THINKING ABOUT GRAD SCHOOL IN ECONOMICS? Dr. Daniel Gordon // Dr. - - PowerPoint PPT Presentation

THINKING ABOUT GRAD SCHOOL IN ECONOMICS?

• Dr. Daniel Gordon // Dr. Arvind Magesan // Dr. Jeffrey Church // Dr. Alex Whalley

October 25, 2018 • 3:30pm to 4:45pm • SA 104

Department of Economics

APPLYING TO GRADUATE SCHOOL IN ECONOMICS

• Dr. Daniel Gordon

Undergraduate Honours Advisor

OUTLINE

• Introduction
• Applying to grad schools in Canada; Calgary
• Applying to grad schools in the US
• Job opportunities with an MA degree
• Preparing your grad application
• Graduate forum for discussion and questions

GRAD SCHOOL

• Think carefully about grad school
• Need a GPA of 3.00, preferably higher
• Need good background in math and stats
• Good grades in

—Econ 557, 559, 497, 387, 389 —Math 211/213 and 249/265 and others (talk to us) —Stats 213 and others (talk to us)

• Talk to us about additional courses that will HELP

GOING TO GRAD SCHOOL

Costs and benefits

• Opportunity cost
• Financial cost
• Commitment to the grad program, it is demanding
• MA is an investment in human capital
• Opens the doors to interesting careers in economics,

business, government

• Stats Can: BA earn $65k/yr and MA earn $75k/yr

MA / PhD

• MA

— Can be terminal and lead to employment — Preparation for further studies at the PhD level

• PhD

— Leads to research type positions

— Teaching at college or university — Senior positions in policy/financial institutions

APPLICATION PROCESS Make sure to include everything that is asked for!

• Transcripts
• Letters of Recommendation (Maximum: 3)
• CV
• Statement of Purpose
• GRE (if applying in US)*

LETTERS OF REFERENCE

• You need strong letters of reference to support your

application

• Faculty Members in ECONOMICS to write letters
• Provide information to your prof so that she can write a

decent letter

• Information that shows your abilities and potential

— Unofficial Transcript — Statement of Purpose, Why do you want to go to grad school? — Resume — Old Papers

STATEMENT OF PURPOSE

• Write about what interests you about economics
• What are some of your research interests
• At this point you are just laying out your interests
• n what you might do
• Pay close attention to English and grammar!
• Make it forward-looking: tie what you have done

to what you want to do in grad school

STANDARDIZED TEST EXAMS

• Plan early!
• GRE should be taken a year in advance of

applying to grad school — leaves room if you make a mistake

• On GRE, quantitative and analytic section is

the most important when applying to Economics departments

LETTER OF REFERENCE (WHO)

• You want your letter writers to write strong letters
• It would be best to get letters from profs in courses

like Econ 557, 559, and other senior courses

• Get to know your profs through your performance

in classes or discussion after class, etc.

• Adequate Lead Time

Tell the prof deadlines for letters and check to see that letter has been sent

APPLICATION PROCESS (cont.)

• Assess offers / Negotiate

— Faculty member advice

• Make a choice

— Inform promptly those rejected — Accept only one offer

APPLYING to GRADUATE SCHOOL in ECONOMICS in CANADA and at UCALGARY

• Dr. Arvind Magesan

Graduate Director

Applying to Graduate School

Department of Economics

• Dr. Arvind Magesan

Why Go to Grad School?

• An MA is an investment.
• Many interesting careers in economics require, at

minimum, an MA.

• Greater earning power.
• Networking, connections.
• Explore your interests.
• Stepping Stone/Preparation for PhD

About our Department

 Innovative Programs and Specializations  Collegial Environment  Office Space  Highly Competitive Funding  Vibrant research environment  Two Departmental Seminar Series:

• External: Every Friday we have a visiting speaker visit the university and

present their current research

• Internal: Every Wednesday we have presentations on current research by

faculty and graduate students.

 Excellent Placement Record

What do our Students do Our MA’s: https://econ.ucalgary.ca/view- graduateplacements-ma Interesting employment in both government and private sector. Placement in PhD programs. Our PhD’s: https://econ.ucalgary.ca/view- graduateplacements-phd Placements in academic depts., research institutes and private sector.

Programs

• Master of Arts (Course-based)
• Master of Arts (Thesis-based)
• Doctor of Philosophy

Where Should I Apply?

This is a big decision - DO YOUR OWN RESEARCH!! Rankings on-line – You will find that the top four schools in Canada are:

• 1. UofT and UBC
• 2. Queen’s and Western

Most rankings look at research output as primary criteria. The most cited these days is the Tilburg rankings: https://econtop.uvt.nl/rankinglist.php UofT is 17th in the world, UBC is 51st in the world. Only Cdn schools in top 100. More “overall” ranking is done by QS: https://www.topuniversities.com/university-rankings/university- subject-rankings/2018/economics-econometrics UofT at 22 in world, UBC at 27 in world

Major Canadian Schools for Econ Grad

• Going from West to East:

UVic UBC SFU Calgary Alberta Western McMaster Waterloo UofT Queen’s Carleton/Ottawa McGill UMontreal Laval

How to decide

As an MA applicant, there are many things to consider:

• 1. Course/program offering
• 2. Placement
• 3. The MA experience
• 4. Funding
• 5. Location

The big “high-ranked” school experience is not for everyone. Again: DO YOUR OWN RESEARCH

Canada vs. US Graduate Schools

• Most of the best schools of Economics are in the US
• Tuition fees in the US vary widely, but are overall among

the highest in the world. Options for financial aid

• US schools require GRE exams.
• Reasons for going to US: branding, career options,

interests.

• A higher ranked Canadian university may be a better
• ption over a B-listed US university in terms of finances,

branding, and career options.

Application Packages Most applications require:

• Transcript
• Letters of Recommendation (Maximum: 3)
• CV
• Statement of Purpose
• GRE (if applying in US)

Transcript

• Mathematical background is very important.
• Taking difficult courses is as important as good

grades.

• Not all grades are created equal. TAKE Math 403

if you can.

• Make sure you highlight the course name and

content (not just the number).

• Take at least one course with a serious term paper.

Letters of Recommendation

• Should have up to three.
• Ideally, should be from Professors that have a

good professional reputation.

• Letters should add to what is in your transcript.
• Letters should demonstrate your creativity, writing

skills, and drive.

• Work as an RA or write a good term paper.
• Ask the letter writer at least a month in advance

for the letter and provide clear instructions.

CV

• Importance of employment and extracurricular

activities depends on what program you are applying to.

• Economics departments care about research-

related experience.

• If applying to law school, employment and

extracurricular carry more weight.

• If you took time off school or studied part time,

show what you did instead.

Statement of Purpose

• Pay really close attention to English and grammar!
• Make it forward-looking: tie what you have done

to what you want to do in grad school.

• Don’t worry about being able to commit to what

you say you’re going to do.

• Not as important as your transcript or Letters.

Standardized Test Exams

• Plan early!
• GRE should be taken a year in advance of applying

to grad school – leaves room if you make a mistake.

• On GRE, quantitative and analytic section is the

most important when applying to Economics departments.

FUNDING

— Department of Economics Alumni

Graduate Scholarship

— Economics Society of Calgary

Graduate Scholarship

— Frank Mink Economics Graduate

Scholarship

— John M. Dalgarno Memorial

Scholarship

— Stephen G. Peitchinis Memorial

Graduate Recruitment Scholarship

• Department Recommended Scholarships
• Open Scholarship Competition

The deadline is February 1.

SSHRC

• SSHRC Master's funding (CGS-M) is valued at

$17,500.

• Must be a Canadian (citizen or PR).
• Deadline for entire application (including

references and transcripts) – December 1.

• http://grad.ucalgary.ca/awards/tricouncil

Additional Benefits of SSHRC Application

• Applicants to the CGS-M are automatically

considered for the Province of Alberta Queen Elizabeth II (QE2) scholarships – annual value of $10,800.

• Any student winning a CGS-M or a QE2 will also be

given two terms of TA by the Economics department - approximate value $17,000 for their Master's program.

Faculty Participation in Scholarships

• If you would like a faculty mentor to go over your

research proposal (a good idea!), please email the department econgrad@ucalgary.ca and we will happily arrange one for you.

Thank you for coming!

We hope to see you in the Fall Semester! Questions?

Contact: anmagesa@ucalgary.ca or econgrad@ucalgary.ca

GRADUATE SCHOOL in ECONOMICS THE BENEFITS

• Dr. Jeffrey Church

Undergraduate Director

Graduate School in Economics: The Benefits

Jeffrey Church


Professor and Undergraduate Director Department of Economics

Graduate School in Economics: WHY, HOW, and WHERE!

October 25, 2018

Three London School of Economics graduates

• Oxera in Berlin
• Consulting firm antitrust and regulation
• https://www.oxera.com/Our-People/Key-People/Senior-Consultants/Bertram-

Neurohr.aspx

• London Economics in London
• Exploration and infrastructure
• Issues in the economics of space, as in outer space
• https://londoneconomics.co.uk/blog/practice-area/exploration-and-infrastructure/
• KPMG-UK in London
• Economics Analyst - Competition
• https://home.kpmg.com/uk/en/home/services/advisory/risk-consulting/forensic-landing/

economics/competition-economics.html

2

Other Graduate Programs last few years

• Barcelona Graduate School of Economics
• Compass Lexicon in Brussels (Competition Policy)
• University of British Columbia
• Competition Bureau (Competition Policy)
• School of Public Policy
• Alberta Utilities Commission
• TransCanada

3

University of Calgary Department of Economics last few years

• Alberta Electric System Operator
• Agrium
• Westjet
• National Energy Board
• Alberta Utilities Commission
• TransAlta
• Market Surveillance Administrator
• Department of Fisheries and Oceans
• Enbridge
• Power Advisory LLC
• Twitter
• Brookfield

4

Graduate School: Benefits

• Human Capital
• Opportunities
• Financial
• Prestige
• Challenge

5

Human Capital Accumulation

• Develop expertise in economic analysis
• Emphasis is on application and communication of economic intuition
• Causal explanation supported by consistent facts
• Rejection of other explanations inconsistent with facts
• Economists not mathematicians
• Research and communicate findings on questions that matter to employers and not

academics

• Policy
• Profit maximization
• More than just 6 or 8 more additional courses
• BIG QUESTION: Can you formulate a research question and implement a methodology

subject to time, resources, and data constraints and communicate the results?

6

Considerations for Terminal MA

• Choose program carefully
• Emphasis on terminal MA or preparation for Ph.D.
• Placement record
• Where, How Much, How Many?
• Placement resources
• Careful which pond
• Type of Job
• Geographic Location
• Local, National, International Job Market

7

Considerations for Terminal MA

(continued)

• Job markets at smaller schools are often local or there is a local advantage
• Local networks
• Concentration of local graduates
• Calgary: TransCanada, NEB, AESO, MSA are examples
• Economic Society of Calgary
• Professor networks
• Opportunities to develop expertise
• Choice of program related to career interests
• Explosion of customized programs with a professional emphasis
• Clusters of courses
• Opportunities to research and write, write, write, write

8

Financial Payoff

• Average salaries:
• BA in Economics: $78,000 (W) and $105,000 (M)
• MA in Economics: $93,000 (W) and $127,000 (M)
• Stats Can (2016) Mean estimated earnings 25 to 54 year olds, full year full time in

2010, from 2011 National Household Survey. Sample size approx. 100,000 men or

• women. Figures are in 2018 dollars and age adjusted, i.e., average age for level of

education (BA) and sex.

• Recent Calgary MA graduates $70,000-80,000, BA $45,000-55,000
• International economic consulting firm
• Salary difference: $20,000-$25,000 to start
• Career advancement and salary limited by BA relative to MA

9

APPLYING to GRADUATE SCHOOL in ECONOMICS in the UNITED STATES

• Dr. Alex Whalley

Associate Professor

US PROGRAMS

• Many of the world’s best economics departments

are in the US — MIT, Stanford, Harvard, Chicago, Berkeley, etc.

• Similar to Canadian programs, but differ in that

— Mostly PhD, less master’s programs — Direct-entry from undergraduate

• Do not need a master’s degree for entry
• US undergraduates do not often complete master’s degrees

APPLICATION DIFFERENCES

• Must take the GRE exam

— Similar to the SAT undergraduate exam for US students — Questions can be tricky — Need to prepare for it to do well — Economics programs care about Quantitative section the most

• Mathematics preparation is key

— For top programs, strong applicants have completed Real Analysis — Significantly more math classes than most honors programs require — At UofC, this would be like completing a math minor

• Top programs are very competitive
• Need to have a strong GPA, strong reference letters, high GRE

quantitative score, and strong math background to be competitive

• There is a broad range of programs of different levels and

different strengths

• Good application strategy is to apply to a range of schools

— some reach (hard to get into) — some well targeted (where you have a good chance) and — some safety (where you would go and are likely to get into)

FINANCIAL AID

• The tuition levels for US PhD programs are high
• Most offer financial aid to many students
• Financial aid typically covers tuition and living costs
• Usually from a position like a Teaching Assistant or

Research Assistant

• If a school really wants an applicant to attend, they will
• ffer a strong financial aid package
• Do not let the posted tuition levels put you off

CLOSING REMARKS

WHO TO CALL?

• Erin Booker, Undergraduate Student Advisor

erin.booker@ucalgary.ca

• Prof. Jeffrey Church, Director, Undergraduate Studies Economics

jrchurch@ucalgary.ca

• Prof. Dan Gordon, Honours Advisor

dgordon@ucalgary.ca

• Prof. Arvind Magesan, Director Graduate Studies Economics

anmagesa@ucalgary.ca

USEFUL LINKS

https://www.usnews.com/best-graduate-schools/search?program=top- economics-schools https://www.aeaweb.org/resources/students/schools https://www.aeaweb.org/resources/students/careers https://www.aeaweb.org/resources/students/grad-prep http://www.mygraduateschool.com/ https://www.petersons.com/ http://academics.davidson.edu/economics/foley/gradschool.htm

THANK YOU!