To earn a PhD in economics, one must graduate from high school and an accredited institution, take the GRE, and apply to a graduate school. Doctoral students focus on graduate courses for the first two years and research their dissertation in the following years.
Economics is a social science that, at its most basic level, studies decision-making. Economists focus on how individuals, companies, industries, and nations make decisions in relation to cost versus benefit calculations. The highest graduate degree you are able to earn in the field of economics is a Doctor of Philosophy (PhD). If you want to earn a PhD in economics, you’ll need many years of schooling combined with a variety of other pursuits to help you reach your goal.
The first step you should take to earn a PhD in economics is to successfully graduate from high school and continue to graduate from an accredited institution of higher learning. While it’s easier if you earned your undergraduate degree in economics, it’s not necessary. Graduates of other social sciences, such as political science, go on to earn PhDs in economics. In addition, math, science and engineering majors can also do PhD in economics.
After successfully completing your four-year degree, you must take the Graduate Record Examination (GRE). The GRE is a standardized test consisting of a verbal and a quantitative section. Although it has been debated, final test scores indicate the likelihood of long-term graduate success. After completing your GRE, you must apply to the graduate school of your choice. You will be admitted or denied based on your complete application package, which typically includes transcripts from previous institutions, GRE scores, letters of recommendation, and essay examples.
When you are accepted and choose to enroll in a doctoral program in economics, you will have a large amount of work to complete over a period of five to seven years. First- and second-year doctoral students focus primarily on taking graduate courses in economics. As you begin the third year of your PhD program, you will likely begin to reduce your course load and prepare to research your dissertation, which is a final thesis that demonstrates your knowledge in your field and is required to earn a PhD in economy.
Preparing for research requires preparing a research proposal, forming a faculty dissertation committee at your university, and making an oral defense of your research proposal. These activities are usually completed by the end of your third year. You will be working primarily on researching and writing your dissertation from your fourth postgraduate year onwards. Most doctoral candidates finish their dissertation in the fifth or sixth year, but occasionally it can take longer. After completing your dissertation, you will receive a doctorate in economics.
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