more doubts than ever... help me if u can

[doubtful]

Hi Guys,

I really need an advice from you.


I am almost 29 european, actually graduate student in a statistics program in the Us. (young department so it is not in the rankings even if the faculty is well recognized). I am in my second year and I have fullfilled all the requirements to achieve in a short time a master degree. the GGPA is around 3.8 (all As apart from 1 B). When I was admitted here I presented a GRE of Q:780 V:500 AW:4,5

Before arriving in the US I earned a Bachelor in Industrial Enginering (best school in my Country which is in Europe, the traslated UGPA is something like 3.50). Then I earned a Master in Economics and Finance with distinction (master GPA 3.8) from
an international University based in Europe.


My doubts come from the fact that I don't see myself developing a theoretical thesis in statistics, I'd rather prefer to develop applications with a solid theoretical background in economics and finance. I have been spending all the summer trying to understand if it would be convenient to try to move to a phd program in Businees/Finance. I talked to my advisors here, and they told me that they cannot help me with the development of such a thesis (since econometrics and finance is not their area at all) but they could eventually write me good/excellent letters of reccomandations if I wanted to try to apply to another program.

As concerns research, due to my age, I guess I have good experience, with papers, conference presentations, posters, grants, visiting department and reasearch centers, mainly dealing with Statistics application in medicine and climate change but not economic application.

My idea is to get the Master in Statistics here, in the meantime apply for a Phd in Finance in some business school (I don't care too much about the rankings, a top 50 it's surely ok). I think I should consider to retake the GRE...it is 2 years old, I can't do worse in the Q but presumedly better in AW and V.


What can u say about my situation? shall I try to move to another program? In any case I have decided not to finish the Phd in Statistics since I find somehow frustrating that kind of research. If switching is not gonna be possible I guess I can always get a good job and in case look for an MBA-finance later, but the fact is that I like economics and finance, I like teaching, I have been spending now almost 10 years in universities between Europe and US.. so staying in the academia in some business school is my goal.
I have some contacts, professors in business schools, I could try to meet and ask for further advices but before doing that I'd like to understand if my goal (enter in a Finance Phd held at a top50 business school) is plausible or not.


I look forward to hear from you, thanks, D.

[bauble]

I'm not sure I get what your source of doubts are. You're in a quantitative field that is highly relevant to econ/finance, and you're credentials are decent. I know finance is competitive, but I like your chances.

[doubtful]

yeah you got one point. What I am doing with "climate models" for example I think could be very interesting to convert to some financial applications.. and I really prefer to work with people in the business sector and teaching at that level rather than interacting with bad-mathematicians (because in fact the theoretical statisticians are something like that). Here in the Us I took a bunch of classes in statistics, probability, real analysis and topology but I have not learned a job that could be either the professor one or the research-business one. I am going to be 29 soon, If I want to change I need to do it now.

[Teazer]

Just finish up your MS stats & apply to a business school. You've got time - many older than you have done the same. You might want to start getting practice with financial models so you can relate what you know to the department you're applying to.

[doubtful]

thank you Teazer,
I was in fact considering to try to secure an internship in a financial institution for the next spring-summer. I could reasonably finish my master by the end of March.

The fact is not to understand whether I should try to apply now for fall 2008 or next year for fall 2009.

Any guess?

[Teazer]

I would apply for '08 for a select bunch of schools that you prefer. Given it's Finance there's no guarantee you'll get in, and the practice in writing applications will be helpful for the following year if need be.
If a school accepts, great. You might even be able to defer starting till the next year if you have a particularly useful internship or job lined up.

[doubtful]

thank you again. I guess I need to decide in the next weeks. I can postpone the GRE as most as I can having already an old score but I guess it's time to talk to some business school professors.

thanks

D.

[doubtful]

short update: I have been chatting with professors from Business Schools.. not random people but people I am familiar with their work at least in term of methodology.

All of them encourages me to apply... but there is huge difference by the tone of their reply depending on the ranking and reputation of their university.

Let's say, a Prof. from a top 50 seemed enthusiastic (he even invited me to visit the place before applying) , another from a top30 told me there are good probabilities and so on... a guy from a top5 said to choose an area that seems functional to my background and hope.

[doubtful]

Another professor invited me to visit the place and have a formal interview before the application. It seems like he likes my profile... this is top30 young Business School.

any idea about how these interviews work?

I am even trying to schedule the other university in the same week (which is a top50).

[desimba]

Usually it is a day when you get to meet lots of people-both faculty and current students in the PhD program. There is a sponsor who structures the day for you and then s/he takes you around during that day from one room to another where you meet all these different people. Essentially everybody that you meet is trying to make a decision on two things- a) is this guy smart enough to survive in the program & b) would I like having him as a colleague during the next few years? These don't feel like interviews because they are not but clearly there is an evaluative component to it. This was my experience when I was in a similar situation a while back. And it is also similar to the experiences of one of my friends who was applying for a post-doc at a research lab.
SB