Profile Evaluation: Should I even bother applying right out of Undergrad? (Finance)

[eg37se]

I wanted to ask everyone’s advice on whether I should even bother applying to PHD programs (in Finance) right out of undergrad.

I’ve done well so far, but I have some concerns; mainly that my school probably isn’t that well known. It’s a liberal arts college and while the education I received was very good (and it’s AASCB accredited,) it’s not well known. (The only SUNY program most people probably know is Binghamton, even though our admissions standards are higher.) The same would apply to my recommendations; we’re not a research institution, so my professors probably aren’t that well known either.

I am trying to decide whether to go get a masters, or apply to programs right away. Please let me know what you think. (What types of programs could I get into now, as opposed to getting my masters then applying- assuming I do well there too.)


PROFILE:
Type of Undergrad: SUNY Geneseo (Ithaca College 1st semester- 3.92)
Undergrad GPA: 3.86 (Economics and Math majors, Business Studies Minor)
Type of Grad: None
Grad GPA: None
GRE: Have not taken yet (will this coming October. Quant 780+, Verbal 600+)
Math Courses: Calculus I-III (A, A, B+: 2 year break in between Calc II and III killed me), Differential Equations (A), Econometrics (A), Intro to Mathematical Proofs (A-), Elementary Linear Algebra (A), Business Statistics (B: Sophomore year with mono did not do wonders for me)
Going to be taking this coming semester: Real Analysis I, Probability and Statistics I, and Linear Algebra or Numerical Analysis I. Then the following semester: Prob and Stat II, and Real Analysis II
Econ/Business Courses: Intro Micro/Macro (A, A-), Intermediate Micro/Macro (A, A), Public Finance (A), Environmental Econ (A), Industrial Organization (A), Money and Financial Intermediation (A), Intro Financial Accounting (A-), Intro Managerial Accounting (A), Managerial Finance (A), Security Valuation and Analysis (A-)
Letters of Recommendation: One from Dean of Business School (formerly my Finance Prof), one from Economics Professor (also my advisor), and one from a Math Professor.
Research Experience: Completing Honors Thesis this coming year.

Other notable things:
- NCAA Division III Lacrosse (Takes up a lot of my time, but I’ve done well here as well (notable awards from it) and we’ve been ranked top 10 nationally for awhile.)
- Decided to take a 5th year at the advice of my advisor (when I decided that I wanted to pursue my PHD he told me another major in Math would be best.) Will probably graduate with 150+ credits
- Male, Native English Speaker

[Hadiran]

What's your definition of good program?
I have to remind you that in finance the LORs dominates everything...

[longshot]

You'll get some admits inside the top 50 (if you break 700 on the GMAT). As long as you break 670 or so I think you can be assured a funded place in a top 75 program. Your preparation, grades, and LORs look to be great, so finish strong with the GMAT, send tons of applications, and wait to til spring.

[winston.l]

I think his "good program" means top 20.

[eg37se]

Haha, I guess I am not even really sure what I meant by "good program".

I think my question should have been, what type of program could I get into now, and what type of program could I get into after getting a MS in Finance or a MA in Economics at a good school (assuming I do well)?

[eg37se]

Any ideas/opinions/concerns?

[longshot]

I'm not sure I recommend the masters route in your case. You're getting dual undergrad degrees in math and econ, the optimal preparation in my opinion (coming from a management major, you made the right call), so it's not like you need to increase your familiarity with the coursework. The only thing a grad program would do is maybe set you up with some better LORs, and that's not a great reason to get a masters.

I'd apply right now. I got into Pitt straight out of undergrad, and my preparation wasn't nearly as thorough as yours.

If you need a fallback plan, I'd suggest the top Canadian MAs in econ (Queens, UBC, Toronto, McGill) as they fund students and are known for being more quantitative. If you want to stay in NY, Cornell has a MA in Applied Econ that you'd get "resident" tuition for (it's in a contract college, still $21k though).

[eg37se]

Hoping to get some more feedback as I draw closer to applying.

[phdhope]

Interesting application. On the plus side, you are going to have lots of good course work. 150 credits is practically like taking a masters program.The fact that your school or letters of rec are not prestigious probably won't be too terrible. Be sure to do well on the GRE. Go for it!

[zshfryoh1]

You should be good right now for top 50's and even top 30's, but top 20's will be hard to crack coming from a less well known non PhD granting undergrad with only a moderate amount of advanced math. If you want to crack top 20's you will need to either do a finance/econ masters program that prepares for a PhD or do a math or stats masters degree.

Duke's econ masters programs has both a econ PhD prep track and a financial econ track and both place well in PhD programs in finance and econ. However, they don't fund and it is expensive.

Don't bother with the Cornell masters program. It is not intended as prep for PhD students and will not help you much if at all.

UBC and U Toronto in Canada both have good PhD track finance masters programs that supposedly place well in PhD programs. UBC, Toronto, Queens U, UWO all also have econ masters programs that place well in econ PhD programs, though I don't know how they place in finance PhD programs.

Most masters in financial engineering and math finance programs are very industry oriented, but a few have a reputation for placing students in good PhD programs. The ones that come to mind are Baruch, Chicago, Florida State.