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Postgraduate Training in Economics Why? And Why Warwick? 2007/8

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. UK Economics PG Training.

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Postgraduate Training in Economics Why? And Why Warwick? 2007/8

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  1. 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

  2. An Economics MSc pays

  3. 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

  4. 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

  5. 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+)

  6. 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

  7. 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 – 2nd most cited in UK (50th 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

  8. Macro Mark Taylor Marcus Miller Micro Chuck Blackorby Bhaskar Dutta Public Ben Lockwood Carlo Perroni Industrial Margaret Slade Mike Waterson Econometrics Valentina Corradi Mark Stewart Labour Andrew Oswald Wiji Arulampalam Education Robin Naylor Ian Walker Economic History Mark Harrison Steve Broadberry Warwick’s areas of research strength

  9. 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 • PG Skills Certificate • Language learning skills, effective writing, making presentations…

  10. MSc Course Structure • Warwick is fairly typical • Usual range of options (but not Health or Environment)

  11. 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

  12. 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 Life after a Warwick MSc?

  13. 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 • “1+1+3” programme • MSc • PhD advanced modules, further MSc options, “upgrade paper” • 3 ys thesis research, teaching experience, mobility • and, maybe, take further PG Skills modules

  14. 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”

  15. 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 • Last year we had one ODPM 1 year scholarship for MSc in regional/transport/housing issues

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

  17. 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 1st and 2nd year undergraduate classes in Micro/Macro/QM • One third of students funded by employers • Central banks, Government Economics Service, etc

  18. 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 Private/third sector professional economist Frontier Economics, Watson Wyatt, NERA, OXERA UK starting about £40k, £80 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 Life after a Warwick PhD?

  19. 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) Other institutions

  20. 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

  21. 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) • Netherlands • Amsterdam (Tinbergen Institute) • Tilburg - KUB (CentER) • Denmark • Copenhagen, Aarhus • Sweden • Stockholm, Uppsala

  22. Applying to the US • See institutions’ own websites • Fulbright site for general application help • Take the Standardised Test(s)Very soon • Compile your University Application Packsapplication deadline usually Dec-Mar • Funding Application Deadlines5-10 months before beginning your study • University Application Deadlines4-8 months before beginning your study • Acceptances and Rejections2-4 months before beginning your study • Learn about the US job-market • John Cawley’s guide

  23. 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 • See Directory of Grant Making Trusts and Fulbright website

  24. 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.

  25. 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.

  26. 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: jennie.eldridge@kcl.ac.uk, Tel: +44 (0)20 7848 3376, Fax: +44 (0)20 7848 3366 • British graduates for study at the University of Penn. Awards are about $70k pa

  27. Minority groups apply here! • WELLS FARGO BANK, Private Trust Department THE ELIZABETH TUCKERMAN SCHOLARSHIP FOUNDATIONAttn: 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.

  28. Minority groups apply here! • ST ANDREW'S SOCIETY OF THE STATE OF NEW YORK SCHOLARSHIPSThe 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 Scottish background. The 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 change).

  29. 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 for one year of postgraduate study at a US institution. • 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.

  30. 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 • But internal deadlines may be earlier.

  31. 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

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