Ph.D in Economics Preparation

[spot4992]

I will shortly be entering my last two years of undergrad with majors in Mathematics and Economics, and minors in Physics and Finance. As an undergrad, I have taken the applied, algebra, and analysis tracks that are offered here at my school; so in other words, I have a strong background in mathematics. For my Economics degree, I will be taking the standard econometrics, math econ, and other various Junior/Senior level Econ classes. As obvious from my minors, I also have a background in the sciences and finance. As some bonus info, I speak Spanish, Russian, Chinese, and German; I am currently working with a professor in the Math department doing research; and I am a part of the Honor's Program at my school. What I am asking is this: what can I do in my final two years to create the strongest possible application for a Ph.D program in Economics? Any advice on coursework, extra activities, or anything at all would be appreciated. I am asking because my top three choices are Chicago, Stanford, and MIT, all of which are extremely competitive. Thanks for taking the time to read and respond!

[shilei0866]

I honestly think your background is strong enough to have a shot already. I think if you can push a bit more to have one or two papers with your name on it would be helpful for you. And you may think about placing less attention on Physics, that is not something a PhD in Economics will take seriously. Anyway that is my idea.

[Economagician]

Drop the minors (if you want) and focus more on the econ/math research and coursework.

[Nosferican]

My advice is first to make sure you diversify your list. Acceptance rates to top tier schools are under 5% and the trend is to keep droping every year as more students apply annually. In my case I did the economics major with minors in math, polisci, French, and Chinese (did a semester in Shanghai and the other in Paris). The math major is good, but make sure that you take those classes that are relevant over those not so much. Minimum requirements are Intro to Stats, Cal I-III, Linear Algebra; good classes to take are Real Analysis, Differential Equations, Probability and Mathematical Statistics. As far as the econ classes it will really depend on your interest. If you want to do finance, focus on time series and try to present your undergrad work at a conference or published in the best of cases. Some good experiences are the Dallas Fed ESP, Fed internships, and the AEA Summer Training Program.

Once again, don't look at the programs just for the names, but the actual research faculty and candidates are taking and the culture of the program as well as the posibilities to engage in your field. If you look for finance, look for a program with a strong time-series econometrics faculty. If you like the Chicago-style (10 acepted only 2 get their PhD), go for it if not look for programs where students don't compete, but collaborate, etc.

Secure good letters of recommendation from faculty that knows you well. Lastly, make sure to take the GRE durring your junior summer since that way you can prepare for it and it will help your application.

PS: GIS training is definitly a plus as well.

Edited April 11, 2014 by Nosferican