Applying to Economics Ph.D. as an Undergraduate Yi Chen Department of Finance School of Economics

I. WHY ECON PH.D.

The Placement Teach in leading economics departments, business schools and schools of public policy. Work on congressional staffs and government advisory councils, and with organizations such as the World Bank. Found among the most influential positions in the market economy, ranging from corporate executives to hedge fund managers to economic consultants. -From the Website of Department of Economics, MIT

II. SOME FACTS ABOUT APPLICATIONS

The situation of applying to economics PhD peaks in 2007, but has been falling rapid - at a tremendous speed - since the crisis, and no sign of recovering in the near future.

NEVER UNDER-estimate the difficulty in applying for economics PhD. … and NEVER OVER-estimate yourself! (To my knowledge) Top schools which have NEVER admit Chinese undergraduate: MIT, Harvard, Chicago Tops schools which rarely admit Chinese undergraduate: Stanford, Northwestern PREVIOUSLY nice but NOT any more: UC Berkeley, Columbia, NYU Somewhat nice: Princeton, Upenn

Not being top, but do not like Chinese undergraduate: Cornell, Duke, Maryland Does gender difference exist? -Yes, and maybe very large. What is the most important factor? GPA? Research experience? Reference Letter? -For top schools, they are looking for PERFECT students -Relation dominates all, but do not count on it.

“The successful applicants had perfect or near perfect scores on the GRE, impeccable letters of recommendation, extremely high grades - especially in math and economic courses, and demonstrated evidence of research ability. ” -From Stanford Website

III. Personal Suggestions on Preparing to Econ PhD program

As been shown previously, the situation is extremely tough these years so we have to prepare ourselves in EVERY aspect even to survive.

My Profile Courses – Economics first degree (130 credits),Overall: 3.82, Major: 3.89 – Mathematics second degree (39 credits), 3.93 Papers – Two published Chinese papers ( 经济学（季刊）；南 方经济 ) – Three English working papers – Two conference presentations and several workshop presentations RA experiences – Assist for two CCER professors and co-author with one GSM professor – Mastering in Stata

Honors – 北京大学 “ 学术希望之星 ” – Mathematical Contest in Modeling – Meritorious Winner – China Undergraduate Mathematical Contest in Modeling – National Second Prize English Tests – GRE: 490/790/3.5 – TOFLE: /25/22/27

Tips when applying Statement of Purpose – As an undergraduate, DO NOT emphasize your achievement, focus on your potentials. – Emphasize your research interest IF AND ONLY IF it matches the school. Curriculum Vitae – Make it VERY concisely – Do not put things the committee not familiar with (such as Challenge Cup, but it may appear on PS)

Reference Letter – At least one RL should come very the one who know you excellent well and it must be very TRUE (never underestimate the IQ of the committee). Contact the Professors (TC) – May not harm, but NEVER count on it. NEVER trust institutions such as BBY – You should know how unrepresentative and unreplicable their examples are.

Suggestions when preparing Start some kind of research ASAP – It may not help you greatly when applying, but do help you to SURVIVE the PhD life. – Think some long-run issues – application is just a start Mathematics – The more the better – Mostly, it serves as an language to help you to understand ECONOMICS

Understand the Application Process Better – Market of PhD positions Supply – universities; Demand – applicants Market with asymmetric information – University tries to find students with “talent” – “Talent” is applicants’ private information Signaling game – applicants send signals (application materials) to persuade universities to believe they are talented Derived application strategy – Materials would be useful only if it is not duplicable – Avoid cheap talking

Further questions? Contact: Or