Applying to a PhD program with No Research Experience

[Lard Viks]

Hello all,

I've been lurking for a long time on this website. Now that I have settled on pursuing a PhD in Finance in a Top Tier US institution, I am very much worried about my Research credentials. It is the only area where I feel weak.
Quick notes about my background: I have a Bachelor's degree in Mathematics. I know programming and am preparing for the GRE now. But I am worried that I have zero research. So could you help me answer these two questions:

1. Do you folks think that having done some research is imperative to be able to join a PhD program in finance. I am assuming the field of such research should be finance/econ/business.
2. If the answer to (1) is yes, in your opinion, what should I do between now and December to remedy this situation?

Thank you so much.

 

[Lard Viks]

Any suggestions? Was my question that bad that it warranted no replies?

 

[SadKillarrious]

Viks,

Wasn't a bad post just the traffic on the site has gone down. Your undergrad major is fine for a phd in finance. What was your GPA? Can you answer, why did you not pursue the math honors track at your school? This would have given you research experience during undergrad and also show that you are committed to research. Your GRE should be strong in all categories 90%-ile or better if you want to go to a top institution. Your recommendations also need to be good. If you had done the honors program mostly likely you would have did a thesis working with a teacher who could have elaborated on your research experience, and that in my opinion is a key differentiating factor.

What topic in finance are you interested in?

Yes, my words are harsh, but you didn't actually set yourself up for success in a PhD to this point in time. My advice would be to study hard for all three facets on the GRE and take an additional class or two regarding your research interest topic your going to say on your letter of intent. Apply to take those classes as honors classes and do some research with your teachers while getting to know them, so they can formulate strong letters of recommendation as well.

And then of course, /pray.

 

[Lard Viks]

Not at all SadK,

You are not being harsh, but rather honest and that’s what I am looking for in a discussion. Sorry for the late reply BTW, I was working.

...

If you don’t mind, I have more questions which would depend on your response to my post.

Thank you.

 

[SadKillarrious]

Hey Viks,

Enjoyed reading your post. Gave me a lot better picture for you. What technical skills do you have? Work Experience? An undergrad from Berkeley in Applied Math is outstanding and your gpa is good. I would definitely take the next probability course after intro and get a strong grade and therefore that C wouldn't really matter. If by chance someone does ask you can explain that it was during the summer, teacher was a weird grader, bad communicator, clear fluke given your other grades, ya know.

1.) I would take the statistical inference course or if they have a probability modeling course that may be an option. Whatever builds on the intro probability course is fine.

Seeing you took a mathematical based derivatives class, I think that is good. Have you taken stochastic calculus? PDE's? I would atleast take 1 of those courses at UNLV. I am not sure what to recommend as your finance course since you have already taken that math derivatives course. But, you def still want to show your interest in that area. Just not worth taking a class if you aren't learning. So if there is a graduate level class in derivatives I would take that and then do research with that professor whether its helping them publish or doing a project yourself.

So IMO you should take 3 classes, do the research project in the finance class and a finance related research project that stems from the stoch class or PDE class, do real good on the GRE.

As I read my post though, I still can't wrap my head around a PhD in Finance. Yes you need a clear research interest, but you still need to know portfolio management, and corporate finance, and market theories to get through your PHD courses. But hey it is worth a shot. My opinion is not 100% because I may be overstating the competition.

The reason I want to know your background more is that I think a MFE might be exactly what your looking for.

 

[Lard Viks]

Let me start my answer with a list of Finance classes offered by UNLV this semester:


FIN 101 - Personal Finance By Jagdish Mehta

FIN 115 - Introduction to Investments By Jagdish Mehta


FIN 301 - Principles of Managerial Finance By Giorgio Canarella


FIN 303 - Intermediate Managerial Finance By Giorgio Canarella


FIN 307 – Investments By Jianzhong Zhang


FIN 308 - International Financial Management By John Puthenpurackal


and Another section By Jianzhong Zhang


FIN 312 - Capital Markets By Jianxin Chi


FIN 321 - Corporate Risk Management By Paul Thistle


FIN 345 - Managing New Venture Funding by David Williams


FIN 405 - Case Problems in Managerial Finance By Robert Chatfield


and another section by Robert Chatfield


FIN 410 - Financial Derivatives By Seungmook Choi


FIN 419 - Portfolio Management By Seungmook Choi


FIN 425 - Student Managed Investment Fund By Michael Sullivan


FIN 481 - Finance Internship by Paul Thistle


FIN 489 - CFA Exam Preparation by Dominic Rodrigues


FIN 490 - Independent Study by Paul Thistle


FIN 712 - Financial Markets and Institutions By Melvin Jameson



The last class posted in Red is the only one that is a Graduate level course.

 

[Lard Viks]

FIN 712 has a prerequisite the Completion of the core MBA curriculum or approval of the Director of MBA Programs.

 

[Lard Viks]

Thank you SadK,

You are right: the Statistical inference course seems to be a continuation of Prob. Theory hence it will be a good course to take and do well on.

 

[Lard Viks]

The following are open Econ courses for this semester. Any suggestions on any one that may help and can lead to a joint research with the lecturer?

ECON 102 - Principles of Microeconomics
ClassSectionDays & TimesRoomInstructorMeeting DatesStatus
80807
1001-LEC Regular
MoWe 8:30AM - 9:45AM
FDH 109
Lein-Lein Chen
08/25/2014 - 12/06/2014

select

ECON 180 - The Economics of Discrimination
ClassSectionDays & TimesRoomInstructorMeeting DatesStatus
88101
1003-LEC Regular
MoWe 8:30AM - 9:45AM
BHS 133
Giorgio Canarella
08/25/2014 - 12/06/2014

select

ECON 262 - Principles of Statistics II
ClassSectionDays & TimesRoomInstructorMeeting DatesStatus
80815
1001-LEC Regular
MoWe 10:00AM - 11:15AM
BEH 124
Mun O
08/25/2014 - 12/06/2014

select

ECON 302 - Intermediate Microeconomics
ClassSectionDays & TimesRoomInstructorMeeting DatesStatus
80816
1001-LEC Regular
MoWe 2:30PM - 3:45PM
BEH 112
Giorgio Canarella
08/25/2014 - 12/06/2014

select

ECON 303 - Intermediate Macroeconomics
ClassSectionDays & TimesRoomInstructorMeeting DatesStatus
80817
1001-LEC Regular
TuTh 10:00AM - 11:15AM
BEH 120
Bernard Malamud
08/25/2014 - 12/06/2014

select

ECON 304 - Money and Banking
ClassSectionDays & TimesRoomInstructorMeeting DatesStatus
86020
1001-LEC Regular
TuTh 1:00PM - 2:15PM
BEH 121
Bernard Malamud
08/25/2014 - 12/06/2014

select

ECON 306 - Applied Economic Analytics
ClassSectionDays & TimesRoomInstructorMeeting DatesStatus
87481
1001-LEC Regular
TuTh 5:30PM - 6:45PM
BEH 107
Stephen Brown
08/25/2014 - 12/06/2014

select

ECON 313 - Economics of Public Policy
ClassSectionDays & TimesRoomInstructorMeeting DatesStatus
87480
1001-LEC Regular
TuTh 11:30AM - 12:45PM
BEH 111
Bradley Wimmer
08/25/2014 - 12/06/2014

select

ECON 321 - Economics of Sport and Entertainment
ClassSectionDays & TimesRoomInstructorMeeting DatesStatus
80818
1001-LEC Regular
MoWe 10:00AM - 11:15AM
BEH 123
William Robinson
08/25/2014 - 12/06/2014

select

ECON 402 - Topics of Microeconomics
ClassSectionDays & TimesRoomInstructorMeeting DatesStatus
87578
1001-LEC Regular
TuTh 4:00PM - 5:15PM
BEH 224
Constant Tra
08/25/2014 - 12/06/2014

select
Notes: This is a combined section class

ECON 403 - Topics in Macroeconomics
ClassSectionDays & TimesRoomInstructorMeeting DatesStatus
80919
1001-LEC Regular
MoWe 10:00AM - 11:15AM
BEH 121
Stephen Miller
08/25/2014 - 12/06/2014

select

ECON 441 - Introduction to Econometrics
ClassSectionDays & TimesRoomInstructorMeeting DatesStatus
80821
1001-LEC Regular
TuTh 11:30AM - 12:45PM
CEB 210
Staff
08/25/2014 - 12/06/2014

select

ECON 489 - Economics Internship
ClassSectionDays & TimesRoomInstructorMeeting DatesStatus
80822
1001-LEC Regular
TBA
TBA
Mary Riddel
08/25/2014 - 12/06/2014

select

ECON 490 - Independent Study
ClassSectionDays & TimesRoomInstructorMeeting DatesStatus
80823
1001-LEC Regular
TBA
TBA
Mary Riddel
08/25/2014 - 12/06/2014

select

ECON 495 - Seminar in Economic Research
ClassSectionDays & TimesRoomInstructorMeeting DatesStatus
80824
1001-LEC Regular
TuTh 4:00PM - 5:15PM
BEH 105
Djeto Assane
08/25/2014 - 12/06/2014

select

 

[SadKillarrious]

Well after goin through all this again I forgot to ask a very important question. What do you want to do with a PhD? You said you liked studying and researching. No one is going to pay you to study. And the only reason people do research in the area of derivatives 99% of the time is to make money. Majority of your trading firms are all doing research they just aren't publishing because they can make money. This is why I think you should do an MFE.

 

[SadKillarrious]

And I recommend a MFE because I can forsee the researching aspect to be even better when you must me clients demands. You're working with the best minds in the world developing strats and interpreting markets.

 

[Lard Viks]

And I recommend a MFE because I can forsee the researching aspect to be even better when you must me clients demands. You're working with the best minds in the world developing strats and interpreting markets.

But can't you do that while being a Finance Professor as well via consulting and other methods? Further I heard there is a big shortage of Finance Professors in the US.

 

[SadKillarrious]

No you cant. Any quant model develppment is going be kept in house. Welcome to the most competitive sector in the game. I cant really comment on finance professor jobs. All I have heard is that becoming a tenured professor has become 25x more difficult due to supply issues and also jobs are going to masters grads and are just paid to teach one class or two and not conduct research.

 

[Lard Viks]

Do you have any websites, articles, books where I can do further readings?
Thanks