Grad School Series: MIT Sloan
We got in touch with Vivek Palisetty, who graduated from IIT Kharagpur with an Integrated MSc in Economics in 2021. He is currently pursuing a Masters in Finance at MIT Sloan School of Management. Read on to know about his apping process
How did you decide on which colleges to apply to?
It was primarily program-specific. I wanted to do something in finance and economics. So I basically searched for top universities that offered such programs, most of which were in the UK and some in the US. I narrowed it down to the London School of Economics, Imperial College of London, London Business School, and Oxford University in London. In the US, it was MIT. Princeton’s curriculum wasn’t what I was looking for.
So if anyone’s looking to apply for a Master’s program (for a Ph.D., it’s different), they should look at the location and the brand. Ultimately, it’s the brand of the university that matters for Masters. For a Ph.D., brand matters as well, but there are other factors, like your advisor, your research, etc.
Why did you initially consider only the UK?
The UK felt like a better long-term option for me. London has a good industry for finance. On the other hand, while in the UK it’s just London that has a good market for finance, in the US there’s New York, Chicago, Boston, San Francisco, and the entire Bay area
Did you always want to do a Masters or did you consider doing a PhD?
I did consider doing a Ph.D. initially, but now doing my Master, I don’t see myself doing a Ph.D. It takes a lot of time.
How is the application procedure different for the US and the UK?
Mostly similar. They ask for the SOP, GMAT/GRE. I had given GRE. In the UK, it’s mandatory to take the test, whereas they made it optional in MIT Sloan. But most take the test anyway, since it’s always better to take it rather than not taking it at all
What about TOEFL/IELTS?
Those are pretty easy. The only difference is TOEFL is conducted by the same organization as GRE, and it’s American, while IELTS is by the British Council. Both are basic English exams, and you can take either of them.
What is the relative importance of CGPA, SOP, LORs, and GRE?
For finance, it’s a bit different from core sciences. For example, say you are applying for an integrated Masters plus Ph.D. in Metallurgy, you would need to get a letter of reference from someone of high stature. But for finance, it’s just getting a letter of recommendation from someone who has either worked with you in the industry or the school — pretty much someone who can talk about you and your personality.
In terms of relative importance, all stand at the same. For LORs, you might have to submit at least two or three. For CGPA, it’s better to maintain at least the minimum, like an eight above should be alright, but still aim for higher. Statement of purpose is the most important, and they are pretty thorough in analyzing that. Regarding finance and economics, work experience is pretty important, ex- where you’ve done the internship, etc
What is the difference between SOP and a personal statement? Did you do it for your applications?
Different schools have different requirements. Some ask to answer two or three questions, and some just ask for your statement of purpose. It depends on the school/program, and you could get the information from the website. I would say, think carefully about your statement of purpose. If you’ve done a few internships or some coursework in your undergrad, try to bridge that with what you want to do in your SOP, such that your aspirations are in line with what you’ve done. For example, suppose you’ve done your undergrad in Data Science and want to pursue a Masters in, say, Corporate Finance; you can use the statement of purpose as an opportunity to address why you’re making the switch and bridge the gaps.
Does your UG degree matter to where you’re applying to? Can your UG degree be different from your Masters or Ph.D.?
For finance and economics, it doesn’t matter. If it’s quantitative, then it might give you a certain edge. As IITs are target schools (Bombay, Delhi, Kanpur, Kharagpur, Madras), you should be good as they usually prefer students from target schools.
When did you start preparing your applications? What can be a suitable time to start preparing?
For 2021, I started preparing in early 2020. For finance and economics, you might need to start applying earlier. I applied to LSE in September, so you can start applying in October, given that’s the earliest you can apply. You might have to take your GRE earlier than that and finish preparing your SOP earlier too. I gave my GRE in December 2019 since I was sure I would study abroad.
How did you manage time out of coursework to prepare for applications?
The semester was online, so it was easier for me as the online sem isn’t as intense, in my opinion.
Did the pandemic affect your work?
I think they give you an option to say that suppose you had an internship offer and it was rescinded because of the pandemic, then you can say that I have been working at another company maybe not so well known, because the offer was rescinded. Apart from that, all the work was pretty manageable.
How do you manage your expenses for your master’s degree?
Loan Programmes. The best way to manage your expenses is through loan programs, or if you can get a scholarship, it’s good, but in finance and accounts, you usually don’t.
What are the demerits of taking a Ph.D. over a Masters degree and vice-versa?
PhDs require a fairly long commitment (usually 5–6 years), and obviously, you won’t be earning as much as in a corporate environment. The person should be prepared for the tradeoff and have a keen interest in the subject. If you discover that you aren’t really interested in the program, you can drop in the first year of masters, but it differs from program to program. I don’t know whether it reflects on your degree, but you could surely drop out. When a person asks you about your degree after graduation, you could say that I was pursuing a Ph.D. degree but found out it isn’t suitable for me, so I dropped out.
Is dropping out in the US not considered to be taboo?
In the US, it is not really a big deal. If you discover that you aren’t interested in pursuing a particular field, spending 5 years working on it is futile. Also, you will graduate with a degree even though you dropped out, so it is not taboo.
If you get a stipend for the first two years in your PhD program, are you allowed to drop out?
Some programs don’t allow you to drop out because they give you a stipend, so it is essential to find out which programs allow you to drop out. You need to talk to the program advisor to see the terms and conditions. If you enroll in a PhD program, you have to work under a professor, whereas the conditions are different in a master’s degree. Scholarships are available, but a scholarship in finance and economics is a bit unheard of. In my class, only five students were offered a scholarship by the institute, whereas other students were given a scholarship by their respective country governments. Finance and economics students usually don’t get a scholarship because they expect to recover the cost with a few years of work.
What is the duration of your degree? Do you have to do a thesis for the program?
It is 18 months. You can do a thesis, but it is not mandatory in the UK, unlike in the US. It is very program-specific, so you need to check the details of the program.
Is there any fast-track option wherein you can finish your degree earlier?
For this program, you can complete it in 12 months instead of 18 months. Most programs are 9 months or 12 months in the UK, which implies that such programs cannot be fast-tracked.
In the UK, most of the programs are 9 months, so the syllabus is lesser than an 18 months program or do they club in more stuff than a typical semester in an 18 months program?
There could be two perspectives to this. The person in the UK may think that those in the US are learning more, but those in the US would think that the guys in the UK are learning faster. Most of these courses are designed such that after completing them, a person is eligible for a job. You can do a PhD as well. Programs in the US are math-heavy, whereas the programs in the UK aren’t. A minor in math isn’t going to help, but the courses would benefit you. Probability and statistics, Partial differential equations, and linear algebra are some of the courses that a student should be familiar with. It is advisable to take a good course in KGP.
Words of advice for current undergraduates
Start thinking about what you want to do in life. If you are graduating in the 4th year, at least in the 3rd year, you should start thinking about what you want to do. Don’t get too stressed, but you should have a general idea of what you will pursue.
