<p>I'm under the impression that the skills of someone who has a PhD in economics are highly applicable to the business world and in many other social policy areas. </p>
<p>I was wondering if most PhD in economics programs have the intention of training people who will go on to be professors that do economic research at universities. Is it common for people who obtain a PhD in economics to choose the private sector over academic careers?</p>
<p>Most econ PhDs want to go into academia. Most aspiring to the private sector just get the Masters. At least that is what I hear.</p>
<p>If you read the website of most economics (graduate) departments, most state that they seek to train economists who will conduct academic research in academia or at research institutes. However, quite a few do go into the private sector or do research/consulting at organizations such as the Federal Reserve, the International Monetary Fund, World Bank, numerous consulting agencies, and banks. </p>
<p>I studied econ in college a over a few years ago and after spending a bit of time in the work force, it seems that to work in the private sector as a professional economist, a PhD is really the preferred credential. This is not to say that there are not many working in the field with only a masters -- but at the motr selective organizations, it's best to have a PhD.</p>
<p>When I was in grad school, I was a TA for an econ adjunct professor who had worked at NERA Consulting for many years working on regulatory issues. Organizations like NERA serve as consultants to large corporations, like Microsoft, often helping them with with legal issues they are facing. LECG is another economics consultaing firm. My understanding is that to work as a researcher, they prefer that you have a PhD, something that has made it difficult for me to get employment in their offices. So I think it's very legitimate to pursue a PhD in economics with the goal of working outside of academia.</p>
<p>bicoastal, I find that interesting.</p>
<p>I myself don't want an academic career (I think for the moment). But obviously I do want a strong profile in the eyes of future employers. I have just completed a BA Political Science and I'm starting an MPA at London School of Economics this september. So, I'm not an economist. But I have two questions:</p>
<ol>
<li><p>I love to study "hard" social science topics, escpecially economics and statistics. That's going to be my primary focus during my two-year MPA. If I do really well, do you think I will have a chance at top Econ PhD programs in the US? </p></li>
<li><p>I'm thinking of this track change because I don't suppose a PhD in softer social science disciplines would be of much interest to future employers. And anyway, it is economics that interests me for the moment.</p></li>
</ol>
<p>Hmm...writing this I may seem to be a bit confused. The thing is, I love what I'm doing, and so far I've been quite succesful academically. I don't mind doing it for 2+3 more years. But universities for life is just not me.</p>
<p>Does it make sense to strive for a PhD in a new field with the purpose of leaving academia afterwards??</p>