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SelfMadeEcon · 2009 July 16th, 06:14 PM

I am trying to understand which is the best career path to reach top positions in economic consulting. In particular, is it better to pursue a PhD in Economics or start first to work as an analyst after a MSc in Economics for a econ consulting firm and take an MBA from a top 10 university after a couple of years of work ? Someone said in this forum that "top stars" in econ consulting are not necessarily PhD guys and are often MBAs. On the other hand, from the websites of econ consulting firms it is clear that top positions normally concerns people with PhD in economics.

I already have a strong quantitative and microeconomics background (I have taken 3 Micro classes, Game Theory, 2 Microeconometrics classes, IO, Dynamic optimization and differential equations, 3 Statistics classes). In concrete, I have two possible choices for the next year to reach my goal.

CHOICE A] Complete my MSc in Economics (1 year left) taking Real Analysis and Decision Theory (PhD classes at my university) and other two micro related classes and take part in a Phd afterwards. I am confident I can get a top 10, top 15 PhD.

CHOICE B] Do a Double degree in Energy Economics at MGIMO University (Moscow) next year (required: from September to December, with possibility to stay until June). I have never heard this university before enrolling in the programme (it is actually a International Relation university), but it is quite famous in East Europe (all the top politicians in the area come from there, therefore it can be good for networking). Despite the double degree is business oriented, since energy economics is a common issue in eco consulting, I am confident that doing the double master, given my strong math/micro background, will allow me to be hired as analyst in an Econ Consulting firm. Then, after 2-3 years I will get the top 10 MBA.

I know the answer depends by the particular attitude of the person in question, therefore I think it is necessary to give you some additional personal info.

1)My goal is to get a leading position in a top econ consulting firm and make a reasonable amount of $$$. Actually, I would feel "complete" if I could become the founder of a leading economic consulting firm (top benchmark: David Teece of LECG), even if this is can be considered a dream (by the way, from internet websites, not all the econ consulting founder have a PhD). I am ready to do whatever is necessary to reach my goal.

2)I love economics and enjoy study it, in particular microeconomics and IO; potentially, i could be ready to study 5 more years, not only to reach my goal but also (but not only) for the pleasure of studying, but I am not interested in an academic career, given my goal, at least so far.

3)I like research, but I have lot of other interests besides that in my life; i feel the risk that it could be difficult to balance PhD with social life/hobbies, which I feel necessary for a good life. I would "give up" social life, if this is a requirement to reach my goal, but I would prefer the choice that would give me more "free time" to spend in other things besides economics.

4)Both the choices are appealing, I would really like to take the challenging classes of real analysis and decision theory next semester and then continue to study hard. On the other hand, I am sure that spending 4 months in Moscow would be a fantastic experience and hopefully the 2-3 years in an econ consulting firm before my MBA should not be so boring, even if I now that they would not be so exciting.

Choosing choice A rather than B would imply a sunk cost of about 1000€ because I have already paid the fee for the double degree (I have started to think seriously about the Phd only after my Game Theory class). Nevertheless, it would be a reasonable sunk cost, once understood a PhD is really what it is required to get my goal.

A third possible choice, a mix of the two previous, could be take the double degree programme and then take part in a PhD in Business; but this could be possible only if
1) PhD in Business do not requires so strong LORs (I need to stay in my university next semester to be sure to get "perfect" LORs)
2) PhD in Business could bring me to Economic Consulting (I am not sure about this)

Hope I give you all the necessary information, thank you in advance!

Mark_B · 2009 July 16th, 10:49 PM

In Australia, the bulk of the senior economics consultants that I know of fall into one (or both) of two catergories:

1. Either former (very senior) bureaucrats

2. PhDs

2009 July 16th, 06:14 PM	#1 (permalink)
SelfMadeEcon I JUST got here. Join Date: Jul 2009 Posts: 13	Career Path for Economic Consulting I am trying to understand which is the best career path to reach top positions in economic consulting. In particular, is it better to pursue a PhD in Economics or start first to work as an analyst after a MSc in Economics for a econ consulting firm and take an MBA from a top 10 university after a couple of years of work ? Someone said in this forum that "top stars" in econ consulting are not necessarily PhD guys and are often MBAs. On the other hand, from the websites of econ consulting firms it is clear that top positions normally concerns people with PhD in economics. I already have a strong quantitative and microeconomics background (I have taken 3 Micro classes, Game Theory, 2 Microeconometrics classes, IO, Dynamic optimization and differential equations, 3 Statistics classes). In concrete, I have two possible choices for the next year to reach my goal. CHOICE A] Complete my MSc in Economics (1 year left) taking Real Analysis and Decision Theory (PhD classes at my university) and other two micro related classes and take part in a Phd afterwards. I am confident I can get a top 10, top 15 PhD. CHOICE B] Do a Double degree in Energy Economics at MGIMO University (Moscow) next year (required: from September to December, with possibility to stay until June). I have never heard this university before enrolling in the programme (it is actually a International Relation university), but it is quite famous in East Europe (all the top politicians in the area come from there, therefore it can be good for networking). Despite the double degree is business oriented, since energy economics is a common issue in eco consulting, I am confident that doing the double master, given my strong math/micro background, will allow me to be hired as analyst in an Econ Consulting firm. Then, after 2-3 years I will get the top 10 MBA. I know the answer depends by the particular attitude of the person in question, therefore I think it is necessary to give you some additional personal info. 1)My goal is to get a leading position in a top econ consulting firm and make a reasonable amount of $$$. Actually, I would feel "complete" if I could become the founder of a leading economic consulting firm (top benchmark: David Teece of LECG), even if this is can be considered a dream (by the way, from internet websites, not all the econ consulting founder have a PhD). I am ready to do whatever is necessary to reach my goal. 2)I love economics and enjoy study it, in particular microeconomics and IO; potentially, i could be ready to study 5 more years, not only to reach my goal but also (but not only) for the pleasure of studying, but I am not interested in an academic career, given my goal, at least so far. 3)I like research, but I have lot of other interests besides that in my life; i feel the risk that it could be difficult to balance PhD with social life/hobbies, which I feel necessary for a good life. I would "give up" social life, if this is a requirement to reach my goal, but I would prefer the choice that would give me more "free time" to spend in other things besides economics. 4)Both the choices are appealing, I would really like to take the challenging classes of real analysis and decision theory next semester and then continue to study hard. On the other hand, I am sure that spending 4 months in Moscow would be a fantastic experience and hopefully the 2-3 years in an econ consulting firm before my MBA should not be so boring, even if I now that they would not be so exciting. Choosing choice A rather than B would imply a sunk cost of about 1000€ because I have already paid the fee for the double degree (I have started to think seriously about the Phd only after my Game Theory class). Nevertheless, it would be a reasonable sunk cost, once understood a PhD is really what it is required to get my goal. A third possible choice, a mix of the two previous, could be take the double degree programme and then take part in a PhD in Business; but this could be possible only if 1) PhD in Business do not requires so strong LORs (I need to stay in my university next semester to be sure to get "perfect" LORs) 2) PhD in Business could bring me to Economic Consulting (I am not sure about this) Hope I give you all the necessary information, thank you in advance!

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2009 July 16th, 10:49 PM	#2 (permalink)
Mark_B I JUST got here. Join Date: Nov 2008 Location: Terra Australis Posts: 16	In Australia, the bulk of the senior economics consultants that I know of fall into one (or both) of two catergories: 1. Either former (very senior) bureaucrats 2. PhDs

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