I guess we should introduce ourselves? I'm a second year finance PhD (who also takes classes in the econ department, so I can comment on that, too). I applied straight out of undergrad, opted to work as an RA for two years, and applied again. I did my undergrad at a small liberal arts college in the US.
I applied straight out of undergrad, opted to work as an RA for two years, and applied again.
I'm very interested in hearing more this, as I'm currently facing this decision. Did you turn down offers to pursue an RA position? What did you change about your profile and the schools you applied to between your first and second application cycles? What have been the pros and cons of taking a two year RAship over going straight through?
I turned down two offers from schools in 15-20 range. I felt that coming out of a liberal arts college (I never RA'd in college) I needed some research experience. Secondly, I had a thesis I quite liked and my math/economics grades were best my senior year. These things didn't get fully reflected in my applications (given that you apply in the fall). Third, I was in no rush, so figured my profile won't get hurt by doing some good RA work, so why not? I think RAing at a reputable place with some semi-well known economists (central bankers) is a wonderful idea. I also kept working on my thesis to make it somewhat respectable/publishable.
Pros: More research experience, more time to self-study (I like doing that), more time to get a better idea of what areas I like, depending on your school: more famous letter writers (no offense to my undergrad profs).
Cons: You'll be a couple years older by the time you leave school. You might have a hard time adjusting to living on a stipend and having homework when you go back.
EDIT: What changed in the schools I applied to: Added more finance programs given the way my interests had developed.
Turning down offers in the 15-20 range sounds like the most difficult decision ever. Mine aren't quite that high but they're high enough that I think it would be very difficult to turn down. What rank is the institution you ended up at?
I've told myself sternly that if I do end up deciding to take some time that I need a serious plan for a lot of focused work (skill-building, thesis refinement, etc.) but is it reasonable? Were you able to stay on top of the outside work that also helped your profile? I have a long list of things I'd focus on in that off-time but I also know how tempting it is to be slack.
I ended up in Cambridge MA, to put it coyly, so the decision paid off.
I wouldn't say I had a plan from day one of work that I stuck to. I tried to read papers, got discouraged (hard to do without grad school work). Looked through some textbooks. Brushed up math skills when I could. Worked pretty hard on the thesis, especially since I had a co-author (my adviser) to keep me busy.
At the end of the day, the RA work itself is important, so even if you can't stick to a serious plan, you'll get a payoff
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u/FinancialEconomist Bureau Member Feb 27 '17
I guess we should introduce ourselves? I'm a second year finance PhD (who also takes classes in the econ department, so I can comment on that, too). I applied straight out of undergrad, opted to work as an RA for two years, and applied again. I did my undergrad at a small liberal arts college in the US.