Master's degree in economics

[Connemara]

Is it a useful degree? Or is a PhD required for real proficiency? Just curious.

 

[haganah]

At certain schools it's seen as a booby prize, ie the guys who were weeded out of the phd program.

 

[Dewey]

http://gregmankiw.blogspot.com/

right-hand column, scroll down, 'advice for students', answer might be there

 

[Connemara]

Good call on Mankiw's blog. Forgot about that section. I really don't want to go to law school but that's probably the only medium through which I could practice econ. I'm just not a big quant type, could never do a Ph.D. in econ.

I guess an MPA/MPP is possible too. You can concentrate on budget/economic policy.

 

[DNW]

Originally Posted by Connemara

Good call on Mankiw's blog. Forgot about that section. I really don't want to go to law school but that's probably the only medium through which I could practice econ. I'm just not a big quant type, could never do a Ph.D. in econ.


Go study something useful.

 

[kwilkinson]

Hilarious that all along Conne has said he wants to get into the workforce and have experience before doing anything like more schooling.
But now that he can't find the exact job he wants, he's all about exploring grad school.

 

[StephenHero]

I see teaching in Conne's future. After a period of introspection and resentment towards a world that doesn't care for his liberal arts degree, he'll head towards the optimal profession that can provide a laid back lifestyle, a salary tit to cling to, and a safe haven for his self satisfaction regarding his contribution to society.

 

[Milpool]

Talk to people that do the job you want. Find out if the degree is required/necessary NOT if it is "useful". If you can get along fine without it. . . don't waste your money (opportunity cost to time as well).

If you aren't interested in "quant" why would you study econ at the graduate level???

 

[Michigan Planner]

I have a masters degree in urban and regional planning but also a graduate certificate in economics. My graduate studies in economics focused on statistics and econometrics. If you are more interested in the theory side of economics, you would probably be better off just going straight to a PhD program because you will have a lot more exposure to it there and have more leeway and time to tailor your courses to fit what you like.

As far as is one required over the other for real proficiency? Not in my experience. It just seems that those with the PhD are usually interested in vastly different sides of the field than those with a masters.

I haven't looked at the numbers, but I wouldn't be surprised if economics is also one of those quirky disciplines where those with a PhD earn significantly less than those with just a masters (because many of the folks with a masters stick with working in banking, investments, insurance and other private sector places while the PhDs gravitate towards the lower paying fields of academia and the world of think tanks and non-profits).

 

[Piobaire]

Originally Posted by Connemara

Is it a useful degree? Or is a PhD required for real proficiency? Just curious.

You realize math is involved?

 

[MrG]

Originally Posted by Connemara

Good call on Mankiw's blog. Forgot about that section. I really don't want to go to law school but that's probably the only medium through which I could practice econ. I'm just not a big quant type, could never do a Ph.D. in econ.

I guess an MPA/MPP is possible too. You can concentrate on budget/economic policy.

If you go MPA/MPP, make sure you choose the right one. They're often perceived as much more similar than they are, and you'll be much happier if you choose the right one for your specific goals.

 

[scarphe]

Originally Posted by Piobaire

You realize math is involved?

doee he even know what an intergral looks like?

 

[Connemara]

Originally Posted by kwilkinson

Hilarious that all along Conne has said he wants to get into the workforce and have experience before doing anything like more schooling. But now that he can't find the exact job he wants, he's all about exploring grad school.
No dumbass, I'm not talking about immediately going. This is a further-down-the-road thing.

 

[Piobaire]

Originally Posted by Connemara

No dumbass, I'm not talking about immediately going. This is a further-down-the-road thing.

Unless you are a very good quant intrinsically, there is no "further-down-the-road" in regards to this. Higher math is one of those things that normal mortals must come prepped for by age 20 or so. After that, the neural pahways are just not elastic enough to allow a person to really internalize certain things, things required for a good Ph.D. in Econ. While I mock the hell out of Etienne, I secretly admire his smarts and wish I had not come to higher education later in life.

 

[Connemara]

Good point Pio. Who am I kidding, I suck at math. Econ is just a pipe dream for me.