Graduate Study in Economics

Many students inquire about preparing for graduate study in economics. The first decision concerns whether this is the right choice at all. Graduate study in economics is very different from undergraduate coursework; it is not, as many believe, merely a continuance and deepening of the undergraduate curriculum. Graduate study is also about research. In this sense, the honors thesis, more than anything else, provides a closer look at the enterprise of graduate study. Hence the very best graduate programs in economics will only accept candidates for the Ph.D., as doctoral degrees are oriented toward research. Similarly, although some doctoral students will eventually choose careers in nonacademic sectors such as finance or government service, most are accepted and trained with the object of producing academic professionals whose research will advance the discipline.

What makes a good researcher, and, therefore, a good candidate for graduate study in economics? Most admissions committees gauge potential in three ways: preparation, aptitude, and creativity. A scholar with all three could make important contributions to our understanding of economics. Few applicants, even to the very best graduate schools, will possess all of these attributes to an exceptional degree. To the extent that they do, they become outstanding candidates for admission.

Aptitude is assessed largely through grades, course difficulty, and professor recommendations. To a much smaller extent, scores such as those on the GRE (Graduate Record Exam) are also considered. Creativity is demonstrated primarily through work on the honors thesis and other research, the quality of which is relayed again through professor recommendations. But of the three components, particular attention is paid to preparation.

The well-prepared candidate has completed coursework in three major areas: mathematics, statistics and econometrics, and economic theory. First, graduate schools appreciate candidates with a well-developed mathematical foundation; these candidates do not struggle with the high level of abstraction at which graduate work progresses. Students should attempt to take some coursework in multivariable calculus, linear algebra, differential equations, and real analysis. Each area deserves a semester of study; however, a year of real analysis is especially impressive.

Econometrics and statistics represents the second component of preparation. The greater a student’s training in this area, the greater the scope and depth of empirical research that can be understood and completed. Graduate schools will expect a semester each of statistics and econometrics; however, it is common to see applicants with a great deal more than this. Students considering graduate school are encouraged to enroll additionally in statistics and econometrics courses using stochastic calculus, such as the graduate sequence of Ec 2110 and Ec 2120.

Finally, graduate schools seek a good theoretical background in economics. Although graduate admissions committees value all coursework in economics, they particularly value theoretical courses, which better prepare students for the demands of graduate coursework. Introductory and intermediate microeconomics and macroeconomics is expected of all applicants, and this level of preparation is a requirement of all undergraduate concentrators in economics at Harvard. Beyond this, committees are impressed with further coursework in microeconomics and macroeconomics, especially at the graduate level. They also look for coursework in particular areas of theory, such as game theory.

Graduate school represents an important and exciting decision in the academic careers of Harvard undergraduates. Graduate study is a vastly different intellectual enterprise than undergraduate study. Although few, if any, students will achieve top marks in all of the three areas of preparation, aptitude, and creativity, starting to develop and demonstrate these components will provide the applicant with an impressive background for graduate study in economics.