phd in economics in usa

PhD in Economics

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PhD in Economics At a Glance

• 45 credit hours of course work, completed in as little as 2.5 years.
• Study diverse theoretical perspectives, including post-Keynesian, intuitionalist, evolutionary, and feminist economics.
• Tailor your field coursework to best match your research interests.
• Designated as a STEM degree program 
• Program Director: Professor Nathan Larson .

Tailor Your Degree to Your Research Interests

Offering a combination of rigorous technical training and a focus on policy-relevant research, our PhD in Economics will prepare you for careers in academics, research, and government. Our students master economic theory, statistical methods, and applied field knowledge. Then, through the dissertation-writing process, they develop the ability to formulate and empirically answer economic questions.  

• Diverse Perspectives : In addition to a strong foundation in macro and micro theory and econometrics, students learn a more diverse perspective on economics through required courses in economic thought and economic history, as well as optional courses in heterodox theoretical models of economics, including post-Keynesian, intuitionalist, evolutionary, and feminist economics.
• Flexibility : Students choose four applied field courses that best fit their research interests. The department offers a wide selection of concentrations, including courses in development, gender, international, labor, macro/monetary, and other applied micro topics.
• Preparation : Students must successfully pass one comprehensive exam at the end of their first year and produce a journal-quality research paper by the end of their third year. The third-year paper typically serves as a key component of the dissertation, giving students an advanced start on the dissertation writing process.

See complete Admissions and Program Requirements .

Faculty Dedicated to Your Success

At AU, you will take classes from and work with a diverse group of esteemed economists and highly cited scholars who are engaged with practitioners and policymakers around the world. Their wide-ranging research and publications , along with the variety of methodological approaches they use, create a rich environment for innovations in theory and empirical studies. 

Our research centers, including the Program on Gender Analysis in Economics and Infometrics Institute , host guest scholars and research projects, further enhancing the opportunities for graduate students. By working as research assistants and teaching assistants, PhD students gain valuable experience and mentorship in an academic setting.  

Throughout their third year and into the fourth, students work closely with a faculty member of their choosing on their third-year paper and dissertation proposal, eventually adding other experts to their dissertation committee to gain additional insights and expertise. Through this process, students develop lasting collegial, and productive relationships with faculty, classmates and economists at DC-area institutions, often co-authoring and publishing.  

Launch Your Career Amongst Top Economists 

The Washington metropolitan area employs over one-third of all economists in the country. The array of intellectual and professional opportunities offered by the nation's capital make American University the ideal place to study economics. The department's strategic partnerships and our faculty's relationships with nearby institutions will help you make the best use of those opportunities.

Internship and employment opportunities:

• The World Bank 
• International Monetary Fund
• Research institutes
• Think Tanks and NGOs
• US Treasury, Labor, and Commerce Departments 

Economics PhD graduates are well qualified for careers in academia, government agencies, and international organizations. Our students receive career mentorship and placement services that lead to careers in public policy, academia, and government, both domestically and abroad.

Many of our graduates go on to academic posts at universities such as the Saint Louis University, the University of Vermont, University of Wisconsin-La Crosse, and Franklin College. Domestically, graduates have served in congress and government agencies, including the Bureau of Economic Analysis, the Department of Commerce, and the Department of Labor. Our alumni working outside of the US have founded research institutions and consulted for major organizations such as CGIAR-CIP and the United Nations. 

Read more career information about AU economics alumni.

See the 2017-8 list of job market candidates .

News & Notes

IMPA hosts a colloquium on  Inequality and the Macroeconomy: Academic and Policy Challenges   at Kreeger, April 17, noon–3:00.

See schedule and abstracts for the 2024  Third Year Paper Conference , April 3 in Kreeger.

Research Seminar Series Wednesdays at noon.

• PhD candidate Amy Burnett Cross received an EHA Dissertation Fellowship from the EHA Committee on Research in Economic History
• PhD student Danielle Wilson was awarded an Economic History Association grant for archival research on Mexican Railroads.
• PhD student Aina Puig's short essay, " The Unequal Effect of Interest Rates by Race, Gender, " was published in the San Francisco Fed's Economic Letter.
• Professor Bernhard Gunter and PhD students Bong Sun Seo & Farah Tasneem were awarded the  International Award for Excellence for their article on the change in labor force participation rates during periods of globalization and marginalization. 

Student Spotlights

More about Aina

San Francisco Federal Reserve Board’s essay contest  called for papers studying economic impacts of gender and racial inequalities. As a winner, Aina’s paper will be published in the Federal Reserve Board’s Economic Letter and will have the opportunity to participate in a 6-week summer research program.

Aina’s paper focused on the impact of monetary policy, through interest rates, on spending patterns among types of U.S. households—those with mortgages, those with women versus men as head of household, and those headed by White versus Black people. By building on her interest in macroeconomic inequality topics with direct policy implications, she intended (and continues to intend) to fill a gap in the literature, adding to the income inequality narrative by bringing gender and racial inequalities to the forefront of discussion.

Through this project, she was able to not only establish the impact of monetary policy shocks on consumption patterns, but also inform the Federal Reserve Board of these distributional impacts. When discussing her research, Aina states that “promoting equal opportunity and understanding the different impacts of policies can help policymakers create policies that promote economic growth while benefitting all groups’ well-being in society.”

Her interest in analyzing inequality topics through lens of distributional effects of macroeconomic policies came to life during her research for this paper and “ties directly into [her] plans for [her] dissertation…, a good starting point for [her] future research.”

Vasudeva Ramaswamy

More about Vasudeva

Economics PhD candidate Vasudeva Ramaswamy credits American University with helping him zero in on his area of research interest and for equipping him with the tools to explore and contribute to his field. 

During his time at AU, Vasu spent two summers working with the World Bank, studying the impact of agricultural aggregators in East Africa — specifically, how they provided income and security to farmer communities. 

Vasu’s dissertation considers the effects of the Federal Reserve Bank’s actions on household inequality. Who gains and who loses when the Fed increases (or decreases) interest rates? And how do these effects propagate through the economy? Because business income and profits play a key role in household inequality, Vasu looks at how businesses respond to the actions of the Fed. 

After he earns his PhD, Vasu says he would love to be able to continue researching the importance of economic heterogeneity in monetary policy transmission. “I am particularly grateful for AU’s faculty, who are leading experts in their field and approachable and encouraging as mentors,” he adds. “I am equally grateful for the rest of my PhD cohort, who are a brilliant and motivated group. I am learning from them continually.”

Elissa Cohen

More about Elissa

Economics PhD candidate Elissa Cohen received an NSF grant to pursue her research about assumptions people make about risk and, building off an idea from a previous project, Elissa continues her interest in the Value of Statistical Life in this one to question the validity of how VSL is used and estimated. In doing so, she contributes to development of a more complete theory of how perceptions of risk guide decision making.

Elissa asks three questions: (1) Is the construct validity of the VSL consistent across measurement approaches? (2) Do people value the mitigation of varying types of fatality risk differently across domains? (3) Do people accurately comprehend the probability of death in a given setting?

To answer these questions, Elissa uses discrete choice experimental (DCE) designs, self-report surveys, and machine learning techniques to evaluate the validity of the VSL as an assessment how people’s risk assessment shapes behavior.

This research improves the understanding of how people perceive fatality risk across domains and how perceptions impact choices about risk exposure. With this research comes the potential to reshape how regulatory agencies construct their aggregated VSL estimates for future cost-benefit analyses, influencing policy decisions and allocation of scarce federal resources.

As she thinks about impact and the research space she can contribute to and develop, Elissa comments, “AU has definitely helped me refine the types of questions I am interested in answering…. I see myself continuing to explore and test feedback loops between emergent human behaviors and macro-level policy decision-making.”

Amy Burnett Cross

More about Amy

Amy Burnett Cross has been selected as one of the three NBER Pre-Doctoral Fellows in the Gender in the Economy program to support her dissertation research on the influence of military policy on the sorting of women into occupations. Through this research, she is able to include her knowledge from AU’s Program on Gender Analysis in Economics as well as her understanding that by bringing more insight from conservative institutions into her research realm, she could enhance the policy space of gender equity.

As she continues her career, Amy desires to conduct research that is directly applicable to policymakers, and through her research on this project, Amy has the chance to do this in addition to engaging with economic history and begin to invest more time in the historical arc of military policy and gender dynamics.

She has three focuses for her dissertation project: (1) evaluate the impact of lifting the ban on women in combat (in 2013) on civilian occupational desegregation; (2) measure the extent to which gender desegregation of the Army (in 1977) signaled a shift in the appropriate role of civilian women at work; and (3) assess whether the structure of the U.S. draft in WWI (in 1917) contributed to the development of the male breadwinner norm.

Amy’s work aims to provide evidence that policy changes can influence social norms constraining women’s work and occupational segregation, particularly in discovering how policies regarding women’s participation in the military go on to influence gender gaps in civilian labor market outcomes. In doing so, Amy also seeks to contribute to the research of information asymmetry as a cause for occupational segregation—does military gender desegregation function as a reduction of information asymmetry?

With the support and accommodation of her peers, professors, and advisor, Mary E. Hansen, Amy has been able to focus on her academic excellence and develop close friendships and bonds during her journey at AU. In discussing her work in gender economics and the community at American University, Amy offered, “AU attracts women economists and I have found some truly excellent ones here.”

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PhD Program

Year after year, our top-ranked PhD program sets the standard for graduate economics training across the country. Graduate students work closely with our world-class faculty to develop their own research and prepare to make impactful contributions to the field.

Our doctoral program enrolls 20-24 full-time students each year and students complete their degree in five to six years. Students undertake core coursework in microeconomic theory, macroeconomics, and econometrics, and are expected to complete two major and two minor fields in economics. Beyond the classroom, doctoral students work in close collaboration with faculty to develop their research capabilities, gaining hands-on experience in both theoretical and empirical projects.

How to apply

Students are admitted to the program once per year for entry in the fall. The online application opens on September 15 and closes on December 15.

Meet our students

Our PhD graduates go on to teach in leading economics departments, business schools, and schools of public policy, or pursue influential careers with organizations and businesses around the world. 

Ph.D. Program

Make an impact: The intellectual rigor from researchers associated with Yale Economics drives innovations in domestic and international policy.

• Requirements

Yale's Department of Economics offers a challenging and rigorous academic program, a distinguished and accessible faculty, and a friendly, supportive environment for study.

Our core teaching faculty of 66 is supported by a diverse group of visiting professors and graduate student teaching assistants, making it one of the largest economics departments in the United States with one of the highest teacher/student ratios for the 130 Ph.D. students in residence.

The Department of Economics also has close ties with professional schools in related fields, such as the Yale School of Management, the Yale School of the Environment, and the Yale School of Public Health, where many of its secondary faculty members teach. It also works with affiliated centers, including the Cowles Foundation for Research in Economics, the Economic Growth Center, and the newly created Tobin Center for Economic Policy . 

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Our Program

Yale's economics faculty embraces a broad range of research and teaching interests. Courses and seminars span a wide spectrum of economics, from dynamic structural models to field experiments. Our students apply econometric and data analytic methods to a variety of subjects in macroeconomics, labor economics and finance. Our courses examine critical economic policy issues, including antitrust and environmental regulation. Our focus is global, spanning the United States and developed economies to the developing nations of Latin America, Asia and Africa. Whatever your interest, our faculty is ready to guide you through a wide offering of more than a hundred regular courses, seminars or workshops, combined with individually tailored reading and research courses to best prepare you for your Ph.D. research and dissertation.

Our faculty is eclectic in methodologies and views of economics. There is no Yale dogma or school. You will acquire a critical perspective on the full range of approaches to macroeconomics. You will be well trained in neoclassical theory and in the theory of public choice, externalities and market failures. You will master the skills of sophisticated modern econometrics and understand pitfalls in its applications. You will gain respect for the power of contemporary mathematical models and also for history and for the insights of the great economists of the past.  

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Important dates.

Dec. 21, Wed. Fall Term ends, Winter Recess begins.

Dec. 22 Thurs. Date of December degree award

Jan. 12, Thurs. Add/drop period opens, 8:30 am

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Ph.D. in Economics

The Ph.D. program at Berkeley is designed for students interested in pursuing advanced study and conducting original research in Economics. The Ph.D. degree is awarded in recognition of the recipient's qualifications as a general economist and of the ability to make scholarly contributions in fields of specialization.

In advancing to the Ph.D. degree, students pass through two major stages:

• Preparation for candidacy typically takes two to three years. During the first two semesters, students take courses to achieve competence in econometric methods, methods of economic history and fundamentals of microeconomic and macroeconomic theory. During the next two years, students prepare for examination in two fields of specialization of their choosing, prepare a dissertation prospectus, and take an oral examination. When these steps are completed, students are advanced to candidacy.
• Completion of a dissertation after advancing to candidacy typically takes one to two years. The dissertation must be based on original research and represent a significant contribution to the body of Economic knowledge.

The entire process takes approximately five to six years, although some students are able to complete the program in less time. Below is an overview of the program requirements by year and other pertinent information.

The UC Berkeley College of Letters & Science   provides students helpful resources, links, and tools for successfully completing the Ph.D. in Economics.

ECONOMICS GRADUATE STUDENT SERVICES

The economics student services mission is to advise our students holistically by providing a high standard of service in a supportive and collaborative environment.  professional and peer advisors work as a team to provide accurate information in a timely manner.  we partner with faculty to assist students in engaging with the campus and the global economic community.  we value fairness, diversity, and the important roles our students, faculty, and staff in the department of economics play at the university of california, berkeley..

If you or someone you know is experiencing financial, food, housing or other basic needs challenges - you can find support and services at:  http://tinyurl.com/UCB-BNC-C19 .

Meet the members of the Economics Graduate Student Services advising team!

Graduate Office Address:

Ph.D. in Economics

The Ph.D. program in the Department of Economics at Columbia University trains students to do cutting edge research in economics.  Students in our program do research in all major areas of economics including microeconomics, macroeconomics, econometrics, international economics, labor economics, public finance, industrial organization, development economics, and urban economics.  Our department provides strong training both in theoretical economics and in applied and empirical economics.  The Ph.D. program is primarily designed for students that are interested in pursuing a career in teaching and research within academia but is also useful for student interested in certain positions within governments, research organizations, or private businesses.

The first two years of our Ph.D. program is largely devoted to rigorous coursework. After the second year, however, students devote most of their time to their own research under the supervision of faculty advisors. Students in our program generally complete their Ph.D. in 5 or 6 years.

Admission to the Ph.D. program is highly selective.  We receive approximately 1,000 applications each year for an incoming class of roughly 25 students.  We place a high value on attracting the very best minds, and recruiting members of groups who will both enhance the diversity of research in the field and contribute to the diversity of the university’s academic and professional community.

The Ph.D. program has a long and illustrious history.  Alumni of the program include some of the most distinguished economists of the last century – including Nobel Prize winners Kenneth J. Arrow, Milton Friedman, Simon Smith Kuznets, and William S. Vickrey.

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The doctoral program in Economics at Harvard University is one of the leading programs in the world. Supported by a diverse group of faculty who are top researchers in their fields and fueled by a vast array of resources, the PhD program is structured to train and nurture students to become leading economists in academia, government agencies, the technology industry, finance and banking, and global policy organizations.

Harvard University and the Department of Economics are regularly ranked amongst the top programs in the world, and the consistency of success among our graduates is inspiring. We have educated several foreign heads of state, Nobel Prize Winners, Clark Medal Winners, MacArthur Fellowship Recipients - many of whom have returned to Harvard to offer their expertise and brilliance in shaping and nurturing our students.  Learn more about where we place our  graduates  and explore our  Program  to find out if a PhD in Economics is a good fit for you. 

Program Requirements

As a PhD student in the Economics program, students will spend the first two years in the program engaged in rigorous coursework designed to develop a foundational understanding of economics. In the following years, students transition to research under the guidance of strong faculty mentorship and participate in field workshops. In the final year, students conduct independent research and complete a dissertation.

The department of Economics at Harvard University is committed to seeking out and mentoring scholars who wish to pursue a rigorous and rewarding career in economic research. Our graduates are trailblazers in their fields and contribute to a diverse alumni community in both the academic and non-academic sectors. We invite you to learn more and apply to the PhD program in Economics. 

Financial Support

Students have access to a variety of funding and financial support opportunities.

• Research Funding
• Teaching Fellowships and assistants
• Additional external and internal resources

Learn more about financial support

Upcoming Events

Econ 3003 graduate student workshop in econometrics, location: .

Chris Walker (Harvard University) "Semiparametric Bayesian Inference for a Conditional Moment Equality Model"... Read more about ECON 3003 Graduate Student Workshop in Econometrics

Seminar joint in International/Macro Econ

Ester Faia (Visiting Harvard) - " The Global (Mis)Allocation of Capital "... Read more about Seminar joint in International/Macro Econ

ECON 3006 Graduate Student Workshop in Macroeconomics

Sophia Mo (Harvard) "Does Mobility beget Mobility? Coworker Networks and the Sectoral Reallocation of Labor"... Read more about ECON 3006 Graduate Student Workshop in Macroeconomics

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Economic Analysis & Policy

Our doctoral program in the field of economic analysis and policy prepares students for research careers in economics. The program offers rigorous training and has several distinct advantages:

Low Student-to-Faculty Ratio

First, enrollment in the program is small. This encourages close faculty-student contact and allows students to become involved in research very early. Students work first as assistants on faculty research projects and, as their interests and skills develop, on their own research. Students often begin their publishing careers before completing their degrees.

Flexible and Innovative Program

Second, the program is flexible and innovative; students can draw on both the school’s and the university’s distinguished faculty. In addition to the faculty in the economics group at Stanford GSB and in the university’s economics department, students have access to faculty in political and behavioral sciences; accounting and finance; mathematics, statistics, and computer science; and many other disciplines.

A Top-Ranked School

Third, the program is part of a top-ranked professional school. This setting allows students to gain a deeper understanding of the actual processes of business decision-making and public policy formulation.

Preparation and Qualifications

Students who enroll in this program have a substantial background in economics and mathematics. They are expected to have, minimally, mathematical skills at the level of one year of advanced calculus and one course each in linear algebra, analysis, probability, optimization, and statistics.

The faculty selects students based on predicted performance in the program. Evidence of substantial background or ability in the use of mathematical reasoning and statistical methods is important. Most successful applicants had quantitative undergraduate majors in economics, mathematics, or related sciences.

In addition to evidence of ability and letters of recommendation, the faculty considers carefully the applicant’s statement of purpose for pursuing the PhD degree. The successful applicant usually has clearly defined career goals that are compatible with those of the program.

Acceptance into the program is extremely competitive. Admitted applicants compare very favorably with students enrolled in the top economics departments of major universities.

Economic Analysis & Policy Faculty

Mohammad akbarpour, claudia allende santa cruz, susan athey, lanier benkard, jeremy i. bulow, modibo khane camara, sebastian di tella, rebecca diamond, yossi feinberg, guido w. imbens, charles i. jones, michael ostrovsky, garth saloner, yuliy sannikov, kathryn shaw, andrzej skrzypacz, paulo somaini, juan carlos suárez serrato, takuo sugaya, christopher tonetti, shoshana vasserman, ali yurukoglu, weijie zhong, emeriti faculty, alain c. enthoven, robert j. flanagan, david m. kreps, peter c. reiss, john roberts, a. michael spence, robert wilson, recent publications in economic analysis & policy, an economic framework for vaccine prioritization, pricing power in advertising markets: theory and evidence, career: a foundation model for labor sequence data, recent insights by stanford business, nine stories to get you through tax season, a.i. can help “personalize” policies to reach the right people, stanford gsb faculty share their holiday reading lists, placement director.

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Applied Economics

Wharton’s highly selective phd program in applied economics offers students many resources not available at other institutions, such as 1:1 faculty to student ratio, five years of funding, and minimal teaching requirements..

Combining the faculties of the departments of Real Estate and Business Economics & Public Policy, Wharton’s Applied Economics program leverages the breadth and depth of its faculty to prepare students for careers doing frontier theoretical and empirical research. Students can focus on a variety of research areas, including Behavioral Economics, Development and International Economics, Energy and Environmental Economics, Health Economics, Industrial Organization and Regulation, Labor Economics, Law and Economics, Market Design, Public Economics, Risk and Insurance, Urban Economics and Real Estate. You can find the list of Applied Economics Faculty here.  Students may also develop an inter-disciplinary focus by taking courses and working with faculty in some of the other departments at Wharton such as Finance, Health Care Management, Management, and Marketing.

For more information on courses, please visit the University Graduate Catalog .

Sample Schedule

The course of study for the Ph.D. in Applied Economics requires the completion of 15 graduate course units. The common core consists of 3 theory courses and 3 statistics/econometrics courses. Students are also expected to master two field areas by passing two courses in each (total of 4 courses units). The remaining course units necessary to achieve 15 are split between the mandatory graduate student research seminars and other electives.

ADMISSIONS AND FINANCIAL AID

Students will apply for admission to the Wharton Program in Applied Economics, and may, if they wish, indicate a preferred field of study in their application. All else equal, the admissions committee may consider field choice in determining admission. Fellowship support will be in accordance with usual Wharton and University guidelines.

CORE REQUIREMENTS

Students will be required to master core materials in economic theory covering the topics of household decision-making, production theory, theory of markets and market failure, game theory, decision-making under uncertainty, and resource allocation in dynamic economies. The following courses will satisfy the three-course economic theory requirement:

Microeconomic Theory I: ECON 7010 Microeconomic Theory II: ECON 7110 Macroeconomic Theory: ECON 7200 or 7210 or FNCE 9240

Students will be required to master core materials in applied econometrics covering the topics of statistical inference, linear regression analysis, panel regression analysis, and estimation of models using discrete dependent variables. The following courses will satisfy the three-course econometric/statistics requirement:

Econometrics: ECON 7300, FNCE 9260, ECON 8310 or ECON 7310, BEPP 9110 and BEPP 9310

FIELD REQUIREMENTS

In addition to the core theory and econometrics materials, students will be required to master two applied fields by passing two courses in each field. Students will be free to offer their own field as a substitute with approval of the graduate group chair and (when relevant) an appropriate advisor from another Wharton graduate group.

• Development Economics BEPP 9410: Development Economics • Industrial Economics and Business Regulation: BEPP 9870: Industrial Organization and Competition Policy HCMG 9020: Special Topics of Health Services Research: Industrial Organization of Health Care ECON 8450: Empirical Methods in Industrial Organization • Market Design BEPP 9710: Market Design • Public Economics and Political Economy: BEPP 9330: Public Economics: Social Insurance & Government Expenditures HCMG 9030: Public Policy ECON 8410: Public Economics I ECON 8411: Public Economics II • Urban Economics and Real Estate: REAL 9450: Urban and Real Estate Economics REAL 9460: Advanced Topics in Urban Economics REAL 9470: Advanced Real Estate and Urban Economics • Behavioral Economics: BEPP 9040: Experimental Economics: Methods and Applications OIDD 9000: Foundation of Decision Processes OIDD 9040: Experimental Economics

In addition, all students must take elective courses to achieve the necessary 15 Course Credits to be eligible for Dissertation Status.

During the second and third year of the program students will be required to attend and actively participate in the graduate student research seminar. Students will also be responsible for presenting a paper of original research to the seminar before entering dissertation status. All students will also be required to attend the faculty Applied Economics Workshop during the 2nd and 3rd years.

BEPP 9000: Research Seminar BEPP 9620: Applied Economics Seminar

QUALIFYING EXAM

At the end of first year (usually in last week of May or first week of June), students are expected to take and pass the qualifying exam for Microeconomic Theory and the qualifying exam for Econometrics. These exams are written and graded by the Wharton Applied Economics PhD Committee. If a student fails in one qualifying exam, another opportunity to take that exam will be given at the end of the second year.

Students can also request a waiver for one or both exams if they perform well in the courses associated with each exam. A satisfactory performance for Microeconomic Theory, for example, corresponds to having at least a B- or better in each micro course, and an average of B or better.

FACULTY ADVISORS

Students are required to select or are assigned two faculty advisors in the beginning of the second year in the program. Because the student will not have had all of the major field courses at that time, it is possible that a student will later decide to change advisors; such an eventuality will be considered a normal outcome. In addition, since students will not have had all of the major field course work by June of their first year, they should “read ahead” in their chosen fields to begin identifying a research topic for the Second Year Paper. Students are expected to initiate meetings with faculty members to discuss possible research topics, and these meetings should begin as early as possible after the student enters the program and are part of the process of getting to know the faculty and learning about the field.

CANDIDACY PAPER

The Program in Applied Economics provides students with several opportunities to conduct research. All students are required to write a candidacy paper in their second year to be submitted in the summer of the second year in the program. This paper should demonstrate the student’s ability to conduct PhD quality research. This is often used as the Master’s Thesis submission- and, as the title implies, it is one of the requirements for admission to Doctoral candidacy.

The deadline for submission of the Candidacy Paper is strictly enforced, and failure to complete and submit the paper by the deadline (July 15 of the end of the student’s second year in the program) is grounds for dismissal from the program. The paper must be submitted to the faculty members who are the student’s principal advisors for the project, as well as to the Doctoral Coordinator. A copy of the candidacy paper, together with letters from two faculty members noting approval of it, must be in each student’s file in the Program office prior to the start of the student’s fifth term (typically the start of the third year). Failure to fulfill this requirement may result in the student being dropped from the program.

The main objective of the candidacy paper is to demonstrate the student’s ability to do original research. Often the Candidacy Paper is submitted for publication, and it can also serve as the foundation for PhD research, possibly as a dissertation essay. The Candidacy Paper must be solely authored by the student, not co-authored with the faculty advisor.

Milestones on the road to the candidacy paper are as follows:

September of 2nd year in the program Fall semester, 2nd year Spring semester, 2nd year Faculty advisors selected Candidacy Paper proposal Work on Candidacy paper Submit final version of Candidacy Paper

ADMISSION TO CANDIDACY Before admission to candidacy, the student is required to:

• Complete all required coursework, including all core courses, with at least a B + or better in each course and with an average GPA of B+ or better. (For some courses, a passing grade on a qualifying exam can substitute for a grade below B.)
• Pass both qualifying exams or request exam waivers.
• Submit a satisfactory candidacy paper

THE PHD DISSERTATION The best ways to find a dissertation topic is to talk to the program faculty and read the literature. Discussions with faculty can range from “cold calls,” where the student asks the faculty member for topic suggestions, to more proactive visits where the student discusses potential topic ideas that have come up in course work or research seminars. Students should also take a close look at recent dissertations written by students in their major field as well as dissertations written by students from other Wharton departments.

There are two primary models for the organization of dissertations. The “single study” traditional dissertation, and the essay approach. In the latter approach, two or three essays are generally found acceptable by the student’s dissertation committee, depending on length and quality. Dissertation essays are more prevalent for a number of reasons, including most importantly, (a) the Candidacy Paper may be permitted to constitute a substantial part of one essay, (b) an essay can be used as an interview paper (see discussion below), and (c) if properly structured, an essay can often be converted into a paper to be submitted to a journal. Whether two or three essays are appropriate depends on the length and complexity of the research undertaken and is determined by the student’s dissertation committee.

Dissertation essays may be co-authored, although the extent to which this is appropriate will depend on each student’s topic, doctoral committee, and faculty advisor. A circumstance where a co -authored essay might be appropriate could arise from a joint research project with a faculty member. However, the student’s dissertation must include at least one essay that is solely authored by the student. The dissertation process must begin with the selection of a principal advisor or co-advisors. Each student is responsible for this selection, and then the student works with the advisor(s) to select the dissertation topic and begin exploratory research. The student and advisor then work together to select committee members. Committee members can be approached to join the committee by either the student or the principal advisor(s). The student should work with the advisor(s) to arrange a mutually agreeable procedure. The student should review the Wharton Doctoral Programs Policies and Procedures, to be sure that the committee structure satisfies the overall requirements of the Wharton Doctoral Program.

Important: the PhD Dissertation proposal must be defended before the end of the fourth year in the program. Failure to defend can result in dismissal from the program.

GOING ON THE JOB MARKET The ultimate objective of the Wharton Doctoral Program is to prepare our students for a teaching and research career, ideally at a college or university. Because the placement process for academic jobs is lengthy, students should become familiar with it well in advance of the “job market year.” The program provides full support for students going on the job market, and a series of meetings and timelines are provided to the students during the fourth and fifth years in the program.

PROGRAM ADMINISTRATION The program will be administered by the graduate group in Applied Economics. Primary appointments in the Departments of Business Economics and Public Policy and Real Estate will be automatic members of the graduate group and comprise the initial membership of the graduate group. The graduate group can extend membership to other Wharton and University faculty as they consider appropriate. The graduate group will decide on its preferred administrative structure. Currently, the chairs of the departments of Real Estate and Business Economics and Public Policy are responsible for jointly appointing a PhD Coordinator that will serve a two-year term, with the option to renew it for another two years. The PhD Coordinator is also the representative for the group to the Doctoral Executive Committee.

STUDENT INVOLVEMENT Students are expected to spend full-time on their coursework and research during the first two years of the program. In subsequent years, students are expected to work with faculty, preferably as research assistants or co-authors, thereby gaining the experience required to be successful researchers. Students are also required to TA a core course (any alternatives will need to be approved by the PhD Coordinator) each in their 3rd year and 4th year of the program as a funding requirement. Other activities that further the student’s research careers are encouraged, subject to the approval of the doctoral coordinator (this includes teaching assistant positions). Failure to communicate with the doctoral coordinator about a research assistant or teaching job may result in cancellation of your scholarship.

Get the Details.

Visit the Applied Economics site for details on program requirements and courses. Read faculty and student research and bios to see what you can do with an Applied Economics PhD.

About the Ph.D. Program

The Ph.D. Program in Economics at UCLA prepares students for careers as economists in academia, business and government. The program combines rigorous work in economic theory and careful study of real-world problems and institutions. Graduates from this program work at major universities around the world, national and international government agencies, banks, research centers and in private businesses. Some of our graduates have achieved great prominence, such as William Sharpe , who earned both his B.A. and Ph.D. degrees at UCLA, and was co-recipient of the 1990 Nobel Prize in Economics for his work on the capital asset pricing model.

The department includes internationally recognized scholars in economic theory, econometrics, and all the major applied fields. These outstanding scholars form one of the foremost departments of economics in the world.

The Economics Department is situated within one of the world’s most youthful and vibrant universities. Founded in 1919, UCLA first developed into a major university in the 1950’s. After so short a history, the university was ranked second in the United States among public research universities by the Conference Board of Associated Research Councils in 1982. Thirty-one of its Ph.D. programs are currently ranked in the top 20 in their field–third best in the nation.

The Ph.D. is the degree objective of the graduate program. This degree is awarded to students who demonstrate professional competence by passing written qualifying exams and by completing a major piece of individual research (the Ph.D. dissertation).

Preparation for the qualifying exams through coursework and independent study occupies most student time for the first two years. Thereafter the focus shifts to independent research and finally to the writing of a Ph.D. dissertation. Research in progress by our graduate students as well as our faculty is presented at workshops that meet weekly throughout the academic year. Currently, the Dept. has workshops in Theory and Mathematical Economics, International and Development Economics, Labor and Population Economics, Business Organization and Regulation Economics, Economic History, Econometrics, and Monetary Theory. In addition, many graduate students work as research or teaching assistants for faculty members. The normal time to degree is six years.

This degree program classifies as STEM (CIP Code 45.0603: Econometrics and Quantitative Economics).

UCLA Department of Economics

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PhD in Applied Economics and Management Program

Earn your doctorate at the dyson school—an innovative, immersive phd program.

Prepare for research-rich careers in academia and industry.

Offered by the Charles H. Dyson School of Applied Economics and Management at Cornell University, this PhD program is fully funded, fully residential—and fully designed to prepare you to tackle today’s most pressing economics issues. 

Earning a doctoral-level degree opens you up to exciting opportunities, whether you plan to teach at the college level, want to pursue a research-related career in industry, or wish to use your skills and knowledge in the nonprofit sector.

Why Earn a PhD in Applied Economics and Management at the Dyson School?

Considered one of the best applied economics PhD programs in the nation for research output, the Dyson School’s doctoral offering combines Ivy League rigor, experiential learning, and faculty mentorship. Here are just a few ways our program is unique among applied economics PhD s:

Fully Funded

All applied economics PhD students receive full tuition assistance, plus health insurance and a stipend for all five years

STEM-Designated

Our program prepares you to be a researcher in today’s technologically advanced, big-data-focused landscape.

Flexible and Focused

Choose an industry-focused concentration area, such as food and agricultural economics.

Experience-Rich

Partnerships across Cornell give you unprecedented teaching and research opportunities.

Program Overview: The PhD in Applied Economics and Management at a Glance

Here’s a quick overview of the AEM PhD program, from degree type to program duration:

Degree Awarded

PhD in Applied Economics and Management

Program Format

Full-time residential and STEM-designated

Program Duration

Our Curriculum: PhD Course Requirements

The first two years of the PhD in applied economics and management program include foundational coursework in areas such as economic theory, applied econometrics, and macroeconomic research. Then, you’ll progress into general electives, as well as electives related to your concentration area.

The heart of the PhD program is your dissertation, and this faculty-mentored, research-based project will be the focus of your final three years in the program.

PhD in AEM Concentrations: Developing Your Expertise

As a doctoral student at the Dyson School, you’ll choose one of four concentrations. As you take electives and engage with faculty in one of these research areas, you’ll begin to home in on your own area of expertise. Within this concentration, you’ll develop your dissertation idea and form your special faculty committee.

Environmental, Energy, and Resource Economics (EERE)

Discover how the economy and the environment interconnect. This concentration covers a wide range of existing and emerging environmental issues. EERE students gain environmental economics experience through our partnerships with the Atkinson Center for a Sustainable Future and the Cornell Institute for China Economic Research .

Faculty expertise in the environmental, energy, and resource economics PhD concentration area includes:

• Climate change
• Air and water quality
• Policy evaluation
• Transportation
• Renewable and nonrenewable energy

Food and Agricultural Economics (FAE)

Explore every aspect of the food chain, from farm to market to consumer. Not only will you get to work with experts at the Dyson School, but with our connection to Cornell’s College of Agricultural and Life Sciences (CALS) , Cornell Cooperative Extension , and the Food Industry Management Program (FIMP) , you have unparalleled access to a broad range of experts, including natural scientists, farmers, and food retailers.

Faculty expertise in the food and agricultural economics PhD concentration area includes:

• Agricultural finance
• Behavioral economics
• Food retailing and marketing
• Farm management

International & Development Economics (IDE)

Find solutions to market challenges around the world. This concentration will expand your knowledge of pressing societal issues, including poverty, public health, and agriculture. Teaching and research opportunities for IDE students include the Tata-Cornell Institute for Agriculture and Nutrition , the Emerging Markets Institute , and the Einaudi Center for International Studies .

Faculty expertise in the international and development economics PhD concentration area includes:

• Poverty and inequity
• Nutrition and urbanization
• Public works programs
• Resilience measurement
• Labor markets

Management (MGMT)

Dive into the science of management in industries of all kinds. Concentrating in management gives you flexibility in building your academic plan, including hundreds of electives and endless possibilities for dissertation research topics. Our faculty members have an incredible range of scholarly and professional experience, our management concentration highlights three core areas:

Real Estate Economics (REE)

Faculty in this area examine issues related to real estate and urban development. Research interests include:

• Commercial real estate finance
• Investment performance
• Tall buildings

Strategy and Business Economics (SBE)

Faculty in this area explore a range of strategy-related questions. Their research interests include:

• Digitization
• Human capital management
• Organizational economics

Faculty in this area focus on empirical finance issues. Research interests include:

• Climate finance
• Household finance
• Asset pricing
• Financial institutions

Benefits of a STEM-Designated PhD in Applied Economics and Management

A longtime innovator in economics education, the Dyson School has always prepared its students for the changing marketplace. Our STEM-designated PhD program takes that to another level by ensuring our graduate-level curriculum gives you the technical competencies demanded of today’s researchers. Your studies will cover applied econometrics, machine learning, programming, and other emerging areas relevant to business. 

The STEM designation offers additional benefits to Dyson School students on an F-1 visa, including the opportunity for extended learning and professional experiences in the United States.

After the PhD: Careers in Academia and Industry

A senior data scientist at Citibank. A research agricultural economist at the US Department of Agriculture. An assistant professor at Hong Kong University of Technology. 

Dyson School PhD graduates take their research experience into academia and industry. As scholars, they teach and continue their research at institutions across the US and abroad. They also serve in high-profile economist, data scientist, advisor, and related roles at organizations from federal agencies to global financial services firms to nongovernmental organizations. 

VIEW PhD in AEM CAREER OUTCOMES

Your Dissertation: Putting Ideas into Action

Intellectual curiosity at the Dyson School is strong. Our PhD students devote their research to economics and management topics spanning sectors and industries. Dissertations in recent history take a deep dive into issues such as:

• Tax policy, public health, and government spending
• Food safety and consumer demand in China
• Business process innovation in commercial firms
• Impact of fintech in agricultural economics

Our Faculty: Research with Industry-Leading Scholars

As a PhD student at the Dyson School, you’ll work alongside some of the most brilliant minds in economics and management. In addition to receiving individual mentorship, you’ll get to build your own special faculty committee—an advisory group that will guide you through every step of your dissertation.

Throughout the program—from foundation courses to electives across Cornell—you will learn from award-winning educators, widely published scholars, and industry-leading practitioners.

“One of my favorite aspects of the PhD in Applied Economics and Management program was the abundance of seminars and the regular hosting of conferences. The wide range of seminars and the frequency of conferences created an intellectually stimulating environment and facilitated thought-provoking discussions with experts and peers.” — Natasha Jha ’23

The PhD Student Experience: Living and Learning at the Dyson School

When you join the Dyson School, you will become part of a vibrant, collaborative learning community dedicated to positively impacting people around the world through economic and management research.

Our Community

As a PhD student at Dyson, you will make meaningful connections across campus and beyond. You’ll learn from a world-class faculty, engage with ambitious peers, receive close research mentorship, and have access to a broad range of academic and career support services.

With historic buildings, modern learning spaces, beautiful scenery, and plenty of amenities, Cornell is an amazing place to live and learn. We’d love to show you around campus.

Our Expertise

Our faculty are experts in many areas but perhaps most notably for consulting, consumer packaged goods, financial services, technology, and agribusiness. The breadth and depth of our knowledge is especially helpful as you pursue your doctoral research. 

LEARN MORE ABOUT DYSON

Admissions Overview: How to Apply to the PhD in Applied Economics and Management Program

The ideal candidate for the Dyson School’s applied economics PhD program will have a thorough knowledge of economic theory and quantitative methods, as well as a background in calculus and real analysis. Our admissions page has more details about eligibility requirements, deadlines, and materials you need to submit with your application.

Applied Economics FAQ: Your PhD Questions Answered

As you research and compare applied economics PhD programs , you probably have questions about program length, the admissions process, dissertation requirements, career possibilities, and more. Explore the answers to frequently asked questions to help you learn more about the Dyson School’s program.

Next Steps: Apply to the Dyson School PhD in AEM

Ready to apply to our highly selective, fully funded PhD in Applied Economics and Management? We encourage you to officially start the application process today at the Cornell Graduate Admissions website.

PhD in Economics

PhD students take 16 courses, roughly half of which are spent acquiring the core analytic tools of the profession (microeconomics, macroeconomics, and quantitative methods), with the balance spent applying those tools in particular fields of specialization. All PhD students must complete a doctoral dissertation (thesis).

The PhD in Economics is a STEM designated degree program.

View the complete PhD Rules here

Program Requirements

Doctoral students must complete a minimum of 16 semester courses (64 credits). They are required to successfully complete the core courses by the end of the first year.

Theory and Quantitative Core Requirements

These core courses must be passed by the end of the first year with a grade of at least B- in each course.

• EC 701 Advanced Microeconomics I (4 credits)
• EC 702 Advanced Macroeconomics I (4 credits)
• EC 703 Advanced Microeconomics II (4 credits)
• EC 704 Advanced Macroeconomics II (4 credits)
• EC 707 Advanced Statistics for Economists (4 credits)
• EC 708 Advanced Econometrics I (4 credits)

Students must also take EC 705 Mathematical Economics in the first semester, unless a waiver is granted, and EC 709 Advanced Econometrics II (4 credits) in the third semester.

In addition, students must pass a qualifying examination in both microeconomics and macroeconomics. Students have at most three opportunities to take the qualifying examinations; failing may result in termination from the PhD program.

Field Requirements

All students must pass 2 2-course fields, each with a minimum grade average of B.

In addition, students must take at least 2 other courses. The following fields are generally offered each year:

• Development
• Econometrics
• Economic Theory
• Empirical Finance
• Financial Econometrics
• Industrial Organization
• International Economics
• Labor Economics
• Money/Macroeconomics
• Public Economics

GPA Requirements

All courses must be passed with a grade of B– or higher. An overall grade point average (GPA) of 3.0 must be attained in all courses taken after enrollment in the Graduate School of Arts & Sciences.

Time Requirement

The PhD program is designed so that a typical student can complete all requirements within 5 to 6 years. International students may be subject to additional restrictions imposed by the terms of their visas, as governed by the International Students & Scholars Office (ISSO).

Students are expected to meet the following milestones each year:

By the end of the 1st year:

• Finish and pass all core first-year courses, as well as EC 705 (unless exempted through placement exam).
• Sit for the first attempt at the micro and macro qualifying exams in June. The second attempt, if necessary, is in August.

By the end of the 2nd year:

• Pass EC 709, a required course in Advanced Econometrics.
• Continue and, if possible, complete remaining coursework, including a two-course sequence in each of two fields. A B average (3.0) is required in each of the field course sequence.
• Achieve an overall GPA of at least 3.0.
• If both qualifiers are not passed, the third and final attempt is in June of the second year.
• Each student must prepare a research paper during the second year and the following summer. By April 1 of the second year, the student must ask a faculty member to serve as an advisor on this paper; have this faculty member agree to serve in this manner; and inform the DGS of the topic of the paper and the advisor’s name. The paper is due in the third year as described below.

By the end of the 3rd year:

• Submit the second-year paper by October 1. By October 15, the faculty advisor must provide (i) a grade for the paper; and (ii) a brief written evaluation the paper. These documents will be sent to the DGS and the student. A student must receive a passing grade on the research paper.
• Complete all coursework with GPA of at least 3.0.
• Continue work on research for the dissertation.
• Attend and present at least annually in one of the research workshops until completion of all degree requirements.

Years 4, 5, and (if necessary) 6:

• Student carries out thesis research, defending the thesis no later than the end of the sixth year.

Dissertation

Under the supervision of two faculty advisers, a student prepares a dissertation proposal for presentation at a proposal seminar. If the proposal is approved, the student proceeds to research and write the dissertation. When the dissertation is completed, the student must defend it at a final oral examination. The Graduate School of Arts & Sciences requires that the dissertation be completed within seven years of initial enrollment in the program.

For more details, view the complete PhD Rules here and check out our past PhD Placements here .

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College of Liberal Arts and Sciences

Ph.d. in economics.

Our doctoral program provides rigorous training in modern theory and data analysis. We are particularly strong in the fields of applied microeconomics, especially labor economics, education, economic development, public finance and health economics, and also international macroeconomics. Our graduates work as university professors, conduct policy analysis in government agencies and non-governmental organizations, and work in leading private sectors firms.

We enroll about 10 new doctoral students per year and the modest size of our program allows us to have small classes, provide support to our students, and have a lot of student-faculty interaction. About half of our students are from the United States and the other half come from all over the world.

We are particularly excited about the young faculty members who we were able to recruit to teach at UIC over the last few years. They, along with our senior faculty, help create a lively intellectual atmosphere and ensure our students have sufficient training and mentoring to do great work. A distinguishing feature of our department is a high level of faculty research collaboration with graduate students. Over the past three years graduate students have coauthored articles with faculty that have been published in the  Economic Journal , the  Journal of Labor Economics , the  Journal of Health Economics , and the  Economics of Education Review . We also have three weekly research seminars where external scholars and UIC faculty and students present and discuss their work.

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• Dissertation Areas and Joint PhD Programs
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• PhD in Accounting
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PhD in Econometrics and Statistics

• PhD in Economics
• PhD in Finance
• PhD in Management Science and Operations Management
• PhD in Marketing
• Joint Program in Financial Economics
• Joint Program in Psychology and Business
• Joint PhD/JD Program

The Econometrics and Statistics Program provides foundational training in the science of learning from data towards solving business problems. Our students engage in extensive collaborative research on cutting-edge theory in Econometrics, Statistics and Machine Learning as well in applied research from a variety of fields within Booth (such as finance, marketing or economics).

Our program builds on a long tradition of research creativity and excellence at Booth.

Our PhD students become active members of the broad, interdisciplinary and intellectually stimulating Booth community. The program is ideal for students who wish to pursue an (academic) research career in data-rich disciplines, and who are motivated by applications (including but not limited to economics and business). As our PhD student, you will have a freedom to customize your program by combining courses at Booth (including business-specific areas such as marketing, finance or economics) with offerings at our partnering departments at the University of Chicago (Department of Statistics and Kenneth C. Griffin Department of Economics). You will acquire a solid foundation in both theory and practice (including learning theory, Bayesian statistics, causal inference or empirical asset pricing).

Our Distinguished Econometrics and Statistics Faculty

Chicago Booth’s Econometrics and Statistics faculty are committed to building strong collaborative relationships with doctoral students. We serve as research advisors and career mentors. Major areas of departmental research include: learning theory; causal inference; machine learning; Bayesian inference; decision theory; graphical models; high dimensional inference; and financial econometrics.

Bryon Aragam

Assistant Professor of Econometrics and Statistics and Robert H. Topel Faculty Scholar

Nabarun Deb

Assistant Professor of Econometrics and Statistics

Christian B. Hansen

Wallace W. Booth Professor of Econometrics and Statistics

Tetsuya Kaji

Associate Professor of Econometrics and Statistics and Richard Rosett Faculty Fellow

Mladen Kolar

Associate Professor of Econometrics and Statistics

Tengyuan Liang

Professor of Econometrics and Statistics and William Ladany Faculty Fellow

Nicholas Polson

Robert Law, Jr. Professor of Econometrics and Statistics

Veronika Rockova

Professor of Econometrics and Statistics, and James S. Kemper Foundation Faculty Scholar

Jeffrey R. Russell

Alper Family Professor of Econometrics and Statistics

Ekaterina (Katja) Smetanina

Assistant Professor of Econometrics and Statistics and Asness Junior Faculty Fellow

Panagiotis Toulis (Panos)

Associate Professor of Econometrics and Statistics, and John E. Jeuck Faculty Fellow

Dacheng Xiu

Professor of Econometrics and Statistics

A Network of Support

Booth’s Econometrics and Statistics group has been partnering with several (data science and interdisciplinary) research centers and institutes that facilitate the translation of research into practice. Through these venues, our PhD students can foster a strong research community and find additional resources including elective courses, funding for collaborative student work, and seminars with world-renowned scholars.

Data Science Institute at the University of Chicago The Data Science Institute executes the University of Chicago’s bold, innovative vision of Data Science as a new discipline by advancing interdisciplinary research, partnerships with industry, government, and social impact organizations. Center for Applied Artificial Intelligence The Center for Applied AI incubates transformative projects that fundamentally shape how humans use AI to interact with each other and the world. The Center’s innovative research uses machine learning and behavioral science to investigate how AI can best be used to support human decision-making and improve society. Toyota Technological Institute at Chicago Toyota Technological Institute at Chicago (TTIC) is a philanthropically endowed academic computer science institute, dedicated to basic research and graduate education in computer science. Its mission is to achieve international impact through world-class research and education in fundamental computer science and information technology. The Institute is distinctive to the American educational scene in its unique combination of graduate education and endowed research.

The Becker Friedman Institute for Economics With a mission of turning evidence-based research into real-world impact, the Becker Friedman Institute brings together the University of Chicago’s economic community. Ideas are translated into accessible formats and shared with world leaders tasked with solving pressing economic problems. Committee on Quantitative Methods in Social, Behavioral and Health Sciences This is an interdisciplinary community of faculty and students interested in methodological research in relation to applications in social, behavioral, and health sciences. The goals are to create an intellectual niche, exchange research ideas, facilitate research collaborations, share teaching resources, enhance the training of students, and generate a collective impact on the University of Chicago campus and beyond. The Institute for Data, Econometrics, Algorithms, and Learning The Institute for Data, Econometrics, Algorithms, and Learning (IDEAL) is a multi-discipline (computer science, statistics, economics, electrical engineering, and operations research) and multi-institution (Northwestern University, Toyota Technological Institute at Chicago, and University of Chicago) collaborative institute that focuses on key aspects of the theoretical foundations of data science. The institute will support the study of foundational problems related to machine learning, high-dimensional data analysis and optimization in both strategic and non-strategic environments.

The Fama-Miller Center for Research in Finance Tasked with pushing the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field. James M. Kilts Center for Marketing The Kilts Center facilitates faculty and student research, supports innovations in the marketing curriculum, funds scholarships for MBA and PhD students, and creates engaging programs aimed at enhancing the careers of students and alumni.

Scholarly Publications

Our PhD students' research has been published in top journals including Econometrica, Journal of Royal Statistical Society, Journal of Econometrics, Neural Information Processing Systems and Journal of Machine Learning Research. Below is a recent list of publications and working papers authored by our PhD students. Modeling Tail Index with Autoregressive Conditional Pareto Model Zhouyu Shen, Yu Chen and Ruxin Shi, Journal of Business and Economic Statistics, (40) 2022 Online Learning to Transport via the Minimal Selection Principle Wenxuan Guo, YoonHaeng Hur, Tengyuan Liang, Chris Ryan, Proceedings of 35th Conference on Learning Theory (COLT), (178) 2022 FuDGE: A Method to Estimate a Functional Differential Graph in a High-Dimensional Setting Boxin Zhao, Samuel Wang and Mladen Kolar, Journal of Machine Learning Research, (23) 2022 Approximate Bayesian Computation via Classification Yuexi Wang, Tetsuya Kaji and Veronika Rockova, Journal of Machine Learning Research (In press), 2022 Reversible Gromov-Monge Sampler for Simulation-Based Inference YoonHaeng Hur, Wenxuan Guo and Tengyuan Liang, Journal of the American Statistical Association (R&R). 2021. Data Augmentation for Bayesian Deep Learning Yuexi Wang, Nicholas Polson and Vadim Sokolov, Bayesian Analysis (In press), 2022 Pessimism Meets VCG: Learning Dynamic Mechanism Design via Offline Reinforcement Learning Boxiang Lyu, Zhaoran Wang, Mladen Kolar and Zhuoran Yang, In Proceedings of the 39th International Conference on Machine Learning (ICML), (162) 2022 Optimal Estimation of Gaussian DAG Models Ming Gao, Wai Ming Tai and Bryon Aragam, International Conference on Artificial Intelligence and Statistics (AISTATS), (151) 2022 Multivariate Change Point Detection for Heterogeneous Series Yuxuan Guo, Ming Gao, and Xiaoling Lu, Neurocomputing, (510) 2022 Disentangling Autocorrelated Intraday Returns Rui Da and Dacheng Xiu, Journal of Econometrics (R&R), 2021 When Moving-Average Models Meet High-Frequency Data: Uniform Inference on Volatility Rui Da and Dacheng Xiu, Econometrica, (89) 2021 Efficient Bayesian Network Structure Learning via Local Markov Boundary Search Ming Gao and Bryon Aragam, Advances in Neural Information Processing Systems (NeurIPS), (34) 2021 Structure Learning in Polynomial Time: Greedy Algorithms, Bregman Information, and Exponential Families Goutham Rajendran, Bohdan Kivva, Ming Gao and Bryon Aragam, Advances in Neural Information Processing Systems (NeurIPS), (34) 2021 Variable Selection with ABC Bayesian Forests Yi Liu, Yuexi Wang and Veronika Rockova, Journal of the Royal Statistical Association: Series B, (83) 2021  A Polynomial-time Algorithm for Learning Non-parametric Causal Graphs Ming Gao, Yi Ding, and Bryon Aragam, Advances in Neural Information Processing System (NeurIPS), (33) 2020 Uncertainty Quantification for Sparse Deep Learning Yuexi Wang and Veronika Rockova, International Conference on Artificial Intelligence and Statistics (AISTATS), (2018) 2020 Direct Estimation of Differential Functional Graphical Models Boxin Zhao, Samuel Wang and Mladen Kolar, Advances in neural information processing systems (NeurIPS), (32) 2019

The Effects of Economic Uncertainty on Financial Volatility: A Comprehensive Investigation Chen Tong, Zhuo Huang, Tianyi Wang, and Cong Zhang, Journal of Empirical Finance (R&R), 2022

Spotlight on Research

Econometrics and statistics research from our PhD students and faculty is often featured in the pages of Chicago Booth Review.

Is There a Ceiling for Gains in Machine-Learned Arbitrage?

In a recent paper by Chicago Booth’s Stefan Nagel and Dacheng Xiu and Booth PhD student Rui Da, findings suggest that there are limits to statistical arbitrage investment.

How (In)accurate Is Machine Learning?

Three Chicago Booth researchers quantify the likelihood of machine learning leading business executives astray.

Would You Trust a Machine to Pick a Vaccine?

"If we understand why a black-box method works, we can trust it more with our decisions, explains [Booth's] Ročková, one of the researchers trying to narrow the gap between what’s done in practice and what’s known in theory. "

Inside the Student Experience

Damian Kozbur, PhD ’14, says PhD students at Booth have the flexibility to work on risky problems that no one else has examined.

Video Transcript

Damian Kozbur, ’14: 00:01 I went to graduate school in order to develop econometrics tools in conjunction with machine-learning tools in conjunction with economic theory in order to do inference for economic parameters. When you work in high dimensional estimation and you're dealing with problems where the number of variables you're looking at can potentially be in the millions, there's no way to visualize what's going on. Demands now really require that you can handle huge datasets. There's something really satisfying about studying a problem and studying it well. I would say Booth is an excellent place to do it. You have the flexibility to work on really risky problems where you're trying to navigate this landscape that nobody's ever really looked at before. You have an opportunity to dig deeper. You have an opportunity to be rigorous. The faculty is there to help you. They're trying to figure out the same kinds of problems. Things that you figure out cannot always be visualized and it cannot always be easily understood. That doesn't necessarily mean that it's not practical or not useful.

Damian Kozbur, ’14: 01:08 There's an incredible explosion in terms of the amount of data we have on everything. There is an incredible explosion in terms of our understanding of high dimensional econometrics. If you're doing innovative work right now, it will have an impact.

Current Econometrics and Statistics Students

PhD students in econometrics and statistics apply statistical methods to a wide range of business problems, from the effectiveness of machine-learning tools to video-game preferences. Our graduates go on to work in high-profile institutions, generally in academia, finance, or data science.

Current Students

Y ifei Chen Rui Da

Chaoxing Dai

Wenxuan Guo

Shuo-Chieh Huang

Shunzhuang Huang So Won Jeong

Boxiang (Shawn) Lyu Edoardo Marcelli

Zhouyu Shen

Shengjun (Percy) Zhai

Current Students in Sociology and Business

Jacy Anthis

Program Expectations and Requirements

The Stevens Program at Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year. For details, see General Examination Requirements by Area in the Stevens Program Guidebook below.

Download the 2023-2024 Guidebook!

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PhD Programs

• Accounting & Management
• Business Economics
• Health Policy (Management)
• Organizational Behavior
• Technology & Operations Management

Students in our PhD programs are encouraged from day one to think of this experience as their first job in business academia—a training ground for a challenging and rewarding career generating rigorous, relevant research that influences practice.

Our doctoral students work with faculty and access resources throughout HBS and Harvard University. The PhD program curriculum requires coursework at HBS and other Harvard discipline departments, and with HBS and Harvard faculty on advisory committees. Faculty throughout Harvard guide the programs through their participation on advisory committees.

How do I know which program is right for me?

There are many paths, but we are one HBS. Our PhD students draw on diverse personal and professional backgrounds to pursue an ever-expanding range of research topics. Explore more here about each program’s requirements & curriculum, read student profiles for each discipline as well as student research , and placement information.

The PhD in Business Administration grounds students in the disciplinary theories and research methods that form the foundation of an academic career. Jointly administered by HBS and GSAS, the program has five areas of study: Accounting and Management , Management , Marketing , Strategy , and Technology and Operations Management . All areas of study involve roughly two years of coursework culminating in a field exam. The remaining years of the program are spent conducting independent research, working on co-authored publications, and writing the dissertation. Students join these programs from a wide range of backgrounds, from consulting to engineering. Many applicants possess liberal arts degrees, as there is not a requirement to possess a business degree before joining the program

The PhD in Business Economics provides students the opportunity to study in both Harvard’s world-class Economics Department and Harvard Business School. Throughout the program, coursework includes exploration of microeconomic theory, macroeconomic theory, probability and statistics, and econometrics. While some students join the Business Economics program directly from undergraduate or masters programs, others have worked in economic consulting firms or as research assistants at universities or intergovernmental organizations.

The PhD program in Health Policy (Management) is rooted in data-driven research on the managerial, operational, and strategic issues facing a wide range of organizations. Coursework includes the study of microeconomic theory, management, research methods, and statistics. The backgrounds of students in this program are quite varied, with some coming from public health or the healthcare industry, while others arrive at the program with a background in disciplinary research

The PhD program in Organizational Behavior offers two tracks: either a micro or macro approach. In the micro track, students focus on the study of interpersonal relationships within organizations and the effects that groups have on individuals. Students in the macro track use sociological methods to examine organizations, groups, and markets as a whole, including topics such as the influence of individuals on organizational change, or the relationship between social missions and financial objectives. Jointly administered by HBS and GSAS, the program includes core disciplinary training in sociology or psychology, as well as additional coursework in organizational behavior.

Accounting & Management  

Business economics  , health policy (management)  , management  , marketing  , organizational behavior  , strategy  , technology & operations management  .

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PhD Programs in Economics in the United States

Study economics in the united states.

If you are looking to do your PhD degree in economics abroad, United States is a highly popular postgraduate study destination. With over 4,000 higher education institutions, the US offers a great number of doctoral programs in various economics research subjects. The USA is home to hundreds of world-leading universities, colleges and business schools like Stanford University , Massachusetts Institute of Technology , Harvard University , The University of Chicago , Yale University , University of California, Berkeley , and Duke University . They all rank in the Top 10 of the Times Higher Education World Rankings for Economics . Other great economics departments are located at the University of Pennsylvania ,  Northwestern University ,  New York University ,  University of Michigan-Ann Arbor , University of California, Los Angeles , or  Columbia University .

Every year the United States is attracting thousands of international postgraduate students with great quality higher education institutions and highest paying career opportunities. The American educational system offers comprehensive approach to postgraduate education, combining research opportunities and a great deal of teaching.

Pursue your research interests, be it economics theory, macroeconomics, econometrics, health economics, financial economics, behavioral economics, applied economics or development economics. Start your postgraduate training in the US and enjoy brilliant on-campus facilities and highly sociable student life.

Key Information

• Academic year: August – May/June • Study length: 4-6 years • Type of degrees: Doctor of Philosopy (Ph.D or D.Phil.), Doctor of Science (D.Sc.), Doctor of Business Administration (D.B.A.) • Fees: between 28,000 USD and 40,000 USD/year (funding usually covers most or all costs) • Scholarships:   KC Mahindra Scholarships , Hsiao Economics Scholarships , Rotary Foundation Graduate Scholarship Program , Hubert H. Humphrey Fellowship Program , Ritchie- Jennings Memorial Scholarship , scholarships from American universities • Living costs: 1600 USD – 2800 USD • Average starting salary: 148,000 USD for economists with a PhD degree ( INOMICS Salary Report )

Highlighted PhD courses in economics in the United States

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Phd in economics, inomics advice articles for postgraduate research students.

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I have been a member of INOMICS community for over 8 years. I came across the platform when I was looking for a summer school in Europe to prepare myself for my Master’s studies, so I decided to give it a shot. As soon as I found my summer course on INOMICS (which I enjoyed a lot), I started to explore the website more and realized that I can also use it for finding great PhD programs, academic jobs, conferences and professional courses. I think it is the most complete source of information for students or career seekers in the field of economics. Gökhan, PhD Student in Economics at Ankara University

INOMICS has been quite useful, since information about courses, universities and scholarships is usually hard to access. This is especially true when it comes to the quantity of information one can obtain on INOMICS. I also know that I will be using it to find job postings at the end of this year when I go to the job market! Carolina, PhD Student in International Economics at Brandeis University

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50 Best Colleges for Economics – 2024

April 14, 2024

While some who major in this highly rigorous discipline will go on to obtain graduate degrees and earn the title of “economist,” most economics majors will parlay their skills into employment opportunities in government, finance, and the business world. Job-seekers and future academicians alike will be in a better position to thrive if they attend one of the schools from the list below. Graduates from these institutions on our list of the Best Colleges for Economics emerge from their four years of study with a deep understanding of market forces, regulations, trade, finance, and the principles of economic theory. Along the way toward earning your degree, you’ll tackle coursework in microeconomics, macroeconomics, microeconomic theory, macroeconomic theory, statistics, calculus, fiscal policies, money and banking, law, labor, game theory, and market design. No matter where you wish to take your future career, the 50 schools profiled below will set you up for success.

Methodology 

Click here to read our methodology for the Best Colleges for Economics.

Salary Information

Want to know how much money graduates of the best economics colleges make when they begin their careers? For each college listed (and hundreds of additional schools), you can view the starting salaries for economics majors .

Best Colleges for Economics

Here’s a quick preview of the first ten economics institutions that made our list. Detailed profiles and stats can be found when you scroll below.

1) Yale University

2) University of Chicago

3) Harvard University

4) Columbia University

5) Johns Hopkins University

6) Northwestern University

7) Massachusetts Institute of Technology

8) Duke University

9) University of Pennsylvania

10) Dartmouth College

All of the schools profiled below have stellar reputations in the area of economics and commit substantial resources to undergraduate education. For each of the best economics colleges, College Transitions will provide you with—when available—the university’s:

• Cost of Attendance
• Acceptance Rate
• Median  SAT
• Median  ACT
• Retention Rate
• Graduation Rate

We will also include a longer write-up of each college’s:

• Academic Highlights – Includes facts like student-to-faculty ratio, average class size, number of majors offered, and most popular majors.
• Professional Outcomes – Includes info on the rate of positive outcomes, companies employing alumni, and graduate school acceptances.

Yale University

• New Haven, CT

Academic Highlights: Yale offers 80 majors, most of which require a one- to two-semester senior capstone experience. Undergraduate research is a staple, and over 70% of classes—of which there are over 2,000 to choose from—have an enrollment of fewer than 20 students, making Yale a perfect environment for teaching and learning. Among the top departments are biology, economics, global affairs, engineering, history, and computer science. The social sciences (26%), biology (11%), mathematics (8%), and computer science (8%) are the most popular areas of concentration.

Professional Outcomes: Shortly after graduating, 73% of the Yale Class of 2022 had entered the world of employment and 18% matriculated into graduate programs. Hundreds of Yale alums can be found at each of the world’s top companies including Google, Goldman Sachs, McKinsey & Company, Morgan Stanley, and Microsoft. The most common industries entered by the newly hired were finance (20%), research/education (16%), technology (14%), and consulting (12%). The mean starting salary for last year’s grads was $81,769 ($120k for CS majors). Nearly one-fifth of students immediately pursue graduate school.

• Enrollment: 6,590 (undergraduate); 5,344 (graduate)
• Cost of Attendance: $87,705
• Median SAT: 1540
• Median ACT: 35
• Acceptance Rate: 5%
• Retention Rate: 98%
• Graduation Rate: 98%

University of Chicago

• Chicago, IL

Academic Highlights: There are 53 majors at UChicago, but close to half of all degrees conferred are in four majors: economics, biology, mathematics, and political science, all of which have particularly sterling reputations. Economics alone is the selection of roughly one-fifth of the undergraduate population. Over 75% of undergrad sections have an enrollment of nineteen or fewer students, and undergraduate research opportunities are ubiquitous as 80% of students end up working in a research capacity alongside a faculty member.

Professional Outcomes: On commencement day, 99% of the Class of 2023 were employed or continuing their education. Business and financial services (30%) and STEM (12%) were the two sectors that scooped up the most graduates, but public policy and consulting were also well-represented. The most popular employers of recent grads include Google, JPMorgan, Goldman Sachs, McKinsey & Company, Bank of America, Citi, and Accenture. For those heading to grad school, the top seven destinations are Yale, Columbia, Penn, MIT, Stanford, UCLA, and Johns Hopkins.

• Enrollment: 7,653 (undergraduate); 10,870 (graduate)
• Cost of Attendance: $89,040
• Retention Rate: 99%
• Graduation Rate: 96%

Harvard University

• Cambridge, MA

Academic Highlights: There are 50 undergraduate fields of study referred to as concentrations; many are interdisciplinary. Even with a graduate population of over 14,000 to cater to, undergraduate class sizes still tend to be small, with 42% of sections having single-digit enrollments and 71% being capped at nineteen. Economics, government, and computer science are the three most popular areas of concentration at Harvard. Biology, chemistry, physics, math, statistics, sociology, history, English, and psychology all sit atop most departmental ranking lists.

Professional Outcomes: The Crimson Class of 2022 saw 15% of students head directly into graduate/professional school. Of the graduates entering the world of work (virtually everyone else), 58% were entering either the consulting, finance, or technology field. Over 1,000 Harvard alumni presently work for Google and over 500 for Microsoft, McKinsey & Company, and Goldman Sachs. Turning our attention to those moving on to graduate school, Harvard grads with at least a 3.5 GPA typically enjoy acceptance rates into medical school of 90% or greater.

• Enrollment: 7,240
• Cost of Attendance: $79,450
• Median SAT: 1550
• Acceptance Rate: 3%

Columbia University

• New York, NY

Academic Highlights: Columbia offers 100+ unique areas of undergraduate study as well as a number of pre-professional and accelerated graduate programs.  Class sizes at Columbia are reasonably small and the student-to-faculty ratio is favorable; however, in 2022, it was revealed that the university had been submitting faulty data in this area. It is presently believed that 58% of undergraduate courses enroll 19 or fewer students. The greatest number of degrees are conferred in the social sciences (22%), computer science (15%), engineering (14%), and biology (7%).

Professional Outcomes: Examining the most recent graduates from Columbia College and the Fu Foundation School of Engineering & Applied Science, 73% had found employment within six months, and 20% had entered graduate school. The median starting salary for graduates of Columbia College/Columbia Engineering is above $80,000. Many graduates get hired by the likes of Amazon, Goldman Sachs, Morgan Stanley, Google, Citi, McKinsey, and Microsoft.

• Enrollment: 8,832
• Cost of Attendance: $89,587
• Acceptance Rate: 4%
• Graduation Rate: 95%

Johns Hopkins University

• Baltimore, MD

Academic Highlights: With 53 majors as well as 51 minors, JHU excels in everything from its bread-and-butter medical-related majors to international relations and dance. Boasting an enviable 6:1 student-to-faculty ratio and with 78% of course sections possessing an enrollment under 20, face time with professors is a reality. Many departments carry a high level of clout, including biomedical engineering, chemistry, English, and international studies. Biology, neuroscience, and computer science, which happen to be the three most popular majors, can also be found at the top of the national rankings.

Professional Outcomes: The Class of 2022 saw 94% of graduates successfully land at their next destination within six months of exiting the university; 66% of graduates entered the world of employment and a robust 19% went directly to graduate/professional school. The median starting salary across all majors was $80,000 for the Class of 2022. JHU itself is the most popular choice for graduate school. The next most frequently attended institutions included Columbia, Harvard, Yale, and MIT.

• Enrollment: 6,044
• Cost of Attendance: $86,065
• Acceptance Rate: 7%
• Retention Rate: 97%

Northwestern University

• Evanston, IL

Academic Highlights : Northwestern is home to six undergraduate schools, including Medill, which is widely regarded as one of the country’s best journalism schools. The McCormick School of Engineering also achieves top rankings, along with programs in economics, social policy, and theatre. The social sciences account for the greatest number of degrees conferred (19%), followed by communications/journalism (13%), and engineering (11%). 45% of classes have nine or fewer students enrolled; 78% have fewer than twenty enrollees. 57% of recent grads had the chance to conduct undergraduate research.

Professional Outcomes: Six months after graduating, 69% of the Class of 2022 had found employment and 27% were in graduate school. The four most popular professional fields were consulting (18%), engineering (18%), business/finance (16%), and communications/marketing/media (13%). Employers included the BBC, NBC News, The Washington Post , NPR, Boeing, Google, IBM, Deloitte, PepsiCo, Northrop Grumman, and Goldman Sachs. Across all majors, the average starting salary was $73k. Of those headed straight to graduate school, engineering, medicine, and business were the three most popular areas of concentration.

• Enrollment: 8,659 (undergraduate); 14,073 (graduate)
• Cost of Attendance: $91,290
• Median SAT: 1530
• Median ACT: 34
• Graduation Rate: 97%

Massachusetts Institute of Technology

Academic Highlights: Undergraduates pursue one of 57 majors and 59 minors at this world-class research institution that continues to be one of the world’s most magnetic destinations for math and science geniuses.  The student-to-faculty ratio is an astonishing 3-to-1, and over two-fifths of all class sections have single-digit enrollments, and 70% of courses contain fewer than twenty students. The highest numbers of degrees conferred in 2022 were in the following majors: engineering (31%), computer science and engineering (28%), mathematics (10%), and the physical sciences (7%).

Professional Outcomes: The Class of 2023 saw 29% of its members enter the world of employment and 43% continue on their educational paths. The top employers included Accenture, Amazon, Microsoft, Goldman Sachs, Google, General Motors, the US Navy, Apple, Bain & Company, and McKinsey. The mean starting salary for an MIT bachelor’s degree holder was $95,000. The most frequently attended graduate schools are a who’s who of elite institutions including MIT itself, Stanford, Caltech, Harvard, and the University of Oxford.

• Enrollment: 4,657
• Cost of Attendance: $82,730

Duke University

Academic Highlights: The academic offerings at Duke include 53 majors, 52 minors, and 23 interdisciplinary certificates. Class sizes are on the small side—71% are nineteen or fewer, and almost one-quarter are less than ten. A stellar 5:1 student-to-faculty ratio helps keep classes so reasonable even while catering to five figures worth of graduate students. Computer Science is the most popular area of concentration (11%), followed by economics (10%), public policy (9%), biology (8%), and computer engineering (7%).

Professional Outcomes: At graduation, approximately 70% of Duke diploma-earners enter the world of work, 20% continue into graduate schools, and 2% start their own businesses. The industries that attract the largest percentage of Blue Devils are tech (21%), finance (15%), business (15%), healthcare (9%), and science/research (6%). Of the 20% headed into graduate school, a hefty 22% are attending medical school, 18% are in PhD programs, and 12% are entering law school. The med school acceptance rate is 85%, more than twice the national average.

• Enrollment: 6,640
• Cost of Attendance: $85,238
• SAT Range: 1490-1570
• ACT Range: 34-35
• Acceptance Rate: 6%

University of Pennsylvania

• Philadelphia, PA

Academic Highlights : 90 distinct degrees are available across four schools: the College of Arts & Sciences, the College of Applied Science and Engineering, the College of Nursing, and the world-renowned Wharton School. The greatest number of students pursue degrees in business (19%), social sciences (14%), biology (11%), health sciences (9%), engineering (9%), and computer science (9%). The university boasts an exceptional 26% of courses with an enrollment under ten and 59% with an enrollment under twenty as well as multiple ways for undergrads to conduct research.

Professional Outcomes: 75% of Class of 2022 grads were employed within six months of graduating, and 18% were in graduate school. Finance attracted the highest percentage of grads (30%) followed by consulting (20%), technology (15%), and healthcare (10%). Employers hiring the greatest number of 2022 grads included JPMorgan, Boston Consulting Group, McKinsey, Bain & Company, Meta, and Goldman Sachs. The median starting salary for all graduates is $80,000. For those continuing their educational journeys, the most popular move is to remain at Penn, followed by Columbia and Harvard.

• Enrollment: 9,760 (undergraduate); 13,614 (graduate)
• Cost of Attendance: $89,028

Dartmouth College

• Hanover, NH

Academic Highlights: Dartmouth sports 60+ majors and a stunning breadth of course selections for an institution of its size. The learning environment at Dartmouth is extraordinarily intimate. Not only do 61% of course sections have under twenty students, but 18% have single-digit enrollments. The student-to-faculty ratio is an outstanding 7:1. Top programs offered by Big Green include biology, economics, neuroscience, and government. The social sciences are the most popular, accounting for 32% of degrees conferred, followed by computer science (10%), mathematics (9%), engineering (9%), and biology (7%).

Professional Outcomes: A great reputation along with a passionate alumni network that is 80,000 strong leads Dartmouth grads to successful transitions into graduate school and the world of work. Included in the top ten employers of Dartmouth grads are a number of investment banks including Goldman Sachs, Morgan Stanley, Bain & Company, Citibank, and Deutsche Bank. Right off the bat, 52% of graduates make more than $70,000 in salary. Those pursuing graduate degrees often flock to the likes of Harvard, Columbia, and Princeton.

• Enrollment: 4,458
• Cost of Attendance: $87,793

Stanford University

• Palo Alto, CA

Academic Highlights: Stanford has three undergraduate schools: the School of Humanities & Sciences, the School of Engineering, and the School of Earth, Energy, and Environmental Sciences. 69% of classes have fewer than twenty students, and 34% have a single-digit enrollment. Programs in engineering, computer science, physics, mathematics, international relations, and economics are arguably the best anywhere. In terms of sheer volume, the greatest number of degrees are conferred in the social sciences (17%), computer science (16%), engineering (15%), and interdisciplinary studies (13%).

Professional Outcomes: Stanford grads entering the working world flock to three major industries in equal distribution: business/finance/consulting/retail (19%); computer, IT (19%); and public policy and service, international affairs (19%). Among the companies employing the largest number of recent grads are Accenture, Apple, Bain, Cisco, Meta, Goldman Sachs, Google, McKinsey, Microsoft, and SpaceX. Other companies that employ hundreds of Cardinal alums include LinkedIn, Salesforce, and Airbnb. Starting salaries for Stanford grads are among the highest in the country.

• Enrollment: 8,049 (undergraduate); 10,236 (graduate)
• Cost of Attendance: $87,833

Princeton University

• Princeton, NJ

Academic Highlights: 39 majors are available at Princeton. Just under three-quarters of class sections have an enrollment of 19 or fewer students, and 31% have fewer than ten students. Princeton is known for its commitment to undergraduate teaching, and students consistently rate professors as accessible and helpful. The Engineering Department is widely recognized as one of the country’s best, as is the School of Public and International Affairs.

Professional Highlights: Over 95% of a typical Tiger class finds their next destination within six months of graduating. Large numbers of recent grads flock to the fields of business and engineering, health/science, & tech. Companies presently employing hundreds of Tiger alumni include Google, Goldman Sachs, Microsoft, McKinsey & Company, Morgan Stanley, IBM, and Meta. The average salary ranges from $40k (education, health care, or social services) to $100k (computer/mathematical positions). Between 15-20% of graduating Tigers head directly to graduate/professional school.

• Enrollment: 5,604 (undergraduate); 3,238 (graduate)
• Cost of Attendance: $86,700

Claremont McKenna College

• Claremont, CA

Academic Highlights: CMC offers 33 majors and 11 “sequences,” series of courses that can be completed across the neighboring schools in addition to one’s major. The college boasts an average class size of eighteen, and 82% of course sections have fewer than twenty students. Economics, government, international relations, biology, and psychology are the most popular majors, and among the strongest. Interdisciplinary majors such as Environment, Economics, and Politics (EEP) and Philosophy, Politics and Economics (PPE) also carry outstanding reputations.

Professional Outcomes: Eighty-eight percent of 2022 graduates found employment within six months of graduation, and only 4% were still looking for work. The median starting salary for a 2022 Claremont grad is $87,000. You name the prestigious graduate/professional program and, chances are, a recent CMC grad (or two or three) is presently studying there. Since 2001, more than 120 alumni have enrolled at USC and UCLA. More than 60 grads have headed to UChicago, Columbia, and Stanford.

• Enrollment: 1,386
• Cost of Attendance: $86,500
• Median SAT: 1500
• Acceptance Rate: 10%
• Retention Rate: 96%
• Graduation Rate: 91%

Washington University in St. Louis

• St. Louis, MO

Academic Highlights : WashU admits students into five schools, many of which offer nationally recognized programs: Arts & Sciences, the Olin School of Business, the School of Engineering & Applied Sciences, and the Art of Architecture programs housed within the Sam Fox School of Design and Visual Arts. The most commonly conferred degrees are in engineering (13%), social sciences (13%), business (13%), biology (11%), and psychology (10%). 66% of classes have fewer than 20 students, and over one-quarter have single-digit enrollments. 65% double major or pursue a minor.

Professional Outcomes: The Class of 2022 sent 52% of grads into the workforce and 28% into graduate and professional schools. Companies employing the highest number of WashU grads feature sought-after employers such as Amazon, Bain, Boeing, Deloitte, Google, IBM, Goldman Sachs, and Microsoft. Of the employed members of the Class of 2022 who reported their starting salaries, 79% made more than $60k. The universities welcoming the largest number of Bears included the prestigious institutions of Caltech, Columbia, Harvard, Penn, Princeton, and Stanford.

• Enrollment: 8,132 (undergraduate); 8,880 (graduate)
• Cost of Attendance: $83,760
• Acceptance Rate: 11%
• Graduation Rate: 93%

Brown University

• Providence, RI

Academic Highlights: Students must choose one of 80+ “concentration programs,” but there are no required courses. Class sizes tend to be small—68% have fewer than twenty students—and 35% are comprised of nine or fewer students. Biology, economics, computer science, mathematics, and engineering are among the most popular areas of concentration at Brown; however, it is hard to distinguish any one program, because Brown possesses outstanding offerings across so many disciplines.

Professional Outcomes: Soon after receiving their Brown diplomas, 69% of graduates enter the world of employment. Companies employing the greatest number of Brown alums include Google, Microsoft, Goldman Sachs, Amazon, Morgan Stanley, Apple, McKinsey & Company, and Bain & Company. The Class of 2022 saw 27% of graduates go directly into graduate/professional school. Right out of undergrad, Brown students boasted an exceptional 81% admission rate to med school and an 81% admission rate to law school.

• Enrollment: 7,639
• Cost of Attendance: $84,828

Vanderbilt University

• Nashville, TN

Academic Highlights: Four of Vandy’s ten schools cater to undergrads: the College of Arts and Sciences, the Blair School of Music, the Peabody College of Education and Human Development, and the School of Engineering. In the 2022-23 school year, 87% of course sections contained 19 or fewer students. Of the 70 undergraduate majors, economics, politics and government, and neuroscience are the most popular. The School of Engineering has a strong national reputation as do offerings in biology, economics, education, and music.

Professional Outcomes: Six months after graduating, 96% of the Class of 2021 were employed or in graduate school. The most commonly entered industry was finance followed by technology, consulting, education, and engineering. Alumni can be found in droves at Capital One, Goldman Sachs, Bain & Company, JP Morgan Chase, Citi, and Meta. Among 2022 alumni who directly pursued advanced degrees, the majority enrolled at Vanderbilt followed by Columbia, Harvard, Penn, NYU, and Northwestern.

• Enrollment: 7,151 (undergraduate); 6,559 (graduate)
• Cost of Attendance: $89,590

University of Notre Dame

• Notre Dame, IN

Academic Highlights: 75 majors are offered across six undergraduate colleges: the School of Architecture, the College of Arts and Letters, the Mendoza School of Business (one of the country’s best business schools), the College of Engineering, the Keough School of Global Affairs, and the College of Science. In 2022, the most degrees were conferred in business (20%), the social sciences (18%), engineering (12%), and biology (8%). A solid 60% of courses enroll fewer than 20 students, and 15% have single-digit numbers. 75% of Notre Dame undergrads study abroad.

Professional Outcomes: 69% of 2022 grads directly entered the world of employment, with the most common industries being financial services (21%), consulting (17%), technology (12%), and health services (9%). Massive numbers of alumni can be found at Deloitte, EY, PwC, IBM, Accenture, Booz Allen Hamilton, Google, Microsoft, Amazon, Goldman Sachs, JPMorgan, and McKinsey & Co. The median early-career salary was $76,000. Of the 20% of grads who went directly into their graduate/professional studies, 18% were pursuing medical degrees and 9% were studying law.

• Enrollment: 8,971 (undergraduate); 4,134 (graduate)
• Cost of Attendance: $86,125
• Acceptance Rate: 13%

United States Naval Academy

• Annapolis, MD

Academic Highlights: The Naval Academy has some of the top-ranked undergraduate engineering programs in the world with standout reputations in aerospace, computer, electrical, and mechanical engineering. 26 different undergraduate programs are offered in a variety of disciplines, but at least 65% of each class must complete degrees in a STEM discipline in order to meet the highly technological needs of the Navy. Close to three-quarters of course sections will contain fewer than 20 students, and the student-to-faculty ratio is a stellar 7:1.

Professional Outcomes: USNA midshipmen have a mandatory five-year military commitment upon graduating, so the vast majority immediately become ensigns in the Navy or second lieutenants in the Marine Corps. Very few are cleared to enter graduate school directly after receiving their bachelor’s. However, upon entering civilian employment/life, alumni flock to companies that include Lockheed Martin, Northrop Grumman, Booz Allen Hamilton, Amazon, Microsoft, Meta, and McKinsey and Co. They also enjoy some of the highest average salaries of any alumni group in the country.

• Enrollment: 1,175
• Cost of Attendance: $0
• Median SAT: 1330
• Median ACT: 30
• Acceptance Rate: 9%
• Retention Rate: 87%
• Graduation Rate: 86%

Rice University

• Houston, TX

Academic Highlights : Rice offers more than 50 majors across six broad disciplines: engineering, architecture, music, social science, humanities, and natural science. Programs in biology, biochemistry, cognitive science, and music are incredibly strong, while the School of Architecture and the George R. Brown School of Engineering are among the highest-ranking schools in their disciplines. One-third of computer science majors are female, almost twice the national average. Class sizes are ideally small with 66% containing fewer than 20 students and a median class size of only fourteen.

Professional Outcomes: Six months after graduation, 88% of Rice grads have found careers or a graduate school home. Companies that employ many recent grads include Deloitte, Capital One, JP Morgan Chase, Google, and Microsoft. Over one hundred alumni are also current employees of companies such as Shell, ExxonMobil, Chevron, Amazon, Accenture, and Meta. Across all majors, the average starting salary is $73k. One-third of graduates move directly into graduate or professional school, with Harvard, Yale, Stanford, MIT, Columbia, and Berkeley being the most popular destinations.

• Enrollment: 4,494 (undergraduate); 4,178 (graduate)
• Cost of Attendance: $78,278
• Median SAT: 35
• Retention Rate: 94%

University of California, Los Angeles

• Los Angeles, CA

Academic Highlights: UCLA offers 125 majors in 100+ academic departments, and more than 60 majors require a capstone experience that results in the creation of a tangible product under the mentorship of faculty members. The most commonly conferred degrees are in the social sciences (25%), biology (16%), psychology (11%), mathematics (8%), and engineering (7%). Departmental rankings are high across the board, especially in computer science, engineering, film, fine and performing arts, mathematics, and political science.

Professional Outcomes: UCLA grads flow most heavily into the research, finance, computer science, and engineering sectors. High numbers of recent grads can be found at Disney, Google, EY, Teach for America, Amazon, and Oracle. Hundreds also can be found at Bloomberg, Deloitte, Mattel, Oracle, and SpaceX. The average starting salary exceeds $55,000. 16% of recent grads enrolled directly in a graduate/professional school, with other CA-based institutions like Stanford, Pepperdine, USC, Berkeley, and Loyola Marymount being the most popular.

• Enrollment: 33,040 (undergraduate); 15,010 (graduate)
• Cost of Attendance: $38,517 (in-state); $71,091 (out-of-state)
• Median SAT: Test Blind
• Median ACT: Test Blind

University of Virginia

• Charlottesville, VA

Academic Highlights: Undergrads can study within one of seven colleges/schools, which all offer many small classes; 15% boast single-digit enrollment and 48% contain 19 or fewer students. The McIntire School of Commerce and the School of Engineering and Applied Science have glowing reputations. Other notable strengths include computer science, economics, and political philosophy, policy, and law. The most popular degree areas are liberal arts/general studies (22%), the social sciences (14%), engineering (11%), business/marketing (8%), and biology (7%).

Professional Outcomes:  Upon receiving their degree, 95% of the Class of 2022 immediately joined the workforce–with an average starting salary of $90k–or headed directly to graduate school. The most popular industries were internet & software, higher education, and management consulting. Capital One (85), Deloitte (46), Amazon (38), and Bain & Co. (26) scooped up the greatest number of 2022 grads. UVA itself was the most popular grad school destination followed by Columbia, Virginia Commonwealth University, and Johns Hopkins.

• Enrollment: 17,496 (undergraduate); 8,653 (graduate)
• Cost of Attendance: $39,494-49,874 (in-state); $78,214-90,378 (out-of-state)
• Median SAT: 1470
• Median ACT: 33
• Acceptance Rate: 19%

Georgetown University

• Washington, D.C.

Academic Highlights: The student-faculty ratio is 11:1, and 60% of classes enroll fewer than 20 students. While some classes are a bit larger, only 7% cross the 50-student threshold. Those desiring to join the world of politics or diplomacy are in the right place. The Government and International Affairs programs are among the best in the country. The greatest number of degrees are conferred in the social sciences (38%) followed by business (20%), interdisciplinary studies (8%), and biology (7%).

Professional Outcomes: Within six months of graduating, 75% of members of the Class of 2022 entered the workforce, 19% went directly into a graduate or professional program of study, and 3% were still seeking employment. The Class of 2022 sent massive numbers of graduates to a number of major corporations including JPMorgan Chase (22), Citi (21), BOA (18), Morgan Stanley (16), and EY (10). Those attending grad school stay at Georgetown or flock to other elite schools like Columbia and Harvard.

• Enrollment: 7,900
• Cost of Attendance: $85,000
• Acceptance Rate: 12%

Williams College

• Williamstown, MA

Academic Highlights: The school’s 25 academic departments offer 36 majors and a number of concentrations rather than minors. An unparalleled 40% of courses have fewer than ten students enrolled; the median class size is 12 students. Programs in economics, English, history, math, and political science are especially renowned, and the greatest number of degrees are conferred in the social sciences (26%), the physical sciences (10%), math and statistics (9%), psychology (9%), and computer science (7%).

Professional Outcomes: Among the Class of 2022, 92% were employed or continuing their educational journey within six months of graduating. Business and education typically attract the most students, with popular companies/organizations including Apple, Google, Goldman Sachs, The New York Times Co., the Peace Corps, and Teach for America. The median annual income for 2022 grads was $75,000. 75% pursue an advanced degree within five years of leaving Williams, with the most frequently attended graduate programs being Harvard, Columbia, and Yale.

• Enrollment: 2,152 (undergraduate); 53 (graduate)
• Cost of Attendance: $81,160
• Median SAT: 1520
• Acceptance Rate: 8%

Boston College

• Chestnut Hill, MA

Academic Highlights: The college offers roughly 60 majors across four schools that award undergraduate degrees. Approximately half of the college’s sections contain nineteen or fewer students. 95% of graduates reported learning how to think critically at BC, and 93% said they learned how to write clearly and effectively. BC offers highly respected programs in communications, psychology, and business through the renowned Carroll School of Management. Other popular and well-regarded majors include economics, biology, and chemistry.

Professional Outcomes: Within six months of graduation, 96% of the Class of 2022 had landed at their next destination. The most favored industries were financial services and real estate (26%), health care/science (20%), and business/consulting (16%). The median starting salary for a 2022 BC grad was $67,000. Eighteen percent of the Class of 2022 entered graduate schools including Brown, Columbia, the University of Chicago, and Yale. Examining the Class of 2022 data, 16% entered law school, and 14% pursued some other type of doctoral degree.

• Enrollment: 9,484
• Cost of Attendance: $86,155
• Average SAT: 1482
• Average ACT: 34
• Acceptance Rate: 17%
• Retention Rate: 95%
• Graduation Rate: 92%

Tufts University

• Medford, MA

Academic Highlights: Three schools serve Tufts’ undergraduate population: the College of Arts & Sciences, the College of Engineering, and the School of the Museum of Fine Arts. The three schools combined offer more than 90 majors and minors; approximately one-third of all students double major, and half declare a minor. 15% of all courses see fewer than ten students enrolled, and 60% have sub-twenty enrollments. The most popular majors include international relations, economics, computer science, political science, and biology—all of which receive very high marks.

Professional Outcomes: Six months after earning their diplomas, 97% of 2022 graduates were employed or attending graduate school. The most commonly entered fields were finance, consulting, real estate (23%); engineering and technology (22%); health, life sciences, environmental (21%); and education, advocacy, social services (11%). Prolific employers of Tufts alums include Booz Allen Hamilton, JPMorgan, MITRE, Google, Deloitte, Amazon, Raytheon, Morgan Stanley, and BlackRock. Of the 21% of 2022 grads who went directly to graduate school, 85% were accepted into their first-choice institution.

• Enrollment: 6,815 (undergraduate); 6,616 (graduate)
• Cost of Attendance: $88,300
• Graduation Rate: 94%

University of California, Berkeley

• Berkeley, CA

Academic Highlights: More than 150 undergraduate majors and minors are available across six schools: the College of Letters and Science, the College of Chemistry, the College of Engineering, the College of Environmental Design, the College of Natural Resources, and the Haas School of Business. Many departments have top international reputations including computer science, engineering, chemistry, English, psychology, and economics. 22% of sections contain nine or fewer students, and over 55% of students assist faculty with a research project or complete a research methods course.

Professional Outcomes: Upon graduating, 49% of Cal’s Class of 2022 had already secured employment, and 20% were headed to graduate school. Business is the most popular sector, attracting 62% of employed grads; next up are industrial (17%), education (8%), and nonprofit work (7%). The median starting salary was $86,459 across all majors. Thousands of alumni can be found in the offices of Google, Apple, and Meta, and 500+ Golden Bears are currently employed by Oracle, Amazon, and Microsoft. The school is the number one all-time producer of Peace Corps volunteers.

• Enrollment: 32,831 (undergraduate); 12,914 (graduate)
• Cost of Attendance: $48,574 (in-state); $82,774 (out-of-state)

Wake Forest University

• Winston-Salem, NC

Academic Highlights: All freshmen enter the Undergraduate College, which offers 45 majors and 60 minors. Sporting a student-to-faculty ratio of 10:1, classes are kept on the small side with 59% of sections enrolling fewer than 20 students. 60% of students engage in hands-on research for academic credit. Wake Forest is strong across myriad disciplines, most notably chemistry, communication, accounting, finance, and international affairs. The most frequently conferred degrees are in business (22%), the social sciences (20%), journalism (8%), and biology (8%).

Professional Outcomes: Within six months of graduation, 97% of the Class of 2022 had found their next destination, with 71% starting their first professional job and 26% matriculating into a graduate program. Management/consulting, investment banking, and healthcare were the top three industries. Employers landing the highest numbers of alumni included national and multinational corporations IBM, Siemens, Volvo, Goldman Sachs, Disney, Deloitte, Dell, Gucci, PepsiCo, EY, and Nike. By the start of mid-career, Wake Forest alumni earn the second-highest median salary of any school in North Carolina.

• Enrollment: 5,447 (undergraduate); 3,516 (graduate)
• Cost of Attendance: $87,622
• Median SAT: 1450
• Acceptance Rate: 21%
• Graduation Rate: 90%

Colgate University

• Hamilton, NY

Academic Highlights: Fifty-six majors are on tap at Colgate, including all of the expected liberal arts concentrations. With a student-faculty ratio of 9:1 and an average class size of 16, Colgate undergraduates work intimately with their instructors. The social sciences account for 35% of all degrees conferred and, within that umbrella, economics, political science, and English are among the most popular and most well-regarded majors.

Professional Outcomes: Nine months after graduation, only a small number of Colgate alumni are still looking for work; in 2022, that group represented less than 2% of the graduating class. A substantial 80% had already landed full-time jobs. Employers hiring the most Colgate grads included BOA, Merrill Lynch, JP Morgan, EY, Wayfair, and the NIH. 85-95% of law school applicants are accepted into one of their target institutions. The medical school numbers were even more impressive with 100% of graduating seniors gaining acceptance into at least one med school.

• Enrollment: 3,130
• Cost of Attendance: $83,814

Swarthmore College

• Swarthmore, PA

Academic Highlights: Swarthmore offers forty undergraduate programs and runs 600+ courses each academic year. Small, seminar-style courses are the norm—an outstanding 33% of sections enroll fewer than ten students, and 70% contain a maximum of nineteen students. Social science degrees are the most commonly conferred, accounting for 24% of all 2022 graduates. Future businessmen/women, engineers, and techies are also well-positioned, given Swat’s incredibly strong offerings in economics, engineering, and computer science.

Professional Outcomes: 68% of Class of 2022 grads entered the workforce shortly after graduation. Popular industries included education (17%), consulting (16%), and financial services (13%); the median starting salary was $60,000. Google is a leading employer of Swarthmore grads followed by Amazon, Goldman Sachs, IBM, and a number of the top universities.  18% of 2022 grads pursued advanced degrees, with 35% pursuing a PhD, 35% entering master’s programs, 10% heading to law school, and 7% matriculating into medical school.

• Enrollment: 1,625
• Cost of Attendance: $81,376

Cornell University

Academic Highlights: A diverse array of academic programs includes 80 majors and 120 minors spread across the university’s seven schools/colleges. Classes are a bit larger at Cornell than at many other elite institutions. Still, 55% of sections have fewer than 20 students. Most degrees conferred in 2022 were in computer science (17%), engineering (13%), business (13%), and biology (13%). The SC Johnson College of Business houses two undergraduate schools, both of which have phenomenal reputations.

Professional Outcomes: Breaking down the graduates of the College of Arts and Sciences, the largest school at Cornell, 68% entered the workforce, 28% entered graduate school, 1% pursued other endeavors such as travel or volunteer work, and the remaining 3% were still seeking employment six months after receiving their diplomas. The top sectors attracting campus-wide graduateswere financial services (18%), technology (17%), consulting (15%), and education (10%). Of the students from A&S going on to graduate school, 15% were pursuing JDs, 5% MDs, and 22% PhDs.

• Enrollment: 15,735
• Cost of Attendance: $88,150

Emory University

• Atlanta, GA

Academic Highlights: This midsize university offers a diverse array of majors (80+) and minors (60+), and 30% of Emory students pursue more than one area of study. Over half of Emory’s student body works directly with a faculty member on academic research and 58% of courses have class sizes of under twenty students. Ultimately, the greatest number of students go on to earn degrees in the social sciences (15%), biology (14%), business (14%), health professions (12%), and mathematics (9%).

Professional Outcomes: Shortly after graduation, 66% of 2022 grads were already employed, and 96% had arrived at their next destination. The top employers of recent Emory grads include Deloitte, Epic, ScribeAmerica, Meta, Morgan Stanley, and Cloudmed. Graduates of the Goizueta Business School found strong starting salaries with an average of $81k.  In the last few years, multiple Emory grads/alums received acceptance letters from the following top law schools like Columbia, Berkeley, and Georgetown. Med school acceptances included Duke, Johns Hopkins, and Vanderbilt.

• Enrollment: 7,101
• Cost of Attendance: $83,702

Wellesley College

• Wellesley, MA

Academic Highlights: There are 50+ departmental and interdisciplinary majors. Thirty-six percent of course sections have single-digit enrollments while 77% have 19 or fewer students. In addition, opportunities for participation in research with faculty members abound. Most programs possess sterling reputations, including chemistry, computer science, neuroscience, and political science, but the Department of Economics shines most brightly, leading many into PhD programs and high-profile careers. Economics, biology, and computer science are the most frequently conferred degrees.

Professional Outcomes : Six months after graduating, 97% of the Class of 2022 had achieved positive outcomes. Of the 76% of grads who were employed, 24% were working in the finance/consulting/business fields, 17% in education, 17% in internet and technology & engineering, and 15% in healthcare/life sciences. Top employers included JPMorgan Chase, Google, Boston Children’s Hospital, and Goldman Sachs. The average starting salary for one recent cohort was a solid $63k. Of the 20% of 2022 grads who directly entered an advanced degree program, common schools attended included Harvard, Columbia, Brown, Stanford, MIT, and Emory.

• Enrollment: 2,447
• Cost of Attendance: $84,240
• Median SAT: 1490
• Acceptance Rate: 14%

Wesleyan University

• Middletown, CT

Academic Highlights: With 45 majors and 32 minors, Wes truly has something for everyone. The academic requirements are relatively minimal, giving undergrads a high degree of intellectual freedom. Under 75% of class sections have fewer than twenty students; students rave about the accessible faculty. Research opportunities with professors are plentiful. Offerings in economics, English, film studies, and neuroscience typically receive the most praise from employers/grad schools; accordingly, the social sciences (24%), psychology (17%), and the visual and performing arts (12%) are the most popular.

Professional Outcomes: Within six months of graduating, 66% of 2022 grads had entered employment, with tech/engineering/sciences, education, and arts/entertainment being the three top sectors. The companies employing the highest numbers of recent Wesleyan grads included Google, Epic, Analysis Group, Boston Medical Center, Booz Allen Hamilton, Accenture, and Apple. Graduate school was the next stop for 18% of new alums; enrolling institutions included MIT, Stanford, Berkeley, Yale, Harvard, Temple, and UMass.

• Enrollment: 3,069 (undergraduate); 184 (graduate)
• Cost of Attendance: $89,094
• Median SAT: 1430
• Median ACT: 32

Bowdoin College

• Brunswick, ME

Academic Highlights: Class sizes are small—64% contain fewer than twenty students—and 21% have fewer than ten students. The student-faculty ratio is 9:1. More than half of Bowdoin undergrads report interacting with a professor outside of regular class time at least once per week. The greatest percentage of degrees are conferred in the social sciences (30%), biology (13%), area/ethnic/gender studies (8%), computer science (7%), and mathematics (7%). Economics and government and legal studies are two of the more popular majors within the social sciences.

Professional Outcomes: An examination of three recent years’ worth of outcomes data reveals that one year after graduation, between 73 and 77% of recent grads have found full-time employment, and 15% have gone directly into graduate school. Of those entering graduate school, 48% were enrolled in master’s programs, 23% in PhD programs, 13% in law school, and 8% in med school. The top twenty graduate schools attended, by volume, in the last five years make an exclusive list including six Ivies along with Duke, MIT, Johns Hopkins, and Stanford.

• Enrollment: 1,915
• Cost of Attendance: $82,600
• Median SAT: 1510

College of the Holy Cross

• Worcester, MA

Academic Highlights: The college offers thirty traditional majors as well as additional subjects in which one can pursue a student-designed major. The average class size is a manageable 19 students, and 62% of courses have enrollments lower than that. There are no majors that undergrads flock to in overwhelming numbers, but the most popular are the social sciences (29%), psychology (14%), history (7%), and biology (6%). All of those popular departments also rank well nationally.

Professional Outcomes: Six months after moving their tassels to the left, 68% of the Class of 2021 (most recent stats available) were employed, 19% were in graduate school, and only 3% were still seeking full-time employment. Organizations employing more than one recent graduate include Fidelity Investments, JP Morgan, Goldman Sachs, Massachusetts General Hospital, Deloitte, EY, PwC, Oracle, and Dell. Among those enrolled in graduate school, 14% were in law school, 14% were pursuing degrees in a health profession, and 6% were in PhD programs.

• Enrollment: 3,233
• Cost of Attendance: $78,600
• Median SAT: 1360
• Acceptance Rate: 36%

Middlebury College

• Middlebury, VT

Academic Highlights: Midd offers 50 departments and programs in which to major and minor. The school’s 9:1 student-faculty ratio allows 100% of courses to be taught by professors, not graduate assistants. Most classes are small; the mean class size is 16, and 14% of sections contain fewer than ten students. Middlebury is renowned for its Language Department as well as its programs in economics and international studies. The college has a robust international program (75 programs in 40 countries); over 50% of juniors take a semester abroad.

Professional Outcomes: Six months after graduating, 81% of the Class of 2022 had landed jobs and 12% were in graduate school. The most commonly held jobs fell under the categories of financial services (19%), consulting (14%), science and healthcare (14%), and media and technology (12%). Many Middlebury grads now enter tech-related fields; Google and Facebook are two of the leading employers alongside Morgan Stanley, Goldman Sachs, Deloitte, Amazon, and JP Morgan. More than 100 alumni work in the US State Department.

• Enrollment: 2,773 (undergraduate); 70 (graduate)
• Cost of Attendance: $89,850
• Median SAT: 1460

Davidson College

• Davidson, NC

Academic Highlights: With its small size, the impressive part of the college is the exceptional quality of its offerings, not the breadth of them, as only 37 majors are available. The student-to-faculty ratio is 9:1, which allows the college to ensure that 62% have fewer than twenty students and 24% have enrollments you can count on two hands. Overall, the average number of students per class is only 18. Top programs at Davidson include psychology, political science, chemistry, and English; biology is also quite popular, accounting for 12% of degrees conferred in 2022.

Professional Outcomes: Looking at the outcomes data for 2022 grads, 70% landed jobs within six months of graduation, 26% were enrolled in a graduate program, and 3% were still seeking employment. Of those who attended grad school, the highest number were in healthcare-related programs (including MDs), law school, and laboratory sciences. Significant numbers of students pursue advanced degrees at other Southern gems including Vanderbilt, Emory, Duke, Wake Forest, and UNC.

• Enrollment: 1,927
• Cost of Attendance: $76,450

University of Michigan

• Ann Arbor, MI

Academic Highlights: There are 280+ undergraduate degree programs across fourteen schools and colleges, and the College of Literature, Science, and the Arts (LSA) enrolls the majority of students. The Ross School of Business offers highly rated programs in entrepreneurship, management, accounting, and finance. The College of Engineering is also one of the best in the country. By degrees conferred, engineering (15%), computer science (14%), and the social sciences (11%) are most popular. A solid 56% of classes have fewer than 20 students.

Professional Outcomes: Within three months of graduating, 89% of LSA grads are employed full-time or in graduate school, with healthcare, education, law, banking, research, nonprofit work, and consulting being the most popular sectors. Within three months, 99% of Ross grads are employed with a median salary of $90k. Top employers include Goldman Sachs, Deutsche Bank, EY, Morgan Stanley, PwC, Deloitte, and Amazon.  Within six months, 96% of engineering grads are employed (average salary of $84k) or in grad school. General Motors, Ford, Google, Microsoft, Apple, and Meta employ the greatest number of alumni.

• Enrollment: 32,695 (undergraduate); 18,530 (graduate)
• Cost of Attendance: $35,450 (in-state); $76,294 (out-of-state)
• Acceptance Rate: 18%

Bates College

• Lewiston, ME

Academic Highlights: Thirty-four percent of courses at Bates have a single-digit enrollment, and 63% of classrooms contain nineteen or fewer students. The student-to-faculty ratio is 10:1, and not a single graduate student is present to vacuum up professorial attention. Twenty-eight percent of all degrees earned at Bates are in the social sciences, and psychology (14%), biology (13%), and the physical sciences (7%) are next in popularity. Though strong across many disciplines, Bates boasts exemplary programs in political science, art, philosophy, economics, and psychology.

Professional Outcomes: Within six months of graduation, 99% of the Class of 2022 were either employed, enrolled in graduate school, or otherwise meaningfully engaged in a fellowship or internship. The most frequently entered fields were healthcare (17%), education (16%), finance/banking (14%), and technology (7%). Within ten years of graduation, approximately 13% of Bates graduates are in, or have completed, law school whereas 7% enroll in medical school.

• Enrollment: 1,790
• Cost of Attendance: $81,382
• Retention Rate: 93%

Hamilton College

• Clinton, NY

Academic Highlights: The student-to-faculty ratio is 9:1, and without any pesky graduate students to get in the way, face time with professors is a regular occurrence. In fact, 28% of all classes have nine or fewer students; 72% have nineteen or fewer. Economics, government, and biology are among the strongest and most popular majors; other standout programs include public policy, mathematics, and environmental studies. Thirty percent of students earn social science degrees, with biology (13%), visual and performing arts (9%), physical science (7%), and foreign languages (7%) next in line.

Professional Outcomes: Examining the 491 graduates in Hamilton’s Class of 2022, an enviable 97% wasted no time landing jobs, graduate school acceptances, or fellowships. The most commonly entered industries were finance (17%), education (13%), business (12%), and science/tech (11%). Only 17% of 2022 graduates went directly into an advanced degree program. In one recent year, 33% of Hamilton grads were studying a STEM field, 22% were in the social sciences, 17% pursued a health care degree, and 5% went to law school.

• Enrollment: 2,075
• Cost of Attendance: $82,430

University of California, Santa Barbara

• Santa Barbara, CA

Academic Highlights: There are 90 undergraduate majors across three schools: the College of Letters and Science, the College of Engineering, and the College of Creative Studies. The social sciences are the most popular area of study, accounting for 27% of the total degrees conferred. Biology (10%), math (9%), and psychology (9%) are next in popularity. The school has highly regarded programs in communication, computer science, engineering, physics, environmental science, and the performing arts. More than half of sections contain fewer than 20 students, and 72% enroll 29 or fewer.

Professional Outcomes: Within six months of earning their diplomas, 84% of grads had found employment. The most popular industries were science/research (16%), engineering/computer programming (14%), business (13%), finance/accounting (11%), and sales (10%). Top employers of recent grads include Google, EY, KPMG, Oracle, Amazon, IBM, and Adobe. Many alumni also can be found at Apple, Meta, Microsoft, and Salesforce. Two years after graduating, UCSB alumni make an average salary of $55k; more than half make $100k by mid-career.

• Enrollment: 23,460 (undergraduate); 2,961 (graduate)
• Cost of Attendance: $41,289 (in-state); $73,863 (out-of-state)
• Acceptance Rate: 28%
• Retention Rate: 92%

Pomona College

Academic Highlights: There are 48 majors and minors to select from with the most popular being social sciences (23%), biology (13%), and computer science (12%). Majors in economics, international relations, chemistry, and mathematics receive especially high marks. More than 600 courses are on the menu at Pomona alone, but students can access any of the Claremont Consortium’s 2,700 courses. Pomona’s 8:1 student-to-teacher ratio leads to an average class size of only 15 students, and over 50% of the undergraduate population conduct research alongside a faculty member.

Professional Outcomes: 71% of the Class of 2022 were employed within six months of graduating. Overall, the largest number of alumni can be found at Google, Kaiser Permanente, Microsoft, Amazon, and Meta. Recently, economics degree-earners have landed jobs at Goldman Sachs, Wells Fargo, Morgan Stanley, or Accenture. Majors in the hard sciences frequently landed at top research laboratories and hospitals. Of the 21% of 2022 grads who were accepted directly into graduate school, the most frequently attended institutions included the University of Cambridge, Duke, Harvard, Caltech, UChicago, and Stanford.

• Enrollment: 1,761
• Cost of Attendance: $88,296

Bucknell University

• Lewisburg, PA

Academic Highlights: Over 60 majors and 70 minors are on tap across three undergraduate schools: the College of Arts & Sciences, Freeman College of Management, and the College of Engineering. Getting well-acquainted with your professors is easy with a 9:1 student-faculty ratio, and class sizes are reasonably small. The greatest number of degrees are conferred in the areas of the social sciences (26%), engineering (14%), business (14%), biology (11%), and psychology (9%).

Professional Outcomes: Nine months after graduation, 94% of the Class of 2022 had launched their careers or entered graduate school. Financial services is the most common sector for Bucknell grads to enter, attracting 24% of alumni. Across all disciplines, the average salary for a Class of 2022 grad was $69,540. Bucknell saw 18% of 2022 grads go directly into an advanced degree program. Bison alumni heading to graduate school predominantly pursue degrees in the medical field, social sciences, business, or engineering.

• Enrollment: 3,747
• Cost of Attendance: $80,890
• Median SAT: 1380
• Acceptance Rate: 33%
• Retention Rate: 91%
• Graduation Rate: 87%

New York University

Academic Highlights: NYU is divided into a number of smaller (but still quite large) colleges organized by discipline; in sum, there are 230 areas of undergraduate study across nine schools and colleges. For its size, a commendable 58% of classes have an enrollment under 20 students. While all schools within NYU have solid reputations, Stern holds the distinction as one of the top undergraduate business programs in the country. For those entering film, dance, drama, or other performing arts, Tisch is as prestigious a place as you can find to study.

Professional Outcomes: Within six months of exiting, 94% of Class of 2022 grads had landed at their next destination, with 78% employed and 21% in graduate school. The top industries for employment were healthcare (11%), internet and software (9%), finance (8%), and entertainment (8%). Large numbers of alumni can be found at Google, Deloitte, Morgan Stanley, Goldman Sachs, IBM, JP Morgan Chase, Citi, and Amazon. The mean starting salary is $75,336. In 2022, business, arts and sciences, and law school were the most popular grad school destinations.

• Enrollment: 29,401 (undergraduate); 29,711 (graduate)
• Cost of Attendance: $90,222-$96,172

Lafayette College

Academic Highlights: Lafayette offers 51 areas of study over four academic divisions: engineering, humanities, natural sciences, and the social sciences. One-on-one attention from professors is a reality at Lafayette, thanks to a 10:1 student-to-faculty ratio and no graduate students to compete with. A solid 62% of sections contain fewer than twenty students; 11% enroll nine or fewer. Of the degrees conferred in 2022, social sciences (34%) and engineering (19%) were the disciplines in which the largest number of degrees were earned.

Professional Outcomes: Within six months of graduation, a stellar 98% of the Class of 2022 had already landed full-time jobs or were enrolled in graduate/professional school. Companies employing large numbers of Lafayette alumni include Merck, IBM, Morgan Stanley, Citi, Merrill Lynch, JP Morgan Chase Co., Deloitte, and EY. Those attending graduate school frequently land at some of the top programs in the country within their respective disciplines. Medical school applicants with a 3.6 GPA or above enjoy a 72% acceptance rate, and dental school candidates find homes at an 89% clip.

• Enrollment: 2,729
• Cost of Attendance: $84,402
• Median SAT: 1400
• Median ACT: 31
• Acceptance Rate: 34%
• Retention Rate: 90%
• Graduation Rate: 89%

University of North Carolina at Chapel Hill

• Chapel Hill, NC

Academic Highlights: Undergraduates can choose from 74 bachelor’s degree programs in a number of schools and colleges, the largest of which is the College of Arts & Sciences. 44% of classes have a student enrollment under 20. The social sciences (15%), biology (12%), media/journalism (9%), computer science (8%), and business (6%) are the areas in which the most degrees are conferred. The Kenan-Flager Business School is internationally renowned and requires separate admission. Other strong programs include those in chemistry, journalism, psychology, and political science.

Professional Outcomes: Six months after leaving Chapel Hill, 97% of 2022 grads had entered employment, military service, or graduate school. Among the for-profit companies that hire the most graduates are Wells Fargo, IBM, Cisco, Deloitte, EY, Google, Microsoft, Amazon, Oracle, McKinsey & Company, and Goldman Sachs. In the nonprofit sector, a large number of alumni are employed by AmeriCorps, NIH, Teach for America, and the Peace Corps. The average starting salary is $70,619. 18% of 2022 grads enrolled directly in graduate/professional school.

• Enrollment: 20,210 (undergraduate); 11,739 (graduate)
• Cost of Attendance: $27,036 (in-state); $60,040 (out-of-state)

Colby College

• Waterville, ME

Academic Highlights: Offering 56 majors and 35 minors, Colby provides a classic liberal arts education with a high degree of flexibility and room for independent intellectual pursuits. A 10:1 student-to-faculty ratio is put to good instructional use as roughly two-thirds of courses have fewer than 19 students. Being a true liberal arts school, Colby has strengths across many disciplines, but biology, economics, and global studies draw especially high praise. These programs along with government and environmental science attract the highest number of students.

Professional Outcomes: Within six months of graduation, 93% of the Class of 2022 had either obtained jobs or were enrolled full-time in a graduate program. Eighteen percent of graduates enter the financial industry and large numbers also start careers in education, with government/nonprofit, STEM, and healthcare next in popularity. The Medical school acceptance rate over the past five years is 68%, nearly double the national average.

• Enrollment: 2,299
• Cost of Attendance: $86,720
• Average SAT: 1485
• Average ACT: 33

Boston University

Academic Highlights: In total, the university offers more than 300 programs of study, 100+ of which are distinct undergraduate degrees spread across ten schools/colleges. Many classes at BU are reasonably small—60% contain fewer than twenty students; only 19% contain more than forty. The student-to-faculty ratio is 11:1. The greatest number of degrees are conferred in social sciences (16%), business/marketing (15%), communications and journalism (15%), biology (11%), engineering (9%), and health professions/related sciences (7%).

Professional Outcomes: Six months after graduation, 90% of BU grads have found their way into the world of employment or full-time graduate study. Across all graduating years, companies employing more than 350 BU alums include Google, Oracle, Accenture, IBM, and Amazon Web Services. Of the one-quarter of grads who move directly into graduate school, many are welcomed onto the campuses of elite graduate programs. For example, engineering students found new academic homes at MIT, Stanford, Carnegie Mellon, and Columbia.

• Enrollment: 18,459
• Cost of Attendance: $86,363

California Institute of Technology

• Pasadena, CA

Academic Highlights: Across all divisions, there are 28 distinct majors. Possessing an absurdly favorable 3:1 student-to-faculty ratio, plenty of individualized attention is up for grabs. Class sizes are not quite as tiny as the student-to-faculty ratio might suggest, but 70% of courses enroll fewer than twenty students, and 28% enroll fewer than ten. Computer science is the most popular major, accounting for 38% of all degrees conferred. Engineering (30%), the physical sciences (20%), and mathematics (6%) also have strong representation.

Professional Outcomes: Caltech is a rare school that sees six-figure average starting salaries for its graduates; in 2022, the median figure was $120,000. Forty-three percent of recent grads went directly into the workforce and found homes at tech giants such as Google, Intel, Microsoft, Apple, and Meta. A healthy 46% of those receiving their diplomas in 2022 continued directly on the higher education path, immediately entering graduate school. Ninety-seven percent of these students were admitted to one of their top-choice schools.

• Enrollment: 982
• Cost of Attendance: $86,886

We hope you have found our list of the Best Colleges for Economics to be useful and informative as you continue your college search process. We also invite you to check out some of our other resources and tools including:

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Andrew Belasco

A licensed counselor and published researcher, Andrew's experience in the field of college admissions and transition spans two decades. He has previously served as a high school counselor, consultant and author for Kaplan Test Prep, and advisor to U.S. Congress, reporting on issues related to college admissions and financial aid.

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African Economic Research Consortium (AERC) PhD Fellowship 2024-2025

Deadline: August 31, 2024

Applications are open for the African Economic Research Consortium (AERC) PhD Fellowship 2024-2025 . The African Economic Research Consortium (AERC) was established in 1988 as a public not-for-profit organization devoted to the advancement of economic policy research and training in Africa.

The Consortium’s mandate and strategic intent is built on the basis that sustained development in sub-Saharan Africa requires well-trained, locally based professional economists. AERC agitates the provision of capacity building in economic policy in Francophone and Anglophone African countries through provision of support in the areas of policy research and graduate training.

AERC wishes to announce the 2024/2025 Ph.D. scholarships for applicants from Francophone and Anglophone sub-Saharan African countries admitted into any of the following AERC Collaborative PhD Programme (CPP) in Economics degree-awarding universities:

• University of Cape Town, South Africa
• University of Abomey-Calavi, Benin
• University of Dar es Salaam, Tanzania
• University of Benin, Nigeria
• Félix Houphouet-Boigny University, Côte d’Ivoire
• University Cheikh Anta Diop in Dakar, Senegal
• University of Ibadan, Nigeria
• University of Nairobi, Kenya
• University of Yaoundé II, Cameroon
• University of Pretoria
• University of Witwatersrand, South Africa

Eligibility

To qualify, an applicant must:

• Have applied and been admitted to any one of the listed CPP universities;
• Have attained at least a Second Class Honours (Upper Division) or equivalent in Economics, Agricultural Economics, or related field from an accredited university;
• Have a Masters degree (with coursework and thesis component) in Economics, Agricultural Economics, or related fields from a recognized University. The coursework should have covered microeconomics, macroeconomics, quantitative methods and econometrics;
• Possession of at least 1 relevant publication in a refereed journal will be an added advantage;
• Evidence of engagement in economic management, research, and/or training in the public sector will be an added advantage; and 
• Female and applicants from post-conflict and fragile states are encouraged to apply.

Application

Interested applicants must submit their applications for admission directly to the respective universities (application procedure can be obtained from the respective university’s website). Upon receipt of an admission letter from a specific university, applicants shall upload the following documents on to the AERC scholarship portal .

• Application cover letter;
• Curriculum Vitae.
• Evidence of admission at any of the universities listed above; and
• Certified copies of transcripts and certificates.

For more information, visit AERC .

Jude Ogar is an educator and youth development practitioner with years of experience working in the education and youth development space. He is passionate about the development of youth in Africa.

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How the American middle class has changed in the past five decades

The middle class, once the economic stratum of a clear majority of American adults, has steadily contracted in the past five decades. The share of adults who live in middle-class households fell from 61% in 1971 to 50% in 2021, according to a new Pew Research Center analysis of government data.

From 2020: Are you in the American middle class? Find out with our income calculator

The shrinking of the middle class has been accompanied by an increase in the share of adults in the upper-income tier – from 14% in 1971 to 21% in 2021 – as well as an increase in the share who are in the lower-income tier, from 25% to 29%. These changes have occurred gradually, as the share of adults in the middle class decreased in each decade from 1971 to 2011, but then held steady through 2021.

The analysis below presents seven facts about how the economic status of the U.S. middle class and that of America’s major demographic groups have changed since 1971. A related analysis examines the impact of the coronavirus pandemic on the financial well-being of households in the lower-, middle- and upper-income tiers, with comparisons to the Great Recession era. (In the source data for both analyses, demographic figures refer to the 1971-2021 period, while income figures refer to the 1970-2020 period. Thus, the shares of adults in an income tier are based on their household incomes in the previous year.)

This report analyzes data from the Annual Social and Economic Supplements (ASEC) of the Current Population Survey (CPS) to study how the economic status of the American middle class has changed since 1971. It also examines the movement of demographic groups in and out of the American middle class and across lower- and upper-income tiers from 1971 to 2021.

The CPS is the U.S. government’s official source for monthly estimates of unemployment ; the ASEC, conducted in March each year, is the official source for its estimates of income and poverty . The COVID-19 outbreak has affected data collection efforts by the U.S. government in its surveys, limiting in-person data collection and affecting the response rate. It is possible that some measures of economic outcomes and how they vary across demographic groups are affected by these changes in data collection. This report makes use of updated weights released by the Census Bureau to correct for nonresponse in 2019, 2020 and 2021.

In this analysis, “middle-income” adults in 2021 are those with an annual household income that was two-thirds to double the national median income in 2020, after incomes have been adjusted for household size, or about $52,000 to $156,000 annually in 2020 dollars for a household of three. “Lower-income” adults have household incomes less than $52,000 and “upper-income” adults have household incomes greater than $156,000.

The income it takes to be middle income varies by household size, with smaller households requiring less to support the same lifestyle as larger households. The boundaries of the income tiers also vary across years with changes in the national median income. Read the methodology for more details.

The terms “middle income” and “middle class” are used interchangeably in this analysis for the sake of exposition. But being middle class can refer to more than just income, be it the level of education, the type of profession, economic security, home ownership, or one’s social and political values. Class also could simply be a matter of self-identification.

Household incomes have risen considerably since 1970, but those of middle-class households have not climbed nearly as much as those of upper-income households. The median income of middle-class households in 2020 was 50% greater than in 1970 ($90,131 vs. $59,934), as measured in 2020 dollars. These gains were realized slowly, but for the most part steadily, with the exception of the period from 2000 to 2010, the so-called “ lost decade ,” when incomes fell across the board.

The median income for lower-income households grew more slowly than that of middle-class households, increasing from $20,604 in 1970 to $29,963 in 2020, or 45%.

The rise in income from 1970 to 2020 was steepest for upper-income households. Their median income increased 69% during that timespan, from $130,008 to $219,572.

As a result of these changes, the gap in the incomes of upper-income and other households also increased. In 2020, the median income of upper-income households was 7.3 times that of lower-income households, up from 6.3 in 1970. The median income of upper-income households was 2.4 times that of middle-income households in 2020, up from 2.2 in 1970.

The share of aggregate U.S. household income held by the middle class has fallen steadily since 1970. The widening of the income gap and the shrinking of the middle class has led to a steady decrease in the share of U.S. aggregate income held by middle-class households. In 1970, adults in middle-income households accounted for 62% of aggregate income, a share that fell to 42% in 2020.

Meanwhile, the share of aggregate income accounted for by upper-income households has increased steadily, from 29% in 1970 to 50% in 2020. Part of this increase reflects the rising share of adults who are in the upper-income tier.

The share of U.S. aggregate income held by lower-income households edged down from 10% to 8% over these five decades, even though the proportion of adults living in lower-income households increased over this period.

Older Americans and Black adults made the greatest progress up the income ladder from 1971 to 2021. Among adults overall, the share who were in the upper-income tier increased from 14% in 1971 to 21% in 2021, or by 7 percentage points. Meanwhile, the share in the lower-income tier increased from 25% to 29%, or by 4 points. On balance, this represented a net gain of 3 percentage points in income status for all adults.

Those ages 65 and older made the most notable progress up the income ladder from 1971 to 2021. They increased their share in the upper-income tier while reducing their share in the lower-income tier, resulting in a net gain of 25 points. Progress among adults 65 and older was likely driven by an increase in labor force participation , rising educational levels and by the role of Social Security payments in reducing poverty.

Black adults, as well as married men and women, were also among the biggest gainers from 1971 to 2021, with net increases ranging from 12 to 14 percentage points.

On the other hand, not having at least a bachelor’s degree resulted in a notable degree of economic regression over this period. Adults with a high school diploma or less education, as well as those with some college experience but no degree, saw sizable increases in their shares in the lower-income tier in the past five decades. Although no single group of adults by education category moved up the income ladder from 1971 to 2021, adults overall realized gains by boosting their education levels . The share of adults 25 and older who had completed at least four years of college stood at 38% in 2021, compared with only 11% in 1971.

Progress up the income ladder for a demographic group does not necessarily signal its economic status in comparison with other groups at a given point in time. For example, in 2021, adults ages 65 and older and Black adults were still more likely than many other groups to be lower income, and less likely to be middle or upper income.

Married adults and those in multi-earner households made more progress up the income ladder from 1971 to 2021 than their immediate counterparts. Generally, partnered adults have better outcomes on a range of economic outcomes than the unpartnered. One reason is that marriage is increasingly linked to educational attainment , which bears fruit in terms of higher incomes.

Married men and women were distributed across the income tiers identically to each other in both 1971 and 2021. Both groups nearly doubled their shares in the upper-income tier in the past five decades, from 14% in 1971 to 27% in 2021. And neither group experienced an increase in the share in the lower-income tier.

Unmarried men and women were much more likely than their married counterparts to be in the lower-income tier in 2021. And unmarried men, in particular, experienced a sizable increase in their share in the lower-income tier from 1971 t0 2021 and a similarly large decrease in their share in the middle-income tier. Nonetheless, unmarried men are less likely than unmarried women to be lower income and more likely to be middle income.

Adults in households with more than one earner fare much better economically than adults in households with only one earner. In 2021, some 20% of adults in multi-earner households were in the lower-income tier, compared with 53% of adults in single-earner households. Also, adults in multi-earner households were more than twice as likely as adults in single-earner households to be in the upper-income tier in 2021. In the long haul, adults in single-earner households are among the groups who slid down the income ladder the most from 1971 to 2021.

Despite progress, Black and Hispanic adults trail behind other groups in their economic status. Although Black adults made some of the biggest strides up the income tiers from 1971 to 2021, they, along with Hispanic adults, are more likely to be in the lower-income tier than are White or Asian adults. About 40% of both Black and Hispanic adults were lower income in 2021, compared with 24% of White adults and 22% of Asian adults.

Black adults are the only major racial and ethnic group that did not experience a decrease in its middle-class share, which stood at 47% in 2021, about the same as in 1971. White adults are the only group in which more than half (52%) lived in middle-class households in 2021, albeit after declining from 63% in 1971. At the top end, only about one-in-ten Black and Hispanic adults were upper income in 2021, compared with one-in-four or more White and Asian adults.

The relative economic status of men and women has changed little from 1971 to 2021. Both experienced similar percentage point increases in the shares in the lower- and upper-income tiers, and both saw double-digit decreases in the shares who are middle class. Women remained more likely than men to live in lower-income households in 2021 (31% vs. 26%).

Adults 65 and older continue to lag economically, despite decades of progress. The share of adults ages 65 and older in the lower-income tier fell from 54% in 1971 to 37% in 2021. Their share in the middle class rose from 39% to 47% and their share in the upper-income tier increased from 7% to 16%. However, adults 65 and older are the only age group in which more than one-in-three adults are in lower-income households, and they are much less likely than adults ages 30 to 44 – as well as those ages 45 to 64 – to be in the upper-income tier.

All other age groups experienced an increase in the shares who are lower income from 1971 to 2021, as well as a decrease in the shares who are middle income. But they also saw increases in the shares who are upper income. Among adults ages 30 to 44, for instance, the share in upper-income households almost doubled, from 12% in 1971 to 21% in 2021.

There is a sizable and growing income gap between adults with a bachelor’s degree and those with lower levels of education. In 2021, about four-in-ten adults with at least a bachelor’s degree (39%) were in the upper-income tier, compared with 16% or less among those without a bachelor’s degree. The share of adults in the upper-income tier with at least a bachelor’s degree edged up from 1971 to 2021, while the share without a bachelor’s degree either edged down or held constant.

About half or a little more of adults with either some college education or a high school diploma only were in the middle class in 2021. But these two groups, along with those with less than a high school education, experienced notable drops in their middle class shares from 1971 to 2021 – and notable increases in the shares in the lower-income tier. In 2021, about four-in-ten adults with only a high school diploma or its equivalent (39%) were in the lower-income tier, about double the share in 1971.

Note: Here is the methodology for this analysis.

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Is UW-Madison in Decline?

Junjie Guo, Kim Ruhl and Ananth Seshadri

Executive Summary:

The third white paper in the series presents a time series of undergraduate and graduate rankings of UW-Madison. While UW-Madison’s ranking among America’s best colleges dropped significantly, from a high of 31 in 2003 to a low of 49 in 2019, it bounced back to 35 in 2024. Unfortunately, the rankings of most graduate programs at UW-Madison declined without experiencing a similar recovery.

Read White Paper #3

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UGC announces that 4-year degree holders can now directly appear for NET and pursue PhD in any subject

The University Grants Commission (UGC) has announced significant changes allowing students with 4-year undergraduate degrees to directly appear for the National Eligibility Test (NET). Additionally, those with 75% aggregate marks or equivalent grades can now directly pursue a PhD.

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