UW-Madison MS Economics . Need Advice

[Bodwiser]

Hi All,

I have got an admit from UW's MS Econ program. Total cost of attendance might come to a mind-numbing $100K. No scholarships. No RA/TA offered. I am not sure about wanting to do PhD afterwards and would most likely want a job. But I do not have clarity on what kind of jobs graduates of such a program might get, let alone idea about salary figures. I just remember somebody mentioning in passing that salaries could be anywhere between 65K-80K....90K tops... With an investment of that kind and a not-so-stellar return, I am developing my reservations about accepting the offer. 

Can somebody please help me in this dilemma. Thanks !

[iloveOM]

1 hour ago, Bodwiser said:

Hi All,

I have got an admit from UW's MS Econ program. Total cost of attendance might come to a mind-numbing $100K. No scholarships. No RA/TA offered. I am not sure about wanting to do PhD afterwards and would most likely want a job. But I do not have clarity on what kind of jobs graduates of such a program might get, let alone idea about salary figures. I just remember somebody mentioning in passing that salaries could be anywhere between 65K-80K....90K tops... With an investment of that kind and a not-so-stellar return, I am developing my reservations about accepting the offer. 

Can somebody please help me in this dilemma. Thanks !

The cost is too much I think. If I were you, I would not go there. Are you undergrad? If yes, you can try looking for job then reapply later. You can also decide whether you want a PhD or not after you have some working experience. If yes, applying for PhD (usually funded) is a better choice!

[Bodwiser]

Thanks iloveOM! I am not an undergrad. In fact, this would be my 2nd master's (but first in the field of economics hence I am unsure/inexperienced  about wanting to do PhD).

 

Come on guys... deadline for accepting this offer is just round the corner. Desperately need some valuable inputs on this.

Also, some people have opined that Wisconsin is like in the middle of nowhere so not very conducive from jobs perspective (as compared to a NYC or Boston etc.)

But I am thinking, should geography be that big a factor of consideration ?? I mean.. people can always travel right ? ( may look like a simpleton here)

Thanks !

[monocle]

Whoa! Why would the MS at Wisconsin cost that much??? Cost of living in Madison is low. Can you try to get in-state tuition? Also I think you're overestimating the salary of an MS in economics graduate. 65,000 might be the high end of the spectrum depending on your work experience beforehand and the job responsibilities.

Geography definitely should be a factor in your decision. You should check where their graduates are getting jobs, and see if it aligns with where you want to be.

What is your first MS in? Is UW the only place where you applied/accepted? Frankly it sounds like maybe you should sit this one out, but that's only based on the limited amount of information you provided.

[Bodwiser]

@Monocle, like most masters, the Wisconsin one is also a cash-feeder for their PhD students.(and for the school in general)

I have done MBA from a tier 1 college of my home country and I have also worked for a US bank for close to 3 yrs now. (in my home country)

I have applied to couple of more univs. Got a reject from Duke. UT Austin is awaited. Have applied to UBC, Queen's and U of Toronto from Canada. Results are awaited.

 

Also, I know of at least one current student who has gotten a job with a coveted consultancy in DC. I suppose she did her internship there and then was offered a full-time. But I also believe that she was probably the best of her batch (you know, the good things that happen to outliers.. that kind of story)

But If I did decide to go for PhD after this, would this prospect look worthwhile then ?

Thanks!

 

Edited March 9, 2016 by Bodwiser

[monocle]

20 hours ago, Bodwiser said:

But If I did decide to go for PhD after this, would this prospect look worthwhile then ?

Thanks!

Have you ever been to Wisconsin? Most of my family is from Wisconsin and went to UW (except me).. I probably would not choose to go because of the terrible weather.

But more seriously, I don't think it would be worth it.. 100K of debt without any guarantee of getting into a PhD program nor a job that could help you pay off the debt? No thanks. Not to mention, you said you don't have clarity on what types of jobs you could get afterwards.

I don't mean to be a downer, but have you considered studying economics courses in your home country (at a cheaper price) and then trying to enter an economics PhD where you might get funding? Or maybe TGCers can help advise if you provide more information on your goals.. and once you have all of your other application decisions.

[Bodwiser]

Yes...to be candid, I am personally not very excited about this prospect. There is not one overwhelming thing about this offer except for the UW's brand name. (your point about the blood-freezing temperatures included) 

I have considered the idea of doing masters in my country and have reasonably dismissed it too. I am real desperate for other admits !

Thanks monocle !

[pallavib]

Hey, I've gotten into the MS Econ program at UW Madison and the MA Eco (18 month track) at UT Austin as well, and am considering my options. Any input on this would be appreciated. I probably want to do a PhD after this, but considering my undergrad is from an unknown college in the United Arab Emirates, I think getting a Masters before that would probably be a good idea. Thoughts?