Economics Graduate Programs
Most economics graduate programs are Ph.D. programs, and give mastersdegrees only as consolation prizes to those who do not finish or as interim degrees for those who want some extra letters behind their names. Relatively few programs, and none of the elite programs, accept terminal masters students. There are some MBA and public policy programs that offer masters degrees with concentrations in economics.
The most frequent comment members of the faculty hear from students who begin graduate programs in economics is It s all math! Indeed, most of the first-year curriculum in graduate economics programs is devoted to developing students analytical skills and has little directly to do with economic policy or applications. In particular, students who struggle with the math may find that all of their attention is being devoted to methods rather than to issues.
The best way to deal with the analytical rigor of graduate school is to enter with a strong background in mathematics. Although Reed s undergraduate micro theory course (Econ 313) is more analytically advanced than those of most undergraduate programs, graduate theory courses involve a great deal more advanced mathematics.
Ideal preparation for graduate study includes a full calculus/real analysis sequence, linear algebra, differential equations, probability and statistics, and as many other math courses as you have time for. Students who decide early in their careers that they are interested in economics graduate school should consider the interdisciplinary major in mathematics and economics.
Most economics graduate programs accept students only for the fall term and have application deadlines between January 1 and February 1. Almost all require the Graduate Record Examination (GRE) as part of the application. The GRE is a standardized test that consists of three basic parts: verbal, mathematics, and analytical.
Many economics programs place great emphasis on the GRE math scores in making admissions decisions. There is also a GRE subject exam in economics which is required by some programs. The GRE is given on Saturdays several times per year, but the early October test date is the one that fits best with the application deadline for graduate schools.
If you are planning to apply to graduate programs, you should meet with your adviser very early in the fall semester (or even before that) to select a list of schools to target for your applications. It is always a good idea to include both more and less selective schools on your list since it is difficult to judge the outcome of the admissions process in advance. Write for information and applications early so you can determine which, if any, of the schools require the GRE subject exam. Get signed up on time for the October administration of the GRE. Request letters of recommendation from faculty at least a month before they are due. Once your applications are sent, bide your time and focus on your thesis work; you will begin hearing from the schools in March.
Graduate programs vary considerably in the number of students for whom they provide financial assistance. Teaching or research assistantships are often available for students after (and sometimes during) the first year. Assistantships typically involve a waiver of tuition as well as a modest stipend. Many programs expect students to pay their own way for the first year, with the understanding that successful students are likely to be supported in subsequent years. If this happens to you, make every possible effort to avoid having to take an outside job during the first year; you will need all your time for your studies. If you must take a job, look for situations in which you can study while you work (night watchperson in an office building, for example).
Many students take a couple of years off before deciding to go to graduate school. If you are not sure if a career as an economist is right for you, or if you think you want to go to graduate school in economics but want a break from academics, a job as a research assistant may be a good alternative. In recent years, several students have accepted jobs as research assistants (econometrics is usually a prerequisite) with the Federal Reserve Board and with economic consulting firms. Spending a year or two in such a position allows the student to work under a professional economist and participate in various kinds of economic research projects. This experience will teach you a lot about economics and let you see first-hand whether a career as an economist is appealing.
Students graduating with a Ph.D. can enter the job market for teaching and research economists. The most coveted positions in are those at the major university economics departments with well-established graduate programs, which go to the very top students from the very top programs. There is also high demand for research positions with major policy agencies such as the Federal Reserve Board, the Labor Department, and international agencies such as the International Monetary Fund and the World Bank. Positions at universities with less well-known graduate programs and good liberal-arts colleges are also subject to stiff competition.
For further information concerning Reed, please contact the specific offices listed below or call the general college number, 503/771-1112.
Office of Admission
Phone: (800) 547-4750
Phone: (503) 777-7511
FAX: (503) 777-7553
E-mail: Admission@reed.edu
Office of Financial Aid
Phone: (800) 547-4750
Phone: (503) 777-7223
FAX: (503) 777-7769
E-mail: Financial-Aid@reed.edu
Business Office
Phone: (503) 777-7505
FAX: (503) 788-6687
E-mail: Controller@reed.edu
Residence Life
Phone: (503) 777-7536
E-mail: Res-Life@reed.edu
Special Programs (Young Scholars and Graduate Program)
Phone: (503) 777-7259
E-mail: Special-Programs@reed.edu
Registrar's Office
Phone: (503) 777-7296
E-mail: Registrar@reed.edu
Office of Career Services
Phone: (503) 777-7550
FAX: (503) 777-7288
E-mail: Career.Services@reed.edu
Computer Hardware Services (purchase a computer)
Phone: (503) 777-7253
E-mail: Mac-Purchase@reed.edu
