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WeNYU
05-08-2008, 12:39 AM
Hi, all,

First I apologize if the post is not proper here.:whistle: But I really appreciate if you could give me any suggestions.

Which course do you recommend if I would like to enhance a little bit my background for Fin PhD application? The macroeconomics or a Finance seminar?
I have finished the PhD level microeconomics and an intermediate level of macroeconomics, and my interest is in Asset Pricing and Investment. Do you think a PhD level macro course matters a lot in Fin PhD application?
The finance seminar is tough, because it requires you to submit a final paper in investment, so I am still hesitated between these two.
Your suggestions are greatly appreciated!!

:)

macroeconomicus
05-08-2008, 03:56 AM
My understanding is that the theory of asset pricing is linked to macroeconomics (e.g. dynamic representative agent models with incomplete markets and their implications for asset markets) but I don't know how much the macroeconomics course that you take will actually emphasize the finance applications. I think the finance seminar is certainly better from application perspective. It will help you to figure out what issues you're interested in, pick the PhD programs to apply to, have something intelligent to say in the application essay, come up with a good paper to send with application, etc. But yes, it may be hard. In fact, it is expected at the top finance departments that you should know econometrics, time series, and the dynamic optimization methods used in macroeconomics before you take a PhD finance seminar. However, the lesser departments allow less prepared students to take such seminars. You should talk to the professors to see which course is more manageable for you at this point.

WeNYU
05-08-2008, 01:17 PM
Hi, macroeconomicus,

Thank you so much for your suggestion! You are obsolutely right. Both of these two courses are important. Our econ department is decent, though not top(about top 10-15), so the macroeconomics course do focus a lot on theoretical asset pricing and time series. The seminar is about investment, so it requires us to have background in stochastic calculus, econometrics etc which I already took. Yes, I will ask the finance faculties about it.

I appreciate your reply!!

WeNYU

Mr.Keen
05-08-2008, 04:36 PM
Take the macro course. Graduate seminars are usually aimed for people who have mastered core micro and macro (and metrics). I think it would be a much stronger signal, especially since you are interested in the macro aspects of finance and you say those are covered in the macro course.