Econ Masters for PhD

[econphd2013]

I'm an international student at a well reputed business school in the US. I've recently made up my mind to pursue a doctoral program in economics.

Type of Institution: Top 20 business undergraduate program. Economics (Top 50)
Majors: Finance, Business Economics, Public Policy Analysis
Minors: Math (doing more than a minor. I plan to complete the Calc sequence, Linear Algebra, Diff Equations, Intro to Prob and Stats by the end of my senior year and take an extra semester to study Probability Theory, Real Analysis (during the semester of application).
CGPA: 3.4 (3.6 hopefully by the time of application)
Current Standing: Junior-->Senior
Interests: International Economics, Econometrics, Financial Economics

I am really working hard to improving my grades. I've been told that it's pretty hard to make it even to the top 50 even if do exceptionally well from now on.
I also plan to take two graduate level classes. One in game theory and the other in Econometrics

I was wondering if going for a Masters program first is a good idea before I apply for a good PhD program in the US. Will my chances be really better? Funding is really important for me. How's the funding for Masters?
I had a few programs in mind.

Canada: UBC, Queens, U Toronto
Europe: UPF (Spain), UC3M, Barcelona GSE, CEMFI, Tillburg, Erasmus, Stockholm School of Economics, UBonn

I decided against applying for unis in UK as funding there is terrible

Please advise me about my prospects and the programs. I really appreciate your help. Thank you!

[tm_member]

You seem to be taking the right approach... to be specific, we need math and intermediate econ grades, and some info on letter writers to estimate. But if you do well from now on and up your GPA to 3.6 by application time, you should be able to get into one of those master's programs.

After that, you will have to work hard in the MA to convince two professors to write you LORs. Make sure you leave your UG institution with at least two letter of recommendation writers who will support you when it comes to PhD applications.

[econphd2013]

I'm still in the process of talking to professors. One of them is a very well reputed professor who has taught me a course equivalent to intermediate micro. He's a well known game theorist I believe. I still have to talk to other professors.

I feel like an amateur in this whole process. Is it okay to get a letter of recommendation from a good professor who never taught me?

What's your take on funding available to Masters students in Canada, US (if they ever fund) and Europe?

Thank you!!

[tm_member]

Your letter of recommendation writer needs to be able to speak to (1) your potential for performing useful research, or (2) your ability to handle graduate classes, and preferably both.

Taking a class with a professor is often neither necessary or sufficient to establish (1) and (2).

What is important is having LORs from each institution you attended, as not having them "raises eyebrows" amongst the adcom members.

Funding for master's is not easy to get, and your profile is weak in certain areas. I wouldn't rely on it if I were you.

[applicant12]

I feel like an amateur in this whole process. Is it okay to get a letter of recommendation from a good professor who never taught me?

What's your take on funding available to Masters students in Canada, US (if they ever fund) and Europe?

Yes, if that letter itself is indeed good. Are you sure that the good prof has something nice to say about you? Have you done research with him? Does he know how well you are at maths and econ? The consensus is that a lukewarm letter of recommendation from a famous prof is not as useful as a strong letter of recommendation from a not-so-well-known prof.

Funding: My friend told me last year that almost everyone admitted to Tufts' MS econ program receives financial aid. I don't know about the availability of funding for every incoming class though. Jobs are easy to get too

Students admitted to the DSMA program at Toronto get the same kind of financial aid that PhD students get. However, there's a limit on the number of international students admitted.

That's all I know. I don't know much about European programs though, although I heard the tuition at TSE was pretty cheap

[econphd2013]

tm_guru, thanks for the great insight about the LORS.

Also, do you happen to know about the Masters programs at CEMFI and UC3M? Do you have any idea about my admission prospects at these schools or any other good European schools that will aid my future PhD admission.

Thank you

[econphd2013]

Thank you applicant12. I plan to go back to him in Fall and talk to him about doing some research work for him. He doesn't know how well I'm at Math since I just started taking Math classes. However, he did teach me a business equivalent of Intermediate Micro and I got an A.

Also, is it okay to get good LORs, as you and tm_guru suggested, from associate/assistant profs?

Tufts sounds good but I've heard that US Masters are not good if my ultimate goal is to gain admission into a PhD program. Is this true?

As far as going to a European school is concerned, the tuition is pretty low so I'm not really worried. I'm worried about the living expenses though.

[applicant12]

Also, is it okay to get good LORs, as you and tm_guru suggested, from associate/assistant profs?

Tufts sounds good but I've heard that US Masters are not good if my ultimate goal is to gain admission into a PhD program. Is this true?

I think it's ok to ask for LORs from associate/assistants profs. Generally, I would try my best go get the best LORs from the best people.

It may be true that a US master's does not add much value to your profile but Tufts stands out as one of the more rigorous programs in the US. You can read more about it here http://www.urch.com/forums/phd-econo...economics.html (Tufts Master's Economics) Also, I have to mention that in a recent thread, one person made a good point as he said enrolling in a master's program could give you the chance to gain research experience, which is useful for admission and may compensate other weak parts of one's profile.

[juliep]

Also, do you happen to know about the Masters programs at CEMFI and UC3M? Do you have any idea about my admission prospects at these schools or any other good European schools that will aid my future PhD admission.

Thank you

Hi,

I'm heading to UC3M, starting the program in September. So...
- regarding funding: all students are funded, that means tuition waiver + around 1000 euros per month from Sept. till June, during 5 years+ health insurance at least 1st year, don't know for the others. Some old threads here spoke about people loosing the funding and forced into going to Complutense, it seems over now, current students I've been writting to told me it was ok if your grades were ok, and if you're aiming transfering to the US anyway your grades need to be more than ok.
- admission prospects... I could comment on my profile if you want but that's just one, I could telle you more after September seeing the profiles of the others students (we are 25-26). But write me a PM at that time, I will have forget.
- possible outcomes after the master... Well again write me during the year cause I'm not in yet. From hearsays (sample of 1 or 2 persons, so you see...) not so many students transfer to the US, it can be badly seen from the teachers. Most people wanting to go on with a PhD do it there. Again, this is a small sample. I think this is one of the master with the better funding (I mean, all students are funded) but if it is hard to transfer to the US afterwards you don't care.

Apart from UC3M, I thing BGSE (Barcelona) has more a record of sending master students in top PhDs, but funding is much worse:

- cost of the master 12k euros per year, 1st year and 2d year are independant so no automatic acceptance (actually this is considered as 2 masters, with different names). They have tuition waiver and partial tuition waiver + TA to get extra funding but I don't know how many students do get them. I think there is a high correlation with your application timing, good funding are given at the beginning. I applied quite late and only got a 25% tuition waiver. That's why I chose UC3M, I would have chosen BGSE otherwise. Also from hearsays, star teachers who are really connecte in the US are very demanded, that is their class is usually chosen by everybody and you can have classes of 60 people (again, posts said contradictory stuff about number of people in the master), maybe all wanting a letter from them, it might be harder to create a relationship. That's why I told myself to consolate myself to have rejected BGSE for UC3M ;-) I really don't think I will try the US again in 2 years given that I am already "old" (28) but who knows if I see I have the possibility to get good LORs I may venture into it again.

I really don't know about funding for the others. Well no, I know for France, PSE and TSE do not provide funding for masters, just for the PhD. You have to take into account that tuition are close to zero. Costs of living in Toulouse are not so high, in Paris well yes it's higher.

Actually I realized that you did not mention PSE. PSE is definitly sending students to the US regularly, they have a lot of good teachers. The thing is, I think it is extremely competitive because, still more than TSE, you have all the students coming from French "Grandes Ecoles" who had a really heavy math-preparation and I heard it may be hard to stand out (euh… don'T know if you say it like that).

I also know that Louvain in Bruxelles happens to send students to the US, nto that much but teachers may really involve themselves, one of my letter of recommendation writter told me he managed to send a student to Yale the previous year. I think tuition are cheap. Funding is not that common in first year but my friend managed to get a TA equivalent to a small stipend, so enough to cover living expense.

[econphd2013]

juliep,

Thank you so much for your detailed response. It really helped. Congrats on your admission and achievement.

How is UC3M for international economics and financial economics in your opinion? I know it is an outstanding place for econometrics. If I get into UC3M and want to specialize in econometrics, it'll be great for me. However, if I decide to go for international economics/financial economics, I don't know what I should do then. I can understand why the professors won't want you to leave the uni after getting Masters, but I think I'll be giving up my flexibility at UC3M.

Funding is really important for me, at least at this point. Otherwise, I understand that BGSE is excellent as well. France, given the very low tuition is also a good option for me. Especially Toulouse, as I might be able to afford it. However, with PSE and the other programs, I don't know if I'll be able to pay for the high cost of living. Do you have any idea how hard is it to get into Toulouse?

I will continue to be in touch, to know more about UC3M. I really appreciate all your help. Thank you.

Good luck with UC3M!