Hey, I really enjoy watching your videos and thanks for those insights on Economics! A request tho if it's possible. I would love to hear from you about career options with a master degree on economics! Thank you.
Hi Craig! I'm a Ph.D student from Chile. It would be very interesting and useful if you can make a video summarizing which are the most hot topics for research in economics, and looking to the future. I think there are some asymmetries between what does the market for economists demand regarding research, and what information we have as Ph.d prospects. Congrats for the channel and keep going! Best regards
@@stavanoza I've just read this ! I'm so sorry! I specialized in macro/labor economics. That is, the aggregate effects that come from frictions in the labour market
@@josevalenzuelaalvarez3093 your reply means a lot to me brother.... I m from India nd going to do PhD in next year. Nd bro can u tell me which research topic in PhD is good option?! Thanks 😊🙏🏻
@@stavanoza something that you like, that's the only condition for you to success. I could say that macro is a good option if you want to work at the industry/government/public/international and if you want to make money, or I could say that any micro/econometric/macro topic is good if you want to write papers and teaching at any university. But it doesn't work like that if you don't like the topic, you will be doing research for 3-4 years in something that you don't like, and you will work "forever" in something that you don't like. Pick a topic that you enjoy the most. If there is nothing that fulfills you, don't do a Ph.D. The topic in which you do research must come from you after reading a lot of literature and after taking a lot courses. If a Ph.D. is for you, then you will find a topic with which you will feel comfortable and happy. If it's not, then don't do it.
Great video! But you make it sound like getting a PhD is like getting an MBA or going to law school. For most people, getting a PhD isn’t in their choice set. Anyone who wants a JD or MBA can get one because some school will take their money. A PhD on the other hand is funded and only top students with appropriate math backgrounds can get in.
@Shikhar Verma Yes you're right but I enjoy and find more interesting Public and Development economics. Still, I want to know what kind of special mathematical fields you are talking about.
This video is so truthful. My only quibble is that the analysis is static and the pandemic is speeding up changes in the market for Higher Education. A dynamic view may perhaps lead to different insights.
I'm sure there's a tone of private opportunities (IMF and other financial service institutions, Buy-side funds, and even in tech with the rigorous data science training)
Tons and tons. The question is whether it's better to take those opportunities immediately out of undergrad or do the 5-6 years of a PhD then jump into them.
@@MarketPowerYT That’s if you majored in Economics as an undergrad. I know someone who graduated with a Bachelor’s in Economics and never worked in the field. This could be bc he wasn’t interested in pursuing it. Whatever the case, his lack of job prospects made him go back to school as a graduate student in Public Health. Most people I see who work in economics have at least a masters in it. I do feel like getting PHD in econ really legitimizes you and puts you in the upper echelon as a job candidate in the private or public sector. So I don’t associate it exclusively with becoming a professor but having the option to work as a professor (not exclusively) doesn’t hurt.
These videos cancel out every time a relative tells me not to study economics because there “aren’t any jobs in that field.” Also, I still have every intention of teaching/researching economics and there’s nothing you can do to stop me.
Thank you very much for your videos I would like you to do a video on how to set a research proposal in economics because I am facing some troubles in preparing a good propsal
A PhD is a lofty goal in economics. I want to look for one, but I'm old now, so I think I'm heading the Masters route. Is a Masters sufficient to be literate in research like mathematical models? I think I want to head the math route for my masters though after I get a better bachelors degree with a higher gpa with my math degree(this is my 3rd bachelors), cause there's overlap with economics at the graduate level, plus I learn more other stuff. But Bayesian econometrics, Time Series, and Machine Learning sounds like a rather interesting subject in this one economics program I looked up. As for jobs, I think I've seen job postings for Economics that needs at least a Masters, and most of them preferred a phD, like the federal reserve since they're also a partial research institution.
hey i want to politely ask why so many prominent policy makers have PHDs? i believe you can still make an impact in the real world/corporate with a PHD. there’s simply so much more u can do with a phd besides be a professor
Great content man, I’d love to see more videos about grad school. Lets say I’m not interested at all in being a professor and would rather pursue a career in consulting, central banking, etc. Would it still make sense to get a PhD? I mean does pursuing a PhD equips you with better & more sophisticated tools, or getting a masters degree would be more than enough for that.
I think a masters is more than enough. A PhD is more concentrated on people who want to do research, like he said in the video. If you want to go into consulting a bachelor’s is fine, a masters will probably help with pay but a PhD… I find it unnecessary.
I would be interested in doing a Phd in Economics, specialising in Labour, Development or Health Economics. My biggest issue is the amount of math involved. I struggled with Calculus 3 and Linear Algebra while doing my undergrad degree in Econ, and I also do not really enjoy Lagrange multipliers or optimization. Do you think I will be able to make it through an Econ Phd? I don't want to start and drop out.
I'm preparing myself for a phd. The first year is filled with tons and tons of upper lever maths that you'll need to ace in order to pass the comps exams. However, after that, and depending on the fields you choose, math might become a side thing on your research. So you're going to need to be very good at math, but after the first couple of years, other skills become more important in your way to get the degree.
Nowadays more and more financial organisations are hiring PhDs as chief economists. As I only have a Master's, and my goal is to become a chief economist some day, should I be pursuing one? At 36, age is not on my side though 😔
How strong at math do you need to be? I’m getting my MBA, this year, but also thinking if PHD route after. I haven’t done any real “math” since high school, and researching, writing and teaching are more my strong points.
For Econ PhD, you need to have a strong math background. At minimum, you need multivariable calculus, linear algebra, and some statistics. Many Econ PhD students have taken substantially more math, including some proof-intensive course like real analysis.
you're going to need to know some serious math for economics, ie, beyond calculus. Depending on what you're doing your research in you will likely need a strong background on the 'continuous' side of math, ie, measure theory & real analysis as well as the matrix algebra skills to compute many of the problem in these domains for fields things like econometrics, game theory or even more applied areas like labor economics or public finance. For financial economics on top of that you're going to need some serious knowledge of PDEs, dynamical systems, stochastic processes, and surprisingly enough statistical mechanics (this is why financial firms hire physics PhDs for quant and trading roles).
for someone looking for a career changing towards development economics. apart from being a professor in an university, which kind of jobs would be possible ?
Your videos are Great ! if I want to work as an economist in an international organization such as the IMF, the World Bank, or WTO I should be getting a PhD right?
That's one of the quicker routes. But even for those organizations there are non-PhD routes. Just look at the Federal Reserve: Jerome Powell is chair but doesn't have a PhD in economics.
Is anyone can tell me if someone’s PhD thesis disappeared from LSE’s library? Because there’s a LSE ‘PhD’ said LSE lost his thesis, he got 1.5 PhD from LSE in 1984, is that possible LSE gave 1.5 PhD to any student and you could not find his thesis in LSE Library ?
Im presuming you mean Tsai Ing-Wen's PHD thesis, its a very bizarre case. The PHD was lost in 1984 and somehow reimerged in 2018-19. Crazy. There could be 2 possible resons- malpractice(however, LSE has not refuted the claim that Tsai was a student in 1984 ) or second could be an error by the registrar of the graduate school.
As an applied math major (upper division) with the intention of going to an economics ph.D program, what courses should I choose to best prepare myself for getting into a Ph.D program?
In math and stat, I took 4 semesters of calculus (through vector calculus), linear algebra, differential equations, probability, mathematical statistics, real analysis, and topology. Plus several econometrics courses from the economics department. Not all of that is strictly necessary for Econ PhD, but I found all of it useful. Probably the most important economics class to take is intermediate microeconomics. Intermediate macro is good too, but typically has less connection with how macro is taught at the PhD level.
@@calebcox4963 thank you for the reply, I can finish the micro series, econometric series, or split the difference. Do you have any thoughts on econometrics?
What if you want to get a nice cushy Wall Street job? It’s really hard to get that type of job as any sort of undergrad but PhD’s in math or economics get handed those roles on a silver platter. I’m about to graduate with a degree in math and economics and I have no jobs lined up that I was hoping for (ie investment banking, private equity, venture capital, quant, etc.). The subcategory I enjoyed the most honestly was econometrics so I was thinking about at least going to grad school for a masters in econometrics if that’s even a thing.
Interested in graduate school?
✅Get my FREE grad school application worksheet: marketpower.substack.com/p/gradschool-masterclass
Such a comprehensive and informative video. You simply covered the most vital parts of the story. Thanx
Hey, I really enjoy watching your videos and thanks for those insights on Economics! A request tho if it's possible. I would love to hear from you about career options with a master degree on economics! Thank you.
Love from India ❤️❤️
Thanks for making these videos! Really appreciate it as an undergrad economics student in Australia!
hey which uni are you studying it from? I ve also applied
@@mansijain2325 UNSW Sydney
Hi Craig! I'm a Ph.D student from Chile. It would be very interesting and useful if you can make a video summarizing which are the most hot topics for research in economics, and looking to the future. I think there are some asymmetries between what does the market for economists demand regarding research, and what information we have as Ph.d prospects. Congrats for the channel and keep going!
Best regards
What is ur sub topic in PhD mr.Jose.....
@@stavanoza I've just read this ! I'm so sorry! I specialized in macro/labor economics. That is, the aggregate effects that come from frictions in the labour market
@@josevalenzuelaalvarez3093 your reply means a lot to me brother....
I m from India nd going to do PhD in next year.
Nd bro can u tell me which research topic in PhD is good option?!
Thanks 😊🙏🏻
@@stavanoza something that you like, that's the only condition for you to success. I could say that macro is a good option if you want to work at the industry/government/public/international and if you want to make money, or I could say that any micro/econometric/macro topic is good if you want to write papers and teaching at any university. But it doesn't work like that if you don't like the topic, you will be doing research for 3-4 years in something that you don't like, and you will work "forever" in something that you don't like. Pick a topic that you enjoy the most. If there is nothing that fulfills you, don't do a Ph.D. The topic in which you do research must come from you after reading a lot of literature and after taking a lot courses. If a Ph.D. is for you, then you will find a topic with which you will feel comfortable and happy. If it's not, then don't do it.
@@josevalenzuelaalvarez3093 At which university are you doing your phd
Great video! But you make it sound like getting a PhD is like getting an MBA or going to law school. For most people, getting a PhD isn’t in their choice set. Anyone who wants a JD or MBA can get one because some school will take their money. A PhD on the other hand is funded and only top students with appropriate math backgrounds can get in.
If you got a PhD, what would be your specialty?
Development Economics!
Public Economics as bread and butter, and Development Economics as a side work :)
Behavioral Macroeconomics
@Shikhar Verma Yes you're right but I enjoy and find more interesting Public and Development economics. Still, I want to know what kind of special mathematical fields you are talking about.
Development economic
This video is so truthful. My only quibble is that the analysis is static and the pandemic is speeding up changes in the market for Higher Education. A dynamic view may perhaps lead to different insights.
The best option is to do a part-time PhD (while working as asst prof )or to convert full time into part-time later
So smart? Can you clarify how to do this?
@@johnlewis6526 who said its smart. Something barely manageable depending on your place.
The downside of flexibility is that you have to work long hours 24/7
I'm sure there's a tone of private opportunities (IMF and other financial service institutions, Buy-side funds, and even in tech with the rigorous data science training)
Tons and tons. The question is whether it's better to take those opportunities immediately out of undergrad or do the 5-6 years of a PhD then jump into them.
@@MarketPowerYT That’s if you majored in Economics as an undergrad. I know someone who graduated with a Bachelor’s in Economics and never worked in the field. This could be bc he wasn’t interested in pursuing it. Whatever the case, his lack of job prospects made him go back to school as a graduate student in Public Health. Most people I see who work in economics have at least a masters in it. I do feel like getting PHD in econ really legitimizes you and puts you in the upper echelon as a job candidate in the private or public sector. So I don’t associate it exclusively with becoming a professor but having the option to work as a professor (not exclusively) doesn’t hurt.
Thank you for that, definitely looking for this
You channel deserves more subscribers.
I agree!
These videos cancel out every time a relative tells me not to study economics because there “aren’t any jobs in that field.”
Also, I still have every intention of teaching/researching economics and there’s nothing you can do to stop me.
Thank for your comments. 🙂
Thank you very much for your videos
I would like you to do a video on how to set a research proposal in economics
because I am facing some troubles in preparing a good propsal
This helps me a lot ! thank u !!
Dude, you're great!
A PhD is a lofty goal in economics. I want to look for one, but I'm old now, so I think I'm heading the Masters route. Is a Masters sufficient to be literate in research like mathematical models? I think I want to head the math route for my masters though after I get a better bachelors degree with a higher gpa with my math degree(this is my 3rd bachelors), cause there's overlap with economics at the graduate level, plus I learn more other stuff. But Bayesian econometrics, Time Series, and Machine Learning sounds like a rather interesting subject in this one economics program I looked up. As for jobs, I think I've seen job postings for Economics that needs at least a Masters, and most of them preferred a phD, like the federal reserve since they're also a partial research institution.
hey i want to politely ask why so many prominent policy makers have PHDs? i believe you can still make an impact in the real world/corporate with a PHD. there’s simply so much more u can do with a phd besides be a professor
That's why you work with your ba while obtaining your phd tpto keep your cash flow coming in.
Great content man, I’d love to see more videos about grad school.
Lets say I’m not interested at all in being a professor and would rather pursue a career in consulting, central banking, etc. Would it still make sense to get a PhD?
I mean does pursuing a PhD equips you with better & more sophisticated tools, or getting a masters degree would be more than enough for that.
I think a masters is more than enough. A PhD is more concentrated on people who want to do research, like he said in the video. If you want to go into consulting a bachelor’s is fine, a masters will probably help with pay but a PhD… I find it unnecessary.
At least here in Brazil, basically all the important people on the central bank have PhDs.
I would be interested in doing a Phd in Economics, specialising in Labour, Development or Health Economics. My biggest issue is the amount of math involved. I struggled with Calculus 3 and Linear Algebra while doing my undergrad degree in Econ, and I also do not really enjoy Lagrange multipliers or optimization. Do you think I will be able to make it through an Econ Phd? I don't want to start and drop out.
I'm preparing myself for a phd. The first year is filled with tons and tons of upper lever maths that you'll need to ace in order to pass the comps exams. However, after that, and depending on the fields you choose, math might become a side thing on your research. So you're going to need to be very good at math, but after the first couple of years, other skills become more important in your way to get the degree.
@@meister2ed Thank you.
Nowadays more and more financial organisations are hiring PhDs as chief economists. As I only have a Master's, and my goal is to become a chief economist some day, should I be pursuing one? At 36, age is not on my side though 😔
How strong at math do you need to be? I’m getting my MBA, this year, but also thinking if PHD route after. I haven’t done any real “math” since high school, and researching, writing and teaching are more my strong points.
For Econ PhD, you need to have a strong math background. At minimum, you need multivariable calculus, linear algebra, and some statistics. Many Econ PhD students have taken substantially more math, including some proof-intensive course like real analysis.
you're going to need to know some serious math for economics, ie, beyond calculus. Depending on what you're doing your research in you will likely need a strong background on the 'continuous' side of math, ie, measure theory & real analysis as well as the matrix algebra skills to compute many of the problem in these domains for fields things like econometrics, game theory or even more applied areas like labor economics or public finance. For financial economics on top of that you're going to need some serious knowledge of PDEs, dynamical systems, stochastic processes, and surprisingly enough statistical mechanics (this is why financial firms hire physics PhDs for quant and trading roles).
Surprised there was no connection from the professor incentive system to Dr. Strange and Stephen choosing patients based on prestige.
for someone looking for a career changing towards development economics. apart from being a professor in an university, which kind of jobs would be possible ?
Did anybody else notice the background music to this video? It's shockingly dramatic.
Do you think asymmetric information and such frictions are worthy of researching as a PhD student?
Your videos are Great ! if I want to work as an economist in an international organization such as the IMF, the World Bank, or WTO I should be getting a PhD right?
yeah same question. I'd assume you'd require a PhD for career advancements in central banks and other organisations
That's one of the quicker routes. But even for those organizations there are non-PhD routes. Just look at the Federal Reserve: Jerome Powell is chair but doesn't have a PhD in economics.
Thanks for the answers !
Amazon is hiring exclusively PhDs for many of their jobs. It’s no longer a professor only job
I'm really curious why Econ majors have low GPAs in comparison to other majors. A video would be great!
I would assume it's due to content difficulty vs. Traditional social sciences which tend to have much higher average CGPAs than STEM fields.
Is anyone can tell me if someone’s PhD thesis disappeared from LSE’s library? Because there’s a LSE ‘PhD’ said LSE lost his thesis, he got 1.5 PhD from LSE in 1984, is that possible LSE gave 1.5 PhD to any student and you could not find his thesis in LSE Library ?
Im presuming you mean Tsai Ing-Wen's PHD thesis, its a very bizarre case. The PHD was lost in 1984 and somehow reimerged in 2018-19. Crazy.
There could be 2 possible resons- malpractice(however, LSE has not refuted the claim that Tsai was a student in 1984 ) or second could be an error by the registrar of the graduate school.
What's the best way to get experience in research so that you know you like it?
If you can, working with a professor.
don't all top partners at economic consulting firms have PHD?
What's an asterix?
Some job in assets ask for phd
If you love education and adding something new to the current literature then PhD is for you, you do not have to aim to be a professor.
Accounting
"Am I suppressing the market for personal gain?
Maybe" Lol
this music XD much love
As an applied math major (upper division) with the intention of going to an economics ph.D program, what courses should I choose to best prepare myself for getting into a Ph.D program?
In math and stat, I took 4 semesters of calculus (through vector calculus), linear algebra, differential equations, probability, mathematical statistics, real analysis, and topology. Plus several econometrics courses from the economics department. Not all of that is strictly necessary for Econ PhD, but I found all of it useful. Probably the most important economics class to take is intermediate microeconomics. Intermediate macro is good too, but typically has less connection with how macro is taught at the PhD level.
@@calebcox4963 thank you for the reply, I can finish the micro series, econometric series, or split the difference. Do you have any thoughts on econometrics?
What if you want to get a nice cushy Wall Street job? It’s really hard to get that type of job as any sort of undergrad but PhD’s in math or economics get handed those roles on a silver platter. I’m about to graduate with a degree in math and economics and I have no jobs lined up that I was hoping for (ie investment banking, private equity, venture capital, quant, etc.). The subcategory I enjoyed the most honestly was econometrics so I was thinking about at least going to grad school for a masters in econometrics if that’s even a thing.
Yoo I got a PhD
Oh
Did see moneyball movie?