Economics careers - Foot in door?

Originally posted by Lundos
Ideally it works like this (in Denmark):

Either you go to business school (MBA) or the University (Master of Science in Economics)

You take your BA with a focus on the harder subjects. Math, econometrics, micro and macro economy. When you take your masters, you need to focus on one part of economy - growth, econometrics etc. You complete the chosen cou orporate law might work. Then you're set for a bank job and later a hedge or equity fond.

Most good places have a policy of not taking their own PhD's.

For good academic jobs in the US you have what is called the "Job Market" which is an American Economic Association meeting where the interviews for job applicants to US universities are conducted. So the process is quite centralized. If you get an interview and they like you, you are invited for a "fly-out" where you spend a day in the university presenting your main paper (the job market paper) and meeting the professors in the relevant department. If you're good enough, you might get an offer.

Edit - An MBA will also not get you an academic position in good universities.

Originally posted by Metal Brain
My lawyer earns 200.00 per hour.

That is good money if you ask me.

You're ignoring the cost of his overhead, his staff, his training, his unbillable time, etc.

As sole practitioner who bills $200/hr would be lucky to bill 20-25 hours per week, even if business were very good. That would be a gross of $400,000-$500,000 per year.

A staff of 2 (maybe a paralegal and a secretary), renting office space, paying for research services like Lexis, continuing education seminars, etc., all have to be factored in. Plus, most attorneys, unless you work for a big firm, are not able to fill all of their time with billable hours. There's also the matter of advertising, building networks, drawing clients, doing initial consultations (often free), etc. etc. etc.

Yes, some attorneys do well, but $200/hr (which is actually pretty low) is not as rosy as it sounds.

This is about academia, though, and nobody goes to academia because of the money.

Originally posted by Metal Brain
My lawyer earns 200.00 per hour.

That is good money if you ask me.

Let's cut to the chase.

Get an MD. Specialize in cardiac surgery.

🙂

Originally posted by Palynka
Most good places have a policy of not taking their own PhD's.

Denmark doesn't have a big market for PhDs. If you take a PhD in Copenhagen, you'll want to stay in Copenhagen (you can go to Odense (Syddansk Uni) or Aarhus Uni, but that is rarely seen). That only leaves Copenhagen Business School (well not really) and the University. Normally it isn't a problem since you only educate 1-2 PhDs per year and not all want to stay at the University.

I thought this was fun, if a little Harvard-specific.

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