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Value of Masters in Economics


EDonomics

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I'm sure this has been discussed but I just have 4 quick questions...

 

1.) What can one do with a B.A. in Business Economics and a Masters in Economics if they don't want to pursue the phd route? Would it be better to get an MBA instead of a Masters in Econ if you're not going to get a phd in econ?

 

2.) What do grad schools look at most when an applicant applies for a masters in econ (gpa, gre, letter of rec's) in the U.S. and U.K.?

 

3.) I'm in the U.S. and I wanted to know how hard is it to be accepted into a Masters program overseas? I would like to attend LSE and get into their Msc/EME program.

 

4.) Lastly, what's the value of having a Masters in Econ? After reading around on this forum and others, it seems as if a Masters in Econ is not worth much if your not planning to get a phd; which lead me to my 1st question. Is this true?

 

Thanks in advance everyone.

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Let me try to answer your questions

 

#1) It might be better to go for the MBA, but it depends on what you want to do. For a "business" job, you want the MBA. If you want to do some research, economic consulting, govt or think tank work the Masters in Econ may be a better, but limiting, choice.

 

#2) Grad schools look for the same things as they do for PhD applicants, it's just not quite as competitive. GPA, GRE, LORs are all important. The adcom may not quite as concerned about your long-run research potential as a phd program would be.

 

#3)It's not harder to be accepted overseas, but the same standards apply. I will editorialize here and say that Americans have a much easier time being accepted abroad than internationals have in the US (it's a combination of information asymmetry and immigration issues, not really the quality of the applicants). They like overseas students because you pay really high tuition vs EU students. It's not fair, but it's true. The caveat here is that the LSE EME program is pretty damn competitive, more so than the straight MSc Econ, so that could be a bigger stretch. But can't say much without knowing your profile

 

#4) You've already recognized some circularity between this question and question #1. I think the Econ MSc is going to open different doors than the MBA. There is some overlap of course, especially if you are after finance jobs. Here at LSE the recruiters are out in full force for Econ MSc's from consulting to I-banking to govt agencies. LSE is bit unique though. It is certainly not worthless if you don't continue to the PhD. I don't know what you have learned in your Business Econ degree, but graduate econ will take you to a new level of technical understanding.

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I would echo what TriEcon said. The reason you hear a lot about masters econ degrees being worthless is that most US MA programs are pretty worthless. They exist almost exclusively to make money for the econ programs, and they generally just have you take some classes, maybe write a thesis, and send you on your way. You'll gain some skills, but not too many.

 

I've written elsewhere that I would recommend looking either at US MA programs with a very applied focus, of which there are only a few, or non-US programs. For the former, there aren't many, but there are at least a couple that do a very good job of training applicants in quantitative skills and the necessary software packages to get good jobs in business, think tanks, and the like. The latter will be better known outside of the US, but outside of LSE, this probably isn't much of an advantage in the US. Also, in that category, you don't necessarily have to go overseas--I'm told that there are some excellent masters programs in Canada, as well. They aren't too much cheaper than European programs, but from what I hear they're quite good.

 

But it all depends on what you want to do with your degree.

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TriEcon and Notacolour, thanks for your replies, but if you don't mind, I have a few more questions for each of you...

 

Notacolour...

"I've written elsewhere that I would recommend looking either at US MA programs with a very applied focus"

 

1.) (Based on your quote above) What are some U.S. and U.K. schools with that "applied" Masters in Econ program? I think I read here somewhere about John Hopkins, is that what you were referring to?

 

TriEcon...

 

"I think the Econ MSc is going to open different doors than the MBA."

 

1.) (Based on your quote above) What do you exactly mean by this? How is an Econ MSc degree more valuable than a MBA or a M.A. in Econ; is it even better than the LSE EME program?

 

"Here at LSE the recruiters are out in full force for Econ MSc's..."

 

2.) (Based on your quote above) If you don't mind me asking, do you attend LSE? If so, in your opinion, what are the pros and cons about the school, especially the masters in econ grad program if that is what your studying?

 

Thanks again TriEcon and Notacolour, I appreciate your thoughts and opinions.

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Opening different doors....

 

I don't think the MSc is a priori more valuable than the MBA. I think the key phrase in my statement is that it will give you "different" options than the MBA. It's also difficult for me to define the opportunities of an MBA. There are so many different types of MBAs from so many schools. Standardization is lacking. But typically, MBA coursework is going to be less quantitative than the work you do for Econ MSc. If you want to get a policy research position at a public/private bank, consultancy, think tank or govt org, generally speaking the Econ MSc is a better option. The caveat is that your career potential at those places is always going to be a step below the PhDs that also work there. I should also mention that the heavy recruiting at LSE is by UK and London companies (but many have US offices too). I am not looking for a proper job yet, so I haven't tested the waters here.

 

As for the Econ vs EME program, they are both very good. What the EME program lacks in coverage, it makes up for in mathematical depth. It is better prep for a the PhD and it is very focused. The Econ MSc covers macro, micro, metrics plus your choice of 8 field options. The broad Econ MSc might be your best bet for a job only because you will be more universally marketable.

 

Here at LSE...

 

yes, I am at LSE now in the Econ MSc. The program is really good. It's big, about 90+ students. There are a number of reasons to come the LSE and the quality of the program is only one of them. London is great, the city is overwhelmingly international, the student body is very international. Let's say there are many positive externalities. Sometimes I feel like the entire econ program (grad and undergrad) is suffering under its own weight. They boast that this is the 2nd largest econ research group after Cambridge, USA. But they are also running the largest economics education program in the world and it is at full capacity (my opinion, I can't back that up with numbers). I make that observation to point out that personal attention and guidance (not to mention funding) can be limited. And on the funding topic, London is damn expensive. The situation is exacerbated by the poor (for me) USD/GBP x-rate. But overall, I like the program, I love London and I have no regrets about coming here.

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