PhD advice

Society Business and Career
1

I wanted to ask some opinions from guppies holding PhDs or planning on them. Also any input from my fellow money grubbers (MBAs) would also be appreciated.

I was accepted into a PhD program that I applied to on a whim..actually I have become tired of the corporate world and wanted to reenergize my mind etc. I was extremely fortunate enough to be accepted into a Boston area school :smiley:

I have given my employers a 12 week notice (just to be honest I told them as soon as I was accepted). Heres my dilemma: I am required to concentrate on a specific area of economic theory. Now my background is solid in International Business, Investment Banking and Equity markets, however I am not sure if there is something that I can do related to those fields.

I am meeting my program director on the 28th of this month. The last thing I would like to convey is a sense of confusion in my studies. Also I would like to hear from any postgrads who might want to discuss their lifestyle during the doctoral years. My wife is working and will continue to work and stay with my parents in Ct, while I’m up in Beantown. I found a great apartment in Beacon Hill and will be forgoing the the University housing (i’d be on the waitlist anyway). Now I don’t want to be crude or anything but how am I supposed to manage on a stipend of 24k a year? I mean I have savings but they are for another purpose, and I don’t want to bother my parents or my wife.

Coming back to the main issue, I do know that I plan on finding employment in the World Bank where my employment is pretty much all set post grad. So the issues for me are: what to focus on during my studies and how to survive on a pittance of funding.

Any and all advice will be appreciated :slight_smile:

2

RF

You are taking teh step i thought to take and stepped back, it was not a PhD programme but a DBA programme in the same area as you are headed. decided not to go for it due to responsibilities etc, but good for ya..taking a bold step

24K for stipend is kinda okay.. u will not need a car there, so no car insurance costs etc, get a small apartment $2K/Mo should be enough for your housing and lodging expenses but you may ahve to set your expectations lower it will not be a corp high flier lifestyle, unless u want to dig in your savings.

now as far as the area you want to focus on really depends on what type of work do you want to do with the world bank..do u want to be on expat missions all the time, want to be based at one place, and numerous other factors most importantly which direction does a particular focus point you towards, and is that the long term direction for you.

3

Actually, If you like the academic world far removed from practical applications then go for it. For me it is a waste of valuable time. I thought about it over a beer for twenty mintues one day...then my gf. now wife, came in with a bag from Marc jacobs. So there went that idea. :)

I am not sure where you are going to in Boston but beacon hill is very expensive. I used to live on Mount Vernon street off of charles. Plus, in Boston, you need a car. So 24k is not enough.

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[QUOTE]
*Originally posted by Fraudz: *
RF

You are taking teh step i thought to take and stepped back, it was not a PhD programme but a DBA programme in the same area as you are headed. decided not to go for it due to responsibilities etc, but good for ya..taking a bold step

24K for stipend is kinda okay.. u will not need a car there, so no car insurance costs etc, get a small apartment $2K/Mo should be enough for your housing and lodging expenses but you may ahve to set your expectations lower it will not be a corp high flier lifestyle, unless u want to dig in your savings.

now as far as the area you want to focus on really depends on what type of work do you want to do with the world bank..do u want to be on expat missions all the time, want to be based at one place, and numerous other factors most importantly which direction does a particular focus point you towards, and is that the long term direction for you.
[/QUOTE]

Fraudz thanks for input. It was a tough decision for me, because I had been used to my lifestyle, so I can certainly understand where you are coming from.

Well as for the 24K issue, much of it going towards rent. Health insurance is provided for and I guess I'm thinking I should probably get one of their meal plans (have to crunch some numbers). However, the misc. really concerns me.. meaning things like clothes, going out with friends, trips to see my family (even if I dont bring my car, I'll still have to rent one to go home).

As for the WB, my mentor (who will be my future boss as well) has told me that the position will probably be expat, as I will be the most junior person in his department.

I mean the education would be top notch and I am just thrilled to begin, but I still need to work out these issues.

5

**
Actually, If you like the academic world far removed from practical applications then go for it. For me it is a waste of valuable time. I thought about it over a beer for twenty mintues one day…then my gf. now wife, came in with a bag from Marc jacobs. So there went that idea. :slight_smile:
**

All these years at DB made me realize that I have this inner policy wonk that needs to be nourished. Besides, I have realized that why should I make ripples when I can create waves?

:hehe: maybe your wife and my wife should go shopping…thatll put us both in Bankruptcy court the next day.

**
I am not sure where you are going to in Boston but beacon hill is very expensive. I used to live on Mount Vernon street off of charles. Plus, in Boston, you need a car. So 24k is not enough. **

Actuall the school is on the left bank of the Charles River :wink:

Those are some fancy digs yara. Since you lived in the area, the place that I have reserved is on Phillips street near Anderson..One bed for $1150…a deal?

Beacon Hill is a beautiful neighborhood plus it is extremely convenient for me as Charles/MGH station takes me to school on the red line. Do I really need a car? I mean the T seems to be pretty efficient, and I did see quite a few taxicabs like NYC.

The problem is: I can’t do anything (like p/t work) because the program seems to be quite intensive..I may have to dip in saving…ah well..

PS: Where does one find a desi area in Boston metro? I saw a few restaurants on Mass Ave in South Boston.

6

stick to the schools. HBS and Sloan both have a large south asian contingent. Boston has a lot of Indians/pakis so it shouldn’t be a big deal. So it shouldn’t be hard. There are also some restaurants in Back bay.

But I would urge to make friends from other cultures as well. :hehe:

The apartment is a good deal however, sounds like a share. have you seen it? Communal baths or something?

7

All I can say is, Good Luck RF!!

8

Excellent..As long is there is one or two good joints serving halaal, I’m good to go.

Dude, you have me pegged as some arm in arm desi?? I don’t discriminate between good people.

The place isn’t a share..It’s a full one bed on a second floor..Major drawback may be the noise but I’m hoping to be in the library most of the time.

Spock: Thanks a lot yara!

9

Hey RF…

I guess I fit into your target audience - I completed my M.B.A. this year and am proceeding towards a Ph.D. in the fall inshaAllah.

With me, the events leading to my certitude for a Ph.D. were similar to yours. I opted for an M.B.A. after my undergrad cuz I wanted to complement my technical background with business know-how – at the same time, I held several of my consulting engagements and the scope of my work changed from that of purely technical to more of project management.

During this time however, I also became more theoretically savvy and added to the body of practitioners’ knowledge through various forums and that is how I began to realize the satisfaction in that work. Also moonlighting as a College instructor paved way towards a more serious academic undertaking.

Now with self-directed research prospects, and the freedom to explore, I feel more inline with my sage, and I guess its this satisfaction that leads you to a major decision.

With me, my scholarship and stipend amount to a meagre $22K, but I’m complementing that with teaching at another University and some part time work for previous employers. The university has a restriction on the number of hours that I can work, but I’ve worked around that cuz knowing myself, I need to maintain a certain lifestyle – by now, I’m used to working full-time with full-time studies, but it comes at the heavy cost of giving up your social and family life and sleep at night.

Have you looked into fellowships from companies that may be interested in your area of research? This helps a lot… for me though, I’m only eligible in the second year of my Ph.D.

Dunno what more I can say, but Good Luck :-)

W.R.T. the issue of the focus of your studies, most Ph.D. programs I know of allow you to explore different avenues within the first year. What you should know are some areas in which you're potentially interested and read up on related academic and insustry litereature. With me, I wrote a paper during my M.B.A. that I was invited to present at a conference and it was well received, so I'm using that as genesis for continued research but my advisor has pre-warned me to the possibility of a revision once I start exploring in the first two years of the program.

10

**
Hey RF…

I guess I fit into your target audience - I completed my M.B.A. this year and am proceeding towards a Ph.D. in the fall inshaAllah.

With me, the events leading to my certitude for a Ph.D. were similar to yours. I opted for an M.B.A. after my undergrad cuz I wanted to complement my technical background with business know-how – at the same time, I held several of my consulting engagements and the scope of my work changed from that of purely technical to more of project management.
**

Let me congratulate you for taking this important step and I wish you success in the future. As you know, it isn't easy to jump back in academia, espicially when your career is actually going somewhere. However I am confident that this decision will be more beneficial in the long run for the both of us.
**
During this time however, I also became more theoretically savvy and added to the body of practitioners’ knowledge through various forums and that is how I began to realize the satisfaction in that work. Also moonlighting as a College instructor paved way towards a more serious academic undertaking.

Now with self-directed research prospects, and the freedom to explore, I feel more inline with my sage, and I guess its this satisfaction that leads you to a major decision.

With me, my scholarship and stipend amount to a meagre $22K, but I’m complementing that with teaching at another University and some part time work for previous employers. The university has a restriction on the number of hours that I can work, but I’ve worked around that cuz knowing myself, I need to maintain a certain lifestyle – by now, I’m used to working full-time with full-time studies, but it comes at the heavy cost of giving up your social and family life and sleep at night.
**

I amj impressed by your methodical reasoning leading towards doctoral studies. As teaching and other part time work, I have not inquired about any particular requirements of time limits set by the university. Also, I was feelling a little intimidated starting the program with employment, as I am not too sure how I will adjust. The last thing I would want is for my studies to suffer as a result of employment. Although you advice does give me a better idea and hope that one can actually manage both work and school.

**
Have you looked into fellowships from companies that may be interested in your area of research? This helps a lot… for me though, I’m only eligible in the second year of my Ph.D.

Dunno what more I can say, but Good Luck :-)

W.R.T. the issue of the focus of your studies, most Ph.D. programs I know of allow you to explore different avenues within the first year. What you should know are some areas in which you're potentially interested and read up on related academic and insustry litereature. With me, I wrote a paper during my M.B.A. that I was invited to present at a conference and it was well received, so I'm using that as genesis for continued research but my advisor has pre-warned me to the possibility of a revision once I start exploring in the first two years of the program. **

I applied and was accepted quite late..in fact, I was the last person to be accepted, so I havewn't been able to really gain an indepth understanding of the program beyond the brochures and the website of the university. I have scheduled an appointment with the director to discuss these matters. A fellowship from private sector firms is an excellent idea, in fact I have just emailed my current employer's fellows program, I appreciate the input.

As I mentioned before I am strong in Investment Banking, Intrernational business, and equities because I have either studied or have been employed in those subfields. I am going to dig up my old books stop by the library, do some jstor searches and reacclimate myself with these subfields. So I guess it would be a good idea to prepare myself before the meeting so I could float around a few ideas.

I am going to speak with my mentor, who incidentally holds a docterate from the same university and he also heads the department where I hope to be employed in the future. Perhaps that should help as well.

I really appreciate your help as you are in a similar position as me, anjd the ideas you presented are definately worth exploring. Good luck in the future and lets keep in touch!