How important is a background in economics?
Typically, very important, to the point of being crucial. We will look at your application if you have a top-notch background in, say, mathematics and have a real interest in economics, but economics is not just applied mathematics. So we value applicants who are trained in the subject.
And a background in mathematics?
It is imperative that you have had exposure to mathematics. A degree in mathematics is not required, though we look especially carefully at applicants with a joint degree in economics and mathematics.
What sort of mathematics courses should I have taken?
You should definitely have taken single-variable and multivariate calculus. It is expected that you would have a background in linear algebra, and an exposure to probability and statistics. Many of our applicants also have a background in difference or differential equations, and they have been exposed to rigorous thinking in limits, continuity, and basic topological concepts (openness, compactness, etc.). There are a good number of applicants who have more than this: e.g., some measure theory and exposure to rigorous probability theory and stochastic processes.
The most important thing to realize is that you cannot jam math courses into the last term before you apply for a Ph.D. and create the same impression as someone who has been consistently trained mathematically. It is also important to realize that we are not looking for mathematical wizards but individuals who have a reasonable amount of mathematical maturity and can apply their logical mind to economic questions.
Do I have to take the TOEFL and GRE examinations?
You have to take the GRE test. If you are an applicant from China you have to take the "paper version" of the GRE test. For NYU's TOEFL policy, click here.
Tell me what you look for in a good application. In particular, how important are the GREs? Transcripts? Letters of recommendation?
The GREs typically set out necessary rather than sufficient conditions. We look for strong quantitative skills. We know that the GRE does not test those skills adequately, but if you score below some threshold (say, below 740) you either had a bad day or there is a problem with the mathematics background somewhere. Do we immediately condemn you on those grounds? Not at all, but if you have low GREs you will have to have that much of a stronger application elsewhere to "make up" for it.
Conversely, if you have 780 or 800 don't sit back and relax. Many of our applicants achieve perfect scores, many more than we can admit. The rest of your application will be looked at very seriously.
Your transcripts will be looked at very carefully. If you are not a U.S. applicant don't worry: we have ways of figuring out and calibrating your scores using our own experience, background, and the knowledge we have of existing students. We look at your economics and mathematics background very closely, using your transcripts.
Your letters of recommendation are extremely important. They should come from academic professionals who have taught you or have interacted with you (e.g., as undergraduate thesis supervisor). The letters should be honest, revealing of your strengths (and weaknesses), and if possible should attempt to rank you within the context of the recommender's own professional experience. It may be a good idea to tell your recommender that we want such a letter. It is all right to write things like "She is a very pleasant person" or "He bears a fine moral character" and we take such things seriously, but in the end these statements won't get you into a top graduate program.
Ideally, your letters should come from academics, individuals who are seriously active in teaching and research. If you have worked in a company and your boss writes us a letter, there is only so much [s]he can tell us about what we really want to know. Similarly, if a top government official knows you or your family and writes a letter on your behalf, it is of limited use to us (and therefore to you).
Do not be concerned about getting letters from "important" academics or researchers. We can tell a lot about your letter writers from the letters they have written before, and from the way they write. These things matter a lot more than whether your recommender has won the Nobel Prize in economics (often, the so-called "important" people don't have the time to write a serious letter).
I need to include a personal statement as part of my application. Is this important?
Very. We take this statement seriously and --- believe it or not --- in conjunction with the rest of your application, we can often tell when you have written it as opposed to someone else! A good statement should be clear, not too long, and to the point. We do not expect you to define your Ph.D. topic exactly, but also expect that you would be able to define your interests beyond the usual broad classifications of micro, macro and so on.
Does work experience count?
Good question. The answer is: it depends. If you have been --- say --- an investment banker for 5 years before you applied to a Ph.D. in economics at NYU, you probably have serious work experience but probably none of it will point towards your success (or failure) in a research program. So far as the doctoral degree in economics is concerned, you're probably better off applying just after graduating from university. [This is not to denigrate investment banking at all, but only to point out that it signals very little about the kind of skills we're looking for.]
If you have been, say, at the World Bank, or an intern at the Fed, very similar considerations may apply. It all depends on exactly what you have been doing, but in general don't expect to jump into a priority queue because of this sort of work experience. While experience certainly counts as a positive attribute, it also means that you've been out of touch with academic research for a few years. While experience helps you ask a new set of questions, it can also sometimes close you off to new academic methodologies or ideas. Work experience cuts both ways.
Should I include a sample of my research in the application?
Sure. We encourage it. But "research" isn't the literature survey you wrote for a course, or a term paper. That sort of thing will have little or negative value. If you have written a paper and are unsure whether you should send it in with your application, ask your professor. [S]he will know whether your paper has that spark of originality we might be interested in seeing. Use this option sparingly, because it can reveal a lot about you!
Does it help to be in touch with an NYU faculty member in advance?
Yes and no (mainly no). Very often a faculty member gets email from an applicant saying that [s]he wants to work with that faculty member. But this isn't possible until the applicant enters the program, takes the core courses, passes the qualifying examinations, and only then is a thorough assessment carried out (including a lot of self-assessment) and an advisor chosen. So don't use this as a way of trying get a professor to support your application.
Of course, it may be genuinely the case that your own interests lead you to interact with one of our faculty members, quite apart from the question of admissions. In that case your queries will almost always be met with a suitable response. The point is that in most cases, it is easy enough to separate a real research inquiry from a message designed to try and obtain admission.
Is there a particular set of skills and qualifications that would guarantee entrance into the program?
No. And it is important to realize this: we take 20 out of 1000. Of course we may not be able to make you an offer even if you are very, very good. In addition, we could (and unfortunately do) make mistakes in our rankings. So you should never feel depressed if you are turned down by a top program. You are competing with the best from all over the world, and getting one rejection is no reflection on your ability.
Fair enough, but just what is it that you are looking for in an applicant?
It isn't easy to define this, but what we look for is evidence of creativity, originality, drive ... ingredients that will make you a successful researcher. The ability to do well in courses or exams is correlated with this talent, and we certainly look for that and we also demand that you do well in our coursework, but that isn't the ultimate goal. Many students are really good at coursework but are just not the same when it comes to research. What about vice versa? Well, we all read about such exceptions and we all admire them, but that's who they are: exceptions. [We look for them as well, but they're harder to find.]
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