wolf87 Posted June 3, 2006 Share Posted June 3, 2006 I'm currently working on my MA in economics (strong math background w/some IS leanings & exp) and, with comps coming up next semester, I'm working on post-graduation plans. I know that I want to go into the private sector eventually (strongly leaning towards consulting or finance, not nonprofits or think-tanks), and I'm trying to decide whether to go straight into the market, go for a PhD in econ, or go for a business school PhD. I have read every econ & business PhD guide that I can find, and I have asked around, but I still feel like I'm operating in an info vacuum. Here are my ?s:What is the job market like for econ MAs with a strong math background? What is the market like for econ PhD's in the private sector? How large of a difference is it from the former in terms of pay? Opportunities? (thinking of fresh PhD vs. MA w/5 yrs exp; seems like most reasonable comparison) Same as 2 for business school PhDs.Thanks for any info. Quote Link to comment Share on other sites More sharing options...
TheBrothersKaramazov Posted June 3, 2006 Share Posted June 3, 2006 It's difficult to answer your questions - because it depends on the job market when you come out of these programs, and the type of positions you are looking for. Are you doing your MA in the US or elsewhere? IMHO, don't do an econ PhD. Since your interests seem to clearly be in the private sector, consider either an MBA or a PhD in finance. Depends on where you wish to work, but these will be more salary-boosting than an MA or phd in economics. A PhD in economics certainly does not prepare you for the corporate world as much as a business school graduate program would. Quote Link to comment Share on other sites More sharing options...
CameronS Posted June 3, 2006 Share Posted June 3, 2006 Econphd.net is a great resource if you have not already checked it out. That is where one might get some helpful answers, be aware that it is the outlook of an individual from Australia. Quote Link to comment Share on other sites More sharing options...
wolf87 Posted June 3, 2006 Author Share Posted June 3, 2006 I'm from and doing my MA the US (Boston), and I've been on econphd.net & all the resources it links to (must agree, great site). Brothers: I see what you mean. I'm definitely getting the MA (about halfway through), but PhD econ doesn't seem like right track for private sector from what I've seen. One thing; my first post was badly phrased (oops). On the market, opportunities, etc., meant more relative with degrees than absolute (for ex., if you go for PhD over MA, what additional career paths will it open in the private sector, referring to opportunities). Quote Link to comment Share on other sites More sharing options...
TheBrothersKaramazov Posted June 4, 2006 Share Posted June 4, 2006 Well, a PhD is useful if you're interested in private sector careers that involve research (since the very nature of a PhD is research). I will give an example. I have a friend who is just coming out of a B.Eng in Software Engineering & Management. The company that he works for deals primarily in developing and providing data warehousing tools to various corporate clients. This company is pushing him to do his PhD (in either a business or engineering field) because this is an area that will be developing substantially in the next decade. All of the senior management has PhDs, and in order to write "regarded" white papers for many of the things he may be developing, a PhD is preferred. I think whether you choose to complete a PhD has to do with how much of an innovative/research-oriented career you wish to have. If you are interested in developing new financial techniques, consider a program in financial engineering or a Phd in finance. If you prefer to be on the business analyst side of things, do an MBA. Likewise, every good business also needs accountants / legal dept / etc. There are plenty of options if you can narrow your interests. Sometimes, but not always and certainly not the rule, the individuals creating and implementing innovative products and ideas are the ones who tend to get promoted and compensated appropriately. But i do believe it is always important to keep on top of technological change in order to stay ahead of (or at least in) the game. As for the worth of an econ MA, i don't think in the corporate sector it is as worth much as a professional business program (ie. MBA). But it never hurts to apply for jobs and see what kind of responses you get. It will give you an idea of what is available to you. Quote Link to comment Share on other sites More sharing options...
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