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Evaluation

In: English and Literature

Submitted By praneethchinnu
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Pages 8
Memo Word count:1638

Subject: Feasibility Report: Selection of university to pursue Ph.D.
Date: December 03, 2015

This feasibility report contains my research about the selection of university to pursue Ph.D. in economics. Currently, this is my first semester at the University of Houston - Clear Lake (UHCL), and my interest on economics has increased after enrolling system engineering economics course in this semester, this made me to looking into options about pursuing Ph.D. in economics after my graduation i.e. December 2016.
In order to consider a university to pursue Ph.D. in economics, I am conducting a research on different criteria to evaluate between three different universities. The following three universities are considered as alternatives based on my criteria selected: 1. Columbia University 2. New York University 3. Yale University
My main criteria for choosing these universities are specialties, fee structure, and scholarship. After detailed research I have narrowed down my decision to Yale University and Columbia University, but finally concluded Yale University is the perfect and economic place to pursue my Ph.D.
The further report contains alternatives, criteria, method, evaluation, conclusion and recommendation.

Alternatives
I choose following universities to pursue Ph.D. in economics. The three universities are: 1. Columbia University
“Columbia University has traditionally been seen as the academic big shot, a member of the prestigious Ivy League, a group of America’s most historically prestigious and selective institutions.”1 The core of this university is wide range of academic inquiry is the commitment to attract and engage the best minds, pioneering new inventions and service to society. “The Lamont-Doherty Earth Observatory was established in 1949 in Palisades, New York, and is a leading research institution focusing on global climate change, earthquakes, volcanoes, nonrenewable resources, and environmental hazards. It examines the planet from its core to its atmosphere, across every continent and every ocean.”2 2. New York University
This university is considered as a largest private nonprofit institution for higher education. This university offers 2,500 courses and has many research oriented programs. The department of economics at this university evolved into one of the world’s leading centers for research and teaching in economics. Many serve on the editorial boards of leading economics journals. Also on our faculty are winners of Guggenheim and Sloan Fellowships.3 “Recent graduates from the department's Ph.D. have attained jobs at the University of Minnesota, The University of Pennsylvania, Northwestern University, University of Wisconsin, Pompeu Fabra, UCLA Berkeley, and other top economics departments. Graduates from the Masters program, currently hold jobs in a variety of fields in the New York area, including the financial, managerial consulting, and work in the non-profit sector.”3

3. Yale University
Yale University is ranked as top 4, providing Ph.D. programs in economics. The Doctoral Program gives students unparalleled expertise in management. Candidates work under Yale SOM's distinguished faculty, learning side by side with diverse and accomplished scholars. The Ph.D. specialization in finance is designed to give the student a strong background for study and research in both theoretical and empirical work in finance and related areas.4”Yale College has a large number of prizes, besides prizes given for excellence in a particular subject, there are also prizes for general scholarship and character administered by the Council of Masters and by the Yale College Committee on Honors and Academic Standing.”11

Criteria
The finalization on the university is derived considering three major criteria’s along with their importance (high to low) listed in following order i.e. specialties, fee structure, and scholarships. 1. Specialties – I choose specialties as primary criteria because, the wider the number of specialization means the university has multiple expertise faculties particularly in the department of economics. Also, each specialty offers real-time economic solutions in multiple horizons.

2. Fee Structure – I choose fee structure as secondary criteria since I need to estimate the budget and affordability throughout the period. Based on fee structure I have to apply education loans in multiple banks to find which bank offers a major stake in fee structure.

3. Scholarships – Scholarship is considered as third criteria as the percentage of the fee is waived and also it can help in living expenses. Also, each university offers a wide range of financial aid programs like percentage of the fee waiver, living expenses. Additionally, income from teaching assistant could be added advantage.

Method of Research
To determine which university is best, to pursue Ph.D., I have studied specialties, fee structure, scholarships of Columbia University, New York University, and Yale University. I used multiple web sources to collect information about the fee structure, scholarships, and specialties. Also, the living expenses are collected for each university using their official websites. I also received feedback from my friends and family about the universities I choose to pursue Ph.D. and also checked the fee structure and specialties through university official websites.

Evaluation
I have evaluated each university based on each criterion and below is the detailed summary breakdown of the different criterion on each university. * Specialties – As mentioned in table 5.1, each university has more than 4 specialties. The specialties like development economics, macro, and micro economics are available in all the three universities. * Specialty, Industrial organization is common in both Yale University and New York University. * Specialty international economics is common in Yale University and Columbia University. * Additionally, labor economics is available in Columbia University but not available in New York University and Yale University. * Econometrics is available only in Yale University. * Columbia University offers 5 specialties and New York University offers 4 specialties.
As shown in figure 5.1, the maximum numbers of specialties are available in Yale University. Universities | Colombia University | New York University | Yale University | Specialties | 1. Development economics 2. International economics 3. Labor economics 4. Macro economics 5. Public finance6 | 1. Development economics 2. Industrial organization 3. Macro economics 4. Micro economics5 | 1. Development economics 2. Econometrics 3. Industrial organization 4. International economics 5. Labor economics 6. Macro economics 7. Micro economics7 |
Table5.1: Number of specialties versus universities.5-7

Figure5.1: Histogram for specialties and universities. * Fee structure
As shown in table 5.2, the tuition fee and living expenses along with total expenditure are collected for each university using their official web sources. * The tuition fee and living expenses are very high for Columbia University i.e. $96,163. * Living expenses are less by $2,000 for New York University than with Yale University. * The Tuition fee is comparatively less for Yale University i.e. $38,000. * The overall total expenditure for Yale University is $67,000.
As shown in figure 5.2, the overall total expenditure is less for Yale University, as the tuition fee and living expenses are less. University | Tuition fee | Living Expenses | Total Expenditure | Columbia University | $65,988 | $30,175 | $96,163 | New York University | $46,170 | $27,000 | $73,170 | Yale University | $38,000 | $29,000 | $67,000 |
Table5.2: Tuition fee and living expenses for each universities.8-10

Figure5.2: Histogram between expenses and universities.

* Scholarships
As shown in table 5.3, Yale University and New York University provides full wavier in tuition fee, but Columbia University offers only 90% of the tuition fee. * In addition to financial aid, additional aiding option like teaching and research assistant are available for Yale University, Columbia University, and New York University. * Additionally, outside fellowship options like sponsorships from public and private agencies are available under additional aid option in Yale University. * Columbia University offers 90% tuition fee as financial aid. * New York and Yale University offers 100% tuition fee as financial aid.
Also, as shown in figure 5.3, Yale and New York universities offer %100 tuition fee waiver and 90% tuition fee is waived in Columbia University.

University | Financial Aid | Additional Aid options | Columbia University | $59,389 (90% tuition fee waiver) | * Teaching Assistant * Research Assistant | New York University | $46,170(full tuition fee waiver) | * Teaching Assistant * Research Assistant | Yale University | $38,000 (full tuition fee waiver) | * Teaching Assistant * Research Assistant * Outside fellow ships |
Table5.3: Financial Aid and additional aid options for each university.

Figure5.3: Percentage of tuition fee waved based on each university.

Conclusion

* Yale University has highest number of specialties, followed by Columbia University and then New York University. * The total expenditure i.e. tuition fee plus living expenses are less for Yale University. Although, living expenditure is less for New York University, the tuition fee is less Yale University. * Tuition fee and living expenses are very high for Columbia University. * Also, Yale University offers 100% tuition fee waiver as financial aid, * And Yale University provides additional aid options like a teaching assistant, research assistant, and outside fellowship.

Recommendation
I recommend Yale University to pursue my Ph.D. in economics; as this university offers a maximum number of specialties i.e. 7 and low tuition fee when compared with Columbia University and New York University and also the living expenses are low when compared with Columbia University but nearly lower when compared with New York University.
Yale University offers 100% tuition fee waiver, which would be helpful financially. And also provide additional aid programs which can be utilized for living expenses. So Yale University is best on to pursue my Ph.D. in economics.

Contact Information
If you have any queries about the report, please feel free to contact below email id:

References 1. Top Universities [Internet]. [Cited: January 07, 2015]. http://www.topuniversities.com/student-info/choosing-university/columbia-or-nyu. 2. About Colombia [Internet].[Cited: March 10, 2000]. Available from: http://www.columbia.edu/content/about-columbia.html. 3. Department of Economics [Internet]. [Cited: November 28, 2015]. http://econ.as.nyu.edu/page/home. 4. Doctoral programs [Internet]. [Cited: April 27, 2015]. http://som.yale.edu/our-programs/doctoral-programs. 5. New York University [Internet]. [Cited: February 12, 2015]. http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-humanities-schools/new-york-university-193900. 6. Columbia University [Internet]. [Cited: March 29, 2015]. http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-humanities-schools/columbia-university-190150. 7. Yale University [Internet]. [Cited: February 14, 2015]. http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-humanities-schools/yale-university-130794. 8. Tuition and Living costs [Internet]. [Cited: March 15, 2015]. http://economics.yale.edu/graduate/application-info#tuition-costs. 9. Cost of study [Internet]. [Cited: January 9, 2015]. http://www.investopedia.com/articles/personal-finance/010915/cost-studying-new-york-university-nyu.asp. 10. Estimated Student budget [Internet]. [Cited: April 10, 2014]. https://www8.gsb.columbia.edu/programs/mba/financial-aid/tuition-costs. 11. Prizes [Internet]. [Cited: January 10, 2011]. http://yalecollege.yale.edu/faculty-staff/advising-resources/handbook-directors-undergraduate-studies-yale-college/dus-and-12.

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