sirhawk

Hi guys, I'd like to apply for a Phd in Finance this year and I was wondering whether you could evaluate my profile. I would also consider applying to some Ms in Finance in the US if that were to improve my chances of being admitted into a top program the following year. Type of Undergrad: B.Sc. Finance from a top Spanish University. I also studied abroad in the US for a year. Undergrad GPA: 9.4/10, Ranked 1st. GPA from my year abroad: 4.0/4.0 Type of Grad: 2-years Ms. in Economics and Finance at a top European School. Grad GPA: 14.2/20, Magna Cum Laude. GMAT: Will take it in a couple months, I'm hoping to get around 700-750. TOEFL: Scored 107 a couple years ago, so it should be in that range. Letters of Recommendation: They are from three professors that know me really good and will speak great about me, but they aren't well known. The three of them are from my undergrad; two from my home university and one from the year I spent in the US. Research Experience: Not very common around here, so I would say I have none. I got an scholarship from the Ministry to do some research with my recommender though, which eventually turned out to be my senior thesis. Nothing impressive. Teaching Experience: Just graded some tests for a professor while in undergrad, so it does not really count. Work Experience: Two Interships: One month as a Fixed Income Fund Manager Assistant at a BB; eight months as an Intern in the Ministry of Economy (not very finance related though). I've been working full time for around 15 months in risk management and asset pricing for a small company (our clients range from small insurance companies to the largest banks). Interests: Mostly Corporate Finance, but I like to keep an open mind. SOP: I believe my story is kind of unique so it should be very strong. Others: I received several awards and scolarships: three years in a row one of the best students in the State; 10 best students in the University; an important 2-years fellowship similar to the Fulbright scolarship for my Master's degree. Concerns: Where do I start... No research experience, no letters from my graduate studies, relatively few formal math courses (although to be fair all the graduate classes that I took have a heavy math component) What schools do you think I should aim for? I would like to study in the US, but I'm open to staying in Europe as well. I really appreciate your help, you guys rock!

I kind of agree with yiisheng, I believe you don't have much of a chance for a Top 20. I think your math record (not only Real analysis) may not be high enough comparing to that from people you are competing with. Maybe a Master's (outstanding GPA) would make up for it. Just my 2 cents.

I just did my statement based on statistics in admissions, but of course it isn't flawless. For what I've seen, there are (+/-) the same number of applicants to Top Finance/Economics programs, where only 2-3 are admitted in the former while more than 15 in the latter. Letting aside the quality in the pool of applicants, Top finance programs seems more competitive to me. In my case, I'm leaning towards Finance against Economics, but I'm applying to Top Economics programs as well because I believe they are somewhat less competitive to get in. Though as you suggested, and I thank you for that information, it may be due to the fact that I do not have someone who get me into a top department, which I believe is the case for most applicants anyway.

Finance admissions are way more competitive than Economics. So if you are in a good stand for a top PhD in Finance, you surely are for Top Economics Programs. Plus, some PhD in Economics are jointly taught by B-Schools, and have a focus on Finance. Also, some of the best Finance guys are PhD in Economics, so I agree with the department chair: applying to some Top Economics programs would be a good strategy.

I agree. I would just add -even though it's pretty obvious- new LORs.

If I were you, I wouldn't go into a PhD until I'm completely sure that's what I want. Remember that it will take you at least 4-5 years of an extraordinary commitment. As you suggest, I would try a Master's first, you can clear up your mind in the meantime... Also, I'm not sure you could get into a T20, I believe UG ranking is somewhat important and you'd be competing against really competitive peers from your country. But that's just how I see it, don't take it too seriously.

Thanks for your answer! I agree that getting a letter from TSE would add so much value to the application, but deadlines are usually in December and I will have literally no time to convince them. Anyway, as you said, I'll do my best to impress some profs. In another regard, I've been doing some deeper research and I made up a more comprehensive list of schools I may be interested in. Here it is: Reach: Michigan Maryland Ohio State UNC at Chapel Hill UMinnesota UWisconsin Indiana Realistic Target UColorado U.Utah U. Syracuse U. Virginia U. Iowa Georgia Tech Others: Michigan State, NCState, UWSL, Vanderbilt, Notre Dame, Penn State... I will contact some of them to ask about Math requirements to get a better funded idea. So how do you guys see it? Am I out of target? Should I go any lower? Any input will do!

I appreciate your answer, chateauheart. I don't know how things are in UK, but the spanish system is not flexible at all: you can only take courses attached to your Degree. In degrees such as Finance, Economics, Statistics...all courses are mainly Fin/Econ/Stat, but not maths AT ALL. There's no way to take math courses other than doing a B. Math (even some engineering degrees have an important lack of math courses). In all econometrics or statistics courses you just have to know how things are done (I mean calculus and algebra), but we have no way to prove the adcoms our knowledge (maybe a LOR implying how things work here?)...And since I'm competing against students from all around the world (US included), I believe I'm at a huge disadvantage (plus I've seen all programs explicitly set math requirements...). Anyone else have any views? Am I shooting too high? Any recommendation or realistic target schools?

Hey guys!! I'm just getting started to prepare for this admissions round and it would be so awesome to know your views regarding my profile, my target schools...Here you go: Type of Undergrad: B.Sc. Finance and Accounting (kind of Finance major, Accounting minor). Top Spanish University in Econ. Spent a year abroad at University of Arkansas (I had the chance to go to UCalifornia or Boston College instead, but I couldn't make it due to money constraints...) Undergrad GPA: 9.3/10. Best student in class. Arkansas GPA: 4.0/4.0 Type of Grad: Starting this year the M1 Economics at Toulouse. GRE: Not taken yet, but I'm pretty sure I can score in the 165-170 range for the Quant. Don't know about V and AW though. TOEFL: 107 Math Courses: Math for Econ (10, Honors=A+?), Statistics I-II (10, Honors), Financial Math (10, Honors) Econ Courses: Principles of Economics (9), Microeconomics (9), Econometrics I-II (9, 10 Honors), Financial Econometrics (8.5), Finance Courses: Financial Management (9.5), Financial Economics (10, Honors), Fixed Income and Derivatives (9), Financial Derivatives (10 Honors), Financial Risk Management (10 Honors), Corporate Finance (MBA level, 10, best student in class), Asset Valuation and Selection (9). Also, I will take this year at TSE the following courses: Microeconomics, Macroeconomics, Econometrics, Probability Theory, Dynamic Optimization, Market Finance, Game Theory, Industrial Organization, Public Economics, Applied Econometrics, Advanced Calculus and Stochastic Processes. Letters of Recommendation: 1 from LSE Phd, Chair of the Statistics Department whom I worked with in my senior thesis; 1 unknown spanish Phd, she is the Associate Dean of the Degree Program, knows me really good; 1 from either a Pittsburgh Phd from the year I spent in USA or another unknown prof from my Univ. I can try to get one from Toulouse, but as the grades won't be ready by deadline, that would be pretty much impossible mission. Research Experience: Not very common in Spain. I got an scholarship from the Ministry to do some research with my recommender which yielded to my senior thesis. Worked in the estability of GARCH Models throughout the economic crisis. Not impressive. Got an 8/10. Teaching Experience: Not really, just graded tests for a professor in my sophomore year. Work Experience: 2 Interships. One month as a Fixed Income Fund Manager Assistant at DWS Investments (Deutsche Bank Group). Then 8 months as an Intern at the Studies and Quality Department in the Centre for Industrial Technological Development, from the Ministry of Economy and Competitiveness. Research interests: I know I have to clear up my mind first, but I don't have a defined interest in anything particular. I like pretty much everything...maybe Financial Economics or Econometrics? Dunno... Languages: Speak Spanish, English and French. Computer skills: E-views, Latex, Bloomberg, Matlab. SOP: I will spend a lot of time in this and I'll tailor it to each school. I will also try to explain my lack of Math courses (??) and why I went to Arkansas when studying abroad. Others: I received several awards while in College. First, I was awarded for three years in a row with the "Excellence Award" by Community of Madrid. Second, I was awarded with the "Excellence Award 2011" by my Univ. to 10 best students. Third, I just received a really important scholarship from an spanish bank (La Caixa, compared to Fullbright) to do the Master's degree at Toulouse. Concerns: For starters, the evidenced lack of Math courses; I'm really worried about that. Second, not too strong LORs comparing to what one can see here. Third, I won't have the grades for the first Semester at Toulouse by deadline, so the Masters will probably add no value... After doing some research (and see really impressive profiles here), I will apply to >Top 15, namely Maryland, UNC, Illinois, Minnesota, Wisconsin, Ohio State, Texas at Austin, ASU, Indiana, Colorado, Toronto, British Columbia, maybe Duke and Michigan... what do you guys think? Do I have any chance at all at these schools? Or should I go for lower ranked programs? Please, don't hesitate to write any thought. All inputs are really really appreciated.

I get your point, and I'm sure you have your reasons. Nevertheless, I believe that we should look closely to those lot of students who cannot continue either there or anywhere else. If they can't get into any good place, nor even there, maybe it's not the School's fault... maybe they're not good enough? Of course I don't know them, and I don't want to throw any assumption here (my respects to all of them), but I'm just saying there are other variables. Anyway, I'm happy with my decision and really trust my chances to get into a Top US Phd afterwards.

If I were you I wouldn't go to TSE. Don't get me wrong, I'll be attending TSE next year but I do want to continue towards a PhD. If your goal is to jump into the job market right from the Msc, as you said, I'd go to a good MSc in Finance. There are a lot of good places out there. A piece of advice: If you want to work in the US, do your Msc in the US.

Hey guys! I was admitted to the M1 program just a month ago. It's actually the only place I've applied for so I'll be attending TSE next year. Miss Economist, I don't really know what problems you ran through in your application but mine was pretty straightforward. I sent all documents to the email in the form and got a reply from Aude saying that everything was alright and I should hear back from them in 1 or 2 weeks, which as a matter of fact I did. If you are in a hurry I believe you should email and let her know your situation, she is really helpful. Also, I know a guy who is doing the M1 right now and one of my professors did her PhD there some years ago. I heard no complaint from them. On contrary, she pretty much supported my decision of going.

Hi there!! Though I've been reading you guys for a while it's the first time I've decided to post. Here is the thing: I'm currently doing an internship at a top IB and have started preparing to take both the GMAT and the TOEFL in mid-September (I'm going to apply to some top Master in Finance). I've been in the internship for a month and still have 2 months to go. The problem is that I can't bear do both (prepare for the tests and do the internship); I would have to give up either the two months of internship I have left or a great score in the tests. So my question is: what is more important, a great score in the tests or two more months of internship? It wouldn't be such a big deal to quit the internship since I'm having some health problems and believe they would understand. What do you guys think? Feel free to share your thoughts, any advice is welcome!