Has anyone here exited/ or know of people exiting from consulting into economics PhD programs? If so, which programs have people gotten into? I’m considering applying in the next 2 years, but I’ve had friends warn me that I may need to go into research for a few years beforehand to have a strong application. I already have a masters in a related field.

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Failed example here. I applied to behavioral economics PhD program, got all rejected after having some interviews.

Biggest feedback / takeaway: From industry to PhD, you need to demonstrate two things clearly :

1. Your ability to do research. This will get you in the interview door.
2. A very clear research direction. At least for Booth, I was told that PhD students are expected to work on their original research / paper the first summer. You can change direction, but you have to come in prepared.

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This is also assuming that you have everything else in order. Relevant coursework background and solid math GRE (take the subject test if you can).

I studied economics in college, got into a few top phd programs but ultimately went in a different direction. Some random thoughts:

1) Have you taken Economics classes? Do you love economics? Like, really love it enough to do not much else for 6 years?

2) how’s your proof based math? Have you taken university math classes above calculus level? If you don’t have at least a Real Analysis class under your belt, no PhD program will look at you and you’ll need a masters first.

3) do you have Econ professors who can write rec letters for you? If not you’ll need a masters first.

4) admission is insanely competitive even for mid tier schools. High undergrad gpa (especially in advanced math classes), research experience and strong LoR are most important.

5) since you want to work for government, not as professor, you can probably get away with a somewhat lower ranked program. Check the placements for Econ phds (all universities publish this annually) and see what rank program sends graduates to the type of government jobs that you are targeting

Just the first things to keep in mind from my point of view. Maybe you knew some of this already. But please let me know if you have more specific questions I could answer.

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@Op I didn’t, I applied straight from undergrad. I think management consulting experience isn’t in itself relevant - it’s not going to help or hurt your application. I my self worked as RA for two profs in my university’s Econ department, who also wrote my LoR. Finding recommenders who can speak to your ability to do Econ research (and showing that you can get good grades in math) is gonna be the key application component for someone in your situation.

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What’s your plan after PhD?

MRes is a good idea, I can go back to all the UK schools that rejected me for my first masters and ask them for a second chance 😅

I wouldn't really consider that an 'exit'

Fair, not sure which other bowl this question would fit into though

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Knew someone at Cambridge doing an Econ PhD after 2 years at McKinsey. Still there afaik.

Yes I've seen a couple, most were hard science or math undergrads. As the post above mentions, a economics PhD is usually very quantitative. You need a very strong background in mathematics (up to Real Analysis) which isn't that common in consulting.

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