I am accepted by the Ph.D. finance program at Rutgers University(NJ) and Temple University(PA). Both schools did not give me any funding. Chance to get funding within 4 years at both schools is very low (Rutgers-less than 5%, Temple-less than 20%). After my calculation (4 years' tuition and living cost), if I choose to go to Rutgers, I have to pay about US$48,000 or US$80,000 more. Rutgers ranking in business Ph.D. research is better than Temple. But does it worth paying additional money? Which school should I choose? Is Rutgers substantially better than Temple in terms of seeking a teaching job in the U.S. after graduation?
Thanks for your response.
Some schools give scholarships to all accepted students. Other schools give scholarships to some of the accepted students. So, it is not unusual for Ph.D. finance students to pay his/her tuition and/or cost of living. The schools I refer to is ranked 1-200. The better the ranking, the better the support. Whether one can get funding depends on his/her credentials.
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Reply to imbird and luckocean: I am not rich at all. If I decide to go, I have to draw a loan probably. Rutgers requires self-support students (students accepted without funding) to pay 4 years tuition by themselves. Temple said new students can apply scholarship starting from the second year but there is no guarantee.
Reply to mablechen: Thank you.
Reply to eternalwind: already replied.
Reply to rings: Rutger's total cost is 48k or 80k "MORE" than Temple's total cost. This calculation is based on no funding from both schools for four years . Rutger's four year tuition plus living cost is about 145K. Temple's four year tuition plus living cost is about 85K.
PhD of finance without funding? That's really refreshing. hehe. So far as I know, for a decent program, the PhD students are all supported, at least by TA or RA.Anyway, if you don't worry about money, just go ahead. Another suggestion is go to Rutgers University. That's a better one.
It's true that some doctoral programs would admit students without financial aid. This is my personal experience:
Two months ago I wrote to a professor at Rutgers Univ., telling him that I was interested in their program and attaching my brief background with that email. He replied that though he was interested in me, the problem was that the program already extended three offers to qualified applicants (because it''s already late March and their deadline had passed more than one month). Thus though he still encouraged me to apply, he also reminded me that it's possible that I have to support myself if all thoses three 1st-round candidates accepted their offer, since Rutgers is a public school and couldn't spare extra money for an additional student.
Though I did not apply Rutgers at last (because I got another's school offer several days later), the experience of corresponding with that professor told me that " IT IS COMPLETELY POSSIBLE FOR A PHD PROGRAM IN B-SCHOOL TO ADMIT STUDENTS WITHOUT FINANCIAL SUPPORT", depends on which kind of school does one apply.
It's usually true that schools will offer fellowship or TA/RA for inoming PhD students, especially in private schools and more prestigious public schools, but this is not saying that getting an admission from a school is equavalent to getting money from them.
To Chopin1241:
If I were you, I would go to the place where I have greater probablity of getting financial aid from the second year. If you could get money from Temple, then the cost gap between these two schools would be much wider than 48,000 or $80,000. Moreover, though Rutgers is certainly better in terms of ranking, I don't think it worh so much money. Temple is quite prestigious in the field of international business studies (their one-year master's program in interntaional business is famous both domestically and globally); though I am not sure whether they have any faculty specialized in international finance, probably you can try to see if you can take advantage of this part, if you are also interested in internatioanl dynamics.
T Mike1999
Thank you for your suggestion.
T Jadelo
Congratulations and thank you for sharing your experience. Your are absolutely right. University of Arizona, for example, accepted 3 Ph.D. finance students this year. All of them were accepted without funding at least in the first year. George Washington University is another school that requires some admitted students to pay 4 years tution.
I choose to study PhD finance for two reasons. First, it better suits my interests and academic/work experiences. Second, the academic market in finance field is the best among Ph.D. business fields except Ph.D. accounting. It may not be practical to change major to international business. But, seeking to major in international finance would definitely be something worth trying. Thank you very much for your suggestion.
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