Last Updated: April 24, 2021
Studying Economics in Stanford University
Stanford University is one of the top 5 universities in the world to study economics in. The university has seven schools in all with over 40 different academic departments at just the undergraduate level but at the same time, they also have colleges with courses relating to law, business, medicine, and engineering.
This university has produced over 84 Nobel Laureates in the 130 years the university has been functioning. Their Economics Department caters to students who want to study the ways in which an economy works and how different economic policies affect people. They offer courses at an undergraduate level comprising of honors, majors, and minors along with graduate degrees like masters and a Ph.D.
Undergraduate Programs at Stanford
Stanford offers undergraduate programs in Economics for students who wish to take up the subject as a full-time course or as an elective while actively learning another subject. Students have the option of taking Economics as a major or a minor and they can also do an Honors in the subject.
General Application Requirements
- Common Application form duly filled.
- The essay in the application has 3 questions that have to be completed within 250 words.
- A fee of $90 has to be paid. It is non-refundable.
- ACT or SAT scores have to be submitted.
- School Report.
- Letter of Recommendation from Counselor.
- Transcripts or Academic Results.
- 2 letters of recommendation.
Financial Aid for Undergraduate Programs
Students who have been admitted to the Stanford University, whose families earn less than $150,000 a year have to pay no tuition fee. And most of the other eligible students also receive need-based financial aid which amounts to $58,494 throughout their course. Students who have families that earn less than $75,000 do not have to pay not just the tuition fee but also do not have to pay for room and board.
Financial aid is provided to students in the form of scholarships from Stanford on top of which students can also receive funding from additional sources like Federal and State grants, and outside scholarships.
Economics Major at Stanford
The Economics Major requires students to do 6 core courses which account for 30 units of their course along with a field course which accounts for 25 units in the course. Students also have to complete electives worth 20 units and complete a writing course titled ECON 101 for 5 units.
Core Course Requirements
Students have to complete the following core course requirements in order to receive their degree-
- Introductory Microeconomics
- Introductory Macroeconomics
- Intermediate Microeconomics
- Intermediate Macroeconomics
Additional Course Requirements
- 55 units out of the total of 80 units must be taken at the Stanford in California.
- Students have to complete Math 51
- Scoring a 5 in AP microeconomics and AP macroeconomics can have their ECON 1 course waived
- Students should have C grade or above in each course
Economics Minor at Stanford
Taking an Economics Minor is for students who are already occupied with another major course of study and want to enhance their knowledge in another subject. Students who wish to do the same have to fill out a major-minor form available at the university and submit it for approval after which they can pursue the same.
Core Course Requirements
Students are supposed to complete 35 units of core course work in Economics if they are taking an Economics Minor. The core courses are-
- Principles of Economics
- Economic Analysis: Basic Price Theory
- Economic Analysis: Intermediate Microeconomics
- Economics Analysis: Intermediate Macroeconomics
- 2 Field Courses that should be taken at Stanford California
- One Elective Course
Additional Course Requirements
- 20 of the 35 units must be taken at Stanford California
- Students must complete declaration of minor before last day of the quarter.
Honors in Economics at Stanford
Students who want to do a course in Economics that is more intensive than the Economics Major can apply for the Honors Program since it requires both coursework and research work. The students who have enrolled for the Honors Program are allowed to participate in the Honors Research Symposium and will also receive a BA in Economics with an Honors title in their diploma and transcripts.
Course Requirements in Addition to Economics Major
Students are required to complete all the requirements for Economics Major and on top of that, they have to earn 5 extra units to meet the necessary 85-unit requirement for the Honors Program.
- Students have to complete 102B and 2 ECON upper-division courses
- Students must receive a 3.5 or above GPA in the course in order to receive Honors.
- Students will have to both submit and present their Honors thesis
Career After Graduation
Students who have completed their degree in Economics despite being economists can have innumerable job opportunities and even academic opportunities that can shape them up into what they aspire to be. A few of these opportunities that are suggested by the university are-
- Career in Data
- Career in Finance
- Career in Business
- Career in Consulting
- Studying Law and Law-related jobs
- Working in the government sector
- Working in a non-profit sector
- Applying for higher studies like M.A in Economics or Ph.D.
Graduate Programs at Stanford
Stanford University offers four different programs under their Graduate Program which are Master’s, Ph.D., Ph.D. Minor, and Joint Degree Programs. Each of these programs has been created and shaped in ways that will help students achieve their best during the duration of their course. The tuition fee
for the first year of Ph.D. is approximately $54,315
, in the second to fourth year it comes down to $35,310
and in the fifth year it is around $10,593
Students can apply for the graduate courses by submitting the following documents along with the online application. Offline applications are no longer received by the university. The application fee is $125 and is non-refundable in nature.
- Statement of Purpose
- 3 letters of recommendation
- Scanned copies of transcripts
- TOEFL or IELTS scores for non-native English speakers
- GRE Scores except for the 2022-23 admissions
- A coursework spreadsheet available along with the online application
Financial Assistance for Graduate Programs
Students can receive fellowships, assistantships, or research funding. These financial aids help students focus on their academics without having to pursue a career along with their full-time educational requirements. Fellowships like SGF or Knight-Hennessy are provided by the university which covers their tuition fee and provides them with a health insurance subsidy. At the same time, students can avail fellowships like the following among others.
- King Center on Global Poverty and Development- Graduate Level Fellowships
- Weiss Family Program Fund for Research in Development Economics
- PACS Center Research Fellowship
Master’s Degree in Economics at Stanford
There is no separate Master’s Program at Stanford and students who wish to take a Master’s degree must apply for the Ph.D. program and take it as an add-on course while doing their Ph.D. In order to enroll for the same, students have to submit their master’s degree program proposal form along with their graduate authorization petition while paying an additional fee and students must also ensure that they receive grade B and above throughout their course.
Students are required to complete the following course requirements in order to get their degree-
- Students should complete 45 units of credit in the Department of Economics.
- Students must complete ECON 202 and 3 other 200 level courses.
- They should maintain grade B and above in all courses.
- Submit 2 term papers.
- A GPA of 3 must be maintained throughout the course.
- Courses must be taken for a letter grade only.
- Once the requirements have been fulfilled candidates can apply for degree conferral in Axess.
Ph.D. in Economics at Stanford
Stanford offers only a full-time Ph.D. for candidates who want to specialize in the different fields of Economics. They specialize in their interested fields by attending seminars and specific lunches that deal with similar topics and concepts. Students are supposed to have a year of teaching experience which could be the experience of having a teaching assistantship.
Core Course Requirement
Students are required to complete Core Microeconomics, Core Macroeconomics, and Econometrics during their course work along with 2 other field requirements from the list of research fields provided like Behavioral and Experimental Economics, Developmental Economics, Econometrics, etc. Along with this they should also complete-
- Four other graduate-level courses including Economic History. These courses must be cleared with a grade of B or above.
- Students must complete three-quarters of 2 different fields or six quarters of the same field seminar from topics like Macroeconomics, Development, Economic History, etc.
This course is for students who are already doing their Ph.D. in another discipline and wants to pursue a Ph.D. in another discipline.
Students should complete 20 units for coursework from the Department of Economics at Stanford. The only prerequisites are that the student must be qualified in the field of microeconomics, macroeconomics, or econometrics.