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Economists? (college thread)

J

jread

Senior member
I've been considering the possibility of going to graduate school for economics instead of my original plan of urban planning, though I still don't have enough information to make my decision. I'll list out what I'm doing now and what I do know about the two fields, and maybe someone can come along and steer me in the right direction.

Currently:

Pursuing a bachelor's degree in Public Administration. I'm about 1 1/2 years from completing this one so I'm really starting to think of graduate school plans. My degree plan goes into great depth as far as public policy, intergovernment relations, budgeting in the public sector, ethical issues associated with the public sector, etc. It is an excellent preparation for Urban Planning but I'm not sure how well it will relate to economics (maybe economic development?).


Plan A:

Go for a Master's of Science in Community and Regional planning. This is a field that I have a very strong interest in as it is a "big picture" view of the complex creatures that are cities and metropolitan areas. I do tend to find myself more interested in the physical and statistical side of planning than the political side, though. Dealing with angry citizens at city council meetings does not sound to appealing to say the least. Still, though, being a part of the evolution of a city and creating better places for people to live would be a very satisfying career for me. I really get into researching demographic trends and finding the best course of action for the future.


Plan B:

Go for a Ph.D. in Economics (local uni. doesn't offer a Master's... just goes straight to Ph.D.) Besides having "Dr." in my title, which would make me feel really cool, I would be a wacky economist :nerd: Though my knowledge of economics is minimal at this point (taking macro and micro this summer), my understanding is that economists focus on an even larger picture than planners do. They spend a lot more time with statistical data and creating models to predict future trends in the economy. It seems to be a research-intensive job where you spend more time alone using using your own creativity to solve big problems than having to deal with the many levels of bureaucrats. I LOVE statistics and I LOVE seeing how the whole system of cause and effects works out.



So, what to do, what to do? For you "show me the money" types out there here are the average wages for these fields according to bls.gov:

Urban Planners: Median annual earnings of urban and regional planners were $49,880 in 2002. The middle 50 percent earned between $39,210 and $62,710. The lowest 10 percent earned less than $31,830, and the highest 10 percent earned more than $76,700. Median annual earnings in local government, the industry employing the largest number of urban and regional planners, were $48,950.
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Economists: Median annual wage and salary earnings of economists were $68,550 in 2002. The middle 50 percent earned between $50,560 and $90,710. The lowest 10 percent earned less than $38,690, and the highest 10 percent earned more than $120,440.

The Federal Government recognizes education and experience in certifying applicants for entry-level positions. The entrance salary for economists having a bachelor?s degree was about $23,442 a year in 2003; however, those with superior academic records could begin at $29,037. Those having a master?s degree could qualify for positions at an annual salary of $35,519. Those with a Ph.D. could begin at $42,976, while some individuals with experience and an advanced degree could start at $51,508. Starting salaries were slightly higher in selected areas where the prevailing local pay was higher. The average annual salary for economists employed by the Federal Government was $81,852 a year in 2003.
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Looking forward to hearing everyone's opinions and advice 😀
 
take the extra semester and double major in econ with your current major, the go with plan A. It will open up your job opportunities a lot more and you can always fall back on your econ degree.

a PhD in econ is nowhere on the same level as undergrad econ. You will need to take up to at least calc 3. But it really depends on how quantitive/good your program is.

Take the GRE if you don't get atleast 90th percetile or better you are not cut out for a PhD program.
 
i loved the econs component of my law/econs combined degree (finished the econs last year, another year of law still to come) 🙂
 
there is a thing about economics, depends on your school, it can be really difficult or really easy. I am doing a MA in economics, everything is in calculus. I don't think you can do much with a Ph D. except for teaching.

"show me the money"? don't do Ph D. unless you really interested in that subject. what above said is true, you will need to be really good at math.
 
Sounds like you will be interested in econometric. That's what I am hoping to do, master in Economics concentrated in econometric.
On top of Calculus, you probably want to learn more on matrix and statistic.
If you are not planning to teach, you most likely don't want to go for PhD.
 
I am really not a fan of Econ..I am taking micro right now. But if its what u like then do it. I dont know about the PH.D though. Thats A LOT of school to go through..u gotta make sure u want it


I prefer Accoutning at the moment.
 
Economy is damn fun. It's too underrated. And if you ever need the cash, you can always do market consulting or make up some cool sounding " _____ consulting" job. Scared people love economists.
 
Originally posted by: thespeakerbox
Economy is damn fun. It's too underrated. And if you ever need the cash, you can always do market consulting or make up some cool sounding " _____ consulting" job. Scared people love economists.
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personally experience tells me that in order to enjoy the fun in economics, you need to pass the undergrad level.

intro to macro/micro is a killer, most people including me hated it after that.
 
Originally posted by: DaWhim
Originally posted by: thespeakerbox
Economy is damn fun. It's too underrated. And if you ever need the cash, you can always do market consulting or make up some cool sounding " _____ consulting" job. Scared people love economists.
Click to expand...

intro to macro/micro is a killer, most people including me hated it after that.
Click to expand...

Yeah, the intro classes are usually excellent, once you get into nitty gritty, it can get boring unless you enjoy it. Economics and Statistics/Econometrics go hand in hand if that's what you enjoy. For a PHD in economics, you have to know a lot of math, and don't expect a earn a ton of money necessarily in this field if that's what you are interested in.
 
You guys are right about the math component! Here is the program by the way: http://www.utexas.edu/cola/depts/economics/graduate/programs/

I would never switch majors just for money, I just thought I'd post that part if anyone was interested. It's hard for me to decide which of these I like better, though I like gotsmack's suggestion of double majoring in economics and public administration!

I think I will go with planning for now because it is only 2 more years of school and it's something I KNOW I love. I will put more thought into economics and maybe later pursue that route.

Thanks for the help!
 
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