PhD over Masters. Worth it?

[findingecon]

How does a PhD in econ place someone in the job market compared to a masters in econ?

I'd like to work in private industry. (finance, forecasting, risk measurement, econometrics) Going to do a master's for now, but I don't want to embark on a PhD if it's something I can get hired to do with a masters.

How is experience valued over a PhD? Wouldn't it be better to get some experience after a masters and then do a PhD? I just don't want to stay in school forever but will if there is a clear advantage to landing a good job.

How do certified financial planners, MBAs, actuaries, etc. fare among PhDs and master's graduates in the job market?

[sapphirerodent]

How does a PhD in econ place someone in the job market compared to a masters in econ?

I'd like to work in private industry. (finance, forecasting, risk measurement, econometrics) Going to do a master's for now, but I don't want to embark on a PhD if it's something I can get hired to do with a masters.

How is experience valued over a PhD? Wouldn't it be better to get some experience after a masters and then do a PhD? I just don't want to stay in school forever but will if there is a clear advantage to landing a good job.

How do certified financial planners, MBAs, actuaries, etc. fare among PhDs and master's graduates in the job market?

 

Phd in economics will be geared at placing you into a research career, whether that is at an academic institution or a think tank.  PhD's are also known to go to public and private sector, however it is not the focus of the program to place students into private industry.  

 

Experience is infinitely more valuable than a PhD if your goal is to land in private sector, with one exception.  If the type of job(s) you are looking for demand a PhD as a requirement, then that is the only way to get there, however I find that there are a lot less of those.  many terminal MA programs are designed to be completed in as little as 3-semesters if you work hard.  Try to find one with a focus on econometrics, as that will be the primary tool that will help you in private industry.  Classes to look for are econometrics, financial economics, and perhaps some actuary sciences.

 

I would recommend you do some more research on the specific types of jobs you would like to land in upon completing your degree and look at their requirements.  Please be aware that a PhD is a lifestyle and a huge commitment, where most private industry individuals do not find that MB>MC for pursuing a doctorate and also that the opportunity cost is too great.

 

Best of luck.