phd in economics or mba

MBA vs PhD – Which advanced degree is better?

In the ever-evolving professional landscape, the pursuit of higher education remains a popular route to advance your career.

But with numerous options available, how do you choose between an MBA and a PhD?

In this blog post, we dive into the unique benefits and opportunities that each of these advanced degrees offers.

From the practical business acumen and leadership skills gained in an MBA program to the deep expertise and research contributions made by PhD holders, the choice ultimately hinges on your long-term goals and personal ambitions.

We’ll explore these two distinct paths, and learn how to make the best decision for your future success.

MBA VS PHD – the debate

A quick summary of a PhD vs MBA:

What Does a PhD Get You? Pros and Cons

A PhD, the highest academic degree achievable, can open numerous doors in the job market, enabling graduates to advance in their careers.

Unlike an MBA, which primarily focuses on corporate and management aspects, a PhD offers expertise in a specific field through rigorous research and study.

As a PhD student, your goal is to contribute new knowledge to your field, be it economics, finance, accounting, or any other discipline, by crafting a thesis that contains original research.

Through the PhD program, you not only earn a valuable qualification but also gain opportunities to publish your work and present at conferences.

These activities can enhance your reputation, making you more desirable to potential employers. The salary of a PhD holder often surpasses that of someone with only an undergraduate degree, as their expertise is in high demand.

From my personal experience, obtaining a PhD can be challenging yet rewarding. It allowed me to explore my chosen field, chemistry, in depth and opened up new avenues for career growth.

However, it is crucial to consider the potential drawbacks before embarking on this journey.

Pursuing a PhD entails a significant time commitment, typically around 3-4 years, and can be quite expensive, as tuition fees for these programs can be steep.

Acquiring a PhD can provide numerous benefits, including expert knowledge, a higher salary, and opportunities for advancement in your field. However, carefully weighing the pros and cons is necessary to determine if it’s the right path for you.

Should you earn an MBA instead for the business world?

Choosing between an MBA and a PhD is a crucial decision that depends on your career goals and personal preferences. While both are advanced degrees, they offer significantly different paths.

I asked an MBA graduate and this is what they said:

Having experienced the MBA program myself, I can vouch for its practical benefits. An MBA focuses on business acumen and managerial skills, enabling you to climb the corporate ladder more quickly than a PhD. With a two-year duration, it’s a faster route to increasing your earning potential and offers a significant return on investment. Business schools emphasize teamwork, entrepreneurship, and ethics, providing graduates with a well-rounded skill set for the business world.

On the other hand, a PhD, such as a PhD in economics or any other discipline, is ideal for those passionate about research and academia. It requires several years of dedicated study, with graduates becoming experts in their niche.

PhD holders often pursue careers as researchers, professors, or consultants.

When considering whether to pursue an MBA or a PhD, weigh the pros and cons of each degree and reflect on your long-term career aspirations. Both options can be rewarding, but they cater to different ambitions and provide distinct opportunities in the professional world.

Is an MBA equal to a PhD and doctorate?

An MBA and a PhD are both advanced degrees, but they are not equal due to their differing purposes and career outcomes.

As someone who has interacted with both MBA and PhD graduates, I’ve seen firsthand the unique benefits of each degree.

An MBA is a professional degree, taking one to two years to complete, and equips students with practical business skills.

This degree is popular among those aiming to climb the corporate ladder in industries like finance, marketing, or consulting.

On the other hand, a PhD is a research-focused degree, requiring several years of dedication and original research contributions.

A PhD in economics or other fields often leads to careers in academia or research. PhD programs are highly competitive and demand an intense commitment to writing a dissertation and advancing knowledge in the discipline.

The debate between MBA vs. PhD highlights the significant differences in their focus and career paths.

While both degrees can be obtained at a business school, they cater to different ambitions and provide distinct opportunities. The choice between an MBA or a PhD depends on one’s end goal, work experience, and personal preferences.

So What’s Better, a PhD or MBA?

When considering whether to pursue a PhD or an MBA, it’s essential to evaluate your:

• personal interests,
• career goals,
• financial commitment involved in each degree.

A PhD offers the opportunity to deeply explore a specific subject, contribute to the advancement of knowledge in that field, and establish yourself as an expert.

However, the process is often lengthy and demanding, taking up to five or six years of intense research and dedication.

The payoff might not always be immediate in terms of career prospects, as academia and research can be fiercely competitive arenas.

On the other hand, an MBA equips you with practical business skills and knowledge, often leading to a broader range of job opportunities and potentially higher salaries.

The program’s duration is considerably shorter, usually taking one to two years to complete, and offers a faster return on investment.

An MBA is particularly well-suited for those seeking to climb the corporate ladder, transition into a managerial role, or even launch their own startups.

It’s important to note that some individuals choose to pursue both degrees, combining their research expertise with practical business acumen to excel in various fields.

Does anyone earn both a PhD and an MBA? Why?

Yes, there are indeed individuals who choose to earn both a PhD and an MBA, although this path is less common.

Combining the two degrees can create a unique skill set that is valuable in various fields.

For instance, a PhD holder in a specialized discipline may opt for an MBA to gain practical business skills and a broader understanding of the corporate world, which can be valuable in leadership roles or entrepreneurial endeavors.

Pursuing both degrees also allows for building diverse networks, connecting with professionals in academia and the business world.

Despite the significant time and effort required to obtain both degrees, those who undertake this ambitious path often find themselves well-equipped to navigate multiple career paths and excel in their chosen fields.

MBA vs PhD Career Options

Both advanced degrees can lead to successful careers, but they differ significantly in terms of their focus and job prospects.

An MBA degree, with its emphasis on business administration, prepares graduates for roles such as:

• management consultant,
• marketing manager, or
• finance director.

MBA holders are more likely to climb the corporate ladder quickly and enjoy higher salaries. The MBA program equips students with practical business skills, making them suitable for leadership positions in a wide range of industries.

In contrast, PhDs are more likely to become professors or researchers, with a focus on deepening their expertise in their chosen field. In science that is a very common career goal. 

While the earning potential for PhD holders may not be as high as for those with an MBA, they often find fulfillment in their academic pursuits.

Getting an MBA might be the better option for those eager to advance quickly in the corporate world and who possess a strong passion for business. 

On the other hand, getting a PhD might be more suitable for those who wish to delve into research and contribute to academia.

Wrapping Up

The decision between pursuing an MBA or a PhD is a highly personal one, hinging on individual career goals, personal interests, and the level of time and financial commitment one is willing to make. Both advanced degrees offer unique benefits and opportunities, but they cater to different career paths and ambitions.

An MBA is an ideal choice for those seeking to climb the corporate ladder swiftly, transition into management roles, or launch their own businesses. With a focus on practical business skills, MBA graduates find themselves well-prepared for leadership positions across various industries.

On the other hand, a PhD is geared towards those passionate about research and academia, providing an opportunity to become an expert in a specific field and contribute to the advancement of knowledge. While the journey may be more demanding and time-consuming, the satisfaction of making an impact in one’s chosen discipline can be deeply rewarding.

The best choice depends on your long-term goals, professional aspirations, and personal preferences. Reflecting on these factors, researching each degree thoroughly, and seeking advice from professionals and peers can help you make an informed decision that aligns with your ambitions and aspirations. Whichever path you choose, both an MBA and a PhD can be instrumental in unlocking a world of possibilities and shaping your future career.

Dr Andrew Stapleton has a Masters and PhD in Chemistry from the UK and Australia. He has many years of research experience and has worked as a Postdoctoral Fellow and Associate at a number of Universities. Although having secured funding for his own research, he left academia to help others with his YouTube channel all about the inner workings of academia and how to make it work for you.

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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. 

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

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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.

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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. 

The Complete Guide to Getting Into an Economics Ph.D. Program

Math challenged? Never taken an econ class? Don't worry about it. There's hope for you yet.

Back in May, Noah wrote about the amazingly good deal that is the PhD in economics. Why? Because:

• You get a job.
• You get autonomy.
• You get intellectual fulfillment.
• The risk is low.
• Unlike an MBA, law, or medical degree, you don't have to worry about paying the sticker price for an econ PhD: After the first year, most schools will give you teaching assistant positions that will pay for the next several years of graduate study, and some schools will take care of your tuition and expenses even in the first year.

Of course, such a good deal won't last long now that the story is out, so you need to act fast! Since he wrote his post , Noah has received a large number of emails asking the obvious follow-up question: "How do I get into an econ PhD program?" And Miles has been asked the same thing many times by undergraduates and other students at the University of Michigan. So here, we present together our guide for how to break into the academic Elysium called Econ Ph.D. Land:

(Note: This guide is mainly directed toward native English speakers, or those from countries whose graduate students are typically fluent in English, such as India and most European countries. Almost all highly ranked graduate programs teach economics in English, and we find that students learn the subtle non-mathematical skills in economics better if English is second nature. If your nationality will make admissions committees wonder about your English skills, you can either get your bachelor's degree at a -- possibly foreign -- college or university where almost all classes are taught in English, or you will have to compensate by being better on other dimensions. On the bright side, if you are a native English speaker, or from a country whose graduate students are typically fluent in English, you are already ahead in your quest to get into an economics Ph.D. program.)

Here is the not-very-surprising list of things that will help you get into a good econ Ph.D. program:

• good grades, especially in whatever math and economics classes you take,
• a good score on the math GRE,
• some math classes and a statistics class on your transcript,
• research experience, and definitely at least one letter of recommendation from a researcher,
• a demonstrable interest in the field of economics.

Chances are, if you're asking for advice, you probably feel unprepared in one of two ways. Either you don't have a sterling math background, or you have quantitative skills but are new to the field of econ. Fortunately, we have advice for both types of applicant.

If You're Weak in Math... Fortunately, if you're weak in math, we have good news: Math is something you can learn . That may sound like a crazy claim to most Americans, who are raised to believe that math ability is in the genes. It may even sound like arrogance coming from two people who have never had to struggle with math. But we've both taught people math for many years, and we really believe that it's true. Genes help a bit, but math is like a foreign language or a sport: effort will result in skill.

Here are the math classes you absolutely should take to get into a good econ program:

• Linear algebra
• Multivariable calculus

Here are the classes you should take, but can probably get away with studying on your own:

• Ordinary differential equations
• Real analysis

Linear algebra (matrices, vectors, and all that) is something that you'll use all the time in econ, especially when doing work on a computer. Multivariable calculus also will be used a lot. And stats of course is absolutely key to almost everything economists do. Differential equations are something you will use once in a while. And real analysis -- by far the hardest subject of the five -- is something that you will probably never use in real econ research, but which the economics field has decided to use as a sort of general intelligence signaling device.

If you took some math classes but didn't do very well, don't worry. Retake the classes. If you are worried about how that will look on your transcript, take the class the first time "off the books" at a different college (many community colleges have calculus classes) or online. Or if you have already gotten a bad grade, take it a second time off the books and then a third time for your transcript. If you work hard, every time you take the class you'll do better. You will learn the math and be able to prove it by the grade you get. Not only will this help you get into an econ Ph.D. program, once you get in, you'll breeze through parts of grad school that would otherwise be agony.

Here's another useful tip: Get a book and study math on your own before taking the corresponding class for a grade. Reading math on your own is something you're going to have to get used to doing in grad school anyway (especially during your dissertation!), so it's good to get used to it now. Beyond course-related books, you can either pick up a subject-specific book (Miles learned much of his math from studying books in the Schaum's outline series ), or get a "math for economists" book; regarding the latter, Miles recommends Mathematics for Economists by Simon and Blume, while Noah swears by Mathematical Methods and Models for Economists by de la Fuente. When you study on your own, the most important thing is to work through a bunch of problems . That will give you practice for test-taking, and will be more interesting than just reading through derivations.

This will take some time, of course. That's OK. That's what summer is for (right?). If you're late in your college career, you can always take a fifth year, do a gap year, etc.

When you get to grad school, you will have to take an intensive math course called "math camp" that will take up a good part of your summer. For how to get through math camp itself, see this guide by Jérémie Cohen-Setton .

One more piece of advice for the math-challenged: Be a research assistant on something non-mathy. There are lots of economists doing relatively simple empirical work that requires only some basic statistics knowledge and the ability to use software like Stata. There are more and more experimental economists around, who are always looking for research assistants. Go find a prof and get involved! (If you are still in high school or otherwise haven't yet chosen a college, you might want to choose one where some of the professors do experiments and so need research assistants -- something that is easy to figure out by studying professors' websites carefully, or by asking about it when you visit the college.)

If You're New to Econ... If you're a disillusioned physicist, a bored biostatistician, or a neuroscientist looking to escape that evil Principal Investigator, don't worry: An econ background is not necessary . A lot of the best economists started out in other fields, while a lot of undergrad econ majors are headed for MBAs or jobs in banks. Econ Ph.D. programs know this. They will probably not mind if you have never taken an econ class.

That said, you may still want to take an econ class, just to verify that you actually like the subject, to start thinking about econ, and to prepare yourself for the concepts you'll encounter. If you feel like doing this, you can probably skip Econ 101 and 102, and head straight for an Intermediate Micro or Intermediate Macro class.

Another good thing is to read through an econ textbook. Although economics at the Ph.D. level is mostly about the math and statistics and computer modeling (hopefully getting back to the real world somewhere along the way when you do your own research), you may also want to get the flavor of the less mathy parts of economics from one of the well-written lower-level textbooks (either one by Paul Krugman and Robin Wells , Greg Mankiw , or Tyler Cowen and Alex Tabarrok ) and maybe one at a bit higher level as well, such as David Weil's excellent book on economic growth ) or Varian's Intermediate Microeconomics .

Remember to take a statistics class, if you haven't already. Some technical fields don't require statistics, so you may have missed this one. But to econ Ph.D. programs, this will be a gaping hole in your resume. Go take stats!

One more thing you can do is research with an economist. Fortunately, economists are generally extremely welcoming to undergrad research assistants from outside econ, who often bring extra skills. You'll get great experience working with data if you don't have it already. It'll help you come up with some research ideas to put in your application essays. And of course, you'll get another all-important letter of recommendation.

And now for...

General Tips for Everyone Here is the most important tip for everyone: Don't just apply to "top" schools . For some degrees -- an MBA for example -- people question whether it's worthwhile to go to a non-top school. But for econ departments, there's no question. Both Miles and Noah have marveled at the number of smart people working at non-top schools. That includes some well-known bloggers, by the way--Tyler Cowen teaches at George Mason University (ranked 64th ), Mark Thoma teaches at the University of Oregon (ranked 56th ), and Scott Sumner teaches at Bentley, for example. Additionally, a flood of new international students is expanding the supply of quality students. That means that the number of high-quality schools is increasing; tomorrow's top 20 will be like today's top 10, and tomorrow's top 100 will be like today's top 50.

Apply to schools outside of the top 20 -- any school in the top 100 is worth considering, especially if it is strong in areas you are interested in. If your classmates aren't as elite as you would like, that just means that you will get more attention from the professors, who almost all came out of top programs themselves. When Noah said in his earlier post that econ Ph.D. students are virtually guaranteed to get jobs in an econ-related field, that applied to schools far down in the ranking. Everyone participates in the legendary centrally managed econ job market . Very few people ever fall through the cracks.

Next -- and this should go without saying -- don't be afraid to retake the GRE. If you want to get into a top 10 school, you probably need a perfect or near-perfect score on the math portion of the GRE. For schools lower down the rankings, a good GRE math score is still important. Fortunately, the GRE math section is relatively simple to study for -- there are only a finite number of topics covered, and with a little work you can "overlearn" all of them, so you can do them even under time pressure and when you are nervous. In any case, you can keep retaking the test until you get a good score (especially if the early tries are practice tests from the GRE prep books and prep software), and then you're OK!

Here's one thing that may surprise you: Getting an econ master's degree alone won't help. Although master's degrees in economics are common among international students who apply to econ PhD programs, American applicants do just fine without a master's degree on their record. If you want that extra diploma, realize that once you are in a PhD program, you will get a master's degree automatically after two years. And if you end up dropping out of the PhD program, that master's degree will be worth more than a stand-alone master's would.

For getting into grad school, much more valuable than a master's is a stint as a research assistant in the Federal Reserve System or at a think tank -- though these days, such positions can often be as hard to get into as a Ph.D. program!

Finally -- and if you're reading this, chances are you're already doing this -- read some econ blogs. (See Miles's speculations about the future of the econ blogosphere here .) Econ blogs are no substitute for econ classes, but they're a great complement. Blogs are good for picking up the lingo of academic economists, and learning to think like an economist. Don't be afraid to write a blog either, even if no one ever reads it (you don't have to be writing at the same level as Evan Soltas or Yichuan Wang ); you can still put it on your CV, or just practice writing down your thoughts. And when you write your dissertation, and do research later on in your career, you are going to have to think for yourself outside the context of a class. One way to practice thinking critically is by critiquing others' blog posts, at least in your head.

Anyway, if you want to have intellectual stimulation and good work-life balance, and a near-guarantee of a well-paying job in your field of interest, an econ PhD could be just the thing for you. Don't be scared of the math and the jargon. We'd love to have you.

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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.

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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.

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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, battling the coronavirus ‘infodemic’ among social media users in kenya and nigeria, using wasserstein generative adversarial networks for the design of monte carlo simulations, adaptive novelty detection with false discovery rate guarantee, 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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Academic Rigor, Real-World Relevance

When you study at the undergraduate level, you are introduced to a field and gradually become aware of its unexpected nuances and complexities. At the doctoral level, you acquire an intellectual framework that allows you to embrace and accommodate that complexity as you strive to make sense of the world. As you progress, your novel insights help others make sense of the world as well. When that occurs, you are contributing to knowledge. Doctoral study is rigorous and immersive—but it is rewarding.

In the Kellogg PhD program, you will master an academic discipline—economics, psychology, sociology, operations research, or data science—and apply that mastery to real world problems facing managers and policy makers. This discipline-based approach prepares you to challenge conventional wisdom with new ideas, models, and empirical findings that have enduring impact on businesses, organizations, and communities. After leaving Kellogg, you can look forward to a career leading and inspiring others through teaching and research.

• Kellogg’s distinguished faculty includes trailblazing scholars whose research has redefined the study of management and has set a standard for new ideas and innovation. Currently there are 139 tenure-track, research-based faculty, of whom 68 hold endowed chairs. The faculty’s commitment to scholarly inquiry is evidenced by the school’s many research centers, as well as by sustained scholarly output. Their work is published in peer-reviewed journals , and many Kellogg professors serve in editorial positions at leading research journals.  The Kellogg faculty is deeply committed to PhD education. Within the past five years, over 60 different faculty have served on at least 3 PhD dissertation committees, and a phenomenal 26 faculty have chaired at least 2 committees!
• Kellogg faculty carefully balance their dedication to research with their commitment to teaching and mentoring PhD students, recognizing that both activities contribute to the quality of the education our students receive. The richness of the curriculum within this collegial environment encourages close working relationships between students and faculty across disciplines. We believe that this approach helps magnify our students' insights and perspectives as they are exposed to new ideas, possible thesis topics, and avenues of research. Collaboration does not stop at the walls of academia. As a world-class business school, Kellogg also offers tremendous opportunities to connect to real businesses, government organizations, and NGOs, which can translate into ideas and data for research. And Kellogg will provide you with the resources you need for data acquisition, technical support, research labs, and field study, so that you can turn your research ideas into reality.

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MBA vs PhD in Economics

Read a summary or generate practice questions using the INOMICS AI tool

Every year thousands of economics students decide to continue education, either straight away after graduation or after a year or two of “real world” work experience. Often at this point comes the question: should I pursue a PhD or enroll in a Master of Business Administration program?

MBA and PhD programs have the potential to transform your career. A PhD allows you to become a professor and pursue a lifetime of research while an MBA can open up job opportunities at the top of business and drastically increase your salary expectations. No wonder it’s a difficult decision for many people.

INOMICS as the leading career website for economists wants to help you make the right decision. Therefore, we are going to run through the key factors in this decision: career direction, requirements and cost. For a quick overview check out our video on just this topic!

Requirements

Most Master of Business Administration programs require that you have at least two years of work experience. PhD programs meanwhile normally require that you have already attained a master’s degree or have an exceptional bachelor transcript.

Obviously, your academic past will shape your choice between a doctorate and an MBA. A good tip is to read some actual MBA and PhD program overviews and their requirements. Transform a theoretical question into a practical choice. You can find hundreds or the latest MBA and PhD course right here on the INOMICS website.

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Career Direction

The key question is what ultimate career direction do you want to go in? Ask yourself this question, would you like to end up working in academia or as a researcher? If the answer is yes, then you should start by looking at PhDs. A doctorate is a pre-requisite for nearly all academic jobs. If no, then an MBA or another career training opportunity will be the better choice.

Taking a PhD can be a demanding process. It takes years of hard work with little immediate financial reward. You need to love doing research and have a genuine interest in what you are studying. If you are looking at a PhD purely in terms of future salary maximisation then best look elsewhere. There are a number of pros and cons to a career in research .

But there is more to life than amassing every last dollar, right? Harder to quantify factors such as job satisfaction and independence are often cited as pros of taking an academic route. Also, bear in mind your preference can change overtime. There are job opportunities outside of academia where having a PhD is a plus. Our advice is simply that if your end goal is to work outside academia then a PhD is typically not the best route to take.

MBA programs are designed specifically to teach you about how businesses work and set you up to thrive at the top level of business. They are focused on practical skills and knowledge and often involve group work to mimic the cooperation required by many businesses. On a reputable MBA program, the networking with other students and alumni can often be more important for opening up new and well-paid career paths than the teaching itself. If your goal is to work at the top end of the business world then an MBA is the better choice.

MBA programs are normally very expensive, however. Unlike most PhD programs where funding is often provided, there are few scholarships or funding options available for MBA's aside from expensive private loans. An MBA should be viewed as an investment. How risky that investment is depends on the quality of the MBA program. Check out the quality of the school and the career prospects of graduates before proceeding.

Both MBA and PhD programs involve a degree of risk. Either financial, in time or both. Remember, you might be able to reach your career goal without committing years of your life and potentially loads of cash on an MBA or PhD. There are always  additional courses to improve your prospects in a career in economics . Make sure you consider other routes before committing to either a PhD or MBA. If you plan to start your PhD application this autumn, download our free guide " How to successfully apply to a PhD in Economics "

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Is it Possible to Get My PhD After My MBA?

In academia, numerous accomplishments can be achieved. You can earn a dual degree and have expertise in multiple fields, or further your career potential by going back to school . But what about progressing from an MBA to a PhD? 

In regards to higher education, many consider earning a PhD, or doctorate degree, the pinnacle of success. Usually, due to passion for a particular industry or subject, a PhD candidate will spend years of rigorous research to unpack its intricacies and become a leading expert in the field.  At the end of their studies, they are able to finally see their work come to fruition when they receive their doctorate and join alongside other scholars. However, is it typical for an MBA graduate to move onto pursuing their PhD? And is there a specific purpose? Are there different types of PhD programs? What is the difference between a PhD and DBA?

To answer the budding question: yes, you can pursue your PhD after earning your MBA, and choosing to earn a doctorate is entirely up to you and your aspirations. To help you better understand if getting a PhD is the right choice, we look at the path an MBA graduate can take to earn their PhD, one of the higher purposes of a doctorate, and the different types of academic programs. 

What is a PhD, and What is it Used For? 

By definition, a PhD is a Doctor of Philosophy in a particular discipline, which is why it's also referred to as a doctorate. This focus is typically for individuals highly passionate about a specific subject matter, driven by the pursuit to understand it better through rigorous research. A majority of students seeking their PhD are eager researchers, although there are always exceptions, and each carries out years of highly intensive research to conclude their original thesis and earn their doctorate. 

In terms of translating your education into a career, a doctorate can be used in a plethora of fields, especially if one’s thesis is around a wider subject matter and can be a discipline applied to various industries (take organizational development, for example). For those who are passionate about a career in research, a doctoral degree is a perfect fit. Possibly the most popular field for those with a doctorate is a fruitful career in academia, teaching their subject matter to others interested in the same area. Many graduates become faculty members at business schools upon completing their PhD and provide their expertise to their students. Regardless of which industry you choose, you can be assured that a PhD will provide you with numerous opportunities. 

How Long Does it Take to Progress from an MBA to PhD?

The timeframe for earning your PhD can vary depending on program and location. Many countries have varying timelines of how long the completion of a doctoral program will take. In the United States, the average is around 4-5 years of completion after receiving your Master of Business Administration. 

Do You Need an MBA to Get a PhD?

To be accepted into a doctoral program, you must have a master’s degree. It does not have to be a Master of Business Administration, but it does need to be a master’s of some form. Depending on your area of specialization, it could be advantageous to earn your MBA in pursuit of a PhD if you are planning to embark on a career in business upon completion of your doctorate. Additionally, one important aspect to consider is the program itself. It is important to look into a program’s requirements before applying to meet the eligibility criteria. 

The Difference Between a DBA and a PhD 

For those specifically interested in a career in business, a Doctor of Business Administration (DBA) is a highly beneficial doctoral program. A DBA focuses on a broader spectrum of business disciplines, dedicating research toward multiple corporate facets, and practical implementation. On the contrary, a PhD narrows into a specific area of discipline and research, emphasizing theory, and it’s potential implications. While both are heavily centered around research and implementation, a DBA sets business executives and leaders on a path to discover new possibilities for their organizations and businesses. In a way, it allows established business professionals to “trailblaze” the way for new and innovative ideas that can disrupt the market and set a precedent for the future of business.

Get Your MBA or DBA at Pepperdine Graziadio Business School

At Pepperdine Graziadio, we proudly offer degrees to accommodate business professionals at any stage of their lives and careers. Our full and part-time MBA programs are designed to prepare candidates for a successful career in values-based business leadership. All of our MBA programs offer a personalized learning approach executed by our world-class faculty. Each program is characterized by its top-ranked business curriculum that can be coupled with an academic concentration. 

Our Executive Doctor of Business Administration (DBA) program has been carefully designed for the tenured business leader looking to drive groundbreaking innovations. This rigorous program allows candidates to gain in-depth knowledge and finetune their expertise through applied research. Also, executives enjoy learning alongside changemakers in various industries and participating in exclusive opportunities available only to DBA candidates.

Learn more about which programs fit your career aspirations and academic interests.

Learn more about how to achieve your career goals with a degree from Pepperdine Graziadio Business School.

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MBA vs. Master’s in Finance or Economics: The Main Differences

Daniel has 10+ years of experience reporting on investments and personal finance for outlets like AARP Bulletin and Exceptional magazine, in addition to being a column writer for Fatherly.

Katie Miller is a consumer financial services expert. She worked for almost two decades as an executive, leading multi-billion dollar mortgage, credit card, and savings portfolios with operations worldwide and a unique focus on the consumer. Her mortgage expertise was honed post-2008 crisis as she implemented the significant changes resulting from Dodd-Frank required regulations.

MBA vs. Master’s in Finance or Economics: An Overview

For many individuals looking to advance their careers in business, earning a master of business administration (MBA) degree may seem like an obvious way to get ahead. But if you work in the world of finance or economics, getting a specialized degree might be a better alternative.

Both MBA and non-MBA programs have specific pros and cons, so it is essential to evaluate your long-term goals before choosing which route to take. It comes down to figuring out the types of skills you are trying to get and what job you see yourself pursuing.

Key Takeaways

• MBAs are more expensive to obtain than a master's in finance or economics.
• MBA programs are broader, while master's programs in economics and finance are deeper.
• A master's in finance or economics typically requires a stronger background in mathematics.
• Median salaries may be higher for MBAs, depending on the job.

Master of Business Administration (MBA)

Professionals often get a master of business administration (MBA) degree after spending a few years in the workforce. In fact, some MBA programs require that you have practical work experience before admission.

An MBA will cover finance and economics, but it will also include other business subjects. Nearly all advanced degrees in business are going to require solid math skills. However, MBA classes require much less abstract mathematical theory than graduate classes in economics and finance. Working knowledge of algebra is often sufficient for success in an MBA program.

Many employers prefer job candidates whose education encompasses the bigger picture, and an MBA certainly fits that bill. You may find a benefit in learning about a broad range of disciplines, from marketing to accounting and information systems. In a typical MBA program, students get exposure to all of these areas. In the process, they gain an understanding of how different parts of an organization relate to one another.

Earning an MBA can be expensive . If you want to attend a top-tier school, plan on spending over $100,000 to $200,000 for two years. Smaller private schools and even state universities are generally less expensive.

A 2023 survey by the Graduate Management Admission Council found that MBA recipients were expected to see a salary increase in 2023 whereas recipients of other business-related master's degrees were not. MBA grads earned a median starting salary of $115,000 in 2022, compared to $65,000 for those with a master's degree in finance. MBA graduates could work in the technology sector or for financial firms. They may also find positions in sales and marketing for product and service companies or at consulting firms.

Master's in Finance or Economics

Pursuing a master's degree in finance means taking a deep dive into topics such as investment analysis, corporate finance, forecasting, or risk analysis. In an economics master's program, you can expect to take on microeconomics, macroeconomics, and econometrics . These more focused programs tend to attract students who are particularly strong in quantitative analysis and critical thinking.

Specialized programs do have some significant advantages compared to MBAs. For starters, graduates develop specific skill sets. That can make them more attractive to employers looking for experts in a particular field or subject.

The cost of getting an advanced degree in economics or finance varies depending on the educational institution. However, it is generally much lower than the price of an MBA. According to 2021 data from The National Center for Education Statistics, graduate degrees can cost on average from about $10,000 to $30,000 and up per year. Private universities are usually more expensive than public universities.

On the other hand, classes in economics and finance often require taking extensive prerequisites in mathematics. For example, graduate-level economics students usually must take courses in differential calculus, integral calculus, and statistics before being admitted to the program. Furthermore, top universities prefer applicants who complete classes in linear algebra, multivariate calculus, and real analysis.

Many finance graduates go on to work at major corporations, global banks, and mutual fund companies. Economics majors often work in the private sector, but they may also enter academia or go into research roles after receiving a master's degree

Special Considerations

If you plan on working in the realm of investments, there’s something else you might want to consider when choosing a graduate program. Many of the professionals in this field go on to earn the chartered financial analyst ( CFA ) credential. CFAs must demonstrate competence in areas such as accounting, ethics, money management, and securities analysis.

Some MBA programs help prepare you for a CFA designation, especially those with concentrations in finance.

Finance professionals can make their road a bit smoother by choosing a master’s program that incorporates much of the content for the CFA exam. That reduces the amount of preparation they’ll have to do later. A list of graduate programs recognized by the CFA Institute is available on the organization’s website . Many of the programs affiliated with the CFA Institute are aimed toward a master's degree in finance.

Work Experience

Even if you obtain a specialized degree, companies are likely to look for some relevant work experience. It often pays to work for at least a couple years after earning an undergraduate degree, rather than rushing headlong into a graduate program.

How Hard Is it to Get an MBA?

Earning masters of business administration (MBA) is considered challenging. In many cases, you will need to land a job first with a company to get experience before pursuing your MBA. MBA degrees are also expensive, costing tens of thousands of dollars or more.

How Long Does it Take to Earn a Master's Degree in Finance?

Like many masters degrees, a master's degree in finance typically takes about two years, but it may take longer depending on your course loads. Some colleges offer accelerated programs that allow you to get a master's degree in finance sooner than two years.

What Can You Do With a Master's in Economics?

If you have a master's degree in economics, you may pursue many types of careers. You could work for private companies, non-profits, or the government. For example, you could work in for an insurance company or become a college professor.

The Bottom Line

The right degree for you will depend on many different factors, including your desired career trajectory, your budget, and your available time, among other factors. In general, the difference between and MBA and a master's degree in finance or economics is that your earning potential tends to be significantly higher with an MBA. However jobs that require an MBA are generally very demanding.

Harvard. " Annual Cost of Attendance ."

Graduate Management Admission Council. " 2023 Corporate Recruiters Survey GMAC ."

National Center for Education Statistics. " Average and Percentiles of Graduate Tuition and Required Fees in Degree-Granting Postsecondary Institutions, by Control of Institution: 1989-90 Through 2020-21 ."

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Calculating ROI: Getting Your Master’s vs. PhD in Economics

No matter what field they study, prospective graduate students should always consider the value of their degree.  As a potential graduate economics student, you’re likely familiar with the term return on investment or ROI — the ratio used to calculate the efficiency of an investment or compare the efficiency of several different investments.

Though there’s no cut-and-dry way to determine the value of a graduate degree , there are some important numbers and factors to consider when determining which degree will be most valuable to you.  

The overall ROI of any graduate degree comes down to:

• the type of job you want,
• the school you attend,
• the degree you pursue,
• your program length
• and available financial assistance.

Want to know more about graduate funding opportunities at SMU? Learn how the Moody School of Graduate and Advanced Studies is reducing financial barriers to earning a graduate degree thanks to a $100 million commitment from the Moody Foundation. 

PhD in Economics Salary

The most important factor to consider first is the type of job you want. Most of the time, a Master’s degree opens the door to more advanced positions in the same types of jobs you can get with a Bachelor's degree. But, a PhD opens the door to jobs in the private sector, academia, government, think tanks and international organizations. Remember, on average, a PhD economist has a 34% higher salary than a Master’s economist.

Next, you need to consider cost. Economics PhD students, including our SMU students, have a full tuition waiver and a stipend to cover living costs. So, the only cost is lost wages from the job you would otherwise have. On the other hand, an Economics Masters's degree takes 2 years or less but the average cost of a master’s degree in the U.S. is $66,340.

You need to weigh up these costs and benefits to know the return on investment for you of pursuing an advanced degree in economics. 

What Can I Do with a PhD in Economics?

Earning a PhD in Economics means you have completed the highest level of education in the discipline, thereby creating nearly unlimited opportunities for any job in a related field. 

Economics PhDs specialize in areas like labor economics, macroeconomics,  industrial organization, or international economics and pursue careers within that specialization. For example, institutions like the World Trade Organization (WTO) — the international trade body —  the International Monetary Fund (IMF) or the World Bank might seek to hire economists who have specialized in international economics.

• The Federal Reserve Bank system hires lots of PhD macroeconomists.
• Government agencies like the Federal Trade Commission hire PhD economists specializing in industrial organization.
• The Census Bureau hires lots of PhD economists specializing in fields like labor economics.

These complex, high-profile positions are often found in the corporate sector or government and frequently involve exploring regulatory, strategic or public policies.

In addition to jobs in government and industry, academic economists play leading roles in the development of new ideas in economics and hold faculty positions in a variety of academic settings.

Explore Economics at SMU

The Department of Economics at Southern Methodist University (SMU) is highly ranked among economics departments in the United States and offers comprehensive coverage of the major fields in modern economics. For more than 55 years the department has prepared PhD candidates for careers as economists in both academic and non-academic positions.

Ready to find out what you can do with a PhD in Economics?

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MS in Economics vs Finance vs MBA: Which is Right For You?

Industry Advice Business

If you’re currently considering pursuing a graduate degree in the realm of business or finance, you probably have some questions. In addition to wondering whether or not earning a master’s is worth it ( spoiler alert: it is ), you may also be considering several different degrees to determine which will best help you achieve your goals.

Three degrees that are often considered in tandem include:

Master of Science in Economics

Master of science in finance, master of business administration (mba).

While, at first glance, these degrees appear similar, they do differ in several significant ways. These distinctions make each of the degrees better suited for certain individuals, depending on their specific interests and career goals.

Below, we explore each of these degrees and offer several tips to help you make the right selection.

Generally speaking, economics is a discipline that focuses primarily on the “big picture” of human behavior, including how that behavior influences labor, resource, and investment allocations. While economics is related to finance and often deals with financial topics, economics professionals focus less granularly on areas that are of the greatest interest to finance professionals. In some regards, economics has historically been seen as a theoretical field, but this perception is changing.

Some of the most in-demand economics-related careers include:

• Securities Trader
• Financial Manager
• Business or Financial Lawyer
• Management Consultant
• Budget and Pricing Analyst

Typically, a relevant master’s degree, such as a Master of Science in Economics , is a prerequisite to working in these roles. This degree is designed to provide students with a broad but profound understanding of economic theory, quantitative methods, and economic analysis that will guide their careers. 

At Northeastern, the Master of Science in Economics is designed as a terminal graduate degree for those wishing to work as professional economists, economic consultants, and government officials. The degree also provides a strong foundation for those interested in pursuing a PhD in Economics. The program concentrates on the real-world application of economic theory. By incorporating paid co-ops into the curriculum, students have the opportunity to gain hands-on experience and put their education into immediate practice.

Advance Your Career with a Master’s in Economics

Combine theory with practice to prepare for a career contributing to social, economic, and environmental change.

EXPLORE THE PROGRAM

While economics focuses broadly on a government’s approach to money, spending, and resources, the finance field concentrates on how individual people and companies manage money. Because this occurs within the broader economic context, financial professionals must still be familiar with economic theory and practice, but their day-to-day focus is typically on more granular issues of budgeting, cash-flow, and business development.

Some of the most popular finance jobs include:

• Chief Financial Officer (CFO)
• Financial Analyst
• Internal Auditor
• Insurance Underwriter

While a graduate degree is not strictly a requirement, earning a relevant master’s degree (such as a Master of Science in Finance )  can make career advancement more likely, as it implies a certain level of expertise necessary to perform these jobs well. Though the specifics of such a degree will depend on the program that you enroll in, they tend to blend together economics, mathematics, and computer science along with financial theory and application.

At Northeastern, the Master of Science in Finance is designed to prepare students for new and emerging positions in the financial industry, including those which require FinTech experience and analytical capabilities. In addition, the curriculum pushes students to develop important “soft” or “human” skills such as effective communication and leadership to empower them to be more productive in their roles. This coursework is also designed to prepare students for a Chartered Financial Analyst (CFA) designation, should they choose to pursue it.

Though many professionals consider an MBA alongside degrees like those discussed above, an MBA provides a much different focus of study. This degree offers students a broad exposure to the concepts and mechanics of running a business. While this typically includes some financial and economic concepts, the program also incorporates courses such as marketing, strategic decision making, management, organizational behavior, innovation, and more.

As such, earning an MBA tends to make more sense for aspiring entrepreneurs or professionals who are interested in moving into management and leadership positions within an organization.

How to Choose the Right Degree for You

If you are unsure which of the three degrees is the right one for you, the following two questions can help.

1. Consider your interests.

While a Master of Science in Economics, Master of Science in Finance, and Master of Business Administration do contain some overlap in subject matter, each degree is geared specifically toward individuals with different interests. Ideally, the degree you choose will be one that aligns with both your personal and professional interests.

For example:

• If you are interested in the ways in which human behavior impacts labor, resources, investment, and governance, an MS in Economics may be the right degree for you.
• If you are interested in the day-to-day financial operations of a company, including topics such as budgeting, cash-flow, and financial statement analysis, an MS in Finance may be the right degree for you.
• If you are interested in general business administration and would like to learn more about a broader range of what is involved in managing a business, an MBA may be the right degree for you. 

2. What are your career goals?

In addition to your personal interests, it’s important that the degree you choose will help you achieve your career goals. For this reason, it’s helpful to understand which degree employers looking for when they hire for particular positions. 

Both a Master’s in Economics and Master’s in Finance prepare students for positions as individual contributors within an organization; but, it’s important to note that those with an economics background may find they qualify for a greater variety of positions. This is because most economics degrees expose students to issues of policy which can prepare them for careers in government, consulting, and law. Individuals interested in starting their own business or moving up the leadership ranks of their organization, on the other hand, are likely to find that an MBA might better prepare them for that outcome. 

Related: 10 Economics Careers to Power Your Future Related: The Four Most In-Demand Finance Jobs Related: Why Get an MBA? The Benefits & ROI

A Personal Choice

Ultimately, which degree you choose to pursue will be a personal choice centered around your interests and career goals. It’s important to consider where you currently are in your career, as well as where you want to be, and to think about how earning any degree will help you get there. 

Interested in learning more about the degrees discussed in this article? Visit the program pages for Northeastern’s Master of Science in Economics , Master of Science in Finance , and Master of Business Administration (MBA) to learn specific details about curriculum, graduation requirements, and more. 

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What’s the best MBA school? These schools produce the most Fortune 1000 c-suite executives

There are quite literally hundreds of universities around the country that offer one of the most coveted degrees and experiences for aspiring business leaders: the master’s in business administration (MBA). 

While it is true that many global business leaders, such as Mark Zuckerberg, Bill Gates, and Elon Musk, do not hold the degree, for many students, it is still considered a rite of passage toward leading a successful company. Popular executives like Tim Cook, Satya Nadella, and Jamie Dimon are examples of those who do have an MBA (from Duke, UChicago, and Harvard, respectively). 

UNC Kenan-Flagler’s top-ranked online MBA

It may come as a shock that the latter group of leaders is actually in the minority when it comes to top business leaders with MBAs. Recent analysis by Fortune’s education team of all Fortune 1000 companies and their c-suite executives’ educational background found that only about 46% of CEOs, CFOs, and relevant technology leads ( CIO , CTO, or CISO) have the graduate management degree. But for those Fortune 1000 leaders with an MBA , Harvard Business School (HBS), University of Chicago (Booth), and Northwestern University (Kellogg) are the schools producing the most.

When it comes to chief executives in particular, Harvard is the clear leader; nearly 6% of all Fortune 1000 CEOs are alumni from HBS’s MBA program . For financial leaders, UChicago leads; about 4% of all Fortune 1000 CFOs have an MBA from the Booth School of Business .

According to Matt Weinzierl, senior associate dean and chair of the HBS MBA program, one of the reasons the school remains one of the most coveted programs is because students are always wrestling with learning through challenging real world problems, together.

“In an era of pervasive distraction, the immersive HBS case method—which has been at the heart of what we do for over a century—teaches something it’s otherwise very hard to get: what we call higher order skills,” Weinzierl tells Fortune .

Are the M7 still dominant in the business education world?

It is no question that one of the biggest factors in the MBA space is prestige. Graduating from one of the “Magnificent 7” or M7 business schools has historically brought along a sense of clout because of their notoriously rigorous curriculum, expert professors, and competitive admissions process. 

These are the M7 business schools: Harvard Business School Stanford University University of Pennsylvania (Wharton) Columbia Business School Northwestern University (Kellogg) University of Chicago (Booth) MIT (Sloan)

However, an M7 doesn't always necessarily mean success: Among executives with MBAs at Fortune 1000 companies, the  University of Michigan , for example, has more alumni than two M7 schools: Stanford and MIT.

Many of the same students that apply to schools like Michigan are also applying for the traditional M7 schools, but as Sharon Matusik, dean of University of Michigan Ross School of Business says, students’ ultimate choice comes down to where they think they can best achieve their goals.

“We win some, we lose some,” she says—adding that Michigan emphasizes four key areas in its program: excellence, action, impact, and community, which touches on everything from faculty expertise and learning-by-doing to balancing economic and social impact as well as school spirit.

Michigan is just one example that counters the myth that M7 institutes are the be-all and end-all of graduate business education. In fact, of those executives with the degree, 69% of them got it at an institute other than an M7. 

When looking at the top 20 programs, ranked in accordance with Fortune’s list of the best MBA programs , that number drops to 46.30%. This still means over half of the top executives at Fortune 1000 companies are MBA alumni of programs outside the 20 best.

However, there are some notable outliers, such as Washington University in St. Louis (Fortune ranked No. 39), Indian Institute of Management (unranked), Vanderbilt University (No. 26), University of Minnesota (No. 30), and Michigan State University (No. 31), all of which are in the top 20 in terms of number of MBA alumni leading a top company. On the flip side, Yale University , which is ranked No. 4 in Fortune’s ranking, is tied for having only the 43rd most MBA alumni. 

Is an expensive, private school MBA worth it?

According to the U.S. Department of Education , there are slightly more public higher education programs than private nonprofit ones (1,892 versus 1,754 in 2020-2021).

However, historically, many of the schools with the highest academic prestige are private institutions. Case in point, all of the Ivy League and M7 universities are private. 

But as anyone who graduates from a private school will tell you, it is not cheap—whatsoever, especially for a business management education. According to the Education Data Initiative , the average cost of an MBA is $56,850. At Harvard, the initiative predicts the entire cost of a 2-year degree program is $231,276. 

Whether it be prestige, alumni networks, faculty, curriculum, or other factors to credit, private institutions do tend to produce more Fortune 1000 executives with MBAs. In fact, alumni from private schools outpace public schools by double. 

This is not to say an expensive MBA is a requirement to become a business leader; the private school alumni still only make up 1 in 3 of the executives. Moreover, according to data collected by the Wall Street Journal , some of the private institutions, like Harvard, Stanford, and MIT are seeing a growing number of job-seeking graduates who are unable to find roles directly after their program.

What region dominates business school education?

Along with the university itself, one major factor of consideration when picking an MBA program is location. For current Fortune 1000 executives with the degree, an overwhelming majority of them decided to learn on the East Coast. 

Boston, Chicago, and New York are three areas with a large concentration of successful students, which makes sense considering the locations are home to multiple top institutions. However, in many parts of the country, there is clearly a business school education drought. While cities like Austin, St. Louis, and Minneapolis are hubs for business students, cities like Denver, Seattle, and Miami are lacking.

What makes a business school great?

Ultimately, many business school programs have similar offerings: an innovative curriculum, top-notch faculty, immersive learning opportunities, network building, lifelong connections. But, for students, what truly can make their education more impactful than the next is how much effort they put into their learning experience. 

"We talk a lot about what it takes to convert potential into impact, and the short version is ' hard work, with humility, for humanity .' Knowing that you always have more to learn and being willing to put in the work to learn it—especially by listening to others—is at the core of what we do at HBS to help our students achieve their goals and make a difference in the world," explains Weinzierl.

An MBA experience is all about which classes you spend a little extra time studying for, who you seek out to build connections with, and the ideas you take away and apply to your future goals. By and large, Fortune 1000 executives do not become leaders overnight nor do they just get their role handed to them on a silver platter. Hard work pays off.

Thousands of successful business leaders carve their own journeys in the business world. The data speaks for itself. While it may feel like otherwise, obtaining an MBA from an M7 school is the path taken by a relatively low percentage.

The age-old question: Is an MBA worth it?

The short answer is that it all depends on what you want to do and what your goals are. Many executives will tell you that while a graduate-level business education certainly may have helped get them to their current role—it definitely was not the sole reason. However, the universities, at least for one, hope that an MBA will be part of your experience—not only to help you understand and solve some of the most pressing challenges of today, but also so you can later come back and teach the next generation of students the lessons you learned along the way.

“At the end, for prospective students who are looking to make an impact, business, I think, is a really powerful tool that maybe is not obvious to everyone. So hopefully, they'll consider business education in the future,” Matusik says.

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The complete guide to getting into an economics PhD program

Back in May, Noah wrote about the amazingly good deal that is the PhD in economics. Why? Because:

• You get a job.
• You get autonomy.
• You get intellectual fulfillment.
• The risk is low.
• Unlike an MBA, law, or medical degree, you don’t have to worry about paying the sticker price for an econ PhD:  After the first year, most schools will give you teaching assistant positions that will pay for the next several years of graduate study, and some schools will take care of your tuition and expenses even in the first year. (See Miles’s companion post  for more about costs of graduate study and how econ PhD’s future earnings makes it worthwhile, even if you can’t get a full ride.)

Of course, such a good deal won’t last long now that the story is out, so you need to act fast! Since he wrote his post , Noah has received a large number of emails asking the obvious follow-up question: “How do I get into an econ PhD program?” And Miles has been asked the same thing many times by undergraduates and other students at the University of Michigan. So here, we present together our guide for how to break into the academic Elysium called Econ PhD Land:

(Note: This guide is mainly directed toward native English speakers, or those from countries whose graduate students are typically fluent in English, such as India and most European countries. Almost all highly-ranked graduate programs teach economics in English, and we find that students learn the subtle non-mathematical skills in economics better if English is second nature. If your nationality will make admissions committees wonder about your English skills, you can either get your bachelor’s degree at a—possibly foreign—college or university where almost all classes are taught in English, or you will have to compensate by being better on other dimensions. On the bright side, if you are a native English speaker, or from a country whose graduate students are typically fluent in English, you are already ahead in your quest to get into an economics PhD.)

Here is the not-very-surprising list of things that will help you get into a good econ PhD program:

• good grades, especially in whatever math and economics classes you take,
• a good score on the math GRE,
• some math classes and a statistics class on your transcript,
• research experience, and definitely at least one letter of recommendation from a researcher,
• a demonstrable interest in the field of economics.

Chances are, if you’re asking for advice, you probably feel unprepared in one of two ways. Either you don’t have a sterling math background, or you have quantitative skills but are new to the field of econ. Fortunately, we have advice for both types of applicant.

If you’re weak in math…

Fortunately, if you’re weak in math, we have good news:  Math is something you can learn . That may sound like a crazy claim to most Americans, who are raised to believe that math ability is in the genes. It may even sound like arrogance coming from two people who have never had to struggle with math. But we’ve both taught people math for many years, and we really believe that it’s true. Genes help a bit, but math is like a foreign language or a sport: effort will result in skill.

Here are the math classes you absolutely should take to get into a good econ program:

• Linear algebra
• Multivariable calculus

Here are the classes you should take, but can probably get away with studying on your own:

• Ordinary differential equations
• Real analysis

Linear algebra (matrices, vectors, and all that) is something that you’ll use all the time in econ, especially when doing work on a computer. Multivariable calculus also will be used a lot. And stats of course is absolutely key to almost everything economists do. Differential equations are something you will use once in a while. And real analysis—by far the hardest subject of the five—is something that you will probably never use in real econ research, but which the economics field has decided to use as a sort of general intelligence signaling device.

If you took some math classes but didn’t do very well, don’t worry.  Retake the classes . If you are worried about how that will look on your transcript, take the class the first time “off the books” at a different college (many community colleges have calculus classes) or online. Or if you have already gotten a bad grade, take it a second time off the books and then a third time for your transcript. If you work hard, every time you take the class you’ll do better. You will learn the math and be able to prove it by the grade you get. Not only will this help you get into an econ PhD program, once you get in, you’ll breeze through parts of grad school that would otherwise be agony.

Here’s another useful tip:  Get a book and study math on your own before taking the corresponding class for a grade. Reading math on your own is something you’re going to have to get used to doing in grad school anyway (especially during your dissertation!), so it’s good to get used to it now. Beyond course-related books, you can either pick up a subject-specific book (Miles learned much of his math from studying books in the Schaum’s outline series ), or get a “math for economists” book; regarding the latter, Miles recommends Mathematics for Economists  by Simon and Blume, while Noah swears by Mathematical Methods and Models for Economists  by de la Fuente. When you study on your own, the most important thing is to  work through a bunch of problems . That will give you practice for test-taking, and will be more interesting than just reading through derivations.

This will take some time, of course. That’s OK. That’s what summer is for (right?). If you’re late in your college career, you can always take a fifth year, do a gap year, etc.

When you get to grad school, you will have to take an intensive math course called “math camp” that will take up a good part of your summer. For how to get through math camp itself, see this guide by Jérémie Cohen-Setton .

One more piece of advice for the math-challenged:  Be a research assistant on something non-mathy . There are lots of economists doing relatively simple empirical work that requires only some basic statistics knowledge and the ability to use software like Stata. There are more and more experimental economists around, who are always looking for research assistants. Go find a prof and get involved! (If you are still in high school or otherwise haven’t yet chosen a college, you might want to choose one where some of the professors do experiments and so need research assistants—something that is easy to figure out by studying professors’ websites carefully, or by asking about it when you visit the college.)

If you’re new to econ…

If you’re a disillusioned physicist, a bored biostatistician, or a neuroscientist looking to escape that evil  Principal Investigator, don’t worry:  An econ background is not necessary . A lot of the best economists started out in other fields, while a lot of undergrad econ majors are headed for MBAs or jobs in banks. Econ PhD programs know this. They will probably not mind if you have never taken an econ class.

That said, you may still want to  take an econ class , just to verify that you actually like the subject, to start thinking about econ, and to prepare yourself for the concepts you’ll encounter. If you feel like doing this, you can probably skip Econ 101 and 102, and head straight for an Intermediate Micro or Intermediate Macro class.

Another good thing is to  read through an econ textbook . Although economics at the PhD level is mostly about the math and statistics and computer modeling (hopefully getting back to the real world somewhere along the way when you do your own research), you may also want to get the flavor of the less mathy parts of economics from one of the well-written lower-level textbooks (either one by Paul Krugman and Robin Wells , Greg Mankiw , or Tyler Cowen and Alex Tabarrok ) and maybe one at a bit higher level as well, such as David Weil’s excellent book on economic growth ) or Varian’s Intermediate Microeconomics .

Remember to take a statistics class , if you haven’t already. Some technical fields don’t require statistics, so you may have missed this one. But to econ PhD programs, this will be a gaping hole in your resume. Go take stats!

One more thing you can do is research with an economist . Fortunately, economists are generally extremely welcoming to undergrad RAs from outside econ, who often bring extra skills. You’ll get great experience working with data if you don’t have it already. It’ll help you come up with some research ideas to put in your application essays. And of course you’ll get another all-important letter of recommendation.

And now for…

General tips for everyone

Here is the most important tip for everyone:  Don’t just apply to “top” schools . For some degrees—an MBA for example—people question whether it’s worthwhile to go to a non-top school. But for econ departments, there’s no question. Both Miles and Noah have marveled at the number of smart people working at non-top schools. That includes some well-known bloggers, by the way—Tyler Cowen teaches at George Mason University (ranked 64th ), Mark Thoma teaches at the University of Oregon (ranked 56th ), and Scott Sumner teaches at Bentley, for example. Additionally, a flood of new international students is expanding the supply of quality students. That means that the number of high-quality schools is increasing; tomorrow’s top 20 will be like today’s top 10, and tomorrow’s top 100 will be like today’s top 50.

Apply to schools outside of the top 20—any school in the top 100 is worth considering, especially if it is strong in areas you are interested in. If your classmates aren’t as elite as you would like, that just means that you will get more attention from the professors, who almost all came out of top programs themselves. When Noah said in his earlier post that econ PhD students are virtually guaranteed to get jobs in an econ-related field, that applied to schools far down in the ranking. Everyone participates in the legendary centrally managed econ job market . Very few people ever fall through the cracks.

Next—and this should go without saying— don’t be afraid to retake the GRE . If you want to get into a top 10 school, you probably need a perfect or near-perfect score on the math portion of the GRE. For schools lower down the rankings, a good GRE math score is still important. Fortunately, the GRE math section is relatively simple to study for—there are only a finite number of topics covered, and with a little work you can “overlearn” all of them, so you can do them even under time pressure and when you are nervous. In any case, you can keep retaking the test until you get a good score (especially if the early tries are practice tests from the GRE prep books and prep software), and then you’re OK!

Here’s one thing that may surprise you: Getting an econ master’s degree alone won’t help . Although master’s degrees in economics are common among international students who apply to econ PhD programs, American applicants do just fine without a master’s degree on their record. If you want that extra diploma, realize that once you are in a PhD program, you will get a master’s degree automatically after two years. And if you end up dropping out of the PhD program, that master’s degree will be worth more than a stand-alone master’s would. The one reason to get a master’s degree is if it can help you remedy a big deficiency in your record, say not having taken enough math or stats classes, not having taken any econ classes, or not having been able to get anyone whose name admissions committees would recognize to write you a letter of recommendation.

For getting into grad school, much more valuable than a master’s is a stint as a research assistant in the Federal Reserve System or at a think tank —though these days, such positions can often be as hard to get into as a PhD program!

Finally—and if you’re reading this, chances are you’re already doing this— read some econ blogs . (See Miles’s speculations about the future of the econ blogosphere here .) Econ blogs are no substitute for econ classes, but they’re a great complement. Blogs are good for picking up the lingo of academic economists, and learning to think like an economist. Don’t be afraid to  write  a blog either, even if no one ever reads it (you don’t have to be writing at the same level as Evan Soltas or Yichuan Wang );  you can still put it on your CV, or just practice writing down your thoughts. And when you write your dissertation, and do research later on in your career, you are going to have to think for yourself outside the context of a class . One way to practice thinking critically is by critiquing others’ blog posts, at least in your head.

Anyway, if you want to have intellectual stimulation and good work-life balance, and a near-guarantee of a well-paying job in your field of interest, an econ PhD could be just the thing for you. Don’t be scared of the math and the jargon. We’d love to have you.

Update:  Miles’s colleague Jeff Smith at the University of Michigan amplifies many of the things we say on his blog.  For a  complete  guide, be sure to see what Jeff has to say, too.

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Southern Miss MBA Program jumps in Fortune Education Ranking

Fri, 05/17/2024 - 12:00pm | By: Courtney Robinson

The University of Southern Mississippi (USM) Master of Business Administration program (MBA) program has been ranked No. 31 nationally in the Best Online MBA programs for 2024 by Fortune Education. The current ranking represents a gain of 17 spots from its 2023 rankings.

Housed in the College of Business and Economic Development the program has restructured its curriculum in the last academic year by removing prerequisites barriers and allowing students more flexibility in their elective course selection.

Noted Dr. Bret Becton, Dean of the College of Business and Economic Development, “As the Dean of the College of Business & Economic Development, I am thrilled by our recognition as the No. 31 Best Online MBA Program by Fortune Education.”

Fortune Education ranks programs based on several factors, including price, student backgrounds, and alumni outcome. Other data factored into the decision include graduation rates, retention rates, yield rates, and average undergraduate GPA.

Dr. Steven Stelk, MBA Director, added, “ Fortune’s recognition of our MBA program is gratifying. The College of Business and Economic Development faculty and staff have continued to invest in and refine the online MBA program since it was established in 2014.”

Becton added, “ This achievement stands as a testament to the dedication and expertise of our MBA faculty and staff, whose tireless efforts have played an integral role in shaping our program into one that empowers future business leaders for success in today’s dynamic world.”

Stelk credits much of the improvement to the new curricular structure, which has attracted students with more diverse academic backgrounds.

“The recent rankings are based on the previous academic year, which gives us an opportunity to celebrate the results of our investments and provides fresh motivation to continue refining the program. We implemented novel curriculum changes in Fall 2023,” Stelk stated. “MBA students are now required to take fifteen hours of core business courses in accounting, finance, marketing, management, and strategy. They use the remaining 15 hours of focused electives to develop an area of expertise.”

Available focus areas include management, economic development, sport security management, supply chain/logistics, human capital development, instructional technology, public health, communications/public relations, non-profit studies, and public history. The MBA also now collaborates with the Sport Management MS and Master of Library and Information Science (MLIS) programs to support dual programs.  

“We are continuing to develop and test new ideas to increase the value of our MBA, and I am excited to see what the future holds,” Stelk said.

Students can complete the degree fully online or in-person at the Hattiesburg campus in as little as one year, full-time. Additional information can be found   online . For inquiries about the MBA program, please contact (601) 266-266-4659.

Learn more about the Fortune Education Best Online MBA Programs for 2024.

Categories: Business and Economic Development

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Mother-Daughter Duo Graduate Together from UNH MBA Program

When Michelle Lemos enrolled in the University of New Hampshire’s (UNH) online MBA program in the spring of 2020, she aimed for a May 2024 graduation. Little did she know her daughter, Leni, would join her at the ceremony—not just as a guest but as a fellow graduate from the full-time MBA program. 

Michelle, who worked in administrative support at New Hampshire Sea Grant on the UNH campus, desired career growth and gravitated towards data, marketing, and reporting. After discussing her career goals with her boss, she enrolled in UNH’s online MBA program, focusing on information systems and business analytics.

Leni, a 2023 Middlebury College graduate with a degree in economics and a minor in environmental studies, faced delays in starting a job with an energy consulting firm. Encouraged by her father, she explored UNH’s one-year MBA program and found it aligned with her goals. Leni is also pursuing a UNH carbon footprinting certificate online.

Returning to school was an adjustment for Michelle, who enjoyed learning on her terms. For Leni, the accelerated full-time MBA program was challenging but facilitated bonding through its cohort model. Despite not sharing classes, the pair embraced their shared experience, discussing coursework, swapping books, and carpooling to campus.

Their unique dynamic became a fun topic among family and friends. Michelle recalls driving Leni to her first day at UNH, a rare experience since Leni boarded at Phillips Exeter for high school. They supported each other throughout their academic journeys, with Michelle even saving Leni at the last minute by securing her graduation attire.

Michelle and Leni's journey highlights the value of shared experiences and the unexpected paths that can lead to meaningful accomplishments. Read more about their journeys here.

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