PROFILE:
Type of Undergrad: Econ
Undergrad GPA: No GPA calculated; graduated at the top of a 100+ people class
GRE: 170 Q; 165 V
Math Courses: Linear Algebra, Multivariate Calculus, Probability, Statistical Inference
Econ Courses: Several Macro and Micro courses
Other Courses: Several Advanced Econometrics courses
Letters of Recommendation: 1 great letter, 2 solid letters (all from professors)
Research Experience: No academic RA experience. 3+ years of professional experience
Teaching Experience: No teaching experience
Research Interests: Applied macro; Time-series econometrics
SOP: Average
Other: International applicant; studied abroad for a couple of semesters on a merit based scholarship
With this profile I managed to get a Top 20 US PhD funded offer + several Top European master's offers (most of them fully funded; some with teaching duties). I do know that I am extremely lucky to have been offered all of this, but I am really struggling as to what to do. Would accepting one of the master's offers instead of the PhD one be: (i) potentially useful, as I could perfect my application (get some recommendations from well known professors, do some RA & TA work, take advanced math courses) and have realistic chances of getting into a Top 10 program in 1-2 years time, or (ii) extremely stupid, as the application process is very noisy, and my application wouldn't be that much stronger even if I got a better letter and RA experience.
I know this might be an obvious choice for some people, but 5/6 years is a very long time, and I would really like to do the best I can in terms of placement.
Thank you for your input!