Applying for PhD in Economics

Writer: Kalyani

Kalyani completed her Master's from CESP, JNU and worked as a Research Associate at the Indian School of Business, Hyderabad. She got fully funded PhD offers from the University of Pittsburgh, Purdue University, University of Arizona and University of California, Davis. She will be joining UC Davis.

Recently, I applied extensively to economics PhD programs in the US and some in Europe. A lot of people asked me about my experience and I found a common thread in most of the conversations – how do I shortlist universities? Is my GRE score good enough? Should I apply to economics or public policy programs? This and many more common queries led me to write this blog post, where I try to present a guide for preparing your PhD applications, a process that normally can be quite panic-ridden and stressful. Some of these tips are generic and applicable to all PhD programs (regardless of the subject), but mostly I write from the perspective of an Indian student applying to economics PhD programs in the US.

1. Proper research experience: Once you have decided to apply for an economics PhD, you need to figure out your research interests within economics. A good way to start is to ask the broad questions – Micro or Macro? Theory or Empirics? Mainstream or Heterodox? Of course, you can work in intersections of two or more areas, but you need to have a fair idea before applying. The reason I stress on this is that this would be your main criteria for shortlisting universities, for writing your Statement of Purpose (SOP), and ultimately for universities to decide whether you are a good fit for them.

The way to really know your interests is to try your hand at research. You may already have a fair idea through your master’s courses, your favorite professors, and the kind of papers you have already read. Some universities also make their students write term papers or short projects as part of the master’s coursework (this is the norm in JNU, where I did my MA, and it really helped me narrow down my interest areas and professors that I went to for guidance). I also know of some students who work with professors on research projects, either as research assistants or co-authors, during their master’s (summer intern or year-around). Landing such a research gig and managing it with your coursework can be difficult, but not impossible.

Alternatively, you can consider working as a full-time Research Assistant (RA) with an organization or a professor after completing your MA. I worked with two professors at the Indian School of Business (ISB) in Hyderabad for two years, and honestly it opened my eyes about the world of academia. It taught me a lot of skills that are important in research like networking, getting data sources, peer feedback, and working with statistical software, that I had limited or no exposure to during my master’s. Working as a full-time researcher also allowed me to attend conferences, do fieldwork, take up courses, and basically gave me a lot of substance for SOP. Whether full-time or part time, good quality research experience is crucial for applying to PhDs – not just as a bullet on your CV, but also for you to be confident about whether a PhD is ideal for you, the kind of research you want to do, and where you want to apply.

2. Mentor and peer network: Just like writing a research paper, applying to PhDs is not a solo process. My professors at ISB and JNU really helped me understand the applications ballgame – helping me shortlist universities, reaching out to their network of professors in the universities I applied to, and allowing me some time off during the application months. Of course, in most cases these professors will also write you a letter of recommendation (LOR), which is a crucial part of your admissions. So, keep in touch with your professors, tell them about your interests, and remind them about upcoming deadlines for submitting the LORs. Even though most universities need only three letter-writers, arrange for four because there can be constraints and someone may refuse at the last moment (e.g. some professors don’t write more than six letters for one student, some don’t write letters for two people applying to the same department).

Another important benefit of being in a research network is that you can co-author papers together, either with your professors or your peers (more on writing samples later). I benefitted a lot from my fellow RAs at ISB who were applying in the same cycle. We would bounce ideas off each other, keep ourselves motivated, proof-read drafts, remind about application deadlines, and drown in our misery together.

3. University and program search: I cannot stress enough about starting early on the university search. Ideally, the guiding factor for shortlisting a university should be your research fit. I followed the thumb rule that there should be at least 3 professors in that department working in my interest areas, went through their papers and tried to figure out if I would be happy working with them. Other factors that you can consider are rankings, location, job market candidates’ work, and placement records. Depending on your interests, you can also consider applying to econ-allied programs like agriculture and resource economics, public policy, behavioural economics, economics track within the business school etc. However, these programs are fewer in number and generally have a lower intake than econ programs, so think about the tradeoff and choose wisely.

The university search can be time-consuming so start as early as possible – at least 3-4 months before the application season opens in September, which is the norm for most US universities. Whenever you shortlist a university, remember to note down the deadline and the application requirements (they can vary a lot across universities)! If possible, discuss this list with your professors, maintain a feedback process, and feel free to modify the list as you go along.

4. Writing sample & SOP: I have put these items under one head because these are the two main writing tasks in your application, and ideally your writing sample should feed into your SOP. A writing sample is nothing but a piece of original academic writing that may be an individual piece of work eor co-authored. It does not have to be published, but it should be at a reasonably advanced stage of work, e.g. it should at least have preliminary results (in case of an empirical paper). You can even use your master’s dissertation (if you had one) if you think it fits the bill.

Now a writing sample is actually not mandatory for applying; in fact many universities do not even allow space to attach a sample, and some clearly mention that they will not look at samples even if you send one. But the reason I stress on a writing sample is because it gives your letter writers something concrete to write about in your LOR, and also gives you good material for your SOP. The SOP is a mandatory requirement for all US universities and I strongly suggest that you highlight the takeaways/results from your writing sample as evidence of your research skills and interest areas.

5. Math/ Econ coursework: Your academic profile is an important part of your application. Particularly for econ PhDs, I have heard from professors in top ranked universities that strong math coursework is a necessary condition for admission. Basically, your chances are much better if you have some or all of the following courses on your transcript – real analysis, linear algebra, calculus, probability, and statistics. Even if you could not take them at your undergrad/MA institution, you can take certified courses on Coursera or MIT open courseware to fulfill that requirement. If you are working as RA at a university, you can look up the graduate coursework and audit the math courses there, if your institute permits.

If you are from a science or engineering background and already have math courses, then you can invest in econ coursework – microeconomics, macroeconomics, and econometrics at the graduate level. Whether or not you add new courses to your profile, make sure to mention your math coursework (if you have an econ background) and econ coursework (if you have a non-econ background) in your SOP.

6. GRE and TOEFL: GRE is a standard requirement in all master’s/ PhD applications so some people even take it a year or two before they actually intend to apply. It is a well-known fact that Econ departments focus on the quantitative portion of the GRE more than any other section, so try to maximize your quant score. In any case, you need to score above the 90^th percentile in quant to be able to make the cut for any Econ program, and the top programs often need a perfect quant score. If your first attempt was unsuccessful, by all means take the exam again (I did too), but allow enough time for that. For tips on cracking the GRE, you can refer to this (an earlier EurekaWow post!) The TOEFL is relatively easier than the GRE and some universities even waive it if your education so far has been in English, so check the TOEFL requirement for each university before sending your report.

7. Resume: This is probably the most straightforward requirement of all. Just remember to make an academic CV (they are a bit different from corporate CVs), highlighting your academic and research experience more than your industry experience (if applicable). The CV on any graduate student/ job market candidate/ professor’s webpage will give you a fair idea of the format.

Finally, some logistical tips that will help keep your application process stress-free:

1. Transcripts (including hard copies!): arrange transcripts (marksheet plus degree) from all your institutions before applying. Occasionally, some universities will also ask for hard copies of the transcripts to be sent to them before admission so be prepared with multiple copies for postage!

2. Funds:  For US universities, each application cost varies from $50 to $100. Add to that the cost of sending your GRE ($27) and TOEFL ($19) score reports. Arrange for funds in advance to avoid burning a hole in your pocket! Also make sure international payments are enabled on your credit/debit card.

3. Deadlines: Despite all your planning, you may find yourself struggling to meet a deadline. Since these are international applications, note the time zone for the deadline as well. The closer you get to the deadline, though, the more risk there is of website traffic and technical glitches!

4. Graduate admissions offices are closed during Christmas break (December 24 to January 4-5), even though deadlines may fall within that period. So make sure to email your queries to them before the break.

Good luck to all the budding PhD aspirants out there! Let me know if there is any specific portion of this post that you want me to elaborate on. Here are some more resources that you might find useful:

Chris Blattman on whether you should do a PhD, and more-https://chrisblattman.com/about/contact/gradschool/

Rachael Meager’s guide for applying to top 10 departments- https://economics.com.au/2012/03/27/for-the-ambitious-prospective-phd-student-a-guide/

Jesse Shapiro’s notes on applying for an economics PhD-https://www.brown.edu/academics/economics/sites/brown.edu.academics.economics/files/uploads/NotesonApplyingforaPhDinEconomics%20(1).pdf