Economics is a social science that studies decision-making at its most fundamental level. Economists study how individuals, businesses, industries, and countries weigh the costs and benefits of various options. In the field of economics, a Doctor of Philosophy is the highest graduate degree available (PhD). If you want to get a PhD in economics, you’ll need a lot of schooling and a lot of extracurricular activities to help you get there.
To earn a PhD in economics, you must first graduate from high school and then pursue a bachelor’s degree at an accredited institution of higher learning. Although having an undergraduate degree in economics would be advantageous, it is not required. PhDs in economics are earned undergraduates in other social sciences, such as political science. Students who major in math, science, or engineering can also pursue a PhD in economics.
You must take the Graduate Record Examination after you have completed your four-year degree (GRE). The GRE is a standardized test that includes both a verbal and a numerical section. Although there is some debate about it, the test’s final scores do indicate the likelihood of long-term success in graduate school. You must apply to the graduate school of your choice after you have completed your GRE. Your complete application package, which typically includes transcripts from previous institutions, GRE scores, letters of recommendation, and writing samples, will determine whether you are admitted or denied.
You will have a large amount of work to complete in a five- to seven-year period if you are accepted and choose to enroll in an economics PhD program. PhD students in their first and second years focus primarily on taking graduate-level economics courses. When you start your third year of a PhD program, you’ll probably start reducing your course load and planning your dissertation research, which is a final thesis that demonstrates your knowledge in your field and is required to earn a PhD in economics.
Creating a research proposal, forming a dissertation committee of faculty at your university, and orally defending your research proposal are all steps in the research preparation process. By the end of your third year, you should have completed these activities. Beginning in your fourth year of graduate school, you’ll spend most of your time researching and writing your dissertation. The majority of PhD candidates complete their dissertation in their fifth or sixth year, but it may take longer in some cases. You will be awarded a PhD in economics once you have completed your dissertation.