According to Greg Manikew, professor of economics at Harvard University, the prerequisite courses that an undergraduate interested in studying graduate-level economics should complete are: Calculus, Linear Algebra, Multivariable Calculus, Real Analysis, Probability Theory, Mathematical Statistics, Game Theory and Differential Equations. The heavy mathematics course load is due to the fact that studying economics is a highly quantitative endeavor and a thorough understanding is required. In addition to these courses, doctoral programs prefer students who have attained good grades in macroeconomics, microeconomics and econometrics. An undergraduate major in economics is not necessary, but fulfillment of these courses, particularly the mathematics courses, are key.
Graduate-level study of finance is generally requires less quantitative academic preparation than the study of graduate-level economics. Standford University, one of the preeminent schools offering doctoral study in finance, requires prospective students to have satisfactorily completed: Calculus, Linear Algebra, Differential Equations, Linear Algebra, Matrix Theory, Theory of Probability and Introduction to Statistical Inference. Like the economics programs, graduate work in finance does not require an undergraduate degree in finance, although completion of the mathematics courses are necessary. A thorough comprehension of mathematical concepts can only be attained with extensive study--as is significant work experience within the financial industry.
The almost universal requirements for a doctoral program in economics are microeconomics, macroeconomics, econometrics, research seminars and a dissertation. The elective course work generally consists of courses such as: economic theory, economic policy, international trade, political economy, labor economics, development economics and industrial organization economics. Graduate-level study of economics places an emphasis on the theory of economics as well as the social and political implications of economics decisions by both the consumers and producers.
The commonly required courses for the doctoral program are: econometrics, financial markets, corporate finance theory and empirical finance. Electives, research seminars and a dissertation are also required. Electives usually cover topics such as: price allocation, bargaining, price theory, investment science, accounting and financial contracts. Graduate-level study of finance places an emphasis on the particular decisions made by financial institutions within a market and it is not concerned with the greater political or social implications of market fluctuations.
A Ph.D. in economics serves to prepare the graduate for a career in the private or public sector and academia. The average Ph.D. economics graduate may work as an economist for an international organization, such as the World Bank or International Monetary Fund. She may also search for professor positions among the country's universities and colleges. Or, she may find work within the federal government, such as an economic adviser or researcher within many of the country's think tanks.
A Ph.D. in finance also serves to prepare the graduate for a career in the private or public sector and academia. Most often, finance graduates find work within the large investment banks on Wall Street. Although, some may choose careers in academia as a professor or researcher within a think tank.