<p>I'm still not 100% sure which path I want to take with graduate studies, but the most likely interest for me is to want to pursue a Ph.D in Economics and I am earning a double in Math and Econ to prepare for this, however my question is one which could work for any number of disciplines.</p>
<p>Would it be better for me to (1) try to get into the best school that I can, mayhap the best fit amongst a cadre of schools which are comparable possibly with or without full-funding, or (2) find a rock star of a professor whose research suits my interests at a lower-ranked university, with full funding?</p>
<p>I've been told that it's pretty much impossible to get an academic position at an institution with a higher ranking than your Doctoral institution, but when I read the CVs of many of the professors at top Universities, they're not nearly all from the MIT/Chicago/Harvard/Princeton club.</p>
<p>Option 2. If you apply to a grad program that is “top-notch” but where your research interests do not match those of the faculty, this will show in your personal statement and interview (if you are invited for one), and could hurt your chances of getting in. You have the best chance of being admitted to a school with a great fit. Also, you will get more out of the experience if you are working with/for someone who is researching something you’re interested in than if you’re at a great school but finding the work unfulfilling. </p>
<p>Option 2 will also help you to network with other students and profs with your similar interests and have collaborative projects and remain in touch after graduating, whereas a school with a lesser fit will introduce you to people studying entirely different topics (although as a pro, you might find these topics more interesting that you originally thought and it could work out for you anyway). </p>
<p>Most credible PhD programs fully fund students, at least for the first 3 or 4 years. The stipend amount might vary according to rank (higher rank theoretically bringing in more money, more research opportunities, bigger name profs with larger grants, etc.). </p>
<p>It is difficult to teach at a school that is ranked higher than the one you attended, but not impossible. If you spend a lot of time on high quality work, publish a lot, really make a name for yourself, you might have some opportunities to move up. Also, network, network, network so that you hear about openings in advance and have lots of great references.</p>
<p>Another thing, at least in Economics, is that for the most part the higher ranked schools area also the ones with the larger programs. There can be a significant difference.</p>
<p>It really depends on your field, but I would like to add that there is a high correlation between rock star professors and top-ranked universities. They are far more likely to be in the top programs. But remember that top doesn’t have to mean top 5-10 - you could go to a top 30 program and still probably be pretty decent as far as the job market is concerned. And most top schools provide funding to all of their students, so you shouldn’t worry about that - although in the off-chance that you do get accepted to a program without funding, absolutely do not go. You should not do a PhD without funding. (I am talking about no prospect of funding. I am wary of programs that don’t fund in the first year but will fund you after, but that depends entirely on how probable funding in years 2-5 and beyond are.)</p>
<p>I will say that I think fit is more important than prestige. And in some fields, your advisor is the one who makes all the connections for you and helps you find jobs and opportunities.</p>
<p>I think it’s too early to tell, honestly. What you should do is apply to a wide range of PhD programs in your field with advisors you’d like to work with and that are realistic expectations for your background. Some will be rock-star dream professors and others will be professors who are not as well known but still doing work in your field. Then see what happens. When you have offers on the table, then you decide.</p>
<p>Some people do use MA/MS degrees as “stepping stones” to improve their PhD applications in later years. However, if your goal really is the PhD, you are better off applying to a large range of PhD programs (schools of various rankings and all with excellent fit; many people apply to 10-12 programs if they can afford to). Masters programs do not always provide full or partial funding, although if they are truly research-based you might find some good, affordable ones. </p>
<p>Talk to your professors early about your interests in graduate school. You may find some who are willing to let you in on their research projects and help co-author papers with them. Also take advantage of independent research courses, senior/honors thesis, and summer research assistant/internship opportunities. These will be excellent additions to your CV and will help you learn more about what research in your field entails, as well as what specific topics really grip you.</p>
<p>I’m taking a course this quarter which is focused on research methods for students. The course is a joint course for graduate and undergraduate students and the difference is that the graduate students are held to a higher standard. This will be my second course with this professor and I got an A in the first one.</p>
<p>While he is not an Economics professor, he got his Ph.D from Harvard and is widely respected and published in his field. Would a LOR from him be particularly valuable? After, hopefully, getting another A with him I am going to ask for one.</p>