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Thread: Renege PhD offers and re-apply in this December?

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    Renege PhD offers and re-apply in this December?

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    Admitted to a top 20-30 finance phd program but feel underplaced. Now I am coauthoring a paper with a senior professor and considering turning down my accepted offer and re-applying this December. I know it's not right but I think I should do what is good for me in the long run.

    I haven't talked with my referees so I am not sure whether they are willing to write a letter for me if I renege my offer. If you were me, what would you do? Any suggestions and thoughts will be appreciated.

    BTW I hope to enter top 15 program. Has anybody turned down their accepted offer and re-applied? Need your advice.
    Last edited by chadhunter; 04-24-2018 at 11:21 AM.

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    Re: Renege PhD offers and re-apply in this December?

    This is a really bad idea. You got into a top 20-30 program, and there is no guarantee that you will place any higher next cycle even with a publication on your record. Finance admissions are highly random for anyone, especially at top 15 programs even for someone with a "perfect" profile. Most finance PhD's only matriculate 2-4 students a year (perhaps 5-8 for a few schools at the top) and there are numerous factors that get taken into account. And as far as long term, the difference in placements for the top students at top 30 programs are not significantly different from the middle of the pack at top 15's (though not top 5's).

    Also, the world of academic finance is relatively small, especially at the top and turning down an accepted offer at this point in April looks really bad unless it is because you got a late acceptance off waitlist for a significantly higher ranked program and the program you accepted the offer at gives their OK.

    Additionally, you don't mention what journal this co-authored paper is in. Unless it is in a high ranked journal, it will not help you get into a top 15. If anything a publication in a middle tier journal might hurt your prospects at top 15 programs.

    If you had only gotten into a top 75 program and your advisors thought that you really could get into a top 15 next cycle there might be some room to discuss your situation for the long term benefit of your career, but not when you got into a top 30.

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    Re: Renege PhD offers and re-apply in this December?

    Quote Originally Posted by zshfryoh1 View Post
    This is a really bad idea. You got into a top 20-30 program, and there is no guarantee that you will place any higher next cycle even with a publication on your record. Finance admissions are highly random for anyone, especially at top 15 programs even for someone with a "perfect" profile. Most finance PhD's only matriculate 2-4 students a year (perhaps 5-8 for a few schools at the top) and there are numerous factors that get taken into account. And as far as long term, the difference in placements for the top students at top 30 programs are not significantly different from the middle of the pack at top 15's (though not top 5's).

    Also, the world of academic finance is relatively small, especially at the top and turning down an accepted offer at this point in April looks really bad unless it is because you got a late acceptance off waitlist for a significantly higher ranked program and the program you accepted the offer at gives their OK.

    Additionally, you don't mention what journal this co-authored paper is in. Unless it is in a high ranked journal, it will not help you get into a top 15. If anything a publication in a middle tier journal might hurt your prospects at top 15 programs.

    If you had only gotten into a top 75 program and your advisors thought that you really could get into a top 15 next cycle there might be some room to discuss your situation for the long term benefit of your career, but not when you got into a top 30.

    Thank you zshfryoh1. Actually I already have one working paper with a senior finance professor who has published over 20 papers at top 3 finance journals. The other senior professor I am now working with also has around 10 top 3 publications. So the probability that my current two projects will hit the top journals are quite high. I also recently have an opportunity to do a top RA-ship for a well-known professor.

    Sorry that I can't give more details, otherwise it will reveal myself. In short, I just feel bad that these opportunities hadn't come earlier before my application. And I agree that reneging my offer will burn certain bridges but I really hope I could have done better. So I am asking for advice on the trade-offs. I just want to hear different perspectives to make informed decision.

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    Re: Renege PhD offers and re-apply in this December?

    ^ nailed it. Top 30 won't hold you back.

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    Re: Renege PhD offers and re-apply in this December?

    Quote Originally Posted by YaSvoboden View Post
    ^ nailed it. Top 30 won't hold you back.
    Thanks YaSvoboden. Do you mean you made it? If so, do you mind sharing (or PM me) how the department that gave you offer and your referees reacted to your decision? That would help me a lot. Thank!

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    Re: Renege PhD offers and re-apply in this December?

    Quote Originally Posted by zshfryoh1 View Post
    This is a really bad idea. You got into a top 20-30 program, and there is no guarantee that you will place any higher next cycle even with a publication on your record. Finance admissions are highly random for anyone, especially at top 15 programs even for someone with a "perfect" profile. Most finance PhD's only matriculate 2-4 students a year (perhaps 5-8 for a few schools at the top) and there are numerous factors that get taken into account. And as far as long term, the difference in placements for the top students at top 30 programs are not significantly different from the middle of the pack at top 15's (though not top 5's).

    Also, the world of academic finance is relatively small, especially at the top and turning down an accepted offer at this point in April looks really bad unless it is because you got a late acceptance off waitlist for a significantly higher ranked program and the program you accepted the offer at gives their OK.

    Additionally, you don't mention what journal this co-authored paper is in. Unless it is in a high ranked journal, it will not help you get into a top 15. If anything a publication in a middle tier journal might hurt your prospects at top 15 programs.

    If you had only gotten into a top 75 program and your advisors thought that you really could get into a top 15 next cycle there might be some room to discuss your situation for the long term benefit of your career, but not when you got into a top 30.

    Thanks zshfryoh1. I have replied you but somehow it's not shown probably because my reply is under review for being too long. Being short, I already have one working paper with a prof with over 20 top 3 publications in finance and the current coathor has nearly 10 top 3 publications. So I think I will have a better chance at the top departments

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    Re: Renege PhD offers and re-apply in this December?

    Academia is a lot smaller than you think. If you are in a top 30 program and have a solid publication record you will place well. If you are in a top 15 program, have a solid publication record and a reputation as a jerk -> probably won't place as well

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    Re: Renege PhD offers and re-apply in this December?

    Quote Originally Posted by StrategicMGMT View Post
    Academia is a lot smaller than you think. If you are in a top 30 program and have a solid publication record you will place well. If you are in a top 15 program, have a solid publication record and a reputation as a jerk -> probably won't place as well
    Thanks StrategicMGMT. I agree that reneging offers will burn certain bridges and probably cause reputational damage. But will professors forget after 5 or 6 years? They are busy people and do not have time to keep a blacklist of whom to hate.

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    Re: Renege PhD offers and re-apply in this December?

    I had written a long reply, but doing what you are suggesting seems so bad to me in so many ways that it felt like a waste of time. You asked "If you were me", but I believe I would never even think about doing such a thing as the one you are considering.

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    Re: Renege PhD offers and re-apply in this December?

    Quote Originally Posted by BrazilianPhD View Post
    I had written a long reply, but doing what you are suggesting seems so bad to me in so many ways that it felt like a waste of time. You asked "If you were me", but I believe I would never even think about doing such a thing as the one you are considering.
    Thank you. But why do you think it's bad in so many ways and a waste of time? I just feel depressed that my current opportunities hadn't come earlier before my application and want to give another try.

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