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I'm a regular lurker but it's my first post on the forum.
I completed a bachelor of economics in a university in April 2012 and I began a master of economics in a business school in September 2012.
Althought I was good during my bachelor degree (I had a 3.7/4.3 GPA), unfortunately it wasn't enough to get a scholarship (but I'm use to it now, since I'm both working and studying since I'm 16 year-old, I was always a second-best without prizes nor monetary helps) and I had to rely on student loans and working. The first problem was that, for various reasons, I needed more money than usual and I had to work more than usual (I'm working four days a week nowadays). The second problem was that I also had various problem with my girlfriend (and I wouldn't break with her : when the train almost never stops at your station, you get on when it finally stops...) but, hopefully, everything is fine on this side now. The result of all this was that I wasn't able to concentrate adequately on my studies. In the first semester, I got on probation. On the second semester, my GPA was high enough to stop being in probation, but I failed a class. During the summer, I was supposed to work extensively on my thesis, which I didn't (I worked on it, but not enough).
Now, in this semester, I'm redoing the class I failed and I'm doing a mandatory research workshop where I have to present stuff related to my thesis. I'm doing fine in the class, but the professor in charge of the workshop was very critical of the first paper I submited and is unsure I would be able to give him an acceptable final paper in three weeks. Even worst, my advisor said I didn't contact him enough and now it's been two weeks since he was supposed to send me his commentaries on the paper I submitted and more work I also did. I'm afraid he won't answer me anytime soon and that, when he will, he will be very critical of my work.
That is why I'm considering dropping out of graduate school, but I'm wondering what would be my future if I drop out of grad school? What would be the job prospects?
There are many things to take into consideration :
I didn't pay all of my tuition for this semester yet and I'm wondering how I will pay for my tuition the next semester (as, if I pass the research workshop and my advisor speaks with me again, there is no way I could complete my thesis this semester).
There isn't that much economists positions, thus most positions would be in a related field.
I'm not good at econometrics nor at graduate macroeconomics and I dislike both topics (don't get me wrong, I love economics, but not those two topics, which happen to be the ones requested for most positions, althought I still manage to pass decently these classes).
I already have a job. It's a menial banking clerk job in a credit union, but I could work more if I wish, I could do overtime if I wish, the schedules are flexible and I could apply for a better job within the company if I accept strict schedules.
I could probably (but I still have to check) transfer between 4 and 7 of the 7 classes I did for my master degree to a 10 classes post-graduate business administration diploma, which I could finish part-time.
So, if I choose to drop out, I'm planning to complete the classe I'm currently following, thus I would have completed all the component for my master degree apart from the research component (which is the thesis and the research workshop), I wouldn't have a failed class on my transcript and it's a class I could transfert to the post-graduate diploma in business administration. But what about the research workshop? If I don't submit a final paper, I will fail it. But I doubt I could submit a decent paper and it's someone useless to do it if I'm not planning to do the thesis.
And I'm also wondering what I would say to my disappointed parents, grandparents and friends, if I drop out. Of course, the family isn't helping me a lot financially, but they aren't in a position to do it.
Also, if I'm dropping out, I'm planny to study more part-time anyway. I want to better myself, to be in a better financial situation than my parents, so my own children (if and when I have them) won't be in the same situation I'm a now...
If you really don't want to work in a position where you would be doing data analysis, a Master's degree in economics might not help you much anyways. My boyfriend got a Master's in economics (which included a thesis), and he and his friends from that program all work in data analysis jobs. If I were you, I'd just drop out from the Master's program and finish the post-bacc certificate if you don't want to do work that involves a lot of data analysis.
On the bright side, if you do drop out, at least you will be able to say that you have been working ever since obtaining your bachelor's degree.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I have one employee with an economics degree working for me in a position that pays about $70k, master not required. We have other finance positions paying the same or a bit more, again not requiring a master and the advanced degree does not result in higher pay if they have it. All of these positions do require 3-5 years experience however, and the banking clerk position would be a stretch to compete with 100 others with more related experience.
I know it's a long time ago since I sent my first message, but I feel obligated to update the topic, as things are turning nicely for me. If someone ever reads these messages in the future and is feeling as desperate as I was when I posted in November 2013, he should knows he shouldn't drop out and he should persevere.
I fixed things up with my advisor and the professor directing the mandatory research workshop, by being humble and informing them of the issues overwhelming me, and I borrowed money from my parents to pay the due semester. Thus, I deposited my thesis last week and the committee should grade it within the next four weeks. I'm confidend it will be either accepted or that only minor revisions will be requested.
Sure, my master's degree won't be as great as I expected it would be when I began, with only a 3.2/4.3 GPA and a thesis with a grade I'm expecting of only either B- or B, without emphasis on hot topics like econometrics or macroeconomics. Still, it's a graduate degree, from a great business school and in a field many peoples find difficult and which is usefuel to many related fields, mainly business and finance, where there is a lot of employment. Moreover, it's a thesis related to environmental economics and program evaluation, which could be useful too.
As for the job, I'm also confident I could land a somewhat related job at the credit union I'm working for, once I done for good with the master's degree. This job would allow me to get the significant experience I need to get a job like the ones Hemlock140 talked about.
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