A word of caution for those of you considering a MA/MSc in Econ

[reactor]

Are you in the correct thread? If you have only one option for MSc/MA for next year then this thread is not good for you. Go away!

When I applied for MSc/MA in Econ, I got in a few schools: U of Toronto, UBC, LSE, UCL, U Pompeu Fabra, Essex, Warwick etc.

My mistake was to consider only "the name" and course titles and assume that the following did not mater (of that were almost the same among schools): the placement, the mathematical sophistication of each program and the quality of teaching / method of teaching.
Of course the cost is (sometimes) the most important factor but still, I think you can make a big difference by looking closer at the program.

Advice 1: Don't go to a program were you have vague or no information about the placement.
Email students, professors, the graduate secretary / director and ask for information. If the just say "students are placed very well", period, then start thinking...

Advice 2: If you do not like to study on your own mathematics for economists then go to a program that offers a full course in mathematics for economists.
I had it certain that in my MA I will study from Simon & Blume's book; I planned to cover all book and I hoped that I could master it by the end of my master. Instead, I did not even touch it! No course was even close to this material or level of mathematical sophistication.

Advice 3: If you consider the MA/MSc a preparatory program for PhD then go to a program where you have information that the level of sophistication of the courses is satisfactory.
For example both my core and optional courses in macro are like 3rd year undergrad courses: sheer memorization is highly rewarded, essay-like questions, no derivations whatsoever, just "state the optimal tax function", hamiltonians and bellmans are not included in the course. Look at the website, email profs and anyone you can to get information about the courses.

Advice 4: If you do not like to prepare for exams every one and half month then go to a UK (or perhaps EU?) program.
Canadian and US schools have midterms and you might as well end up spending a year just preparing yourself for the next exam. UK schools have 1 month of vacations for Christmas and 1 month for Easter and most exams are at the end of the year. (as opposed to Canadian/US schools that give you 2 weeks for Christmas, 1 week of "spring break" and 1 "good Friday" for Easter.) I personally prefer to begin on October and finish June (UK system); the Christmas and Easter vacations give me time to review and make solid whatever I want, the way I want.

Advice 5 (new): Do not assume that you will automatically enter the PhD program at the school where you get your MSc/MA. LSE is an example where (I heard) only the students with "distinction" get into the program. Even worse some Canadian schools admit the top MA students; even a A+ instead of an A can make a difference. In my school for example, (not LSE!) prior background and LORs from outside the school are not taken into consideration for admission to the PhD; not even the exact courses you have taken! Instead solely the grades in the MA courses mater: students are ranked according to their GPA and offers are made to the top ones.

Advice 6: Do not judge a MA/MSc program by the reputation of the PhD program of the school offering it.
I have seen schools putting all money on the "work-horses": the undergrad and the PhD program and leaving the MSc program with no attention at all. (and it hurts so much to know that no one cares even though you are paying so much)
Don't let the name by itself fool you. Email profs, students, everyone! and ask information. Even by the way/time that people respond you can figure things out. Do not assume that schools in the same country offer identical programs. Do not think high of a program simply because of the admission requirements; the school may be asking for advanced courses in micro, macro and econometrics and still offer MA courses at the 3rd-4th undergrad year (and below the level of UK masters programs).
Caution! however. Admission requirements may determine your success in the program! On the one hand I had core courses (Micro and Econometrics) where the profs were not explaining much and were assuming lots of things already known (and without teaching them, they asked them in the exam!) and on the other hand I had those 3rd year-like macro courses.

Maybe I am whining too much because it is exam period.
I wish good luck to everyone and remember that most of the times, financial considerations should and do come first.

[prusd]

Thanks for the post reactor. I will take your tips to heart.

[albertalla]

Thanks Reactor, this is indeed interesting reading. It seems like you are avoiding naming and judging particular programs besides yours.
I wonder whether you or anyone could comment on specific programs with Reactor's advice in mind. Reactor mentioned placement, mathematical sophistication, quality of teaching, and method of teaching.

[devecon]

The MA in economics at NYU sounds similar to reactor's description. The key is knowing this beforehand, and being strategic in your course selection. The nice thing about NYU is that you can take the math classes at Courant, which is a great math department. If you play your cards right, you can also get access to econ professors at NYU (going to office hours, taking classes, etc.)

While many of the courses you take within the MA program are advanced undergraduate classes, by carefully taking math classes from outside the department and fostering relationships, you have a shot at getting placed at a good PhD program.

Some even get into the MA program, without any intention of completeing it. They just enroll so they can take math classes and stay involved in economincs until they can apply for PhD programs the next year.

[asquare]

In my limited information, some of these concerns would be valid for the University of Michigan's terminal masters program, as well. The courses are substantially easier than the PhD courses, and masters students are essentially not welcome in the PhD classes. Exams do come up frequently (though this is also true in the PhD program, and espeically in micro, which for PhD students is divided into four quarters.) And the masters program is explicitly NOT a "back door" into the PhD program. Even doing well in a PhD class while enrolled as a masters student does not, apparently, do much to help your chances of getting in to the PhD program.

If possible, I would suggest looking for a program where the focus is on masters students, not explicitly on PhD students. That probably means LSE or another of the UK programs, where a taught masters is often a prerequesite for a D-phil, and thus masters students are taken, for lack of a better term, more seriously than in the US.

[kcure]

If you're in a US MA program (whether BU, NYU, Duke, Michigan, whatever), it's not intended to be a prerequisite to further graduate study. The focus is much more on applied work than theory (though certainly the theory will be covered at a level higher than your undergraduate classes). Targets for an MA include: foreigners from a school not highly recognized in the US, businessmen who want an improved understanding of current economic though, business journalists. The MA programs are useful, but you ought to know who they're for.

Afaik, the same is not necessarily true of the foreign MA programs, though it certainly depends on the program. Also, for a 1-year MA, if you plan to start PhD the year after, your application won't include grades from your MA so it won't be much of a help in that way.

One last note: Don't imply from above that MA programs are necessarily easy in the US. This is part d of Question 1 from our 8 question weekly econometrics problem set this week. I would say it's on the easy side of the questions we're given (and certainly on the easy side of first year PhD econometrics q's):

Let {zi} be a sequence of i.i.d. random variables with E(zi) = μ (not equal to 0) and Var(zi) = sigma^2. Let ¯zn be the sample mean from n observations. Show that sqrt(n)[(1/¯zn) − (1/μ)] ->d N(sigma^2 / μ^4).

[asianecon]

use delta method

we did this in undergrad metrics...

[One on One]

Why not just enter a phd program and stop at a master's since everyone seems to look so far down on regular master's programs? Of course that is if you got into a phd, but the general thought around here seems to be that a master's in the US is a complete waste of time. Is this elitist thinking or true?

[asquare]

Why not just enter a phd program and stop at a master's since everyone seems to look so far down on regular master's programs? Of course that is if you got into a phd, but the general thought around here seems to be that a master's in the US is a complete waste of time. Is this elitist thinking or true?

Several reasons. First, many people apply to masters programs because they don't think they will be accepted at PhD programs. The goal is to obtain the masters and get into a better PhD program than would have been possible without the masters degree.
Second, leaving a PhD program with a masters degree sends mixed signals to future employers or schools. It can indicate that you essentially failed out (didn't pass the prelims/quals) or were asked to leave for accademic reasons, or it can indicate that you don't see things through to completion. Even if you convince a future employer or school that you left of your own volition, and had planned to leave after a masters degree, you come off looking manipulative at best.
Third, the coursework at the beginning of a PhD program isn't particularly useful unless you are pursuing a PhD. Masters programs that cater to students who want to work in industry or policy organizations do slightly more applied work, and may have a different structure. And if your eventual goal is a PhD, classes you took at one school don't transfer to another.

I think a masters in economics is useful in only a few circumstances: if you want to do a PhD but don't have the grades or background to get in (especially if you are an international student whose undergraduate degree is from a less well known school and was not taught in English); or if you want to work in a job where a masters degree is considered the relevant qualification. This is true for some government and industry jobs in the US, and for many more government and international organizations abroad. But leaving a PhD program with a non-terminal masters isn't a good way of reaching either of these goals. It won't help get you in to a better PhD program, and it sends a much less clear signal to employers than obtaining a masters from a terminal degree program.

Maybe I am whining too much because it is exam period.
I wish good luck to everyone and remember that most of the times, financial considerations should and do come first.

reactor, are you finishing up your masters, or do you have a year to go? What are your plans afterwards?

[axwse]

reactor: are you in the msc programme at the lse?