and Programs (ACBSP)
• Your official transcripts

Hampton University , founded in 1861, is a dynamic institution of higher learning offering a wide range of technical, liberal, and arts degree programs at all education levels. Its 97 degree programs can be found in different fields of study, including business, engineering and technology, nursing, pharmacy, science, and liberal arts.

Doctor of Philosophy in Business Administration

This is a 60-credit-hour program for students aspiring to become consultants, researchers, and academicians in leadership roles in the industry. It is a hybrid program with two compulsory four-week summer residencies. Students take core courses in managerial economics, quantitative business analysis, and accounting.

Doctor of Philosophy in Business Administration Overview

• Accreditation: Southern Association of Colleges and Schools Commission on Colleges
• Tuition and Fees: $695/credit 

Doctor of Philosophy in Business Administration Admission Requirements

• A master’s degree from an accredited institution. Prerequisite courses may have to be taken depending on the master’s degree held
• A copy of your resume with at least three years of work experience relevant to the field of study
• A GMAT score of at least 400
• A written Statement of Career Plans or Professional Plans
• Your official transcripts 

Liberty University was founded in 1971 in Lynchburg, Virginia and is a private, Christian college offering world-class education. It has a total enrollment of over 100,000 students across its over 700 programs at all educational levels, including doctoral programs. The majority of its students are enrolled in online courses, making it one of the largest distance learning institutions in the country.

PhD in Public Policy - Economic Policy

This is a 60-credit hour program for students wanting to learn how to better serve the public interest and create actionable solutions to today’s global economic challenges. It provides the specialized knowledge that students need to land leadership job roles in government, consulting, and international organizations.

PhD in Public Policy - Economic Policy Overview

• Accreditation: Southern Association of Colleges and Schools Commission on Colleges 
• Tuition and Fees: $595/credit 

PhD in Public Policy - Economic Policy Admission Requirements

• Complete and submit an online application form
• A master’s degree with a minimum GPA of 3.0 on a 4.0 scale
• Pay a non-refundable $50 application fee
• Submit your official undergraduate and graduate transcripts

Marymount University is a private catholic university founded in 1950. Ranked 38th among the best southern regional universities by US News & World Report, it has over 4,000 students enrolled in its wide range of bachelor’s, master’s, and doctoral degree programs. Marymount combines theory with experiential learning to provide its students with valuable education, leading them to gratifying careers.

Online Doctor of Business Administration in Business Intelligence

Offered by Marymount’s College of Business, Innovation, Leadership, and Technology, this 36-credit program introduces students to real-world business intelligence tools currently used by professionals in leadership positions. Students develop analytical, higher-order thinking, and research skills and work on a doctoral research project that attempts to solve real-world issues.

Online Doctor of Business Administration in Business Intelligence Overview

• Accreditation: Southern Associations of Colleges and Schools Commission on Colleges 
• Tuition and Fees: $1,140/credit 

Online Doctor of Business Administration in Business Intelligence Admission Requirements

• A completed online application
• A master’s degree in a business or IT related field
• Five to 10 years of work experience
• A minimum GPA of 3.5
• A statement of research background and interest
• A writing sample

Founded in 1947 and headquartered in College Park, Maryland, the University of Maryland - Global Campus (UMGC) is the online division of the University System of Maryland. UMGC first began offering online courses in the mid-1990s and is now home to a wide range of bachelor’s, master’s, and doctoral programs obtainable fully online.

PhD in Business Administration

This 48-credit program provides its students with a solid foundation in economic theory and statistical methods. Offering advanced courses in data analytics, management solutions, and research methods, this terminal degree requires the completion of a 12-credit dissertation project.

PhD in Business Administration Overview

• Accreditation: Middle States Commission on Higher Education
• Acceptance Rate: NA
• Tuition and Fees: $1,087/credit 

PhD in Business Administration Admission Requirements

• Completed the Foundation of Doctoral Studies course with a minimum B grade
• Completion of UMGC’s online admission application
• A master’s degree
• Two professional references
• A personal statement
• A writing sample (optional)
• An interview, if requested by the UMGC admission committee

Online Economics PhD Graduation Rates: How Hard Is It to Complete an Online PhD Program in Economics?

It is very hard to complete an online PhD in Economics. This can be attributed to the stress students experience, as well as lack of motivation. Those that want to pursue a PhD must be certain that they are academically and financially prepared.

How Long Does It Take to Get a PhD in Economics Online?

It takes about three years to get a PhD in Economics online. Although, it can take as long as seven or eight years, depending on the school’s curriculum, learning pace, and specialization. Over these three years, students need to complete a certain number of courses, pass written or oral exams, and research and write a dissertation on their chosen research topic.

How Hard Is an Online Doctorate in Economics?

An online Doctorate in Economics is very hard. It is a broad, multidisciplinary degree that involves the study of complex business, sociology, mathematics, and accounting topics. Students in an online Doctoral Degree in Economics take advanced courses that require strong skills in critical thinking and complex mathematical models to succeed.

The overall level of difficulty of an online PhD in Economics depends on a student’s academic foundation and their chosen program’s curriculum. Programs offered at universities with a higher reputation or higher school ranking are usually more difficult. That being said, these programs will usually better prepare you for the real world and impress potential employers.

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Best PhD Programs

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What Courses Are in an Online Economics PhD Program?

An online economics PhD program includes courses such as Economic History, Economics and Public Policy, Policy Analysis and Research Design, Introduction to Economic Policy Studies, and Managerial Economics. These courses will prepare you for a long and lucrative career in the industry and equip you with the skills you need.

Main Areas of Study in an Economics PhD Program

• Economic history
• Economics and public policy
• Policy analysis and research design
• Introduction to economic policy studies
• Managerial economics

How Much Does Getting an Online Economics PhD Cost?

It costs around $19,314 per year to get an online PhD in Economics, according to the National  Center for Education Statistics. However, this is a ballpark estimate. The actual amount you will spend to get an online economics PhD largely depends on whether the school is public or private. On top of tuition costs, you also need to consider fees, study material costs, and other miscellaneous expenses.

How to Pay for an Online PhD Program in Economics

You can pay for an online PhD program in economics through an upfront payment, grants and scholarships, employer tuition reimbursement, government loans, and private loans. Students in the Peace Corps, AmeriCorps, and the US Military can also benefit from tuition reduction. For example, Liberty University offers their doctoral degree for $300 per credit for members of the military, which is an almost 50 percent discount.

How to Get an Online PhD for Free

You can’t get an online PhD for free. All legitimate PhD programs charge tuition, and there are no fully funded online PhDs in Economics. That being said, students needing financial aid can inquire about available scholarships and grants offered by their school. Online PhD students can register for the Free Application for Federal Scholarship Aid.

What Is the Most Affordable Online PhD in Economics Degree Program?

The most affordable online PhD in Economics is the PhD in Public Policy – Economic Policy offered by Liberty University. At $595 per credit, this 60-credit program costs a total of $35,700 in tuition. Compared to the most expensive program on our list, which costs approximately $52,000, you could save up to $16,300.

Most Affordable Online PhD Programs in Economics: In Brief

Why you should get an online phd in economics.

You should get an online PhD in Economics because it’ll provide you with specialized knowledge of economics and equip you with the in-demand skills you’ll need to work in leadership positions across the fields of politics, history, business administration, and finance. A PhD is the highest level of education you can get and will give you a leg up over other candidates during the hiring process.

Top Reasons for Getting a PhD in Economics

• Increased job opportunities. A PhD in Economics will make you more attractive to employers looking to fill high-level leadership positions in the industry. PhD graduates have more career options than lower-level degree holders.
• Enhanced earning potential. A PhD in Economics can improve your earning potential. The US Bureau of Labor Statistics reports that PhD holders have a median weekly salary of $1,885. This is higher than the salary for master’s and bachelor’s degree graduates.
• Higher employment rate. The skills and knowledge that economics doctoral degree holders have can qualify them for a wider range of positions. In fact, the US Bureau of Labor Statistics also reports that PhD holders have a higher employment rate than all other degree holders.
• Specialized skills. Getting a PhD will provide you with advanced technical skills in your field of study as well as transferable soft skills. Both of these hard and soft skills are things you need to succeed in the highest possible career after graduation.

Best Master’s Degree Programs

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What Is the Difference Between an On-Campus Economics PhD and an Online PhD in Economics?

The difference between an on-campus economics PhD and an online PhD in Economics is each program’s cost, flexibility, interactivity with faculty and fellow students, and availability of funding. While their course content and curricula may be alike, there are a few differences between an online economics PhD and an on-campus PhD in Economics.

Online PhD vs On-Campus PhD: Key Differences

• Cost. Online doctoral programs usually cost less than on-campus degrees. Not only is the tuition itself usually lower for an online program, but you’ll also avoid needing to pay additional fees related to transportation, student accommodation, and labs or study materials.
• Flexibility. Students in on-campus programs have to be physically present at specific times and locations on the school campus to take classes, while online PhD students can take their classes from the comfort of their homes. Many online courses are also asynchronous and can be taken when convenient.
• Interactivity. Students in an on-campus PhD program enjoy physical interaction with faculty and peers, which can help with learning and motivation. On the other hand, online students have to employ virtual platforms to contact faculty at scheduled times.
• Availability of funding. There are more funding opportunities for on-campus students than students in online programs. On-campus students usually have access to fellowships, teaching assistantships, and research assistantships.

How to Get a PhD in Economics Online: A Step-by-Step Guide

To get a PhD in Economics online, you need to gain admission into an accredited university, complete your course credit requirements, pass all examinations, get your dissertation project topic approved, research your dissertation topic, and defend what you wrote during the final stage of the dissertation process. Doctorate programs take a lot of work to complete, but knowing what to expect will help you prepare.

The first step you need to take to get a PhD in Economics online is to look for schools that offer the program and that offer the specific specialization that you want to study. Afterward, you should review each program’s admissions requirement for prospective students. Once you’ve gathered your application materials, you’re ready to apply to your desired doctorate degree programs.

All doctoral students need to complete a certain number of online courses. Some schools also have residency requirements. While these are less common for online programs, residencies do require in-person attendance. Make sure to review the delivery format of each of the doctoral programs you’re interested in before enrolling.

During your PhD program, you will have to pass certain examinations. These examinations are used by the faculty at graduate schools to track and gauge your progress and understanding of the course material. You won’t be able to graduate without passing your examinations.

As you complete your classes, you will also need to pick a dissertation topic and get it approved by the faculty. Your dissertation is a long-term research project that you must complete along the course of your PhD program. Make sure to pick a topic you’re interested in as it’ll make the research process much more enjoyable.

After getting your topic approved, you will be able to start your research, which you will work on either at the same time as or after your course requirements. You will be asked to demonstrate your progress to your dissertation supervisor many times during your studies. It’s typical for 12 of your required credits to be dedicated to your dissertation.

As you research your dissertation project, you will need to write a paper on your findings under the guidance, support, and supervision of your program’s faculty. Once you’ve completed your research and finished writing your paper, you will need to explain and defend your findings to your program’s faculty. Once you pass, you will be able to get your PhD.

Online PhD in Economics Salary and Job Outlook

Online economics PhD graduates can earn between $77,427 and $153,460 per year, depending on their job title, location, employer, and experience. An online PhD in Economics will provide you with the skillset needed to land high-paying roles in different sectors, including academia, business, finance, government, and politics.

What Can You Do With an Online Doctorate in Economics?

With an online Doctorate in Economics, you can become an economic consultant, postsecondary professor of economics, economist, financial manager, and financial analyst. Some of these roles are high-paying senior-level positions requiring applicants to hold a PhD.

Best Jobs with a PhD in Economics

• Economic Consultant
• Postsecondary Professor of Economics
• Financial Analyst
• Financial Manager

Potential Careers With an Economics Degree

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What Is the Average Salary for an Online PhD Holder in Economics?

The average salary for a PhD holder in Economics is $110,000 per year , according to PayScale. PhD graduates can qualify for a wide range of high-paying positions across many industries. Keep in mind that your actual annual salary can vary depending on factors such as location, years of experience, industry, and position.

Highest-Paying Economics Jobs for PhD Grads

Best economics jobs for online phd holders.

Knowing the best economics jobs for online PhD holders will help you decide whether or not it’s worth it for you to embark on the long journey of earning your PhD. In this section, we’ve  put together a list of the best economics jobs for online PhD holders, a description of what they do, their job outlook, the number of jobs, and the highest-paying states.

Financial managers coordinate banking, accounting, insurance, security, and other financial operations in an organization. Financial management includes ensuring good financial health, monitoring cash flow, managing an organization’s expenses, analyzing profitability, and providing accurate financial information.

• Salary with an Economics PhD: $131,710
• Job Outlook: 17% job growth from 2020 to 2030
• Number of Jobs: 681,070
• Highest-Paying States: New York, Delaware, New Jersey, Colorado, District of Columbia

Economists collect and analyze data to study the relationship between economic resources and the production and distribution of goods and services. They conduct surveys and review economic problems to find actionable solutions. They also advise businesses and organizations on economic issues.

• Salary with an Economics PhD: $105,630
• Job Outlook: 13% job growth from 2020 to 2030
• Number of Jobs: 18,600
• Highest-Paying States: New York, District of Columbia, California, New Hampshire, Illinois

Professors of economics teach in economics departments at a university. They prepare and deliver lectures, examinations, and curricula for undergraduate and graduate economics students. They also conduct research and publish their findings to contribute to the field of economics.

• Salary with an Economics PhD: $96,198
• Job Outlook: 12% growth from 2020 to 2030
• Number of Jobs: 1,276,900
• Highest-Paying States: New Hampshire, Montana, California, Indiana, District of Columbia

Financial analysts study current and past financial data and economic trends to gain a better understanding of a company’s financial health. They advise the organization on the best investments to make to help them maximize profits according to the data they’ve studied.

• Salary with an Economics PhD: $81,410
• Job Outlook: 6% job growth from 2020 to 2030
• Number of Jobs: 492,100
• Highest-Paying States: New York, Alaska, Connecticut, District of Columbia, Wyoming

Economic consultants develop plans to improve the policies and operations of the company they work for to increase their economic gains. They conduct surveys and create forecasts to discover economic trends to improve the company’s practices. They also work in the production, budgeting, and accounting department to optimize quality control practices.

• Salary with an Economics PhD: $77,427

Is It Worth It to Do a PhD in Economics Online?

Yes, it is worth it to do a PhD in Economics online because it allows you to get advanced education and expertise in economics from the comfort of your home while preparing you to land high-profile positions where you can make an impact on the world. Economics PhD graduates gain advanced knowledge in the theoretical foundations, methodology, and philosophy of economics.

Additional Reading About Economics

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Online PhD in Economics FAQ

Yes, you can do a PhD in Economics entirely at a distance. An increasing number of schools are beginning to offer completely online economics PhD programs for distance learners. Online degrees are respected by hiring managers as well and are considered as good as in-person degrees.

No, you can not get a PhD in Economics in one year. It usually takes a minimum of three years to complete the graduate degree requirements. This includes the credit requirements and dissertation paper.

Yes, it is possible to do a PhD in Economics without a master’s. Although the typical requirements for a PhD program include having an in-person or online Master’s Degree in Economics or relevant field from an accredited institution, some schools allow students to apply to their PhD program without one.

No, 50 is not too late to get a PhD. There is no age limit in the pursuit of higher education, and you can go back to college at 50 or at any time you want. Anyone can enroll in a PhD program regardless of age. All it takes is the willingness to learn and the determination to succeed. In fact, your work experience can help you get into a PhD program.

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Economics PhD

Becoming an Economist

With a PhD in economics, you can choose to become a college professor or work at the Federal Reserve, international agencies, consulting firms, private banks, or other for-profit ventures. Learn more about the economics profession here . 

If you are interested in earning a PhD in economics, talk to your academic advisor early in your career. Competitive applicants have strong grades in their intermediate economics and advanced mathematics courses (see Choosing Electives guide for details), as well as research experience. For additional advice, read the following resources: 

• Masayuki Kudamatsu’s  Tips 4 Economists  links to a wide range of excellent resources with tips for applying to graduate school (and beyond).
• Professor Wong's advice for those thinking about a PhD in economics or other quantitative social sciences
• Former Oxy Professor Slavov's tips for applying to PhD Programs in economics
• American Economic Association's resources for preparing for graduate school

You may also want to consider attending one of several summer programs for aspiring PhD Students. These programs are designed to help you prepare for graduate school, to connect you with peers and mentors, and to help you decide if graduate school is right for you. These programs include:

The AEA Summer Training Program & Scholarship Program . This 8-week intensive residential program "prepares talented undergraduates from under-represented groups for doctoral programs in Economics and related disciplines." The application deadline is often in January.

The Becker Friedman Institute Summer Institute . This 3-week program aims to increase the diversity of the economics profession by attracting “extraordinary students from colleges and universities around the country who would not otherwise consider studying economics — and to get them excited about this important area of study through exposure to some of the most innovative faculty in the field.” This program is ideal for college students early in their undergraduate educations. The application typically opens in December.

PREDOC is a consortium of universities and research institutions providing a pathway into PhDs in the social sciences. In addition to running a summer program, PREDOC also acts as a clearinghouse for research and job opportunities.

Note that most students do not begin PhD programs in economics directly after their undergraduate career. Instead, students often develop their skills (and learn if a PhD is the right choice for them) by first working as an economics research assistant or analyst, or by participating in a one-year pre-doctoral master's program designed to enrich students' quantitative skills. Common pre-doctoral opportunities include:

• Economic Consulting Firms: Analysis Group, Bates White, Brattle Group, Charles River Associates, Compass Lexecon, Cornerstone Research, EconOne, Edgeworth Economics, NERA, Quant Economics
• Policy Organizations: RAND Corporation, The Brookings Institution, International Monetary Fund, Peterson Institute for International Economics
• Federal Reserve Board and Regional Banks 
• Research Assistant Positions:  Many academic economists hire pre-doctoral researchers for full time employment. Available jobs are posted on the NBER Jobs site  and on the Econ RA Twitter Feed .
• One-year Master's in Economics: University of Wisconsin, University of Texas at Austin, Duke University, Tufts University, UCLA, Washington University, and Vanderbilt University

Recent Oxy Econ Alumni Pursuing PhDs:

• Eva (Yiyun) Wang '18: University of Michigan, Economics
• Trevor Osaki '17: UC Santa Barbara, Economics
• Emily Fallick '16: UC San Diego, Economics
• Daniel Perez '16: UC Los Angeles, Economics
• Christina Seyfried '15: Yale, Political Science
• Cullen Cohane '15: University of Wisconsin, Sociology
• Tyler Radler  '14: University of Michigan, Economics
• Aliza Husain '13: University of Virginia, Education Policy
• Megan Lang '13: UC Berkeley, Economics
• Joseph Wyer '10: University of Oregon, Economics
• Jimmy Gillan '08: UC Berkeley, Economics

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Is an Economics PhD Worth It? The PhD Pay Premium

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

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

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

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

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

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

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

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

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

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

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

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

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

Academic economists need a PhD

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

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

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

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

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

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

Industry economist roles

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

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

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

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

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

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

Comparing previous years: PhD earnings on the rise again

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

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

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

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

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

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If you get a PhD, make it an economics PhD

It's a direct escalator to the upper-middle class

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People often ask me: "Noah, what career path can I take where I'm virtually guaranteed to get a well-paying job in my field of interest, which doesn't force me to work 80 hours a week, and which gives me both autonomy and intellectual excitement?" Well, actually, I lied, no one asks me that. But they should ask me that, because I do know of such a career path, and it's called the economics PhD.

"What?!!" you sputter. "What about all those articles telling me never , ever , never , never to get a PhD?! Didn't you read those?! Don't you know that PhDs are proliferating like mushrooms even as tenure-track jobs disappear ? Do you want us to be stuck in eternal postdoc hell, or turn into adjunct-faculty wage-slaves?!"

To which I respond: There are PhDs, and there are PhDs, and then there are econ PhDs.

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Basically, I think of PhDs as mostly falling into one of three categories:

1. Lifestyle PhDs . These include math, literature and the humanities, theoretical physics, history, many social sciences, and the arts. These are PhDs you do because you really, really, really love just sitting and thinking about stuff. You work on you own interests, at your own pace. If you want to be a poor bohemian scholar who lives a pure "life of the mind," these PhDs are for you. I totally respect people who intentionally choose this lifestyle; I'd be pretty happy doing it myself, I think. Don't expect to get a job in your field when you graduate, though.

2. Lab science PhDs. These include biology, chemistry, neuroscience, electrical engineering, etc. These are PhDs you do because you're either a suicidal fool or an incomprehensible sociopath. They mainly involve utterly brutal hours slaving away in a laboratory on someone else's project for your entire late 20s, followed by years of postdoc hell for your early 30s, with a low percentage chance of a tenure-track faculty position. To find out what these PhD programs are like, read this blog post . If you are considering getting a lab science PhD, please immediately hit yourself in the face with a brick. Now you know what it's like.

(Note: People have been pointing out that EE isn't as bad as the other lab sciences, with somewhat more autonomy and better job prospects. That's consistent with my observations. But econ still beats it by a mile...)

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3. PhDs that work. I'm not exactly sure which PhDs fall into this category, but my guess is that it includes marketing, applied math and statistics, finance, computer science, accounting, and management. It definitely, however, includes economics. Economics is the best PhD you can possibly get.

Why get a PhD in economics? Here's why:

Reason 1: YOU GET A JOB.

Can I say it any more clearly? An econ PhD at even a middle-ranked school leads, with near-absolute certainty, to a well-paying job in an economics-related field. I believe the University of Michigan, for example, has gone many, many years without having a PhD student graduate without a job in hand.

You will not always get a tenure-track job, though there are a lot more of those available right now than in other fields (thanks, I am guessing, to the nationwide explosion in business schools, which hire a lot of econ PhDs, including yours truly). But if you don't get a tenure-track job, you will get a well-paid job as a consultant, or a well-paid job in finance, or a decently-well-paid job in one of the many, many government agencies that hire armies of economists. All of these are what are commonly referred to as "good jobs," with good pay, decent job security, non-brutal working conditions, and close relation to the economics field.

Now, this may be less true at lower-ranked schools; I don't have the data. I imagine it's not as certain, but still far, far better than for lab science PhDs at similarly ranked schools.

Why do so very few newly minted econ PhDs face the prospect of unemployment? Part of it is due to the econ field's extremely well-managed (and centrally planned!) job market . Part of it is due to the large demand from the lucrative consulting and finance industries. And part is due to the aforementioned proliferation of b-schools. There may be other reasons I don't know. But in an America where nearly every career path is looking more and more like a gamble, the econ PhD remains a rock of stability — the closest thing you'll find to a direct escalator to the upper middle class.

Reason 2: You get autonomy.

Unlike the hellish lab science PhD programs, an econ grad student is not tied to an advisor. Since profs don't usually fund econ students out of grants (few even have big grants), econ grad students mostly pay their way by teaching. This means you usually have to teach, but that is not nearly as much work as working in a lab. Even when a professor does support you with a grant, (s)he generally employs you as a research assistant, and gives you ample time to work on your own research.

Compare this to a lab science PhD, in which you basically do the project your advisor tells you to do, and you succeed or fail in part based on whether your advisor chooses a project that works out. Your destiny is out of your hands, your creativity is squelched, and your life is utterly at the mercy of a single taskmaster. In economics, on the other hand, you can start doing your own original, independent research the minute you show up (or even before!). Profs generally encourage you to start your own projects. Unlike in lab science PhD programs (but like in "lifestyle" PhD programs), your time is mostly your own to manage.

This means that as an econ grad student, you'll have a life. Or a chance at having a life, anyway.

Reason 3: You get intellectual fulfillment.

Econ is not as intellectually deep as some fields, like physics, math, or literature. But it's deep enough to keep you intellectually engaged. Econ allows you to think about human interactions, and social phenomena, in a number of different intellectually rigorous ways (e.g. game theory, incentives, decision theory, quantification of norms and values, bounded rationality, etc.). That's cool stuff.

And economists, even if their research is highly specialized, are encouraged to think about all different kinds of topics in the field, and encouraged to think freely and originally. That's something few people appreciate. In a lab science, in contrast, you are encouraged to burrow down in your area of hyper-specialization.

In econ, furthermore, you get exposed to a bunch of different disciplines; you get to learn some statistics, a little math, some sociology, a bit of psychology, and maybe even some history.

Also, as an economist, your status as an intellectual will not disappear when you get a job. Even if you go to work as a consultant or a financier, your thoughts will be welcomed and considered by economists in the blogosphere. And you can even publish econ papers as a non-academic.

In fact, it's also worth pointing out that econ is a field in which outsiders and mavericks are able to challenge the status quo. This is in spite of the econ profession's well-known deference to intellectual authority figures. The simple fact is that econ, you don't need money to advance new ideas, as you do in biology or chemistry. And you don't need math wizardry either, as you would if you wanted to introduce new ideas in physics.

Reason 4: The risk of failure is low.

In economics PhD programs, the main risk of failure is not passing your prelim exams. This happens to a substantial fraction of people who get admitted to econ programs (maybe 25% or fewer at Michigan). But if you flunk out, you get a complimentary Master's degree, which is probably worth the two years that you'll have spent in the program. And after you pass the prelims, there is little risk of not finishing a dissertation; unlike in most fields, you do not have to publish to graduate.

Caveats about the econ PhD

Of course, I don't want to make it seem like the econ PhD is an utterly dominant strategy for life fulfillment. There are some caveats that you should definitely take into account.

First, there is the fact that an econ PhD program is still a PhD program. That means, first of all, that you will be in poverty in your late 20s. That is not fun for most people (some "lifestyle PhD" students and bohemian artists excepted). Also, econ PhD programs force you to manage your own time, while giving you very little feedback about how well or badly you're actually doing. That can be stressful and depressing.

Second, be aware that the culture of economics is still fairly conservative, and not in the good way. Econ is one of the few places in our society where overtly racist and sexist ideas are not totally taboo. ( Steve Landsburg is an extreme example, but that gives you the general flavor.) Discrimination against women, in particular, probably still exists, though I'd say (or I'd hope, anyway) that it's on the wane.

Finally, there is the fact that if enough people read and believe this post (ha!), it will cease to be true. There's a piece of economics for you: As soon as people become aware that a thing's value is greater than its price, they will start bidding up the price. But information diffuses slowly. Expect the econ PhD to lose its luster in five to 10 years, but that still gives you a window of time.

Anyway, despite these caveats, the econ PhD still seems like quite a sweet deal to me. And compared to a hellish, soul-crushing, and economically dubious lab science PhD, econ seems like a slam dunk. There are very few such bargains left in the American labor market. Grab this one while it's still on the shelves.

Convinced? Well here's your next step: Miles and Noah's Guide to Getting Into an Econ PhD Program !

Further reading: Here's a 1999 paper documenting that the econ PhD is, economically speaking, a really good deal. Also, here is Bryan Caplan saying some very similar things back in 2005.

Finally, a grad student friend writes:

[E]ven going to the abysmally ranked [econ]department that I go to I have no worries at all about getting a good job after I graduate. It may not be an academic job, but that's fine by me (or if it's an academic job it might be in a policy department rather than an econ department).

Another anecdote supporting the thesis that even econ PhDs at low-ranked schools don't worry much about employment...

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