EC 101 Article 01 Your Career Matters_ A Dearth of Economics Doctorates Leads to Royal Recruiting Ba

EC 101 Article 01 Your Career Matters_ A Dearth of Economics Doctorates Leads to Royal Recruiting Ba

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Your Career Matters A Dearth of Economics Doctorates Leads to Royal Recruiting Battles By JON E. HILSENRATH Staff Reporter of THE WALL STREET JOURNAL During the last month, Julie Mortimer has been flown around the country on all- expense-paid trips to Chicago, Boston, New York and San Francisco. She's been wined and dined at the upscale Rialto restaurant in Harvard Square and wooed through e-mail by Gary Becker, a Nobel Prize winning economist at the University of Chicago. Such fawning used to be the calling card of high-profile fields such as consulting and investment banking. But 28-year-old Ms. Mortimer is part of a new contingent of hot job candidates: students with doctorates in economics who want to teach. Traditionally, the job search for these entry-level college professors has been a long battle that ended with poor pay in a dingy, ill-equipped office. New economics professors "used to get a computer and a couple of thousand bucks" to start, says Lawrence Katz, who runs Harvard's recruiting effort for economics scholars. But these days, a confluence of events including a scarcity of economics Ph.D.s and a rise in students clamoring to study economics means that even low-level candidates are treated like big shots. Pay for entry-level economics professors has risen by about 15% since 1999, according to a University of Arkansas study. And this year's crop of top doctoral students have seen universities sweeten offers for assistant-professor jobs with light teaching loads, early sabbaticals, $20,000 research budgets and $15,000 in summer pay. That's on top of the $70,000 to $80,000 salaries they already are offering for a nine-month school year. Those who focus on finance are getting even sweeter offers with many business schools offering six-figure salaries. Ms. Mortimer, a former management consultant who impressed professors with a study on the economics of the video-rental industry, canceled 11 interviews after she corralled offers from Harvard, the University of Chicago and Northwestern University's Kellogg Graduate School of Management. She's received two additional offers since, but she's not deciding until she figures out where her husband will land. He's also a doctoral candidate, and has gotten seven offers from consulting companies and the government. "The whole market has really gone much better than I would have expected," says Ms.
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EC 101 Article 01 Your Career Matters_ A Dearth of Economics Doctorates Leads to Royal Recruiting Ba

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