So, what's the verdict? Now that you're in grad school, how do you feel?

[Erin]

One of the great things about getting to know so many bright and motivated students is seeing them realize the dreams that they held dear for so long and nurtured along the way.

However, sometimes people feel let down after they're into the program that they'd only dreamt of for so long. Sometimes they realize that the program isn't exactly what they wanted, or that they'd chosen the school just because of the name. Or they're simply exhausted from all the work they have to do.

Usually, though, it's a combination of the above. How do you folks feel, now that you're finally studying?

[asquare]

Well, I can get things started with this question.

I'm a second year at the University of Michigan. The econ PhD program here has exceeded my expectations; I'm very happy to be here!

That said, the first year was rough. The classes were harder than any coursework I'd had before. Some of the teaching wasn't very good. And most of all, graduate economics (especially the first year core classes) is nothing like the undergraduate classes that I loved and made me decide to get a PhD.

However, I knew these would be issues coming in. I expected them. I'd talked to graduate students, sat in on some courses before I started the PhD, looked through the textbooks and borrowed notes from older students -- basically done everything I could so that I'd have realistic expectations about the PhD program. So while the first year was hard, it wasn't a surprise. That helped a lot.

Second year is tons better. All of that theory I struggled to understand last year is paying off this year. It's great to read journal articles and really understand all the details and the math, to see what assumptions the author made and what would change if they weren't true, and to know that this understanding is the hard-won reward to working my *** off last year.

Also, I really enjoy my field classes and my forays into research. I have a much better sense of what the next several years will be like. I feel prepared for them. I'm developing good relationships with faculty.

I'm still working my *** off, of course. And there are times when it's overwhelming or frustrating or even boring. But in the end, I really like being here. University of Michigan is a really supportive, exciting place to be an econ PhD student. I respect my classmates and professors and they respect me. I'm being challenged and given great opportunities at the same time. It's really worked out well. Really doing the research ahead of time to know what to expect, making sure that I had the best preparation possible, and keeping my overall goals in perspective once I got here have helped me make the best of an already good situation.

[GMATbong]

I am fortunate or rather unfortunate to experience two very extreme grad school programs (both master degrees). The MBA program is one of the best experience and it has totally transformed myself into a green mean machine - into a typical MBA grad school from any of the top 10 schools. (OK, which is why I want the international development program since most ppl are mean machines ready to kill)

The other program or the MPAID program is one of the toughest master degree out there. The program is known in World Bank as a condense econ PhD without the thesis. And the first year sucks big time, I struggle like many first year econ PhD student holding MWG and not knowing 20% of the material. This is in contrast with the MBA program where I can understand 100% of the material. Yea.... I feel for you for all those PhD econ students.

So what's the verdict? If I know what I am getting into, a MBA will be just fine. Why struggle so much math on Hamiltonian, phase diagram and for what? If you are not going to teach with a PhD. Get some pratical degree like a MBA and learn porter's five forces and/or Discount Cash Flow. The former will get you a 140K teaching job these days, the later will get you a 250K starting salary at a PE shop.

[greycellz]

Erin,
Thanks for starting this thread. I benefitted a lot from this forum during my GMAT preparations.
I cannot believe its already been 5 months since I joined Univ of Chicago GSB for a concentration in Finance & Entrepreneurship. It is a great place for learning and for fun. Right now though is the most nerve-wracking period of summer internship interviewing. Overall, I'm glad I made the decision to join an MBA program and wish the class of 2009 aspirants the very best of luck in their applications.
Folks, feel free to email me at grey_cellz AT yahoo.com and I'll try my best to answer any questions about applications in general and applying to Chicago GSB in particular.

Cheers,
Grey

[shoaibakram]

Originally Posted by GMATbong

I am fortunate or rather unfortunate to experience two very extreme grad school programs (both master degrees). The MBA program is one of the best experience and it has totally transformed myself into a green mean machine - into a typical MBA grad school from any of the top 10 schools. (OK, which is why I want the international development program since most ppl are mean machines ready to kill)

The other program or the MPAID program is one of the toughest master degree out there. The program is known in World Bank as a condense econ PhD without the thesis. And the first year sucks big time, I struggle like many first year econ PhD student holding MWG and not knowing 20% of the material. This is in contrast with the MBA program where I can understand 100% of the material. Yea.... I feel for you for all those PhD econ students.

So what's the verdict? If I know what I am getting into, a MBA will be just fine. Why struggle so much math on Hamiltonian, phase diagram and for what? If you are not going to teach with a PhD. Get some pratical degree like a MBA and learn porter's five forces and/or Discount Cash Flow. The former will get you a 140K teaching job these days, the later will get you a 250K starting salary at a PE shop.

r the above figures a mere approximation or much closer to real ! 250K starting is humoungous ! Computer engg. grad merely manage 100k after a masters, even from a top-10 school !

[nevena]

Originally Posted by asquare

Well, I can get things started with this question.

I'm a second year at the University of Michigan. The econ PhD program here has exceeded my expectations; I'm very happy to be here!

That said, the first year was rough. The classes were harder than any coursework I'd had before. Some of the teaching wasn't very good. And most of all, graduate economics (especially the first year core classes) is nothing like the undergraduate classes that I loved and made me decide to get a PhD.

However, I knew these would be issues coming in. I expected them. I'd talked to graduate students, sat in on some courses before I started the PhD, looked through the textbooks and borrowed notes from older students -- basically done everything I could so that I'd have realistic expectations about the PhD program. So while the first year was hard, it wasn't a surprise. That helped a lot.

Second year is tons better. All of that theory I struggled to understand last year is paying off this year. It's great to read journal articles and really understand all the details and the math, to see what assumptions the author made and what would change if they weren't true, and to know that this understanding is the hard-won reward to working my *** off last year.

Also, I really enjoy my field classes and my forays into research. I have a much better sense of what the next several years will be like. I feel prepared for them. I'm developing good relationships with faculty.

I'm still working my *** off, of course. And there are times when it's overwhelming or frustrating or even boring. But in the end, I really like being here. University of Michigan is a really supportive, exciting place to be an econ PhD student. I respect my classmates and professors and they respect me. I'm being challenged and given great opportunities at the same time. It's really worked out well. Really doing the research ahead of time to know what to expect, making sure that I had the best preparation possible, and keeping my overall goals in perspective once I got here have helped me make the best of an already good situation.

hey there.I applied for the UM Master in Econ program.do you have any experience with people who are in it?are they satisfied>I still don't have an answer whether I am admitted, but still I would love to know more about it.Thanks and good luck!
P.S.I applied in UM-Ann Arbor.

[asquare]

nevena, I don't have any interactions with the MAE students. The masters and PhD programs are completely separate. The masters students have their own core classes. They are typically NOT allowed to enroll in the PhD sequences (there are a couple of exceptions, but micro and macro are NOT on the list of exceptions). Other than that, I'm sorry to say I do not know very much about the program at all. Good luck, though.

[GMATbong]

Originally Posted by shoaibakram

r the above figures a mere approximation or much closer to real ! 250K starting is humoungous ! Computer engg. grad merely manage 100k after a masters, even from a top-10 school !

Yes. the 250K is the average PE salary this year(including signon bonuses etc...). Salary goes up to 300K-400K+ the second year. If you work there long enough (say 7 years+) and gets carry interest, your take home earning in your trust fund will be around 1M a year to north of 10-20M

And sure enough, Comp. Eng only gets 100K. Why do you think ppl go to HF and PE shops?? HF and PE cross roads these days at the top end for doing deals and there is a convergence for both HF and PE managers earnings.

Top 50 HF managers earns an average of 300M a year. Top PE managers earns less but should be in the ballpark of 50-100M a year (i.e. Blackstone, Calyle,KKR etc..).

Try topmoneyjobs.com and see how much ppl get paid in asia. US is higher for most posts there.