Ph.D. in Economics

Wayne State's Ph.D. in Economics prepares future economists through graduate courses, seminars, tutorial instruction and research workshops. Our program provides students a solid foundation in economic theory, quantitative methods and fields of specialization (health economics, labor and human resources and industrial organization) in preparation for careers in universities, research organizations, industry and financial institutions.

The Ph.D. degree is a scholarly degree that indicates not only a superior knowledge of economics but also intellectual initiative and an ability to design and carry out independent research. Our curriculum is solidly grounded in techniques of economic analysis, with important applications in a wide variety of applied fields. The program usually involves three years of coursework, followed by one to two more years of effort on doctoral research. Because the program is rigorous and adheres to strict timetables, it is unusual to combine doctoral study with full-time employment. Ph.D. graduates are in demand at universities, corporations, financial institutions and government agencies.

Funding

A limited number of teaching and research assistantships providing tuition, stipends and health insurance are available each admitting year to new Ph.D. students. We support our Ph.D. students for four years through teaching assistantships, fellowships, grants and contracts or research assistantships, as long as they are making satisfactory progress to the degree, including satisfactory performance in the foregoing teaching and research responsibilities.

For full aid consideration, we must have a completed application no later than Jan. 1. Most students are supported by Graduate Teaching Assistantships (GTAs). Fellowships and Graduate Research Assistantships (GRAs) are available only at the Ph.D. level. Admission and financial aid are separate decisions.

Economics program requirements and curriculum

As an economics major, you must complete 90 credits (60 in course work plus 30 in dissertation research) by satisfying the university graduate education requirements and overall economics program requirements.

Students must pass sequences in mathematics for economists, microeconomic theory, macroeconomic theory, quantitative methods and two fields. The two fields are health economics, and applied microeconomics in labor economics and industrial organization.

Two of the following specialized fields must be elected for study:

• Health economics
• Applied microeconomics, which includes industrial organization and Labor and human resources

The department, in rare cases, will approve one special area in economics or one cognate field outside of economics in place of one of the above areas of specialization. Students achieve Ph.D. candidacy by passing the written and oral qualifying examinations in economic theory and their two elective fields and by completing a dissertation outline approved by the department and the graduate division.

• Prerequisites

  Basic requirements for the Ph.D. include:

  • Principles of Economics (typically two semesters)
  • Intermediate Microeconomic Theory (one semester)
  • Intermediate Macroeconomic Theory (one semester)
  • Introduction to Econometrics
  • One or more courses in statistics
  • Calculus I: Differential Calculus (MAT 2010): Calculus as the study of change. Definitions, concepts and interpretations of the derivative and the definite and indefinite integrals; differentiation, integration, applications.
  • Calculus II: Integral Calculus (MAT 2020): Review the definition of definite integral and fundamental theorem of calculus. Techniques of integration; approximate integration; improper integrals; applications of integration. Sequences and series. Approximating functions by polynomials and Taylor series.
  • Calculus III: Multivariate Calculus (MAT 2030): Multivariable calculus with applications. Vectors and vector functions in two and three dimensions, functions of several variables, differentiation, integration and vector calculus.

  Additional courses in calculus (including multivariate calculus and integration), as well as linear (matrix) algebra, will strengthen students' preparation for Ph.D. work. If your transcript indicates that you have taken mathematics for economists or the social sciences, your application should specify what your courses covered. Important: If you have studied more math than the foregoing, please indicate that in your letter of interest, referring to the class in your transcript that documents the additional math you studied.

• Plan of work

  Doctoral applicants must plan their sequence of studies early in their programs. An official plan of work, approved by the director of graduate studies, must be filed with the Office of Graduate School before the student completes 24 graduate credits. The plan of work is a prerequisite to taking the qualifying exams.

• Advising

  You do not need to find an advisor until your second year in the Ph.D. program. We do not require, nor do we encourage, prospective students to have established an advising relationship with anyone but the director of graduate studies. During a Ph.D. student’s first two years, the director will be the advisor.

• Ph.D. candidacy

  Upon successfully completing 50 credits of graduate work and all four written exams the student will advance to Ph.D. candidacy.

  Upon attaining candidacy, the student will:

  • Sign up for any remaining coursework necessary, and;
  • Sign up for ECO 9991, 9992, 9993, 9994 or 9995, depending on the year of study and requirements of the economics department and the Graduate School.

  The director of graduate studies will urge the student to affiliate with a supervisor as soon as possible.

• Candidate status courses

  The Graduate School has instituted four-semester candidacy requirements of ECO 9991, 9992, 9993 and 9994. Each of these courses is 7.5 semester credits. The courses enable the student to continue full-time status toward the 90 credits of work that is required for the Ph.D.

  If the student has not finished their dissertation by the time ECO 9994 is completed, "maintenance status" of ECO 9995 will occur. This involves payment of appropriate tuition and fees at the rate of one credit hour per semester.

  Students enrolled in ECO 9991 9994 must:

  1. Attend dissertation workshop.
  2. Attend all scheduled "outside" seminars.
• Chronological list of degree requirements

  Number	Principal	Year	Action
  1	Student	1	Completes plan of work and submits it to the department and Graduate School for approval.
  2	Student	1-3	Completes coursework (or, minimally, about 50 credits) on the plan of work.
  3	Student	2-3	Arranges with the department to take the final qualifying examination(s).
  4	Grad School	3-4	Advances student to candidacy after receiving the Recommendation for Doctor of Philosophy Candidacy Status Form from the department.
  5	Student	3-4	Prepares dissertation proposal and meets with the committee for approval. Turns in form verifying approval to the Graduate School. Statement of the problem, its scope and rationale.  Literature review and theory. Source of the data (materials, subjects, etc.). Method and design (statistical analysis where applicable). Hypothesized. Expected results.
  6	Student	4, 5	Takes the oral exam.
  7	Student	4, 5	Prepares the dissertation.
  8	Student	5, 6	Files application for degree not later than the first day of class in the term in which she/he expects to graduate.
  9	Student	5, 6	Receives committee approval for the dissertation defense and Graduate School approval of the dissertation format.
  10	Department	5, 6	Arranges date/time/place of final oral and informs the Graduate School one week in advance.
  11	Student	5, 6	Presents defense.
  12	Student	5, 6	Submits manuscript to Graduate School.
  13	Department	5, 6	Submits grade changes for any incomplete courses to the Graduate School.

• Time limitation

  Students have seven years to complete all requirements for the Ph.D. degree. The seven-year period begins with the end of the semester during which the student was admitted to doctoral study and begins work toward meeting degree requirements. This time limit does not apply to approved transfer credits.

  On the recommendation of the director of graduate studies, up to 10 semester credits over seven years old that were earned at Wayne State University (for example, as part of the master’s degree) may be specified for revalidation by examination. If the student has not attempted to defend after seven years, the student must request an extension.

  Ph.D. students who have registered for all their required dissertation workshop and research credits, but who have not finished their dissertations, will register for candidate maintenance status. The maintenance status allows students access to university resources – libraries, computer systems, laboratories, and faculty advising. It will carry a fee equal to the registration fee plus the omnibus fee for one credit. A student will continue to register for maintenance status until they:

  • Completes degree requirements
  • Declares themselves no longer a candidate for the degree
  • Exceeds the time limit for securing the degree

  Students who have not defended in 10 years must retake written qualifying exams.

Ph.D. in Economics career outlook

Economics degrees provide the kinds of skills demanded in the U.S. labor market and the data prove it. For data on average earnings of economics majors, including those with master’s degrees, see the U.S. Census data.

This website allows you to compare U.S. earnings for economics majors with earnings for other majors, and it allows one to see the effect of a graduate degree in economics on lifetime earnings.