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To the best of our knowledge, all fulltime business PhD programs in North America provide funding to each and every enrolled student in the form of a research assistantship (or teaching assistantship in occasional cases) or a combination of the two. This is designed for dual purposes, i.e., to ensure that students have the opportunity to work with faculty in research and that they can concentrate in their studies without having to worry about living expenses (sometimes the latter is considered to be more important than the former). Regarding annual stipend support as a component of such funding, it varies widely, ranging from over $40,000 at Harvard Business School to around $20,000 or less. However, we have recently noted a few postings in which the posters asserted that their offers of acceptance were not accompanied by funding. While we are unable to verify these claims, they are quite concerning to us. As we understand it, these students have to pay their own way, including being responsible for tuition (cumulative payments over five or six years can be a gigantic amount and far exceed that of a top MBA Program). While they may be able to access certain research and teaching assignments, we presume that these do not cover tuition nor pay a stipend (based on the simple logic that if otherwise, they would then be categorized as fully funded students) but pay an hourly rate (for example, $15). If we are correct, then income from such sources would be modest and therefore go a long way towards meeting financial obligations and living expenses. To conclude, we remain unconvinced about the existence of unfunded offers of admission in the universe of business PhD programs, esp. in North America. If they do exist as unusual cases, however, we caution that those who receive them make intelligent, well-thought-out decisions on whether to accept them or not, taking into consideration a full array of factors, both program-wise and school-wise, such as faculty research productivity, program curriculum and funding, and, of course, placement records. Among the imperative questions to ask are why the program insists on admiting unfunded students and how the resultant absence of a "bonding" relationship between students and faculty affects the research of these students.
Amid the current situation, many universities are confronting financial challenges as a result of both revenue losses (caused by enrollment dips, athletic events cancellations, etc.) and external funding cuts (this is especially the case for public universities). This is expected to have a rippling effect on PhD programs, those in business included. While we don't think the vast majority of the programs will waver on their commitment to providing all enroled students with full funding, what about the aforementioned few that are out of the ordinary, if they do exist at all?
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