Beyond the Hedges : Is a “ Pre-Doc ” in Your Future ?
Meghana Gaur is a Senior Research Analyst in the Macroeconomics and Monetary Studies Function of the Federal Reserve Bank of New York . She graduated from Rice in 2019 ( Lovett College ) with majors in MTEC and Math and will start her PhD in Economics at either Princeton or Stanford ( not a bad choice set !) as a National Science Foundation Graduate Research Fellow in the Fall .
After graduating from Rice , you elected to work as a research assistant ( RA ) for two years before applying to PhD programs in economics . What are the advantages and disadvantages of this approach ?
There are several factors to consider when deciding whether to apply for RA positions or directly to PhD programs after graduating from Rice . It is also important to remember that there is no one “ right ” path that guarantees entrance to top PhD programs !
With that said , admittance to PhD programs in the economics programs is becoming increasingly competitive , even for students with near-perfect academic records . While you are not expected to have fully formed research interests at the start of grad school , you should try to demonstrate in your application that you are familiar with the research process , have clear research interests , and explain why you are a good fit for the departments to which you are applying .
Working as an RA allowed me to refine my research interests , gain valuable programming skills , and become familiar with various datasets and different stages of the research process . The experience also enabled my recommendation writers to speak more precisely speak about my potential as a researcher in their letters of support , especially since I didn ’ t seriously consider a PhD in economics until my junior year at Rice . Other advantages of an RA job include the opportunity to explore a new city for 1-2 years , make new friends including some with similar research interests , and gain some “ real-life ” experiences .
The main disadvantage of taking a predoctoral RA position is the extra 1-2 years added onto the PhD timeline . On the other hand , getting a PhD is very long process , so I think it can be beneficial to figure out whether this is really something you want to do beforehand . Some important considerations when deciding between different RA jobs are the position ’ s benefits ( health insurance , tuition reimbursement policy , etc .) and , of course , the compensation and the extent to which your assignments will help prepare you for graduate school study .
What kind of work do you do at the Fed and how does it better prepare you for grad school in Economics ?
As a member of the Real Macro Team at the NY Fed , my work consists of different “ policy ” and “ research ” tasks . The “ policy ” work is analysis that contributes to the Bank ’ s day-to-day operations and / or informs monetary policy . The “ research ” side of the job involves assisting economists on my team with papers that they intend to submit for publication in academic journals . As you might guess , there is often significant overlap between the policy and research work , and in my two years at the Fed , I have explored interesting questions relating to market concentration , household consumption , and labor market and firm dynamics . This will help me both with my course work at grad school and in choosing the fields in which I will specialize .
What is your advice to undergraduates interested in pursuing a PhD in economics ?
If you are considering an economics PhD , try to get as much exposure to math and to research in economics as early as possible . The latter might take the form of taking electives in areas of economics that you are interested in or finding research opportunities with economists who are working in those areas . The department ’ s two-semester Honors Program is a great opportunity to pursue independent research , and I used my senior honors thesis as a writing sample for some applications .
I also found it helpful to reach out to my professors as soon as I realized a PhD was something I might be interested in , as they offered valuable guidance on the application process , such as what programs I should consider applying to , based on my interests .
Last but not least , I recommend applying to external fellowships , such as the National Science Foundation Graduate Research Fellowship Program , whenever you end up deciding to apply to graduate school . I also strongly encourage you to reach out to former Rice undergrads who are currently in the process of completing their PhD to learn about their experiences !
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