northwestern economics phd acceptance rate

Academic Catalog

2023-2024 Edition

Economics PhD

Degree requirements.

The following requirements are in addition to, or further elaborate upon, those requirements outlined in  The Graduate School Policy Guide .

Total Units Required: 18

must include:

• At least one course in Economic History ( ECON 420-1 American Economic History (or) ECON 420-2 European Economic History ), and
• Three field sequences of at least two-quarters each. A field sequence consists of two or three quarter-length courses as determined by the department.

Other PhD Degree Requirements

• Examinations:  satisfactory grades in each of the three core areas (microeconomics, macroeconomics, and econometrics); oral examination for approval of dissertation prospectus
• Research/Projects:  two research papers presented in the student seminar ( ECON 501-0 Graduate Student Seminar ) or equivalent
• PhD Dissertation:  original, independent research
• Final Evaluations:  oral dissertation defense

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Torben Andersen

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George Marios Angeletos

• Economics - Professor, Stanley J. Gradowski, Jr. Professor of Behavioral Macroeconomics

Eric James Auerbach

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Research Output

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Structural Change With Long-Run Income and Price Effects

Research output : Contribution to journal › Article › peer-review

• Allocation 100%
• Price Effect 100%
• Structural Change 100%
• Income 100%
• levels 100%

Research output : Chapter in Book/Report/Conference proceeding › Chapter

Financial frictions, investment, and Tobin's q

• friction 100%
• investment 100%
• Investment 100%
• capital 33%

Data and Code for: Reshaping Adolescents’ Gender Attitudes: Evidence from a School-Based Experiment in India

Dhar, D. (Creator), Jain, T. (Creator) & Jayachandran, S. (Creator), ICPSR - Interuniversity Consortium for Political and Social Research, 2022

DOI : 10.3886/e149882v1 , https://www.openicpsr.org/openicpsr/project/149882/version/V1/view

Replication Data for: 'Take-up and Targeting: Experimental Evidence from SNAP'

Finkelstein, A. (Creator) & Notowidigdo, M. J. (Creator), Harvard Dataverse, 2019

DOI : 10.7910/dvn/8awkil , https://dataverse.harvard.edu/citation?persistentId=doi:10.7910/DVN/8AWKIL

Replication data for: If Technology Has Arrived Everywhere, Why Has Income Diverged?

Comin, D. (Creator) & Mestieri, M. (Creator), ICPSR - Interuniversity Consortium for Political and Social Research, 2018

DOI : 10.3886/e114122v1-141561 , https://www.openicpsr.org/openicpsr/project/114122/version/V1/view?path=/openicpsr/114122/fcr:versions/V1/LICENSE.txt&type=file

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Managerial Economics & Strategy

The PhD program in Managerial Economics & Strategy (MECS), a program offered jointly by the Departments of Managerial Economics & Decision Sciences (MEDS) and Strategy, emphasizes the use of rigorous theoretical and empirical models to solve problems in both theoretical and applied economics.  A distinctive feature of the program is its focus on rigorous methods and insights drawn from microeconomics.  The program should appeal to students who wish to investigate economic questions in scenarios where the actions of individual decision makers (such as individual people, firms, or countries) play a key role in determining outcomes.  The program is appropriate for students with an aptitude for analytical thinking, mathematical modeling, and formal analysis.

The MECS program produces research scholars who obtain academic positions at top economics departments and business schools throughout the world.  This objective is achieved by restricting class sizes (averaging 5-6 students entering per year), accelerating students’ exposure to the development of research ideas, and by providing access to courses taught in the MEDS and Strategy Departments along with Northwestern’s Economics Department. Active Research Areas : contract economics, decision theory, development economics, economics of innovation, economics of organization, economic theory, game theory, health economics, industrial organization, mechanism and market design, technology and innovation, political economy, and social choice Please note: Applicants to economics-based PhD programs, such as Managerial Economics & Strategy, may opt-in to have their application considered by Weinberg's Economics PhD program. More information about this option is available on The Graduate School website . 

Within the MECS PhD Program, our doctoral students have access to over 45 faculty members as potential dissertation advisors from the MEDS and Strategy Departments.

The MEDS faculty include economic theorists, game and decision theorists, formal political theorists, and development economists, all with broad research interests such as the nature and impact of strategic behavior in competitive environments, development economics, dynamic economic models, the role of time and uncertainty in economic decision-making, voting information, political economy, and theory of auctions. Faculty in the MEDS Department have won numerous research awards, have been elected to memberships of prestigious elected societies such as the  Econometric Society  and the  American Academy of Arts and Sciences ,  and are on the editorial boards of leading journals. The Games and Economic Behavior  journal was founded in the MEDS Department.

The faculty from the Strategy Department consist of applied micro-economists whose interests include the industrial organization, health economics, organizational economics, economics of innovation, and public policy. Strategy faculty sit on the editorial boards of leading journals and are frequently sought out for their expertise in business and government affairs. Members of this department founded the  Journal of Economics and Management Strategy  and authored  Economics of Strategy , one of the primary textbooks in the field.

In addition, faculty from Northwestern’s Economics Department, particularly those in the areas of economic theory and industrial organization, are also actively involved in teaching and advising our doctoral students. Our students and faculty are literally at the center of the economics research community on campus ,  with both Kellogg and the Economics Department located in the same building.

What We Are Looking for in Applicants

Our program prepares students for academic research careers in economics, economics-based strategy, and formal political theory. Students typically find jobs in either economics departments or economics-based departments in business schools. Recommended coursework at an advanced level includes calculus, linear algebra, optimization, probability and statistics, in addition to a solid background in economics.  A master’s degree is not required, though about half of our matriculating students have a graduate degree. Prior research experience is not required.

Program Requirements

Coursework In years one and two, our PhD students take a minimum of nine courses, three courses each quarter (fall, winter, spring); although, students may take up to four courses a quarter. In year one, c ourses deal with the fundamental disciplines of microeconomics, econometrics, and optimization. As a fourth class, students often take math classes that include real analysis and complex analysis.

Courses in year two are more finely tuned to our students’ particular research interests, as they transition from coursework to independent research. Currently PhD students may draw from among thirteen MECS elective courses covering a range of topics, including political economy, economics of innovation, organizational economics, health economics, and economic theory. There are many more courses available from the Economics Department as well. Students must take three sequences (each sequence is at least two courses) in advanced fields, but wide latitude is allowed in the choice of fields. Other elective courses and independent studies round out the second-year coursework. These courses include courses in other fields, such as operations, engineering, quantitative marketing, and an MBA course if relevant. 

Paper Requirement Student must write a paper during the second year under the advisement of a MECS professor. Most often the papers are related to papers written for one or more second-year PhD courses. The paper must be completed by September of the third year.

Research, Proposal & Dissertation The main activity in the third year and afterward is research toward a thesis, under the direction of one or more faculty advisors. A thesis proposal must be presented to the department by the end of year three, prior to the beginning of fall classes. In their final year in the program, each candidate must complete a dissertation demonstrating original and significant research and pass a final oral examination on the dissertation.

Teaching Requirement To promote engagement with faculty and integration with the intellectual life of the department, students serve as research and teaching assistants during years two, three, and four, including summers. Research assistantships (RAs ) are an excellent lead-in to research; teaching assistantships (TAs)  prepare s students for teaching after obtaining the PhD.

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Gre prep online guides and tips, graduate school acceptance rates: can you get in.

Even the most qualified and confident applicants worry about getting into grad school. But don’t panic! Graduate school acceptance rates, which give the percentage of applicants that were admitted to a particular school or program in an academic year, can help you determine how likely you are to get into a given program.  But where can you find grad school admissions statistics?

In this article, we’ll first investigate the trends and factors associated with graduate school acceptance rates. Then, we’ll take a look at some of the current acceptance rates and give you expert tips on how to find acceptance rates for your programs. Finally, we’ll show you how to determine your odds of getting into grad school.

Graduate School Acceptance Rates: Factors and Trends

Grad school acceptance rates are the same as any other acceptance rate: the lower the acceptance rate, the more selective the school or program is. Similarly, the higher the acceptance rate, the less selective the school or program is. As with undergrad acceptance rates, grad school acceptance rates vary widely, from extraordinarily selective (less than 5 percent) to incredibly lenient (nearly 100 percent).

Unlike undergrad rates, though, grad school acceptance rates are usually calculated for specific programs or departments and  not for entire universities. This is because with grad school, you are essentially applying to an individual program rather than an overall institution (as you did for undergrad).

Now that we’ve covered all of the basics, let’s look at a few key trends. Our research indicates there are three major factors that help determine grad school acceptance rates:

• School or program prestige
• Degree type
• Amount of funding

Let’s look at how each of these factors influences grad school acceptance rates.

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#1: School or Program Prestige

How prestigious a particular grad school or program is can affect its overall competitiveness and selectivity. In general, the more prestigious a program is, the more competitive it’ll be and thus the lower acceptance rate it’ll have.

An easy way to determine school or program prestige is to consult official rankings, such as those listed on  U.S. News . (Grad schools are typically ranked by field or program and   not by overall institution.)

For example, a 2017  U.S. News  list of the best political science grad programs  ranked Duke’s political science program at #7 and Northwestern’s at #23. Because both of the programs have fairly high rankings, it’s safe to assume they’re probably quite selective.

And this is true: in 2016,  Duke  reported a mere 10 percent acceptance rate to its political science doctoral program, while  Northwestern  reported a 12 percent acceptance rate.

#2: Degree Type

Another major factor is degree type. Generally,  doctoral programs tend to be more selective than master’s programs (though this isn’t always the case as I’ll explain in a moment). This trend is likely due to the fact that doctoral programs often look for higher-quality applicants with proven academic track records and more relevant experience in their fields.

For example, in 2016  University of Michigan’s math doctoral program  had a 17.2 percent acceptance rate, whereas its master’s program  had a much higher 31.8 percent rate. In this case, the doctoral program is clearly tougher to get into than the master’s program.

Still,   master’s programs can have lower acceptance rates than doctoral programs. If we were to take the University of Michigan’s grad programs in computer science and engineering, we’d find that the doctoral program has  a 15 percent acceptance rate  and the master’s  an even lower 8 percent acceptance rate .

Additionally, M.F.A. programs are particularly cutthroat. In 2015, the creative writing M.F.A. program at UT Austin’s James A. Michener Center for Writers only admitted 12 out of 678 applicants — that’s a mere 1.8 percent acceptance rate !

#3: Amount of Funding

Funding, too, plays a big role in how selective a grad program is.

Well-funded  programs typically receive more applications than those offering little to no aid, thereby raising their selectivity. Competition is especially fierce for fully funded programs — possibly because fewer people are willing to go into debt for grad school.

Compared to fully funded doctoral programs, fully funded master’s programs are somewhat rare and thus pretty competitive. UT Austin’s Creative Writing M.F.A. program, for instance, is not only a prestigious program but also one of the most well-funded Creative Writing M.F.A. programs in the country: it  offers full tuition remission and a $27,500 stipend per academic year . It’s no wonder, then, that its acceptance rate is below 2 percent!

What Are the Current Graduate School Acceptance Rates?

For this section, we’ve scoured the internet to bring you a robust assortment of acceptance rates for popular U.S. grad schools.

Before we dive in, note that not all institutions calculate grad school acceptance rates using the same methodologies. Some offer only a single acceptance rate for all of their grad schools put together, while others offer individual rates by school, field, or program.

Now, let’s see how selective these schools really are!

*Statistics for NYU are based on the number of enrolled students and not the number of admitted students. Therefore, expect actual acceptance rates to be slightly higher.

How to Find Graduate School Acceptance Rates: 4 Methods

Unfortunately, grad school admissions statistics tend to be more difficult to find than undergrad acceptance rates.  But there are ways to search for them — you just have to do a lot of digging and possibly a little reaching out.

Below are our top four methods for finding grad school acceptance rates for the programs you’re applying to.

#1: Consult School Websites

By far the most reliable resources for grad school admissions statistics are  school websites.

Start your search by consulting program and departmental pages, particularly admissions and FAQ pages. Look out for any statistics-related keywords or phrases, such as “admission(s) rates,” “acceptance rates,” “enrollment,” “facts and figures,” etc. Use ctrl+F to move swiftly through large chunks of text.

Not all schools publish grad admissions information online, and those that do don’t always report it in the same way as others. For example, Princeton offers a handy PDF  containing acceptance rates for all academic fields of study. On the other hand,  Notre Dame  gives separate admissions charts for each of its grad programs (which you can access by selecting a program and then clicking “Admissions Statistics”).

Additionally, many schools release admissions statistics without explicitly publishing acceptance rates.  In this case, it’s your job to take the statistics provided and use them to calculate an acceptance rate. To find the acceptance rate of a school or program, you’ll need the following information:

• The total number of applicants in a year
• The total number of applicants granted admission  that year

The acceptance rate equals the total number of applicants offered admission divided by the total number of applicants and then multiplied by 100, or:

$$\acceptance \rate = {\number \of \applicants \offered \admission}/{\total \number \of \applicants}100$$

Be sure to  avoid conflating the number of students who were  offered admission   with the number of students who accepted their offers of admission. These two concepts sound alike but are actually different. What you’re looking for is the first statistic — that is, the number of admitted students (regardless of whether they decided to enroll).

If you’re having trouble finding admissions statistics by browsing school websites, search on Google for “[Your School] graduate acceptance rate” and see if any relevant school pages appear. While searching for acceptance rates to use in the table above, I consistently swapped “acceptance rate” with similar phrases, such as “admission(s) rate,” “facts and figures,” “student statistics,” “admittance rates,” and “admission(s) statistics.”

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Don’t be afraid to get creative! You can also use phrases like “Ph.D. admissions statistics” or “master’s admissions statistics” to narrow your search even further. Try to think outside the box as you do your research. What are other ways people talk about acceptance rates?

#2: Check  U.S. News

If your school or program doesn’t offer any admissions statistics on its website, go to  U.S. News . This website offers official rankings of grad programs as well as lists of the most (and least) selective programs in various fields.

For example, I found a 2016 list of the most competitive online M.B.A. programs  and a 2015 list of the most competitive online graduate engineering programs .

If U.S. News doesn’t offer any relevant lists for you to use, try skimming the current grad school rankings to gauge how competitive your program is compared with others in the same field.

#3: Search Other Websites

One less reliable method for looking up grad school admissions statistics is to  look for (unofficial) websites discussing acceptance rates for your school or program.

The Grad Cafe’s  admissions results  section is a solid place to start. Here, applicants post whether they’ve been accepted, rejected, or waitlisted for grad programs.

Search for your program to get a rough feel for how many acceptances and rejections go out each year. You might notice that certain types of applicants are more active than others. Creative Writing M.F.A. applicants, for example, are prolific posters in winter and spring (during admissions season).

Occasionally, Google itself will provide you with grad school acceptance rates, but this only appears to work consistently for well-known law schools, medical schools, and business schools.

Additionally, while using Google, don’t assume that any acceptance rates that pop up are directly connected to your search terms. For example, when I searched “stanford graduate acceptance rate,” Google gave me this result:

This 4.8 percent acceptance rate is  not  the acceptance rate for Stanford’s grad programs (what I searched for) but rather the acceptance rate for undergrads. So always cross-check any statistics Google gives you.

You can also consult grad school data websites such as  Peterson’s and StartClass . Take their grad school acceptance rates with a grain of salt, though — their data isn’t always verifiable online. If possible, try to compare any data you find on these types of websites with the school websites themselves or U.S. News .

#4: Contact Schools

If the internet isn’t giving you the help you need, call or email your schools. Be polite but upfront: ask whether the school calculates acceptance rates for grad programs and where you can find this information online (if available).

If a school refuses to divulge admissions statistics or simply doesn’t report acceptance rates, see if they can give you estimates for how many applications they receive each year, or for how many acceptances they usually extend to applicants in your program.

Graduate School Acceptance: What Are Your Odds?

By this point, you might be wondering how likely it is you’ll actually get into the grad program you wish to attend. After all, acceptance rates are pretty broad — they tell you what everyone’s odds are but not your odds specifically.

Below are three easy steps for determining your odds of getting into grad school, including advice on when it’s better to go for it or choose another program.

Step 1: Check Program Requirements

First, go to your program’s website and pinpoint the admissions requirements page. Now, ask yourself:  do you meet all of the program’s basic requirements? If not, you’ll likely wind up with a rejection (and might not even be able to apply).

However, if you’re still interested in applying, contact the program and ask if they’ll make an exception for you. Your chance of getting accepted is still low, but you’ll at least have your application considered.

If your program strongly recommends qualities you lack, don’t interpret this as an automatic rejection. Sometimes, applicants can make up for deficiencies in other ways. For example, if your undergrad GPA is 3.1 and your program recommends applicants have a minimum 3.2, don’t write off the program — you might still have a shot at getting in as long as the rest of your application is solid.

On the other hand, even if you meet all of a program’s requirements, you’re not necessarily a shoo-in. Remember, all other applicants have met these requirements, too, so you’ll need to find a unique way to make your application stand out.

Step 2: Find Average GRE Scores and GPAs

Your next step is to look up your program’s average GRE scores and GPA  to see how your own scores and GPA compare with those of previously admitted applicants.

You can usually find GRE score information on admissions requirements or FAQ pages. You can also search on Google for “[Your School] [Your Program] average GRE scores.” For step-by-step instructions on how to find average GRE scores, check out  my article on average GRE scores by school .

For GPAs, you can use the same basic methodology. Check admissions requirements and FAQ pages and use ctrl+F to search for “GPA.” If GPA information is available, you’ll most likely come across minimum GPAs or average GPAs (or both). For more tips on how to find GPA information for your grad schools, read our guide .

Now, compare your own GRE scores and GPA with the averages you’ve found. Below are all possible scenarios and what they mean for you and your odds of getting into the program:

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• Your GRE scores and GPA are both  higher than your program’s averages:  Congratulations! You have an excellent chance of getting accepted, especially if the rest of your application is equally impressive. Keep up the great work!
• Your GRE scores and GPA are both  about the same as your program’s averages:  You’re doing pretty well! You are just the type of applicant your program is looking for. The only drawback is that you probably won’t stand out as much from other applicants who have similar GRE scores and GPAs. So take time to make your application sparkle (I’m looking at you, statement of purpose).
• Your GRE scores and GPA are both lower than your program’s averages (or just one of the two is lower):  It ain’t over ’til it’s over! You can still make up for your deficiencies in other ways. While you can’t change your GPA, you can retake the GRE . If your GPA is low, a great strategy for combating this is to discuss it in your statement of purpose, taking care to highlight any external factors that contributed to the low GPA as well as any attributes of yours that prove you’re indeed ready for grad school.

Step 3: Decide Whether to Apply

Now, we get to the final question: do you apply to the program or not?  This is a vague question that’s difficult to answer as is. The real questions you should be asking yourself are as follows:

• Do I meet all of the program’s basic requirements?
• Do I meet most or all of the program’s expectations of applicants (in terms of GRE scores, GPA, etc.)?
• Is the program’s acceptance rate extremely low?
• Do I really like this program?

Although acceptance rates and GRE/GPA comparisons are helpful, don’t base your decision to apply solely on how difficult the program is to get into. We can’t know for sure what kind of applicant a grad program is looking for or who they’re willing to make an exception for.

Take a moment to think deeply about how interested you are in this particular program. Be realistic about your chances of getting in — but don’t cross the line into pessimism. If you don’t meet most or all of a program’s expectations and you’re not super invested in it, consider applying elsewhere.

But if you meet some, most, or all of a program’s expectations and you’re extremely interested in enrolling, give the application a go. Remember, it’s totally normal (and even encouraged) to have a few reach schools. Plus, you’ll never get in if you don’t apply!

Key Takeaways: Graduate School Acceptance Rates

Grad school acceptance rates quantify for us the selectivity of grad schools and programs. More specifically, acceptance rates tell us  what percentage of applicants were offered admission to a particular grad school or program. 

With grad school, acceptance rates are often reported for individual schools or programs,  not  entire universities. Acceptance rates can vary widely depending on program prestige, the type of degree you’re seeking, and how much (or how little) funding a program offers.

Unlike undergrad acceptance rates, grad school acceptance rates are somewhat difficult to locate online. You can look for them using any of the following four methods:

• Peruse school websites
• Check grad school facts and lists on  U.S. News
• Browse other websites and forums such as The Grad Cafe
• Call or email your schools

When trying to determine your  odds of getting into a program, look at your program’s requirements as well as the average GPA and GRE scores of previously admitted applicants to your program. If your GRE scores and GPA are comparable to those of your program, you have a decent shot at getting accepted. If one or both are lower than your program’s averages, however, you can always try to  raise your GRE score  with a retake or address your GPA in your statement of purpose.

At the end of the day, what ultimately matters isn’t that you get accepted to a highly competitive grad program but that you make the right decision for you and you alone!

What’s Next?

Need help with your grad school application?  Learn about the most common grad school requirements  and get tips on how to write a grad school CV or resume !

Is your GPA good enough for grad school ?  Read our in-depth guide to learn how you can make up for a less-than-stellar GPA and ultimately raise your chances of getting into the school of your dreams.

Do you have to take the GRE for grad school ? When are grad school deadlines ?  Check out our guides for answers to these questions and more.

Ready to improve your GRE score by 7 points?

Author: Hannah Muniz

Hannah graduated summa cum laude from the University of Southern California with a bachelor’s degree in English and East Asian languages and cultures. After graduation, she taught English in Japan for two years via the JET Program. She is passionate about education, writing, and travel. View all posts by Hannah Muniz

Northwestern University

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Northwestern University is a private institution that was founded in 1851. It has a total undergraduate enrollment of 8,659 (fall 2022), and the campus size is 231 acres. It utilizes a quarter-based academic calendar. Northwestern University's ranking in the 2024 edition of Best Colleges is National Universities, #9. Its tuition and fees are $65,997.

Northwestern University is a Division I school in the Big Ten athletic conference. Northwestern's women's lacrosse team has won multiple NCAA national championships. The school has hundreds of campus organizations to fulfill students' varied interests. All first-year students are required to live on campus for two years. The school's 10 residential colleges offer thematic living quarters for social and academic programming. Northwestern's main campuses are located along Lake Michigan in Evanston and Chicago. In 2008, Northwestern opened a third branch in Doha, Qatar.

Of Northwestern’s dozen schools, nine offer undergraduate programs and 10 offer graduate and professional programs. Northwestern’s highly-ranked graduate schools include the Kellogg School of Management , the School of Education and Social Policy , the Pritzker School of Law , the Feinberg School of Medicine , the McCormick School of Engineering and Applied Science and the Interdepartmental Biological Sciences Program . Northwestern’s Medill School is known for its strong journalism graduate program. Northwestern’s Dance Marathon, created in 1975, is one of the largest student-run philanthropies in the country and has raised more than $20 million for Chicago-area charities. Notable alumni include the 55th mayor of Chicago Rahm Emanuel; retired U.S. Supreme Court Justice John Paul Stevens; Meghan Markle, Duchess of Sussex; ESPN commentator Michael Wilbon; comedian Stephen Colbert; and president and COO of SpaceX, Gwynne Shotwell.

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DEPARTMENT OF STATISTICS AND DATA SCIENCE

Phd program, phd program overview.

The doctoral program in Statistics and Data Science is designed to provide students with comprehensive training in theory and methodology in statistics and data science, and their applications to problems in a wide range of fields. The program is flexible and may be arranged to reflect students' interests and career goals. Cross-disciplinary work is encouraged. The PhD program prepares students for careers as university teachers and researchers and as research statisticians or data scientists in industry, government and the non-profit sector.

Requirements

Students are required to fulfill the Department requirements in addition to those specified by The Graduate School (TGS).

From the Graduate School’s webpage outlining the general requirements for a PhD :

In order to receive a doctoral degree, students must:

• Complete all required coursework. .
• Gain admittance to candidacy.
• Submit a prospectus to be approved by a faculty committee.
• Present a dissertation with original research. Review the Dissertation Publication page for more information.
• Complete the necessary teaching requirement
• Submit necessary forms to file for graduation
• Complete degree requirements within the approved timeline

PhD degrees must be approved by the student's academic program. Consult with your program directly regarding specific degree requirements.

The Department requires that students in the Statistics and Data Science PhD program:

• Meet the department minimum residency requirement of 2 years
• STAT 344-0 Statistical Computing
• STAT 350-0 Regression Analysis
• STAT 353-0 Advanced Regression (new 2021-22)
• STAT 415-0 I ntroduction to Machine Learning
• STAT 420-1,2,3 Introduction to Statistical Theory and Methodology 1, 2, 3
• STAT 430-1, STAT 430-2, STAT 440 (new courses in 2022-23 on probability and stochastic processes for statistics students)
• STAT 457-0 Applied Bayesian Inference

Students generally complete the required coursework during their first two years in the PhD program. *note that required courses changed in the 2021-22 academic year, previous required courses can be found at the end of this page.

• Pass the Qualifying Exam. This comprehensive examination covers basic topics in statistics and is typically taken in fall quarter of the second year.

Pass the Prospectus presentation/examination and be admitted for PhD candidacy by the end of year 3 . The statistics department requires that students must complete their Prospectus (proposal of dissertation topic) before the end of year 3, which is earlier than The Graduate School deadline of the end of year 4. The prospectus must be approved by a faculty committee comprised of a committee chair and a minimum of 2 other faculty members. Students usually first find an adviser through independent studies who will then typically serve as the committee chair. When necessary, exceptions may be made upon the approval of the committee chair and the director of graduate studies, to extend the due date of the prospectus exam until the end of year 4.

• Successfully complete and defend a doctoral dissertation. After the prospectus is approved, students begin work on the doctoral dissertation, which must demonstrate an original contribution to a chosen area of specialization. A final examination (thesis defense) is given based on the dissertation. Students typically complete the PhD program in 5 years.
• Attend all seminars in the department and participate in other research activities . In addition to these academic requirements, students are expected to participate in other research activities and attend all department seminars every year they are in the program.

Optional MS degree en route to PhD

Students admitted to the Statistics and Data Science PhD program can obtain an optional MS (Master of Science) degree en route to their PhD. The MS degree requires 12 courses: STAT 350-0 Regression Analysis, STAT 353 Advanced Regression, STAT 420-1,2,3 Introduction to Statistical Theory and Methodology 1, 2, 3, STAT 415-0 I ntroduction to Machine Learning , and at least 6 more courses approved by the department of which two must be 400 level STAT elective courses, no more than 3 can be non-STAT courses. For the optional MS degree, students must also pass the qualifying exam offered at the beginning of the second year at the MS level.

*Prior to 2021-2022, the course requirements for the PhD were:

• STAT 351-0 Design and Analysis of Experiments
• STAT 425 Sampling Theory and Applications
• MATH 450-1,2 Probability 1, 2 or MATH 450-1 Probability 1 and IEMS 460-1,2 Stochastic Processes 1, 2
• Six additional 300/400 graduate-level Statistics courses, at least two must be 400 -level

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DEPARTMENT OF ECONOMICS

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• Financial Economics

Financial Economics Ph.D.

Kellogg Program Description

Finance Department Website

The Department of Economics and the Finance Department in the Kellogg School of Management have a joint Ph.D. degree in Financial Economics.

The following requirements are in addition to, or further elaborate upon,  general degree requirements  and the policies on  Satisfactory Progress, Probation and Exclusion  of The Graduate School, and additional requirements for Satisfactory Academic Progress of the Department of Economics and the Finance Department.

Coursework Requirements

Total Required Units:  18

Other Ph.D. Degree Requirements

Examinations: satisfactory grades in each of the three core areas (microeconomics, macroeconomics, and econometrics); oral examination for approval of dissertation prospectus

  Research/Projects:  two research papers presented in the student seminar (ECON 501) or equivalent. Out of these, one paper is the second-year summer paper detailed below

  Finance Comprehensive Exam : Students must pass a Finance Competence Requirement. This can be done by achieving a 3.6 GPA across the six finance doctoral courses (FINC 585-1,2,3 and FINC 586-1,2,3), or by passing a comprehensive Finance exam. The Exam takes place at the beginning of the summer quarter of the second year, typically in June.

  Second-year Research Paper and Advisors: Students need to complete a research project to be presented to the department in the first week of September at the end of the summer quarter of the second year. The research project must be supervised by an individual faculty advisor (who can be the same as, or distinct from, the Academic Advisor) selected by the end of the winter quarter. The second-year advisor need not be the same person as the eventual main dissertation advisor.

  Ph.D. Dissertation:  original, independent research

  Final Evaluations:  oral dissertation defense

  Supervised Teaching Experience:  All doctoral students are required to act as a teaching assistant for at least one quarter. As part of these duties, the student must lead a weekly discussion section. Teaching experience is an essential part of graduate training. Foreign students must demonstrate acceptable English proficiency as prescribed by The Graduate School. Evaluations are made and kept as part of the students' record.

 There are two points of entry into the joint graduate program in Financial Economics.

• The first is a direct application when applying to graduate school at Northwestern. Admission requires approved by both the Economics and the Finance admissions committees.
• The second is for students initially enrolled in the Economics Ph.D. program to apply for entry after achieving candidacy. (Students initially enrolled in the Finance Ph.D. program can do the same.) Economics students should initiate the process by contacting the Economics Director of Graduate Studies immediately after candidacy. Applications must be approved by both the Economics and the Finance admissions committees. If the application is approved, the student initiates a degree transfer request to The Graduate School.

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NORTHWESTERN CAREER ADVANCEMENT

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Post Undergraduate Survey Data

Below are the outcomes for the undergraduates of the Classes of 2020, 2021, 2022, and 2023 six months after graduation gathered from a variety of different sources. Information was available for 79% of the total graduates over the years. Data can be filtered on Colleges and Schools, Majors, Status, International Student Population and Industry.  Graduation data is also available for Minors and Certificates on the   Minors and Certificates graduation data webpage .

Highlights from our 2023 survey can be found on the   Beyond Northwestern 2023 handout (PDF) .  This report represents data from 1,666 (79%) members of the Class of 2023. According to the University Registrar, 2,110 undergraduate students graduated in Fall 2022, Winter 2023, Spring 2023, and Summer 2023.

If a student had multiple majors, their outcomes were counted in each major, but only once by their primary school.

Companies listed may change their recruiting policies and are not indicative of current hiring practices.

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POSTDOCTORAL AFFAIRS

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Pay Rate Reminder for New or Reappointed Postdoctoral Scholars

Dear faculty,

As a reminder, the minimum salary for new or reappointed postdoctoral scholars at Northwestern was raised to $56,484 starting on March 1, 2024 to match the minimum postdoctoral salary set by the National Institutes of Health (NIH).

As stated in our November 2023 message , any postdoc with a start date or reappointment date after March 1, 2024 must be appointed at the NIH minimum salary in effect at that time. On April 23, the NIH released their new pay levels for 2024. The new pay levels begin at $61,008 for postdoctoral scholars and is upwardly adjusted based on years of experience as you will find on this chart .

Effective immediately, any new postdoctoral scholar at Northwestern must receive a minimum salary of $61,008. This same minimum salary applies to current postdoctoral scholars upon reappointment.

As previously stated, we encourage all faculty to compensate postdocs based on their level of experience and expertise. Moreover, we encourage regular conversations between faculty mentors and postdocs that consider accomplishments, experience and merit in setting appropriate annual salaries.

Thank you for your continued commitment to our postdoctoral scholars.

Kathleen Hagerty Provost and First Chicago Professor of Finance

Kelly Mayo Dean of The Graduate School and Associate Provost for Graduate Education

Eric Perreault Vice President for Research

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Search Results

Admissions information to the ph.d. program in economics.

Students may enter the Ph.D. program  only in the fall . Applicants must present evidence of a baccalaureate degree or its equivalent, or show that they can expect such a degree by the time they begin graduate work. The University requires that applicants utilize the  CollegeNet  on-line application system. Applicants must upload a personal statement and their transcript (unofficial or official) from each university attended. If an applicant is accepted into our program then they must provide an official transcript mailed directly to the Graduate School of Arts and Sciences. Three letters of recommendation are also required, usually from professors who can judge the student's potential for high-quality academic work. Results of the Graduate Record Examination (GRE) must also be submitted. This test should be taken as early as possible to ensure that the results are received in time to be considered by the admissions committee.  Our GRE institution-department code is 2926-1801 . International students must submit a TOEFL score unless they have or will receive an undergraduate degree from a college/university in the US, Canada, UK, Australia, New Zealand, South Africa, or Ireland or they have completed, at the time of application, four semesters of graduate study at an institution in the above mentioned countries.

The program's goal is to admit 16 students a year. Applicants should be aware that the admissions committee reviews a large number of applications (over 600 last year). Our decisions on admission and financial aid are facilitated when application materials are clearly presented, well written, and concise. The committee tries to form an image of the intellectual and personal qualities of applicants, and then admits those who seem most likely to do high quality work. All applicants are encouraged to provide a personal statement (see below) and any additional information that might help the admissions committee in their task. For example, students might wish to submit research papers that they have written or a description of some major job experience related to economic analysis. 

Mathematics prerequisites

Proficiency in mathematics is crucial for successful completion of the first year of study, in the Department of Economics, at the University of Pennsylvania.

A minimal level of preparation  consists of two years of mathematics courses in college, including courses in:

• multivariable calculus
• probability theory and statistics
• linear algebra

An excellent level of preparation  consists of additional courses in:

• real analysis
• point-set topology
• measure-theoretic probability theory

We strongly suggest you obtain an excellent level of preparation, for your application to be competitive.

Requirement for Personal Statement:

In the personal statement, all Ph.D. applications within the Graduate Division of Arts & Sciences should address the following: Please describe how your background and academic experiences have influenced your decision to pursue a graduate degree and led you to apply to Penn. Your essay should detail your specific research interests and intellectual goals within your chosen field. Please provide information about your educational trajectory, intellectual curiosity and academic ambitions. If you have overcome adversity and/or experienced limited access to resources or opportunities in your field of study, please feel free to share how that has affected the course of your education. We are interested in your lived experiences and how your particular perspective might contribute to the inclusive and dynamic learning community that Penn values and strives to create.

In the Economics Graduate Group, we also ask that applicants discuss their relevant research experience, if any, that make Penn Economics a good fit for what you would like to accomplish in your PhD. Your statement can include specific fields of interests and specific faculty members that you think could be potential advisors. 

Deadline for admission:

All applications must be completed and submitted by 11:59pm eastern US standard time on December 15th. The admissions committee then examines completed applications which have been received. Notification of its decision is sent by April 15th.

Follow this link to apply on-line:  CollegeNet

DEPARTMENT OF POLITICAL SCIENCE

Graduate program.

The Department of Political Science at Northwestern offers exceptional resources for the advanced study of politics in its various forms. Committed to excellence in research and teaching, methodological diversity, and interdisciplinary collaborations, the department offers a stimulating intellectual community that is committed to diversity and equality of opportunity for students and faculty of all backgrounds.  Our graduate students benefit from the opportunity to work closely with leading scholars in the field; enjoy access to first-rate libraries on a beautiful lakefront campus next to a world-class city, participate in a variety of research centers and institutes, and enjoy strong support for their research and scholarship – from fieldwork, to methods workshops, to conference travel in the United States and abroad. 

We provide comprehensive training in political science theory and in multiple methods of analysis including quantitative, qualitative, experimental and interpretive methods. Subfield training includes  American politics , comparative politics , international relations , political theory , and methods .

All Northwestern graduate students receive five years of guaranteed funding. We also provide generous support for professional development, including workshops on publishing, grant-writing, dissertation prospectus development, conference participation, work/life balance, and success on the academic and non-academic job markets. 

We have our own experimental laboratory . The Buffett Institute for Global Studies supports working groups and funds graduate student’s preliminary field research. Certificate programs in Comparative-Historical Social Science and Critical Theory offer unique interdisciplinary training opportunities.  Northwestern also offers a social science oriented Masters in Statistics , and dual degrees with Sciences Po and the Faculty of Law at Northwestern University Law School and the University of Copenhagen. The Program of African Studies and Equality, Development and Globalization Studies (EDGS)  and the Institute for Policy Research  greatly enrich our scholarly community.

We have an excellent placement record , with recent graduates accepting positions as assistant professors at Tulane, Johns Hopkins, University of Michigan, University of Chicago, University of Arizona, University of Pennsylvania, Williams College, Kenyon College, William and Mary, and the University of Montreal.

Learn more about our graduate program

• Program overview Learn about the yearly progression and our PhD program requirements, as well as affiliated programs.
• Courses Find course requirements and key links.
• Apply If interested in applying to our program, learn about the application procedure and admission qualifications.
• Fellowships and grants Discover information about funding available to current graduate students.
• Information for Current Students   Review resources about graduate student life, downloadable forms, and Department policies.
• Information for New Students  
• Biographies of our current graduate students

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THE GRADUATE SCHOOL

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JD/PhD Combined Degree Program

• Degree Requirements

Learn more about the program by visiting the Northwestern's JD-PhD program

See related Interdisciplinary Clusters and Certificates

Degree Types: JD/PhD

Northwestern’s Graduate School and School of Law offer an integrated JD and PhD program for students interested in pursuing a career in academia or another research setting (e.g., a policy research organization) and whose teaching and research will be enriched by both the JD and PhD degrees. The JD/PhD Combined Degree Program prepares students to conduct innovative research on law at the cross section of disciplines. Recognizing that a growing trend among top law schools is to hire faculty who have PhDs as well as law degrees, Northwestern offers the most efficient, cohesive, and affordable option for future academics wishing to pursue their doctoral and law degrees simultaneously.

The program’s curriculum allows students to complete both degrees more efficiently than they would through consecutive degree programs. Students can complete the entire program (including dissertation) in as few as six years, depending on the requirements of the particular PhD program.

Students can select a doctoral program in any discipline, provided they can incorporate their interest in law with their graduate research and they can complete a dissertation that draws on both disciplines.

Application to the JD/PhD program requires acceptance into both The Graduate School and the Law School.

Additional resources:

• Department website
• Program handbook(s)

Program Statistics

Visit PhD Program Statistics for statistics such as program admissions, enrollment, student demographics and more.

Program Co-Director: Kyle Rozema Program Co-Director: Nadav Shoked

Program Overview

Northwestern's JD-PhD program is open to students who intend to pursue an academic or research career and whose teaching and research will be enriched by both degrees. The program is designed to allow students to complete both degrees more effectively than they would through consecutive degree programs.

Graduation Requirements

The JD and PhD degrees are awarded concurrently after all degree requirements are satisfied for both programs, including completion of:

• Two years of Law School credit (at least 59 credit hours) in addition to the 14 credit hours awarded for law-related interdisciplinary graduate course work, 
• All Law School JD requirements (apart from course hours), and
• 12 credit hours will be awarded toward the JD upon completion of the dissertation
• JD-PhD students are required to have a member of the Northwestern Law faculty on their dissertation committee.

Typical Program Structure 1

 Subject to PhD departmental requirements.

Last Updated: September 12, 2023