MicMac Posted April 10, 2007 Share Posted April 10, 2007 I am just interest to know the return of investment for obtaing a phd Eco ? Spending five years of hard work, I wonder what are the salary ranges in US and Canada to hold a phd Eco ? Dropping out from the MBA program to pursuit a Phd Eco, I hope the salary of a phd makes will be greater then that of a MBA makes. Quote Link to comment Share on other sites More sharing options...
ForTheWin_08 Posted April 10, 2007 Share Posted April 10, 2007 I hope you haven't done anything final yet, because not only will a PhD end up getting you less money, it will also be harder to obtain and take you longer. I hope, for your sake, that you're kidding. Quote Link to comment Share on other sites More sharing options...
Skipper Posted April 10, 2007 Share Posted April 10, 2007 I think most people who get a PhD in economics do so for non-financial reasons. Viewed strictly in terms of a financial investment, I doubt it ever makes sense to get a PhD. Quote Link to comment Share on other sites More sharing options...
commodore Posted April 10, 2007 Share Posted April 10, 2007 They're right. It's not a good financial investment. I'm not sure about a salary range, but a starting assistant professor in the US probably earns $60,000-80,000 on average. That for a research university. I'm guessing, maybe someone can give me better figures. Quote Link to comment Share on other sites More sharing options...
wobo82 Posted April 10, 2007 Share Posted April 10, 2007 Is this a satirical thread? Quote Link to comment Share on other sites More sharing options...
Skipper Posted April 10, 2007 Share Posted April 10, 2007 Looking just at Americans, almost anyone who could get accepted to a good PhD program could also be accepted to a top law school and start earning $140k per year upon graduation. Also, it's virtually impossible to flunk out of law school. Quote Link to comment Share on other sites More sharing options...
Gogol Posted April 10, 2007 Share Posted April 10, 2007 MicMac: You're not going to improve your earnings by getting a PhD and moving into academia. But the PhD might improve your opportunities in very well-compensated consulting/business jobs. Is that what you're after? Quote Link to comment Share on other sites More sharing options...
dafrk3in Posted April 10, 2007 Share Posted April 10, 2007 I think most people who get a PhD in economics do so for non-financial reasons. Viewed strictly in terms of a financial investment, I doubt it ever makes sense to get a PhD. There is a big difference between becoming a painter and becoming an economist. We won't exactly be begging for change between classes. I don't think that you'll be getting anyone's sympathy by telling them you chose what you love and accepted the measly 100k starting salary. 1 Quote Link to comment Share on other sites More sharing options...
mosfro Posted April 10, 2007 Share Posted April 10, 2007 There is a big difference between becoming a painter and becoming an economist. We won't exactly be begging for change between classes. I don't think that you'll be getting anyone's sympathy by telling them you chose what you love and accepted the measly 100k starting salary. i agree with dafrk3in i mean i honestly want to be an academic researcher but moreso a teacher as well, and maybe do some policy consulting, but i can see myself retiring as a lecturer at a comm. college or something, and its great to know that i will always be able to find work, i also think that 3-4 years of corporate environment would drain me completely, so NO way to the mba Quote Link to comment Share on other sites More sharing options...
jbs02002 Posted April 10, 2007 Share Posted April 10, 2007 MicMac: You're not going to improve your earnings by getting a PhD and moving into academia. But the PhD might improve your opportunities in very well-compensated consulting/business jobs. Is that what you're after? The good thing about economics is that there are alternatives to being a professor that pay extremely well, like consulting, etc. These alternatives push the salaries of econ professors up relative to those of professors in other fields. I know that the firm I currently work for pays fresh PhDs around $150-175K. The guys who have been theere a while really rake in the dough. Quote Link to comment Share on other sites More sharing options...
juliancab Posted April 10, 2007 Share Posted April 10, 2007 jbs02002, please, tell us the company name! Quote Link to comment Share on other sites More sharing options...
Skipper Posted April 10, 2007 Share Posted April 10, 2007 No one is denying that economists make good money. The point is, most economists likely could be making more money doing something else, and without spending 5 years in grad school. Thus, if money is your primary concern, you probably shouldn't become an economist. Quote Link to comment Share on other sites More sharing options...
juliancab Posted April 10, 2007 Share Posted April 10, 2007 No one is denying that economists make good money. The point is, most economists likely could be making more money doing something else, and without spending 5 years in grad school. Thus, if money is your primary concern, you probably shouldn't become an economist. Yo have it right Skipper... [clap] Thread closed! Quote Link to comment Share on other sites More sharing options...
jbs02002 Posted April 10, 2007 Share Posted April 10, 2007 Haha. Three letters. Starts with a C and ends with an A. Quote Link to comment Share on other sites More sharing options...
werther Posted April 10, 2007 Share Posted April 10, 2007 The good thing about economics is that there are alternatives to being a professor that pay extremely well, like consulting, etc. These alternatives push the salaries of econ professors up relative to those of professors in other fields. I know that the firm I currently work for pays fresh PhDs around $150-175K. The guys who have been theere a while really rake in the dough. *dies* i would love to work at the C_A except i think i have to be american citizen first.. it was just a silly childhood deam of mine - maybe pursuing economics can actually get me in there?! how difficult is it to get into this organization? Quote Link to comment Share on other sites More sharing options...
jbs02002 Posted April 10, 2007 Share Posted April 10, 2007 *dies* i would love to work at the C_A except i think i have to be american citizen first.. it was just a silly childhood deam of mine - maybe pursuing economics can actually get me in there?! how difficult is it to get into this organization? I have no idea how difficult it is to get a job here as a PhD. I'd imagine it's not impossibly hard, since we're competing with research universities (the first choice of most people), central banks, other private sector firms, etc. Quote Link to comment Share on other sites More sharing options...
kartelite Posted April 10, 2007 Share Posted April 10, 2007 Considering most schools pay a 9-month salary, and I think the mean for new assistant profs this last year was over $76k, that is more or less equivalent to making $100k working 12 months a year. And that is brand new hires, fresh from PhD program. I believe mean full professor salary was around $184k, and over $200k at PhD granting institutions. For 9 months of working around 40 hours a week, that's not bad at all. Quote Link to comment Share on other sites More sharing options...
ysbad Posted April 10, 2007 Share Posted April 10, 2007 I have no idea how difficult it is to get a job here as a PhD. I'd imagine it's not impossibly hard, since we're competing with research universities (the first choice of most people), central banks, other private sector firms, etc. I had no idea the CIA was competing with research universities, central banks, other private sector firms, etc. How do their spies tell each other apart, 'Don't shoot, I am from MIT'. I am glad though that CIA economists are so well compensated.:D Quote Link to comment Share on other sites More sharing options...
Gogol Posted April 10, 2007 Share Posted April 10, 2007 New assistant professors will be working a whole lot more than 40 hours per week. Quote Link to comment Share on other sites More sharing options...
Skipper Posted April 10, 2007 Share Posted April 10, 2007 Also, don't most assistant professors spend a good chunk of their summers doing research? Quote Link to comment Share on other sites More sharing options...
jbs02002 Posted April 10, 2007 Share Posted April 10, 2007 I had no idea the CIA was competing with research universities, central banks, other private sector firms, etc. How do their spies tell each other apart, 'Don't shoot, I am from MIT'. I am glad though that CIA economists are so well compensated.:D Haha. Ever hear of that stupid book Cofessions of an Economic Hitman? It's just like that. Quote Link to comment Share on other sites More sharing options...
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