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I need some practical career advice in the field of economics...?
I'm a graduate student pursuing my masters in economics and I need some advice on what to do with my degree in the workforce. I want to do work related to economic development, international trade/finance, and/or resource development/regional planning. I've got a strong background in econometric modeling and forecasting. Here are my questions: 1- Do I need a PhD? 2- What sort of industries/organizations/firms should I look at for a job in this sort of field? (If you know specific ones, PLEASE let tell me!) 3- Will I have to relocate? (I'm going to school in the midwest)' 4- Which is better- public or private sector? Thanks!
Public Comments
- It really depends on what you want to do. With a masteral degree in economics and a strong background in econometrics, you have a number of options: - you can apply at international organizations such as World Bank or United Nations. Since WB or IMF are both located in DC and UN is in NY, then you definitely have to relocate - in DC, there are a lot of policy work where econometrics will be most useful both in the federal government as well as numerous think tanks in the area depending on your political persuasion (e.g. Brookings for the liberals, Heritage Foundation for the conservatives) as well as area of focus (there are think tanks on international trade, on education, etc) - in private consulting companies such as McKinsey or the National Economic Consulting group of Price Waterhouse Coopers. You can also choose to go to Boston and apply to the NBER or National Bureau of Economic Research In all these areas if you want to pursue economics in general and econometrics in particular, a PhD is very important in getting the juiciest position. An MA degree can get you into the door and you can work for a PhD after you get several years experience or even while at work As to whether public or private sector -- private sector will always have better pay and better benefits. Though the federal government has great pension programs. International organizations have great pay (though no such thing as Christmas bonus or other bonuses) and great benefits such as generous maternity leaves, etc.
- I'm in your field, so I can provide some insight. The other answerer above also had good insights. 1 - No one ever "needs" a Ph.D., but it would probably help for the high level jobs. Still, I always tell people they should never get a Ph.D unless you're 100% committed to it and you can't imagine your life without one. 2 - Check out the archives of Development Finance at Ohio State Univ. They have a lot of good resources, including job links for the field. 3 - Yeah, pretty much need to relocate. Not much goes on in the Midwest. 4 - I always like the private sector better. They're more innovative and can change when change is needed. Governments are moribund as a rule. But they have more money to throw around, so sometimes that helps in a job hunt context. Your experience should pay off in job searches with the World Bank and similar institutions, but a lot of the top places are looking for experience, so I strongly recommend doing an internship, even if it's unpaid. It may be the only good entry route. Good luck.
