alwaysthinking Posted October 25, 2012 Share Posted October 25, 2012 Hi economists, Could you take a look at my general cover letter for Econ RA positions? It will of course be tailored to specifics when required. Thanks in advance! Dear [esteemed professor], I seek to apply for the position of Research Assistant at [insert institution here]. I anticipate this position as providing me with excellent exposure to economic research methods and relevant technical skillsets, and will serve as an ideal transition to an economics PhD program. Although my primary independent research experience (my senior undergraduate thesis) focused on international macroeconomics, I believe the skills and techniques cultivated during the experience are readily transferrable to other topics in economics research. My research thesis investigated the existence of the yen carry trade between the US and Japan in continued violation of the uncovered interest parity (UIP) condition. Using yen-dollar spot and forward exchange rate data from 1993 thorough 2007, I observed that the forward exchange rate quoted in the market is based on the UIP formulation, and as such the investment strategy is based on favorable variations in the spot exchange rate. Empirical analysis using OLS regressions verified that the forward rate is not an unbiased estimator of the future spot rate, and demonstrated the failure of the UIP condition in this specific case. Adapting models from Frankel and Froot (1989), empirical analyses suggested the insufficiency of peso problems (systematically irrational expectations in the market) and time-varying risk premiums in explaining the failure of UIP. A comprehensive model incorporating monetary policy variables (interest rate smoothing, resisting rapid changes in exchange rates, and random policy influences), adapted from McCallum (1994), demonstrated that the UIP condition is actually not violated, and the observed bias of the forward rate as a predictor may be attributed to monetary policy response strategies by the US and Japanese governments. The subsequent gap between predicted and actual future spot rates accounts for the existence of the yen carry trade as a viable arbitrage opportunity. The experience of writing this paper, in collaboration with my faculty advisor, brought to surface my latent passion for economics research. The desire to once more engage in rigorous theoretical research and analysis is my primary motivation for working towards a PhD in economics. Additional coursework in corporate finance, game theory, and intermediate microeconomics have also served to broaden my skillset. I also seek to utilize my background in mathematics to achieve my goals in economic research. The skills I have acquired through undergraduate coursework in multivariable calculus, differential equations, abstraction theory, probability, statistics, game theory and econometrics have prepared me for the mathematical rigor inherent in economics research. I am an experienced SAS user, having acquired proficiency during my tenure as a research analyst in the Health Economics Outcomes and Research division at Analysis Group, an economic consulting firm. I specifically chose this line of work within the company as it afforded me the greatest exposure to programming and statistical skills that would come in useful for graduate studies. Though work with randomized clinical trials, I gained experience in cleaning and manipulating complex datasets, and conducting statistical analyses. For an oncology database cost analysis, I devised a complex algorithm to solve the complicated problem of filling a given dose of drug using combinations of fixed vial sizes across 3,000 distinct observations, with the ultimate goal of finding the cost-minimizing combination of vials; this was achieved by means of iterative loops for the 14 selected possible combinations of vials, which sequentially utilized data from the previous iteration to calculate remaining dose to be filled. While I found the overall methodology of conducting research and empirical analyses and presenting the results in a scientific paper very engaging, the focus on purely applying economics concepts rather than studying associated theory left me unsatisfied, and convinced me that my future lies in academia. I therefore view the present Research Assistant position as the ideal means of transition back to the academic world. I thank you for your consideration, and you will find my CV and unofficial transcript attached, and details for my personal and professional references below. Please let me know if you require any additional documentation. Quote Link to comment Share on other sites More sharing options...
yepeconphditis Posted October 25, 2012 Share Posted October 25, 2012 It's great that you've got a lot of relevant experiences and skills. Since it's a cover letter, the purpose is to highlight your qualifications in the most effective and succinct language. You did well in having a thesis sentence at the start of every paragraph, but IMO the paragraph on your independent research could be restructured in a way that emphasizes less on the research itself, but more on what you got out of this research project, for example the skills and techniques as you stated at the start of the paragraph. Good luck! Quote Link to comment Share on other sites More sharing options...
anonecon Posted October 25, 2012 Share Posted October 25, 2012 Your paragraph on your thesis is way to technical. And your first sentence qualification in that paragraph is unnecessary. In general, I feel that the letter is too long. That's one key thing I learned applying for RAships last year. Professors don't give a f*ck about your life story (and they don't have time for it). They want to know what skills you have and that you have interest in their research (and research in general). Cut the length in half, and you should do great. Quote Link to comment Share on other sites More sharing options...
Integral Posted October 26, 2012 Share Posted October 26, 2012 Drop the references to the literature in your thesis paragraph and streamline it. Not everyone's working on UIP or knows the literature. (Though the paper sounds interesting to me!) Drop the first two sentences of the "the experience in writing this paper..." paragraph. The SAS paragraph is fine, I think. I don't like the entire "While I found the overall methodology..." paragraph, but letting them know that you're looking to go into academia is good. Retool it somehow. Overall it's a start, but far too long. Quote Link to comment Share on other sites More sharing options...
alwaysthinking Posted October 28, 2012 Author Share Posted October 28, 2012 Thanks for the input, guys! I'm working on severely shortening it (figured it was too long), and your advice on the rephrasing is very precise and feels spot-on! I love this forum :glee: Quote Link to comment Share on other sites More sharing options...
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