What degree do I need to succeed as an economist?
Generally speaking, there are two career paths one can pursue with an economics degree. Academic economists work for universities and usually combine research with teaching responsibilities. Non-academic economists (sometimes referred to as economists in industry, or “industry economists”) are hired by a variety of employers, including financial institutions, think tanks, NGOs, governments, and more. Some of these economists conduct research much like their academic counterparts, while others have jobs that are far from academia. Industry roles can be further subdivided into public sector (i.e., government) or private sector (i.e., an investment bank) positions. We have previously covered some of the key differences between these two paths beyond what is obvious on the surface. If you’re curious about the difference in the actual work between these different types of economists, check out the linked article. It offers advice written by an economist who has worked in a think tank and later returned to academia for her economics PhD: “Policy or academic economist: which should I become?”. How many years of schooling should I complete to become an economist? As an economist, it’s possible to find an industry job with just a Bachelor’s degree, but these are almost entirely entry-level roles. This can make good sense for a student who recently graduated with a Bachelor’s in economics and wants to work for a few years before pursuing more education. However, a majority of economists have a PhD in economics, and an overwhelming majority have at least a Master’s degree. According to our Salary Survey results in 2022, fully 92% of economists had either a Master’s degree or a PhD (61.3% had PhDs and 30.9% had a Master’s). Only 6.3% of economists who responded had just a Bachelor’s degree. A career as an academic economist often requires a PhD Almost every successful academic economist has a PhD. It would be very difficult to gain academic employment without one, especially since you’d likely be competing with economics PhDs for most positions at universities. According to the Economist, “Nabbing a top academic job in America requires obtaining a PhD, preferably from a good university”1. Full professor of economics positions (which pay very highly) often require not just a PhD, but work experience and research credentials. More junior academic positions may not explicitly require a PhD, but are usually inundated with applications from young economists who have recently completed theirs. It can be difficult to compete without equivalent academic qualifications, or lots of relevant work experience. A Master’s degree at minimum is suggested for a career as an industry economist Even outside of academia, to truly advance in your career as an economist, a Master’s degree or a PhD are very helpful. A Master’s degree in economics should be considered a minimum educational requirement for most economist jobs. As the US Bureau of Labor Statistics states, “Economists typically need at least a master’s degree to enter the occupation”2. This appears to be broadly true across regions, not just in the United States. Many senior economist positions are only open to those who have a PhD. Further, perusing job postings for economists will reveal a whole host of opportunities for economists with a PhD and a specialization in a subfield. This is because for many industry roles, organizations have a very specific need for an economist and the future hire must have relevant experience. For example, NGOs that compete for development projects often do so via a “request for proposal” or RFP process, where the funding government solicits RFP responses and selects the best offer. These competing NGOs therefore often need an economist with a PhD and proven experience in that project’s specific topic area (i.e., a certain region or type of infrastructure) in order to successfully win the contract from a government agency. This is because part of the NGO’s pitch is the quality of economist staff who would be assigned to the project. Becoming an economist without an economics degree Of course, not everyone recognized as a brilliant economist was trained as such. In fact, some of the most famous economists – like John Nash, winner of the Nobel Prize in economics in 1994 – studied other fields first. Nash was a mathematician by training. Degrees from other fields can allow someone to shift their career into economics, but this will often limit the economics subdiscipline they can work in. As with John Nash, a successful mathematician can quite certainly become an econometrician or similarly quantitatively-focused economist with their background. Statistics, political science, and finance are other examples of fields that allow one to pivot into an economics career. But, these professionals will have the highest chance of success by working in related subdisciplines – such as policy analysis or financial economics. This, however, is not easy, nor is it a standard method to becoming an economist. If you are interested in economics specifically, it’s better to decide on a specialization and pursue a relevant degree program in economics based on those interests. The value of an economics PhD After reading all of this, the value of an economics PhD might seem important, but difficult to quantify. Not so. Our Salary Survey allows us to estimate the return on a PhD in economics; it turns out that these economists enjoy a much higher average salary than Master’s degree economists. Last year, PhD economists earned 50% more on average than economists with a Master’s degree, globally. Clearly, it’s an investment that pays off. Naturally, this figure varies by region. The graph included below shows the increase in average pay for an economist with a PhD compared to one with only a Master’s degree in each region. Average pay for an economist with a PhD compared to one with a Master’s, by region There are many career options to pursue with a degree in economics. When planning yours, we highly recommend that you search for economics jobs that interest you. Learn their requirements and check the qualifications of professionals who are currently employed in those jobs. Doing this will help you learn what education, skills, and experiences you still need in order to be a competitive candidate for those positions. Then, you can take economics courses, get your next degree, or attend conferences to acquire the skills and experience you need. Whatever your chosen path, you can find resources on INOMICS to help you achieve your goals. We wish you the best of luck on your career journey! References 1. https://www.economist.com/finance-and-economics/2020/08/08/what-it-takes-to-become-an-academic-economist-is-changing 2. https://www.bls.gov/ooh/life-physical-and-social-science/economists.htm Header image credit: greymatters on Pixabay (free for use under the Pixabay Content License)
It might be unclear to new students of economics how much schooling is necessary to succeed as an economist. For some careers, a Bachelor’s degree is sufficient. In others, a PhD is a near-necessity. This article will discuss how much education successful economists typically have.
How To Pick A Topic For Your Economics Research Project Or Master's Thesis
<a class="button" href="https://inomics.com/search?program=master-program&economics=agriculturalenvironmentaleconomics,businesseconomics,econometricsstatisticsquantitative,economicdevelopmentgrowth,economichistory,economicsystems,economicthoughtmethodology,financialeconomics,generaleconomics,healtheducationwelfareeconomics,industrialorganization,internationaleconomics,labordemographiceconomics,laweconomics,macroeconomicsmonetary,microeconomics,othereconomics,publiceconomicspolicy,urbanruraltransportationeconomics">Browse our course listings for economics Master's degrees 1. Make sure it's something you're interested in This sounds obvious, but you should make sure that the project you choose is of interest to you. If you're going to be working on a project for months or even longer, then it has to be something which you are engaged with. The best way to keep engaged is to pose a question for your project to which you want to know the answer. Think back over the lectures you've attended and the books you've read, and consider what issues you enjoyed discussing and thinking about. If there was ever a topic which you came across and enjoyed studying, but didn't have the time or resources to investigate more, this is your chance to dive deep and become an expert. 2. Get inspired by previous students' projects If you're unsure where to start, or don't know what sort of project would be appropriate for your course, it's a great idea to look at previous students' projects. In most universities you'll be able to access previous student theses in the library, so you should take advantage of this resource. While you should never copy someone else's idea, you can use it as inspiration. For example, perhaps someone has done a project on the economic implications of an international policy within a certain country. Your project could look at the implications of that same policy in a different country. Or you could look at a similar policy in a different period of history. Additionally, many alumni will still have links with your university, so it may be possible to get in contact with them directly. If someone has written about a topic you are interested in, do not hesitate to request a meet up to pick their brains. Most academics relish the opportunity to discuss their own research, so there is no reason to be shy. In any case, it is always fascinating meeting those more experienced than yourself who have remained in the field. 3. Ask your lecturers or supervisor for advice Once you have one or more ideas about thesis topics, you'll want to ask for advice from people who have experience in assessing projects. You don't want to do a lot of work on a project idea, only to hear much later that your supervisor thinks your topic is not a good choice. Do some basic preparation before meeting with a supervisor or lecturer. Make sure you understand the basic facts of the topic area in which you're interested, and that you have some ideas about what your research question will be and what methods you'll use to study it. Further, make sure that you get feedback on your idea early in the process. This advice extends to the rest of the research project too. It is your supervisor's job to guide you, so keep in regular contact with them throughout the course of your research. 4. Pick something original, but not too obscure It’s common to struggle to come up with new economics research topic ideas, but you don't want to do the same project which has been done by a million students before. Not only will this be uninteresting to you, but it will be uninteresting to the person marking your thesis. Try to come up with a novel approach or a new topic to study. Perhaps there is a new type of data analysis you could use to study an old problem from a new angle. Perhaps new data has been made available, and an older study could be challenged or reaffirmed by studying the new data. However, be wary of anything too obscure – you don't want to be stuck with no materials or resources to work from. To reiterate the above, definitely run your more ambitious topic ideas by your supervisor to help avoid the pitfall of going too niche and really falling down the rabbit hole. <11an>limit:3;categories:Master's Programs;disciplines:Economics</11an> 5. Choose a small and specific topic One general tip when coming up with a project or research question is to think smaller. If you don't know a lot about a topic, you won't yet appreciate all the subtleties and complexities it contains. You might think that you can produce a great project on the impact of the introduction of the Euro in Ireland, for example, but this topic is way too broad to cover in a Master's project. Choosing a topic that is far too broad like the above example is a common mistake that new students make when they are unfamiliar with academic research. Get more specific, and your project will not only be more manageable, but you will actually get to the crux of something. It may seem counterintuitive, or scary - it can seem impossible to write 50 or more pages about an obscure question. But, it’s much better for your final evaluation to maintain a small scope and conduct very high-quality research about that small topic, rather than attempt to explain a large phenomenon alone and fill up an entire paper with surface-level analysis. 6. Consider an interdisciplinary topic If you're thinking of economics Master's thesis ideas but find yourself interested in another academic subject, you may have the opportunity to learn about that field as a part of your research project. You could consider a project which touches on a subject like history, sociology, business, politics, or psychology, for example. The advantage of this is that you can try out learning information and methods from another field to see if studying it further would interest you. It will also help you to create a unique and memorable project, as most of your fellow students will likely study a topic which is based purely in economics. However, this might also make your project a little harder, as you will have more new information to grasp than others – but it can also be very rewarding for ambitious and engaged students. If you wish to take this route, strongly consider finding a secondary supervisor within the interdisciplinary field who can guide you along with your more economics-focused supervisor. This can even be beneficial for your career, as you become well-versed in a niche set of skills that employers or PhD programs would find attractive. 7. Check for available data If you’re doing an empirical project, the success or failure of your thesis may very well come down to data availability. It’s very important to have an idea of what data to use for your study before you commit to a topic. If you have the world’s greatest research idea, but the data to study it just isn’t available, you’re out of luck. To avoid this heartbreaking situation, search for usable data as early in the process as possible. This search can even help you narrow down your topic area of focus, and pick a specific, small-scope research question within your field of interest. Perhaps you’re interested in the effect of malaria prevention programs on children’s economic outcomes in the future, but panel studies haven’t yet been completed in your region of interest. If you search for data, you might find a completed panel dataset that studied a similar disease, or one that studied malaria in a different country. These types of searches can help you pick a related, doable, and properly-scoped research question without wasting time racing towards a dead end. 8. Meticulously plan your experiment Of course, if you’re running an experiment, you can create your own dataset. This situation presents its own, equally important challenges. A poorly designed experiment can render your data biased or unusable even after months of work. To avoid this type of catastrophe, spend as much time as you can designing the experiment, checking over all your assumptions meticulously, and seeking feedback and approval from your supervisor to ensure that the experiment is designed well. Studying examples of experimental designs that led to published studies in prominent journals is highly recommended. Modeling your experiment on successful ones in the past is a great way to ensure your experiment runs smoothly. Header Image Credit: Ilena93 via Shutterstock (licensed image - copyright)
One of the biggest and most exciting challenges of a young academic's career is coming up with that first economics research topic. Knowing how much is riding on the decision, it can also be pretty stressful. With so much to consider, we thought it would be easier to break the decision-making process down into some key points. Consideration of each will give you the best chance possible to make sure the topic of your economics Master's thesis is the right one - both for you personally and for your future career. Without further ado, read on for our advice on how to pick a topic for your economics thesis.
The Top Free Online Econometrics Courses
The courses listed here don't require enrollment in an institution, and are all free of charge for at least a limited time. Many of the Coursera courses allow free enrollment, but may require a fee after a certain amount of time has passed. So, no matter where you are (in your home) - at your kitchen table, armchair, or even in bed - you can have econometrics taught to you by some of the top professors, hailing from some of the world's leading universities. The courses here are all econometrics related, though some cover introductory statistics, which is a necessary prerequisite to understand econometrics. All the courses are available in English and are targeted at various different levels of study. So, no matter where you are in your studies, whether you are doing a Bachelor's or a PhD, you should find something of interest. While some are open tutorials available at any time of the year, others have opening and closing dates for participation. 1. Econometrics: Methods and Applications Course Provider: Erasmus University Rotterdam/Coursera Duration: 8 weeks Background needed: The course is suitable for (advanced undergraduate) students in economics, finance, business, engineering, and data analysis, as well as for those who work in these fields. 2. The Classical Linear Regression Model Course Provider: Queen Mary University of London / Coursera Duration: Approx. 22 hours Background needed: Introductory course, no experience required. This is the first in a series of 4 courses: Econometrics of Economists and Finance Practitioners 3. Basic Statistics Course Provider: University of Amsterdam / Coursera Duration: 8 weeks Background needed: None; this is a beginner course that will help students get familiar with statistics. This and its following course are necessary background for econometrics coursework. 4. Inferential Statistics Course Provider: University of Amsterdam / Coursera Duration: 7 weeks Background needed: Basic Statistics, the course listed just above, is the prerequisite for this course. 5. Econometrics Course Provider: MIT Duration: Self Paced Background needed: Completed introductory course to statistics in economics. Students should be familiar with basic concepts in probability theory and statistical inference (courses #3 and #4 on this list can help you get started with that, if you need it!). 6. Econometrics MOOC Course Provider: Econometrics Academy Duration: Self-paced Background needed: Bachelor's-level knowledge of linear regression models and economic statistics will help you get started, as courses begin at a Master’s level. 7. Bayesian Statistics: From Concept to Data Analysis Course Provider: University of California at Santa Cruz / Coursera Duration: 4 weeks Background needed: Basic background in frequentist (i.e., “regular”) statistics, which courses #3 and #4 on this list can help with. 8. Discrete Choice Methods with Simulation Course Provider: Berkeley Duration: 12 weeks Background needed: Knowledge of statistical methods and software such as MATLAB.
Although the shift toward online learning pre-dated the coronavirus, the pandemic caused a great proliferation in the availability and acceptance of online learning. More and more courses can now be found online, allowing students to continue with their studies or even get credit for some courses from the comfort of their own home.
Econometrics, Statistics and Quantitative Methods (JEL C)
8 Qualities Which Will Get You Through Tough Times In Your PhD
1. Creative Thinking When things go wrong during your PhD program – which they surely will! – then you need to find creative solutions. If your initial analysis found no meaningful results for your primary question, did it reveal other interesting insights? If your pilot experiment didn’t work out, can you salvage the data or design a better experiment? Perhaps you couldn’t find the data you were hoping for – would finding a suitable instrumental variable help fill the gap? The process of research is really a process of learning, and if your research is new, it probably generated new knowledge. Even a finding of “no relationship” can be interesting. <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an> 2. Adaptability As a PhD candidate, you are an expert in some areas but inexperienced in others. In order to deal with challenges, you'll need to adapt and learn new skills. An attitude of lifelong learning is a good quality for PhD students. So, don't tell yourself that you're “not good with numbers” or “not a good writer” - instead, you'll benefit from accepting that you'll sometimes need to learn new skills or spend more time on certain aspects of your research. Asking your peers for help might be a good way to start, thus at the same time forging connections that will help you support one another through the difficult PhD process. 3. Openness As with adaptability, it's important that you are open-minded to new ideas. Don't get too attached to one idea, method, or approach to your work. It's better to consider different approaches when you're in a bind. For example, perhaps your experimental methodology didn't work out, but there might be a different methodology you could use instead. Learnings from other social sciences, both in theory and in methodology, can be helpful here. Especially if you know peers working in other disciplines, it could be very illuminating to chat with them about your research interests. 4. Ability to accept criticism It's hard to hear criticism – especially when you're tired, worried, or stressed. But when you run into a problem, you need to really listen to criticism from your supervisor or colleagues. They have a wealth of information and ideas to offer you, and your project can greatly benefit from them. If you find this difficult, try writing down the feedback and not responding to it straight away. Take a day to think it over before responding, and you'll find it easier to accept valid criticism. 5. Having (and using) a support network You can't pursue a PhD alone, and you'll need a team who can help you out when things get tough. Fellow PhD candidates, other people in your department, people you meet at conferences and events, family, and friends can all be called on to help. Don't be afraid to ask for support when you need it – whether that support is advice, technical help, proofreading, or just going out with you socially to take your mind off things. 6. Perseverance & determination You're sure to come across some roadblocks in your PhD, like your paper getting rejected from a journal, an experiment which did not work out as planned, or the unavailability of resources that you were relying on for your project. In these times, you need to be able to keep working and not give up. If you're really struggling with a problem, it's okay to take a few days off to think about it. Keep pushing back at your problems and seek help when you need it, and you will likely find a way to overcome them eventually. 7. Stress management Everyone doing a PhD feels overwhelmed with stress sometimes. It's normal to feel that way on occasion, but it'll be very hard if you feel stressed all of the time. In order to keep your stress levels under control, you should find a way to blow off steam that works for you. Some people like to exercise or play a team sport, while others like meditation or relaxation techniques. Some people just like to read or to spend time with friends. Find something that works for you and carve out some time for stress management each week. This will make you much more capable of dealing with problems when they do arise. 8. Resilience All of these qualities go together to help you become more resilient – that is, capable of coping with difficult situations and not giving up when faced with problems. Psychological resilience is a very important quality for a PhD student, and one which many graduates will recognize in hindsight as a trait that they developed during their PhD. In a PhD as in the rest of your life, dealing with stress and adversity will be essential for success. Studies have found that positive emotions are key to coping with negative experiences, so one of the best ways that you can build your resilience is to occasionally take time off in which you indulge in fun activities. It might feel frivolous but it will help you in the long run. Image credit: Naassom Azevedo on Pixabay. (free to use under the Pixabay Content License)
Doing an economics PhD can be full of challenges and difficulties. Here we look at some of the personal qualities that will help you continue making progress when you encounter a problem.
5 key differences between American- and European-style PhD programs
This piece primarily focuses on the differences and similarities between economics PhD programs on the two sides of the Atlantic. I later discuss how an economics PhD is organized in other parts of the world, as many other countries have modeled their PhD programs on one of these two styles. Program duration The most striking difference between an American and European economics PhD is the expected duration of the program. In the US, universities traditionally offer a five-year degree where the first two years are devoted to training, and the final three years are expected to be spent on independent research. At the end of Year 1, graduate students take core examinations to progress to the second year. These are traditionally in Microeconomics, Macroeconomics and Econometrics. In the second year of an American PhD, students can choose courses that are closer to their research interests, which allows them to specialize in a particular field. In Europe, graduate programs vary significantly in terms of both structure and expected study duration. A standard Economics PhD lasts three to four years. In the first year, graduate students typically follow PhD-level courses offered by their department and develop a research proposal. The next two to three years are spent on independent research. Recently, many top European economics schools have started offering a 5-year PhD program following the American tradition. It is composed of two years of intensive classes delivered ‘in-house’ by the respective department, after which students are typically awarded a degree of a Research Master’s (or MPhil) and progress onto the research stage. Some universities offer a three-year ‘research only’ program for more advanced students, although this is still uncommon. These programs are usually for students that completed a Research Master (or an MPhil) somewhere else or gained extensive research experience prior to their PhD. Master’s degree requirements The second difference between an American and a European PhD is whether one can apply with an undergraduate or a Master’s degree. Most economics departments in the US have a preference for candidates with a completed Master’s degree. However, this is not usually a formal requirement: many successful applicants get in with an undergraduate degree and no or limited prior research experience. To strengthen their portfolio, especially when applying to top schools, some applicants spend a year or two as a predoctoral fellow (“predoc”) at a reputable department. <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an> Research flexibility American and European doctoral programs also differ in the degree of flexibility that the students get when choosing their research topic. In the US, a doctoral dissertation is a composition of several (typically, 3-4) research papers that might or might not be interconnected. They can even come from different fields in economics and demonstrate a diversified portfolio for a future PhD holder. A job market paper, which is chosen from the research portfolio and is usually the most promising and advanced piece of research, plays a far greater role for someone who wishes to pursue an academic career. This is because those pursuing an academic career will be required to submit a single paper for presentation at an annual American economics job market event, where recent PhD graduates are matched with academic institutions. The process is highly centralized in the US by the American Economic Association (AEA). European PhD students typically develop an elaborated research proposal prior to commencing an active research stage. The projects (typically 3-4) are expected to be interlinked and within one research field. In striking contrast to the US, many departments in Europe and the UK offer project-based PhD positions. That is, a professor (or a research group) submits a grant proposal on a specific topic to the national or European research council. If the application is successful, the allocated funds are used to cover the compensation of everyone involved: from research assistants and PhDs to postdoctoral researchers and principal investigators. Typically, several PhD students are recruited for one project. As the research topic is predetermined by the project, students have little flexibility to work on something else. This form of doctorate studies is rare in America. Funding opportunities Funding sources and opportunities for PhDs are another striking difference. In America, PhD funding is typically a complex composite. The funds come from various sources: the graduate school, the department, or a dedicated charity or national fund. The form of funding varies, too: from teaching and research assistantships to merit-based scholarships. The final amount might vary from year to year and depends on the student’s individual circumstances. In Europe, a PhD scholarship is usually a fixed amount offered for the duration of the program. Additional funds may come from teaching and exam invigilation activities (the latter being particularly common in the UK). The funds are allocated by the university or the department. For those pursuing a project-based PhD (see the previous section), the funds come from the sponsoring body and are administered by the department. Moreover, in Europe, it is common to do an externally funded PhD: a company or an organization (such as a ministry, a national central bank, or a think tank) sponsors the doctoral degree for their (future) employee to research a very particular topic that is relevant for them. This is usually done in collaboration with a university, but the expenses are covered by the respective stakeholder. Teaching expectations Both American and European PhD programs offer significant exposure to teaching. In America, teaching duties are not only an essential part of economics PhD training but also a source of funding in most cases. Teaching at both undergraduate and Master’s levels is considered a crucial element of a successful academic job market preparation for graduate students. In Europe, the amount of teaching workload depends on the program and institution. In a standard 4-year PhD track, students spend on average 15% of their time on teaching. Project-based and externally funded PhD students are typically not expected to teach any classes, but the department usually provides the opportunity to do so at the student’s will. In the UK, for instance, PhD students can choose how many hours to teach: this work is paid on top of the base PhD scholarship. How it works in other parts of the world Universities in Australia, New Zealand and Canada typically follow the American PhD structure: two years of classes plus three years of independent research. A PhD experience there is comparable to the one in the US. Similar programs (in terms of organization) are offered by top Asian schools in Hong Kong, Singapore, and South Korea. In other parts of the world, where economics research capacities are less developed, doctoral studies take various forms, such as employment at the national academy of sciences. My experience of choosing a PhD I applied for 7 PhD programs in both the US and Europe and got offers from 4. I personally opted for a Dutch 3-year program. From day one, I have focused on the research project that I started during my Research Master’s degree. The university also offered me the chance to take on teaching and supervision responsibilities from the first year. My choice involved a trade-off, too: as I am not part of an established project and came with my own idea that had been partially carried out elsewhere, I had to accommodate more risks related to my research output. For example, I had to prove that my research idea fit the department’s agenda or that, as a newcomer to the faculty, I would be able to finish the chapters on time. But those concerns were swiftly managed thanks to the collaborative relationship that I built with my supervisors. If you’re in the position that I was, and you already have a Master’s degree, a developed research idea, or some prior research experience, a 3-year or 4-year program in the European style can be an appealing option. But, for those students who don’t yet feel confident in their academic background but are committed to the PhD path, an American-style 5-year program can offer a great starting point. Header image credit: Pam Patterson on Pixabay. (free for use under the Pixabay Content License)
A PhD is a life choice. One of the crucial factors that a potential graduate student should account for is that doing a PhD in the US can be a completely different experience from doing a PhD in Italy, Germany, or elsewhere in Europe.
Time management One of the first skills that you'll pick up in your PhD program is the ability to manage your own time. Unless you have an unusually overbearing supervisor, you will have to be responsible for organizing your own working days and making sure that your work gets done on time. This is excellent training for other roles later in your career in which you will have to allocate time for various tasks to meet deadlines. Browse our PhD program listings for economics Importance of prioritization Related to time management, you will also learn to assess the priorities of various tasks. What needs to be done right now, and what can wait? Is it better to get small tasks out of the way quickly, or should you tackle big, demanding projects first? There are different styles which work for different people, and being responsible for your own research project will teach you which prioritization techniques work for you. How to work with others Although doing a PhD is largely an independent undertaking, you will also need to work with others. Whether working as part of a research group or organizing an event with your fellow PhD students, you will learn to listen to others, to make your own suggestions to a group, and to find compromises. These are all invaluable skills for later in life. How to give an oral presentation At some point in your PhD you will be required to give an oral presentation, such as at a conference, workshop, or as part of your thesis defense. You will get in practice at putting together interesting slides, at speaking clearly to a group, and at conveying information in a comprehensible way. Self-motivation One of the biggest challenges to overcome in your PhD is having to motivate yourself. It's unlikely that anyone else will push you to get your work done, so you have to find ways in which you can encourage yourself, even when you're tired or bored. Being able to push through negative emotions to meet your goals is one of the most broadly useful life skills you can acquire.​ Effective writing and editing Whether you write up your thesis as one large document or as several shorter journal articles, you will learn a lot about making sure that your writing is not only accurate, but also concise and engaging. People who have done postgraduate study will have much more writing experience than most of the public, and this is advantageous for many career paths. <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an> Independent creative thought An underrated skill that you will pick up from running your own research project is the ability to think about problems in creative ways and to come up with novel solutions and ideas. Because you will be working on a new and previously uninvestigated topic, you will not always be able to rely on the concepts of others, and will have to find your own approach to issues. The confidence that this gives you will help you when problem solving in future situations, both personal and professional. Learning how to learn Possibly the most useful thing that you'll discover when doing a PhD is what learning methods are effective for you and how to make use of them. You may need to teach yourself skills such as data analysis, programming, or other technical skills. Beyond acquiring the skills themselves, you will also find out about how you learn, and what teaching methods work best for you. Do you like to read a lot of written information? To see someone knowledgeable working in practice? To test and experiment with new tools by yourself? Being able to identify the methods that work for you will mean that you are capable of teaching yourself any skills that you may require in the future, which is helpful whenever you come across a new or unfamiliar situation. Header image credit: Pixabay.
Doing an economics PhD will make you an expert in your research topic, but, beyond that, it will also teach you a number of valuable lessons which are applicable to other jobs and your personal life. Here are some of the most useful lessons that you'll learn from undertaking your own independent research project. If you plan to start your PhD application this autumn, download our free guide "How to successfully apply to a PhD in Economics".
How to balance your PhD and your social life
Treat your PhD like a regular job One of the challenges of adjusting to life as a PhD student is the lack of a firm schedule or a definite structure. Although there are options for structured PhD programs, especially in the US, many PhD programs do not have required coursework or set work times. This can make it hard to know when you should be working, and conversely, when you are allowed to take time off. To help with this, where possible set some regular working hours for yourself and try not to answer emails outside of normal working hours. There can be considerable pressure from your supervisor and others to be available at all times, but waking up in the middle of the night to answer emails is not healthy. And, if you stick to regular working hours – for example, 9 to 6 from Monday to Friday – you'll have less of a need to answer late night emails. This will help to keep your evenings free for social events, both practically and mentally. <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an> You need holidays and days off Similar to the advice above, when doing a PhD program there is a feeling like you should be working every spare second that you have. But no one can work 100% of the time. For the sake of your social life and your well being, it's vital that you take weekends and holidays off. Use this time to see friends and family and try not to think too much about work while you do. One good way to take vacation is to add a few days to the end of your trip when you travel to a conference. Conferences are usually held in exciting locations and you'll only need to pay for the extra days at a hotel and your daily expenses. A few days off after a busy conference can be a great way to relax with friends, co-workers, or a partner. Attend social events at your institution If you don't know many other people who are doing a PhD, you might feel very isolated and like no one understands what you're going through. A good way to get to know other people in the same situation as you is to attend grad school events at your institution. It is always helpful to get to know other PhD students, especially those working in your field, so that you can support each other and trade tips on succeeding at a PhD. Taking this time to meet and chat with other PhDs isn't only important socially – it's also a part of professional networking. So don't feel bad about taking a few hours after work to go out with your fellow PhDs. Prioritize events and don't try to do everything On top of your research work, when you do your PhD you'll have lots of other events to attend too: department meetings, grad school events, lectures, workshops, conferences, summer schools, and more. These extra events can absolutely help you in your PhD and you should definitely attend some of them. However, you won't be able to attend everything – and if you tried to then you wouldn't have time for your research, let alone for time off. So prioritize these events – what is necessary, and what is optional? You are allowed to decide not to attend a lecture or other event if you are just too busy. Create a timeframe for finishing your PhD A difficult part of finding a balance with your PhD is that it is such a long-term project; usually it lasts at least three years, but often more. This makes it hard to know what goals you should be hitting when, which in turn means that you don't know when it is reasonable to take time off. A way to deal with this is by drawing up a timeframe of your PhD which plans the dates by which you would like to have achieved certain goals. For example, maybe you would spend three months researching experimental methodologies, another three months designing and implementing your own methodology, six months of data collection, then a year on your data analysis and writing up a paper. Once you have this timeframe, even if it is only approximate, you can feel more confident about your progress through your PhD and feel less guilty about taking time off. Knowing that you are hitting your targets will allow you to take social time more comfortably.
Doing an economics PhD can feel like an all-encompassing task, but it's important for your well-being that you have a social life during this time as well. It can be hard to balance the two, but if you don't, you may find yourself overwhelmed and not able to enjoy your time researching and writing as much. Here are tips on balancing your PhD with your social life.
If you go through curricula vitae of recent PhD graduates, you may find it’s not uncommon to see that a PhD owns two master’s degrees. As lots of MA/MSc in Economics programs are one-year programs, some students will pursue an MRes or MPhil in Economics afterwards. Others may opt for a degree in applied mathematics, statistics or another field with an intention to strengthen their quantitative and/or coding skills (summer school programs are another option to do this). Even more common in those CVs is seeing a predoctoral research assistantship (henceforth, “predoc RA”). For many students, this job was done during their bachelor’s or master’s studies, while for others, it was a full-time predoc RA position in the interim before their PhD programs. Both of these cases are what the phrase “predoc life” refers to in this article. As a current PhD student who has fairly recently experienced the application process, and who has quite a few friends and peers who have also had this experience, I’m sharing this overview to help others who are considering a PhD. This article is specifically for those students who are not sure whether to apply to a PhD straight away, or to extend their predoc career first. <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an><o:p></o:p> The pros and cons of predoc life There are differing viewpoints about whether prolonging your predoc life is helpful or not. Although receiving broader academic training, replacing the current GPA with a better one, and developing a more fully-fledged research idea are some of the many pros, the cons deserve to be shared. Given increasingly difficult admissions (which has been observed, but as of this writing not proven), a second Master’s without plenty of advanced courses and excellent grades may even hurt your chances of being admitted to a PhD program. Likewise, a full-time predoc RA position does not necessarily help a lot if the professor is not truly satisfied with your work and would not give strong support to your application. Anyhow, a research Master’s, predoc RA, or even a combination (a few master’s programs actually offer RA positions to all admitted students, such as the Master in Quantitative Economics at LMU Munich) tend to be indispensable for candidates who want to earn a place in prestigious programs, although the minimum requirement of some of those programs on the surface may just be a Bachelor’s degree. A PhD fellowship is highly demanding, even beyond top-ranked programs. For that reason, many students have to choose between a fully-funded fellowship or a more prestigious program. On the one hand, more prestigious programs are more selective, offering self-funded admission or partial scholarships (tuition waiver or similar) to candidates who are qualified but less competitive in their intake year. On the other hand, “aiming lower” can make applicants eligible for full scholarships in some other programs. What are common PhD pathways? Regardless of program choice, sometimes we have no choice but to catch up with our peers, or we may simply self-select and join this marathon. Reasons we do so are complicated. Earlier this year, one of my friends discussed her PhD application with me. Both of us had the same concern that we were not yet well-prepared to be competent in carrying out research after our two-year Master's studies. Thus, we preferred a structured PhD program involving one to two years of intensive coursework, which corresponds to an MRes or MPhil in Europe but is a default component of PhD programs in the US. I bet we are not the only two people on this planet who were not confident, and puzzled by whether we should extend this “prelude”. Our concern is somehow endemic to the EU, as, unlike the US, students here generally have two application paths with funding opportunities. One path is position-oriented, often tied to a funded project where the principal investigator (PI) who will be the supervisor can decide the candidacy. Whether applicants’ previous research experience and their proposals fit the project are often the most important factors in the decision. And the application highly hinges on timing – you cannot predict when a PI will obtain a grant and start recruiting a PhD. This is a traditional pathway in many European countries, including the UK, Germany, Sweden, Spain, etc., for both professors and students to find each other. The positions are typically funded for 3–4 years, with strong heterogeneity across countries, universities and disciplines. Candidates will then be employed as faculty and mainly work for the project they applied to. In most cases, there is no more coursework prior to the dissertation stage. In contrast, the other pathway is more like the US where the intake is routinely organized with a definite starting date and application deadline. Admission is relatively more merit-based, i.e., utilizing GPA, IELTS and/or GRE scores, and scrutinized by a committee. Top-ranked students will usually receive scholarships with no obligation to teach or assist in research, while others may apply for teaching or research assistantships to get financial aid. These PhD programs may or may not include a one- to two-year Master’s component. More and more Economics programs do include one, particularly among those that offer funding. Some students accepted in the first pathway will also be enrolled in these programs. There are also similar types of programs that are open for applications throughout the year, but candidates are often required to seek funding opportunities on their own in this case. Will your studies adequately prepare you for research? Let’s get back to our puzzle. Should you prolong your predoc life? I do not deny that additional coursework could be helpful and provide more buffer time to allow students to adapt to research. Yet when my friend said she thought she needed it to underpin her research abilities, I started wondering if this is truly the case. Why were we not trained well enough by our Master’s to be capable of doing research right away? Research is a new domain and requires its own set of skills. Consider that time spent on coursework can indirectly help students develop research abilities. My friend thinks (and I used to agree) that we do not really master what we were taught, but as we have learned topics once, we will understand them better if we learn them again. Suppose we attend a course in fall 2021 and start a relevant research project in spring 2023. To what extent will we still remember those details? Will we need to learn them a third time? Will a mathematical proof perfectly done in the exam enable us to apply it practically in our projects right away? Will specialized courses taken during a program cover all the knowledge we need for our research? To be very honest, I’ve found that things I learned from the majority of my courses are irrelevant to my research. This is because as our studies become more advanced, the content of courses becomes narrower and narrower and relies more or less on lecturers’ research interests. Thus, if you have been taught income inequality in a Development Economics course, when you later undertake research on human development you may still need to cover some gaps on your own. However, this doesn’t mean that those courses are useless. They are meaningful in a way besides directly contributing to my work – they made me aware of what are canonical and/or cutting-edge studies in many subfields and whether I am interested in them or not. Therefore, exposing you to some topics and helping you explore your interests are part of their true value. The importance of “learning by doing” I believe we can never be truly “well-prepared” for research. We may often find ourselves falling short in certain knowledge or skills, but we cannot rely on classes and exams forever. My personal experience is that “learning by doing” makes more sense. It’s always somewhat of a mystery until you actually try to do it. This, not uncommonly, goes beyond what you learned in courses such as advanced microeconomics or econometrics and into something much more “niche”. However, we can hardly figure these things out ex ante. When we kick off our research, we should not only identify gaps in scholarship but also in our own knowledge. In fact, I think learning and researching often co-evolve during my work. When I do a literature review, I always learn about new models, theories or econometric techniques that are not so classical and thus not covered in courses. Following the literature review, I may choose a few favorite articles as a starting point, think about what they didn’t address and what virtues I can absorb, and accordingly what else I can do based on them. In my case, this could lead me to a better dataset, a new methodology and/or a more refined model. For the latter two, reading and learning from recent articles and books is often important, as all traditional approaches have already been done – after all, how else did they become traditional but by being done often? In conclusion: recommendations for students Personally, I would suggest students try a part-time RA in parallel with their studies rather than directly jumping into a second Master’s or other program, ceteris paribus. If this is not an option for you, in my humble opinion, a research Master’s with RA opportunities or a Master’s in statistics or data science is a good option. This is because they can at least improve your employability in industry (if you change your mind, you can apply for an internship before your graduation – enrollment is important in some EU countries for finding interns). Instead, doing a full-time predoc RA would be more ideal if you are very certain that you want to do a PhD. It will take some commitment, but if you are dedicated to getting your PhD, the payoff could be worth it.
Due to COVID-19, PhD applicants over the past two years have had quite difficult application periods. It seems common now for students to apply to a range of universities and not be accepted to any of them. In fact, even without this exogenous pandemic factor, admission to economics PhD programs has been becoming increasingly difficult as a result of the excess supply of PhD applicants.
Finance Option #1: Assistantships, Teaching and Research Most major universities offer teaching or research assistantships. Teaching assistants will typically be placed with a professor to assist with one or more courses. This could include grading, tutoring students, helping to organize assignments, and even leading lectures in your area of study. Assistantships provide tuition remission in addition to stipends and are a great way to get a taste for working as a professor. A research assistantship will likely pair students with one professor or a team of professors working on a specific research project. Most assistantships will be offered on a merit-based program, but you should nevertheless reach out to your specific department and make them aware that you’re interested. It is not uncommon to be offered an assistantship mid-semester or midyear. Look outside your own department, too, especially if there are opportunities to work with Deans or leadership offices, as these also tend to provide opportunities. <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an> Finance Option #2: Fellowships and Grants Fellowships are awarded to PhD students; they are incredibly competitive and often are not available to students until they are nearing the completion of their academic work, but there are exceptions. Fellowships are typically based on your research background and scholarly promise, so invest time in early years of the program developing a solid academic profile for consideration in these competitive offerings. A research grant is generally offered to programs or research projects working on a specific research design or vision. Grant programs will assist with the funding to complete the project, such as needed materials or travel associated with collecting data. Keep in touch with professors in your field and email news lists or online sites relevant to your department. Finance Option #3: A Night Program/ Part Time Program With the recognition that some students cannot attend PhD courses full time, there are a growing number of doctoral programs with flexible options. Some have portions of the program that can be completed online, while others have part-time schedules to allow you to maintain full-time employment (and use tuition remission programs through their company). Still others operate programs on a night basis to allow you to study or earn an income during day hours. If you’re planning to move near the campus anyway, consider getting some “hands on” experience in your field (for example, an urban affairs student might take a position at the city manager’s office). When you’re at interviews for academic positions, you can highlight your academic and “real world” experience as a unique combination. Finance Option #4: Mixed Bag Many PhDs fund their studies with several different options. Some will take out loans as financial aid, since in many countries government-backed student loans have better interest rates compared to private lenders. Others pick up part-time jobs, work as substitute teachers or obtain jobs directly at the university. Scholarships are also available at the doctoral level. Consider searching for them with keywords such as “my department” “PhD scholarship”. Universities, corporations, and communities are known for sponsoring these and they are generally merit-based. Funding a PhD is a unique challenge. But rest assured that many have successfully navigated this path before. Investigate your options, remember what your goals are, and stay patient. It is possible to become an expert in your field, and by combining a smart approach and a persistent attitude you too will find the (financial) means to do so.
A PhD can be a very expensive endeavor regardless of your background. There are many funding opportunities to finance your economics PhD and they are all worth considering prior to committing to a specific program. Remember that there are options, and that ultimately most graduate programs will view you as an asset based on what you can give back to the program through research, assisting other professors, or even obtaining grants. So, although you’re competing to get into their programs, they should also be “competing” to offer you the most options for financing. If you plan to start your PhD application this autumn, you can also download our free guide "How to successfully apply to a PhD in Economics".
Building Your Career in Economics: From Study Choices to the Economics Job Market
Economists work in a variety of industries including business, health, government, and education, and their role mostly involves research and providing reports and recommendations based on data collection, analysis, and interpretation. In the United States, local and federal government agencies are the largest employers of economics graduates. It is essential that students plan their education based on where they are interested in entering the workforce. Although it is possible to gain an entry-level position with a bachelor’s degree, a master’s degree or a PhD are typically required to work as an economist for the government or in academia. In the competitive economics jobs market, it is important for students of economics to consider their career choices early. 1. Choosing a Concentration When pursuing a degree in economics, students can choose various concentrations: business economics, corporate finance, quantitative economics and econometrics just to mention a few. Students who graduate with a concentration in finance can find employment at large banks and government organizations as a consulting, financial, credit, risk, or valuation analyst; or a databank administrator, trader and more. A concentration in business economics, on the other hand, offers versatility which translates to a wide range of employment opportunities such as entrepreneurship or marketing in any sector such as finance, manufacturing, services and government. Concentrations in quantitative economics and econometrics can lead to jobs that require expertise in economic modeling, forecasting and evaluation. Students who choose this major usually continue to graduate studies and find employment in academia or as data scientists, risk model analysts, market researchers, consultants or investment bankers. The ability for economists to analyze data using mathematical and statistical methods is in high demand and short supply, which puts economists with strong analytical and quantitative skills at an advantage when seeking employment. Regardless of the concentration chosen and the level of the degree pursued, there are some steps students can take to build a foundation for a successful career as an economist. 2. Skills for Undergraduates Undergraduate students should focus on developing and demonstrating technical and soft skills such as the ability to communicate effectively. A good analyst must also be able to explain their work. Hard skills, including quantitative analysis, are also very important. Any economist would recommend undergraduate students to take at least one econometrics course to demonstrate quantitative and data skills. It’s also a good idea to pair economic courses with some computer or data science courses for a well-rounded background. Researching a preferred industry or role and tailoring your academic path with a goal in mind will also improve your appeal when seeking a job. Networking is critical as it allows you to garner real-world knowledge of the skills required and job opportunities available in your career path by meeting professionals who work in your industry of interest. Many recent generations of college graduates are already at ease with technology and social media and can put that expertise to work by using platforms such as LinkedIn to streamline their job search and application process. 3. Skills for Graduate Students While graduate students should hone their technical and soft skills, they should be more mindful of demonstrating solid hard skills through their research work, especially quantitative skills that are in high demand in both the private and public sector and in academia. Economics graduate students should seek out internship opportunities, study abroad if they can, and identify service-learning opportunities. Internships and corporate partnerships offer students real-world insight into the professional world and can consolidate and enrich their graduate research work. As interns, graduate students should focus on developing leadership and communication skills and seek mentorship from colleagues with more experience. Professional networking can really jumpstart a career both in the professional world and academia. Joining professional organizations, such as the American Economic Association (AEA) in the United States or the European Economic Association (EEA) in Europe, can provide opportunities to meet fellow economists to read, write, and review research papers, while also making contact with professionals in a specific career field or even learning of available job opportunities. Professional networking associations and academic institutions often host conferences, gatherings and workshops that provide excellent casual networking opportunities. Services like INOMICS are a great place to find conferences and events like these. 4. Find out about Employment Opportunities Opportunities that can benefit undergraduate and graduate students are available through their university, such as corporate partnerships and college fairs. Corporate partnerships are a partnership between a university and a private or public company, and allow students hands-on experience in certain fields and roles. Career fairs allow companies that are seeking new employees to meet a pool of economics graduates in one place. The students are often able to make a first impression with the representatives of a company in a setting that is more informational than a job interview. Informational interviews are another way to make contact with professionals that work in a specific career field or company. The purpose of an informational interview is to have an informal conversation and learn more about a company or a career without actively seeking a job. It requires preparation and some amount of research, and can lead to learning more about career paths you may not have known existed while also learning what it would be like to work for a specific company. The first step is to identify a professional to interview; help in this process can come from family, friends, university alumni or even LinkedIn and then make first contact and request a meeting. Preparation before the meeting is fundamental to the success of an informational interview as this is a unique opportunity to prepare and ask questions about the career field and the company and also seek advice, present a resume and make a good first impression. An informational interview can remain just that and end with a note of thanks or can be the foundation to building a professional relation with the interviewee that can lead to job opportunities (Knight, 2016). 5. Research the Economics Job Market There are several places to find economics jobs. INOMICS is a great place to start, with opportunities around the world offered at all career levels, from PhD and entry-level industry to tenured professor positions. Updated on a daily basis, INOMICS is a strong example of a real-time economics job market. The European Economic Society (EEA), together with the Royal Economic Society (RES), and the Spanish Economic Society (SEA), have created the European Job Market (EJME) to match promising economists with European research institutions and universities. The AEA also hosts academic job listings for economists, as well as the annual job market scramble for recent PhDs. Successful job seekers in economics and any other field are ultimately proactive individuals who do their homework. They are go-getters who research the industry and the career positions. Most of all, they pursue opportunities to build a strong network of professional contacts that can provide insider knowledge of the industry and roles of interest and bring future job leads or offers. The good news is that the U.S. Bureau of Labor Statistics estimated a 13% projected growth of economics jobs in the next decade (Bureau of Labor Statistics, 2021), making economics one of the most promising fields of study. So look out for jobs you could imagine working in, think about which classes will help you get those skills, and fret not. You’re on a good path. The above article first appeared in the INOMICS Handbook 2022. Download the INOMICS Handbook Sources: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Economists at https://www.bls.gov/ooh/life-physical-and-social-science/economists.htm.
Chiara Yates, professor of economics at Southern New Hampshire University, offers advice to aspiring economists navigating their studies and the early stages of their career. The following article first appeared in the INOMICS Handbook 2022. Download the INOMICS Handbook
World, Business, & Financial News Apps 1. The Economist App Store / Google Play This app from The Economist magazine focuses on news and analysis for economics topics from around the world. It offers a selection of free articles from The Economist, plus reports on current affairs, science, technology, and other news. You can save articles to read later and share articles over social media. If you’re a regular reader of The Economist, then this app is a must-have. 2. Yahoo Finance App Store / Google Play One of the most popular finance apps is Yahoo Finance, which you can use to track the stocks that you are interested in and get real-time information on the stock market. There is also a section for finance news which has all the headlines you need to read to stay updated about the current economy. The app is mostly aimed at investors, but with all this information it’s also helpful for economists (particularly those in the finance industry) who want to stay informed. 3. Castbox App Store / Google Play A great way to keep up with the latest news and discussions in economics is to listen to podcasts. Podcasts like Marketplace, Planet Money, or Bloomberg Taking Stock are great ways to learn about current events with an economics angle, and you can listen to them while you are exercising or pottering around the house. Castbox is a free and easy to use podcast app. 4. Bloomberg App Store / Google Play Another very popular finance app like Yahoo Finance is Bloomberg. This app has sections for business and finance news, market data, and portfolio tracking. The news section is also outstanding and offers analyses and opinion pieces as well. Economic Databases 5. FRED App Store / Google Play Another fantastic place to find economic data, the Federal Reserve Economic Database (FRED) app contains “nearly 810,000 economic data series from 108 regional, national, and international sources”. These data series include a myriad of economic indicators and variables, like interest rates, prices, international trade volume, etc. over time. The app is perfect for economists, financial industry professionals, academics, and anyone else interested in economic data. 6. IMF App Store / Google Play Simply titled “IMF”, the International Monetary Fund’s app contains news, press releases, podcasts, and other insights. It also contains a huge amount of economic data. One of the coolest features is the app’s Data Visualizations tool; with it, users can easily visualize color-coded maps, charts and graphs of worldwide economic data with the touch of a finger. The app also contains country-level data on a wide variety of statistics to dive deeper into specific regions. This is a great way to explore macro-level economic data in style. Calculators & Tools 7. PocketCAS lite for Mathematics App Store If you’re doing advanced calculations for your data analysis, then it’s useful to have a scientific calculation app on your phone. The PocketCAS app (for iOS only) has advanced features like creating 2D and 3D plots, performing calculus operations, algebra functions, and conversion of physical units. For advanced statistics users, this app is a must. 8. HiPER Scientific Calculator Google Play A free calculator option that can be used with Android, HiPER includes writing expressions as fractions, symbolic algebra, integral and derivative functionality, and up to 100 digits of significance and 9 digits of exponent. It can also detect repeating decimals. There is also a Pro version that is a paid upgrade option. 9. Oanda Currency Converter App Store / Google Play When you need to stay informed about fluctuations in world currencies, it helps to have all of the important information in one place. This is what the Oanda Currency Converter offers, letting you track daily rates for different currencies and including an option to add a percentage to rates to simulate the actual rate offered by banks and credit card companies.
In spite of all its distracting qualities, your phone is one of the most useful tools you’ve got, whether you’re studying or working in the field. It’s simply a question of how you use it. With this in mind, we have compiled a list of apps that are helpful for economists to have. They can help you find data, stay up to date, and crunch numbers on the go. INOMICS takes part in the Apple affiliate program. This article contains affiliate links, which means we may earn money through any qualifying purchases made after you click through. However, this is not a sponsored post.
Top YouTube Channels to Learn Econometrics and Economics
So, are you looking for resources to learn economics online? INOMICS has got you covered, whatever your reason. We’ve published various articles that aim to help our readers make the most of online resources already out there. Some of the most popular thus far have included free and paid for online courses in econometrics, lessons in mathematics and statistics, and a list of the best (in our humble opinion) economics podcasts. Continuing in this vein, we would now like to share with you a list of the best YouTube channels we could find, updated for 2022 and useful for any student of economics. For more online learning opportunities click here INOMICS We’re big readers here at INOMICS, but did you know that you can watch our content, too? Aimed at young economists, our Youtube channel’s fun, short, and informative videos help explain all those economics terms you should know, but often don't...Need a quick definition of the prisoner's dilemma? INOMICS has just the video for you. New Economic Thinking It’s important to question conventional understandings of economics, especially when they may uphold systems of oppression or hide ideological assumptions that need unpacking, debating and challenging. The Institute for New Economic Thinking’s channel does an excellent job of this, featuring regular interviews with economists at the front-line who are moving the discipline forward. Marginal Revolution University Marginal Revolution University believes that economics has the power to change the way you see the world. Their mission is to help you discover your inner economist, one video at a time. With full courses like the principles of micro and macroeconomics, mastering econometrics and series like everyday economics, checking out MRU really is a must for any budding economics student. <11an>limit:2;categories:jobs|courses|conferences|Professor;disciplines:Econometrics, Statistics and Quantitative Methods (JEL C)|General Economics (JEL A)</11an> EconplusDal Next up is EconplusDal. Frustrated by the lack of economics help available when studying economics himself, EconplusDal is trying to right that wrong. Now as a fully trained economics teacher, he makes videos especially for economics students to help them pass their exams. If you are an International Baccalaureate student or studying for an A Level exam in the UK, his specialized exam content makes this the channel for you. Jacob Clifford Meanwhile, if you’re a student in the United States Jacob Clifford has specialized exam content just for you. With over 500,000 subscribers, he's definitely doing something right. Khan Academy Khan Academy is a non-profit organization with the mission of providing a free, world-class education for anyone, anywhere. With over five million subscribers, they cover a lot more than just economics topics, but their economics content is really great. If you need to understand a particular theory, the chances are they’ve covered it. One Minute Economics All of One Minute Economics videos are lovingly animated and narrated by Andrei Polgar who has a passion for teaching people economics. No long introductions, or unnecessary fluff, Polgar gets straight to the point and therefore well worth a look. Economics Explained In the video essay genre, Economics Explained takes a wide-ranging look at a whole host of economics topics. They are particularly well-known for their deep dives on the economy of a particular country. It can be a fun break from all the lesson-style economics content available. Ben Lambert Ben Lambert's videos provide detailed commentaries on the main undergraduate and graduate courses most universities offer in economics. They are taught through a series of lectures given on an animated chalkboard. Watching his videos, you get an impression of exactly what an economics degree will be like - without having to pay the admission fee! Ashley Hodgson An associate professor of economics at St. Olaf College, Ashley Hodgson has been busy making lots of videos on her channel. Her favorite topics include behavioral economics, blockchain, health care, game theory and microeconomic theory. These videos are great for university level students! She also includes videos on fun and interesting behavioral economics topics, like love and kindness. The Economist First up, you really can’t go wrong with a quick follow of The Economist’s YouTube channel. Every Thursday they post a video that highlights the best of its reporting from its print and digital edition. This is also a good way to stay on top of current events relevant for economists. The Financial Times The Financial Times’ YouTube channel showcases some of the best of their journalism in visual form. With the stated aim to inform and inspire you, a quick follow can add color to the latest economics stories of the day. If this list still has not quenched your appetite for economics content, you can check out our own Economics Terms A-Z or our Blog to see what our economist contributors are writing about!
Online learning is not a novelty anymore. During the coronavirus pandemic and subsequent lockdown, many institutions were forced to invest in their online program offerings - or simply adjust their courses to be online-friendly. But sometimes it’s nice to learn without having to fully commit to a long program. Other times, learning from a different source can help new concepts make sense, or can refresh the memory.
5 Industry Skills I Never Thought I Would Use in my PhD
Approaching an economics PhD similarly to a job helps students complete the journey in good shape. In business, people think in terms of products, projects, and stakeholders. To create a product, one needs an idea and a team. To implement the idea, one needs to arrange the process and set the deadlines. To get the product to consumers, one should market it properly. A PhD is similar. The thesis is one big project with chapters as products, and yourself, your supervisors, and the university as stakeholders. The difference is that you do the full round of tasks yourself: writing a research proposal (sales), implementing ideas (project management), and presenting the outcomes at conferences and in journals (public relations). I worked for a private think tank before starting my doctorate in economics; these five skills from my job were instrumental in helping me handle my PhD. Sales mindset Attempting to submit a winning research proposal is not unlike trying to market a new product. A successful venture solves someone’s problem and caters to someone’s needs. This someone then has high potential to become a customer. To facilitate this, a company creates brand awareness and reaches out to the target audience to gain clients. For big and expensive products, clever sales managers approach each client individually to ensure better conversion. When applied to academia, a research proposal is a sales letter, and a research idea is a future product. Academic research is rarely done in a vacuum, and a PhD is not an exception. Output is usually big, long, and expensive, which is why knowing the potential consumers of your research is crucial. Just like with target ads, research proposals and papers should be tailored to organizations, journals and individuals who will be reading and evaluating them. Be aware of who will be reading your text and plan the output accordingly. Project management A PhD is one big project with a clear delivery term, and thesis chapters are the products. In an industry job, project management lies at the core of product delivery. A project manager evaluates the feasibility of the work that needs to be done, arranges teams and keeps track of the project’s progress. They are responsible for the delivery being on time and within budget. In a PhD, you are your own project manager. Thesis chapters and papers are separate products. They need to be delivered to the stakeholders (including yourself) within the PhD track. Your supervisors, external co-authors, and fellow economics PhDs are your team. Due to the uncertainty accompanying the research output, project management may not work out perfectly. It is important to set clear and attainable goals. Deadlines and regular stand-up meetings with the team help one to not lose sight of the ultimate goal of submitting the manuscript. Public relations Visible research output contributes to one’s personal brand and improves one’s chances on the labor market. Public outreach shapes the company’s image. The way the brand is perceived by (potential) clients impacts profits. Open and responsive companies are more successful on the market. Businesses invest in marketing to sell products, build brand awareness, and retain customers. Research output, and the way it is distributed, shape the personal brand of its author. In an ideal world, academic research serves society. Thus, society should recognize the value that is being created within the university walls, that are often public institutions. One must ensure their research is readable and becomes visible to a broader audience. The skill to communicate and promote one’s work (and thus, one’s expertise) helps to stand out on the labor market. Networking Build your team, invest in connections and network from early stages. In business, networks build up the market. A local network, or people you work with, can directly impact a project’s success. Great teams create great things, and friendly relations with colleagues boost productivity and keep motivation up. Meanwhile, external networking opens up opportunities for new sales and collaboration. Businesses profit from stronger market presence. An economics PhD is mostly independent work. Yet, it is never done alone. A PhD is about the people who help make the thesis happen. Your supervisors are the default option for co-authors. They will also walk you to the labor market. Communication with fellow PhD candidates is a natural way to test new ideas and get critical feedback. At the same time, targeted networking outside the university helps to gain new stakeholders and make the research output visible. Conference connections often result in co-authorship, internship opportunities, and later in job offers. Career focus Stay focused on what comes after the degree and plan the career path accordingly. In industry, the path up the career ladder is clear, or at least predictable. Performance in line with KPIs and growing experience in the role lead to a promotion and higher paycheck. Extra effort is awarded with bonuses. During a PhD, the career ladder ceases to exist. It remains flat regardless of performance, which sometimes feels like a stagnation. Yet, a PhD has an end date. The accumulated effort starts to pay off after the defense. Entering the job market may feel intimidating after this period of “flatness”. Knowing your future path – academic or non-academic – from early stages helps to reduce uncertainty with job placements. Supervisors are your best career advisors, as they help to calibrate the research output and market it in line with the chosen career path. A PhD is difficult and does not suit everyone. Yet it is a unique period in life; when you are given all the time on Earth to satisfy intellectual curiosity, to learn and comprehend complex structures, and to dig deeper for the sake of getting the sacred truth. A little bit of patience and a business-like approach may help one get the most out of the experience.
Economics PhDs are aware of the transferable skills they should master to land a job in industry. But what about the reverse: is prior industry experience valuable for a PhD program?
Microeconomics vs Macroeconomics - Which Class Should I Take First?
What's the difference between macroeconomics and microeconomics? Before making any decisions about which classes to take, you need to understand what each subject refers to. Microeconomics is the study of economic systems on a small scale; how economic theories play out when they are applied to an individual, a group, or a company. Macroeconomics, on the other hand, looks at entire markets or economies of countries or the world. Microeconomics would include the study of supply and demand for a particular product, or examination of how a particular piece of legislation would affect an individual business in that area. A classic microeconomics topic is the study of how a single market changes due to monopoly. Macroeconomics, on the other hand, examines how economic theories apply to governments, markets, and international organizations such as NATO in the long run. Examples of the kind of topics studied in macroeconomics would include fiscal and monetary policy, economic development, or the economics of industrial organization and the labor market in a particular region. Both micro- and macroeconomics can deal with similar issues, but on different levels. Consider, for example, the cost of living in a particular area, and its relation to inflation. This is related to microeconomics – because it's about how much people have to spend on housing, food, entertainment and so on – and can therefore be described on the individual level. But it's also an important topic in macroeconomics, as inflation is affected by things like interest rates, which are, in part at least, set by the state. It can therefore also be analyzed on the national level as a subject of macroeconomics. The relevance of microeconomics and macroeconomics to economics in general<o:p></o:p> The two fields are often connected then: investigating the microeconomic parts of something often reveals important clues about the macroeconomics, and vice versa. One rough way of thinking about this is that microeconomics is 'bottom up', looking at how individual choices affect economic systems, while macroeconomics is 'top down', looking at how economic systems affect the people living within them. The complementary nature of the subjects is especially prevalent in discussions about creating macroeconomic models that have “microeconomic foundations”, one of the ongoing discussions in that field to this day. As an illustration: to understand a complex issue such as how a state should adjust interest rates, you need to understand supply, demand, and how people make economic decisions. This would be microeconomics. Then you need to understand how these principles apply to monetary systems and the financial market, which would be macroeconomics. Another difference between the two is that in microeconomics, there is little in terms of competing schools of thought; that is to say, economists generally agree on the principles. This is largely due to agreement on how to model human behavior- as fully rational individuals maximizing their own utility- which reduces many economics problems to a mathematical optimization. However, some fields of economics- like behavioral economics- study what happens when we relax that assumption. Meanwhile, the tenets and models of macroeconomics are much more widely debated. There is consensus on many aspects of the field, but the incredible complexity of macroeconomics, and the drive to include more “micro” foundations in “macro” models, means the field is more dynamic. This is especially true in terms of forecasting. Thus, macroeconomics can be a more challenging, and perhaps more intellectually stimulating, area of study. Should you take microeconomics or macroeconomics first?<o:p></o:p> Taking into account all of the above, most economics students are better off studying microeconomics first, and then progressing on to macroeconomics. That way, the principles of economics can be learned on an individual level, before being applied to the wider society and world. However, some would argue the principles of economics are better understood if first seen in practice – as in, first one must understand the financial system in order to make any sense of economics as a topic. These people would argue it can be helpful to study macroeconomics before microeconomics. Your university may also roll both subjects into one unit such as an Introduction to Economics course, removing any need, on your part, to make a choice at all. In all likelihood, any of these options will allow you to learn what you need to progress in your studies, but in general, most students will opt to begin with microeconomics first. And in most cases, it is the safest bet. A final point would be that the math used between the two fields varies, especially at the earlier stages of academic life. Microeconomics makes heavy use of optimization problems and some game theory, for example using derivatives to maximize utility or minimize loss. Macroeconomics places a much larger emphasis on analyzing growth rates and production function equations like Cobb-Douglas. This can take some getting used to as it is less immediately transferable from calculus class. In the end, if you're planning on taking both it may be worth studying microeconomics initially. However, if you're only planning on taking one of the two – which is a rather unusual position to be in – pick whichever you find more interesting.
When you're just beginning your economics degree, you'll quickly come across two very important branches – microeconomics and macroeconomics. It's highly likely that you'll study both at some point during your degree, as they are two of the foundational planks of the subject. It is also likely, however, that you will have to choose which to take first, prompting the question: which is the best theoretical starting point for your studies? Having just started out, this can be a tough question to answer. That's why we're going to give you a little run down of each, to help you make the most informed decision possible. So let's begin.
Macroeconomics and Monetary Economics (JEL E)
12 Characteristics of Successful Economics Students
So, to put worried minds at ease, we've compiled a list of the top 12 traits that will ensure that any good student gets the best out of their university experience. And to those now shouting 'what if I have none of them!', well, there's no need to worry, most can be acquired with a bit of determined hard work. Let's begin. 1. Intellectually curious In order to be a successful economics student, or any kind of student for that matter, it's particularly important that you're interested in and engaged with your subject. All of the other characteristics here depend upon you caring about your studies and your specific topic. Of course, everyone finds some topics more interesting than others, but the willingness to find something worthwhile in whatever economics issues you are currently studying will help to keep you on form during your studies. A good way to maintain your curiosity is by observing others who are good at what they do, and then asking questions about anything and everything you don't understand. Asking questions of experts is a brilliant way to learn how something works - they are experts after all! If asking questions fails, or more likely, is not possible, there are endless alternative means of finding something out - books, journals, the INOMICS study resources, and of course, the life-saving Wikipedia. Praise be! 2. Mathematical aptitude Here's a real obvious one: numeracy is a key skill for any economist. From dealing with large datasets to interpreting visual data like graphs, you'll need to be comfortable handling numbers and working with mathematical principles. This is why many economists take preparatory classes in mathematics before beginning work or study in economics. If you're feeling unsure, you should think about exploring this option. There are many introductory statistics, calculus and linear algebra courses freely available online. What's there to lose? 3. Knowledge of social sciences Economics also has a lot of common ground with other social science subjects like psychology, history, and sociology. Thus, having a working knowledge of these subjects and the methods used in them is highly beneficial. In recent years, economics and the other social sciences have become ever more interdisciplinary, meaning an understanding of these subjects is not only desirable but increasingly essential if you're to keep up to date on economic theory. Knowing a little about other, related areas will also benefit you in life in general; a bit of history knowledge gives people something else to ask you about at dinner parties, other than inflation rates or the stock market. 4. Good at understanding complex systems The unavoidable fact is that economics is a complicated subject which looks at complex and intertwined systems. To excel, you'll need to be able to pull together information from different sources and different fields to inform your theories. You’ll need to be comfortable examining data to look for trends and possible causations of a complex problem. Learning these skills requires time, effort, and a little patience. Above all, it entails reading, a lot, in order to get yourself up to speed with the latest developments, so being able to sift through dense scientific texts is an essential skill. 5. Self-driven Unlike in school, at university, you are expected to manage your own workload, attendance, and engagement. If you start to miss classes or assessments, you will quickly find your grades slipping, or worse, you may even fail - perish the thought! To prevent this from happening, it is essential that you can motivate yourself. Great students will push themselves to engage in class and to do the best they can in their assignments - without fail. Outstanding students will do even more than is officially required of them, to be the absolute best they can be. This should be the aspiration. It's hard we know, but why not give it a whirl?! Commitment is a vital aspect of being self-driven. It's easy to concentrate for a short time on something you find interesting. What's more difficult is remaining determined and motivated for sustained periods, when you don't necessarily love everything you are having to do, read, or write about. And trust us, this is a situation you are bound to face... Pick the right course and this will be kept to a minimum. 6. Healthy time management The ability to organize your time and schedule is another incredibly important ability for an budding economist. Successful students should plan their weeks and semesters well in advance to ensure they can attend all the classes that they need to, and also have enough time for researching and working on assessments. It's equally as important to give yourself time for hobbies, socializing, and general fun. Taking a break is essential to avoid burnout and to ensure you have the energy and drive to study when you need it. And while it's important to stay on top of your classes, coursework and other assignments, taking time for yourself and seeing your friends is a must if you are to maintain a healthy balance. With mental health rates deteriorating among students, this is more important than ever: take the time to relax. If you struggle with time management, do something as simple as getting yourself a planner that you can jot down all of your commitments in. Really, it changes everything! 7. Admitting you don't understand One quality which is often overlooked is the ability to admit when you don't understand something. Seriously, this is important, especially in a complex subject like economics. Although you may feel embarrassed to admit the gaps in your knowledge, it is the only way to learn. This way, the teachers or other students around you can help by explaining the topic more clearly, and you will benefit in the long run. Bite the bullet! This comes hand in hand with intellectual curiosity. If you aren't able to admit you don't know something due to fear or embarrassment, you won't be able to utilize your innate curiosity - and it's curiosity that leads to innovation, creativity and originality. So yeah, it is pretty important! 8. Lateral Thinking The ability to come up with new ideas or new ways of thinking about a problem is a characteristic of an exceptional student. This could not be more true of economics where new ways of thinking are the name of the game. For that reason, don't be afraid to give your own opinion on a topic or argument, even if it's contradictory to what others have said. As long as you can justify your view, teachers and other students should welcome your input. Likewise, when presented with data or evidence, you should be able to adjust your ideas and theories to explain that evidence. This is exactly how the field of economics continues to grow and evolve! There are lots of things you can do to improve your ability to think about theories or economic problems creatively. One of them, as we discuss later, is reading widely and learning a range of skills. The more you have in your toolbox, the more ways you'll be able to think about a problem and come up with an innovative way to solve it. There's also collaboration: working with someone who has a completely different set of strengths than you will force you to see things differently. In partnership with them, you'll both be able to contribute to an idea that would never have been formulated if you were working alone. But there are other ways, too. Travelling widely can help you become more creative in general by exposing you to different environments and cultures. Practicing a rewarding hobby- like playing an instrument, writing, or doing something else creative- can show you new ways of thinking. And of course, connecting with people who are naturally creative is always a good idea. Surrounding yourself with people who have a skill you want to possess can push you to improve. 9. Solid reading, writing, and analysis skills Whatever subject you study, there are some skills that you will always need. The ability to read materials and glean the relevant facts, the ability to write up your findings in a clear and engaging way, and the ability to critically analyze the material you find will be needed at every stage of your academic career. Just as essential is reading things that aren't directly related to your course - newspapers, articles about other academic areas, even novels, can expand your knowledge outside of your chosen discipline. Of course, it's important to make sure this doesn't interfere with your university work. This is related to thinking laterally and seeing the bigger picture - you'll only be able to do that if you read a lot, and vary what you read. 10. Communication skills A further set of skills which are important, but seldom taught are communication skills. Being able to present the information you know to both a lay audience and an expert audience is vital for demonstrating your grasp of the material. You should get in practice at presenting orally, making slides, and engaging in debates in order to get the most from your studies. One fun way to practice this is to try describing some economic phenomena to your friends, when they inevitably ask you for your opinion on capitalism or labor laws. 11. Performing under pressure There are times when you need to perform under pressure, particularly in written exams. Being able to keep calm and not panic will help you perform to the best of your ability. Fortunately, this is something which tends to come with practice. The more exams you do, the more comfortable you will become with them. Another common situation is when you must present to an audience. Remember, the more prepared you are, the less your nerves will impact you. If you know your material, and can articulate your points without reading a script, you will be more able to respond calmly even when the audience asks you an unexpected question. Also, you don’t need to respond to questions immediately. A pause for thought is often warranted and can help you organize yourself before answering. 12. Understanding other perspectives Finally, one characteristic which you may not realize that you need is the ability to listen to and understand other people. Academic success is not only about putting forward your own views; it is also about being able to engage productively with people who have a different perspective. Learn to listen, to argue constructively, and not to be defensive about your own ideas, and you'll be a better student and encourage others as well. When all's said and done, you don't have to agree; in fact, the point in attending university is to challenge views and be challenged yourself. What's important, though, is to be empathetic and respectful of other people, regardless of whether you respect the perspective they have taken. Being able to do this shows maturity and is an essential quality of being a successful economics student (and person).
What does it take to succeed as an economics student? What qualities make a good economics student – one who thrives at university, enjoys their economics degree, and then, once it's all done and dusted, who goes and gets a good job? These are big questions – there's no doubt – and their answers may not immediately be clear.
So, we’ve compiled a list of top economics journals to help you familiarize yourself with the publishing landscape. Regardless of where you are in your economics journey – whether freshman, PhD candidate, or professor actively publishing in economics– take note of these influential journals. ➲ Download the INOMICS Handbook now 1. The Quarterly Journal of Economics, Oxford University Press This is the oldest English language professional journal in the field of economics – and one of the most respected. It covers all aspects of the discipline, has published many famous economics papers, and is arguably the top economics journal of all time. For those who know their stuff, it is the go-to. 2. Journal of Financial Economics, Elsevier A journal with a focus on applied papers and case studies, it often includes conjectural papers which address issues less quantifiable and more descriptive than other journals in the field. 3. Journal of Finance, American Finance Association The Journal of Finance is one of the top places to publish in the field of finance, along with the Review of Financial Studies and the Journal of Financial Economics. 4. Econometrica, Econometric Society With a specialization in econometrics, this journal has been established since 1933. In addition to its reputation, it attracts high-quality research through awarding of the Frisch Medal every two years, which recognizes outstanding research published in the journal. 5. Journal of Economic Literature, American Economic Association This journal commissions peer-reviewed survey and review articles which aim to keep readers informed about the current state of the economics literature. The journal also features book reviews, information about soon-to-be published books, and an index of economics dissertations from North American universities. 6. Journal of Political Economy, University of Chicago Press Another long-standing journal, the Journal of Political Economy was first published in 1892 and covers both theoretical and empirical work. Its specializations include: monetary theory, fiscal policy, labor economics, development, micro and macroeconomic theory, international trade and finance, industrial organization, and social economics. <11an>limit:2;categories:Professor|Jobs|Courses|Programs|Conferences;disciplines:General Economics (JEL A)</11an> 7. American Economic Review, American Economic Association Established in 1911, this is another well-established and highly respected journal in the field of economics. Once a year, in May, an issue is dedicated to presenting proceedings and papers from the annual meeting of the American Economic Association. 8. Review of Economic Studies, Oxford University Press Another economics stalwart, RESTUD, as it is known, is a must-read for those interested in theoretical and applied economics. It was founded with the specific aim to publish work from young and up-and-coming economics researchers, a mission which it continues to this day. 9. Review of Financial Studies, Oxford University Press With a focus on financial economics, this journal, published on behalf of the Society for Financial Studies, accepts both theoretical and empirical papers which fit in the intersection between finance and economics. 10. Journal of Econometrics, Elsevier Another influential journal in the field is the Journal of Econometrics, established in 1973. The journal focuses on econometrics methodologies, and how they can be applied to substantive areas of economics. 11. The Review of Economics and Statistics, Harvard Kennedy School Already over a hundred years old, the Review of Economics and Statistics is a general journal of applied quantitative economics. Occasionally, the journal also publishes collections of papers devoted to a single topic of contemporary interest, be it methodological or empirical. 12. Journal of Economic Growth, Springer Science+Business Media This journal predominantly publishes research on economic growth and comparative economic development. Research is primarily contemporary, but sometimes also includes historical insights. Some key topic areas include income distribution, demographic transition, human capital formation, technological change and structural transformation in the growth process. 13. Journal of Monetary Economics, Elsevier Science Founded in 1975, this journal is a leader in macroeconomic research. It is often ranked highly in its specialist subject area, and accepts submissions in all areas of macroeconomics. In recent years it has published research contributions to a wide range of macroeconomic topics including behavioral macroeconomics, fiscal shocks, and pricing in product and labor markets.
Whether you are a seasoned researcher or a new economics student, it pays to know which journals are the most prestigious and well-known for certain topics. They can help you find the right papers for a literature review, stay on top of the latest research in the field, and even help you set your own publishing goals.
If you are considering a PhD program, or just beginning one, advanced awareness of these stresses may help you overcome them if you ever have to make their acquaintance (don't worry, we have our fingers crossed). Plus, knowing that they are frequently experienced and nothing out of the ordinary will hopefully provide you some comfort. Okay, let's begin. 1. Isolation One of the most common problems for PhD students is the feeling of isolation. PhD candidates often work alone, having few or sometimes no other people on their project. This happens while friends may be working in offices and in teams, enjoying a far more social side to the 9-5. Predictably, this can lead to loneliness, lack of motivation, and the fear that no one understands, or can relate to the problems you are experiencing. As an antidote to this, it is advisable to make an effort to get into contact with other graduate students. There are many ways of doing this, for instance, through journal clubs, conferences, or networking. Being in contact with other PhD students will give you someone to talk to, complain to, and will help alleviate these disruptive and negative feelings. Simply breaking up the routine of studying can do you a whole world of good! 2. Stress With looming deadlines, large scale projects, and a huge amount of personal investment, a PhD can be extremely stressful. This is compounded by the fact that everything is always riding on you and you alone - making the highs higher and the lows, well, let's not go there. It has been found that PhD students have high levels of mental disorders - likely related to high levels of stress they have to endure. For this reason, it is imperative that one finds healthy ways to decompress, whether through exercise, meditation, the arts, or anything else. Any university worth its salt will also have mental health services which can be sought if things get particularly difficult. Regardless of how bad you're feeling, its always helpful to talk it through with someone. No problem is too small. 3. Conflict with your supervisor Another common problem can be issues arising between PhD students and their supervisors. Supervisors are part-boss, part-mentor, and occasional friend. It's an odd combination, the balance of which sometimes can be hard to maintain. When disagreements surface - and of course, over 3 years it is only natural that they will - some students can feel that they have to defer immediately to the wishes of the more senior and experienced supervisor. Again, here a supportive network of PhD students around you can help navigate these challenges. Additionally, familiarity with the faculty in a broader sense (which is encouraged) will allow you to canvass more opinions. This may help you clear up a point of particular contention. Who knows, maybe you were right all along! 4. Funding issues Most PhD students rely on external funding to support themselves while studying. Unfortunately, this too can be a source of concern. Funding can, at times, be insecure. It has been known, for example, for funding to be reduced while still in the middle of the PhD. This is a precarious position to be left in and it can be extremely stressful to secure new funding. Ideally, supervisors should be on hand to help with this. One should never think twice about approaching them for advice - it's what they are there for. Still, it's also recommended that students at least have some money saved in case of emergency. <11an>limit:3;categories:Scholarships;disciplines:Economics</11an> 5. Time management So much to do, so little time to do it! This is probably the mantra of our age. Learning when to jump at new opportunities and when to say no to extra tasks is a skill which every academic should develop if they are to avoid going mad. This can be honed by knowing how to prioritize. What is absolutely essential that I finish today? What, at a push, could I postpone till tomorrow? Setting aside enough time in your day to fulfil these tasks will help this process and enable you to, when necessary, say 'nope, I literally do not have the time for that'. Rather obviously, it helps to be organized and to calendar your appointments carefully. And remember, it is better to do a few things well, than a number of things badly. 6. Work/life balance It sometimes seems like PhD students are expected to study all the time; to be in the office every weekend and to work late every day. But this is not sustainable. You also need time for hobbies, friends, and family in order to function at peak level. This may seem a really obvious point to make, and yet, many students still suffer from the effects of having an incredibly lop-sided schedule. Students should always remember: making time for activities outside of the PhD is vital for long-term success. A healthy social life, regular exercise, and cultural activities will be stimulating and fun. And, they're likely to make you happier. Even though you might not think about “happiness” when considering your goals for studying, you surely deserve some every now and then. 7. Lack of institutional support Some universities are better than others at supporting PhD students. The best universities have extensive programs for helping them, through mentoring, workshops, and social events, while at other universities students are left to fend for themselves. Graduate schools can be helpful here, as they are geared towards meeting the specific needs of PhDs. Try to find out what kind of support is offered by your institution – there may be more than you think! 8. Lack of personal support Another challenge for PhD students is dealing with a lack of personal support. Friends, partners, and family members may not understand the worth of a PhD, and may not be supportive of the choice to pursue one. Many a PhD candidate has been distressed by a well-meaning relative asking when they will be finished with their PhD and get a real job. This is another reason to get in contact with other PhD students, who can understand the stresses you are experiencing and give you the support you need. Sharing these commonalities also helps to make light of them. Nothing builds camaraderie like shared experiences. 9. Concerns about the future In addition to worrying about their current projects, many PhD students feel concerned about their future too. In an uncertain job market, and with academic positions being intensely competitive, there is no guarantee that getting a PhD will lead to a desirable job (we hope it will!). That said, research does show that having a PhD under your belt hugely increases your chances of getting one. It also increases your chances of being paid better and enjoying greater job satisfaction. Economics PhDs in particular have excellent job placement rates. To help ensure you get to enjoy all of these benefits, it's sensible to start the job hunt early. Remember, too, all the transferable skills you develop during your PhD studies could help you to get an industry job, if you feel you have had enough of academia. 10. Problems with motivation Finally, with a program typically taking at least three years, it's hard for anyone to maintain motivation throughout their whole PhD project. Feeling fed up, bored, or dissatisfied with one's project is a very common experience! When things are not going so well, and motivation is low, you should consider giving yourself a break. A few days or even a week away from your project can sometimes be really helpful, allowing you to come back to your work invigorated and able to look at it from a fresh perspective. Maybe when you come back, you see something that before you had missed? Or even better, maybe you realize that the work you've done is actually a whole lot better than you had previously thought. THIS can be brilliantly motivating. Plus, you probably deserved a break anyway!
Starting a PhD is an incredibly daunting task. Normally at least 3 years, there are some challenges that you are almost certainly going to have to face during the program. Below we look at some of the biggest (and most common) problems that PhD students encounter.
1. Apply broadly, but only if you’re really interested When applying to college many people send out dozens of applications, including ones to universities they aren't even particularly interested in attending. While at undergraduate level these 'safety' schools might be a good idea in order to guarantee you'll get an education (although there's also an argument for taking another year out to improve your grades and reapplying), at the graduate level this isn't necessarily the best strategy. <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an> Yes, applying to only your two dream departments is an extreme gamble, but it's probably better to put your all into applying to those places, as well as maybe one or two backups you'd still be happy to attend, in order to ensure your most important applications get the lion's share of your attention and time. That way you can really put your heart into your applications, which will shine through and likely help land you a spot in the program of your dreams. Moreover, if you’re actually interested in a program at the outset, you’re much more likely to be able to maintain that momentum and ultimately work your way through to a completed dissertation. If you attend a school you don't particularly like, and especially if your program isn't exactly what you wanted to do, you may find yourself getting demotivated down the line, and a PhD is big jump up in terms of work quantity and self-discipline than even a Master's degree. 2. Spend ample time on your dissertation proposal Although a thoroughly researched dissertation proposal is a key component of many applications, it remains conspicuously absent from others. Yet, whether you are asked to include a 10-page proposal or simply a paragraph highlighting your specific interests, this description is often the crux of what separates an admitted PhD candidate from one who is left wondering why they were rejected. The proposal you write in your application will possibly have little to do with the research you will actually conduct - many change their research several times over the first few months, and your tutor will help you narrow down and improve your topic. That being said, the clarity of focus you have in your proposal, along with the reasons you give for wanting to work with specific professors, can make all the difference. So don't be fooled into writing off the thesis proposal element of your application because you know your research topic will change anyway. Instead, use this as a chance to show how passionate and committed you are to your discipline while also showing off your great writing, research and organizational skills, as well as showing that you're familiar with the research interests of your chosen tutors. Speaking of which... 3. Familiarize yourself with the professors you’d like to work with Even if your PhD application does not specifically ask you to list professors with whom you would like to work, an awareness of the research being done in the department to which you are applying and a readiness to talk about how you could add to it will give you a firm leg up in case you are called in for an interview. Additionally, drawing connections between your own research interests and the work of specific professors demonstrates that you have done your homework – it shows you are familiar with the department and can offer a detailed argument for why you would be a good addition to it. A good tactic is to get in touch with potential advisors before you apply. This can be a great idea because they can give you tips on your proposal before you formally apply, and can tell you before whether they'd be interested in attaching themselves to your research. Remember, you'll be working a lot with your tutor in order to make this the best piece of academic writing you've ever done, so they have to be excited by it too. Saying this, some programs specifically ask you not to contact anyone individually until you’ve already made the cut, so look at the application guidelines carefully and choose to send that email or not based on what they suggest. 4. Highlight relevant qualifications and don’t dwell on those that aren’t Many young people's academic and career journeys do not follow a perfectly straight trajectory. And this is fine. In fact, it can arguably add to the breadth of your knowledge base and make you a more well-rounded candidate than those who have only gained experience in one specific area. Thus, in your application, do not apologize for a hodgepodge CV. Instead, draw a map for the admissions team by highlighting the interconnectedness of various positions you have held, while simply omitting those that may not be relevant. There is no reason to explain past jobs or studies that are not related to your current interests, and doing so might draw attention away from all of your other qualifications that make you a great candidate. Yet, if questions arise then be prepared to discuss your winding path and offer sincere and confident reasons for why you’ve made the choices you have – giving emphasis to how they’ve shaped your current interests, and how they can (if they can) help you moving forward. 5. Thoroughly prepare for your interview If you make it through to an interview, be it in person or via Skype or telephone, make sure you have a clear understanding of what type of interview it will be and prepare yourself accordingly. Don’t be afraid to ask for as many details as possible – will it be a one-on-one interview or will you be addressing a group of professors? Should you prepare a presentation or is it more of a casual conversation? The more information you have beforehand the better you can prepare, thus minimizing the risk of being caught off guard. Moreover, once you’re in the interview you should also come prepared with more detailed questions, both to show your interest in the program and to help you figure out if it really is a good fit for you. And don't forget the obvious stuff: dress smartly, be polite (thank yous and pleased to meet yous), and remember a smile can go a long way.
Whether you are applying to a structured program like those typically found in the United States, an independent research PhD like those in much of Europe and elsewhere, or a hybrid of the two, the first step is to gather your thoughts (and paperwork) in an effort to convince the admissions board that you are the most qualified and motivated candidate for the position. Regardless of location or discipline, your application will almost certainly include a personal statement, transcripts, copies of your previous degrees and letters of recommendation. If you plan to start your PhD application this autumn, download our free guide "How to successfully apply to a PhD in Economics".
Will a PhD help my career? Will doing a PhD boost your career options? Absolutely, but with some caveats. If you want to work in academia, for example in research or as a professor, then doing a PhD is essential. Having a PhD can also help you to land jobs in industry, for example working as an analyst or as an actuary. When applying for these jobs, your PhD is both a demonstration of your prior experience in running a research project, and an example of your motivation and self-discipline. Our Salary Report found, however, that while the gender pay gap is closing for PhD positions, women still earn less than men, and for senior positions, there still exists a 'glass ceiling' for women, meaning they are less likely to be chosen for these roles. Yes, the direction of travel may be the right one, but we are clearly still travelling with the handbrake on. A PhD is also not essential for every job. If you know that you want to work in a field such as finance or accounting, then real-world job experience can be just as important when applying for jobs as academic qualifications. And there are some employers who will be put off by a candidate with a PhD who is applying for entry-level jobs, finding them to be overqualified. It's not a good idea to do a PhD just because you think it will help you generally to get a better job in the long run, as this may not be the case. The time you spend studying is time that could be spent accruing work experience. So before you make your decision really consider the specific role that you want or the field in which you want to work, and then see if a PhD would be helpful for that career path. <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an> How can I fund a PhD? One of the most important issues to consider when thinking about a possible PhD is the question of funding. As working on a PhD is generally a full-time job, you will need funding to cover your living costs and other expenses. There are a number of sources of funding: you might get funding directly from the research budget of your supervisor, or the department in which you do your PhD; you might get funding from your university; or you might get funding from an external body such as the Wellcome Trust. If you are pursuing a PhD abroad, for example if you are Dutch but are doing a PhD in Germany, then you may be able to apply for funding from both the Dutch and German governmental bodies, doubling your chance of successfully receiving funding. You might also get partial funding from several of these sources. Some students are so keen to do a PhD that they wish to start even if they do not have any funding. This, however, is not advisable. The amount of work which a PhD requires is immense (at least three years full time, often more), and agreeing to work this much for no payment is a recipe for disaster. If you can't get funding now, it's better to wait and apply for more funding rather than risking starting your project unfunded. Is a PhD the right option for me? You should also think about whether doing a PhD would suit you personally. Those who are interested in doing a PhD tend to be those who are academically inclined and who already enjoyed – hopefully thoroughly – doing a Bachelor's degree and a Master's degree. Those are certainly good qualities to have; however, a PhD is a rather different kettle of fish. A PhD requires you to come up with your own ideas and to work independently – essentially running your own research project. This is terrific for someone who values independence and exploratory learning, but can be a difficult adjustment for those who are more used to having strict guidelines and structure imposed on to them. For this reason, it's common for people to wait a few years after completing their graduate degree before doing a PhD, so they can gain some experience in managing their own time. Another requirement for PhD students is a degree of self-confidence and assurance about both their work and themselves. Academia is a demanding environment and students often complain that supervisors give more negative than positive feedback. To be successful in a PhD, you'll need to be able to take criticism without becoming discouraged. It's also not uncommon for supervisors to be extremely demanding, so in order to preserve your life outside of work, you'll need to be an effective self-advocate. This is another area in which a few years of work experience can help to build up your confidence, making you a better PhD candidate in the process. Is your PhD project right for you? Sometimes people can get caught up in the idea of doing a PhD without really thinking about whether they should study the particular project they have chosen. There are generally two ways to choose a PhD project: either you apply for a specific role as a PhD student in an existing lab or group, in which case your project will be largely assigned to you by your supervisor; or you come up with your own project idea and submit this proposal to a grad school or department. The first path is safer in that it involves a project which has been chosen by people with a great deal of experience of PhDs and the field, so you can be confident that the project is realistically achievable and will contribute usefully to the field. The second path allows you to follow your own passions and to investigate your own ideas, but is riskier because there is a greater chance that your project is too big to complete in a reasonable time frame, that your experiment might not work, or that the project might not be perceived as useful by others in the field. Take time to consider not only if you want to do a PhD in general, but also whether you want to do this specific PhD. Get as much feedback as you can from supervisors, friends doing PhDs, former teachers, and mentors about your project ideas and whether they would make an achievable and worthwhile project. Finally, be realistic about your interests and strengths – if you've never liked statistics then doing a project heavily based on data analysis is unlikely to make you happy. Ideally your project should be a subject that inspires and excites you, and to which you feel like you could make a valuable contribution with your ideas. Are the institution, department, and supervisors right for your PhD project? Another big factor in how your PhD will pan out is the environment in which you will work. Doing a PhD can be isolating and you need people around you who will support and help you out. Some academic groups are small and insular, others are large and diverse, but in either case you need to be among people who understand your work and will give you the time that you need. It's hard to know in advance if your supervisor will be difficult, but you can get a good idea by talking to other PhD students who have them as a supervisor and listening to their experiences. Many PhD students will be happy to share this information with you if you are thinking about applying to the same supervisor. Finally, don't feel as if your only opportunity to do a PhD is the program that you apply to first. You can apply to several programs at the same time and see which interview process excites you the most, or you can wait until you find the right supervisor or institution which will make your experience more enjoyable.
Taking the step towards doing a PhD is a big decision, and one that shouldn't be made without the proper research and consideration. Once taken, however, it can be an extremely valuable experience and one that can set you up nicely in the future. Here we consider some of the things you should definitely think about before taking the plunge.
Improving Fundamentals of Econometrics with Online Practice Tests
Getting to grips with the fundamentals of econometrics – where the field of economics meets and overlaps with the field of statistics – is often a daunting prospect. The age-old maxim that practice makes perfect is at least as applicable to econometrics as to any other skill. Reaching a useful level of proficiency requires a good deal, and likely several years, of hard graft and persistent learning. Indeed, students need to get their heads around the basics of data analysis and core statistical methods, as well as gain confidence in the use of more advanced panel data and regression models. For those teaching econometrics at university, the challenge often lies, like in many subjects, in helping students grasp the basics of the discipline. This has traditionally been achieved through the classic mixture of textbooks, set journal articles, seminars and lectures. But in a reality consisting of large class sizes and limited contact time between tutors and students, the extent to which a professor of econometrics can effectively monitor and support the progress of each student is often very restricted. And that is before even considering the added challenge presented by the 2020/21 (22,23...) global pandemic and the accompanying social and academic distancing. One professor at Hamburg University and Universität Potsdam, Thomas Siedler, has developed a new online resource to help econometrics lecturers and students alike tackle the challenge of practicing and gauging students’ progress in the fundamentals of econometrics. As an experienced economics lecturer with a focus on microeconometrics, Prof. Siedler initially developed mcEmpirics for students on his own econometrics courses at Hamburg University. After excellent feedback, in early 2020 he opened it up to anyone with access to the internet. As with most good ideas, the principle of mcEmpirics is simple. It offers a quiz-based format for students, with each test compiled from a pool of over 800 questions. These cover core econometrics topics, including questions about the statistics software package STATA, and questions based on key econometrics textbooks, with a focus on applied econometrics. Some of the undergraduate favourites covered include publications by Joshua Angrist & Jörn-Steffen Pischke, Jeffrey M Wooldridge, and James Stock & Mark Watson, names most econometrics teachers are familiar with. Recognition of the value of mcEmpirics for economics students came quickly, with funding being pledged in April 2020 by the Claussen-Simon Stiftung. This is a charitable funding body that supports creative and innovative projects in the areas of digitization, networking, and coaching. The aim of the funding is to help further quick and effective solutions for education, especially for remote learning and digital teaching, given the context of the Covid-19 pandemic. The foundation clearly saw mcEmpirics as a major and valuable contribution to this goal in the field of econometrics. Individual users can access all quizzes for a small fee (€2 to €3, approx. $2.50 - $3.50) per month, specifying which topic, keyword, or book chapter they would like to focus on. The site then generates a multiple-choice quiz. After attempting the quiz, users see explanations and suggestions for further reading so they can dig deeper and revise econometrics topics they struggled with. As it has gained popularity, mcEmpirics has expanded beyond its low-cost individual subscription model for students (although this is still available), offering an additional option for university economics departments. The new campus licences allow department heads or individual lecturers to integrate the practice tests on mcEmpirics into their own courses. It also enables econometrics tutors to develop customized tests based on their own curricula, using both the library of questions included, as well as adding their own. Additionally, the tool enables tutors to set deadlines and collect results centrally, download results and view the progress of individual students as the course proceeds. In this way, mcEmpirics is helping economics departments and professors of econometrics set their students meaningful tasks in the context of the difficult teaching landscape of a worldwide pandemic. Furthermore, the possibility to track progress through regular semi-formal assessments helps tutors gain an overview of how well their students are absorbing the material. Given the challenges for university departments and tutors in every subject, economics included, the prospect of a simple and accessible tool that can effectively support student learning is an appealing one indeed. As a final note, here at INOMICS we have had some fun playing with mcEmpirics over the past few weeks and comparing our results within the team. With a free-trial available (three free quizzes) it is certainly worth taking a few minutes to check it out.
A new initiative from Hamburg University, Universität Potsdam, and the Berlin School of Economics is helping economics students get ahead in the fundamentals of econometrics. The online tool mcEmpirics offers econometrics practice tests for students and is now being rolled out for whole economics departments with new campus-licenses. Especially with the challenges of remote teaching resulting from the ongoing global pandemic, mcEmpirics is gaining notice as a digital solution for economics students and teachers worldwide.