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Whether you are a high school student just starting to apply to colleges, or an undergraduate college student interested in learning about the economics department at MIT, our goal is to provide you with helpful information about the application process and the school. From mit phd economics students, mit economics phd placement & mit economics phd application. Get answers to these question from our site.
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MIT PhD Economics Programs
A PhD usually involves students engaged independently in original and significant research in a specific field or subject prior to the production of a publication-worthy thesis. By undertaking a PhD, you will become an expert, possibly an international expert, in your chosen field. A doctorate is the highest academic degree that can be awarded by a university. In Germany, studying for a doctorate means working intensively on a specific subject or research project over a long period of time. The duration of the doctorate also varies. Three to five years is typical. If you decide to take a doctorate, you can choose between different forms of study.
MIT At A Glance
MIT Economics PhD Admissions Statistics is the only comprehensive and detailed source of admissions statistics for the most popular economics, finance and econometrics programs in the United States. This statistically-driven data book reveals the complete picture of admissions at America’s top economics PhD programs, and is a must for any applicant seeking to gain an edge against the competition. A copy of this book was given to each student admitted into our program.
History
- Incorporated by the Commonwealth of Massachusetts on April 10, 1861
Motto
- Mens et manus—”mind and hand”
Campus
- 168 acres (0.68 km2) in Cambridge, Massachusetts
- 18 student residences on campus
- 26 acres (0.11 km2) of playing fields
- 30+ gardens and green spaces
- 60+ public works of art
Employees
- 12,852, including faculty
Faculty (As of October 2019)
- Professors (all ranks): 1,067
- Other teaching staff: 948
- Student-faculty ratio: 3:1 (undergraduates only)
Selected Honors (Current and Former MIT Community Members)
- 95 Nobel Laureates
- 77 MacArthur Fellows
- 59 National Medal of Science winners
- 29 National Medal of Technology and Innovation winners
- 15 A. M. Turing Award winners
Undergraduate Majors and Minors
- Major programs: 54
- Minor programs: 58
- Pirate certificate: 1
First-year Admission, Class of 2023
- Applicants: 21,312
- Admits: 1,427 (6.7%)
Students, Academic Year 2019–2020
- Total: 11,520
- Undergraduates: 4,530
- Women: 2,123 (47%)
- Minorities: 2,331 (51%)
- Graduate students: 6,990
- Women: 2,529 (36%)
- Minorities: 1,337 (19%)
International Students, 2019–2020
- Undergraduate students: 458
- Graduate students: 2,873
- Exchange, visiting, special students: 644
Undergraduate Cost, 2019–2020
- Tuition and fees: $53,790
- Housing and meals: ~$16,390
- Books and personal expenses: ~$2,980
Undergraduate Financial Aid, 2018–2019
- Students attending tuition-free: 31%
- Students awarded need-based MIT scholarship: 59%
- Average need-based MIT scholarship: $47,593
- Class of 2019 graduates with no student loan debt: 76%
MIT Economics Admission Requirements
Undergraduate Admission
The selection process at MIT is holistic and student centered: each application is evaluated within its unique context. No school, state, or regional quotas are applied, and we do not consider legacy/alumni relations in our process. Selection is based on outstanding academic achievement as well as a strong match between the applicant and the Institute, including:
- Alignment with MIT’s mission
- Collaborative and cooperative spirit
- Initiative and risk-taking
- Hands-on creativity
- Intensity, curiosity, and excitement
- Balancing hard work with downtime
Selected Class of 2023 undergraduate admissions statistics:
- 21,312 applications for first-year admission
- 1,427 offers of admission (6.7%)
- 1,107 first-year students enrolled
- 47% female
- 70% had attended public high schools
- 19% were among the first generation in their family to attend college
- 11% were international citizens from 62 countries
- 49 US states represented
Graduate Admission
Applicants for graduate degree programs are evaluated for previous performance and professional promise by the department in which they wish to register.
Selected 2019 graduate admissions statistics:
- 29,114 applications for graduate study
- 3,670 offers of admission (12.6%)
- 2,312 first-year students registered in advanced degree programs (63%)
- 37% female
- 42.5% international citizens form 85 countries
MIT Economics PhD Placement
Students who complete the Ph.D. program should have a thorough understanding of the principles of economic theory and its applications in various fields, along with an ability to think systematically about, and apply quantitative methods to, economic problems. The program gives equal emphasis to these two goals with formal courses and examinations, seminars, workshops, papers, and the dissertation. Students typically spend most of their first two years in course work, with the next three years used to prepare their dissertations, although both shorter and longer periods are not uncommon.
Throughout the program, there are formal provisions for students to engage in original research work. During the second year, each student must prepare a research paper to complete the requirement in econometrics. Moreover, in the first two years, term papers are required in some subjects. The Department also offers students the option to satisfy one of the minor field requirements through a program of supervised research. Students are also encouraged to take part in workshops in their fields of primary interest.
After passing the general exam requirement, students participate actively in weekly lunch meetings and seminars, which help them with their work in their preferred field of research. They continue to work on their dissertations under faculty supervision in the fourth and fifth years.
MIT PhD Requirements
Requirements for the Economics PhD degree, effective with the entering class of 2019, consist of successfully completing:
- The first and second-year required core courses
- Coursework in two major fields and two minor fields of study
- The components of the general exam based on work in two major fields of study and the written and oral assessments in the second year core Research Methods and Communication course
- An approved doctoral dissertation
Admission is based primarily on four factors:
- Mathematical ability and training as evidenced by courses taken in mathematics and related subjects, grades in those courses, and the quantitative GRE score.
- General academic ability as evidenced by the applicant’s academic record, including both grades and the difficulty of courses taken.
- Training in economics as evidenced by the applicant’s academic record in economics and related fields, letters of recommendation, and work experience related to economics.
- Evidence of motivation and aptitude for research judged primarily on the basis of the letters of recommendation, the statement of purpose, work experience in economics, and previous research projects.
In past years most applicants recommended for graduate admission were in the following profile areas:
- Major GPA of 3.8 or higher with consideration for the degree of difficulty of the course work.
- Upper level mathematical course work including real analysis or honors advanced calculus with grades of A- minus or better.
- Quantitative GRE score of 163 or higher.
- Grades of A-minus or better in intermediate level theory courses (microeconomics, macroeconomics, econometrics) with a strong preference for honors or mathematical track versions of all three courses.
- Advanced undergraduate or graduate-level course work in economics.
- Proven independent research ability (e.g., honors thesis).
- Very strong letters of recommendations from at least two faculty members who know the candidate in both classroom and out-of-class settings (e.g. independent research).
- Statement of purpose that expresses coherent ideas about why the candidate is interested in pursuing a Ph.D. in economics and describes likely areas of research interest.
- TOEFL (if applicable) at least 90 for the Internet-based test (iBT).
- IELTS (is accepted) most recent overall Band score must be at least 7 on a 9-point scale.
Passing grades in all doctoral program courses are B or better.
MIT Economics Admission
MIT’s Economics department lists on their website: “The Department receives, on average, about 800 applications each year. About 40 students are admitted, and 20–22 matriculate.” That’s around a 5% admissions rate. … out of 300 applicants, a 2.6% admissions rate.
To be admitted into the graduate program, a student must hold a bachelor’s degree or its equivalent from an accredited college or university. It is not essential that the undergraduate degree be in economics. Graduate students entering the Department have had a wide variety of major background preparation, varying from literature to physics. However, some preparation in undergraduate economics, especially in economic theory, is a necessity. Similarly, a working knowledge of calculus is essential.
Completed application forms for admission must be submitted online by December 15th prior to the September in which the applicant wishes to enter. The Economics Department has one application period per year, for entry in September.
All applicants must take the Graduate Record Examination (GRE). For the current application cycle, 2021-22, the department is waiving the GRE requirement. Original score reports must be submitted, in addition to the unofficial pdf copy uploaded in the application. Photocopies are not acceptable. Information on the GRE may be obtained online at www.ets.org or by contacting ETS directly at Educational Testing Service, 660 Rosedale Road, Princeton, NJ 08541 USA, (609) 921-9000, FAX: (609) 734-5410.
Decisions regarding admission are the responsibility of the Departmental Graduate Admissions Committee, which bases its judgment on the previous academic record of the applicant, both in general and with respect to particular subjects, the letters of recommendation, the candidate’s statement of objectives, and the Graduate Record Examination. Notices of acceptance are usually sent out by March 1st.; candidates have until April 15 to notify the Department of their decisions.
MIT Economics Transcripts and Letters of Recommendation
How should I send my transcripts?
Please upload transcripts to your online application to facilitate a prompt review of your application. Uploaded transcripts are considered unofficial, since they are opened by the student. If your transcript is in a language other than English, please upload only an English translation (to reduce file size. This can be your own unofficial translation). Even if courses taken at one institution are recorded on another college’s transcript, transcripts must be submitted from the institution at which the courses were taken. We don’t require original official transcripts until after a student has been admitted to the department. If you’re admitted to the program, we’ll require you to have an official copy of your transcript(s) sent to us from the university’s registrar. Your transcript will be verified upon receipt and any discrepancy between the transcript you uploaded and the official transcript will result in a withdrawal of our offer of admission.
Do I have to fill out the “Subjects Taken Form” on the application?
Yes, this section is required. We see transcripts from thousands of schools from all over the world. It is extremely helpful for us to review applicants’ coursework, textbooks used and grades in a standard format. If you need more space than is provided in the initial Subjects Taken page, click the ‘save’ button, exit and re-enter the page, and you will be provided with additional lines on the form.
Is a minimum GPA required to apply?
Since many schools do not calculate GPAs, we do not impose a set minimum. However, the applicant pool is academically strong and extremely competitive.
May I submit more than three letters of recommendation?
Yes, the online system will allow you to submit more than three letters of recommendation. Due to the volume of materials that result from more than 800 applications, please submit a fourth letter only if it provides information that is significantly different from the content of the required three.
MIT PhD Economics GRE, IELTS and TOEFL Exams
Is the Graduate Record Examination (GRE) mandatory?
For the current application period, 2022-23, the department is waiving the following GRE requirement. Only the GRE general exam is required for admission to the department. You also have the option of taking the optional subject/advanced section in your undergraduate major in addition to the general exam if you feel it will give the Admissions Committee more insight into your qualifications. GRE scores are valid for 5 years.
How do I report my GRE scores/What are the reporting codes?
Your online application will require you to attach a scanned copy of your test scores (or if you do not receive your copy of the score report before submitting your application, you may upload a screen shot of the scores provided on the ETS website). An official GRE score report must also be sent directly to MIT from ETS. MIT’s school code for the GRE is 3514. The code for the Department of Economics MIT is 1801.
When is the last date I can take the GRE?
Because ETS takes 2-3 weeks to report scores, applicants are expected to take the GREs by November 30 to allow for proper reporting time. Applications will not be reviewed until your scores are received.
What is the minimum score for the GRE?
There is no minimum score for the GRE. However, admission to our program is highly competitive; our admissions committee is most interested in applicants with the highest quantitative scores.
Who is required to take the TOEFL or IELTS?
International students whose first language is not English are required to submit either TOEFL or IELTS scores (not both, but MIT prefers IELTS). U.S. citizens and Permanent Residents do not take IELTS or TOEFL. The Economics Department will waive the TOEFL or IELTS requirement for international non-native speakers of English who have spent three or more years studying in an accredited school or university where English is the language of instruction. Please note: verification of the institute’s langauge of instruction may be requested. If you fulfill this criteria, you will have the option to request to waive the TOEFL/IELTS test on the online application, under the section ‘Test Scores’. TOEFL and IELTS scores are valid for two years. Scores that expire while an application is under review will be considered valid.
How do I report my TOEFL or IELTS scores/What are the reporting codes?
Your online application will require you to attach a scanned copy of your test scores. TOEFL or IELTS scores must also be sent directly to MIT from ETS. MIT’s school code for the TOEFL is 3514. The TOEFL code for the Department of Economics at MIT is 84. IELTS does not require a code. Please enter “MASSACHUSETTS Institute of Technology-Graduate Admissions”. No address is required as scores are reported electronically.
When is the last date I can take the TOEFL or IELTS?
Applicants are expected to take the TOEFL or IELTS by November 30th to allow for proper reporting time. If your score report arrives shortly after the deadline it will be accepted, but applications may not be reviewed until the scores are received.
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