sph Posted May 24, 2011 Share Posted May 24, 2011 Hello all, I am new here. I know this is a PhD in Economics board but I am sure some of you can share your infinite wisdom in this area with me. A little bit about me: I go to a decent but not great state school. I have around a 3.5 GPA I am a Senior graduating this December in Accounting, Finance, and Business Economics. I have 2 finance internships at small, local firms (nothing great) I have 1 financial services internship at a Fortune 500 And I am part of a student run investment fund I have also done volunteer tax work I am really focusing on building a strong network and connections since I hopefully plan to start full time in January. I really want to get into Economic Consulting. I have done plenty of research on it and it's just something I am really passionate about. I am currently trying to pursue Economic Development internships locally around here where I am taking summer classes as well. If you would like to see my resume, I could private message it. But do any of you have tips on how I can get there? At this point, I am completely lost, and I am really stressing out. As far as the replies I am looking for, I want to know what I should from now till graduation to make myself valuable, what steps I should take (getting into a masters program, etc) I know I go to a state school so this makes it much more harder for me. I am willing to start out at a mid-size, large firm. Quote Link to comment Share on other sites More sharing options...
ggoofer Posted May 24, 2011 Share Posted May 24, 2011 80% of your paragraphs start with "I", sounds like you are indeed made for business. Why didn't you go to one of HYP? Goldman would be a cinch Quote Link to comment Share on other sites More sharing options...
econoecon Posted May 25, 2011 Share Posted May 25, 2011 Most of the large econ consulting companies do on-campus recruiting at the ivies and other top schools, so it might be hard to break in coming from an ok-but-not-amazing state school. Possibly a masters from somewhere like NYU or Duke could help, since then you'd have more of a "name-brand." Quote Link to comment Share on other sites More sharing options...
WorkingHard Posted May 25, 2011 Share Posted May 25, 2011 masters at duke or NYU is a good idea if you have the finances to do so; many of the peers I know are going straight into consulting without a masters. It seems that an MBA might be more useful depending on how deep into consulting you intend to go -- if it is a mckinsey style environment, MBA probably will be sufficient; if it's NERA, PhD or masters in my opinion. As for getting involved: networking and finding someone at a firm is key. Ask your professors and peers in your school if they know anyone, and go to career services to see. Once you make a contact in a firm, be courteous, patient, but also demonstrate your aptitude and enthusiasm. Outside of that, there's some books on how to do case interviews well - read one of them so you are prepared for the eventual interview. @goofer: the OP is inquiring about an opportunity for himself; is there another way to discuss one's past professional experience without the word "I"? Quote Link to comment Share on other sites More sharing options...
sph Posted May 25, 2011 Author Share Posted May 25, 2011 Hi goofer, SPH will try to use less "I" and become more of a team player from now on. SPH understands that it is crucial for his chosen career path so thanks for indirectly telling him this. Thanks for your replies econoecon and WorkingHard, I should mention I am not just open to Economic Consulting. The analytical side sounds very interesting however. I am also interested in Economic Development and Public Policy. Other areas that I am interested in that are not related to this are Valuations and Advisory. I have been looking at companies like Navigant Consulting, if you want to take a look at that. However because of my background, I don't think think I will have much luck in even getting an interview. Networking is key and I am still trying to do something about this...any tips here on how I can approach aforementioned firms? I am graduating in December and I am keeping an open mind about Graduate programs. Do you have any masters programs in mind that might serve me well for what I want to do? Programs that I may be suitable for. I don't think I would be a suitable candidate for a program at Duke or NYU because of my average background, not to sound modest. Quote Link to comment Share on other sites More sharing options...
econoecon Posted May 25, 2011 Share Posted May 25, 2011 Hi goofer, SPH will try to use less "I" and become more of a team player from now on. SPH understands that it is crucial for his chosen career path so thanks for indirectly telling him this. Thanks for your replies econoecon and WorkingHard, I should mention I am not just open to Economic Consulting. The analytical side sounds very interesting however. I am also interested in Economic Development and Public Policy. Other areas that I am interested in that are not related to this are Valuations and Advisory. I have been looking at companies like Navigant Consulting, if you want to take a look at that. However because of my background, I don't think think I will have much luck in even getting an interview. Networking is key and I am still trying to do something about this...any tips here on how I can approach aforementioned firms? I am graduating in December and I am keeping an open mind about Graduate programs. Do you have any masters programs in mind that might serve me well for what I want to do? Programs that I may be suitable for. I don't think I would be a suitable candidate for a program at Duke or NYU because of my average background, not to sound modest. Well keep in mind that the admissions requirements for the Duke/NYU masters are MUCH easier than for the PhD. I'd say that you have a chance although it's certainly not definite. UMichigan has a masters in applied economics, which I think is supposed to be more applied and geared toward preparing one for a job rather than for admissions to a PhD, and Michigan would give you a good "name-brand" as well. Johns Hopkins DC Campus has a masters in applied economics that can be done as an evening degree (in the event that you are able to relocate to DC and find a 9-5 job, you could do the degree in the evening). A lot of the Hopkins courses also can be taken online. You might be interested in MPP/MPA programs as well, depending on your goals/interest. Quote Link to comment Share on other sites More sharing options...
sph Posted May 25, 2011 Author Share Posted May 25, 2011 Masters in Applied Economics is the way to go? I have been looking at rankings for this area of study and there are not many schools which offer it. I like Michigan and Duke's program though. Duke's program requires work experience though. I have been looking at Masters in Finance programs as well. I am graduating in December so that is when I will be applying. But I am still trying to get a winter internship or a full time job, that is my first priority in the areas I have already described to you. Grad school just seems to be one of those bleak options for me. There is no way I could get a high enough GRE score. Quote Link to comment Share on other sites More sharing options...
WorkingHard Posted May 25, 2011 Share Posted May 25, 2011 Dont say what is out of your range. Funny you mention Navigant, since they came to present to a small group of students at my university and I talked with one of the main people in the office in my state, and he did not have a deep economics background. Thus, that gives credence to the argument you dont necessarily need a masters. My suggestion is to look for programs that you'd like -- john hopkins applied is great, check out illinois champagne urbana, UNC masters, delaware masters -- and then determine what you need to get in, and create a strategy. If you dont get acceptances then try consulting without a masters; juxtaposes with waiting another year which I find silly since you make your life revolve around a school -- you make the choices, the school cant bring success or failure so sitting around an extra year wont help much. In this sense, I think you should apply to a handful of masters, with Duke/NYU as your top choices but also the others which are strong if you're looking terminal masters. Figure out what you need to get there and go do it Quote Link to comment Share on other sites More sharing options...
poser Posted May 25, 2011 Share Posted May 25, 2011 80% of your paragraphs start with "I", sounds like you are indeed made for business I am less annoyed by someone who uses "I" too much than by the more common habit of avoiding agency all together (a habit much more common in academic writing than business writing imo). passive voice makes my screen crawl. Quote Link to comment Share on other sites More sharing options...
sph Posted May 25, 2011 Author Share Posted May 25, 2011 Thanks WorkingHard! I saw the Johns Hopkins Applied Economics program and it's really good despite it being catered towards mostly working professionals! I will make some calls tomorrow about it. Their curriculum seems almost perfect for what I want to study. UIUC is great too. Alphabetical List of U.S. Graduate Programs in Economics This website shows a list of terminal economics programs in the country. I will take a look at these and narrow down my list! Quote Link to comment Share on other sites More sharing options...
robbieboy74 Posted May 25, 2011 Share Posted May 25, 2011 I am less annoyed by someone who uses "I" too much than by the more common habit of avoiding agency all together (a habit much more common in academic writing than business writing imo). passive voice makes my screen crawl. why do people hate the passive voice so much? Quote Link to comment Share on other sites More sharing options...
Zeno Posted May 25, 2011 Share Posted May 25, 2011 why do people hate the passive voice so much? I've always wondered the same. I mean, using the same (any) structure repetitively gets annoying, but I don't get what's wrong with it here and there. Quote Link to comment Share on other sites More sharing options...
2011applicant Posted May 25, 2011 Share Posted May 25, 2011 Do you have Stata experience? My company, which is an economic consulting company, is looking for someone who is good at Stata to start immediately. Send me a private message if you would like me to pass on your resume. Quote Link to comment Share on other sites More sharing options...
bobloblaw Posted May 25, 2011 Share Posted May 25, 2011 why do people hate the passive voice so much? A sentence using passive voice is always less clear than the equivalent sentence without it. The only time passive voice is acceptable is if you are intentionally obscuring who/what is performing the action. Otherwise, it is a lazy/confusing construction that should be avoided at all costs. Quote Link to comment Share on other sites More sharing options...
AREStudentHopeful Posted May 25, 2011 Share Posted May 25, 2011 Georgetown is starting a new applied economics masters program this fall as well. While I realize it's a new program so there's an "unknown" element to it, given the connections Georgetown has will some development NGO's as well as beltway agencies, it might not be a bad thing to look into (plus Georgetown has something of a "brand name"). Quote Link to comment Share on other sites More sharing options...
sph Posted May 25, 2011 Author Share Posted May 25, 2011 Hi 2011applicant, unfortunately I do not have experience with Stata. Is this a useful tool for all economic consulting jobs? AreStudentHopeful, Yes I looked at the program for Georgetown, it's new but I am sure they have great connections since they are a reputable university in DC. I'll try to contact them too! Quote Link to comment Share on other sites More sharing options...
sph Posted May 25, 2011 Author Share Posted May 25, 2011 Do you guys have any good recommendations for books/resources I should read especially for this area? Thanks Quote Link to comment Share on other sites More sharing options...
econadian Posted May 27, 2011 Share Posted May 27, 2011 I think getting used to stata would be a good decision for econ consulting. If you already know some other software (SAS, R,...) that's probably fine, or you will have no trouble adapting to stata. Also I agree a masters would be a good idea, it will make you better at reading economic papers which I imagine would be useful for consulting, and I think I read someplace there is a ~40% salary boost associated with getting an econ masters compared to a bachelors, which is probably well worth the one year investment. Quote Link to comment Share on other sites More sharing options...
Charis Posted May 27, 2011 Share Posted May 27, 2011 (edited) To set the record straight I think SAS is used more, but because its more expensive and academia uses STATA (your school probably has some licenses on some public computers) I agree learning STATA is the most viable. R is also free but its much more difficult and is much more like programming than STATA SAS or SPSS where everything is canned into commands. Also, I think a lot of firms that use SAS or SPSS probably still prefer people who know STATA over nothing because its easier to transition over if you're familiar with STATA. Another bonus, is if you try to RA with a prof then you can probably learn STATA and cultivate a recommendation. Also, econadian is right in that you should really get a masters. Not only is there the glass ceiling to deal with, but my friend who got a MA tried to get a job in consulting (and not only knows stata but can program as well) and couldn't. Then again, in another year the job market will probably be better than when he was looking (just for your info I know the person now because they ended up going to get their PhD). Edited May 27, 2011 by Charis Quote Link to comment Share on other sites More sharing options...
sph Posted May 27, 2011 Author Share Posted May 27, 2011 Great! One more question: Is it a better idea to get about 2-3 years of work experience wherever I can get a full time position before applying to grad schools? Or should I just go for it now? I know it should be up to me, but what would be wise here because of my background? I have been looking at a list of some of the terminal masters programs in economics and I really like some of them enough to apply come fall semester. However work experience seems to be really important these days for masters programs like this! I mentioned the Johns Hopkins program and it seems perfect (curriculum, flexibility, school reputation) however the class profile is majority working professionals. Quote Link to comment Share on other sites More sharing options...
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