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luke77 · 06-04-2008, 07:00 AM

Hi guys,

I've posted a few questions regarding PhD programs but I'm still in the process of learning about how things work, and I'm a bit confused about the best way to proceed.

Some brief background: I'm 1 year out of undergrad, where I graduated with a strong academic record, Phi Beta Kappa, honors program, etc. from UNC - Chapel Hill. I'm currently working in investment banking in NYC. The pay is great but I've always wanted a career in academic research and I'm very interested in finance. My problem is that I've only taken math through calculus 2 because my degree is in biology, so if I applied right now to PhD programs this would probably hurt me alot (according to what I've read on here). I think that if I did have a stronger math background I would be a strong applicant for top-25 programs once I refine my research interests and am able to write a good statement of purpose.

It seems to me that the best way to sstrengthen my profile is probably a Master's program in Finance or Math. I don't really want to go through a Master's program prior to the PhD but like I said, I doubt I can get admitted without more math. My question is regarding funding. I really, really, don't want to go into debt to pay for a master's program. I've looked at some previous threads and several program websites but it's unclear to me whether master's candidates are funded at most schools. I know that in the sciences master's degree students are not normally funded but it seems that some finance students are. Can someone clarify, or suggest programs to look into that do fund their students?

If master's students are NOT funded, I think I have a couple of other options. First, I could apply to a master's program at a lower-ranked school where they would give me a scholarship (hopefully), and if I got one I could attend without incurring too much debt, mostly living expenses. Alternatively, I could just keep working and take night or online math courses to try to bolster my application.

Can anyone offer advice or suggestions, or alternatives that I may have overlooked?

Thanks so much,
Luke

desimba · 06-04-2008, 02:40 PM

In your case, it seems that you may be able to get by without a master's as long as you take some of the courses at a local college.

I would also suggest that you speak with some faculty members either at your undergrad institution or at local area colleges (NY is blessed with so many including some of the best such as Columbia & NYU) and solicit their advice.

Finally you may decide to apply in 2009 to some places and depending on the outcome of that, decide whether you should go for an additional masters' or not. The last one is a costly strategy (in terms of time) but often the only way to find out if you can stand or not is by actually trying to do so.

luke77 · 06-06-2008, 07:02 AM

Thanks, this sounds like sensible advice. I went ahead and contacted a few professors in master's programs that I'm interested in - I wouldn't mind doing a masters if it is funded, and I've found several that are funded with assistantships, but so far the professors I've heard back from have all agreed that they do want applicants who have taken more math than I have, at least to be strong in the running for funding. One professor recommended taking Calculus 3, linear algebra, and real analysis, then applying.

So as a follow up question, any opinions on online/distance education courses, from the perspective of admissions committees? IOW could I get away with doing my math courses from an online program, or is this looked down upon? My current work schedule prevents me from being able to take classes in person, even night classes - I work very long hours. I'd probably have to quit my job to do these courses if online learning is not acceptable. Any opinions?

Thanks again,
Luke

Prawler · 06-06-2008, 11:25 AM

I don't advise you to attend online/distance education courses. On campus courses are much more respected by the departments.

Teazer · 06-07-2008, 07:05 PM

Quote:

Originally Posted by Prawler

I don't advise you to attend online/distance education courses. On campus courses are much more respected by the departments.

I'd agree with that. As unfair as it is, online courses tend to be looked down on by academics. However, if they're from a reputable university near where you live, the fact that they are online might not show up on the transcript. Mine didn't! I'm not sure you'll find much online stuff for advanced calculus/analysis though!

calchas · 06-09-2008, 05:02 PM

Since you are in New York, if you are a US citizen, NYU-Stern offers a free Pre-PHD preparation for those without the required math and econ background. They also give you a stipend. You do have to apply as if you are applying to a doctoral programs.

Note that their pre-doctoral program does not mean you get admitted to their PhD program. It just gets you math preparation and strong LORs ..

PhD

luke77 · 06-10-2008, 12:53 AM

Wow, that sounds like a great program, thanks! It's exactly what I'm looking for - does anyone know of any similar programs or have more info about the NYU program? I've looked around on a few websites and Harvard hires "Research Associates" that are more like a full-time job - I was thinking about trying for one of those and then taking night classes, but that's probably not an ideal situation...

desimba · 06-10-2008, 02:53 AM

NYU Stern is the only one that comes to mind having a program on the lines of what has been mentioned here. A far-fetched possibility might be to attend the math camps that are held in the summer by some econ programs. It will give you a flavor of what's expected and probably would also leave you more motivated to study the topics touched on during the camp.

rsb306 · 07-02-2008, 12:38 AM

If you would consider moving out of NYC, I just finished an MBA at Lehigh. They also have an MS in Analytical Finance and MS in Economics. They tend to give a lot of assistantships to Masters level students especially in Business (as opposed to Econ) because they need the help and have no PhD program. Full tuition and stipend.

06-04-2008, 07:00 AM	#1 (permalink)
luke77 Trying to make mom and pop proud Join Date: May 2008 Posts: 13	Master's degree as prep for Phd Hi guys, I've posted a few questions regarding PhD programs but I'm still in the process of learning about how things work, and I'm a bit confused about the best way to proceed. Some brief background: I'm 1 year out of undergrad, where I graduated with a strong academic record, Phi Beta Kappa, honors program, etc. from UNC - Chapel Hill. I'm currently working in investment banking in NYC. The pay is great but I've always wanted a career in academic research and I'm very interested in finance. My problem is that I've only taken math through calculus 2 because my degree is in biology, so if I applied right now to PhD programs this would probably hurt me alot (according to what I've read on here). I think that if I did have a stronger math background I would be a strong applicant for top-25 programs once I refine my research interests and am able to write a good statement of purpose. It seems to me that the best way to sstrengthen my profile is probably a Master's program in Finance or Math. I don't really want to go through a Master's program prior to the PhD but like I said, I doubt I can get admitted without more math. My question is regarding funding. I really, really, don't want to go into debt to pay for a master's program. I've looked at some previous threads and several program websites but it's unclear to me whether master's candidates are funded at most schools. I know that in the sciences master's degree students are not normally funded but it seems that some finance students are. Can someone clarify, or suggest programs to look into that do fund their students? If master's students are NOT funded, I think I have a couple of other options. First, I could apply to a master's program at a lower-ranked school where they would give me a scholarship (hopefully), and if I got one I could attend without incurring too much debt, mostly living expenses. Alternatively, I could just keep working and take night or online math courses to try to bolster my application. Can anyone offer advice or suggestions, or alternatives that I may have overlooked? Thanks so much, Luke

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06-04-2008, 02:40 PM	#2 (permalink)
desimba Within my grasp! Join Date: Aug 2007 Posts: 248	In your case, it seems that you may be able to get by without a master's as long as you take some of the courses at a local college. I would also suggest that you speak with some faculty members either at your undergrad institution or at local area colleges (NY is blessed with so many including some of the best such as Columbia & NYU) and solicit their advice. Finally you may decide to apply in 2009 to some places and depending on the outcome of that, decide whether you should go for an additional masters' or not. The last one is a costly strategy (in terms of time) but often the only way to find out if you can stand or not is by actually trying to do so.

06-06-2008, 07:02 AM	#3 (permalink)
luke77 Trying to make mom and pop proud Join Date: May 2008 Posts: 13	Thanks, this sounds like sensible advice. I went ahead and contacted a few professors in master's programs that I'm interested in - I wouldn't mind doing a masters if it is funded, and I've found several that are funded with assistantships, but so far the professors I've heard back from have all agreed that they do want applicants who have taken more math than I have, at least to be strong in the running for funding. One professor recommended taking Calculus 3, linear algebra, and real analysis, then applying. So as a follow up question, any opinions on online/distance education courses, from the perspective of admissions committees? IOW could I get away with doing my math courses from an online program, or is this looked down upon? My current work schedule prevents me from being able to take classes in person, even night classes - I work very long hours. I'd probably have to quit my job to do these courses if online learning is not acceptable. Any opinions? Thanks again, Luke

06-06-2008, 11:25 AM	#4 (permalink)
Prawler Within my grasp! Join Date: Jul 2007 Posts: 328	I don't advise you to attend online/distance education courses. On campus courses are much more respected by the departments.

06-09-2008, 05:02 PM	#6 (permalink)
calchas Eager! Join Date: Apr 2008 Posts: 68	Since you are in New York, if you are a US citizen, NYU-Stern offers a free Pre-PHD preparation for those without the required math and econ background. They also give you a stipend. You do have to apply as if you are applying to a doctoral programs. Note that their pre-doctoral program does not mean you get admitted to their PhD program. It just gets you math preparation and strong LORs .. PhD

06-10-2008, 12:53 AM	#7 (permalink)
luke77 Trying to make mom and pop proud Join Date: May 2008 Posts: 13	Wow, that sounds like a great program, thanks! It's exactly what I'm looking for - does anyone know of any similar programs or have more info about the NYU program? I've looked around on a few websites and Harvard hires "Research Associates" that are more like a full-time job - I was thinking about trying for one of those and then taking night classes, but that's probably not an ideal situation...

06-10-2008, 02:53 AM	#8 (permalink)
desimba Within my grasp! Join Date: Aug 2007 Posts: 248	NYU Stern is the only one that comes to mind having a program on the lines of what has been mentioned here. A far-fetched possibility might be to attend the math camps that are held in the summer by some econ programs. It will give you a flavor of what's expected and probably would also leave you more motivated to study the topics touched on during the camp.

07-02-2008, 12:38 AM	#9 (permalink)
rsb306 Trying to make mom and pop proud Join Date: Jul 2008 Posts: 3	If you would consider moving out of NYC, I just finished an MBA at Lehigh. They also have an MS in Analytical Finance and MS in Economics. They tend to give a lot of assistantships to Masters level students especially in Business (as opposed to Econ) because they need the help and have no PhD program. Full tuition and stipend.

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