Evaluate profile for phD in Finance or Economics

[mzafar]

Hello, I am trying to realistically asses my chances of getting admitted to the top 20 phD program in Economics or Finance:

Here are my credentials:
BS Computer Engineering 1997, GPA 3.9, good public school.
A's in Calc I, II, Vector Calculus, Probability and Stats; No Linear Algebra, though.
1 semester of research experience.
Professional work in programming (C++) since then.
Decent recommendation from professors - its been a while since I was at school!
GRE: 800Q, 550V
The big negative is that I have been out of school for almost 10 years. Is this too bad?

Now here are my options:
1. Apply to top-20 Econ programs.
2. Apply to top-20 Business Econ or Finance programs.
3. Apply to Masters in Maths/Economics/Finance programs and then later apply for phD.

Questions:
1. Is my work experience detrimental to my application. What about my age? I heard programs give importance to age since it affects placement after graduation.
2. Given my experience, are business Econ/Finance program easier to get into than pure Econ programs?
3. Which option makes sense for me? The last thing I want is to waste another year doing nothing.

Thanks a lot for your comments!

[user_name]

1. I don't think your work experience or your age would be detrimental to your application.
2. Bus Econ and Finance program are at least as selective as many econ programs of the same reputation. The admission statistics are in fact much more brutal. Other programs within a business school (management, accounting, etc.) would be less selective.
3. IMHO, doing a Master's in econ would make the most sense because you weren't an econ major and you didn't mention having taken any econ classes.

[mzafar]

Thanks for your response! Just to add, I did take an Intro to Macro Economics and Principles of Imports/Exports course during my undergrad.

But overall, as I see the strong credentials of other applicants, I think I am going to apply to Masters programs for now. Do you have any recommendation for masters programs that will aid in applying for phD later on?

Some of the programs I am looking at are:

MS in Maths Finance
MS in Development Economics
MS in Financial Engineering
MS in Economics (terminal MS program) *

Should I also apply to MS in Economics * program? I read somewhere that it is better not to get MS in Economics if wanting to get a phD later. Any comments?

Do you have any recommendation for other Masters programs that might be useful?

Thanks!

[maths_bonn]

I wouldn't go for a fin.math. or fin.eng. masters in front of a Ph.D., because of two things, first:normally they train for industry and not for academia (NYU for example states this on their homepage about the fin.math.Programme) and second: they are supersupersuperexpensive, but maybe that doesn't concern u.

And two the econ masters: The main reason why most people in this forum don't recommend this, is because the US econ masters (the few there are) train normally for going into industry or some organization directly after that. But that is about US masters, not for Canadian or European, normally. SO if u don't mind doing to Europe for one year, then just go there, maybe u can pick up another language on the fly, and then apply to US universities...or stay in good ol' Europe of course

[mzafar]

Thanks for your insightful comments. I think I am leaning towards applied economics so I might go for MS Econ / Development Econ and then figure out if I want to go for phD later.