Is the Economics PhD Program at WU Vienna Worth It?
The Economics PhD program at WU Vienna Vienna University of Economics and Business is generally regarded as a strong program especially for those interested in pursuing academic careers or research positions in economics. Here are some factors to consider when evaluating whether its worth it for you:
Reputation and Ranking
WU Vienna is one of Europe's leading business schools and is well-ranked in economics and business-related fields. Its reputation can enhance your CV. This high standing means that you will be associated with a prestigious institution, which is valuable for networking and future career opportunities.
Faculty and Research Opportunities
The program features a diverse faculty with expertise in various areas of economics. Opportunities to work on research projects or with faculty can be beneficial for your academic development. The collaborative environment allows you to learn from and contribute to cutting-edge research.
Curriculum and Specializations
The curriculum typically includes rigorous training in economic theory and quantitative methods. Additionally, there are a range of specialized topics to choose from. It’s important to check if the available specializations align with your interests and career goals. Customizing your program to fit your research focus is crucial for academic success.
International Environment
WU Vienna has a diverse student body and faculty providing a global perspective on economics. This can enhance networking opportunities and collaborative research. Engaging with international peers and faculty will broaden your academic horizons and improve your cultural understanding.
Career Prospects
Graduates from WU Vienna often find positions in academia, research institutions, international organizations, and private sector roles. Consider your career goals and how the program aligns with them. The strong connections within the economics community can help you secure future employment.
Funding and Support
Explore available funding options like assistantships or scholarships to offset the financial burden. Financial support can significantly impact the feasibility of pursuing a PhD. Look into the university's funding opportunities to ensure that the cost does not hinder your ability to focus on research.
Location
Viena is a vibrant city with a rich cultural scene and a high quality of life. Consider how the location fits your lifestyle and professional network. The city offers numerous cultural and intellectual opportunities that can enhance your academic journey.
Conclusion
If the program aligns with your academic and career goals and you are excited about the research opportunities available, it could be a worthwhile investment. It's advisable to reach out to current students or alumni to get their perspectives on the program. Their insights can provide a more nuanced understanding of the program's strengths and challenges.
Standards in Austrian Universities
Standards in Austrian universities are usually quite high, and Austrians take their academic titles very seriously. This is why the program at WU Vienna takes only 3 years and doesn't demand a GRE test or a Research Master's degree. In Europe, scholars are expected to rotate and work at different universities, which promotes an equal standard in research among all universities. Unlike in the US, where you can see much bigger differences in quality, the level in Europe is more consistent, and individual rankings exist but are not as definitive as in the US.
European universities have a different quality system designed to ensure scholars achieve a certain standard after passing their BSc or Master's. In the US, where there is a need to test US students due to the varying levels of academic preparation, tests like the GRE exist. However, in Europe, this isn't necessary because the level among students is more consistent. When it comes to writing an MSc thesis, you need a sound understanding of research methodology, and after passing your PhD thesis, you will need to defend it. So, what you produce stands on its own, and a good university and PhD adviser won’t let you take the degree until you are ready.
Moreover, one of the reasons PhD programs take longer time is because of the requirements the PhD candidate has to teach and tutor students or participate in university projects. A 3-year program is considered to be an accelerated program that focuses on getting your baseline PhD courses, evaluating your research data, and writing up your thesis. So, it all depends on the strategies of the department.
In the end, you should ask yourself what you want to do. Do you want to become a researcher or embark on a career living in Austria?