FAQ

Q1: What are the math requirements for the Applied Economics Program?
A1: We require (1) at least two courses in calculus, (2) linear algebra, (3) differential equations, and (4) probability and statistics. We also recommended that you have taken: (1) real analysis, (2) econometrics, (3) stochastic calculus.

Q2: What is the best undergraduate preparation that I should have before applying to the Wharton Applied Economics Program?
A2: We prefer an economics undergraduate degree along with the math requirements noted above or a math degree with several courses in economics (at least up through intermediate microeconomics and macroeconomics).

Q3: How many people apply to your program? How many do you admit?
A3: We expect about 120 applicants this year and will perhaps admit 8-12 students. Across all nine Wharton PhD programs about 40 students will matriculate in the summer*/fall, and you will take first-year coursework with about a third of these. (Students admitted to the Applied Economics program will be required to attend math camp beginning in July of the summer prior to the regular fall semester.)

Q4: How important are test scores?
A4: In making our decision, we look at your test scores as well as the rest of your application: grades, coursework, work and research experience, essays, and recommendations.

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Q5: May I arrange a campus visit to discuss your program?
A5: We prefer to interview students after they have applied to the program but visits can sometimes be arranged before applying. Usually Wednesdays and Thursdays during the term are the best days to visit. To schedule a visit, please forward 1) a copy of your resume/CV; 2) a copy of your transcripts or an overview of your schools, grades, and relevant coursework; and 3) a brief statement about what you would like to study at Wharton and we will try and line up meetings with relevant faculty and other students for your visit.

Q6: How is the training received in the Wharton Applied Economics PhD program different from a traditional economics PhD program?
A6: Much of the coursework is like a traditional econ PhD: microeconomics, macroeconomics, econometrics, plus specific field courses. As in a traditional economics PhD program, students are expected to develop a firm grasp of theory and methodology. However, more emphasis is placed on econometrics than macroeconomics and field courses place more emphasis on how to empirically test underlying theories. An increasing amount of emphasis is being placed on structural estimation and advanced computational techniques including dynamic programming.

Q7: What type of job placement is the Wharton Applied Economics program geared toward?
A7: Our program is meant to train researchers for academic (and academic type, e.g. Federal Reserve) jobs. It is not meant to create PhDs to go work in industry. This is true for all Wharton doctoral programs.

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Q8: Can Wharton Applied Economics PhD students take courses in Penn Economics Department and Penn Math Department?
A8: Our students have access to Penn economics and will indeed take some core courses (microeconomics, macroeconomics, and econometrics) with traditional Penn economics students. Applied Economics PhD students may also take upper level courses in the economics department, and can even structure one of the field sequences using Penn Economics courses with permission of the Applied Economics PhD coordinator. Course work in the Mathematics Department as well as the Wharton Statistics Department is also encouraged for students requiring more of these tools. However, most Wharton Applied Economics students will have advisors only from Wharton, including the main advisor.

Q9: What are the resources available to Applied Economics PhD students?
A9: Wharton resources are fantastic. In addition to the academic resources (including faculty), PhD students are provided guaranteed funding for four years. This funding includes tuition, fees, health insurance, and a living stipend of $21,000 per year. While the cost of living is higher in Philadelphia relative to less populous parts of the country, it is still lower than most other Northeast or West Coast cities. Students might also qualify for additional funding for premium data sets and to attend conferences. Wharton warehouses a large collection of financial-related data and provides excellent computer support.

Q10: To whom do I direct additional questions about the Applied Economics PhD students?
A10: Questions can be sent to Heather Calvert at ae-program@wharton.upenn.edu.

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