Postgraduate Training in Economics Why? And Why Warwick?

2007/8 Ian Walker

Department of Economics http://go.warwick.ac.uk/iwalker Clickable slides available at

http://go.warwick.ac.uk/iwalker

An Economics MSc pays

LFS 96-03 Regression Analysis - Men

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First Degree MA/MSc PGCE Other Higher Deg MSc+PhD 0.2

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01/05/2020 -0.2

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UK Economics PG Training

• Small number of large MSc Economics programmes – LSE, Oxford, Warwick, Essex, UCL, and Manchester account for about 90% of flow – Total supply probably less than 750pa • Only BSc Economics/Econometrics with 2.1’s and better need apply • Flow of about 250 pa PhDs – Less concentrated – “Good” performance in good Economics or Econometrics MSc programme required • About 40 pa PhD students are UK-born • About 80 pa are supported by ESRC awards • Some self-support – mostly through GTA’ships – Teaching undergraduate classes 01/05/2020 3

Language competence

• An MSc or PhD will be hard even if you’re a native English speaker • All good departments will INSIST that you have a minimum competence – IELTS > 7.0 – TOEFL (paper based) > 620 – TOEFL (computer based test) > 260 • Do NOT waste your time and money taking an MSc UNTIL you have the required language skills • If you are not a native speaker and do satisfy these requirements - make sure you mix extensively with native speakers on the course.

• Take additional language skills courses 01/05/2020 4

ESRC support for PG Economics

• Apply at ESRC – “fees-only” (for EU) or fees+“subsistence” – Fees are about £4k, Subsistence is about £10k – Awards are either “1+3” or “+3” – No “1” for MSc-only (but many quit after 1 of a 1+3 - and keep the 1) – An upper second is necessary ( but not sufficient ) • Economics about 60 awards (out of 600+) 01/05/2020 5

ESRC awards

• About 50 “1+3” or “+3” awards – Essex (5*) 2, UCL (5*)

0

, Warwick (5*) 4 , LSE (5*) 0, Oxford (5) 11 • plus a variety of collaborative or special awards – mostly “+3’s” • More than 30% of Economics awards go to non UK students as “fees-only” awards – compared to about 10% other subjects 01/05/2020 6

Warwick Economics

• RAE 5* in 2001 (with UCL, Essex, LSE) • TQA 24 in 2001 (with UCL) • No. 2 in 2003/4 Times UK list • Top 5 in UK using publishing rankings (see

JEEA

2003) – LSE, UCL, Oxford, Cambridge • Top 10 in Europe – – Tilburg, Amsterdam (U and Free U), Stockholm School of Economics and Stockholm U, Toulouse, Pompeu Fabra • No 4 in EU’s 2004 “Mapping of Excellence in Economics” – Warwick Labour and IO groups both “mapped” as no 2 in Europe • Top 50 in the world (see

JEEA

2003) – Mark Taylor – 2 01/05/2020 nd most cited in UK (50 th most cited in world) – Former staff include Nick Stern (GES) and Avinash Dixit (Princeton) – Former students include Gus O’Donnell and Paul Geroski • 1977 cohort contained Tim Hatton and Peter Dolton - oh, and me 7

Warwick’s areas of research strength

• Macro – Mark Taylor – Marcus Miller • Micro – Chuck Blackorby – Bhaskar Dutta • Public – Ben Lockwood – Carlo Perroni • Industrial – Margaret Slade – Mike Waterson 01/05/2020 • Econometrics – Valentina Corradi – Mark Stewart • Labour – Andrew Oswald – Wiji Arulampalam • Education – Robin Naylor – Ian Walker • Economic History – Mark Harrison – Steve Broadberry 8

Warwick’s MSc provision

• 1-year “taught” MSc Economics courses – One of UK’s largest (and oldest) – ESRC recognised – Vocational course, but also feeds our PhD – Attracts GES staff – About 75 students, about equal nos. of UK/EU/non-EU – EU Fees about £4.6k (UCL about £8k) – Non EU fees about £8.4k (UCL about £12k) • 1-year “taught” MSc Economics & Finance – Taught jointly with WBS Finance specialists – About 75 students, few UK – Largely vocational course – Fees about £13.6k

• 01/05/2020 PG Skills Certificate – Language learning skills, effective writing, making presentations…

MSc Course Structure

• Warwick is fairly typical • Usual range of options (but not Health or Environment) Economic Analysis QM Options Micro Macro Term 1 Maths Methods Term 2 Econometrics A or B Option 1 Option 2 Option 3 Research Methods Term 3 Summer Dissertation 10

Other institutions

• Several institutions offer similar products – UCL, Essex, Southampton, Bristol, Nottingham, York • Some offer 2 year products – LSE, Oxford • Niche courses also available – York (health), UEA (experimental), Manchester (development) – But few with ESRC “recognition” • Many European institutions now adopt “Bologna Agreement” standardisation of 2-year MSc – Many good places teach in English – Amsterdam, Tilburg (NL), Carlos III (Madrid), CEMFI (Madrid), Scandanavia, EUI (Florence), Bucconi (Milan) • See www.FindAPhd.com

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Life after a Warwick MSc?

• Public sector professional economist – DfES, DCA, DWP, HMT, ODPM, Bank of England – Starts on £25k, £40k in 3 years • Private/third sector professional economist – Lehman Bros, Deusche Bank, Goldman Sachs, IFS – Start on £30k, £60k in 3 years – Lower in “third sector” • PhD – Warwick, UCL, LSE, US, EUI • Academic positions – Research officers 01/05/2020 12

Warwick PhD

• Small (about 10-20 pa) high quality flow – Half come from our own MSc course • Need good pass in a good MSc course to qualify – GRE Economics test would be convincing – Mostly EU, a few non-EU, few UK 01/05/2020 – “1+1+3” programme • MSc • PhD advanced modules, further MSc options, “upgrade paper” • 3 ys thesis research, teaching experience, mobility 13 • and, maybe, take further PG Skills modules

Warwick PhD

• Fees – About £3k pa EU and £8.4k pa non EU • Strong encouragement for international mobility and/or policy engagement • MC-funded visits to EU • UN and WB YP programmes • visiting studentships in US • Aim to produce “world class” students who are “out in 5” 01/05/2020 14

Warwick Funding - ESRC

• 4 “1+3” awards – Essex (5*) 2, UCL (5*)

0

, LSE (5*) 0, Oxford (5) 11, …. Other (Sub-5) depts about 10 • “CASE” awards – for collaboration with non-academic bodies • Occasional special schemes 01/05/2020 – Last year we had one ODPM 1 year scholarship for MSc in regional/transport/housing issues 15

Other funding

• ORS awards (Universities UK) – Only apply via ONE institution – Funds difference between overseas and EU fees level – End Jan deadline • 01/05/2020 British Council – Scholarships search • For “Commonwealth” students see ACU – CSFP awards – See also www .Find A PhD. com 16

Other funding

• Several departmental funded GTAships for PhD’s – Usually on ESRC terms – Teach up to 100 hours p.a. (rather less at Warwick) – Mostly 1 st and 2 nd year undergraduate classes in Micro/Macro/QM • One third of students funded by employers – Central banks, Government Economics Service, etc 01/05/2020 17

Life after a Warwick PhD?

• Public sector professional economist – Competition Commission, World Bank, Bank of England, DIW Berlin, OFGEM, OFCOM, IMF, ECB, ABI – UK starting pay typically £32k, £50k in 3 years • Academics – Lecturers at Essex, Bath, QMC, St Andrews, Reading, Keele, Loughborough, York, Valencia, Vanderbilt, Tilburg, Tokyo, Minho, Carlos III – UK starting pay £26k, £30k in 3 years • Private/third sector professional economist 01/05/2020 – Frontier Economics, Watson Wyatt, NERA, OXERA – UK starting about £40k, £80 in 3 years 18

Other institutions

• Essex, Southampton, Nottingham, etc.

– 1 year MSc – Followed by 3 years PhD thesis research • LSE – GRE Economics required – new “2+2” PhD model • Oxford – 2 year MPhil (i.e. MSc) – Followed by 3 years thesis research • UCL – 1 year MSc – followed by 1 year of advanced courses – followed by 2/3 years thesis research • US training – GRE Economics required – More extensive coursework – Followed by “job market” paper(s) 01/05/2020 19

European Alternatives - EUI

European University Institute ( EUI ) Florence – EU students eligible for support from national govts – UK DfES provides around 20 awards – Mid Jan deadline – Talk to Martin Ellison 01/05/2020 20

Other European Alternatives

• See

JEEA

2003 and EU’s “Mapping of Excellence” – Places worth thinking about: • Spain: – Barcelona (Pompeu Fabra) – Madrid (Carlos III) • Italy: – Milan (Bocconi) 01/05/2020 • Netherlands – Amsterdam (Tinbergen Institute) – Tilburg - KUB (CentER) • Denmark – Copenhagen, Aarhus • Sweden – Stockholm, Uppsala 21

Applying to the US

• See institutions’ own websites • Fulbright site for general application help – – Compile your University Application Packs

application deadline usually Dec-Mar

– Funding Application Deadlines

5-10 months before beginning your study

– Take the Standardised Test(s)

Very soon

University Application Deadlines

4-8 months before beginning your study

– Acceptances and Rejections

2-4 months before beginning your study

• Learn about the US job-market – John Cawley’s guide 01/05/2020 22

Sources of funding for US PhD

• Fulbright Commission – Site offers information about the schemes & US educational system • Mostly institutional support – RAs and TAs – Good experience • Some “trusts” also provide studentships – Deadlines, amounts, eligibility all differ 01/05/2020 – See Directory of Grant Making Trusts Fulbright website and 23

Educational Trusts - Brits only

• FRANK KNOX FELLOWSHIPS • The Secretary, Frank Knox Memorial Fellowships, 3, Birdcage Walk, Westminster, London SW1H 9JJ. • Telephone: 020 7222 1151; fax: 020 7222 7189; website • British citizens graduated no earlier than 2002 for study at Harvard University. • Fellowships are for one year. 01/05/2020 24

Educational Trusts - Brits only

• KENNEDY MEMORIAL TRUST KENNEDY SCHOLARSHIPS • Anna Mason, Kennedy Memorial Trust, 3, Birdcage Walk, Westminster, London SW1H 9JJ.

• Telephone: 020 7222 1151; fax: 020 7222 7189; website • British citizens and graduated no earlier than 2001. 12 for 1 year of postgrad study at Harvard or MIT.

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Educational Trusts - Brits only

• THE UNIVERSITY OF PENNSYLVANIA THOURON AWARDS • Jennie Eldridge, 7.41 James Clerk Maxwell Building, 57 Waterloo Road, London SE1 8WA.

• Email: 3366 [email protected]

, Tel: +44 (0)20 7848 3376, Fax: +44 (0)20 7848 • British graduates for study at the University of Penn. Awards are about $70k pa 01/05/2020 26

Minority groups apply here!

•

WELLS FARGO BANK, Private Trust Department THE ELIZABETH TUCKERMAN SCHOLARSHIP FOUNDATION

Attn: Corinne Miller, Trust and Financial Advisor, 333 South Grand Avenue, Suite 540, Los Angeles, CA 90071, USA. Telephone: 001 213 253 3154; fax: 001 213 485 7762 Persons

domiciled in Wales

, and be UK or US graduate - for further postgraduate education in the United States. Each award will normally provide for tuition, books and supplies, living expenses and transportation from the United Kingdom to the United States. 01/05/2020 27

•

Minority groups apply here!

ST ANDREW'S SOCIETY OF THE STATE OF NEW YORK SCHOLARSHIPS

The Rt. Hon Viscount Younger of Leckie, 36 St Andrew Square, Edinburgh EH2 2YE.

For the 2004/2005 awards, applicants must be first graduates (2003) of a Scottish university or of Oxford or Cambridge. Candidates are required to have a scholarship will be tenable from September 2004 to May 2005 at a university within a radius of 250 miles from New York City, USA." There are two awards at US$15,000 (subject to 01/05/2020 change).

Scottish background.

The 28

Minority groups apply here!

•

ASSOCIATION OF UNIVERSITY WOMEN EDUCATIONAL FOUNDATION INTERNATIONAL FELLOWSHIPS

AAUW Educational Foundation, c/o Customer Service Center, 2201 Dodge Street, Dept. 177, Iowa City, IA 52243 4030. Telephone: 001-319-337-1716; website • International Fellowships support

women

postgraduate study at a US institution. for one year of • Selection criteria include an outstanding academic record, professional potential, and the potential of the field of study to

improve the lives of women and girls

in the country of origin. • One-year fellowship is $18,000.

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More infomation

• On-line Prospectus for generic information – www2.warwick.ac.uk/study/postgraduate/ • On-line form – https://secure.admin.warwick.ac.uk/cgi-bin-pgapplications/form • No deadline for MSc - but sooner the better • Mid January 2005 soft deadline for PhD • Think about taking a GRE Economics test • Check out ESRC for funding – http://www.esrc.ac.uk/esrccontent/postgradfunding/foindex.asp

– Look out for adverts for CASE awards • May 2005 ESRC deadline 01/05/2020 – But internal deadlines may be earlier. 30

Last word ….

• General advice at EconPhD • If you are interested in PG Economics – Apply to Warwick – But also apply elsewhere • But good luck whatever you decide to do 01/05/2020 31