Typical Economics PhD program structure at programs in the united states

1. Typical Economics PhD program structure at programs in the united states Dr. Laura Dawson Ullrich March 27, 2014

2. Standard admissions requirements • Grade Point Average • Requirement varies, but most require a GPA of greater than 2.75 • GRE/GMAT • Focus is on the quantitative portion of the exam • TOEFL (for international students) • English Speaking Exam (for international students)

3. Standard admissions requirements • Math Courses • Varies by school, but typically includes… • Calculus I • Calculus II • Calculus III • Linear Algebra • Differential Equations • Statistics

4. Three Stages of US PhD Programs • Stage 1: Core Classes • Culminates in comprehensive exams at the end of the first year in micro, macro, and sometimes econometrics • Stage 2: Field Courses • Culminates in field exams, a field paper and/or oral exams • Stage 3: The Dissertation • Generally a 2-3 year process of writing and research

5. Funding of Phd students • Unlike in many other countries, the vast majority of Economics PhD students in the US receive full funding of their studies • 80 – 90 percent • These packages generally include the following: • Full tuition payment • Waiver of most/all student fees • A stipend received in exchange for 20 hours worked as a teaching or research assistant. • Range somewhere between $13,000 and $25,000 per year.

6. A Specific exampleUniversity of Tennessee • Located in Knoxville, Tennessee • 21,171 students (21,033 undergraduate and 6,138 graduate) • 11 Colleges • 300+ Academic Programs

7. UTK Economics PhD • Facts about the Economics Department • 25 Faculty • 6 Full Professors • 8 Associate Professors • 6 Assistant Professors • 5 Lecturers • Administers 3 Undergraduate Degrees • BA in Economics (Arts and Sciences) • BBA in Economics (Business School) • BBA in Public Administration (Business School) • 36 Graduate Students • Includes both Master’s and PhD • No terminal Master’s program • Over 50% of students are international

8. UTK Economics PhD • Admissions Facts (from 2013 entering class) • Acceptance Rate: 37% • Number of Students Offered Funding: 22 • Number Enrolled with Funding: 9 • Mean GPA: 3.7 • Mean GRE – Math: 163 (88thpercentile) • Mean GRE – Verbal: 158 (77th percentile)

9. UTK Economics PhD • Required Coursework at a Glance: Core: 21 Hours Fields of Specialization: 12 Hours Economics Electives: 6 Hours Graduate Electives: 9 Hours Dissertation: 24 Hours Total 72 Hours (minimum of 8 semesters)

10. UTK Economics PhD First Year • Semester 1: • Mathematical Methods and Economics • (offered during pre-semester “math camp”) • Microeconomic Theory I • Macroeconomic Theory I • Elements of Econometrics • Semester 2: • Microeconomic Theory II • Macroeconomic Theory II • Elements of Econometrics II

11. UTK Economics PhD Comprehensive Exams • At the end of the first year, students must take comprehensive exams in macroeconomics and microeconomics • Students take exams in June following the first year • Students can receive a grade of fail, pass at MA level, or pass at PhD level • Students who fail must retake the exam(s) again in August • If they fail the second time they are dismissed from the PhD program (but may continue in the MA program if course grades are satisfactory).

12. UTK Economics PhD Second Year • Students begin field courses and electives. Four fields are offered. Each field course is offered every other year. • Public Finance • Environmental Economics • International Economics • Industrial Organization • Semester 1: • Field Course I • Microeconometrics • Elective I • Semester 2: • Field Course II • Time Series Econometrics • Elective II

13. UTK Economics PhD Second Year “Field Paper” • Students must write a field paper in their second year, which is due July 29th following the second year. • Students who do not ‘pass’ the field paper can resubmit the following December 1st • Students are encouraged to work with an advisor who will become their dissertation advisor • Goal is to produce a publishable paper

14. UTK Economics PhD Third Year • Continuation of Field Courses and Electives • Semester 1: • Second Field Course I • Elective III • Elective IV • Semester 2: • Second Field Course II • Elective V

15. UTK Economics PhD Fourth Year • Dissertation committee is formed • 4 committee members • 3 from Economics Department and 1 from outside • Primary advisor must be tenured (faculty members typically have no more than 2 PhD students at a time) • Dissertation proposal is defended • Attend conference(s) • Participate in research seminars

16. UTK Economics PhD Fifth Year • Finish writing dissertation • Enter job market on October 1st • Attend conference(s) • Participate in seminars

17. UTK Economics PhD • Funded students can receive funding for five years. Students may appeal to received funding for a sixth year. • Students are assigned as teaching assistants, teaching associates or research assistants • “Better” jobs exist in the Center for Business and Economic Research, the Howard Baker Center and a couple of other university centers • Students receive $17,000 payment a year and also receive free health insurance • Including tuition waiver, this is a benefit of around $40,000 per year • Students must maintain a GPA of 3.25 to maintain funding.

18. UTK Economics PhD • Professors in the US tend to have an ‘open door’ policy, so students have significant access to advisor(s). • Each graduate student is provided with an office (shared) as well as a computer and other office supplies. • Students have access to a 31 page Graduate Student Handbook that outlines all program requirements/guidelines.