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Second thoughts about msc economics

Hello. I have got into Msc Economics at Warwick. I know this is a great school and a good degree. However, I really have cold feet about going there. I got in after taking a postgrad diploma programme in Economics and I wont be telling the truth if I said I loved it. In fact, I pretty much hated it but did very well. After I finished, I thought I better just finish what I have started but the start date is approaching quickly and I am dreading it. Is it best to defer until I decide for sure?

Reply 1

economicsessex

why did you delete your comment flugestuge?

Reply 2

hobnob

economicsessex

why did you delete your comment flugestuge?

I deleted it, because it wasn't exactly very helpful.

Reply 3

economicsessex

hobnob

I deleted it, because it wasn't exactly very helpful.

you can delete the entire thread if you want. i should try and work it out by myself. thanks.

Reply 4

hobnob

economicsessex

you can delete the entire thread if you want. i should try and work it out by myself. thanks.

It's not so much about me wanting to delete stuff, I just don't see the point in leaving nasty, unhelpful comments. :dontknow:

If you would like to have the thread deleted, though, I can do that, of course.

Reply 5

flugestuge

economicsessex

why did you delete your comment flugestuge?

The moderators on this forum are rather thin-skinned and deleted my perfectly reasonable ( if rather blunt ) post.
I will post again with different and more tangential phrasing .

You need to consider these issues:
1. What value will a MSc in Economics add in :
a. Employability
b. Exit opportunities
c. Personal satisfaction

2. What are the costs to you in :
a. Income forgone
b. Opportunities forgone
c. Pain suffered

From your post, I understand that the pain will be greater than the satisfaction.
Therefore exit opportunities and effects on job outcomes are the factors to consider.
Unless you are planning a PhD, and an academic career with the underpayment that it entails, why would you want to do a MSc in Economics ?
In any case, to proceed to a PhD, a MSc is not a requirement.
Unless you plan to apply for a PhD at a higher ranked institution than is available to you with your undergraduate marks/institution , there is no real point in doing the MSc.

There are two situations where it makes sense to do a MSc.
1. If you already have a job and feel that you want to study further part-time to enhance your chances of career progression
2. If you are an aspiring migrant:
If you come from a country like Bangla Desh or Ethiopia, doing a MSc in the UK gives you migration points that may get you over the threshold for immigration to the UK. ( That explains why so many Africans and Asians are willing to pay exorbitant fees to do fourth tier postgraduate studies in the UK )

Reply 6

Jaffaholic

flugestuge

nderpayment that it entails, why would you want to do a MSc in Economics ?
In any case, to proceed to a PhD, a MSc is not a requirement.
Unless you plan to apply for a PhD at a higher ranked institution than is available to you with your undergraduate marks/institution , there is no real point in doing the MSc.

Care to show me a respected economics department in the UK that will accept undergraduate students onto phd courses?

MSc/Mphil Economics courses have research training as well as a substantial piece of dissertation which prepares you for a 3 year phd. Without it (or substantial job experience in economic research perhaps) you won't get in.

You're from the US and therefore are perhaps confused by the fact an MSc (and particularly Mphil) is supposed to be equal to the 2 year coursework component which exists in an American 5 year phd. Either way, don't give a false sense of authority on the matter. For someone wanting to do a phd, not doing an MSc/Mphil degree in economics is the worst possible advice.

More specifically, a Masters degree with ESRC 'RT' status is preferred to progress to an economics phd with better instutions requiring it.

Reply 7

flugestuge

Jaffaholic

Care to show me a respected economics department in the UK that will accept undergraduate students onto phd courses?

Harvard, Chicago and MIT do not require you to have done more than an undergraduate degree to apply to their PhD programs.
Anyone who is smart enough should be applying to the top US places for their PhD rather than just sticking to their local backwater state university.

Reply 8

swiftuk

flugestuge

Harvard, Chicago and MIT do not require you to have done more than an undergraduate degree to apply to their PhD programs.

All three of those institutions are in the UK? Must have fallen asleep during the redefinition of borders.

Reply 9

flugestuge

swiftuk

All three of those institutions are in the UK? Must have fallen asleep during the redefinition of borders.

What do you fail to understand about:
"Anyone who is smart enough should be applying to the top US places for their PhD rather than just sticking to their local backwater state university."

Reply 10

swiftuk

flugestuge

What do you fail to understand about:
"Anyone who is smart enough should be applying to the top US places for their PhD rather than just sticking to their local backwater state university."

Nothing whatsoever; it's just as an 'answer' it bears no relation to the question you quoted from Jaffaholic, and does not seem to have direct relation to the OP's question.

For your future reference, you may find it useful to note that a 'backwater state university' can generally only be found in countries which have states.

Back on topic:

OP: how much longer will it take to move from diploma to MSc - is it a case of 60 more credits, or 180? (As if 60, I'd generalise that it is worth it).

Reply 11

Jaffaholic

Is flugestude seriously implying that all universities in the UK are "backwater " universities? And there I was thinking LSE, Oxford etc. were actually some of the best economic departents in the world.

http://ideas.repec.org/top/top.econdept.html

Either way, the idea that only the best economic departments are worth discussing is absurd.

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My only advice to the OP is that you have a few weeks to decide. I'd seriously consider what you want to do in life and then what the best and realistic route to that is. I assume that you have a good undergraduate degree and combined with the good PG Diploma result, an MSc in Economics will open very few additional doors in terms of job opportunities.