Graduate Study in Economics
The Ph.D. Program
Although there are course requirements, the Ph.D. should be thought of primarily as a degree which is earned through the passing of comprehensive exams and the presentation of a dissertation. (Students who fail a comprehensive exam on their first attempt are given a second attempt.) Most dissertations consist of several essays, each one of which has the substance and quality of a journal article. However, the ideal to which students should aspire is a dissertation which has the substance and quality of a single major article in a leading journal.
For most students, the Ph.D. program consists of three main parts taken sequentially. For most students, the program is a 5-year program.
The Core. The core consists of 3 semesters of coursework: a 3-semester sequence in microeconomic theory, a 3-semester sequence in econometrics, and a course in mathematics for economists followed by a two-semester sequence in macroeconomic theory. At the beginning of the fourth semester, students are required to take two 3-hour comprehensive exams: one in microeconomics and one in macroeconomics. Competence in econometrics must be demonstrated through satisfactory completion of the coursework. (Students with prior graduate training may skip some of the coursework in the core and take the comprehensive exams earlier than the 4th semester.)
Fields. The 4th and 5th semesters are usually spent doing course work in three fields that the student selects. Each field consists of a two-semester course sequence. On occasion, the second semester may be a course taken in independent study with a faculty member. Students must demonstrate competence in three fields. In two, this is done by passing a comprehensive exam. In the third, coursework suffices. Coursework in fields is intended to expose the student to the research frontier in the area. Normally, students will do papers in field courses, papers that constitute original research.
Dissertation Research. A student making good progress will begin dissertation research during the 6th semester and will be in a position to present a seminar that describes proposed dissertation research at the start of the 4th year (the 7th semester). The student will spend the 4th year and the beginning of the 5th year completing the dissertation and will use the summer after the 4th year and the beginning of the 5th year in preparation for the job market.
The M.A. Program
The M.A. degree in economics may be earned by (a) satisfactorily completing at least twenty-four hours of appropriate graduate course work, together with a master’s thesis for which six credits is granted, and passing a final oral examination; or (b) by satisfactorily completing thirty hours of appropriate course work, presenting a master’s essay for which no graduate credit may be granted, and passing a final oral examination. The master’s essay option, which most students elect, includes preparation of an essay which usually represents a modest extension of a term paper and is written under the supervision of a faculty member. Under either option, at least eighteen credit hours must be in approved graduate courses.
Admission
Admission to either the Ph.D. program or the M.A. program requires successful completion of an undergraduate degree. Admission to the Ph.D. program does not require prior graduate training or an M.A. degree. Students are too diverse in their backgrounds for us to give formulae for admission. For example, we will examine not only an applicant's grades, but the kind of school attended and the kind of courses taken. Minimal requirements for admission to the Ph.D. program are knowledge of multivariate calculus, linear algebra, and some study of mathematical statistics. Because there are few courses designed specifically for students in the M.A. program, admission requirements for the M.A. are only slightly less stringent than for the Ph.D. program.
An application consists of the following:
A completed department application (available in pdf format here).
A separate application to the Graduate School (see link below) (Notice that you are required to submit two copies of official transcripts of previous academic work.)
GRE. The department requires scores on the General Aptitude Test (information sheet enclosed.) Although we do not require the Subject Test in Economics, you are encouraged to submit those results if you take the test.
TOEFL. Students whose first language is not English are required to submit the results of the Test of English as a Foreign Language (TOEFL) to the Graduate School. A score of 550 or more is required for admission to graduate study. Upon enrollment, the Test of Spoken English (TSE) is also required.
Two letters of recommendation (forms enclosed). The most informative letters of recommendation are from faculty who know you well and who can comment on your aptitude for graduate study in Economics by comparing you to other students who have been successful in graduate study in Economics at leading departments.
Financial Aid. The department offers a variety of financial aid to those in the Ph.D. program. Most financial aid is in the form of graduate assistantships which require that the recipient carry out duties helping the faculty in their teaching or research. To apply, simply check the relevant box on the applications. If your record accurately reflects your potential for success in our program and if we judge that potential to be excellent, then you are likely to be awarded financial aid. If you are awarded financial aid and if you make satisfactory progress through the various components of the program described above, then you can expect financial aid to continue during the 5 years of your graduate study.
Deadlines. If you are applying for financial aid, then your completed application should reach us by January 15. If you are not applying for financial aid, then the deadline is April 30.
Economics Office of Undergraduate Studies
The Pennsylvania State University
609 Kern Building
University Park, PA 16802-3306
Phone: (814) 865-1457
Fax: (814) 863-4775
Office Hours: 8:00 am. to 12:00 p.m. and 1:00 p.m. to 5:00 p.m.
ugradecon@psu.edu
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Economics Graduate Office
The Pennsylvania State University
604 Kern Building
University Park, PA 16802-3306
Phone: (814) 865-1458
Fax: (814) 863-4775
Office Hours: 8:00 am. to 12:00 p.m. and 1:00 p.m. to 5:00 p.m.
econgrad@psu.edu
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Economics Administrative Office
The Pennsylvania State University
610 Kern Building
University Park, PA 16802-3306
Phone: (814) 865-0263
Fax: (814) 863-4775
Office Hours: 8:00 am. to 12:00 p.m. and 1:00 p.m. to 5:00 p.m.
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