DejaVu all over again! + All PhDs are not born equal. + Familiar vs Unfamiliar field of PhD + Why not shoot for the stars?

Now that I am researching PhDs, it feels like deja vu all over again. Ok, I know it is punny. Chill! Why do I say that it is deja vu all over again? That is because I had the very same questions on my mind before joining the MBA program!!! Am I doing the right thing? Is this the school / University for me? and so on. I shall have to ask these very questions, while getting into a PhD program. Have to choose the University / program that is the BEST FIT for me!

The dilemma here is this:
* Start a PhD immediately, with any available program? (most programs start in September. I am already kinda late. I thought of a PhD only 2 days back, bro! Had not planned it before that. LIfe is like that).
* Or go for a well recognized PhD program?
* You see, I am set in Toronto right now. This is home. Relocating to a new place is not going to be easy.
* At the same time, I am also looking at PhD programs in USA. I already looked at PhD in SUNY, Buffalo, NY and in Detroit, MI. And now, I am thinking, why not a PhD from a prestigious university, darn it? Why not Ivy League (Harvard, Columbia, Brown, Princeton, Yale, UPenn, ).
* All PhDs are not born equal. There is different level of prestige associated with them. There are many different fields in which you can do a PhD.
* This also begs the question: Should one do a PhD in a familiar field or an alien field?
* Personally, I choose to do a PhD in an alien field (not something related to Medicine - I am a Medical Doctor). I want to learn from a PhD first and teach later. A field like Economics and Finance is ideal for me.
* Here is another thought. Instead of rushing into a PhD this September 2012, why not plan for a PhD in September 2013 from a prestigious University?!
* Some PhDs can be completed in 3 years (eg: McMaster University). Some take 5 years compulsarily (eg: University of Toronto)! That factor should also be kept in mind.
* More later. My thoughts are still new regarding a PhD. As my thoughts mature, and as I come to a conclusion, I shall post new blogs.

Gerry.

PhD at Rotman (University of Toronto) in Finance ---> NO Tuition Fees (It is all paid for!) + $26,000 in funding available through out the PhD program! Rotman PhD would a dream come true ! It is the poor man's Ivy League / Canadian Ivy League :)

From the link: http://www.rotman.utoronto.ca/phd/details.aspx?ContentID=159

What is your application deadline?

January 1st is the application deadline.

Do you have rolling admissions?

No, we do not offer rolling admissions.

What tests do you require?

Either a GMAT or a GRE taken within the last five years. Applicants whose primary language is not English, and previous degree(s) have been completed at a non-Canadian university where the language of instruction and examination was not English must submit a TOEFL test score report from the past two years.

Do you have minimum test scores?

The following are minimum test scores:
• GMAT: 600/800 total score
• GRE: 80% on each GRE component
• TOEFL iBT (internet-based): 100/120 total and 22/30 on both writing and speaking sections
• TOEFL PBT (paper-based): 600 total with at least 5/6 on the TWE (Test of Written English)

What tuition fees are required?

Each year, students pay incidental fees of about $1,000 and health insurance (international students only) of about $750 for single coverage.

Does the program offer financial aid? Are international students eligible?

Yes, financial aid is offered, and international students are eligible. In addition to a tuition scholarship that covers full academic fees, entering students are guaranteed a minimum financial package of about $26,000 for each of the first two years. In subsequent years (up to and including year five), similar financial support will be made available given good progress in the program.

What is the average duration of the program?

It takes an average of five years to complete the program (even if you have an MBA) — two years coursework and approximately three years of research and writing of the dissertation.

Some info about PhD at McMaster University - You can complete it in as little as 3 years, Full Time. Funding of around $25,000 a year is available + perks (laptop, paid conference travel etc)

From the link: http://degroote.mcmaster.ca/phd/

Program Timeline & Duration

The time required to complete the program varies widely and is largely dependent upon each student’s personal experience while in the program. In general, students are expected to complete the program within four years with an upper limit of six years. Past DeGroote graduates have completed the degree in as little as three years while others have needed six years.

A typical timeline for students enrolled in the Ph.D. program is as follows:

• Years 1 & 2: Course Work (students complete between 6 and 12 courses)
• May/June of Year 2: Comprehensive Exam
• Year 3: Dissertation Proposal Defence
• Year 3: & 4: Data Collection and Analysis
• End of Year 4: Write-up of Dissertation and Oral Defence
• In order to keep students on a four-year timeline, student performance is assessed on an annual basis. A student whose work is unsatisfactory may at any time be required to withdraw from the University.

Student Funding

Students admitted to the doctoral program are currently guaranteed four years of funding at a minimum of $20,000 per year. Students typically receive their annual guaranteed funding through some combination of scholarships, research assistantships (RAs), and teaching assistantships (TAs). In addition to this guaranteed funding, “top-up” funding can be offered to students upon admission from various sources including additional graduate or research scholarships, research assistantships or sessional lectureships. All faculty members who agree to supervise a Ph.D. student are encouraged, but not mandated, to provide an RA research scholarship of $4-5K per year for four years (this amount is in addition to the $20,000 minimum). The RA research work typically is to be completed during the summer academic term

A useful re-post about doing a PhD after a Masters degree

From the link: http://johanistan.wordpress.com/2012/01/27/the-debt-free-doctoral-route/#more-779


If you manage to go through your master’s degree without any debt, completing your Ph.D. without any debt will be a piece of cake. You can use the same strategy that you followed for your first graduate degree, but it might be smarter to dedicate yourself to the Ph.D. completely. Most universities offer teaching and research assistantships to doctoral students. These programs offer different levels of compensation, but most of them offer doctoral students a full tuition reimbursement (meaning you won’t have to pay any tuition) and a stipend that ranges between $15,000 and $30,000. In exchange, doctoral students have to teach a number of courses or help university researchers with their investigations 20 hours a week. Make sure that when you reach this level you find a competitive offer, and relocate if you need to. This is the moment for you to apply to major flagship universities – UT Austin, UW Madison, UC Berkley / LA, or Purdue would make good choices. These universities offer the best stipends, but they also require the most labor from their doctoral students. Furthermore, they also require students to take several pre-requisite courses before starting to take credit courses. If you’re not inclined to spending 7 to 10 years working on your Ph.D., you might want to apply to emergent research institutions. These universities have solid reputations and are often on the list of Tier 1 institutions. These institutions sometimes will not force you to take pre-requisite courses if you can demonstrate competency on the required skills.

If you are accepted into one of the doctoral programs with competitive stipends you might need to relocate – do not hesitate. Remember that once you start your studies you will need to regard your doctoral studies as your full time work. You will literally be getting paid to work and study for the university. If you do this, you will spend anywhere between 5 to 10 years working on your doctoral degree. When you finish your doctoral degree you will likely be poor and unemployed, but you will also be part of a group of rising authorities in your field. You will be able to find a job in industry, research, or teaching. Furthermore, you will have gone through an amazing experience for networking and personal, as well as professional, growth.

Also, you’ll be able to call yourself “doctor” and have the ability to brag about how you became an authority in your field without having to spend money.

I am thinking of doing a PhD immediately after my MBA this year in USA or Canada! So it shall hopefully (some day) be MBBS ---> MBA ---> PhD!. Plus, I shall pick up half a dozen certifications on the way (CAPM, CMC candidate etc in a couple of years...)

Now that I am nearing the completion of my MBA, I have been thinking about what to do next. I am already in an internship and already have a potential opening for September 2012. Actually, I have more than one opportunities lined up for September 2012, immediately after my Internship. I am excellent at professional networking and that helps a bit, you know.

Ok, back to the PhD topic, the economy is still in a bad shape. Job market is not the best. Even though I do have potential job offers, thanks to my aggressive networking, I know that there is no Big Bucks on the table right now. It makes sense to be in school to get the highest possible education right now. A PhD is a dream come true, since I shall get to teach after that. I love teaching. There shall also be original research involved. I am always full of ideas for research. Research is my kinda thing. A PhD feels just right at this time, for me. Of course, I am still ambitious and am interested in doing extremely well, financially after the MBA. But I have to find out a way of accomplishing that while doing a PhD. Now that I am in the study mode, while in the final stage of MBA, it makes sense to continue the flow and finish a PhD program as soon as possible. Once I lose touch, it shall be difficult to go back to the books. Now is the perfect time!

The other day, I had been to the YSGS (Yeates School of Graduate Studies), Ryerson University, Torotno and happened to pick up a Graduate Admissions brochure purely by accident / chance.

There, I saw that Ryerson University offers a PhD in International Economics and International Finance. I am VERY VERY interested!!! Seems like the answer to my question!

Now, I have a few things that I am trying to figure out:

• I have already filled in the application form for PhD that starts September 2012 at Ryerson.
• I need to find out if I have to apply for OSAP funding for a PhD
• How much stipend I shall be paid monthly?
• How much can I make while teaching students as a PhD candidate?
• Are there any scholarships available?
• What are my options? I plan to live in Toronto area. So my options are: Ryerson University, University of Toronto, York University, McMaster University and Queen's University.
• My area of interest for PhD is Business Management - specifically International Economics and Finance. (Even though I absolutely love Marketing, I am not interested in a PhD in Marketing).
• I am also looking at US as an option and am exploring PhD in Detroit, MI or Buffalo, NY (close to Canada :)
• Is it possible to start a PhD immediately after MBA?
• What is the fastest that I can complete my PhD? I do know that they vary from 3 to 5 years.
• This PhD is supposed to be a full time program, but can I also hold a Corporate job while doing my PhD?
• Of course, I can run a business while doing a PhD. Nobody can stop me from that! I have something in mind and shall start this month.

Gerry.

(I just hope that a PhD ambition shall not end up like the cartoon below. Kidding :) I know I am better than that)