<p>Hmm... just wondering. From many of the university sites is been to so far, I'm guessing that having a Phd in Economics is just to teach econs ?</p>
<p>Can someone explain to me about that ? Thanks :)</p>
<p>I'm only an undergrad, but I'm pretty sure that most PhD programs in economics are focused on research and the expectation is that PhD students will try to pursue an academic career that invovles research and teaching. Afterall, many PhD holders go on to become professors. However, it's becoming more common for people with a PhD in economics to turn to the private sector or the government for a job. These people generally find jobs in finance, consulting, or public policy. Obviously, people who get a job in the private sector will make considerably more than those who stick with an academic career. </p>
<p>I think it would be difficult to get through a PhD in economics unless you are genuinely interested in researching and contributing to the knowledge of economics because the coursework can be very hard.</p>
<p>Most students who enter PhD programs in Economics at, say, the top fifty programs have, as their aim, to become professors in economics departments. A significant fraction of newly-minted Ph.D.s are trying to enter finance departments due to salary differences. The other big employer of Econ PhDs is the Federal Reserve System (in their research departments). </p>
<p>I don't want to speak for other departments, but my experience is that most graduate programs are mainly focused on producing students who will enter academe.</p>
<p>Say you get a ph.d from a top 25 school in Economics. How hard is it to get into the Fed?</p>
<p>It depends on how you well you've done in the Ph.D. program and whether you've written in an area of interest to one of the Banks or the Board. Certainly, a concentration in macroeconomics helps.</p>