A Ph.D. in Economics allows students to examine the way economics affects the global and local industries. Government economic analysts help politicians understand how regulatory boards and laws influence the national economy. Today, several educational institutions offer a Ph.D. in Economics degree programs that, while obtainable online, may entail on-campus attendance as part of coursework requirements. Many universities have a residency requirement in the completion of the Ph.D. program. They require students to attend off-site seminars at different locations in the country.
While an online Ph.D. in Economics degree is a challenging option, it leads to numerous professional career pathways. The rewards are immeasurable as it paves the way for several promising careers in the field. These opportunities allow for the all-important actual interaction and engagement with fellow students and professors.
Economics is the study of the supply and demand of good or services and how they are produced, distributed, and consumed. It tackles the “economic agents” such as the buyers and sellers as well as their interaction and behavior. DEc holders generally possess advanced knowledge of microeconomics that emphasizes the study of economic agents and macroeconomics that deals with the economic agents as a whole to form an economy.
What are the duties of Economists?
Economists study the behavior in the production, distribution, and consumption of goods, services, and resources by analyzing the data they collect. They are the pioneers of evaluating economic issues and researching economic trends that affect consumer behavior. They have several duties that contribute to the welfare of the economy. While economists prepare tables, charts, and reports that convey research results, they also analyze pieces of data using mathematical principles and statistics.
The majority of these economists work in the federal, local, and state government. However, economists have numerous opportunities to work in different fields. They apply economic expertise to issues within the environment, development, health, and education sectors of the society. There are also economists who study the cost of products and services as well as examine exchange rates, employment levels, and business cycles. Also, they have a vital role in understanding and analyzing inflation, interest rates, and taxes.
Most of their work requires the use of spreadsheets, database management programs, and statistical data since they study historical trends and utilize them to make relevant forecasting.
Economists play an essential role in the federal government. They collect and analyzing data about the economy such as wages, productivity, and employment to name a few. They help influence policymakers in making sound decisions that affect the economy through laws and regulatory procedures.
Additionally, some economists work for private companies and corporations. Their expertise will help these corporations understand how the trend of the economy will impact their business. They also help them through proposed solutions and strategies through the analysis of consumer data and sales that will maximize the company’s profits.
Economists also work for the research institutions. Their forecasts and analyses are published in journals in the academic and private sectors.
Some people acquire a Ph.D. in Economics degree to become professors in schools or universities.
How do I earn my Ph.D. in Economics degree?
The DEc degree program is designed to help students who have already built their careers in Economics to further pursue their expertise in the government sector, private, or academia. The Ph.D. program provides opportunities for students to develop research skills, economic theory, and upper-level analysis
When pursuing a DEc, you must have a master’s degree in Economics or a related field in an accredited university or school. Ph.D. in Economics students are trained to be highly-developed in mathematics, analytical, and critical thinking skills. Many programs require the submission of a Graduate Record Exam (GRE) test scores.
Coursework related to your Ph.D. program may include economics & public policy, policy analysis and statesmanship, quantitative methods I and II, foreign policy, microeconomics and macroeconomics, globalization & statesmanship, and competing visions of statesmanship as well as a dissertation. Doctoral programs take three to five years to complete depending on the students’ pace of learning. The program may also require a written qualifying examination after the first two years of the program. The final two or three years of this degree program emphasizes dissertation projects.
What sort of accreditation should I look for in a school?
When you have finally decided to enroll in an Economics doctorate program, it is essential to consider which school or university to attend. One of the unwanted things you would want to happen is to waste time and money for a degree that employers won’t take seriously. It is crucial that your chosen educational institution has an accredited status from reputable accrediting agencies such as The Higher Learning Commission, Western Association of Schools and Colleges, Middle States Commission on Higher Education, New England Association of Schools and Colleges, and Northwest Commission on Colleges and Universities among others.
In addition to these accrediting agencies, it will be beneficial for students to look into programs that have received accreditation from the AACSB. They are an external accrediting agency that accredits degree programs in business-related fields, including accounting, economics, and finance. With this being said, colleges and universities that are AACSB-accredited have met specific standards of quality in their business-related educational degree programs.
What type of degree do I need to pursue research or educate others in Economics?
Economists generally work in an office environment independently. However, many economists work in educational institutions to teach students, administer the Economics department of the school, and provide academic student support services. A Ph.D. in Economics will pave the way for your teaching career since most schools require a graduate degree in the teaching profession. For the remaining of their workweek, they engage in research work and write journals or publications for academic use or reference.
What schools offer Ph.D. in Economics?
Liberty University in Lynchburg, Virginia offers an entirely online Ph.D. in Public Policy with a concentration in Economics.
Other universities that offer a hybrid learning format include Clemson University in South Carolina, the University of Arizona in Tucson, Arizona, Rice University in Houston, Texas, American University in Washington, DC, and Massachusetts Institute of Technology in Cambridge, Massachusetts.
No doubt, earning a graduate degree can be challenging. However, if you can manage to integrate an Economics doctorate program without compromising your personal and professional life, the benefits are rewarding. Explore the beautiful possibilities of the world of Economics and enroll in a Ph.D. program today.