Economists often need PhDs to reach their career goals. According to INOMICS’ Salary Report data — and as Figure 3 in our PhD pay premium article shows — the vast majority of professional economists earn a PhD at some point in their careers. Academic economists are expected to acquire one in order to do research, while a PhD can often be a prerequisite for high-level industry economist jobs.

But no matter how experienced, all PhD economists, at one point, were mere students searching for a good place to study. While important, how to search for the right place to study is seldom discussed…and there are thousands of universities with great economics departments out there.

Feeling overwhelmed, and curious for some tips for your own search? Read on!

1. Understand what type of PhD you want

Perhaps surprisingly, there are different ways to acquire a PhD, and some of them are very likely to appeal to you more than others. There are American-style PhD programs and European-style PhD programs, each of which can suit different applicants better than others; further, there are research assistant positions that can lead into PhDs, Master’s programs that can lead to PhDs, and even Master’s programs that are considered part of a larger PhD program.

For more detail about these different avenues, be sure to check out our article on the Master of Research (MRes) and our article on American vs. European-style PhD programs.

Once you’ve got a good idea of which type of program interests you, next comes the difficult task of identifying the specific institutions you’re interested in. But the first step to doing this is often looking inward, first.

2. Think about your research interests and location preferences

You are unique and have your own interests and skills, which unfortunately means that there’s no easy and quick way to discover which economics departments are the most interesting or best fit for you. While there are many places where you can begin your search, it really helps to have an understanding of what you want first.

Your research interests are probably the single most important factor determining which economics departments will be a good fit for you. Even if you don’t have any strong research interests (yet!), you still very likely have general areas of economics that interest you more than others. If macroeconomics courses always excited you, you should naturally look for universities with a strong focus on macroeconomic research, and avoid programs with more of a microeconomics focus.

If identifying your own interests seems daunting or overly prescriptive, here’s a great way to start narrowing it down: think about the research papers you’ve been exposed to before. If you’ve read any research papers that intrigued you, look up their authors and the institutions where those authors were (or are) employed. Chances are, those universities have a good economics department that conducts research in areas you find interesting, with several potential supervisors for your future work.

Many programs will require you to write a research proposal, or at least a personal essay about research topic(s) that you would like to pursue. If you’re still unsure where exactly your interests lie, preparing these materials will help you solidify your feelings about what areas of research you would be most inclined towards.

It’s worth noting that many PhD programs understand and accept that you may change your mind about your exact research topic once you start your PhD, and that’s okay. A notable exception to this are some European-style PhD programs that may require you to begin your research immediately; these are typically about 3 years long and you generally need to have a supervisor before being admitted to the program.

In any case, in order to acquire a PhD, you will have to conduct research on a specific topic. Figuring out what interests you now is an excellent first step to help you succeed, so that you can ensure you’re studying in a department that can support you and your interests.

3. Find economics PhD programs and make a list of suitable ones

After you’ve identified your research interests, you need to make a good list of economics PhD programs that you want to apply to. You ought to apply to four or five institutions minimum (but probably not more than ten). Start building your list with the programs you may have already found or heard about, but cast your net wider than this.

Several resources can help you here. Organizations like RePEc and Times Higher Ed maintain ranked lists of economics departments, which can help you identify programs that you ought to look into.

Don’t place too much emphasis on ranking alone, however. There are very many economics departments with excellent staff that will prepare you very well for your career as an economist. All else equal, aim for institutions that have consistently high rankings, but it’s more important to ensure that your interests align with those of the department, and that the institution is in a location you would enjoy (or at least not dislike) living in for several years.

If you’d be willing to relocate, consider economics departments in other regions or even on other continents that would be suited to your interests. It may well be that a university far from you has the perfect program, and you’ll never know if you don’t look! INOMICS PhD Program Listings can help you get started here, as our program listings include universities around the world.

This search process can be as thorough as you need. If you come into the process with a good idea of what institutions you are interested in, consider looking for similar institutions in other regions as a backup plan. If you have no idea where to start, you can avoid boiling the ocean by asking yourself which criteria are most important to you, and start by looking at institutions with those criteria — for example, economics departments that have at least one professor conducting research into microfinance, if that is one of your core interests. Or, perhaps you can filter by region, and begin your search in a specific country or region that you want to study in.

4. Narrowing your list

• At first, it might turn out to be easy to find dozens of programs at quality institutions that you might enjoy, but then it may be hard to narrow them down. If you’re struggling to differentiate the programs, you may need to do more research. We suggest trying to answer the following questions:
• What are the research interests of that economics department and its faculty? Are those topics exciting, and can you think of research you’d like to conduct that could build off of those areas?
• What papers in the last five years have the department’s faculty published? Do any of these interest you?
• Are there TA or RA opportunities that you could pursue at that university?
• What do the job placements of recent graduates from that program look like? Are new PhDs from that institution getting jobs that you’d want to have?
• Does the economics department have any specialized research groups?
• Does the economics department collaborate with other institutions?
• How competitive is your application compared to others for that institution? This may not be easy to answer, but sometimes economics departments post the average test scores and/or GPAs of their incoming class, which you can use to compare.
• Where is the institution located, and do you think you’d enjoy living there? A PhD is a lengthy process, and if you dislike big cities but are only applying to the Paris School of Economics, the London School of Economics, and Columbia University in New York City, perhaps you ought to de-emphasize these and look for campus-based universities, or options in smaller towns or cities.
• And, all else equal, take both the overall university and the economics department’s rank into consideration.

5. Dive into specific application requirements

Once you have a list of places to apply, the most important thing you can do to succeed is stay organized. Keep a spreadsheet or an easy-to-navigate word document where you can keep your notes. These notes should include things like your impressions of an institution, what stage of the application process you’re in, and why you’re interested in that program.

Of course, some institutions may have application requirements that are difficult or onerous for you to complete — for instance, most economics departments in the US require at least three academic letters of recommendation, which can be difficult to acquire. Some institutions — particularly some located in northern European countries like Denmark and Sweden — may require you to apply to specific job openings rather than a more general PhD program entry. Many programs require test scores (usually the GRE), while some are waiving those entirely. In cases where the application requirements are difficult or even impossible for you to complete, it pays to know in advance so that you can spend your search time looking at other institutions.

Further, there are often minor variations in the type or format of application materials that various institutions want you to submit. Sometimes, universities require that you contact a potential supervisor before applying; you must know this and attempt to do so well in advance of the application deadline. And, whether or not you need to write a personal statement or answer more specific essay questions can vary by institution. These are all examples of things you should keep track of in your notes.

Keep it Structured and Start Applying!

All of these together will lead you into compiling a pretty comprehensive overview of the institutions you want to apply to. This overview will help you recall the details you found during your search, and also make it easier to extend your search if you need to.

Once you’ve begun the application process, use your notes to keep track of the latest correspondence you’ve had with each institution, and any lingering to-dos you may have with them. This will help reduce the stress you feel throughout the process, and when you’re accepted to a program you’re excited about, you can celebrate.

We wish you all the best of luck with your search and your applications!