Studying Business — The Academic Route: R & R
While coursework and grades will undoubtedly boost PhD applications, thinking that learning stops at the classroom door is a terrible mistake. To survive in what is essentially a professor apprenticeship program requires lots of passion, motivation, and dedication. Just as a professor’s work does not end when the bell in Ingraham rings, so too should one seeking to join those ranks constantly strive for more. This article is on R & R, not “rest and relaxation,” something that will be a rare treat in graduate school, but rather research and recommendations.
As previously mentioned, a PhD is a research degree designed to prepare students to be researchers. As such, a good indicator of potential success in a PhD program is research experience. Another important reason to begin research early is that the product of one of these experiences will likely serve as your writing sample when applications roll around. A publication in an undergraduate journal is not easy to get but can also serve as a major boon to an application. While some research opportunities are likely better than others when it comes to their positive effect on applications, more will almost always be better. But to get research experience is not easy, do not expect it to be handed out on a silver platter or to be told to do it. Finding these opportunities is more than half the battle and the focus of this section of the article.
However, what I just said is not exactly true — there are opportunities that will be handed to you through classes or as a required senior thesis — but it is always recommended to seek out more. Especially in the case of class research, due to the constraints of the class, the research written there may not be as in-depth or robust to represent the true extent of your abilities. That being said, there are a few options when it comes to securing research experience.
The first is the most relevant. There are many relatively “easy” opportunities to get some amount of experience. Joining research-oriented clubs like the Wisconsin Business Review can be a lower barrier to entry in starting out your research journey. Especially as an underclassman lacking experience in econometrics, these opportunities can be started early and continued throughout the entire undergraduate experience. This type of opportunity is not as beneficial as the ones to follow, but it is a good way to start early and build up a convincing case for the next options.
Next is a Research Assistantship position. These may be paid, but also may not be. They are actually quite difficult to find as professors who may need such assistance would likely draw from the pool of PhD students or even master’s students first. However, there are a few chances out there. In this case, you are often assisting a professor or PhD student with research. This is a great opportunity to see the forefront of the field. In many, especially undergraduate classes, the topics are foundational and important concepts but are not at the forefront of the research on the topic. Working as a research assistant can help orientate students to what is currently being worked on in their area of interest and also what skills are needed to thrive in modern research.
The final option I will cover is doing independent research. This can come in many forms. After finding a professor, some will require registration in a course like ECON 699, ECON 999, or FIN 799. These courses will be graded by the professor supervising the research. For students paying by credit, this can be expensive, but for a full-time undergraduate student within the allowed credit limits, the marginal cost is negligible. Other times, professors will just do research with students out of the kindness of their heart and desire to foster research ability. Regardless of whether it is taken for credit, an independent research project is good experience but can be contingent on finding the right professor.
This is the greatest challenge to completing an independent research project. Just finding a professor, in general, can be a challenge. Professors are often engaged in their own research and are likely to prefer working with PhD students and other graduate students interested in research due to them having a stronger background than undergraduate students (requiring less guidance and producing a more rigorous product).
However, there are undoubtedly many professors who are willing to work with undergraduate students, provided they have the time. In my opinion, the best way to approach this is to have an idea of what you want to do written up. Having a proposal with a literature review can show that you have put in a good share of work before approaching a professor. It will not be perfect, and there are likely studies you are unaware of or mistakes made, but it demonstrates genuine interest, baseline ability, and work ethic. As with most things, people are more willing to help someone if they see that person putting in the work to help themselves. This also helps professors see how much of their time and assistance they will need to contribute towards the project.
Many professors have told me that independent research is the most beneficial approach to a Ph.D. application. It shows not only one’s own research interests but also the ability to take an idea for a research question and turn it into a project. However, with everything discussed in this series, this preference is only if a single option may be chosen. Doing more and different types of research experiences will always be a major boon to a PhD application. In addition, these opportunities may either reinforce a desire to seek a PhD or show that a different path may be more suitable. They are also a great source for the next topic, letters of recommendation.
I originally considered having a separate article dedicated to this facet of a PhD application, but ultimately they are one of the main benefits of doing lots of research experiences. Near unanimously, every professor I have spoken to has said that letters of recommendation are the most influential factors for consideration in a PhD admissions committee. Most PhD programs will require three, but some will require only two. These should come from professors, specifically those with a PhD in Economics or Finance, although some say that letters from math professors are okay as well. It is often a disadvantage to have a letter from a boss at a job unless that job is at the Federal Reserve or similar.
The quality of the letter is the most important factor. A letter from a professor that says something to the effect of “I had X in my class, they got an A” is not helpful to your application. Picking professors who know you should be the number one priority over most other considerations. For example, a professor’s renown in the field could be a factor due to the connections they have with other professors who may be on the committee. However, the priority should be:
Knows you and famous > Knows you > Famous > Neither
This is a direct example from a professor I talked with. But having a professor know you is not a simple matter.
Doing research with a professor is probably one of the best options for doing so, but there are others. Being in their class, especially one with a large final project/paper or that is a smaller discussion class could suffice. Going to their office hours, even if you do not have a question, can help as well. I also recommend talking to them about your desire to pursue a PhD. As a professor told me, “Professors love to see when you want to be like them and get a PhD. Especially a PhD in what they got theirs in.” Other options that may be available are joining discussion groups, reading groups, or seminars. These are not always open to undergraduates, however.
There is a little more to discuss when preparing for application season itself. Thus far, I have focused on what students can do before their senior year. In the next article, I will discuss what to do once application time is approaching.
