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Thread: What is the opportunity cost to get a Phd Eco ?

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    What is the opportunity cost to get a Phd Eco ?

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    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.

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    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.
    University of Chicago, Class of 2013

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    I'm on my way! Skipper's Avatar
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    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.
    Attending: Northwestern

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    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.
    Yale Class of...2037?

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    Is this a satirical thread?

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    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.
    Attending: Northwestern

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    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?

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    Quote Originally Posted by Skipper View Post
    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.
    Attending ASU in the fall (as a 2nd year student)

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    Quote Originally Posted by dafrk3in View Post
    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

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    Quote Originally Posted by Gogol View Post
    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.

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