1) Master’s in statistics. If you don’t have a quantitative degree from undergrad, getting into a competitive statistics program may be difficult, though. Most good programs expect at least a semester of linear algebra, multiple calculus courses, and some statistics. But, there are exceptions. The skill overlap between economists and statisticians is pretty large and admission committees love to see applicants with strong stats chops. If you cannot get into a statistics program due to lack of mathematics background I’m a little less confident in any other masters program recommendations.
2) Master’s in economics in Europe from a good school. A masters from LSE or some other equally good school in Europe is a great signal and is probably as good an option as a statistics masters in the US . I believe the mathematics requirements are little less stringent here, but this may vary from program to program.
3) Any other quantitative masters program that teaches you linear algebra, calculus, and some statistics. This is if you can’t get into a statistics or European econ program. I don’t have particularly insight about good programs in this category, but look for programs with good research opportunities (especially if you can do research with an economic bent) so you can form relationships with professors and get a good recommendation letter.
An masters degree in economics in the US could fall into this category, but careful. My impression from talking to many PhD economists, including some that have been on admission committees for grad programs, is that an economics masters in the US is viewed as something someone gets because they couldn’t get into a PhD program (and is thus low status). They’re generally less rigorous than a statistics degree. There are exceptions, of course, and if you blow away faculty in your masters program with your talent and hard work you’d still likely get into a good PhD program. There are massive differences in quality across schools when in comes to their econ masters programs so research carefully and email current students if you take this route.
Possible better option than the above: get a research job and take math classes while working in your free time. Specifically, take linear algebra, calculus, real analysis (plus any prerequisites), and mathematical statistics. Differential equations is also helpful. Your grades in these math classes are extremely important to your admission probability for any economics program—probably the single most important part of your application.
Background: I worked as a research assistant for the Federal Reserve after undergrad and applied and was accepted to several mid-tier (roughly rank 15-40) PhD programs before eventually deciding I didn’t want to do a PhD. I took a few math classes while working at the Fed (they paid for me to take them—a great deal).
Quantitative masters are definitely a good path.
I believe the best options are:
1) Master’s in statistics. If you don’t have a quantitative degree from undergrad, getting into a competitive statistics program may be difficult, though. Most good programs expect at least a semester of linear algebra, multiple calculus courses, and some statistics. But, there are exceptions. The skill overlap between economists and statisticians is pretty large and admission committees love to see applicants with strong stats chops. If you cannot get into a statistics program due to lack of mathematics background I’m a little less confident in any other masters program recommendations.
2) Master’s in economics in Europe from a good school. A masters from LSE or some other equally good school in Europe is a great signal and is probably as good an option as a statistics masters in the US . I believe the mathematics requirements are little less stringent here, but this may vary from program to program.
3) Any other quantitative masters program that teaches you linear algebra, calculus, and some statistics. This is if you can’t get into a statistics or European econ program. I don’t have particularly insight about good programs in this category, but look for programs with good research opportunities (especially if you can do research with an economic bent) so you can form relationships with professors and get a good recommendation letter.
An masters degree in economics in the US could fall into this category, but careful. My impression from talking to many PhD economists, including some that have been on admission committees for grad programs, is that an economics masters in the US is viewed as something someone gets because they couldn’t get into a PhD program (and is thus low status). They’re generally less rigorous than a statistics degree. There are exceptions, of course, and if you blow away faculty in your masters program with your talent and hard work you’d still likely get into a good PhD program. There are massive differences in quality across schools when in comes to their econ masters programs so research carefully and email current students if you take this route.
Possible better option than the above: get a research job and take math classes while working in your free time. Specifically, take linear algebra, calculus, real analysis (plus any prerequisites), and mathematical statistics. Differential equations is also helpful. Your grades in these math classes are extremely important to your admission probability for any economics program—probably the single most important part of your application.
Background: I worked as a research assistant for the Federal Reserve after undergrad and applied and was accepted to several mid-tier (roughly rank 15-40) PhD programs before eventually deciding I didn’t want to do a PhD. I took a few math classes while working at the Fed (they paid for me to take them—a great deal).