If one wanted to be a business economist...

Economics Economics Questions
1

..what should one concentrate in when getting a PhD in economics?

I’m considering pursuing a PhD in economics and want to know what concentrations are relevant to the private sector.

Examples of concentrations include:

✜ Econometric Theory
✜ Advanced Macro Theory
✜ Advanced Micro Theory
✜ Applied Econometrics
✜ International Economics
✜ International Trade and Political Economy
✜ International Finance and Macroeconomics
✜ Monetary Economics
✜ Industrial Organization
✜ Labor Economics
✜ Public Sector Economics

2

What is a “business economist”? If you mean financial analyst or something similar, a PhD is not what you’re looking for.

3

Economists that work for corporations.

From the BLS:

Economists working for corporations are involved primarily in microeconomic issues, such as forecasting consumer demand and sales of the firm’s products. Some analyze their competitors’ market share and advise their company on how to handle the competition. Others monitor legislation passed by Congress, such as environmental and worker safety regulations, and assess how new laws will affect the corporation. Corporations with many international branches or subsidiaries might employ economists to monitor the economic situations in countries where they do business or to provide a risk assessment of a country into which the company is considering expanding.

http://www.bls.gov/oco/ocos055.htm

4

Random thoughts:

  1. Do you know how to do any of that stuff already?

  2. Are any of the things you learn in the PhD program going to teach you how to do that? Which of the specialties you listed will teach you that stuff? How do you know? Have you discussed it with some advisor, looked at the textbooks, if any? Have you discussed it with someone who works for a corporation doing that stuff?

  3. Could you offer yourself as an intern [earning say half of what is paid for a PhD] for a year or two to some corporation, or even apply to a whole lot of them, saying you wish to learn the ropes from someone in the corp who knows what is actually going on?

  4. Can you read up on what you need to know on your own, without paying for an expensive PhD?

  5. Are you ready to work abroad if need be?

  6. Do you have some member of the Old Boy Network who could help you out?

5

You want an MBA.

6

  1. Not exactly.

  2. Presumably, yes. According to the BLS and sites such as Monster.com, a PhD is required for such a position.

  3. Perhaps, but seems unlikely.

  4. Probably, but I’m not sure how that would be translated to an employer.

  5. Yes.

  6. No.