Updated: Fall 2023
Info session goals: help you...
Economics:
Baseline/reference point: you get a job and start working (instead of grad school); how does Economics PhD compare? Primary differences are in the dimensions of "investment" (you gain the "benefit" of particular skills/knowledge for the "opportunity cost" of making/saving less money as a student) and "consumption" (your lifestyle as a student differs from a full-time worker).
Job type/location: having an Economics PhD opens certain career opportunities that may otherwise be unavailable (or much less available). However, if you'd be just as happy in another career, then it may not be worth getting a PhD. Further, if you really care about having a particular PhD-level type of job, then you may have little choice about where you live. For example, I really wanted to be a professor at a research university (in the U.S.); I applied for all such jobs (80+) and ultimately had two job offers, both in the midwest. On the other hand, my family has really enjoyed living here (despite my partner's and my initial bias against anywhere outside California), so I may have made the wrong choice for me (i.e., not get a PhD) if I had been told I'd only have job offers in the midwest. Nonetheless, the job type/location tension is real for PhD students, which many U.S. students do not realize.
The single best source for learning about Economics PhD-level jobs is the Job Openings for Economists (JOE) from the American Economic Association (AEA), specifically the August–January postings. Many are "academic" jobs (i.e., professor) that require a PhD; within these, some are a mix of research and teaching, while others are almost entirely teaching. You can find (Google) salary data for faculty from most public universities. Of course, there are considerations besides salary, too, like flexibility and autonomy. There are also many jobs spanning private, public, and non-profit sectors.
If you are a U.S. citizen, then there are also many nice Economics PhD-level jobs with the federal government, which you can browse on USA Jobs. These include the obvious "economics" departments like the Bureau of Labor Statistics or the Congressional Budget Office as well as less obvious ones like the Army Corps of Engineers and the Federal Communications Commission (where one Mizzou Econ PhD alum got a job). Almost everyone values the insights of an economist now. That said, many economics listings on USA Jobs do not require a PhD, so you should still consider the tradeoffs between applying to jobs now versus applying to PhD programs.
Besides your longer-term future, your shorter-term (five years) future is also affected by choosing a PhD program versus working. If you really enjoy learning and research, and you are not in a rush to "settle down," then you may enjoy being a PhD student more than working full-time. If you do not enjoy research, or you prefer to have a higher salary immediately, or you want to get settled into a "permanent" adult life/job/location, then you may prefer to start working full-time. Completing a PhD takes five years, after which you will very likely move to a different city (unless you want to stay in the same city by sacrificing the job opportunities that you started a PhD to get in the first place!). Doing research as an undergrad not only helps you get into better programs, but it helps you learn about your preferences/enjoyment of research, which helps you make a good decision about whether or not to pursue a PhD.
It's possible for you to be a parent and complete your PhD, but it does add a challenge that most others do not face. On the flip side, if you manage to graduate and get an academic job (as a professor), then you may appreciate the flexibility to spend more waking hours with your kids (pick them up from school, etc.), as I greatly appreciate myself. And being a parent is challenging regardless; it's arguably not any easier to become a parent while working full-time.
Most PhD programs allow you to earn a master's degree at some point, so even if you don't finish your dissertation to get a PhD, you still have an MA. Some programs like ours will let you stay (with funding) an extra semester after failing qualifying exams (end of Year 1) to get an MA, although I am not sure how common that is.
Looking at our required items for PhD application provides some hints about how to prepare as an undergraduate.
If you have prepared as above, it is relatively straightforward to prepare your application materials, which are basically the same for every school you apply to (except you can change one paragraph in your personal statement). Our advice for letters of recommendation is on our website: "Most helpful from a supervisor/advisor of your research, or your supervisor/boss at a job; we can already see your transcript, so letters from course instructors are usually not insightful." Our advice for your personal statement is at the same link, too. Besides that, you just need to submit your transcripts, GRE scores, and a CV/resume. (International students may also need to take the TOEFL.)
There are a few main ways to compare programs, besides their geographic location (which affects the consumption value, though not the investment value). The program structure is very similar across U.S. Economics PhD programs, so that is generally not a differentiating factor: you take the "core" courses in Year 1, take electives in Year 2, start some sort of research paper in Year 2/3, then work on your dissertation the rest of the time and try to graduate in five years.