Economics Doctorate in Canada

This section will address how to select which program you should attend.

MOTIVATIONS FOR DEGREE

Graduate level Economics aims to deepen your understanding of theoretical and applied Economics. It also aims to develop your research skills through either a research component (for Master’s degrees) or a thesis (for PhD programs). 

Masters: There is a general misconception that students will learn how to run a business or accounting while studying a Master’s degree in Economics — this is not usually the case. The degree requires students to take courses in microeconomic theory, macroeconomic theory, econometrics and more. Overall courses tend to be very mathematical in nature and it is important to be aware of this when considering this degree. If you don’t enjoy mathematics or generally struggle with it, then doing a Master’s degree in Economics in Canada may not be you best option. 

PhD: Students who pursue a PhD in Economics usually go for academic/research careers. This degree specializes your knowledge about the field and develops your research and writing skills. During the degree you will have the opportunity to specialize and become an expert within a particular sub-field in Economics.

TYPES OF DEGREE

In a nutshell, the following degrees + sub-fields/ specializations are available for Economics:

  • Master’s degrees:
  • Masters of Arts in Economics (MA)
  • Masters in Applied Economics

Master’s programs usually last for 1 year. Some have a research component, where you will be required to submit a research paper at the end of the program, while others do not. Some Master’s programs are PhD stream programs, in which case if you complete the first year (which is the MA year) successfully (fulfilling their requirements) , then you will automatically be admitted into the PhD program. In this case, students can complete the PhD in 3 years. Furthermore, there are also MA programs that have a work component where students work for 1-2 semesters. In such cases the duration of the degree may be longer.

  • PhD in Economics: These usually last for 4 years, and have a thesis requirement for graduation. Similar to MA programs, PhD programs may also have work placements.

PROGRAM SELECTION

How to select the best option for yourself (among degrees/programs within this field)

For Master’s

Simon Board comments that Masters degrees are a good way to learn and prove your Economics-related skills and knowledge. The kind of things you should consider when evaluating Master’s programs are:

  • Duration of the degree (how long it takes to complete):
  • Research Components: Whether the program has a research component or not. If you later plan on pursuing a PhD degree, then a Master’s degree with a research component is very valuable, because it helps you get an idea about the kind of work a PhD would involve, and so it would make you more informed when deciding whether to pursue a PhD or not.
  • Size of class: Some class sizes are larger, while others are smaller. Many studies show that smaller classes are associated with better quality learning, and so smaller class sizes tend to be preferred. However, it is up to you which class size suits you more. When evaluating programs, this should be one of the factors considered, especially if you know which kind of class size suits your learning more. 
  • Quality of fellow students
  • Specializations offered: if you have an idea about the kind of specializations you prefer, when evaluating various programs you should check out which offer these. The kind of specializations offered are usually related to the area of expertise of the Economics department faculty. In this way it can also be useful to check out the areas of interest of faculty when considering programs. You should shortlist programs that offer specializations you are interested in, and have faculty experienced in these areas. 

For PhD

Deciding whether to do a PhD?

Before deciding to pursue a PhD program, it is highly recommended that you research the value of this degree, depending on your future career path, and the kind of study/research it would involve. Since a PhD usually lasts for 4 years, it is a big commitment – according to Simon Board, many students find out, either in a few weeks or a few years, that a PhD is not for them. He recommends Master’s as a way to ‘dip your toe in the water’ and see what Economics at a higher level is like. A Master’s degree is a good way to see whether you really want to do a PhD, particularly if the degree has a research component. If you study a Master’s degree in Economics and find out that you don’t like it (for whatever reason, be it in terms of the level/nature of research required, the level/nature of the course content etc.) then you can still graduate after 1 year and have a valuable degree in hand. Since the duration of the degree is significantly lower, you will have invested less time and money, compared to jumping into a PhD program. Another benefit of doing a Master’s degree first is that you will be more prepared for the kind of study/work you will be required to do during doctoral level study – if you decide to pursue it. 

FIELD/SUB-FIELD SELECTION

  • Macroeconomics
  • Microeconomic Theory
  • Applied Microeconomics
  • Econometric Theory
  • Applied Econometrics
  • Economic History
  • Political Economics
  • Health Economics
  • International Trade
  • Monetary Theory

Note that this is not an exhaustive list.

How to select the best option for yourself (among specializations and sub-fields within this field)

Though essentially it comes down to where your interests lie, you should consider specializations in which they have strengths. For example, you need to take your academic background into account, to an extent. You should think about your background and related strengths and skills gained from it when considering which specialization you should go into. For example, if you have taken some courses in your undergraduate/masters study relating to international trade, then you could consider specializing in that later – depending on whether you enjoyed the courses and whether you did well in terms of grades. 

Additionally, you should also consider that different specializations are likely to lead to different career pathways – so you should keep career aspirations in mind when deciding between specializations. We recommend you to inquire and research about this before applying.

ALLIED FIELDS

If you are interested in Economics, you might also like:

  • Mathematics
  • Management
  • Statistics 
  • Political Science

How to select the best option for yourself (among allied fields)

Whether you study Economics or other similar fields, such as the ones listed above, depends on your interests and your career aspirations. We recommend that you critically consider the content of this tip sheet and otherwise research about other relevant things regarding undergraduate study in Economics, and decide whether the field is good for you. You should also check out our tip sheets on the fields above to see whether they suit you more or if they fit your academic background more than Economics.

ACTION-STEPS/RESOURCES

  • For PhD programs: You should apply to as many as you can afford. It is recommended that you apply to 10-15 universities (Simon Board).
    • If you are a very strong applicant (with a very high GPA – 3.9+), then applying to 5-6 may be enough. 
  • Where to apply:
    • For a list of links to Economic Departments in universities, please click here. On the websites, you can usually find the application forms by clicking on:
      • “Prospective students” or “Graduate students” → “how to apply” or “application information.”

Complement the above field-specific tips with general tips on program selection (under the tab of ‘selection’).

A lot of our tips talk about how you can strengthen your application, but you can build a stronger application when you’ve done the things this program values in the years prior to the application. The application itself is the communication part (in which you communicate what you’ve done to the admission committee); but this section gives guidance on the substance part (what you can actually do before you apply). In this section we talk about what you can do in the years leading up to applying that can make you an ideal candidate. Supplement the following tips with general tips (under the tab of ‘Pre-Application’) to become a competitive applicant. 

ACADEMIC BACKGROUND

Degree Requirement: 

For Masters: Ideally candidates should have an undergraduate degree in Economics or a related field, but that is not a requirement for all programs. A number of programs in Economics usually do not require this — any 4 year bachelor’s degree is usually accepted. Note that 3 year bachelor’s degrees are not accepted by most graduate schools in Canada – you will need to complete an additional Honours year to be eligible for graduate school. 

During the undergraduate degree, there are certain courses that are required to have been completed (these are usually Economics and/or Mathematics courses – please view the section below on ‘CourseWork and Transcripts’ for more information on this). An undergraduate background in mathematics is generally considered useful for this degree. 

For PhD: A Bachelor’s and Master’s degree are usually required for a PhD. Most programs require candidates to have a previous degree in Economics or a related field. 

CourseWork and Transcripts:

For Master’s: Simon Board recommends mathematical courses for graduate school applications. Examples of such courses (that you would take in your undergraduate studies) include Calculus, Linear Algebra, Differential Equations, Probability and Statistics, Introduction to Econometrics, and Real Analysis. Otherwise Economics courses are also important – examples of useful economics courses (as recommended by Simon Board) include Macroeconomics, Microeconomics and Econometrics. Note that just having these courses isn’t enough — you need to have good grades in them too (particularly if you are applying to top-tier universities). The kind of grades accepted by universities for these important courses varies, so it is important to carefully read the entry requirements on the program pages for this. Additionally, if possible, taking graduate level courses can also make your application stand out — note however that these require significantly more work so you should only take them if you are well-prepared.

GPA Requirement:

Note that these are general requirements – minimum acceptable GPAs tend to vary across programs the information below should just be used as a guideline.

For Master’s degrees: A minimum of a 3.0 GPA (on a 4.0 scale) is usually required.

For PhD degrees: A minimum of a 3.2 GPA (on a 4.0 scale) is usually required.

Other Tips:

Note: If for some reason you don’t meet such requirements (for example course requirements, years of study requirements etc.), then it is recommended that you contact the program you are interested in and ask for advice or guidance on whether you can somehow still be considered. Sometimes universities waive off certain requirements – for example, if you have a relatively lower GPA but have a significant amount of work experience, you may still be considered. Similarly, if you haven’t completed a Master’s degree but are applying for PhD programs, you may still be considered if you had exceptional grades in your undergraduate studies. 

RESEARCH EXPERIENCE

The following are useful research experiences to have when applying for graduate studies in Economics:

  • Term projects and/or theses — these show that you have the skills to do research and can work individually, which are important for graduate school.
    • Note that even if the research is not related to your areas of interest within Economics, they can still signal other skills (e.g. creativity, research skills, writing skills, drive etc.)
  • Research Assistantships are also useful — you should ask professors if they are looking for RAs and grab opportunities that you get. 

Ideally, your research experience should indicate your area/s of interest. If they don’t (i.e. if your research experience is not related to your area/s of interest), then you should use your statement of purpose to highlight these (please refer to the ‘Essay’ section for more information on this)

PROFESSIONAL EXPERIENCE

Professional experience is not usually required for your application but can give your application an edge. Work experience related to Economics would be more useful for your application. Examples of forms of such experience include consultancy, research assistantships etc. 

Simon Board suggests teaching experience to show that, even though you come from a non-English speaking background, you have good communication skills. You should try to highlight these skills in your statement of purpose (please refer to the ‘Essay’ section for more information on this). It would be more relevant if the teaching was done in English.

OTHER EXPERIENCE

Extracurriculars in your undergraduate study, related to Economics could be useful for your Master’s application. This kind of experience can include running or participating in Economics clubs etc.

This section provides an overview of general guidelines pertaining to the application process. It also delineates the key components of the application process.

GENERAL ADVICE

For both Master’s and PhD programs, applicants are required to submit their transcripts, proof of english proficiency, statement of purpose, resume and references. Within these, the references and statement of purpose are considered very important. Otherwise, writing samples may be required – these are the more common of a requirement for PhD programs, but some Master’s programs also require it. Additionally for Master’s applications, the GRE is usually required (this is not a common requirement for PhD programs).

Refer to the Program Selection Section for further information.

COMPONENTS

Component

Is this component required?

How important is this component (in the overall review of the application for admission)?

Standardized tests or entry exams

GRE (this is more so a requirement for Master’s programs – PhD programs do not often require the GRE)

English Proficiency Tests (IELTS, TOEFL etc.)

Both are important

Transcripts (past academic records)

Required

Important

Letters of recommendation

Required

Very Important

Personal Statement

Required

Very Important

Resume or CV

Required

Important

Interviews

Sometimes required

Important if required

Writing Sample

Sometimes required

Important if required

Complement the above field-specific tips with general tips on overview (under the tab of ‘overview’).

Pakistani applicants suffer most because of inadequate information — or wrong information — about essays and personal statements. This section will address those inadequacies specifically in relation to applying for this program. Supplement the following field-specific tips with general tips (under the tab of ‘essay’) to craft a stellar personal statement. 

BASIC INFORMATION

The personal statement is a very important component of your application. Usually 1-3 pages are required (or 500-1500 words). 

TIPS ON GOOD AND BAD STATEMENTS

What is essential in the statement:

The kind of things you can write about within your essay include, but are not limited to, the following:

  • Your motivation behind this degree – you should write about why you decided to pursue a Master’s/PhD in Economics. Alongside explaining why you chose that particular degree level (Master’s or PhD), you should also write about why you chose the field itself (i.e. Economics). This shows that you have made an informed decision about applying.
    • When writing about your motivation, avoid using general claims (an example pointed out by Simon Board includes writing “I like development economics because I want to help my country grow”)
    • Additionally, you should also write about the kind of questions you would like to approach within this field. This shows drive and curiosity which can make you stand out as a potential candidate.
  • Your interests within the field of Economics – the kind of specializations you are interested in and would like to study/research further through the program.
    • Try to be specific and show curiosity. For example, as commented on by Simon Board, rather than saying you like ‘Development Economics’, you should write about aspects within Development Economics that you find interesting. 
    • As mentioned before, write about questions you have about your specific areas of interest and why you want to investigate them.
  • Your academic background – this can include the kind of relevant courses you have taken in your previous studies. You can write how you progressed through the courses and what you particularly liked within them. Additionally you can write about the kind of skills you learned through these courses. 
  • Your interest in research — since most Master’s degrees, and definitely PhD degrees have significant research components, you should write about your interest in research. This will show the admissions committee that you are prepared for the kind of work you will have to do during the degree.

What are some elements of exceptional statements:

  • If you have any research experience, you should write about it. Here you can write about the nature of the experience (project, theses, RA-ship etc.) and how you progressed through it. If there were any hardships, you should write about those with particular focus on how you overcame them. You should also write about the kind of things within them that you found interesting. 
  • If you have any professional experience, you should write about that — the kind of skills you learned, the way it influenced your outlook on Economics, the kind of strengths it developed and the kind of weaknesses you overcame etc.
    • If you have any teaching experience, you can write about how it developed your communication and language skills (and other relevant skills). 
  • Every statement of purpose should be tailored for the program you are sending it to. Even if you are applying to 20 universities, you still need to make sure each essay is relevant to each individual program.
    • On this Frances Woolley comments:
      • “For example, if you plan to apply to McMaster, say something like “I want to study at McMaster because it has a strong group of labour and public economists and I’m interested in labour economics and public policy.” For UBC or UofT, say: “I want to go to UBC/U of T because it’s the top ranked economics department in Canada.” For Dalhousie: “I want to  go to Dalhousie because I want quality instruction in a beautiful part of Canada, and because it has a unique program in development economics.””
    • Before writing the statement, make sure to research about the program by going through the university website — check out the faculty members (their websites, interests, etc.), graduate program requirements, course outline and more. 

What are bad statements/ what things to avoid:

  • Remember that you need to add to the component of your application — so avoid repeating things that the committee will already know after reviewing your resume/transcripts. When you write about your background or experience, try to add to the content within your resume/transcript rather than repeating it.
  • Don’t lie in your essay — for graduate programs, the essay shows the kind of work you could end up doing. For PhD programs in particular, and sometimes Master’s programs, the content of the essay in part will be used to match you with faculty (supervisors/mentors etc.) — if you match incorrectly (due to false information in your application), your experience during the degree can be negatively affected. 
  • Avoid writing about your family history. The exception to this, according to Frances Woolley, is mentioning that you have family in Canada. Saying that one of your motivations for the program is that you have family near the university or somewhere in Canada is a legitimate motivation for the essay. 

OTHER TIPS

How can applicants manage the process of writing?

  • It can be useful to have your essay proofread by faculty or friends.
  • If you mention any theorist/economist etc. within the essay, make sure you are well informed about them. On this, Frances Woolley comments that:
    • “Don’t mention how much you like Keynes (unless you have actually read Keynes, and you genuinely do like and admire his work). You’re not going to read Keynes’ General Theory in most MA Economics programs in Canada. If you say something like “I want to learn more about Keynes and that’s why I’m applying to ______ University” it shows that you probably haven’t done your research.”

This section will cover the basics about recommendation letters, which are one of the most important parts of the application process. Supplement the following field-specific tips with general tips (under the tab of ‘recommendations’) to ensure you have strong letters of recommendation.

BASIC INFORMATION

Letters of recommendation are considered a very important part of your application, so it is important that they are good. Usually 2-3 references are required for graduate programs in Economics. You should make sure that the person who is writing the LOR for you knows you well — the LOR should highlight relevant skills/experiences the referee can vouch for and should overall show that you are capable of graduate school in Economics. 

For Master’s references: Academic references are usually preferred or required. 

For PhD references: Academic references are usually required. If you have completed a Master’s degree before applying for the PhD program, then references from your professors from the Master’s program will be better. Due to this, it is recommended that you make a good impression during your Master’s study. If the Master’s program is relatively short (for example  1 year), then you should work extra hard to make a good impression on your professors so to improve the potential letters of recommendations you can later request. 

Note that if a university doesn’t specify that all the references need to be academic in nature (i.e. from professors), then you can diversify and include 1 letter from your supervisor/manager etc. from your workplace. 

OTHER TIPS:

  • Make sure you give the referee the following documents:
    • Transcript
    • Resume
    • Statement of purpose (even if it is a draft)

The purpose of providing these documents is to give the referee useful information that they can use as a base when writing the LOR. Before writing the LOR, the referee should know about what kind of work/areas within Economics that you are interested in, and the kind of projects you have previously been involved in. They should also know about your motivation behind applying for the degree (Master’s or PhD). Additionally, they should have an idea about where you stand compared to other students (if this isn’t already mentioned in your transcript). 

  • Your referee should ideally be someone who has a good standing within the field — LORs from Economics faculty are better than from Sociology faculty. You should also try to ask someone who has previously written LORs for successful applicants (i.e. for students who were later accepted). However, remember that there is often a tradeoff between a referee who has a good post within the university but hasn’t interacted with you much and a referee who knows you well but has a lower post. It is important to make a judgement call in this case. A LOR from someone who has a high post etc. but who doesn’t know you well will likely not have good quality content (i.e. doesn’t accurately reflect your skills etc.). 
  • If a professor turns down your request of writing the LOR, then it is often best to let it go. The quality of the LOR can be negatively affected if you push them too much, which can ruin your application.

WRITING SAMPLE

Basic Information:

A writing sample is rarely required. If it is required, its purpose is to show your potential in researching and writing. A page limit is often provided, which usually ranges between 10-15 pages. For PhD programs, this limit is usually a maximum of 30 pages — in such cases a research paper is usually preferred as a writing sample.

RESUME/CV

Basic Information:

A CV is a general requirement for graduate school. It shouldn’t exceed 2 pages. Make sure to check program requirements to find out their page limit or advice before writing up the CV.

You can include the following things in your CV:

  • Education history
  • Work experience

Also if applicable, you should include:

  • Computer skills
  • Volunteer experience 
  • Scholarships and Awards
  • Languages 
  • Interests and activities 

Resume/CV Tips:

STANDARDIZED TESTS

Basic Information:

  • As an international student, you will be required to prove proficiency in the English Language. Most universities require IELTS or TOEFL results, stating the minimum they will accept of their applicants.
  • Additionally, you may also need to take the GRE. The GRE is often not required for PhD programs (it is more common of a requirement for Master’s programs)

Tests Needed:

Note that these are general requirements – minimum acceptable scores tend to vary across programs the information below should just be used as a guideline.

  • English Proficiency Tests: 
  • IELTS: Usually a minimum of 6.5 is accepted, with no individual component below 6.0. For PhD programs, a higher score may be required — usually 7.0 is required.
  • TOEFL: Usually a minimum of 86 is accepted for the iBt version, with no component below 20. For the paper version, usually a minimum of 550 is accepted. Otherwise, for the standard electronic version, a minimum of 213 is usually accepted. For PhD programs, a higher score may be required. For the iBt in this case, the minimum acceptable score is usually 90. Otherwise 
  • GRE: A minimum of 150 is usually accepted for the quantitative section for graduate school applications. For the analytics section, a minimum of 5.5 is usually required. Further, it is recommended that you give the GRE by October because ETS can be slow sometimes.

Test Tips:

These tips were compiled with the valuable help of SHAHEEN volunteers.

We thank our volunteers for their contribution, and hope their tips and advice help you in your application. T

he following sources were also consulted in developing this tip-sheet

Graduate School Application, Thinking of coming to Canada to do an MA in Economics, and Advice on applying for Economics Graduate School.

Good luck!