For those looking to lecture full-time, a Ph.D. in economics is the viable option. A Ph.D. is a prerequisite of most lecturing positions at the university level. Also, doctoral students will be expected to teach seminars and even lecture for a certain amount of hours in order to qualify for a grant. The Ph.D. program therefore offers practical work experience for those looking to enter academia after graduation.
Many financial and federal institutions prefer or even require candidates to hold a Ph.D. Economics is a particularly useful degree, as it is not restricted to one sector. Graduates can work in business, finance or insurance, among other fields. Economists are highly skilled in a number of areas, and would qualify for most specialist positions.
While economics is an extremely practical degree with excellent job prospects, further education also allows students to engage with a topic purely out of interest. Economics is an enormous subject and, depending on the specialization, can require a knowledge of politics, sociology, history and even psychology. Some of the greatest minds of human civilization were economists, and they helped build the foundations for modern society.
When the job market is tough and there is a lot of competition for jobs, staying in school may be the ideal way to survive. Many programs in the U.S. pay an allowance and provide accommodation for the student and his or her family. For instance, at Harvard and Stanford, tuition and all living expenses are paid by the university for students in good academic standing, provided they complete the Ph.D. Similarly, at Oxford and Cambridge, Ph.D. students are discouraged from working an additional job apart from the teaching or research duties that are part of their Ph.D. programs. Giving the economy time to improve while simultaneously improving your resume may be a smart option in times of crisis.