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Nice I’m considering the same…life seems to be a constant struggle of comp vs. fulfillment, but this path seems like a decent compromise
Pro
What do you want to do long term? Do you want to do research for a living? Teach at the undergrad or graduate level? Continue in consulting? Assuming you’re not set on a long term path in academia, two post-phd paths you can look at are economic consulting (Cornerstone, Analysis Group, CRA, Brattle, Compass) and tech
Apologies for the miscommunication—long term goal of PhD would be to work in academia as a tenured professor. Going into the private sector with a PhD is mostly for people who decide at the end academia is not for them; it’s a fine way to live, but if that was my goal I would certainly just get an MBA as you guys pointed out. Does that make any sense? Long form discussions are difficult on the FB app lol
Pro
A phd takes at least 4 yrs typically to complete. Some programs you may get an MSc in the process as well. There is an ROI working at a top business school or even going back to work in industry. If you enjoy research and can see yourself dedicating that time then it will be well worth it. What kind of financial position are you in now? Maybe 4 yrs of PhD won’t be so bad if you are really passionate about it. I haven’t done a PhD but it’s in the back of my mind - some questions PhD candidates ask me is if you really will enjoy what you are researching, or if there are opportunities to pursue research without being in a PhD program (if that’s what you want to do). That way you wouldn’t have to leave the workforce for many years
Kinda curious to hear other people’s takes that might have done this. I was Econ undergrad and MBA and my wife has a hard science PhD and I’m always around PhDs…… my strong assumption is that nobody cares about an Econ PhD and it’s only something you would do to be a career academic. Econ is not the same as business. It’s largely hypothetical and based in advanced math that is well beyond the scope of business leaders.
I might consider you similarly qualified if you were applying to a post MBA job, but then why not just get an MBA? I would think about the cost of an MBA compared to the graduate school stipend you would receive, but for more than twice as long.
I would probably work in more of a research-oriented role or econ consulting post-PhD. If I was looking at the same roles though you would be 100% correct that MBA is probably the better play, especially if I can get sponsorship.
Chief
Do you have a strong math background? That’s maybe the most important req for the top programs, from my understanding
Yeah I don’t think my math background would be a limiting factor. I was a math major also and most of the classes I took were with an Econ PhD in mind.