You post interesting comments. I apologize if I seem like Im cherry picking you. I agree with your general assessment about the “bundled package”, but I’d like to include the idea of finding the right research project and advisor. As far as I can tell, I do believe that firms look at applicants holistically. It looks like they are aware of the top institutions in the subfields, which makes sense because the top institutions in a subfield are very easy to look up (US News and Report/etc…). Below is the McKinsey Recruiting website.
<p>Since it looks like you are advising for the most practical route (highest % route for either monetary success or academic success), you are probably right in advising that a place like Harvard is hard to beat.</p>
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I disagree with this solution for a large research university. This solution can encourage professors to dish out easy As in an effort to bolster their student evaluations. Ive actually seen this in person; its fairly tragic.</p>
<p>I can see this as a solution for a LAC given the size factor. However, unless a large university is willing to put in the time to sort out the terrible evaluations (students who were clearly bitter about their grade), then there are problems with this scenario.</p>
<p>I can also see this working for Masters Programs.</p>
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Theres a saying that academia progresses when people die.</p>
<p>I think there should be some sort of balance struck. Id suggest that at a certain point there should be some sort of renewal of contract system every few years or so, but I havent considered this situation very deeply. Its important to get a new influx of ideas instead of clogging up faculty positions with 70-80 year olds.</p>
<p>Furthermore, given the recent increase in life expectancies (increases in general health) in the US, I predict that theres going to be a bigger problem with tenure due to an increase in 70-80 year olds holding faculty positions.
I agree that the health sciences have a better fallback plan than the humanities and social sciences. Health is a big part of the social conscience in the 21st century; 18th century medieval pottery making is less relevant in the public mind.</p>
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Actually, some of these institutions are hurting due to the economy, especially in the research sector. I know that MIT has cut down on PhD admissions by 20%+ for some engineering and science departments; they basically tell prospective graduates that visit this. Some of MITs departments (and other schools) have been unusually aggressive as well. Stanford, in particular, is hurting pretty bad right now, and you can see that in their admission patterns this year with engineers holding out funding information for PhD students. To give them credit, they do offer one of the highest stipends for the physical sciences.</p>
<p>Ive read that Harvard was down $8 billion at one point. Although they still have $20+ billion in endowments, Im sure that had to hurt a little bit.</p>
<p>I believe Caltech may be an exception given that they have a different financial structure: no sports, no business program, no medical school, no law school, etc. I’ve heard that they don’t expect to be hurt too much by the economy.</p>
<p>I dont know if this is true, but Id argue that these institutions are built to maximize their dollar to the limit even though they have a lot of money. This is because thats what they have to do in order to stay on top. Ill use a sports analogy although Kobe Bryant, Dwayne Wade, and Lebron James have incredible talent (money), they still have to work/train incredibly hard in order to stay competitive on the elite level.</p>
<p>Nobody is denying that those schools are being hurt…but by the general decline of the economy, coupled with injudicious investment decisions on their own part. What I am saying is that those schools are not going to be influenced by whatever microscopic loss of tuition that any one disgruntled potential student can inflict on Harvard, especially when there are boatloads of other people lining up to get in. Let’s face it: Harvard is not going to change its entire tenure infrastructure just because Joe Schmoe decides not to go to Harvard, especially when Harvard can just replace Joe Schmoe with any of the tens of thousands of other people who want to get into Harvard. </p>
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<p>Well, to be fair, many universities run forced-retirement programs at a certain age and/or certain length of employment when professors are forced to take emeritus status. Granted, some of those emeritus professors may still have offices and evenly actively engage in research, but they’re no longer officially on the university payroll - their livelihoods now being supported by their (usually cushy) pensions. </p>
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<p>You mentioned finding the ‘right’ research advisor and project, but sometimes that may mean choosing a relatively low-ranked department/school that just so happens to have an advisor who is working on precisely what you want to research. The problem of course is what if you earn your PhD from that department, and then can’t get an academic placement? Put another way, what if you turn down a PhD program at Harvard for one at Wayne State because the latter has the perfect research for you, run by your perfect advisor…but then when you obtain your Wayne State PhD, you find out that you can’t get placed? You probably would have been better off going to Harvard, as although the collaborative fit might not have been perfect, at least you can leverage the Harvard brand and resources to find a decent job. </p>
<p>McKinsey is by far the largest of all of the management consulting firms. Most other consulting firms, especially the boutiques (obviously) are far smaller, and often times lack the expertise to properly assess your PhD research productivity. Heck, even McKinsey would have great trouble assessing that. Does McKinsey really know what the top academic journals are in any particular subfield? Does it know what the most important publications are, or are likely to be? Heck, even those in academia itself often times don’t really know what the top journals and top publications are in subfields that are only slightly different from their own. McKinsey probably doesn’t know, and a smaller boutique consulting firm certainly doesn’t know. All they will see is your school’s brand. </p>
<p>Furthermore, to get hired by these firms almost always means that those firms need to be actively recruiting at your school. McKinsey is a large firm and therefore has a large recruiting footprint; nevertheless, the vast vast majority of schools are not visited by the company. Smaller firms are even more insular in this regard, only recruiting at a handful of schools. Heck, many of the smallest yet most desirable firms, such as VC/PE or hedge funds, don’t even recruit at all, instead requiring that you obtain a formal introduction to them, usually through alumni networking. Harvard alumni are deeply connected to those industries in a way that few other schools (arguably no other) are. So, what happens if you get your PhD at UCSD and then decide you want to work for a PE firm, but you can’t even get an introduction because nobody from UCSD works at that firm?</p>
<p>Note, I’m not saying that everybody should always choose Harvard. All I’m saying is that people ought to be risk averse by understanding that an academic career may not work out for them, and they should therefore ask themselves what else they can do with a PhD from a particular school. Heck, that sort of mentality should be applied to the whole grad school experience itself, regardless of whether you finish the PhD. Something like half of all incoming PhD students will never actually finish the degree, and it is legitimate to ask what sort of opportunities you will have if you don’t finish. For example, I know PhD student at MIT who is only in the first year yet who is already talking about quitting the program and taking a lucrative consulting job, for MIT is another one of those schools where the presence of consulting firms is pervasive.</p>
<p>“Put another way, what if you turn down a PhD program at Harvard for one at Wayne State because the latter has the perfect research for you, run by your perfect advisor…but then when you obtain your Wayne State PhD, you find out that you can’t get placed?”</p>
<p>Speaking as someone who will be attending Wayne state, and chose it over Tulane, I must add my two cents: I chose Wayne state because they have a program that has incredible resources working in a highly specialized area. One student who is in her last year has been sought out because of the fact that the training this niche provides is not available elsewhere, she already has 4 offers, one is even a teaching position! </p>
<p>I chose Wayne State because they don’t aim to train academics there, they train medical researchers, Tulane trains academics, they are looking to mold professors, and with the tenure system they way it is, and teaching positions so desperately hard to come by, I chose a route that would get me a job…not to mention the program is just awesome.</p>
<p>I forget about how it’s done here, but at my undergrad school course/professor ratings were due prior to final exams, which led to minimal vindictive grading since you never quite knew where you stood until after the final.</p>
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<p>We’re doing our fair share of hurting from finances. I know in my department we’re expecting to admit fewer people than previous years. The school’s also downsized a number of non-academic positions; I recall them asking every department to cut expenses by something like 10-20% as well.</p>
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<p>How about all of the other non-academic jobs that are still within your own field? Most of the people I’ve known that have gotten their PhDs recently haven’t gone on to academic positions, they’ve wound up in national labs or corporate labs. I imagine a well known professor at Wayne State would have much better connections to get you jobs like those after graduation than someone fresh off their post-doc at Harvard.</p>
<p>The article can be summed up as “college is expensive…and may not be worth it”. We know this already. Even here, where the state subsidises most courses, there is a move towards US style market determinants of price and many programmes are cut.</p>
<p>I’m in for the long haul, I just want to teach IR in some little liberal arts school in some backwater town.</p>