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roncampb

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Hey guys,

 

I'm back again, and looking for some advice from the experts. My question is broad, so I'm sure that the advice can really vary. But, I'd appreciate any help.

 

A little background, I graduated from a decent state school with a degree in Economics..Did not have a special gpa at all, because I just simply didn't work hard(3.2)

 

I worked in the corporate sector and got some solid work experience(3.5 years).

 

I decided to go back and get my masters in International Economcis and Finance from a small LAC. Nothing real special, but it's a decent school. I am one year in, and just a semester to go with a gpa of 3.964. So, it is going well but mainly because I work hard now. So, I've gotten all A's in the graduate level classes with an A- in Global Macro.

 

Either way, I've been contemplating doing a ph.d. in Economics, and I might be starting a family soon, so it may be tough to pull off. But, not entirely out of the question. So, I'm thinking about possibly doing another Masters in Economics but at a good school such as Duke. A school that could help me get a good private or public sector job. I'm hoping that a good grad gpa will help some. So my question is, do you think it is a decent idea to go back and get another Masters in Economics? My degree was a little different than the standard masters in economics, so I was hoping that there would be some variation at Duke or some other top schools. Also, what about doing a Masters in Financial Economics? Are there any other brand name American schools to consider?

 

Oh btw, I'm way behind on math. I took calc 1 and finite in undergrad and got a B and B+ respectively. But that was soo long ago, that I plan to start over, and I'm confident that I can do much better considering I didn't really care a whole lot then.

 

Thanks for the help.

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If your partner is willing to support you through the 4-6 years it will take you to complete your PhD (while raising small kids) and doing research is something you like to do, then it is something to look into.

 

If you want public-private sector jobs, a PhD is not that necessary, and given the foregone income + costs during the time it will take you to complete it (even more so if you don't obtain funding) it may be a bad investment.

 

The return on investment of another Master's degree will be minimal at best (signaling for Econ PhD programs), and negative at worse (private sector values work experience more than a second master's), and you would have to "retake" the classes when you start a PhD program.

 

From what I have gathered, and someone please correct me if I am way off, you would do better just attending a local college for Calculus (I - II), multivariate Calc (III), Linear Algebra, Diff Equations, and Real Analysis. Throw in a couple of Math Stats, and probability courses.

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If your partner is willing to support you through the 4-6 years it will take you to complete your PhD (while raising small kids) and doing research is something you like to do, then it is something to look into.

 

If you want public-private sector jobs, a PhD is not that necessary, and given the foregone income + costs during the time it will take you to complete it (even more so if you don't obtain funding) it may be a bad investment.

 

The return on investment of another Master's degree will be minimal at best (signaling for Econ PhD programs), and negative at worse (private sector values work experience more than a second master's), and you would have to "retake" the classes when you start a PhD program.

 

From what I have gathered, and someone please correct me if I am way off, you would do better just attending a local college for Calculus (I - II), multivariate Calc (III), Linear Algebra, Diff Equations, and Real Analysis. Throw in a couple of Math Stats, and probability courses.

 

Well if I did another masters, I would be doing it part-time. It wouldn't be full-time. So considering that, is your opinion still the same?

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Think about it this way:

 

What additional tools and knowledge, applied to your professional and academic aspirations, will the second master's degree provide?

 

Since you are unsure of pursuing a PhD, and already have a Master's in International Economics and Finance, you probably have most if not all tools needed to perform in that field. And pure economics Master's will probably give you more groundwork in theoretical macro and micro, but that's about it. The applications will probably be the same.

 

You would be better served (and it's cheaper as well) to take math classes at a local college - PhD's really need math - and then apply.

 

I say this because I am in a somewhat similar situation: I have a similar master's to yours, and my undergraduate GPA wasn't that great. I have a couple years of work experience (policy research and analysis) and I recently decided to consider a PhD. I talked to a couple of econ professors who said that I would be better served by the math classes - as opposed to a Master's in economics - because if you end up in a PhD program and decide it's not for you, you can complete the coursework and leave with a Master's anyways.

 

Just to prepare myself, I have been taking classes at a local college (Math for Economics, Linear Algebra, Diff Eq and Multivariate Calculus), and will probably take or audit a Real Analysis course.

Edited by Daniel
sp.
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Think about it this way:

 

What additional tools and knowledge, applied to your professional and academic aspirations, will the second master's degree provide?

 

Since you are unsure of pursuing a PhD, and already have a Master's in International Economics and Finance, you probably have most if not all tools needed to perform in that field. And pure economics Master's will probably give you more groundwork in theoretical macro and micro, but that's about it. The applications will probably be the same.

 

You would be better served (and it's cheaper as well) to take math classes at a local college - PhD's really need math - and then apply.

 

I say this because I am in a somewhat similar situation: I have a similar master's to yours, and my undergraduate GPA wasn't that great. I have a couple years of work experience (policy research and analysis) and I recently decided to consider a PhD. I talked to a couple of econ professors who said that I would be better served by the math classes - as opposed to a Master's in economics - because if you end up in a PhD program and decide it's not for you, you can complete the coursework and leave with a Master's anyways.

 

Just to prepare myself, I have been taken classes at a local college (Math for Economics, Linear Algebra, Diff Eq and Multivariate Calculus), and will probably take or audit a Real Analysis course.

 

That's hard to say. If I did get into a program such as Duke, they offer a Finance track so I know that would be different. But, I'm not sure it would be that significant. Also, Duke places very well in the private sector which is another thing to consider. But if I was already working, would that extra masters move me up the ladder quickly? I don't know.

 

But, I understand what you're saying. I've been told that before as well. My thing is that if I did get into a ph.d. program, it wouldn't be nearly as good of a program such as Duke. That's my logic, but I may be way off.

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But if I was already working, would that extra masters move me up the ladder quickly? I don't know.

 

If your goal is to move up the corporate ladder, then leaving work for 5 years to complete a PhD is not necessarily the best way to go about it.

 

That being said, is that second master's really worth it? It seems your Master's had a strong finance component to it. In any case, it really is something you should think about in great detail. Talk to individuals in your industry, preferably in senior positions, to see whether or not a second master's will put you ahead of the curve.

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If your goal is to move up the corporate ladder, then leaving work for 5 years to complete a PhD is not necessarily the best way to go about it.

 

That being said, is that second master's really worth it? It seems your Master's had a strong finance component to it. In any case, it really is something you should think about in great detail. Talk to individuals in your industry, preferably in senior positions, to see whether or not a second master's will put you ahead of the curve.

 

My goal isn't just to move up the corporate ladder. I just that as another possible benefit or opportunity that another master's would offer. I'm trying to evaluate all the positives and negatives about doing another masters or doing a ph.d.

 

Actually, the program that i'm in doesn't have as strong as a finance component that I'd like which is another reason why I'm considering another masters that would concentrate in finance.

 

I'm also running this by professors that I have developed a strong relationship with. But, they don't have experience in the private sector that many probably do here.

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Doing a second masters in economics is not going to help your PhD applications per se. Considering a PhD will require a big commitment and a lot of math prep! Ask yourself whether you really want/able to make such a commitment. In the end, you will ultimately make the decision based on your circumstances, but, if you do make the decision to pursue a PhD then you should definitely begin working on your math. I agree with Daniel, figure out your long term goals and plan accordingly.

 

I was kinda in the same situation as you. After deciding on a PhD, i also considered a second masters but instead of doing a second masters in econ, i decided that a second masters in mathematics would serve me a lot better for the PhD. I am not saying do what i did and spend the next 3-4 years getting a second masters in math, however, if you decide a PhD is right for you, then you should begin taking all the necessary math asap.

 

Good luck!

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