Anyone working/studying in economics?

[just_lily]

I am starting to make plans to go back to school in economics.  I have a bachelors in business admin and really enjoyed my economics courses.  I was considering a higher degree in finance, but it no longer appeals all that much, and the cost of doing a Masters in any business program is astronomical.  That led me back to econ.

I will have to take some additional undergrad courses as an open studies student before I can apply to the MA program.  If I take them part-time over the next two years that would set me up to start the masters program the year DD starts kindergarten.  The MA is only one year (course-based) and I hope to continue on to a PhD after that. 

From what I can tell from googling, economics appears to be a field that has a reasonable amount of opportunity.  Not that there are thousands of jobs in my city or anything, but the number of positions to the number of applicants is fairly balanced as long as you are willing to relocate and have the higher degrees necessary.  Does anyone have any insight here? 

Going into academia, or becoming a researcher are both appealing. 

These are the main things I am looking to get out of a career:

1. Work/life balance.  I don't want to have to work 70 hours a week, every week, until I retire.  I am ok going through busy periods, but in my pre-baby field (commercial banking) the culture was that long days were expected and if you actually went home at 5:30pm you were a slacker.  I want enough flexibility to still meet my commitmentss as a wife and a mom.
2. Decent income.  We have struggled ever since DD was born, and I am REALLY ready to change this up.  I could go back to work now, so if we are going to commit to me going to school instead there has to be a pay off financially at the end. 
3. An opportunity for continuous learning and intellectual challenge.  This is probably the MOST important for me, if I am going to be happy long-term.  I just can't handle doing the same thing, over and over again, year after year.  Last year I did a strengths-finder test with a group I was in, and my top-5 strengths all had to do with my head (learning, ideas, intellect... and two others I can't recall!).  This is another reason why I don't want to go back to commercial banking - it was basically writing loan applications day after day after day and I need to be learning to be happy. 

We are going into this expecting that we will need to relocate for me to find a position, and maybe even for my PhD.  We are okay with this.  Right now our only barrier to moving is that our house has lost so much equity and we are hoping a few more years will allow us to earn some of it back.  Worst case scenario we rent out our house, and rent someplace smaller where ever we go. 

My husband is a computer technician so he can work pretty much anywhere (as long as he can find a position!).  We are in Canada, and DH was born in England and still has his citizenship there - so we could move to the UK without too much trouble, immigration-wise. 

I am really interested in hearing from anyone else working or studying in this field.  I know it isn't all that common but I am really hoping to find one or two BTDT mamas!

[JoyFilled]

You are in Canada.

Move up to Yellowknife right now.  A Computer Tech and A Project management/Economist are both in demand.

Our territorial government pays well and has lots of vacation.  Of course once you move up here there is next to no opportunity to go to school though.

I work in statistics and there are 4 economist in our division of 8 people.  They make at least $90,000 a year each.  Most of them just have a Masters.

[LittleGriff]

I am not exactly BTDT but have thought a lot about whether to do a MA or PhD in Econ. I have a BA in Economics from a school which churns out eventual PhDs but realized academia was really not my thing. I work in asset management where plenty of Econ PhDs as well as MAs run about with their prognostications (for better or, more likely, for worse). In the end, I decided to get an MBA (heresy to my undergrad self!) at an institution with a distinguished Econ PhD program where I got to know many folks pursuing the degree and did not envy them a bit.

Personally, my feeling is that the PhD is not really worth it money wise. Do it only for the love (and be forewarned many have gone in the program with love for the field and come out with barely any remaining). But an MA can be a great career boost and a way to get plenty of intellectual gratification. As for work/life balance, I know plenty of people who took economic consulting jobs and seem perfectly happy with their family life and paychecks. I imagine there are pockets of better or worse opportunity in that regard and you just have to know what you're after - but I've seen it done successfully. But another reason to stop with the MA. The PhD in itself probably puts the kibosh on work/life balance from the get go. And then after you've done all that work you'll need to get some good ROI ... which may involve very little sleep or family fun for a long time!

I think a business undergrad and an Econ MA might be just the mix of brain/money/life satisfaction you are after.

[porcelina]

I attended a 25 or so ranked phd program in economics and let me just say that they are BRUTAL! I would not consider a phd in Econ to obtain any work life balance. The first year or two are a constant process of being defeated, working to scrape your dignity off of the ground, and then being demolished again. You could def not give birth or raise children during that time. Then, if you make it through, you will be able to consider the academic life only at universities ranked well below the one where you studied. The people in the field are very bitter, often rude. Just check out the forum econjobrumors.com. It is pretty horrific.

That said, if you want a nonacademic job, a phd in Econ is highly respected, and often very well-paid. Google Job Openings for economists at the AEA website, and you will see what kind of jobs are out there. However, work life balance is not something that goes hand in hand with a phd in Econ.

Finally, it is very important to point out that grad school in Econ is highly quantitative and very different from undergrad Econ. You are better off with a degree in math.

When I was looking into doing Econ 10 yes ago, I got a lot of negative feedback about what it would be like, and it just made me more determined. But, turned out to be true. So, just make sure you know what you are getting into.