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jiayezi
11-17-2010, 12:52 AM
Hi All, I'm going to apply PhD in Finance and PhD in Econ for 2011 fall. Thanks for looking this over!

I want to apply Econ PhD programs as well since I don't think that I have a good chance at Finance PhD ones.

PROFILE
Type of Undergrad: international top 5 and top 10 in my country, BA in Finance and BA in English
Undergrad GPA: 3.2 and 3.4
Type of Grad:US top 50 and top 30, MS in Economics and MS in Statistics
Grad GPA: 3.65 and 3.4
GRE: V 610+Q 800 + AW 4.5, GMAT: 710(49+37)+4.5
Math Courses: Analysis I(B), calculus I&II(A), linear algebra(A), Stochastic processes I&II(B), Math Stat I&II(A), Prob&Stat I&II(A)
Econ Courses: intermediate Micro an Macro, Econometrics, game theory, international econ, and etc.
Relevant Finance Courses:Theory of Finance(seminar), Advanced Finance(seminar), investments, corporate finance, financial engineering, and etc.
Other Courses: Regression analysis, Nonparametric Analysis, manufacturing design, advanced statistical modeling
Letters of Recommendation: GRA econ prof(strong), math prof(strong), finance seminar prof(good),(three full professors)
Research Experience: one working paper(submitted to economics policy related journal), two major projects, many other grad course projects
Teaching Experience: GTA for one semester
Research Interests: Empirical asset pricing, Behavioral finance, Econometrics
SOP: mostly about research projects
other: RA for a year

school list:
Econ: BU, U Penn, BC, Maryland,Rochester,UNC Chapel Hill,Vanderbilt
Finance: Cornell, Columbia,UGA, Emory, UFL, MSU, ASU, Penn State

Please help me decide schools, I appreciated it! Should I use GRE or GMAT for Finance PhD program?

If I state my research interest is Financial Economics in my SoP to PhD Econ program, will that hurt(they might think I apply to Finance at the same time...)? Any suggestion about schools that are good at Financial Economics will be appreciated.

Thanks again!

taurenchieftain
11-17-2010, 02:54 AM
I am also applying to finance and econ programs. I think for finance, you should use GRE for the top 20 programs, and GMAT for those below (some of them dont accept GRE once you go down the list).

My impression from my advisors and looking at past profile & results on this forum is that finance is somewhat easier to get into at the very top than econ programs, but unlike econ programs difficulty does not go down much with ranking. I have seen several gets accepted to one of Booth, Sloan, Stanford finance but get rejected by MIT, princeton, harvard econ. But Boston college finance, cornell finance is harder to get into than say brown, cornell economics.

The most important part of your app will be the rec. My impression is that econ and finance do not communicate that much. A well known professor in econ is not necessarily well known in finance, and vise versa. So if your finance professor is well known, you should apply to more finance programs, and vise versa.

jiayezi
11-17-2010, 03:13 AM
I am also applying to finance and econ programs. I think for finance, you should use GRE for the top 20 programs, and GMAT for those below (some of them dont accept GRE once you go down the list).

My impression from my advisors and looking at past profile & results on this forum is that finance is somewhat easier to get into at the very top than econ programs, but unlike econ programs difficulty does not go down much with ranking. I have seen several gets accepted to one of Booth, Sloan, Stanford finance but get rejected by MIT, princeton, harvard econ. But Boston college finance, cornell finance is harder to get into than say brown, cornell economics.

The most important part of your app will be the rec. My impression is that econ and finance do not communicate that much. A well known professor in econ is not necessarily well known in finance, and vise versa. So if your finance professor is well known, you should apply to more finance programs, and vise versa.

Thanks, taurenchieftain.

My advisor suggested me not to apply Econ and Finance in the same school. And they do communicate in a more casual way. You are right, Finance admission rate is lower than 2%-5%, top Econ has similar rate, but it decreases when you apply lower ranked ones.

My Finance professor is indeed well known, but I'm only sure what he write is just good: the fact that I can do average in the seminar of all PhDs.

Good luck with your application and hope to hear goods news from you next year!

taurenchieftain
11-17-2010, 05:06 AM
many people do apply to both finance and economics programs of the same school and get accepted, and many people do reapply and get accepted. I doubt these things are important. John Campbell, who is probably THE guy in finance, is at harvard economics department, not harvard bus school. I personally dont think it matters to apply to two programs of the same school as long as they let you do it

If your recommender is famous in finance, and you think that rec will push you to a significant extent, you should apply to finance programs more. Most economists are unaware of the famous faculties in finance, especially if the finance faculty are in the fields that are the most distant from economics.

PS: I always wondered but never figured out why. If you read the admission statistics of Haas, their admitted students average undergrad GPA is 3.6X. This is pretty much lower than all top 20 econ schools I imagine, but their finance program is hell competitive. I would really appreciate if someone can help me explain this puzzle.

jiayezi
11-23-2010, 11:45 PM
GPA is just one factor, and courses matter, too. I've no idea either, maybe the admitted just happen to be a good fit.

My understanding is that professors want to see that you are to some extend sure about what you are going to do, since switching between programs or schools involve cost.

Thanks though, good luck with your application.

Popolo2
11-23-2010, 11:52 PM
Jiayezi (add coconuts),

Have you thought about doing a PhD in financial economics? I believe Chicago offers one. I'm sure others exist as well.

Also, since we're on the topic, do you know how relevant Partial Differential Equations are to the study of finance? As in, is it a required course?

jiayezi
11-24-2010, 12:25 AM
Hi Popolo...

Just my two cents here, I think financial econ put more emphasis on modeling compared to general finance. I might be wrong, but PDE is covered in calII-calIII, right? As of how relevant it is, I think you can survive the finance seminars without it. It is required for some Finance PhD program.

jiayezi
11-26-2010, 05:45 AM
up up up

taurenchieftain
11-26-2010, 10:39 AM
There is a difference between financial econ programs. Programs like Columbia's give you a degree in economics and finance, but its just one degree, and that degree is taken as a finance degree. Program like Chicago (I dont know others) let you do a double degree, and that is basically two degrees if I am right.

I personally don't see the benefit of an extra econ degree if you want to do finance, unless maybe if you want to get a job in a econ department. But if your research interest is in finance, again I dont see why someone would want work in econ department.