Seek advice on choosing MS/MA in Economics for aspiring Ph.D. econ!

[Sophiemgl]

Hello everyone!

So here is the deal. Personally, i really want to get into top-tier Econ Ph.D. (i.e. Harvard, Princeton, UChicago, etc.) However, i think they only consider people from other prestigious colleges and don't even look at others who went to small colleges they didn't heard of.

Well, i went to a small, not very well known college for my undergrad in the U.S. And i think the only way to get accepted to the best programs is by getting my master's in economics at a well-renowned program. Once i get accepted i know that i can work my *** off and excel in it.

So, please help me decide which schools i should apply to:

GPA: 3.89

GRE: math - 800, verbal 670, writing - 4.

good recommendations

Oh, i also took Calculus I&II. I know i should have taken more math courses.

So what are my chances in getting into good master's programs? And can you list those out. And any of them offer $$$?

What programs do you think that i most certainly might get in?

Also, what schools i might consider for my back-ups?


Thanks a bunch!

[nash12]

In the US you have the option of NYU and Boston. In Canada there is Queens, Toronto and UBC. In the UK you have the option of LSE, Cambridge, Oxford and UCL. Also, add in Tolouse in France. Personally I would recommend the Canadian and the British schools. With your GPA and GRE as long as your LORs are decent I don't see any problems in you making it through any of the schools. Probably Israelscon and Caukonomist could advice you better on $$ in Canadian Schools. Getting aid is very tough at LSE. For Oxford you could apply for Rhodes if you are a US citizen. Cambridge has some internal scholarships. Cambridge and LSE are one year courses and Oxford is two year. I would recommend Cambridge > LSE = Oxford.

[elcapitano]

Nash12 pretty much covers it - I think Queens, Toronto and UBC are you're best options in terms of possibilities of funding. My profile is similar to yours (except i'm from the UK) and UBC offered me money and they seem to be by far the least generous of the three from looking at peoples admits.If you applly for the LSE MSc your chance of funding is approximately zero and it's eye wateringly expensive. For Cambridge and Oxford, a lot of the funding for international students is linked to colleges so pick your first choice college carefully, also they're a bit more selective than the Canadian schools so if you were to apply to Oxbridge consider a back up or two - I think funding at either of them is possible but unlikely,and unless you get the Rhodes or the other one or two big awards it may be little more than a tuition waver or partial tuition. I don't know anything about US master's. Some of the other European ones might be worth checking out too - Tinbergen, Tilburg, Carlos III in madrid.

Finally,lots of people seem to think that a two year Masters is better for admits as you'll get time to know Professors. Finally 2, if you want funding it probably helps to apply to Masters programs and say that you're appying with a view to continuing to their PhD, when application time comes you can always say you want to give the top 10 a shot.

[paradox3696]

well, I would suggest at a minimum to add Linear and Matrix Algebra and Prob and Stat courses to your math foundation before you apply for Econ Phd Program. Not only they are required by most schools, many students find it difficult to get through the course work without them. Ideally, (if time permits) you should be thinking of Differential Equations, Econometrics plus any proof driven math course (logic and set theory, real analysis, advanced calculus etc)

[reactor]

Toronto is okay only if you already know the stuff and you just want to "prove" your undergrad knowledge. Applying is okay but think/ask (at least) twice before choosing their MA program.

Choose a program that has proven record (as opposed to hersay and stories of someone going to some top school some year).

Princeton adcom member suggested LSE 2-year program or UPF.

[tangsiuje]

I think you should consider why you would like to do a master. People on these forums often say that it's not all that useful for American undergrads with a good undergrad record to do one. However, I'm sure that if your undergrad school is really that unknown, it might help you fetch some decent LORs, which is what admissions is all about.

You also need to figure out a plan for how you're going to meet the maths requirements. People here will tell you that you should do up to and including real analysis, which might indeed be a good idea if you're planning on attending a top-tier school. You will also need to take multivariable calculus (probably Calculus 3?) and linear algebra. These courses are usually *required* whilst real analysis is *recommended*. Even if they're not fussy about maths for master's program admissions, not having them might be a binding constraint in the PhD application process even after you've completed your master. (Unless you did like extremely well and like ... a first-semester essay of star quality standard... even if you enter a master's program and write a great master's thesis, it wouldn't be done it time for adcoms to consider it.)

With regard to funding, I know no one who got funding to do an economics master's here in England. Some of the people in my year are quite brilliant, but they just tend not to give funding. As I've explained before, the main reason is that after you could easily walk into a very, very high-paid private sector job in the City with a master's degree in economics, and since economics departments feel that's what most people will do, they figure that students can bear the costs themselves. I've actually little clue about how Canadian and English programs compare quality-wise, but I found that the Canadian programs do have a funding and a location advantage (if you want to stay in North America for PhD). That's why I'm heading over to Toronto this fall. However, I know at least one other TMer who's going the opposite direction.

[elcapitano]

Originally Posted by reactor

Princeton adcom member suggested LSE 2-year program or UPF.

I've never been sure what the TM fascination with the LSE 2 year program is although the princeton recommendation surely helps! The two year MSc is aimed at those who don't have undergrad econ, the first year is roughly equivalent to an LSE undergrad econ degree. It's possible Reactor is referring to the MRes whic is LSE's direct entry to their Phd which is awesome, but it's incredibly difficult to get onto and they may end up unhappy if you jump ship.

Reactor, could you expand on why Toronto is a no no if you're not already all over it - and does the same apply to other Canadian programs.

With regard to the Math 'requirements', I was under the impression that because Masters economics are basically all mathematical, at least they are in the UK, a Masters is sufficient to 'prove' you're mathematical ability.

[paradox3696]

I dont think the OP got the "freedom" to take math foundation classes during the ECON master program such as Linear & Matrix Algebra, Stat & Prob which the OP is clearly lacking.

Originally Posted by elcapitano

With regard to the Math 'requirements', I was under the impression that because Masters economics are basically all mathematical, at least they are in the UK, a Masters is sufficient to 'prove' you're mathematical ability.

[elcapitano]

Originally Posted by paradox3696

I dont think the OP got the "freedom" to take math foundation classes during the ECON master program such as Linear & Matrix Algebra, Stat & Prob which the OP is clearly lacking.

For sure, however grad econ requires all those things so it becomes less important.

[reactor]

I wish I had asked the Princeton person to clarify which 2-year econ MSc program at LSE he was talking about.

Originally Posted by elcapitano

Reactor, could you expand on why Toronto is a no no if you're not already all over it - and does the same apply to other Canadian programs.

There is something special about UofT (not sure if it is the same with other Canadian programs!). I have seen at least two TM members going to Toronto despite my warnings and ending up with ruined profiles (average MA grades).
The only students who did well at the MA had excellent undergrad from UWO, Queens, UBC etc (makes you wonder why they chose to do a MA) and they already knew the micro, macro and econometrics that was taught in the program (maybe not the micro since they were taking the PhD version).
BUT not all students with excellent undergrad did well (see TM members ref. above) and even the students who did really well, did NOT get any offer from the top 10 schools they applied during the MA (at last that year). I keep track of them and most of them are in Toronto (Econ or Rotman) or got jobs.

If you search TM you'll find more posts (mostly mine) about "the Toronto issue". The TM members replied in PMs about their bad experience at Toronto but maybe now it is time that they come forth and share their experience.