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MPhil + DPhil in Economics

• Entry requirements
• Funding and Costs

College preference

• How to Apply

About the course

The Department of Economics offers an integrated MPhil-DPhil (PhD) in Economics. Students admitted to the joint MPhil + DPhil in Economics will first complete the two-year MPhil in Economics and then (subject to satisfactorily passing) automatically progress to the three- to four-year DPhil in Economics .

If you intend on studying the MPhil followed by the DPhil in Economics at Oxford, and if you have had substantial economics training and exceptional results in your prior studies, this is the right programme for you. Automatically progressing from MPhil to DPhil (subject to satisfactorily passing) reduces the uncertainty regarding the transition from MPhil to DPhil.

A DPhil at Oxford is the equivalent to a PhD at most other institutions. The structure of the MPhil + DPhil programme is similar to that of the integrated five-year PhD (sometimes called MRes-PhD) at leading economics graduate schools worldwide.

Students who have experience in graduate work in economics or related fields, or for example have completed the MSc in Economics for Development may wish to apply directly to the DPhil in Economics.  

MPhil + DPhil students will join one or more of the department's research groups, becoming part of a vibrant educational research community with an active set of doctoral student-led events, seminars and conferences. You will have opportunities to present your work at a variety of seminars and sessions in the department.

To enable the new joint programme to offer more rigour and exposure to the research frontier for future DPhil students, the department has made the MPhil programme more flexible.

The first year of the MPhil in Economics programme starts with a non-examined preparatory course in mathematical methods. The first two terms of the academic year focus on three compulsory courses in the central areas of microeconomics, macroeconomics and econometrics. The three courses are offered on two levels. Though most MPhil students will take the courses on the "core" level, MPhil + DPhil students will be expected to take one or more of the three courses at the "advanced" level in the first year and to take additional advanced courses in the second year. In the third term of the first year, you will choose from two entirely new courses in Empirical Research Methods and Further Mathematics Methods. These courses will provide the specialised skills needed for academic or non-academic careers in our data-rich world and the technical tools for research in economics.

Second year

In the second year, you will take four option courses. The option courses build on the first-year training and provide deeper and broader training in your areas of interest. You can take advanced-level courses in macroeconomics, microeconomics, econometrics and empirical research methods covering recent developments in theory and analytical techniques. Other option courses are designed to develop knowledge and understanding of theory, empirical techniques and debates within specialist fields of economics. These include behavioural economics, development economics, economic history, financial economics, international trade, labour economics and public economics.

The second important component of the second year is the required thesis, supervised by a member of the department.

In order to progress to the DPhil element of this course, you will be required to satisfactorily pass the MPhil element first.

You will then start the DPhil as a Probationer Research Student (PRS). You may take additional courses from the MPhil menu to deepen and broaden your economic training, while starting to work on your first research project. The PRS status allows for a smooth transition from learning about economic research to producing new economic insights yourself.

Supervision

The allocation of graduate supervision for this course is the responsibility of the Department of Economics and it is not always possible to accommodate the preferences of incoming graduate students to work with a particular member of staff. Under exceptional circumstances a supervisor may be found outside the Department of Economics.

The three compulsory core courses in microeconomics, macroeconomics and econometrics are examined before the start of the third term of the first year of the MPhil.

The required thesis is an important component of the second year of the MPhil, and is supervised by a member of the department. The thesis is usually expected to contain some original research. It can be incorporated into a DPhil thesis.

You will receive numerical grades for your thesis and for each option course. Based on these grades and those for the first year courses, the examiners may award an overall pass grade, a pass with merit or a pass with distinction for the course. There is a prize for the best thesis and a prize for the best overall performance in written papers.

Once you have satisfactorily passed and completed the MPhil component, you will normally be admitted to the DPhil as a Probationer Research Student. You are first required to transfer to DPhil status. The Transfer of Status requires the completion of the Qualifying Examinations, necessary coursework, and an interview with two assessors appointed by the department, at which you will present an outline of your proposed thesis and a piece of written work relevant to the thesis. The transfer is normally expected to be completed by the end of the fourth term, and no later than six terms from admission to Probationer Research Student status. In exceptional circumstances, the department may waive the requirement for Transfer of Status and students may progress directly to DPhil status.

Upon a successful transfer to DPhil status, you will be required to confirm your DPhil status no later than nine terms after admission to Probationer Research Student status. Candidates for Confirmation of Status are required to present a research paper at a workshop or seminar, present a detailed outline of the complete thesis and some complete draft chapters, and will be interviewed by an assessor.

The award of the DPhil degree is based on a thesis of not more than 100,000 words in length. It should constitute a significant and substantial piece of research, of a kind which might reasonably be expected of a diligent and competent student in three years of full-time study. The maximum time allowed for completion of the DPhil degree is four years. Extensions can be granted if required.

Graduate destinations

The interests and strengths of the department's doctoral students are many and diverse and this is reflected in the positions they take up after graduation: most take up tenure track or postdoc positions in academia; others find employment in government, international organisations, or the private sector. The international reputation of Oxford’s doctoral programme also means that its DPhil graduates can be found making a contribution in many different parts of the world.

The department recognises the importance of helping doctoral students find suitable employment and its placement efforts are directed by a senior member of the faculty. The department provides advice and help on all aspects of the job application process, including limited financial assistance to cover expenses.   

Changes to this course and your supervision

The University will seek to deliver this course in accordance with the description set out in this course page. However, there may be situations in which it is desirable or necessary for the University to make changes in course provision, either before or after registration. The safety of students, staff and visitors is paramount and major changes to delivery or services may have to be made in circumstances of a pandemic, epidemic or local health emergency. In addition, in certain circumstances, for example due to visa difficulties or because the health needs of students cannot be met, it may be necessary to make adjustments to course requirements for international study.

Where possible your academic supervisor will not change for the duration of your course. However, it may be necessary to assign a new academic supervisor during the course of study or before registration for reasons which might include illness, sabbatical leave, parental leave or change in employment.

For further information please see our page on changes to courses and the provisions of the student contract regarding changes to courses.

Entry requirements for entry in 2024-25

Proven and potential academic excellence.

The requirements described below are specific to this course and apply only in the year of entry that is shown. You can use our interactive tool to help you  evaluate whether your application is likely to be competitive .

Please be aware that any studentships that are linked to this course may have different or additional requirements and you should read any studentship information carefully before applying. 

Degree-level qualifications

As a minimum, applicants should hold or be predicted to achieve the following UK qualifications or their equivalent:

• a first-class or strong upper second-class undergraduate degree with honours in economics.

Applicants must demonstrate a strong quantitative preparation.

Candidates with a first degree in another related discipline should demonstrate how their academic background prepares them for graduate study in economics.

For applicants with a degree from the USA, a cumulative GPA sought of at least 3.7 out of 4.0 is expected.

GRE General Test scores

If you do not hold, or will not shortly hold, a UK or Republic of Ireland undergraduate or postgraduate degree, you must submit the results of a GRE Test obtained within the last 5 years. However, we recommend that applicants from UK and Republic of Ireland universities also submit a GRE score. Entrance is very competitive, and most successful applicants have a GRE score of at least 160 for verbal, 164 for quantitative and 4.5 for analytical. 

Other qualifications, evidence of excellence and relevant experience

All candidates are expected to have working knowledge in one programming language (of the candidate’s choice) at the start of the MPhil. The department will provide advice to accepted candidates on how to acquire such knowledge.

Publications are not expected.

English language proficiency

This course requires proficiency in English at the University's  higher level . If your first language is not English, you may need to provide evidence that you meet this requirement. The minimum scores required to meet the University's higher level are detailed in the table below.

*Previously known as the Cambridge Certificate of Advanced English or Cambridge English: Advanced (CAE) † Previously known as the Cambridge Certificate of Proficiency in English or Cambridge English: Proficiency (CPE)

Your test must have been taken no more than two years before the start date of your course. Our Application Guide provides  further information about the English language test requirement .

Declaring extenuating circumstances

If your ability to meet the entry requirements has been affected by the COVID-19 pandemic (eg you were awarded an unclassified/ungraded degree) or any other exceptional personal circumstance (eg other illness or bereavement), please refer to the guidance on extenuating circumstances in the Application Guide for information about how to declare this so that your application can be considered appropriately.

You will need to register three referees who can give an informed view of your academic ability and suitability for the course. The  How to apply  section of this page provides details of the types of reference that are required in support of your application for this course and how these will be assessed.

Supporting documents

You will be required to supply supporting documents with your application. The  How to apply  section of this page provides details of the supporting documents that are required as part of your application for this course and how these will be assessed.

Performance at interview

Interviews are not normally held as part of the admissions process.  

How your application is assessed

Your application will be assessed purely on your proven and potential academic excellence and other entry requirements described under that heading.

References  and  supporting documents  submitted as part of your application, and your performance at interview (if interviews are held) will be considered as part of the assessment process. Whether or not you have secured funding will not be taken into consideration when your application is assessed.

An overview of the shortlisting and selection process is provided below. Our ' After you apply ' pages provide  more information about how applications are assessed . 

Shortlisting and selection

Students are considered for shortlisting and selected for admission without regard to age, disability, gender reassignment, marital or civil partnership status, pregnancy and maternity, race (including colour, nationality and ethnic or national origins), religion or belief (including lack of belief), sex, sexual orientation, as well as other relevant circumstances including parental or caring responsibilities or social background. However, please note the following:

• socio-economic information may be taken into account in the selection of applicants and award of scholarships for courses that are part of  the University’s pilot selection procedure  and for  scholarships aimed at under-represented groups ;
• country of ordinary residence may be taken into account in the awarding of certain scholarships; and
• protected characteristics may be taken into account during shortlisting for interview or the award of scholarships where the University has approved a positive action case under the Equality Act 2010.

Processing your data for shortlisting and selection

Information about  processing special category data for the purposes of positive action  and  using your data to assess your eligibility for funding , can be found in our Postgraduate Applicant Privacy Policy.

Admissions panels and assessors

All recommendations to admit a student involve the judgement of at least two members of the academic staff with relevant experience and expertise, and must also be approved by the Director of Graduate Studies or Admissions Committee (or equivalent within the department).

Admissions panels or committees will always include at least one member of academic staff who has undertaken appropriate training.

Other factors governing whether places can be offered

The following factors will also govern whether candidates can be offered places:

• the ability of the University to provide the appropriate supervision for your studies, as outlined under the 'Supervision' heading in the  About  section of this page;
• the ability of the University to provide appropriate support for your studies (eg through the provision of facilities, resources, teaching and/or research opportunities); and
• minimum and maximum limits to the numbers of students who may be admitted to the University's taught and research programmes.

Offer conditions for successful applications

If you receive an offer of a place at Oxford, your offer will outline any conditions that you need to satisfy and any actions you need to take, together with any associated deadlines. These may include academic conditions, such as achieving a specific final grade in your current degree course. These conditions will usually depend on your individual academic circumstances and may vary between applicants. Our ' After you apply ' pages provide more information about offers and conditions . 

In addition to any academic conditions which are set, you will also be required to meet the following requirements:

Financial Declaration

If you are offered a place, you will be required to complete a  Financial Declaration  in order to meet your financial condition of admission.

Disclosure of criminal convictions

In accordance with the University’s obligations towards students and staff, we will ask you to declare any  relevant, unspent criminal convictions  before you can take up a place at Oxford.

With more than 60 academics in permanent posts and 30+ postdoctoral research fellows, the Economics department is a large and vibrant international community of researchers. In the 2021 REF, Oxford was ranked first in terms of overall research ‘power’ and funding market share.

The department hosts research centres such as the Centre for the Study of African Economies (CSAE), which is internationally recognised as a hub for innovative research and outreach to the academic and policy-making communities world-wide through their seminars, workshops and annual conferences.

Within the department, specialised research groups play a key role in bringing together faculty and graduate students working in particular sub-fields, supporting and mentoring our doctoral students and postdoctoral research fellows, and promoting research of the highest international standard. The research groups provide an important interface between research centres and the department, for example econometrics and the INET programme on Economic Modelling (EMOD); development economics and CSAE. Other research groups facilitate collaboration across departments, as in the case of the economic history group and economic historians in the Faculty of History. Each research group runs a regular seminar series with external presenters, plus a more informal workshop in which members, including DPhil students, present their research in progress.

Students can access a range of internship programmes through the University Careers Office as well as the RCUK Policy Internship scheme for ESRC-funded students. In addition, the Bank of England and Goldman Sachs each provide a short summer internship for a doctoral student specialising in macroeconomics or finance and the Department of Economics is accredited by the Asian Development Bank to nominate candidates for their internship programme. In recent cohorts, students have benefited from an internship with organisations including the EBRD, European Central Bank, UK Home Office, as well as those identified above.

The Department of Economics is located in the Manor Road Building in central Oxford, alongside the Department of Politics and International Relations. The department contains faculty offices and open-plan workspaces for DPhil students and postdoctoral research, with access to Wi-Fi and print services. A BYOD (Bring Your Own Device) policy is in place within the Economics department, enabling you to access data shares, printing, software and for some, a full windows desktop via the department's Virtual Desktop environment. The Manor Road IT team support all IT-related infrastructure and systems within the department, including desktops, laptops and tablets, and all associated peripherals (printers, scanners, webcams etc) and software provision.

The Manor Road Building also houses the Bodleian Social Sciences Library, a first-class research library open to all members of the University. The SSL holds over 250,000 printed books, over 1,000 printed journal titles, as well as statistical publications, working papers, dissertations, pamphlets and reports. Online resources include almost 100,000 e-journals and an extensive collection of databases and archives in the social sciences. Graduate teaching and most seminars take place within the Manor Road Building, where there is also a cafeteria and common room for students' use.

Oxford's Department of Economics is one of Europe's leading research departments and its members include some of the world's most distinguished academic economists.

The department offers its community of around 300 graduate students a rigorous and relevant training in economics, providing a setting in which debate and research can flourish. The department’s graduate courses prepare students for a wide range of careers in academia, government and business.

The department is committed to excellence in teaching and the MPhil and DPhil in Economics are internationally recognised for the quality of the training provided. The University of Oxford is ranked 2nd in Europe in the most recent Tilburg University ranking of Economics departments, based on research contribution for the period between 2016-2020. In the 2021 Research Excellence Framework exercise, that evaluated research output of UK Universities, Oxford was first for overall research strength in Economics and Econometrics, with more research ranked as ‘world-leading’ than any other participating institution.

In a submission of 84 FTE academics, which was the largest number of researchers submitted in the Economics and Econometrics Unit of Assessment, 94% of the department's research output was assessed as ‘internationally excellent’ or ‘world-leading’ (3* or 4*). The scale and breadth of the Department’s research is a product of a vibrant and well-connected community, with particular attention on supporting early career researchers. The Department maintains world-class expertise in the core discipline areas of microeconomics, macroeconomics and econometrics, while building clusters of research strength in more specialist subfields – notably applied microeconomics; behavioural economics and game theory; the economics of climate change and sustainability; machine learning; economic history; development economics.

Oxford has one of the strongest, largest, and most varied groups of economists in the world. Our objective is to engage in innovative research that extends the frontiers of the discipline, deepening our understanding of the operation of modern economies. Research spans almost all the major sub-fields of economics with particular strengths in microeconomic theory, including behavioural economics; econometrics, both micro-econometrics and time series; economic history and development and international economics. Research activity is focused within smaller, specialised groups, with each group holding regular workshops at which research by faculty and graduate students is presented and discussed. Many distinguished researchers from outside Oxford also visit to present their work at seminars.

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The University expects to be able to offer over 1,000 full or partial graduate scholarships across the collegiate University in 2024-25. You will be automatically considered for the majority of Oxford scholarships , if you fulfil the eligibility criteria and submit your graduate application by the relevant December or January deadline. Most scholarships are awarded on the basis of academic merit and/or potential. 

For further details about searching for funding as a graduate student visit our dedicated Funding pages, which contain information about how to apply for Oxford scholarships requiring an additional application, details of external funding, loan schemes and other funding sources.

Please ensure that you visit individual college websites for details of any college-specific funding opportunities using the links provided on our college pages or below:

Please note that not all the colleges listed above may accept students on this course. For details of those which do, please refer to the College preference section of this page.

Further information about funding opportunities for this course can be found on the department's website.

Annual fees for entry in 2024-25

During the first 2 years of the course you will be charged course fees at the MPhil in Economics fee rate. The fees for the first year are shown in the table below.

Annual MPhil in Economics (first year) fees for the 2024-25 academic year

Further details about fee status eligibility can be found on the fee status webpage.

In each subsequent year, you will be charged course fees at the relevant DPhil in Economics fee rate for that year of study. For an indication of costs, the table below shows the annual full-time DPhil course fees for the 2024-25 academic year.

Annual DPhil in Economics fees for study in the 2024-25 academic year

Information about course fees.

Course fees are payable each year, for the duration of your fee liability (your fee liability is the length of time for which you are required to pay course fees). For courses lasting longer than one year, please be aware that fees will usually increase annually. For details, please see our guidance on changes to fees and charges .

Course fees cover your teaching as well as other academic services and facilities provided to support your studies. Unless specified in the additional information section below, course fees do not cover your accommodation, residential costs or other living costs. They also don’t cover any additional costs and charges that are outlined in the additional information below.

Continuation charges

Following the period of fee liability , you may also be required to pay a University continuation charge and a college continuation charge. The University and college continuation charges are shown on the Continuation charges page.

Where can I find further information about fees?

The Fees and Funding  section of this website provides further information about course fees , including information about fee status and eligibility  and your length of fee liability .

Additional information

Mphil component.

There are no compulsory elements of this course that entail additional costs beyond fees and living costs. However, please note that, depending on your choice of research topic and the research required to complete it, you may incur additional expenses, such as travel expenses, research expenses, and field trips. You will need to meet these additional costs, although you may be able to apply for small grants from your department and/or college to help you cover some of these expenses.

DPhil component (indicative costs, based on study in the 2022-23 academic year)

There are no compulsory elements of this course that entail additional costs beyond fees (or, after fee liability ends, continuation charges) and living costs. However, please note that, depending on your choice of research topic and the research required to complete it, you may incur additional expenses, such as travel expenses, research expenses, and field trips. You will need to meet these additional costs, although you may be able to apply for small grants from your department and/or college to help you cover some of these expenses.

Living costs

In addition to your course fees, you will need to ensure that you have adequate funds to support your living costs for the duration of your course.

For the 2024-25 academic year, the range of likely living costs for full-time study is between c. £1,345 and £1,955 for each month spent in Oxford. Full information, including a breakdown of likely living costs in Oxford for items such as food, accommodation and study costs, is available on our living costs page. The current economic climate and high national rate of inflation make it very hard to estimate potential changes to the cost of living over the next few years. When planning your finances for any future years of study in Oxford beyond 2024-25, it is suggested that you allow for potential increases in living expenses of around 5% each year – although this rate may vary depending on the national economic situation. UK inflationary increases will be kept under review and this page updated.

Students enrolled on this course will belong to both a department/faculty and a college. Please note that ‘college’ and ‘colleges’ refers to all 43 of the University’s colleges, including those designated as societies and permanent private halls (PPHs). 

If you apply for a place on this course you will have the option to express a preference for one of the colleges listed below, or you can ask us to find a college for you. Before deciding, we suggest that you read our brief  introduction to the college system at Oxford  and our  advice about expressing a college preference . For some courses, the department may have provided some additional advice below to help you decide.

The following colleges accept students on the MPhil + DPhil in Economics:

• Balliol College
• Blackfriars
• Brasenose College
• Campion Hall
• Corpus Christi College
• Exeter College
• Harris Manchester College
• Hertford College
• Jesus College
• Keble College
• Lady Margaret Hall
• Linacre College
• Magdalen College
• Merton College
• New College
• Nuffield College
• Pembroke College
• The Queen's College
• Reuben College
• St Anne's College
• St Catherine's College
• St Cross College
• St Hilda's College
• St Hugh's College
• St John's College
• St Peter's College
• Somerville College
• Trinity College
• University College
• Wadham College
• Wolfson College
• Worcester College
• Wycliffe Hall

Before you apply

Our  guide to getting started  provides general advice on how to prepare for and start your application. You can use our interactive tool to help you  evaluate whether your application is likely to be competitive .

If it's important for you to have your application considered under a particular deadline – eg under a December or January deadline in order to be considered for Oxford scholarships – we recommend that you aim to complete and submit your application at least two weeks in advance . Check the deadlines on this page and the  information about deadlines and when to apply  in our Application Guide.

Application fee waivers

An application fee of £75 is payable per course application. Application fee waivers are available for the following applicants who meet the eligibility criteria:

• applicants from low-income countries;
• refugees and displaced persons; 
• UK applicants from low-income backgrounds; and 
• applicants who applied for our Graduate Access Programmes in the past two years and met the eligibility criteria.

You are encouraged to  check whether you're eligible for an application fee waiver  before you apply.

Do I need to contact anyone before I apply?

You do not need to make contact with the department before you apply but you are encouraged to visit the relevant departmental webpages to read any further information about your chosen course.

Completing your application

You should refer to the information below when completing the application form, paying attention to the specific requirements for the supporting documents . 

If any document does not meet the specification, including the stipulated word count, your application may be considered incomplete and not assessed by the academic department. Expand each section to show further details.

Referees: Three overall, academic and/or professional

Whilst you must register three referees, the department may start the assessment of your application if two of the three references are submitted by the course deadline and your application is otherwise complete. Please note that you may still be required to ensure your third referee supplies a reference for consideration.

It is recommended that you provide three academic references, however the department will accept one professional reference of the three required overall.

Your references will support intellectual ability, academic achievement, and motivation.

Official transcript(s)

Your transcripts should give detailed information of the individual grades received in your university-level qualifications to date. You should only upload official documents issued by your institution and any transcript not in English should be accompanied by a certified translation.

More information about the transcript requirement is available in the Application Guide.

A CV/résumé is compulsory for this course. Most applicants choose to submit a document of one to two pages highlighting their academic achievements and any relevant professional experience.

Statement of purpose/personal statement: A maximum of 800 words

Your statement should be written in English and explain your motivation for applying for the course at Oxford, your relevant experience and education, and the specific areas that interest you and/or you intend to specialise in.

If possible, please ensure that the word count is clearly displayed on the document.

This will be assessed for:

• your reasons for applying;
• evidence of motivation for and understanding of the proposed area of study; and
• the ability to present a reasoned case in English.

Written work: One essay of a maximum of 2,000 words

An academic essay or other writing sample from your most recent qualification, written in English, is required. An extract of the requisite length from longer work is also permissible. The written work should be related to the subject you propose to study.

The written work should be typed and in English. The word count does not need to include any bibliography or brief footnotes.

• a comprehensive understanding of the subject area;
• understanding of problems in the area;
• ability to construct and defend an argument;
• powers of analysis; and
• powers of expression.

GRE General Test results

If you do not hold, or will not shortly hold, a UK or Republic of Ireland undergraduate or postgraduate degree, you must submit the results of a GRE Test obtained within the last 5 years. However, we recommend that applicants from UK and Republic of Ireland universities also submit a GRE score. Entrance is very competitive, and most successful applicants have a GRE score of at least 160 for verbal, 164 for quantitative and 4.5 for analytical.

Start or continue your application

You can start or return to an application using the relevant link below. As you complete the form, please  refer to the requirements above  and  consult our Application Guide for advice . You'll find the answers to most common queries in our FAQs.

Application Guide   Apply

ADMISSION STATUS

Closed to applications for entry in 2024-25

Register to be notified via email when the next application cycle opens (for entry in 2025-26)

12:00 midday UK time on:

Friday 19 January 2024 Latest deadline for most Oxford scholarships Final application deadline for entry in 2024-25

† Included in  MPhil Economics and DPhil Economics places for 2024/25 *Two-year average (applications for entry in 2020-21 to 2022-23)

Further information and enquiries

This course is offered by the Department of Economics

• Course page on the department's website
• Funding information from the department
• Academic and research staff
• Departmental research
• Social Sciences Division
• Residence requirements for full-time courses
• Postgraduate applicant privacy policy

Course-related enquiries

Advice about contacting the department can be found in the How to apply section of this page

✉ [email protected] ☎ +44 (0)1865 281290

Application-process enquiries

See the application guide

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Fully Funded PhD in Economics at University of Oxford, England

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Oxford has a thriving group of research students studying for the DPhil in Economics. The DPhil, which is the equivalent to a PhD at most other institutions, is similar in structure to a PhD at leading economics graduate schools worldwide.

The majority of students on the DPhil at Oxford have first completed the two-year Oxford MPhil in Economics. You can also apply for the DPhil if you hold, or will hold a Master’s degree or equivalent in Economics from other universities.

PhD Program Requirements

An outstanding performance in a rigorous master’s course in economics; and

A first-class or strong upper second-class undergraduate degree with honours in economics or another approved subject (such as mathematics).

Applicants must demonstrate a strong quantitative preparation.

A master’s qualification that is only partially in economics would not be considered a suitable background: for example, a master’s course in development studies, public administration, or in finance lacks the required level of economics content, even if there are economics courses as part of the training;

A master’s qualification in a specialised field within economics (eg development economics, applied economics, or financial economics) may also be insufficient background. Candidates with these qualifications should provide a written statement as part of their research proposal to demonstrate that the courses on which they have been examined covered all the core material of a rigorous master’s course in economics.

Applicants with an insufficient master’s background in economics who wish to proceed to DPhil are encouraged to first apply to the joint MPhil+DPhil in Economics.

For applicants with a degree from the USA, the minimum cumulative GPA sought is 3.7 out of 4.0.

PhD Funding Coverage

The University expects to be able to offer over 1,000 full or partial graduate scholarships across the collegiate University in 2024-25.

You will be automatically considered for the majority of Oxford scholarships, if you fulfil the eligibility criteria and submit your graduate application by the relevant December or January deadline.

Most scholarships are awarded on the basis of academic merit and/or potential.

Application Requirement

1. Online Application

2. Official transcript(s): Your transcripts should give detailed information of the individual grades received in your university-level qualifications to date. You should only upload official documents issued by your institution and any transcript not in English should be accompanied by a certified translation.

3. Research proposal: You should submit a detailed outline of your proposed research, written in English, covering areas such as the background to the research, methodology, expected results and the contribution to the field of learning.

4. Written work: An academic essay or other writing sample from your most recent qualification, written in English, is required. An extract of the requisite length from longer work is also permissible. The written work should be related to the subject you propose to study.

5. CV/résumé: A CV/résumé is compulsory for all applications. Most applicants choose to submit a document of one to two pages highlighting their academic achievements and any relevant professional experience.

6. GRE General Test scores: No Graduate Record Examination (GRE) or GMAT scores are sought.

7. English language proficiency: This course requires proficiency in English at the University’s higher level. If your first language is not English, you may need to provide evidence that you meet this requirement.

Application Deadline

19 January 2025

Application Fee

An application fee of £75 is payable per course application.

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Thinking of Pursuing a PhD in Economics? Info on Graduate School and Beyond

Kasey Chatterji-Len and Anna Kovner

Becoming a PhD economist can provide a fulfilling and financially secure career path. However, getting started in the field can be daunting if you don’t know much about the preparation you’ll need and the available job opportunities. If you’re wondering what it means to be an economics researcher or how to become one, please read on. We’ll review how to prepare for a career in economics research, what an economics PhD program entails, and what types of opportunities it might bring. Economic education is a core component of the Federal Reserve Bank of New York’s mission to serve the community. To empower would-be economists, this post provides information for students who seek a career in economics research. We hope this information will be helpful to students interested in economics, regardless of their background and economic situation.  This information is most applicable to students applying to programs in the United States.  

The Breadth of Economics Research  

Academic disciplines conduct research in different ways, so it’s important to have a basic understanding of the types of questions economists ask and how they approach answering them. There are many definitions of economics, but a broadly useful one is the study of how people, organizations, and governments make decisions under different constraints, and how those decisions may affect their outcomes. 

When answering these questions, economists seek to ground their analyses in models and to be quantitatively precise about the effects they assign to any given cause. The range of topics economists can study is wide, but the accepted approaches to answering questions are stricter. Some examples of what economists might ask: 

• How do different public housing programs affect the children who live there? 
• Does a certain type of law encourage businesses to innovate? 
• How will a change in the interest rate affect inflation and unemployment rates? 
• How much does affordable health insurance improve people’s health? 
• How can poor countries eradicate poverty? 

There are many different subfields within economics, including, but not limited to behavioral, econometrics, energy/environmental, development, financial, international, monetary, public, and urban economics. You can familiarize yourself with the latest work in economics by subscribing to working paper series, such as NBER’s New This Week or the New York Fed’s Staff Reports . To get an idea of the breadth of questions economists can answer, you could listen to Stephen Dubner’s “ Freakonomics Radio ” podcast. You may also want to explore the Journal of Economic Perspectives , the New York Fed’s Liberty Street Economics blog, VoxDev , or VoxEU .  

What Is a PhD Program Like?    

Economics PhD programs typically last five to seven years. Unlike masters programs, they are often fully funded with a stipend, though most require students to complete teaching assistant and/or research assistant (RA) work as part of their funding package. In the first two years, students take classes, many of which are mathematically demanding. The rest of the program can include additional classes but is primarily devoted to original research with the aim of producing publishable papers that will constitute the dissertation.  

Faculty advisors are a central part of PhD programs, as students look to them for guidance during the research process. Economics PhD programs are offered within university economics departments, but there are similar programs in public policy and business schools. You can look at their websites to understand any differences in coursework and subsequent job placements. 

What Can You Do with an Economics PhD?  

Upon graduation, students can obtain jobs in a variety of industries. Many PhD students hope to become university professors. Governments and public policy-related institutions such as the Federal Reserve System, the U.S. federal government, the World Bank, and the International Monetary Fund (IMF) also hire economists to work on policy, lead programs, and conduct research. Finally, economics PhD graduates can also find employment at a variety of private sector companies, including banks, economic consulting firms, and big tech companies. The pay for these different positions can vary. According to the American Economics Association (AEA), the average starting salary for economics assistant professors in 2022-23 was approximately $140,000 at PhD granting institutions and $98,000 at BA granting institutions. 

Programs often publish the placements of their PhD graduates, so you can look online to see specific employment outcomes. See, for example, the University of Maryland’s placements . Ultimately, economists are highly regarded as authorities on a variety of topics. Governments, nonprofits, philanthropic foundations, financial institutions, and non-financial businesses all look to economists to answer important questions about how to best achieve their goals. Thus, earning an economics Ph.D. can potentially help you to influence issues that are important to you. 

Preparing for an Economics PhD Program  

There are several components to an economics PhD program application: college transcripts, GRE scores, letters of recommendation, and personal statements. Please download the Appendix linked below to learn more about transcripts and letters of recommendation. The Appendix details ways in which you can select coursework, obtain research experience, and develop relationships to position yourself for success as a PhD applicant.  

If you feel that you are too far along in your academic career to take enough of the classes described in the Appendix, this does not necessarily preclude you from pursuing an economics PhD. For example, it’s possible to take some of these classes through a master’s program, or through a pre-doctoral RA job. Some pre-doctoral RA jobs, such as the one here at the New York Fed , may enable you to take classes in preparation for graduate school. If you are concerned about your transcript, reach out to an economist at your university for advice; program standards for coursework and grades vary, and it’s a good idea to get more personalized advice. 

Research Experience   

If you’re interested in becoming an economics researcher and applying to PhD programs, it’s best to get research experience as soon as possible. Working as an RA is a great way to learn how to conduct research and get a better idea of whether it’s the right career path for you. Additionally, it can help you obtain a letter of recommendation for graduate school applications and improve your qualifications.  

All types of academic research can be enriching, but it’s beneficial to gain experience working directly with an economist. To find a position, you can reach out to professors whose work you find interesting or find an RA program at your school. Typical RA tasks may involve data collection and cleaning, as well as running analyses and creating charts to represent results. This is where coding skills become crucial; having taken math, statistics, and econometrics courses will also enable you to take on more responsibilities. 

You may also have the opportunity to conduct your own research, possibly under the supervision of a professor at your university. This research could be self-initiated or part of a course such as a thesis workshop. Self-directed research is a great opportunity to learn about all stages of the research process. It’s also an excellent opportunity to create a writing sample for graduate school applications. Ultimately, though, your motivation for conducting your own research project should be that you want to answer a question.  One thing economists have in common is a love of answering questions using data and theory. 

Research experience is also often obtained after completing an undergraduate or master’s degree. Taking on a full-time RA position before applying to PhD programs is very common and can make you a more competitive applicant. You may either get an RA job working for a professor or participate in a pre-doctoral RA program.  

Research assistant programs are more structured than positions with individual professors or projects, which could be helpful. Universities, parts of the government, think tanks, research organizations, and the Federal Reserve System are all good places to look for research assistant programs. To help you decide which opportunities are most desirable, you may want to ask potential employers : Where do people in this program tend to go afterward? Will I be working directly with an economist? How much of my time will be spent on academic research work? Will I be able to take classes as part of this program? Considering whether an economist will be able to evaluate your performance is an important factor for recommendation letters. The ability to take classes, either through tuition reimbursement or waivers, can also be an important benefit. 

The Research Analyst program here at the Federal Reserve Bank of New York is one example of these programs and you should check it out here . The Federal Reserve Board of Governors also has a large program, and many other regional Federal Reserve Banks have similar programs. In addition, the PREDOC website and the  NBER post listings of RA opportunities. J-PAL and IPA also tend to recruit RAs for economic development projects. Another source of RA opportunities is the @econ_ra account on X. 

Who Should Get a PhD in Economics?  

A PhD may not be for everyone, but it is for anyone—people of all genders, religions, ethnicities, races, and national origins have PhDs in economics. Many economists majored in economics, but others majored in math, physics, or chemistry. Because economics is such an integral part of policymaking, it is important that economists come from a wide range of backgrounds so policy can be stronger and more effective. The inclusion of differing perspectives helps ensure that the contribution of economists to work in public policy, academia, and beyond effectively serves the broadest range of society. 

• Coursework Appendix

Kasey Chatterji-Len is a research analyst in the Federal Reserve Bank of New York’s Research and Statistics Group.

Anna Kovner  is the director of Financial Stability Policy Research in the Bank’s Research and Statistics Group.

How to cite this post: Kasey Chatterji-Len and Anna Kovner, “Thinking of Pursuing a PhD in Economics? Info on Graduate School and Beyond,” Federal Reserve Bank of New York Liberty Street Economics , May 31, 2024, https://libertystreeteconomics.newyorkfed.org/2024/05/thinking-of-pursuing-a-phd-in-economics-info-on-graduate-school-and-beyond/.

You may also be interested in: AEA: Resources for Students

PREDOC: Guidance for Undergraduates

RA Positions-Not at the NBER

Disclaimer The views expressed in this post are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author(s).

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