Introduction
I grew up in northern California, but always had a vision of moving east. I attended Bryn Mawr College, where I double majored in economics and math. I was undecided on graduate school immediately after college. I wanted to explore the working world and assess the relevance of my undergraduate education and how to apply it. I moved to New York, where I worked for two years at the Federal Reserve Bank of New York as a research assistant. My experience there solidified my interest in a PhD in economics. Research assistants at the Fed work closely with a few staff economists on various projects. In particular, I was drawn to a project on inflation-indexed Treasury bonds and the creation of a measure of inflation expectations. I loved the work, but it was clear that I needed more advanced training if I were to be capable of steering such a project on my own.
The Business Economics program
The Business Economics program at HBS seemed and has proven to be an ideal fit. The first two years of the program focus on the economics department. Because Business Economics students share the same course requirements as the economics doctoral students, the program offers the same rigor and theoretical training. Past the first two years, the focus shifts to HBS, and the more strictly finance courses and finance faculty.
The Business Economics program is perfect for me because I want to be rooted in an understanding of economic theory, able to study the business world in a way that is acceptable to classical economists. At the same time, access to HBS is important in shaping my research. The courses and faculty help to align my interests and focus with conversations in the business world. In short and for me, HBS serves as a check on whether my research is relevant.
The HBS Experience
How radically different a graduate student's typical day is from anything in the working world! A typical day at both the Fed and at Goldman Sachs began very early and ran late. As an incoming student, I aimed to keep the same structure, treating the mix of courses, problem sets, and study groups like a day at the office. But that faded fast…Suddenly, 8:30 am classes felt painfully early. I quickly began to appreciate the freedom of running errands between lectures, opting to shift study groups late into the evenings. The flexibility is a great benefit, though graduate life has not been anything resembling relaxing.
Advice for Prospective Students
The reality of the Doctoral Programs is that you're here to invest in yourself. Grades do not matter the way in which they did in college. There is little supervision and few day-to-day hurdles to clear. That might sound relaxing, but instead, I think it's far more difficult. You are accountable only to yourself.