University of Michigan

What you'll study

The PhD emphasises rigorous training in economic theory, empirical methods and specialised applications relevant to business. Early-year coursework typically covers advanced microeconomic theory, econometrics and applied statistics, along with mathematical methods for economists. After completing core courses, students take advanced electives and seminars that reflect faculty strengths and research opportunities, such as industrial organisation, labour economics, behavioural economics, contract theory, macroeconomics for business, corporate finance topics from an economic perspective, and causal inference methods.

Students participate in research workshops and departmental seminars, present working papers, and take part in reading groups. The programme culminates in a dissertation based on original research, developed under the supervision of faculty advisors. Students also gain teaching experience by serving as teaching assistants or instructors for undergraduate and graduate courses.

Entry requirements

Successful applicants normally have a strong quantitative background, demonstrated through undergraduate or master’s-level training in economics, mathematics, statistics, engineering or a related field. Typical preparation includes advanced calculus, linear algebra, probability and statistics, and introductory microeconomics and macroeconomics; prior exposure to econometrics or programming is an advantage.

• Academic transcripts showing strong performance in quantitative coursework.
• A research-focused statement of purpose outlining academic interests and potential faculty matches.
• Letters of recommendation (typically from academic referees who can speak to research potential).
• A curriculum vitae highlighting research experience, relevant coursework and quantitative skills.
• Sample of written work (research paper, thesis chapter or substantial term paper) is often requested to demonstrate analytical and writing ability.

Standardised tests and specific score expectations vary; applicants should consult the programme for current testing policies. Admissions are competitive and research experience, strong quantitative grades and well-aligned research interests with faculty are important.

Career prospects

Graduates of the programme typically pursue careers in academia as faculty members at research-intensive universities, teaching and conducting research in economics and business schools. Many also work in research and policy roles at central banks, government agencies and policy institutes, or take senior research positions in private-sector organisations such as strategy consultancies, economic consulting firms, multinational corporations and financial institutions.

Other career pathways include data science and applied research roles in tech and analytics firms, where strong causal inference and econometric skills are in demand, and leadership positions in corporate strategy, regulatory affairs or market design teams.

Why study at University of Michigan

The University of Michigan offers a collaborative environment with faculty who are active researchers in microeconomic theory, applied microeconomics and econometrics. The programme benefits from strong links between the Ross School of Business and the Department of Economics in the College of Literature, Science, and the Arts, enabling interdisciplinary supervision and access to a broad set of seminars and research centres.

• Access to extensive research resources, computing facilities and data archives used by active research groups.
• A rigorous curriculum paired with opportunities for close mentorship and frequent seminar presentation experience.
• Structured doctoral support through the Rackham Graduate School, including professional development, teaching training and funding support for research and conference travel.
• A vibrant intellectual community with regular workshops, visiting scholars and placement support tailored to academic and non-academic careers.

This combination of rigorous training, interdisciplinary collaboration and institutional support makes the University of Michigan a strong setting for PhD study in business-focused economics.