1. Postgraduate Training in Economics Why? And Why Warwick? 2007/8
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Postgraduate Training in Economics Why? And Why Warwick? 2007/8
Ian Walker
Department of Economics
Clickable slides available at

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An Economics MSc pays
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3. UK Economics PG Training
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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
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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
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5. ESRC support for PG Economics
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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 and keep the 1)
An upper second is necessary (but not sufficient)
Economics about 60 awards (out of 600+)
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6. ESRC awards About 50 “1+3” or “+3” awards
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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
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7. Warwick Economics RAE 5* in 2001 (with UCL, Essex, LSE)
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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
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8. Warwick’s areas of research strength
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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
Econometrics
Valentina Corradi
Mark Stewart
Labour
Andrew Oswald
Wiji Arulampalam
Education
Robin Naylor
Ian Walker
Economic History
Mark Harrison
Steve Broadberry
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9. Warwick’s MSc provision
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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…
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10. MSc Course Structure Warwick is fairly typical
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MSc Course Structure
Warwick is fairly typical
Usual range of options (but not Health or Environment)
Term 1
Term 2
Term 3
Summer
Economic Analysis
Micro
Macro QM
Maths Methods
Econometrics A or B
Options
Option 1
Option 2
Option 3
Research
Research Methods
Dissertation
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11. Other institutions Several institutions offer similar products
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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
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12. Life after a Warwick MSc?
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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
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13. Warwick PhD Small (about 10-20 pa) high quality flow
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Small (about 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
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14. Warwick PhD
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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”
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15. Warwick Funding - ESRC 4 “1+3” awards “CASE” awards
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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
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16. Other funding ORS awards (Universities UK) British Council
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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
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17. Other funding Several departmental funded GTAships for PhD’s
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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
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18. Life after a Warwick PhD?
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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
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
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19. Other institutions Essex, Southampton, Nottingham, etc. LSE Oxford UCL
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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)
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20. European Alternatives - EUI
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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
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21. Other European Alternatives
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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
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22. Applying to the US See institutions’ own websites
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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 Packs application deadline usually Dec-Mar
Funding Application Deadlines 5-10 months before beginning your study
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
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23. Sources of funding for US PhD
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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
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24. Educational Trusts - Brits only
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Educational Trusts - Brits only
FRANK KNOX FELLOWSHIPS
The Secretary, Frank Knox Memorial Fellowships, 3, Birdcage Walk, Westminster, London SW1H 9JJ.
Telephone: ; fax: ; website
British citizens graduated no earlier than 2002 for study at Harvard University.
Fellowships are for one year.
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25. Educational Trusts - Brits only
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Educational Trusts - Brits only
KENNEDY MEMORIAL TRUST KENNEDY SCHOLARSHIPS
Anna Mason, Kennedy Memorial Trust, 3, Birdcage Walk, Westminster, London SW1H 9JJ.
Telephone: ; fax: ; website
British citizens and graduated no earlier than for 1 year of postgrad study at Harvard or MIT.
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26. Educational Trusts - Brits only
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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.
Tel: +44 (0) , Fax: +44 (0)
British graduates for study at the University of Penn. Awards are about $70k pa
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27. Minority groups apply here!
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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: ; fax:
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.
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28. Minority groups apply here!
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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 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).
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29. Minority groups apply here!
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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 Telephone: ; 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.
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30. More infomation On-line Prospectus for generic information
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More infomation
On-line Prospectus for generic information
www2.warwick.ac.uk/study/postgraduate/
On-line 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
Look out for adverts for CASE awards
May 2005 ESRC deadline
But internal deadlines may be earlier.
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31. Last word …. General advice at EconPhD
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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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