Top Economics & Applied Math Schools

Not_quite_old
Fri, 17 Mar 2006 18:51:52 +0000

If you plan to get an MBA, good grades at any decent program are enough. The right work experience may often count more for admission.

If you think you might do a PhD in Econ or Finance, the econ classes you take are nearly irrelevant unless you take grad level courses. What matters is how much proof-based math you have. In fact, from that standpoint, Caltech’s core is better for economists than the standard math at “higher ranked” econ programs because at Tech everyone takes proof-based calc using Apostol or equivalent. The average undergrad degree in econ may actually be a liability for grad school because you will be fooled into thinking that A’s in standard classes mean something. Indeed at every school but Caltech, the standard calc sequence is just Plug and Chug [e.g. MIT has a standard calc track and an optional theoretical calc track which is similar to Caltech Math 1. I think they even use Apostol in this higher track.] Most students never do formal math till their first course in real analysis even at top schools and it is those classes that econ grad school cares about. [When applying for grad school, some professors at top programs said it was a virtue that I had so little undergrad econ. “It’ll be easier to retrain you.”] Some schools such as Northwestern have programs like MMSS which explicitly recognize how different a “real” econ degree is and train accordingly.

I met a mathematician with degrees from Harvard and Princeton who had extensive teaching experience at a UC and at Michigan. When I said I’d had Tom Apostol as teacher for calc she went “Really, I love his book. If only I could require it for my students.” Then she rolled her eyes “I wish…” She couldn’t believe that Apostol was the text for the required class for all majors.

Unless you want Econ as a standard, general liberal arts degree, it pays to know what you’re going to do with the degree and it’s unwise to enter a program just for its prestige. The biggest advantage of a famous program is the likelihood that a distinguished professor will write you a rec if he comes to like you.