First, "public" should be taken out of the phrase altogether. The degree should be a Master of Policy, not Public Policy. Many people with a policy degree do not end up as public servants. They end up as analysts in private firms, making lots of money and working long hours. They end up as economists, financiers, and planners at enormous international corporations. Most do end up in a job that could be deemed as working for the "public"--as opposed to working for "profit"--such as working for the Government Accountability Office, a senator, or a nonprofit organization. Yet given the fact that the degree leads to a significant number of jobs in the private sector, it's worthwhile not to think of it simply as public service degree. So, while "public" is the employer for many people, we learn things here that translate well into either the public or private sector.
Second, it's a quantitatively biased degree. There is a lot of economics, statistics and mathematics in the program. In fact, eight of the fourteen credits I am taking in my first semester are based in those three subjects. (When my mother heard that I was going beyond algebra for the first time in my life, her reaction reflects my background: "You're taking calculus?!") The "public" as well as private employers want numbers to back up--and sometimes to create--policy proposals, modifications, and counter-proposals. Waning are the days when politicians can base their arguments on personality alone.
That should clear up the meaning of a policy degree at W&M.
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