MS Math for econ phd prep?

[Caprone]

Hello all,

 

I have a "decent" background, but probably not the best shot for getting into top 10 econ phd program. The weak part of my app is my lack of high level theoretical math. I've done lin algebra, calc1-3, intro to proofs, calc based stats, all As from top 10 undergrad. But, no real analysis, topology, etc. I have strong LORs, and an honors thesis, but I really think my lack of math will hurt me. I am planning on applying to top 10 econ phd programs, but I want to have some backup plan if i don't get in. SHould I also apply to MS Math progs to catch up on math theory and maybe even get ahead? if so, which programs? i was looking at columbia's masters in math finance. i think this would help my admission chances for fall 2008 and also make me more prepared for the phd econ theory courses. Thoughts?

 

THanks.

[OneMoreEcon]

If you have strong LORs and solid grades from a top 10 school, you're in good shape. Really, you should ask your profs what they think your chances are at the top 10, and that should guide your decisions. All things being equal (including LORs), more math will get you an admit. However, things are rarely 'equal', and LORs play a bigger role than math... for those who can't get great LORs from famous professors, the next best option is more math. If you're a top student in your department, you shouldn't have much to worry about. Just ask your profs.

 

A few other things...

 

This MS Math question keeps coming up, and I suspect it has something to do with something on econphd (since that's been stated before on similar threads). There are parts of that document that are directed at people who have an extensive undergrad math background but don't have access to LORs that will get them into top econ programs. Those people will have a full undergrad math major and, as a result, the pre-reqs for a MS Math program. MS Math programs are not really a way to make up for a weak background. Instead, they're a useful option for students with a strong math background to improve their odds for admission to top econ programs, and they're most useful for students who are not at good undergrad schools and don't have access to strong LORs from respected econ professors.

 

Like econ, many top schools got rid of their MS Math degrees, though some of them do have MS financial math. (NOTE: I think the admission standards are typically lower for financial math programs, so they are a more realistic option for students who don't have a math major.) Many public schools, most notably Berkeley, do still offer MS Math. With regard to the original post, realistically, you'll go to a lower-tier school for a MS Math. I think you're better off not worrying about the MS Math and instead just stick around for another year as an undergrad taking a few extra math courses like analysis if you're not happy with the results of your econ PhD applications. You can also look at adding an econ PhD course and/or being a research assistant. In your case, that's a more realistic and much easier option... unless you really want to do a financial math degree, in which case, look into it and apply to a few programs.

[asquare]

Caprone -- I don't have much to add to OneMoreEcon's really excellent advice. The only extra things I'll mention are that there is no such thing as the perfect applicant, and you really have to consider opportunity costs when trying to shine up your profile with a master's degree (in math or econ). Even in the best case scenario (i.e., you get into a top-10 school after your master's) how much better off are you than attending a top 20 or top 30 school and saving yourself two years and many thousands of dollars? That's a real question, not a rhetorical one -- and the answer really depends on what you want to do with your PhD, how you learn, and what you honestly and realistically estimate the quality of your future research to be.

 

Also, if you don't have the math to get into a top econ program already, I suspect it's unlikely you'll have the math to either get into or excell in a top math master's such that you really make the difference between a lower ranked school and a top-10 school for your econ PhD.

[One on One]

What kind of econ job placements can one get after an Math master's degree? (Sorry for posting here, but I did not feel this question warranted its own thread)