sample synopsis for phd in economics

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Preparing for a PhD in Economics

The minimum requirements of the Economics undergraduate major are not designed to be training for doctoral economics programs. Students who plan to continue their education should take more quantitative courses than the minimum required for the major. Preparation should start early in your undergraduate education. In addition to the information below, we recommend visiting the Career Center and the Career Library for additional graduate school planning resources.

Students who plan on going on to graduate school should participate in research as an undergraduate, and plan on writing an honors thesis during their senior year. NOTE: For students who completed P/NP courses in 2020-2021, we recommend reviewing this statement from the Council of Deans which reaffirms UC Berkeley's Graduate Division committment to a holistic review.

Course recommendations

• Math 53 and Math 54 (multivariable calculus and linear algebra)
• Economics 101A-B, the quantitative theory sequence
• Economics 141, the more quantitative econometrics course
• Additional math and statistics courses (linear algebra, real analysis, probability, etc.)
• Additional economics courses that emphasize theory and quantitative methods, such as Economics 103, 104, and 142.

Upper-division math and statistics courses for those who are adequately prepared (in order of importance)

• Math 110, Linear Algebra
• Math 104, Introduction to Analysis
• Stat 134, Concepts of Probability
• Stat 150, Stochastic Processes
• Math 105, Second Course of Analysis
• Math 170, Mathematical Methods of Optimization
• Stat 102/Stat 135, Linear modeling Theory and Applications
• Stat 151A, Statistical Inference
• Math 185, Introduction to Complex Analysis

Graduate math and statistics courses for those who are adequately prepared (in order of importance)

• Math 202A/202B, Introduction to Topology
• Stat 200A/200B,Introduciton to Probability and Statistics at an Advanced Level; graduate version of 101/102 sequence, not much more difficult, but harder than 134/135
• Stat 205A/205B,Probability Theory; graduate probability, much higher level than 200A/200B

Please note: This is just a recommendation; not all courses are required. Admissions requirements vary by university and by program. Students interested in pursuing graduate school should begin gathering information from prospective programs as early as possible.

Post-Baccalaureate Research Opportunities

Pursuing research after completing an undegraduate degree is a great option for students who would like to gain more experience prior to graduate school. Post-baccalaureate research opportunities can be found through the  National Bureau of Economic Research (NBER)  and PREDOC: Pathways to Research and Doctoral Careers . For research opportunities outside of the NBER,  click here  and  follow @econ_ra  on Twitter.

Graduate School Preparation Additional Resources

http://www.aeaweb.org/resources/students/grad-prep/considerations/  (Considerations for prospective graduate students in Economics)

https://www.aeaweb.org/resources/students/schools/  (Alphabetical list of U.S Graduate Programs in Economics)

https://www.aeaweb.org/about-aea/committees/cswep/programs/resources/events2  (Conferences, events and fellowships through the American Economic Association)

https://www.aeaweb.org/about-aea/committees/aeasp (American Economic Association Summer Training Program, AEASP)

Curriculum and Thesis

In their first and second years, PhD students are required to complete a series of core classes, coursework in their major and minor fields of study, and an advanced research methods course before proceeding to the thesis-writing stage.

Core courses

Students must satisfy the requirements in at least 10 of 12 half-semester first-year core courses (14.384 and 14.385 are considered second-year courses). The requirements can be met by earning a grade of B or better in the class or by passing a waiver exam.

Waiver exams are offered at the start of the semester in which the course is offered and graded on a pass-fail basis. Students who receive a grade of B- or below in a class can consult the course faculty to determine whether to take the waiver exam or re-take the course the following year. These requirements must all be satisfied before the end of the second year.

Course list

• 14.121: Microeconomic Theory I
• 14.122: Microeconomic Theory II
• 14.123: Microeconomic Theory III
• 14.124: Microeconomic Theory IV
• 14.380: Statistical Methods in Economics
• 14.381: Estimation and Inference for Linear Causal and Structural Models
• 14.382*: Econometrics
• 14.384*: Time Series Analysis (2nd year course)
• 14.385*: Nonlinear Econometric Analysis (2nd year course)
• 14.451: Dynamic Optimization Methods with Applications
• 14.452: Economic Growth
• 14.453: Economic Fluctuations
• 14.454: Economic Crises

*Courses 14.382, 14.384, and 14.385 are each counted as two half-semester courses.

Most students will also take one or more field courses (depending on whether they are waiving core courses) during their first year. Feel free to ask your graduate research officer, field faculty, and advanced students for advice on how you structure your first-year coursework.

Second year students must also successfully complete the two-semester course 14.192: Advanced Research Methods and Communication. The course, which is graded on a pass-fail basis, guides students through the process of writing and presenting the required second-year research paper.

Major field requirement

By the end of year two, PhD students must complete the requirements for two major fields in economics. This entails earning a B or better in two designated courses for each field. Some fields recommend additional coursework or papers for students intending to pursue research in the field.

Major fields must be declared by the Monday following the spring break of your second year. Your graduate registration officer must approve your field selections.

Minor field requirement

PhD students are also required to complete two minor fields, taking two courses in each field and earning a grade of B or better. Your graduate registration officer must approve your field selections.

Minor coursework is normally completed by the end of year two, but in some cases students can defer the completion of one field until after general exams. Students must consult with their graduate registration officer before making a deferment.

Options for minor fields include the eleven economics major fields, plus computation and statistics (from the interdisciplinary PhD in Economics and Statistics).

Students who wish to satisfy one of the minor field requirements by combining two courses from different fields–for example, environmental economics and industrial organization II–can petition the second-year graduate registration officer for permission.

At least one minor field should be from the department’s standard field list.

The fields in which the Department offers specialization and the subjects that will satisfy their designation as a minor field are given in the chart below. Some fields overlap so substantially that both cannot be taken by a student. In any event, the same subject cannot be counted towards more than a single minor field. Students must receive the approval of their Graduate Registration Officer for their designated major and minor fields.

List of fields

• Development
• Econometrics
• Industrial organization
• International
• Macroeconomics
• Organizational
• Political economy
• Public finance
• Computation and statistics (minor only)

Subjects satisfying major and minor requirements

Advanced economic theory.

Minor: Any subset adding up to two full semesters from 14.125, 14.126, 14.127, 14.130, 14.137, 14.147, 14.160, 14.281 and Harvard Ec 2059. Major: At least two of 14.125, 14.126, 14.281, and Harvard Ec 2059. Recommended for major: 14.126, 14.281, and at least one of 14.125, 14.127, 14.130, 14.147, and Harvard Ec 2059.

Econometrics and Statistics

Minor: 14.382 in addition to one of 14.384 or 14.385. Major: Any one of 14.386, 14.387, 14.388 in addition to one of 14.384 or 14.385. Recommended for major: 14.384 and 14.385. *Dual PhD in Economics and Statistics has an additional requirement of 14.386.

Economic Development

Major and minor: 14.771 and 14.772 or 14.773

Minor: Any two of 14.416J, 14.440J, 14.441J, 14.442J, 14.448. Major: 14.416J and 14.441J

Industrial Organization

Minor: 14.271 and 14.272 or 14.273. Major: 14.271 and 14.272 or 14.273. Recommended for major: 14.271, 14.272, and 14.273.

International Economics

Major and minor: 14.581 and 14.582

Labor Economics

Major: 14.661 and 14.662A. Minor: Two subjects chosen from 14.193, 14.661, and 14.662

Monetary Economics

Major and minor: Two subjects chosen from 14.461, 14.462, and 14.463

Organizational Economics

Major and minor: 14.282 and one of 14.283-284, 14.441J, or an approved substitute

Political Economy

Major and minor: 14.770 and 14.773

Public Economics

Major and minor: 14.471 and 14.472

General exams

MIT requires doctoral candidates to complete an advanced course of study that includes general exams at its completion. Beginning in 2019-20, the Economics Department will operationalize this requirement to include successful completion of: the core and other required courses; course exams and other requirements of courses in each of a student’s two major and two minor fields; the written research paper and oral presentation components of 14.192. Students may present for the general exams while having one remaining minor field to complete. The faculty will review these components together with the candidate’s overall course record to determine whether students have passed the general exam requirement and can proceed to the thesis writing stage.

Typical course schedule

Math Camp begins on the second Monday in August.

Fall Semester

14.121/14.122 (Micro Theory I/II) 14.451/14.452 (Macro Theory I/II) 14.380/14.381 (Statistical Method in Economics & Applied Econometrics) Field Course (major or minor)

Spring Semester

14.123/14.124 (Micro Theory III/IV) 14.453/14.454 (Macro Theory III/IV) 14.382 (Econometrics) Field Course (major or minor)

2-3 Field Courses 14.192 (Advanced Research and Communication) 14.384  or  14.385 (Advanced Econometrics)

3 Field Courses 14.192 (Advanced Research and Communication)

Years 3 and up

Field workshop Field lunch Thesis writing

Upon satisfying the core and field requirements, PhD candidates embark on original research culminating in a completed dissertation. A PhD thesis normally consists of three research papers of publishable quality. The thesis must be approved by a student’s primary and secondary thesis advisors, and by an anonymous third reader. These three faculty members will be the candidate's thesis committee and are responsible for its acceptance. Collaborative work is acceptable and encouraged, but there must be at least one paper in the dissertation without a co-author who was a faculty member when the research started.

Criteria for satisfactory progress

Third-year students.

• Meet regularly with their advisor
• Participate consistently in their primary field advising lunch, their primary field workshop, and the third-year student research lunch
• Complete their third-year paper
• Participate in third-year meetings organized by the thesis graduate research officer

Students should present on their research in progress at least once in both the third-year student research lunches and their field advising lunch. Presentations provide opportunities for early and broad feedback on research ideas and the chance to develop oral presentation skills. Research ideas or early stage work in progress is encouraged and expected.

Fourth-year and later students

• Participate consistently in their primary field advising lunch and their primary field workshop
• Present at least once per year in their field advising lunch or field workshop. A presentation each semester in the field advising lunch is strongly recommended by most fields; consult your advisors for more information

Satisfactory progress toward a dissertation will be evaluated based on progress assessments by the student’s primary advisor, regular participation in the lunches and workshops, and field lunch or workshop presentations that show continued progress.

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How to Write an Abstract or Synopsis

• Writing a Book Review
• Writing a Short Essay
• Writing Your Senior Thesis
• Bibliography, Footnotes, and Endnotes

Economics and Finance

I. The Heading

At the top of the page give the article's full citation.

EXAMPLE: Rousseas, Stephen. "Can the U.S. Financial System Survive the Revolution?" Challenge, Vol 32, no. 2 (March-April, 1989), pp. 39-43.

Don't forget to put your name at the top.

II. The First Paragraph.

First sentence. Statement of theme or argument. One or two sentences that convey a sense of the overall argument. This might be a conclusion, an important theoretical implication, or a policy suggestion.

EXAMPLE : Highly leveraged debt combined with bank deregulation and financial innovation has rendered the U.S. financial system increasingly unstable and vulnerable to recession.

The remainder of the first paragraph is an overview of the argument itself.

EXAMPLE : Deregulation weakened both commercial banks and S&Ls by allowing them to enter more risky markets at a time when two major sources of high-risk borrowing, LDC debt and leveraged buy-outs, were booming. Financial innovation loosened much of the remaining regulatory system, and frustrated monetary policy. A recession, whether of exogenous or domestic origin, would leave in shambles a financial system that is heavily exposed to bad LDC debt and unsecured "junk-bond" lending.

Summarize the argument; do not attempt to summarize each paragraph.

III.The Second and Third Paragraphs.

"Flesh-out" the argument presented in the first paragraph. In the example, points that might be mentioned are: Deregulation resulted in fewer banks; ill-conceived monetary policy; financial deregulation and innovation tend to trigger and reinforce each other; leveraged buy-outs. DO NOT LIST these points. Write them in prose.

IV. Miscellaneous writing tips.

Economy of style is in order. Try to express an idea in as few words as possible, without doing it violence.

Avoid using the first person ("I" and "We"), second person ("you"), and phrases like "the author believes..."

Avoid the passive voice. The phrase "the monetary base was increased by open market actions" (passive voice) can be shortened to "open market actions increased the monetary base" (active voice).

Use gender-neutral pronouns. Do not use "he" or "man" when referring to people in general or to unspecified individuals. Instead use, for example, "people," "him or her," or "S/he."

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Doctoral Program

The Ph.D. program is a full time program leading to a Doctoral Degree in Economics.  Students specialize in various fields within Economics by enrolling in field courses and attending field specific lunches and seminars.  Students gain economic breadth by taking additional distribution courses outside of their selected fields of interest.

General requirements

Students  are required to complete 1 quarter of teaching experience. Teaching experience includes teaching assistantships within the Economics department or another department .

University's residency requirement

135 units of full-tuition residency are required for PhD students. After that, a student should have completed all course work and must request Terminal Graduate Registration (TGR) status.

Department degree requirements and student checklist

1. core course requirement.

Required: Core Microeconomics (202-203-204) Core Macroeconomics (210-211-212) Econometrics (270-271-272).  The Business School graduate microeconomics class series may be substituted for the Econ Micro Core.  Students wishing to waive out of any of the first year core, based on previous coverage of at least 90% of the material,  must submit a waiver request to the DGS at least two weeks prior to the start of the quarter.  A separate waiver request must be submitted for each course you are requesting to waive.  The waiver request must include a transcript and a syllabus from the prior course(s) taken.  

2.  Field Requirements

Required:  Two of the Following Fields Chosen as Major Fields (click on link for specific field requirements).  Field sequences must be passed with an overall grade average of B or better.  Individual courses require a letter grade of B- or better to pass unless otherwise noted.

Research fields and field requirements :

• Behavioral & Experimental
• Development Economics
• Econometric Methods with Causal Inference
• Econometrics
• Economic History
• Environmental, Resource and Energy Economics
• Industrial Organization
• International Trade & Finance
• Labor Economics
• Market Design
• Microeconomic Theory
• Macroeconomics
• Political Economy
• Public Economics

3.  Distribution

Required:  Four other graduate-level courses must be completed. One of these must be from the area of economic history (unless that field has already been selected above). These courses must be distributed in such a way that at least two fields not selected above are represented.  Distribution courses must be passed with a grade of B or better.

4.  Field Seminars/Workshops

Required:  Three quarters of two different field seminars or six quarters of the same field seminar from the list below.   

Research guidance, Research Journals, Top Universities

Format of synopsis for PhD | Download Sample.

Guidelines for Writing Ph. D Synopsis.

FORMAT OF SYNOPSIS (MS/MPHIL & PHD). Given below is an outline for synopsis writing. It provides guidelines for organization and presentation of research.

INTRODUCTION OF 2-3 PAGES

• Identify a real world problem
• Describe the undesirable symptoms
• Identify the knowledge gap that needs to be filled in order to help solve the problem
• Support your discussion with solid peer-reviewed references

LITERATURE REVIEW

• Create an Outline or “mindmap” of the key theories and concepts.
• Dig deep into the “ Peer-reviewed” literature for each theory and concept and create an annotated bibliography and literature map
• Write literature review
• Map out the research gap
• Identify the “type(s)” of question that need to be answer to fulfill the purpose
• Develop the main research question and sub-questions
• Develop hypotheses as appropriate
• Identify and diagram the key variables in the research question
• Identify and diagram the key relationships between the variables
• Identify and diagram the key context factors
• Describe the framework
• Research Process
• Based on the research questions, the overall approach (Data Collection, Analysis methods, Validity and Reliability test process)

POSSIBLE OUTCOME AND LIMITATIONS OF YOUR STUDY

• Identify the larger application(s) and meaning(s) of the findings.
• Identify the limitations associated with the findings and conclusion.

BIBLIOGRAPHY OR REFERENCES

Most preferable format:

Font: Times New Roman

Title of the thesis: 18

Main Heading: 14 Bold

Sub Heading: 12 Bold

Spacing 1.5

Reference style: APA/IEEE/Harvard

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Sample Economics PhD Statement of Purpose

by Talha Omer, MBA, M.Eng., Harvard & Cornell Grad

In statement of purpose.

The following statement of purpose is written by an applicant who got accepted to top Ph.D. programs in economics. Variations of this SOP got accepted at MIT, Yale, and Brown. Read this essay to get inspiration and understand what a top Ph.D. economics SOP should look like.

Sample Statement of Purpose Ph.D. Economics

Inequality is a grim reality in the present-day world. Development topography is not homogenous. The contrast between developed and underdeveloped regions is far more severe in developing countries. Bad matters are made worse when the tools of development, meant to iron out differences, accentuate inequality.

The difference between Meridione, from where I belong, and Trentino is extremely. Unfortunately, the gap is widening with every passing year. The prime reason is the improper allocation of development funds because there is no criterion for the distribution of funds within 47 districts of Italy. Meager allocation fails to alleviate depravity because development projects are marred with ill conception, vague and intangible objectives, ineffective implementation regimes, and corruption. In addition, there is a gulf between academia and public sector officers. Consequently, underdeveloped regions of Meridione are sinking below the poverty line. Hence, I intend to obtain a Ph.D. in Economics to get insight into development paradigms and advanced research techniques so that I can give informed input for policy-level decisions.

My formal academic research has focused on funds distribution among various government tiers. In 2021, as an MS Economics dissertation, I explored the issue “Fiscal Decentralization & Service Delivery Mechanism: a case study of five districts of Meridione”. At that time, Italy had recently experimented with the devolution of power, which resulted in fiscal decentralization. Based on the analysis of the Annual Development Plan of five districts, I concluded that the rhetoric of budgetary decentralization was merely a façade because districts were dependent on the provinces’ provision of funds and plans had a regional footprint.

During my Master’s, I researched ‘Political Economy of Development Expenditure: verdict drawn from the provincial analysis.’ The Under-Development Index (UDI) composite index was developed using Factor Analysis based on 24 variables from UNICEF’s sponsored Multiple Indicator Cluster Survey of Meridione (MICS). Results showed that the topography of Meridione in terms of socio-economic development is rugged, and fund allocation was not correlated with the level of development. Both ‘deprived districts’ and ‘crucial sectors’ have been ignored due to political preferences. Therefore, I want to carry forward this work in my Ph.D.

During firsthand experience with developmental projects, I closely studied each project. I used statistical and research techniques to perform analysis. As a result, I found out that projects failed to deliver the envisaged objectives due to various factors which worked individually and simultaneously. For example, a project titled ‘Tree Plantation at Fort Harilaq’ failed to achieve its intended objectives because, due to improper planning eucalyptus plant (which requires an excessive amount of water) was planted in the hills of Fort Harilaq, which has no underground water. In another project titled ‘Establishment of emergency services at 12 districts of Meridione’, cheaper but non-durable ambulances were purchased without cost-benefit analysis.

Similarly, in a project titled ‘Elimination of bonded labor in brickkilns,’ a study was conducted after the execution of a project to check whether the labor was bonded or voluntary. There are numerous projects and numerous issues. I tried to voice everything. Even written in newspapers. I soon observed that the reporting resulted in improvements; even new projects were not designed in light of recommendations on old projects. Therefore, I gave the exam for the senior position of Assistant Chief and joined the appraisal section, which dealt with the project at the conception stage rather than evaluation which is carried out post-completion. To my surprise, appraisals should have been given more importance. The department pursued its projects as per its plan. The reason behind this stinginess was disclosed to me at a later stage.

My firsthand experience of development has shown that there is a gulf between academia and bureaucracy. Italy has well-known scholars and intellectuals, but their studies are outside the practical realm. Therefore, most government processes remain stagnant. Academia cannot be blamed for this sorry state. The bureaucrats and policymakers also need to engage academia or incorporate the results of their studies.

Consequently, both streams work in their silos. In the public sector, there are few Ph.D. The unfortunate part of the equation is that people from academia are only welcome if they join the public sector. For instance, the post of Chief Economist has been vacant for five years and is being run through an additional charge. In fact, since 1970, only one Ph.D. from academia was posted for the position, and the remaining part was filled through ad-hoc arrangements.

I want to pursue a Ph.D. in Economics specializing in Development Economics for the above reasons. I want to develop a which could give a yardstick to governments for the distribution of funds to different regions based on their backwardness and sectors on account of their importance. Moreover, I would like to abridge the gulf between academia and bureaucrats so that instead of working in silos, they sync their efforts to use the latest advancements in the field. In addition, because of the knowledge and techniques gained from the exposure, I would like to evolve the government process. Lastly, I would like to develop policy guidelines for each public sector development project category so recurrent issues are not repeated and optimum use of public resources is done. I have always used and implemented the knowledge gained.

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How to Write an SOP for MS/Doctoral/PhD in Economics?

Are you applying for a Masters/ Doctoral program in Economics? In that case, chances are you must have recognized the pivotal role that certain documents play in the admissions process. Some of these include your transcripts, letters of recommendation, and resume, which carry substantial weight and are closely assessed by the admissions committee. But do you know what else can make or break your admission? 

It’s the Statement of Purpose!

The Statement of Purpose (SOP) can distinguish your application from a competitive pool of candidates and elevate your prospects of securing admission to a Master, or Doctoral program in Economics. Its significance is paramount. When writing an SOP for Economics, make sure to include your area of interest, the tools you are familiar with, your project experiences, and how the selected university’s course and department align with your career/ research objectives.

A well-drafted SOP is a strategic asset that includes your aspirations, academic journey, your goals, and the distinct value you bring to the academic community. This is why Yocket houses experts, who have reviewed over 10,000 SOPs and helped students secure admission to hundreds of top universities across the world.

Join Yocket Premium today to get a stellar SOP

Now, read this blog till the end to get all the answers to the question - “How to Write an SOP for MS/Doctoral/PhD in Economics?”

Brainstorming, free-writing, and collecting your thoughts are the beginning of any writing task. Your SOP should walk the admission committee through all the relevant life experiences, academic and professional background (if applicable), career goals, co-curricular activities, volunteering/community involvement, and more. 

Therefore, make sure to refer to the following guidelines to draft a stellar sample SOP for a master's in Economics program.

Also read : What is an SOP?

Introduction

Try to answer the following questions:

What pushed you to choose Economics or finance as your interest? What is the most robust experience that led you to choose this field? 

It could be something like - you read a news article on a new government policy affecting your favorite commodity that stated several economic factors backing it up. That made you wonder how certain economic factors affect government policies and the price of commodities, and vice-versa. Thus, your curiosity led you to research and soon became a passion for Economics.

Once you’ve decided upon these, begin drafting your SOP. While writing,

• Begin your introduction with an attention-grabbing experience evocating your journey into the field. 
• Alternatively, you can begin with a research problem statement you consider exploring in your MSc/Masters/Doctoral/PhD program. 
• Some programs directly seek an SOP that is more of a research proposal than otherwise.

For example, Harvard University has an excellent guide to drafting a statement of purpose. It provides a step-by-step process, while also giving numerous prompts that will help you. These prompts usually focus on directing you on how to write about experiences that shaped your research mindset. Therefore, your SOP can start with a relevant anecdote that gave your research interest a direction and motivated you to pursue a career in Economics. Once completed, you’re ready to move to the second paragraph.

Second Paragraph

In this part, you can discuss the relevant academic and life experiences that have strengthened your interest and motivation to pursue a higher education in Economics. 

• Discuss relevant undergraduate experiences or courses in which you have developed a particular interest. For example, you must have developed an interest in economic statistics to choose this subject. 
• Touch upon a few course specifics and how these led you to develop your portfolio and inspired you to work on projects relevant to this interest. 
• You can discuss interesting research or projects you worked on or relevant co-curricular experiences worth sharing. Ensure your experiences align with your interest in the Economics program you’re applying for.

For instance, if you are applying for a Ph.D. in Economics, with prior experience and a project on rural economy, make sure to present tangible outcomes. This can be something like portraying the effects of inflation on wealth distribution among different sections of a rural area. This stands as a relevant project experience, which you can illustrate in the SOP for admission to a Ph.D. in Economics.

Now that you’re figuring out how to draft an SOP, why don’t you filter some universities for an advanced degree in Economics? Check out Yocket College Finder to find your fit. We promise it’ll take only a few minutes. 

Third Paragraph

Coming to the third paragraph, let’s ponder for a bit. Our life includes various challenges and failures, doesn’t it? Sometimes, things happen to us which could not have been avoided, no matter what. Now think, have you faced any setbacks in your academics? If you end up getting low grades, this is where you discuss them. 

Remember, your GPA does not define you. Yes, it is a crucial part of the admission process. Yes, high GPAs have huge advantages. But, if you can explain why you had lesser scores, what led to them, and how you actively took the responsibility of fixing them, the admission committee will highly appreciate it. 

Here, you discuss 

• Have you faced any unique challenges or setbacks that have redefined your perspectives or interests? 
• How did you overcome these challenges, and what is/are the positive outcomes of these experiences? 
• Reflecting on the lessons from these experiences is essential to underscore your resilience.

Fourth Paragraph

In the fourth paragraph, you can discuss all your extracurricular activities. Remember that Universities are interested to know more than just academics. So, go ahead and speak about your hobbies, social work, volunteering, etc., here. You can also discuss workshops or certifications you have taken to upgrade your skills. However, it’s imperative not to make a sample SOP for undergraduate Ph.D. or graduate Economics an embellished version of your resume.

Click here to find the Top 25 Universities in the World

Fifth Paragraph

Work experience, though not mandatory, is an effective way to demonstrate your competence to the admission committee. It can provide evidence of your abilities, skills, and capacity to apply your knowledge in a practical setting. That is what you add in this paragraph. But if you do not have full-time work experience, you can also discuss your internship experiences, specific learnings, and take-aways. Identify a knowledge gap and the need for you to go for a Master's/Ph.D. in Economics. Ask yourself the questions -  How has the work experience/s influenced your career goals? Why do you wish for an MSc/Masters/Doctoral/PhD now? Additionally,

• Define your short-term and long-term goals. 
• How will the MSc/Masters/Doctoral/PhD program from a specific Economics school help you achieve these goals? 
• How does the program align with your areas of interest?

The best universities for Economics assess your conviction in applying to their programs. Justify your reasons for the choice of the school and the program. Try to understand the school's values and devise this paragraph accordingly.

Suggested: Masters in Economics Abroad

One of the best ways to write a cohesive SOP is to have a conclusion that is as good as the introductory paragraph. Follow these guidelines to write one.

• What capabilities equip you to contribute to the University?
• How can you be an asset to the University?
• What activities, clubs, sports, student associations, groups, etc., piqued your interest?
• What diverse experiences do you bring to your future graduate community?

End the SOP with your expectations from the program and how you look forward to receiving, assimilating, and contributing to new knowledge at the University.

Your SOP can be the reason behind your acceptance or rejection to your dream university. Join the Premium cohort to get 1:1 personalized guidance for your study abroad journey!

Do’s and Don'ts of Writing a Statement of Purpose Economics  

We’ve already discussed the do’s of writing a Statement of Purpose in Economics, but what about the don’ts?

Well, there are plenty. Remember that a Statement of Purpose (SOP) in Economics is a critical part of your application for graduate programs or research positions. Avoiding common mistakes or "don'ts" is as important as following the "do's" to create a compelling SOP. Here are some key things to avoid:

Irrelevant Information : Don't include irrelevant details about your personal life, hobbies, or experiences that are not directly related to your academic or career goals. Keep your SOP focused on your academic and professional journey.

Generic Statements : Avoid making broad, generic statements about your interest in Economics. Instead, provide specific examples of what interests you, such as particular subfields or research questions.

Plagiarism: Never copy SOPs from online sources or other applicants. Plagiarism can lead to immediate rejection and damage your academic reputation.

False Information : Be truthful in your SOP. Don't exaggerate your achievements, skills, or experiences. Admissions committees value honesty.

Lack of Clarity and Structure : Don't write in a disorganized or haphazard manner. Your SOP should have a clear and logical structure with an introduction, body paragraphs, and a conclusion. Use transition sentences to guide the reader.

Failure to Address Weaknesses : If you have academic or professional weaknesses (e.g., a lower GPA), it's often advisable to address them briefly and explain how you've overcome or learned from them.

Failure to Tailor to the Program : Don't use a generic SOP for all the programs you apply to. Each SOP should be tailored to the specific program and highlight how it aligns with your goals and interests.

Lack of Proofreading : Avoid submitting an SOP with grammar or spelling errors. Carefully proofread your statement, and consider having someone else review it as well.

Remember that a Statement of Purpose is your opportunity to make a compelling case for why you are an ideal candidate for the program. Take your time to craft a thoughtful and well-structured statement that reflects your genuine passion for Economics and your potential contributions to the field.

Also read: Top Letter of Recommendation Samples for Masters

Top Universities for Economics

The choice of the top universities for economics can vary depending on specific criteria, such as location, program offerings, faculty expertise, and research opportunities. However, several universities consistently rank among the top for economics worldwide, with various tuition fee structures. 

Many doctoral programs in the USA, especially in fields like economics, are often fully funded through assistantships or fellowships. However, master's programs, especially those at top universities, typically come with tuition costs. These costs can vary significantly between universities and may also depend on the specific master's program within the university. Here's a general idea of what to expect for master's program tuition fees at some of the top universities for economics:

You can find the best scholarships for Indian students here

Harvard University : Located in the United States, Harvard consistently ranks among the top universities for economics due to its renowned faculty and research opportunities. Tuition for master's programs at Harvard can vary by program. For the 2024 academic year, it may range from approximately $45,000 (INR 3,735,000) to $60,000 (INR 4,980,000), depending on the specific program. 

Massachusetts Institute of Technology (MIT) : Massachusetts Institute of Technology is known for its strong emphasis on economics and its connection to various research centers. MIT's master's program in economics, such as the Master of Science in Economics, generally has tuition fees for the 2024 academic year ranging from approximately $53,450 (INR 4,436,350) to $61,920 (INR 5,139,360).

Stanford University : Stanford's economics department is highly regarded for its research and academic programs. Stanford's master's programs, like the Master of Arts in Economics, can have tuition fees in the range of $50,000 (INR 4,150,00) or more.

Princeton University : Princeton University offers a distinguished economics program with an emphasis on research and theoretical economics. Princeton University offers a Master in Public Affairs (MPA) program with tuition that can vary but generally falls within the range of $55,000 (INR 4,565,000) to $60,000 (INR 4,989,000).

University of Chicago : The University of Chicago is famous for its rigorous approach to economics and has produced many Nobel laureates in the field. Tuition for master's programs at the University of Chicago is approximately $72,000 (INR 5,976,000).

London School of Economics and Political Science (LSE) : London School of Economics is one of the top schools for economics in the United Kingdom and Europe. It's known for its social sciences research. LSE offers various master's programs in economics, with tuition fees for international students ranging from approximately £19,584 (INR 1,974,350) to £28,752 (INR 2,903,952) for the 2024 academic year.

University of Oxford : The University of Oxford , located in the United Kingdom, offers a strong economics program and is known for its contributions to the field. Tuition fees for master's programs at the University of Oxford vary by program and nationality. For international students, they can range from approximately £24,000 (INR 2,424,000) to £37,000 (INR 3,737,000) or more.

University of Cambridge : Another prestigious institution in the United Kingdom, the University of Cambridge offers a variety of economics programs and research opportunities. Cambridge also offers various master's programs, with tuition fees varying by program and nationality. For international students, fees are £37,396 (INR 3,776,990) or higher.

University of Toronto : The University of Toronto is a prominent Canadian institution known for its economics department and research contributions. Tuition for master's programs at the University of Toronto can vary by program and residency status. For international students, it may range from approximately CAD 21,000 (INR 1,274,7000) to CAD 44,000 (INR 2,670,800) or more.

From the Desk of Yocket 

A Master's or Doctoral program in Economics is highly coveted globally, offering huge opportunities in both national and international career landscapes. Pursuing your higher education in Economics at a prestigious institution not only exposes you to invaluable experiences but also hones your analytical abilities, setting you on a trajectory for career excellence.

However, securing admission into a renowned university for a Master's in economics may be a difficult task, but it is certainly attainable. A well-crafted Statement of Purpose (SOP) is pivotal in bolstering your application, and Yocket Premium is your go-to resource for creating an SOP that distinguishes you from the competition. With personalized 1:1 counseling sessions, an expert document editor, and an easy-to-manage application tracker, Yocket Premium offers a comprehensive solution to address all your application concerns.

Frequently Asked Questions about writing an SOP for MSc/Masters/Doctoral/PhD in Economics

How long should my SOP be?

There is no specific length requirement for an SOP, but it is generally recommended to keep your SOP to 1-2 pages.

What are some tips for writing a strong SOP for an MSc/Masters/Doctoral/PhD in Economics?

Here are some tips for writing a strong SOP for an MSc/Masters/Doctoral/PhD in Economics: 1. Be specific and avoid using clichés. 2. Be honest and authentic. 3. Be enthusiastic and show your passion for economics. 4. Proofread and edit your SOP carefully before submitting it.

What should I include in my SOP for an MSc/Masters/Doctoral/PhD in Economics?

When writing your SOP for an MSc/Masters/Doctoral/PhD in Economics, include the following: 1. Your interest in economics: Explain why you are interested in economics and what drew you to the field. Be specific and mention any relevant personal or professional experiences that have shaped your interest. 2. Your academic and professional background: Highlight your relevant academic and professional experiences, including any coursework, internships, or jobs that you have had in economics or related fields. Be sure to emphasize any skills or knowledge you have gained from these experiences that will be valuable in the graduate program. 3. Your academic and professional goals: Discuss your academic and professional goals for the future. How will the graduate program help you achieve these goals? 4. Your fit with the program: Explain why you are a good fit for the graduate program to which you are applying. Be specific about what you like about the program and how your skills and interests align with the program's curriculum.

How do you write a statement of purpose for a Ph.D. in economics?

To write a Statement of Purpose (SOP) for a Ph.D. in economics: Strong introduction: Begin with a compelling opening that explains your interest in economics and the specific area of research. Highlight your academic background: Discuss your academic achievements, relevant coursework, and any prior research experience in economics. Explain your research interests: Clearly state your research interests and the questions you want to explore in your Ph.D. Connect with the program: Explain why you're interested in that particular program, citing professors, resources, or research centers. Discuss your career goals: Describe how the Ph.D. will help you achieve your career objectives in economics. An SOP is your opportunity to showcase your passion, qualifications, and alignment with the program. It should be a compelling narrative that convinces the admissions committee of your suitability for a Ph.D. in economics.

What is the purpose of a Ph.D. in economics?

The purpose of a Ph.D. in economics is to develop advanced expertise and research skills, enabling graduates to contribute to economic knowledge, tackle complex issues, and pursue careers in academia, policymaking, consulting, and various sectors.

Can I write SOP in 3 days?

You can write a Statement of Purpose (SOP) in 3 days with a strategic plan, but it is advisable to finish and finalize your SOP at least 4 weeks before your application deadline. The SOP is a crucial document, and giving yourself ample time for reflection, revision, and feedback can significantly improve its quality and effectiveness.

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