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PhD Student Finances. Know your funding source! Research Council studentships (MRC, ESRC, BBSRC) Research Council studentships (MRC, ESRC, BBSRC) Joint.

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Presentation on theme: "PhD Student Finances. Know your funding source! Research Council studentships (MRC, ESRC, BBSRC) Research Council studentships (MRC, ESRC, BBSRC) Joint."— Presentation transcript:

1 PhD Student Finances

2 Know your funding source! Research Council studentships (MRC, ESRC, BBSRC) Research Council studentships (MRC, ESRC, BBSRC) Joint Research Council/Industry Joint Research Council/Industry Studentships costed into grants Studentships costed into grants IoP Excellence Award Studentship IoP Excellence Award Studentship Other (NIHR/BRC) Other (NIHR/BRC) Department Department Overseas Government sponsored Overseas Government sponsored Self-funded Self-funded

3 Know what you are getting! Funding would have been agreed at the Project Approval Form stage Funding would have been agreed at the Project Approval Form stage Can vary eg fees only, stipend only, fees & stipend, consumables/conference Can vary eg fees only, stipend only, fees & stipend, consumables/conference Stipend – paid monthly in advance!! Stipend – paid monthly in advance!! Your needs may change Your needs may change Ultimately your supervisor is responsible Ultimately your supervisor is responsible

4 Minimum Costs – Autumn Intake 2011 Fixed costs are usually: stipend - £15,740 pa (rising £16,370; £17,024) stipend - £15,740 pa (rising £16,370; £17,024) Home/EU tuition fees - £4,785 (rising £5000; £5200) Home/EU tuition fees - £4,785 (rising £5000; £5200) Variable costs (RCUK recommended minimum) consumables – £1,000 pa consumables – £1,000 pa Conference attendance - £300 pa Conference attendance - £300 pa Depends on nature & complexity of project Depends on nature & complexity of project Organisations have their own policy Organisations have their own policy

5 Minimum standards provided by departments: Desk, chair, dedicated computer, lockable space Desk, chair, dedicated computer, lockable space Usually shared telephone (local, national calls only) Usually shared telephone (local, national calls only) PhD Graduate Lounge (ASB) PhD Graduate Lounge (ASB) Mothers Room (Rm G0.08, Portacabin on Green; key held G0.13) Mothers Room (Rm G0.08, Portacabin on Green; key held G0.13)

6 Managing Finances Ask your Supervisor/Dept Admin/Business Manager/Project Admin how it works Ask your Supervisor/Dept Admin/Business Manager/Project Admin how it works You can generally swap between consumable/conference headings You can generally swap between consumable/conference headings Allowances are for duration of PhD Allowances are for duration of PhD Remember your grant code Remember your grant code Monitor your account! Monitor your account!

7 If not a sponsored student Discuss with supervisor how research costs will be met Discuss with supervisor how research costs will be met Some students attached to Project Grants Some students attached to Project Grants Supervisor funds (eg RSAs) Supervisor funds (eg RSAs) Seek funding opportunities within Department/ask for advice Seek funding opportunities within Department/ask for advice KCL Graduate web pages ( KCL Graduate web pages (

8 Allowable costs BEFORE SPENDING - discuss and agree costs with your supervisor BEFORE SPENDING - discuss and agree costs with your supervisor SPENDING SPENDING –Pay yourself and complete KCL staff/Student expenses claim form. Attach original receipts. Project or other Admin usually process. (http://www.kcl.ac.uk/content/1/c6/05/10/62/expens esclaimform.xls)

9 Allowable costs KCL generates purchase requisitions via KCeP, hosted & powered by Science WarehouseKCL generates purchase requisitions via KCeP, hosted & powered by Science Warehouse Has to be done via an Administrator (if in doubt, ask)Has to be done via an Administrator (if in doubt, ask) Generates an invoiceGenerates an invoice Supervisor signs off all invoicesSupervisor signs off all invoices Subject payments (petty cash)Subject payments (petty cash) ance/staff/cashiers/pettycash.html#subjects

10 Allowable costs Costs must be wholly and exclusively for KCL business Costs must be wholly and exclusively for KCL business No first class or business travel No first class or business travel No travel insurance – only if travelling on college business No travel insurance – only if travelling on college business (http://text.kcl.ac.uk/about/structure/admi n/finance/staff/insurance/travel.html)

11 Allowable costs KCL financial regulations KCL financial regulations n/finance/staff/regs/index.html n/finance/staff/regs/index.html Ask Supervisor/Dept Admin/Project Team Admin for financial induction Ask Supervisor/Dept Admin/Project Team Admin for financial induction

12 What to do if your budget wont cover your expenses DONT GO OVERSPENT DONT GO OVERSPENT Speak to your supervisor Speak to your supervisor –Grant funding via supervisor –Travel & other grants (http://www.kcl.ac.uk/graduate/funding/data base) basehttp://www.kcl.ac.uk/graduate/funding/data base –Speak to Business Manager for Department opportunities

13 Who can help you in your Department (variable) Reception/Administrators - Health and Safety induction, intranet, annual leave cards, sick leave reporting, office key Reception/Administrators - Health and Safety induction, intranet, annual leave cards, sick leave reporting, office key Admin - equipment for you to borrow (laptops; testing labs; phlebotomy room) Admin - equipment for you to borrow (laptops; testing labs; phlebotomy room) Computing/IT support Computing/IT support Photocopier codes Photocopier codes Postage forms Postage forms

14 Finally, please submit on time! If you dont submit on time If you dont submit on time –Financial implications –If you have to get a full-time job, you wont have any time to write up –If you apply for a fellowship, they may well ask you how long it took you to submit and theres a chance that you wont be eligible to apply for that grant –It will delay the start of post-doc award –It affects Dept/IoP funding opportunities for studentships –It affects Dept/IoP funding opportunities for studentships –Stipends paid monthly in advance!

15 Thank you for listening! Any questions?


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