Non-econ background applying for PhD Economics

[imns70]

Hi

I am a graduate in Master in Financial Mathematics from UChicago and I intend to apply for PhD Economics this fall. I have not done much of economics till now. My background is mostly in mathematics[engineering types] and programming. Prior to UChicago I graduated from IIT [Indian Institutes of Techonology, India] in Civil Engineering. I have around 4.5 years of work experience as programmer where in addition to couple of small firms I worked with Goldman Sachs for around 3.5 years. In gist my academic background is :-

GRE - 800Q+660V
GRE Subject Math - 73 percentile
GPA at UChicago - 3.8/4.0
GPA at IIT Kanpur - 6.8/10 [it is low!]

At UChicago I did a advanced level economics course 'Topics in Asset Pricing', which is my only economics course. I happened to discuss about my intention to apply for PhD Economics with Professors at UChicago and they kind of hinted that if I take some grad level econ courses here it might help my application.

I have studied more advanced mathematics topics while writing for GRE Subject Math but as such I don't have courses in Real Analysis on my transcript. Coursework at UChicago included Stochastic Calculus, Regression Analysis, Statistics and Probability Theory, Linear Algebra, Mathematical Option Pricing etc.

I am trying to get some research opportunities here but till now I did not get lucky.

I would like to have suggestions from people that what can I do in this time to have positive push to my application and a very reasonable estimate of my chances at top-15 univs.

Thanks

[genericname]

I think a big question that you will have to answer is why an econ phd, but if you have your professors at UChicago in your corner, it might not be as big of a deal.

[imns70]

I think what you are inkling is why academics after jobs. Honestly, I am interested in Financial Economics and want to do research in that area. I see Phd economics as a way to do that.

[Elliephant]

I happened to discuss about my intention to apply for PhD Economics with Professors at UChicago and they kind of hinted that if I take some grad level econ courses here it might help my application.

Definitely sounds reasonable, especially if your profs said so. It will also help to legitimise your claim that you enjoy economics, because as it stands now adcoms may find themselves asking, "How does this guy know he wants to commit to five years of gruelling training if he's never even had exposure to the basics of economics?" Depending on what you had to study for the GRE math subject test (i.e. do you know real analysis and math stats), you look pretty well prepared for a grad-level theory sequence.

Like genericname said, if you have U-Chicago profs supporting your application, you're in as good hands as any.

[_nanashi]

I think the others are right that your big issue is basically commitment to economics. There are two big things that I see that seperate you from top 10 students.

1. Most students going to top 10 schools have done something that resembles original research. Either by writing a thesis, through research assistant positions,
2. Lack of economics courses.


I think in your case going to the nearest respectable school (respectable can be just a large public research university), preferably one with a PhD program and taking a few econ courses. The things most admissions committees will want to see is Intermediate Microeconomics (undergrad), possibly Intermediate macroeconomics, and two or three other courses for breadth. If you go to a school with a PhD program, taking PhD microeconomics, and econometrics, plus one or two undergrad courses (again for breadth) alleviates the problem. You can take this in one semester while applying to schools.Basically take either 1 semseter (2 quarters) of upper level undergrad courses in economics, or a mix of undergrad courses with some grad level ones.



At the end of the day your LORs are what matters. I would make sure you can get some good letters from people at Chicago, preferably the letters that are most enthusiastic about you.

I am interested in Financial Economics and want to do research in that area. I see Phd economics as a way to do that.

I would expand your list of schools to include finance PhD programs, and a few PhD programs in economics who are strong in Financial Economics but may be outside the top 15. I also would consider a top 25 Finance PhD Admit superior to say a top 11-15 PhD econ admit. Your prospects in academia for moving up from top 25 finance PhD is much better than with any econ PhD.

Depending on what you had to study for the GRE math subject test (i.e. do you know real analysis and math stats), you look pretty well prepared for a grad-level theory sequence.

Based on his undergrad institution I think very few people are going to question his mathematics ability. That school is one of the most well known schools from Asia (epescially applied sciences and hard sciences). It only recently started an econ program, but any professor who was educated in south Asia will know the name.