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View Full Version : Econ Ph.D. vs. Business School Ph.D.



pdesmmhh
02-12-2008, 09:38 PM
I was just wondering (or wandering??) how many of you applied to Ph.D. programs at both the Business School and the Econ Dept. at the same University in the same year? For example applying at both Kellogg and the Northwestern Econ Department in the same year. Could doing this sort of thing cause potential problems? Thanks in advance.

AstralTraveller
02-12-2008, 09:54 PM
I was just wondering (or wandering??) how many of you applied to Ph.D. programs at both the Business School and the Econ Dept. at the same University in the same year? For example applying at both Kellogg and the Northwestern Econ Department in the same year. Could doing this sort of thing cause potential problems? Thanks in advance.

Well, I am among those (7 business school PhD programs, 7 economics). I was going to apply to both Northwestern Economics and Kellogg's MEcS until I found out (at Northwestern's grad school site) that it was forbidden to apply to more than one grad program the same year. So I decided to make up my mind, and ended up applying to Economics only (which was probably a better fit for me than the MEcS program).

However, at some other places there is no problem applying to both programs separately. Take Chicago Econ and Chicago GSB, for instance. I think it might have to do with the fact that the Graduate School of Arts and Sciences and the GSB applications are managed independently. I know a fellow TMer who applied to both.

At Duke they welcome up to two graduate school applications for different programs, given that you pay separate fees, but I found it rather confusing, so I decided against it (the website said something along the lines of "we will accept both applications but we do not encourage this").

On the other side, at NYU Stern they suggested the possibility of choosing a second concentration area (i.e., another program) within the business school.

So, in the end.....if the grad school says specifically not to apply to more than one program (like Northwestern does), I thought it would be a good idea just to pick one program.

NeFall
02-12-2008, 10:12 PM
what is the difference between an economics degree from Harvard and a Business Econ degree from Harvard?

Andronicus
02-12-2008, 10:18 PM
From HBS Business Econ PhD website (Business Economics - Degree Programs - HBS Doctoral Programs (http://www.hbs.edu/doctoral/programs/busec/index.html)):

"The program is distinguished from the Harvard PhD in Economics by its greater emphasis on business fields and its focus on the use of economic analysis and statistical methods in dealing effectively with management problems in these applied business fields. At the same time, it is distinguished from the Doctor of Business Administration degree by its greater emphasis on economic theory and econometric analysis."

Golden Rule
02-13-2008, 01:20 AM
From HBS Business Econ PhD website (Business Economics - Degree Programs - HBS Doctoral Programs (http://www.hbs.edu/doctoral/programs/busec/index.html)):

"The program is distinguished from the Harvard PhD in Economics by its greater emphasis on business fields and its focus on the use of economic analysis and statistical methods in dealing effectively with management problems in these applied business fields. At the same time, it is distinguished from the Doctor of Business Administration degree by its greater emphasis on economic theory and econometric analysis."
By that, they mean unlike the DBAs, the Bus Ec PhDs all take the same Econ core 1st/2nd year as the Econ PhDs. The other main difference is they have to take a certain number of business school classes their third year. And the program is smaller, more selective and better funded.

JackMA
02-13-2008, 08:52 AM
I am worried about that if you apply two program at the same time, will the school think you are not so love this program compared to those applicant who only apply one?

econphilomath
02-13-2008, 01:11 PM
I applied to both Chicago Econ and GSB. The rest are all Econ programs. The other GSB programs I was considering were Stern, Harvard and Stanford but opted out for different reasons. The main reason I liked some GSB programs is because some of them are closely linked to the econ department.

AstralTraveller
02-13-2008, 02:38 PM
I applied to both Chicago Econ and GSB. The rest are all Econ programs. The other GSB programs I was considering were Stern, Harvard and Stanford but opted out for different reasons. The main reason I liked some GSB programs is because some of them are closely linked to the econ department.

The same happened to me for all my B-schools applications. One such program (UCLA Anderson - Policy PhD) has its coursework in common with the First Year sequence in Econ, just like most top Business Economics Programs. Even the master's degree they award en route to the PhD is an MA in Economics. :hmm:

The program in Business Econ at HBS is a joint degree, so it's not exactly a Business School program, except for the funding :)

I tend to regard Economics programs at top-schools (i.e., Economics at NYU Stern, Economic Analysis & Policy at Stanford GSB, Economics at Chicago GSB, Applied Economics at Wharton, Managerial Economics and Strategy at Kellogg, and maybe less so Global Econ at UCLA Anderson) similarly to their Econ Department counterparts, referring to prestige and/or placement. What do you people think? Be as honest and sincere as you can ;)

buckykatt
02-13-2008, 08:34 PM
[delete]

VGC
02-13-2008, 11:17 PM
I am applying to both economics and business programs too. I applied to more than one program in several schools. I think that if it is not forbiden then it is ok. Moreover, a hear of some students being accepted both at Sloan and the department of economics at MIT.

Adding to what AstralTraveller posted, I think that some econ related programs at Business Schools have a placement even better than the one of the economics department, for example, consider the economic analysis and policy program at Stanford (although, I am not sure if the it is a fair comparison given the size of the GSB program).

cogito
03-04-2009, 04:22 PM
I tend to regard Economics programs at top-schools (i.e., Economics at NYU Stern, Economic Analysis & Policy at Stanford GSB, Economics at Chicago GSB, Applied Economics at Wharton, Managerial Economics and Strategy at Kellogg, and maybe less so Global Econ at UCLA Anderson) similarly to their Econ Department counterparts, referring to prestige and/or placement. What do you people think? Be as honest and sincere as you can ;)

so anyone?

Gecko
03-04-2009, 04:49 PM
wharton program is pretty new, so its hard to say. for Kellogg its placements are impressive.

terryZ
03-04-2009, 08:20 PM
How do you people think of the Phd. in Econ under Tepper B-School at CMU, they don't have a separate econ dept. It seems like such a small program and so few people here applied and will go there.
I don't know if it's good or not, since it's my only offer so far, I might go there anyway in Sep.

nzecon
03-04-2009, 09:29 PM
Business Schools are significantly smaller; while the econ department may get a few top placements I doubt all get top placements.

On the other hand, its my understanding that the smaller business school programs really want to get you through, and they want good placements too, so they really push for you. I would say some b-schools might actually be better than the econ departments; if you rank on percentage of good placements within each year.

jeeves0923
03-04-2009, 09:31 PM
I would argue for Kellogg => NWU Econ and Stanford GSB > Stanford Econ... but that is for the things that I'm interested in...

nzecon
03-04-2009, 09:42 PM
I would argue for Kellogg => NWU Econ and Stanford GSB > Stanford Econ... but that is for the things that I'm interested in...

yep, IO and/or micro (game theory maybe?) are better at the business schools. macro better at the econ departments.

terryZ
03-05-2009, 03:35 AM
Business Schools are significantly smaller; while the econ department may get a few top placements I doubt all get top placements.

On the other hand, its my understanding that the smaller business school programs really want to get you through, and they want good placements too, so they really push for you. I would say some b-schools might actually be better than the econ departments; if you rank on percentage of good placements within each year.

Would this applies to CMU, giving CMU is not a prestigious school as many other top ones and their econ program ranking is around 20th?
Since I may also choose to work for one year and reapply next year with new (presumably higher verbal and AWA) GRE, I wonder if the ranking and small size of the program will put me in a disadvantageous situation on the job market upon graduation. :(
Many thanks for people to share their ideas on this question, I couldn't figure it out on my own with my limited resources and prospects on this field (I am a cross-major applicant).

CMU historical placement: Initial Placements of Tepper PhD Graduates : Tepper School of Business (http://tepper.cmu.edu/doctoral-program/students-on-the-job-market/initial-placements-of-tepper-phd-graduates/index.aspx)

rogueeconomist
03-05-2009, 06:19 AM
If you have the luxury of choice between B-school depts and Econ depts in the same school do note one thing. Do not make the mistake of assuming that there is a great deal of flexibility in terms of being able to choose advisors, committee, etc, between departments. It is certainly true you can usually take all the courses you want offered by the Econ dept (in many places, the B-school faculty won't cover your core Econ courses at all).

However, the faculty at the place you're not 'home' at could be very reluctant to put much effort into advising you. Many faculty have some stake in the success of their own PhD program and all else being equal, would rather devote their time to helping their 'own' students succeed. You may find that you have to put a similar amount of effort into connecting with them as you would if you were trying to get 'external' (other school) faculty onto your committee.

In addition, many B-school depts do not take part in the practice of 'ranking' their job market applicants. This, of course, may not hurt you if you are not the school's TOP prospect that year. But nonetheless, it's well known that most of the top economics departments rank their job market class and being known as the top prospect is a great signal. Conversely, few people want to be an unranked prospect from a top economics dept but statistically 75% of the class will be like that! But it may not be such a negative signal if you are one of 3 prospects from a B-school dept.

Finally, you won't share office space, administration, and classes with the other grad students from the b-school or econ dept. Many successful economists form productive relationships from this sort of interaction, so you will have to work at it to talk to people from the other side.

Bored
03-05-2009, 06:42 AM
I think most posters have noted the upside of business schools. For me the downside is about flexibility.

Essentially all the top placements out of business schools are for students doing hardcore micro theory. Brett Green and Eric Budish this year come to mind. The people who do more applied/empirical work rarely place well in economics departments (though many who specialize in finance place at other business schools).

For many students it is hard to make a commitment to micro theory before having seen any graduate level economics.