Need some advice deciding between MA/PHD

[econsgirl]

so here it is.. i have finally finished my econs undergrad education and gotten an overall GPA of 3.83/4.0. I have taken some maths classes with an average of A- (calculus/linear algebra/diff equations/real analysis/maths for econs/stats). Econs probably average grade of A(intro/micro/macro/labor/econometrics.. etc). I am an international student. Haven't taken my GRE yet, but I know my recommendation letters will not be fantastic (because I don't really have any profs who really know me in school, i spend most time outside school). I don't think I stand a good chance at even top 10-30 schools since my letters will prob only be average. Plus, I am not sure what I really want at this point but I'm pretty sure I wanna go to a grad school (either a masters or a PHD).. though I think a masters will suit me better because

1) I might be able to do more math classes/ "suck up" to professors and get better rec letters which will be better for my PHD application if I want to do the PHD

2) 5 years for PHD seems a little long.. a masters will probably give me some time to think about it

I've never really thought about doing a Masters programme before because a lot of my friends have said that the states doesn't really have quality Econ masters programmes. And even if you get one, you are "kinda no different from a bachelor grad"... How true is this? (but since I'm an international applicant, I guess graduating from a US masters programme will be much better than just an overseas bachelor from some unknown university if I intend to work in US right?)

Plus, there's so many masters programme out there.. in econs/financial engineering/financial mathematics/financial economics.. what are the "hottest" econs-related masters programme? ie. better job prospects

Lastly, how competitive is it to get into a good econs-related masters programme in the states? Will it be much easier than getting into a good econs PHD programme? How good will my chances be at getting into say a top 10 programme as an international applicant? What are the elements that the adcom emphasize on (will it be the same as PHD applications?)

Thanks for the help!

[representative_agent]

As far as I know there is a big difference between MA programs in the US and Europe:
-In the US, the MA is held separately from the PhD program and the students are more oriented towards a non-academic carreer. Probably the faculty will not take the MA students as seriously as the PhD students (at nyu I even had the impression that the MA program is the department's cash cow)
-In Europe, the MA or MSc is equivalent to the first year of the PhD program. This might save you some time if you want to pursue the PhD-track after the first year. And it gives you the opportunity to see if you like PhD-level economics and to compare yourself with other future PhD students, so that after six months you will be sure whether it's the right thing for you.
Some European PhD programs can compete with Top 15 institutions in the US, and it is easier to get in.

Are you an international studying in the US? Or somewhere else? I'm asking because for international undergrads, the math record on your PhD application in the US is not as important as for US undergrads. On the other hand, a US undergrad might help you to get into European programs.
But this is just my perception. I'm sure some TMers will disagree on that...

[econsgirl]

oh yes thanks for pointing out the confusion. I am an international student studying in Asia, and thus it will be harder for me to get into good MA/PHD programmes so the adcoms won't know much about my calibre, unless of course i have good rec letters (which i don't)

I am interested in doing my masters in US actually because I might want to work there in the future. I just hope I can get into a decent masters programme.

Oh yes are most econs-related programmes 1 or 2 year course?

[jeeves0923]

If you want a master's in econ, why not LSE or one of the Canadian programs? It is my impression that MA's in the US are basically cash cows. They charge a whole lot of money without a lot of hope of funding. Certainly not meant as a stepping stone to PhD

If you REALLY want to get a master's in the US, I'd suggest doing something other than econ- math or stat or something that will give you the flexibility to take the ECON PhD sequence. I'm doing an MS in Math that is allowing me to count PhD Metrics and Micro as sort of electives towards the degree. That way, you could get good contact with math and econ profs while feeling better about your math prep.

[econsgirl]

oh.. but say after i am done with the math masters and i don't intend to do a PHD anymore, will it be useful in the private sector jobs?

how about other degrees such as financial engineering/financial mathematics? I don't know why but I always get this impression that anything financial in your degree is very helpful for private sector jobs.

Mmm it will be easier to work in US [ i want to relocate to be with my boyfriend =( ] if I get a masters in US compared to getting it in UK/europe wouldn't it?

Anyway, do people abuse the PHD system? As in, PHD is usually funded, so although they only want a masters they apply to a PHD programme and then drop out and end up with a MA degree (which doesn't require a lot of $$$)

[needeconhelp]

I think there are people come into PhD programs with intention of a free Masters, but it generally happens in lower ranked schools. People do want to end up with a PhD in most cases even they decide not to go into Academia.