Wednesday, November 17, 2010

Why a PhD in Economics?

Well… so far we have been talking about how to secure admission into an economics PhD program but we have not discussed why we shall consider a PhD in economics. Okay, so of course, the best answer should be because you want to a PhD in economics because you are so interested in economics. In other words you are passionate about economics.
But there are a lot more reasons which make economics PhD very attractive. Probably you know that unemployment rate for economics PhD is the least and it is close to zero percent. Yes, that means after the successful completion of you are certainly going to get a job. The small rate of unemployment which is found for economics PhD’s are frictional unemployment, that is, it is the period of unemployment when a person is switching between jobs. The job opportunities available for an economics graduate are lectureship in economics department, management colleges and agricultural departments, consulting to private firms and government agencies, position with governments, state and federal, position with research organizations and the international organizations like World Bank, international monetary fund and so on. So there is a vast range of jobs for an economics graduate to choose from.
Now, being sure of getting a job after the completion of your PhD, the next question that hovers around one’s mind is what will be the salary that one is going to earn. Again, economics PhD rank amongst the top in terms of average salary. Though not enough data is available, however economics PhD certainly figure out in top 5 of highest paid PhDs. A research study also shows that economics graduates are one of most satisfied professionals from their job. I guess that should be enough for a person to go for economics PhD even if he is moderately interested in economics since there are jobs available in which he would not have to do research if he is not very much interested in carrying out research after graduation.
However there is an advice too, before going for economics PhD, don’t forget to check these out:
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