Hello all! I emailed the admissions director for the Oxford MPhil Economics program recently. He stated that they accepted 34 percent of applicants last year. I am having trouble understanding why, given that Oxford is an elite school. Any ideas? Is the program worth attending?
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The good economics students get a PhD in Economics...I can't think of many schools that have a Masters in Economics...why would you want a Masters in Economics? Economics is mostly as a theoretical basis in undergrad
It's different in UK. There you don't generally apply for a PhD directly. The most extreme example is the setup at LSE now: you apply for the MSc, which is a one-year stand-alone degree. If you get above a distinction average, you go and do the MRes, which adds another year of more difficult coursework. Just like in the US, the expectation is that you go from the MRes straight into the PhD work. So at LSE, you can apply for the MSc and leave after a year with a good degree and can go to work.
My understanding is that the Oxford MPhil is basically like the MRes program at LSE - you sign up for two years of coursework, but most people would stay on to do the PhD program.
As for why they accepted many applicants, I don't know. The calibre of applicants is likely pretty strong, given that people apply for it with academia in mind, rather than IBD jobs. And Oxford has to compete with a lot of other really great schools for those people: by and large, your Harvards, MITs, Berkeleys, Princetons and Stanfords are probably more desirable for most PhD candidates.
There is no coursework for the MPhil in Economics at Oxford. All classes are 100% pure final exam style. MPhil at Oxford is actually an MSc in disguise and unique and self-sufficient in its own ways. Some students (around 50%) leave after the MPhil to work in the industry as Economist or Analysts--without the need to spend a couple of more years doing a PhD thesis.
To add on the previous comment: There are on average 495 applicants per year (see official website), 50 students are selected. However, this figure cannot be taken as a benchmark, as Oxford MPhil charges applicants 50 pounds per application, which filters out thousands of applications.
MPhil in Econ at Oxford (Originally Posted: 10/30/2010)
I just had a few questions regarding this...
Thanks.
Depends on your qualifications? I did Maths/Econ at a lower Ivy and got in. Several of my friends w/ similar backgrounds also seems to gain admissions relatively easy.
Probably more in the UK than US (duh). Assuming you want to go to industry later, I find most US employers only view MBA (and some MFin) as an advanced degree that adds value.
Don't know. They're different animals so you can always argue about how one complements the other.
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