Undergrad student deciding on MA or PhD

College Search & Selection
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<p>Hello!</p>

<p>I am new to College Confidential so please forgive if this is in the wrong place. If it is I can move it!</p>

<p>I am currently an undergrad student at UT Austin with an International Relations Major, a Specialization in International Political Economics, and a Minor in Asian Studies. For about a year now I had decided that I really wanted to get my MA in Economics. I've been so sure that I'm retaking two classes and taking an extra one to boost my GPA and increase my math background.</p>

<p>My situation is that after doing more research, I've found that most schools that offer a Masters in Economics don't offer a lot of financial aid resources. In addition, I've read quite often that you should get a MA in Eco if you lack the math background. This is true for me, but I'm beginning to think it would be a better decision to add a second major in economics, get my math background in undergrad. Then, skip a MA entirely and get a PhD.</p>

<p>My thought process is that I can graduate with a better background in math, and with the policy experience I've gained as an International Relations Major, I could have an education that's more specified (ie: PhD in Economic Policy, etc.)</p>

<p>My problem is that my parents have already stopped taking out loans in their name, and currently I'm paying for part of my tuition, rent, etc. If I get a second major, that could add at least one extra semester, but maybe more. </p>

<p>Economists, what would my better option be? I see my choices as being either I (1) get my MA or, (2) double major and get a PhD. Do PhD students tend to get more aid or loan options? Just looking for some advice here :)</p>

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<p>I have looked into the same options (master’s vs. PhD degree, though in public policy and public health) and it seems like PhDs get their educations essentially paid for. The school will usually waive the tuition. Correct me if I’m wrong, but that’s my understanding of it. </p>

<p>Also, PhDs primarily do research and are expected to publish quite frequently while master’s degree holders do more applied work, at least in my understanding.</p>

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<p>Thanks for the response! I feel like in the long run, it will save me far more money. I wanted a PhD anyway, so this way if I skip a step it would be much easier on the future of my bank account.</p>

<p>If what you say is true, I feel a lot more confident about the decision.</p>

<p>Can anyone else add to the conversation by filling me in on some resources for researching a PhD program that might be a good fit for me?</p>

<p>Thanks again!</p>