considering econ phd - advice needed!!

[katy10]

Hello all-

Recently I've become interested in development economics/politics and economics and thought about going for a PhD in economics with something of that nature as my research field. However, I just graduated college (Cornell University), with a decent GPA (3.6ish) and a BS in Policy Analysis and Management. I took lots of Economics courses and always found them the most interesting of all my classes, but only took minimal math courses (calculus, statistics, multivariable analysis required for my major, but nothing more) and I know that a strong math background is necessary to have a shot at any of the top PhD programs.
Would it make more sense for me to look into taking math courses to strengthen my background (I live in the boston area, so there are lots of places I could potentially study), or look into a masters program in economics (I've heard there aren't too many of those now, most places require you to apply to the PhD and don't offer separate masters tracks).
Also, if I'm not planning to go to school for at least another year or two, when should I take the GRE? Will schools frown upon me taking the GRE soon and then using test scores that are a year old at the time of my application?

[IvyBoy]

My advice is (if you plan to attend a top school)...take more math, take the GRE as soon as possible (or whenever you feel you can score perfect on the quantitative portion). That shouldn't take more than about a year. You should be able to apply for fall 2008. How long ago you took the GRE won't matter to the adcoms as long as it is with in 5 years. Some schools might, however, not like scores that are more than 2 years old.

[Jhai]

A series of math courses would probably be cheaper than taking a full master's, and, given your background, more useful as well, I think. But it's ultimately your decision - you may decide that you don't like math enough to get an econ ph.d, but if you learn that doing a master's in econ you'll at least have a degree to show for your work. If you enter a master's program make sure they know you're entering with an eye towards a ph.d, and that you'll be wanting to beef up your math background.

To become a strong applicant you need linear/matrix algebra, differential equations, calc-based statistics, and real analysis/advanced calculus (called different things at different schools). That's only four, maybe five courses - two semesters at part-time. To become a VERY strong applicant you could take topology, further classes of all of those listed above, more proof-based courses, and perhaps graduate-level micro econ. Of the courses I listed, I'd say the most important are linear algebra (since it's a very fundamental course) and real analysis (since you can showcase your ability to do proofs through that course). I'd rank calc-based stats over diff eq, but others may disagree with that.