Four universities ended up in a tie for first place. Harvard's Ph.D. in economics requires applying students to have research experience and take the GRE. The average score of admitted students is 797. Massachusetts Institute of Technology also offers a Ph.D. in economics, and while the school does not have a required GRE minimum, higher scores are better. Princeton University does not have any minimum requirements for entry into the Ph.D. program but students should have good academic records. University of Chicago's Ph.D. program asks students to have a strong background in mathematics but there are no other minimum academic requirements. Tuition costs as of 2011 are Harvard: $5,849 per course, MIT: $38,940 per year, Princeton: $36,610 per year and University of Chicago: $5,090 per credit.
Stanford's Ph.D. program ranked second. Applying students are expected to have excellent academic records and GRE scores. Successful applicants get a score in the 95th percentile. An undergraduate economics degree is not required but students should have a background in economics. Tuition as of 2011 is $12,900 per quarter.
The University of California, Berkeley requires applicants to the Ph.D. program to have a minimum of a 3.0 GPA and an economics background. A minimum score on the GRE is not required but students should aim for top scores. California residents can expect to pay $34,286 per year of study while out-of-state residents pay $49,526. Yale University, which tied for third place, charges $33,500 per year for tuition. The school's Ph.D. program in economics requires applying students to submit letters of recommendation, have excellent undergraduate academic records and earn a minimum of a 760 on the quantitative portion of the GRE.
Northwestern University's Ph.D. applicants have GRE scores above the 90th percentile and top academic records. An economics major is not required but students should have a strong mathematics background. Tuition costs are $13,280 per semester.
The University of Pennsylvania does not have a minimum GRE score for applicants but students are rarely accepted with less than a 700 on the quantitative portion. As with other schools, a strong background in mathematics is required. Students pay $27,812 per year in tuition and fees.
Columbia University falls into sixth place, although it is the 10th school on the list. Applicants to the Ph.D. program should have GRE scores above the 90th percentile and have an academic background in economics and mathematics. Columbia charges $21,000 per academic year for tuition.