Application Process
Applications
For most finance PhD programs, what you need to submit are very similar. Here is the list of the things that you need in your application packet (which will be done on the Internet). Please note that the below list is just general idea. Please check each school's website for any specifics.
Application
Transcript(s)
GMAT/GRE Scores
TOEFL Scores (if you are an international student, and haven't graduated from a university in an English speaking country)
Personal Statement
3 Letters of Recommendations
Application fees
Writing samples (often times optional)
One thing that you should remember is that there is no one element in an application that determines your acceptance to schools. There are many elements that are important for each program to consider. For example, your GMAT/GRE score and GPA are important to set cutoffs to review applications. When each school receives 100+ applications, they cannot simply review every application. To pick 10 to 20 applicants for interviews, they have to set certain standard. Details on GMAT/GRE, please go to GMAT & GRE page.
Once you make into a pile for reviews, the program committee members are most likely to check your research potential. One of the things that you can differentiate yourself from the crowd is actual research experience. If it is in the finance area, that would be better; however, having some co-author paper (even a working paper) is a huge plus because that indicates that you have a potential to be a good researcher. In my case, my GMAT score was a little lower to be conpetitive. However, I had a working paper in finance with two professors at BYU. It helped me a lot to get interviews.
Another one is your personal statement. Within 1 to maximum 1.5 pages, you want to put as much information as possible to show that you are interested in research. This is where you can put your experiences to relate to research activities and show that you have a potential. This can be written based on some research project you have done in your classes. Why are you interested in finance PhD? Why should the school consider you? What makes you different from other candidates? Put rich information in conscience manner with all true information. Once you write it, have multiple people review your statements and have them comment on. I had 3 professors to review my statements for advice.
Finally, recommendation letters are very important. Some people may have just a generic recommendation letters while some may write something more personal. You will get better, more personal recommendation letters from those who know you personally. I had opportunities to work with many professors to work as a research assistant and a teaching assistant. Given the pool, I considered a few things to pick 3 people to write my letters: big enough name in the research world, worked with him/her long enough, know that he/she has great impression on me, etc. I know my letter writers wrote more than outstanding letters for me (some of them let me review their letters). Reviewers know if letters are general or personal by looking at it. They will help your application package get more attention.
Most schools have a deadline for the application between December and February. Some school has a deadline as early as December 1 while some has as late as March 1 while most applications are due between December 15 and January 15. Create a spreadsheet to make sure that you do not miss any deadlines, and everything is turned in.
Interviews
Each school has different ways to interview applicants. Often times, there are a big pool of students they interview, in general 20+. You may meet with only the PhD coordinator of the school for 30 minutes. Some school may have any tenure track faculty to interview you. You may see a few interviewers in your interview. It is possible that you have a few rounds of interviews as well. I had a school who had all the tenure track faculty members interviewed me.
Like job interviews,