Masters in Economics or PhD/Masters in Statistics

[pie]

Hi, I hope this topic is relevant in this forum. I have been looking into a PhD program in Economics but I don't know the 6 years or so time investment and employment in the academic setting is what I am looking for at this point. Consequently, I am looking into a masters in economics and a masters in statistics(or possibly PhD) but I am having somewhat of a hard time gauging which one is better for me. I like economic theory and I also like applied mathematics though I am going to be just starting analysis and prob theory this upcoming year so my interests are subject to change.

 

However, the problem is that it seems to be somewhat difficult to apply to a masters program in both discipline while maintaining a strong profile due to the LORs. What composition of the LORs do you think would be best? i.e. 2 statistics professors, 1 economics professor; 3-0; 0-3. It seems to me at this point that getting 3 statistics or 2 statistics and 1 economics professor to write my LORs will be the most probable because I'll be taking prob theory I, II, III with the same prof and possibly independent study/research related opportunity after a stat course in this upcoming fall(currently a junior).

 

What are the employment opportunities like for both degrees? I am kind of interested in doing research for private companies and for some jobs, one degree can be a substitute for another since they are both quantitative.

 

How hard is it to get into these programs, especially compared to its respective PhDs? Does anyone know how long it takes to complete a PhD in statistics in say the top 20 programs? Is it still around 6 years?

 

Sorry this was a long post, thanks for reading and your suggestions/advice are greatly appreciated!

[bostonfan05]

If you want to go into the private sector you are certainly better off just doing a masters in stats over a PhD (unless you have a substantial preference to doing research; but this does not seem to be the case for you?...).