How big is the age factor when applying for Ph D Finance?

[parajulibharat]

Hello TestMagicians,

I am wondering how big is the age factor when applying for Ph D Finance. Does it really matters that much whether you are 28 vs 38? Assuming same qualifications, does a older (let say 38) person has to give up some school rankings (5, 10, 20, or 50 less than younger counter part) to get into a Ph D Finance program? I heard somewhere that you can make up by taking more math classes or so. But, is that true?

You all's opinions will be very much appreciated?

[shootermcgavin7]

It matters to a very small degree.

It seems 24-30 is an optimal age for admissions. However, age is very, very, very, very far down the list. letter of reference, GRE, Grades, etc (not in that order, necessarily) are much more important than age.

In fact, deciding based on age is illegal. But it certainly is considered anyway.

[parajulibharat]

Thanks shootermcgavin7.

I heard that if you are older they think you have less productive research years. But, that should not be true.

[joetheplumber]

I would guess that taking a few classes before applying would be helpful. If it has been 5, 10 years or more since taking math and econ courses you probably have forgotten alot of stuff. It would also signal to the adcom that you are serious about grad school and understand what it will take to succeed. Good luck!

[young&ambitious]

After researching this topic, my experience is that for...

- Younger Applicants, the perception might be lack of maturity; solution is to show experience and seriousness towards a substantive academic career.
- Older Applicants, the perception might be that this is a "last resort" (especially in this economic climate); solution is to show an upward trend in one's career path in order to prove to adcoms that you WANT to do this, not just "FORCED" to do it.

That's just my two cents. Hope that helps.

[possible_phd]

I think the concern about older applicants isn't so much that it's an option of last resort; that would become pretty clear in the statement of purpose, because a successful statement of purpose is going to make it pretty clear that the applicant knows what academic research is all about and have a clear reason for pursuing it.

My feeling -- and this is just conjecture, let me be clear -- is that they're more concerned about whether or not an older applicant is able/willing to:

a) dig back up the old math knowledge; and
b) sacrifice the time and salary in order to finish (since older = more likely to have higher salaries and family obligations)

I would wager that the more opportunity cost and the more family obligations a student has, the less likely that student is to finish. How strong is that correlation? Probably not too strong, since attrition rates are very low and successful applicants know what they're getting themselves into, but I'm sure it happens. Maybe 2 years into it, the time commitment and lack of money becomes unbearable; or maybe a child or spouse has a medical issue that they can't afford; or maybe a million other things that come with being older and more settled.

Of course, like others have mentioned, there's also the notion that older applicants will be harder to place, since they'll be perceived by universities as having less time to be productive and also because they might have more restrictions on where they can move, given said family obligations. Younger folks have families, too, but they might not be as settled as older folks.

I'm just thinking out loud here, so take it for what it's worth. I'm a typical 27 year old matriculant with no wife or kids.

[parajulibharat]

Thanks guys.

[parajulibharat]

Other thoughts/experiences !

[martingala76]

I am in the same situation. I agree with joetheplumber that taking math class would be a good signal. I expect to apply this year and, to strength my application, I am taking courses on real analysis, linear algebra and probability. It is an amazing experience to take courses with young people and to prove that you can perform as well as them!!

Good luck with your application and believe in your chances!! Do not be dissapointed for "averages" admission statistics....