Aridneptune

Hello everyone. I recently completed the 2016 application round. I'm reasonably satisfied with the result as I'll be attending Chicago in the fall. My experience is somewhat nontraditional: I came from a professional background (6 years out of undergraduate). I thought it might be useful to share my experience for anyone going down this road in future. Background: I studied economics and and mathematics at a flagship state university. I had a very good GPA (3.99) and some research experience as an undergrad (RA, TA and a senior thesis). However, when I graduated I went and got a job instead of pursuing a PhD right away. Professional Experience: I worked for six years as a trader. Experiences may vary, but for me the job used essentially no meaningful math or economics skills. I didn't do anything quantitative or research-based. What I did do was mature hugely (and make money). Seriously, I don't think I could have (or should have!) started an economics doctorate when I was 22 and right out of undergrad. I had to learn an entirely new set of skills, understand workplace politics/dynamics and mature as a person. This may sound cliched but it's really true. Although my math skills may have eroded, I think my overall capabilities are significantly greater than they were 6 years ago. Experiences while Applying: Letters: I stayed very close with two economics professors and one math professor after undergrad. These were each professors from whom I'd taken multiple classes or had as faculty advisors. My parents live close to where I went to school, so each time I went home I'd try to go and meet and have a cup of coffee or lunch (and always buy), As the years went by we became pretty close friends. So when the time came to apply, it was no problem to ask for recommendation letters. Others' mileage may vary on this, of course, but for me the letters were no issue. GRE:Nothing much to say; I studied and took it. I suggest you do lots of practice tests. I think I got a 168Q / 169V. I don't actually remember precisely but I think that was it. Statements: The big challenge here was explaining why (1) I was still interested in economics and (2) my work experience was a plus. I took a stab at (2) above. As for (1), I said (truthfully) that I always wanted to pursue an economics PhD and that my job had reinforced that. I wrote the same statement and changed the school name and professors I wanted to work with place-by-place. I looked through the schools' websites to find professors whose research I thought aligned with my interests. In truth I'm not absolutely sure what my interests are at this point - nor do I think I should have extremely defined interests. But I took a stab at it, working from my undergraduate thesis. Application Results: I applied once before (in 2013) but only to statistics/biostatistics programs. I thought I stood a better chance of getting in to these, and also I considered taking my academic life in a different direction. I was successful but opted to defer because of my wife. This cycle, I applied to several statistics programs as well as Harvard, Stanford, Chicago, MIT, Northwestern, Yale and Princeton. I was only accepted to Chicago. Initially I felt pretty bummed about that, but I realize that the application process is quite random. Maybe the work experience hurt. Maybe my GRE score should have been a 170. Or maybe I should have had more research experience. Either way, I'm pretty satisfied with how it worked out in the end. Anyone who has further questions about applying from a professional background, feel free to PM me.

Profile: Type of Undergrad: Flagship State University Undergrad GPA: 3.985 Type of Grad: None GRE: 168Q, 169V Math Courses: Calculus I-III (A), Linear Algebra (A), Probability (A), Analysis (A), Dynamics (A), Topology (A), Differential Equations (A) Econ Courses (undergrad): Micro/Macro (A), Econometrics (A), Trade (A), Advanced Macro (A), Advanced International/Trade (A), Development (A), Labor (A), Economic History (A) Letters: Undergrad math professor, two undergrad Econ professors Research: Just senior thesis and metrics project Teaching: N/A SoP: Tailored to programs, but not hugely Other: Have been working for 6 years Results: Acceptances: Chicago Rejections: MIT, Harvard, Stanford, Northwestern, Penn Attending: Chicago Comments: I only applied to the top schools, thinking I could continue working if unsuccessful. Frankly I was a bit skeptical I'd get in anywhere after 6 years in the workforce. I think my results highlight the unpredictability of the applications process. I'm quite happy with how everything turned out. Best of luck to everybody!

I went there undergrad :-). It was some time ago though! If you're interested in econometrics, finance or financial macro Michael Aguilar is a really excellent professor.

Hello everyone - I'll be attending Chicago Economics stating this fall, 2016. Anyone from this forum coming? If so, perhaps we could meet up sometime.

From my non-academic perch I completely agree with you. To clarify, it's not that I 'don't like' my job, it's simply that I don't find it intellectually stimulating or challenging. My goal in pursuing a doctorate isn't to enter academia at all costs and solve the world's problems. It's to do something interesting and have an interesting, thoughtful career afterwards. I'm indifferent as to whether that means academia or the IMF or a think-tank or a consultancy. My greatest hesitation comes simply from the opportunity cost. I'm 28 right now and looking at foregone earnings of probably $2mm - 3mm over the course of a 6-year PhD program. Money is no longer as central to my utility function as it was when I was 22 and I'm trying hard to muzzle my inner Scrooge McDuck. I know how unsatisfying that next bonus, that next raise can be: trust me, you never feel satisfied and you always want more. But some part of me just can't let go of it! Golden handcuffs are no joke. I'm curious as to your thoughts.

Thanks for posting. Now suppose you had a stable, (very) high-paying job that you didn't really enjoy in an industry that you didn't really want to be a part of. Suppose you had been in this position for several years, allowing you to save a pretty significant amount. Suppose further that you had an offer to a top-5 program. Finally, suppose your goal was to do something interesting and meaningful with your career. rather than be a corporate drone. In your opinion, would a doctorate be inappropriate in this case?

Hello all - I was admitted to Chicago Econ PhD this past cycle, funded. I'm going to go visit of course, but I've been reading around and have heard some unfortunate rumors. To be specific, I've heard that Chicago admits too many students, that the program is extremely grueling, that an unusually high proportion of students fail out and that job-market placement has been poor. To what extent do the denizens of these forums agree?

Hello all - I'm a 26-year-old who's 4 years out of undergrad and has been working in the financial industry since. I've just completed a spate of applications for statistics PhD programs, been accepted to some and rejected at others (naturally). Now, unfortunately since last summer there've been a couple of developments in my personal life which may make it impossible for me to attend any grad school in the fall. In particular: (1) my family needs money from my job for medical reasons; (2) I'm in a serious relationship with a woman to whom there's a strong chance I'll get married. There's still a lot of uncertainty around all this, but there's a decent chance I'll have to turn down all my offers. If I do this, do you all think there will be any chance of applying again after I've surmounted these roadblocks? Or will I have to choose different institutions? I appreciate any insight. Apologies for the personal nature of my post.

Thanks a lot for the advice.

I'd appreciate a profile evaulation if anyone would like to take the time. Type of Undergrad: Double major in Mathematics and Economics at a top-20 state school (top 5 among public schools). I graduated in 2010. Undergrad GPA: 3.996 / 4.000 Important Note: I have worked as a fixed-income trader on Wall Street for 3 years. Type of Grad: None. GRE: Have not taken it yet Math Courses: Calc I-III (A), Real Analysis (A), Topology (A), ODE (A), Linear Algebra (A), Combinatorics (A), Probability (A), and many others possibly of marginal relevance. Econ Courses: Intro Macro / Micro (A), Intermediate Macro / Micro (A), Advanced Macro (A), Labor Economics (A), Econometrics (A), Public choice (A), International Econ (A), Advanced International Econ (A) Stats Courses: Regression (A) Letters of Recommendation: Strong to very strong letters expected from a financial econometrician and a topology math professor. Not sure how well-known they are. Research Experience: Two six-month-long RA positions on political-economy projects. Research internship at the US State Department (economics bureau). Research project for econometrics class (probably does not count). Teaching Experience: Two years undergrad economics TA. Research Interests: Political economy, macro, international SOP: Standard My story in brief: I graduated in 2010 from a top-20 (overall) state school in math & econ with the intention of getting a PhD in Econ. However, I followed the siren song of the financial industry (it being 2009, I was pretty concerned about getting employed somewhere). So I've traded bonds on Wall Street for the past 3 years. It's been lucrative and interesting (and taught me how to survive 12-hour workdays) but increasingly it's unfulfulling. The great challenge of my life (self-set) has been to get a doctorate, and now I want to give it a shot. I'm becoming disillusioned with business and want to get back to the rigors of academia (I know, I know - the practice is fine, but what about the theory?). I have been fascinated by economics since high school and really want to pursue it in a meaningful way. More importantly, I think I can make a better - and more personally satisfying - contribution to society through research. I think my biggest challenge will be my 3-year work experience (hence being out of academia). Will schools balk at that? Unfortunately I also (I think) have a relative paucity of research experience. My best letters of rec will be from a math professor and a financial econometrician. Do I have any shot at getting into a decent program? And if not, what do you all suggest I do? I've been thinking of applying for RA positions at Feds and/or private-sector outfits. Should I set my sights lower and aim to do a masters in stats or math? Is business school my only practicable option? I would appreciate any feedback. Our critics are our friends, for they show us our faults.