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Mathematical Statistics & application on Financial problems; SOP(PhD. Statistics)


jenna 1 / -  
Jan 9, 2013   #1
Ph.D. Program in Statistics
ESSAY QUESTION:
All applicants must submit a statement of academic purpose. Please compose a succinct statement of approximately 1,000 words describing your past academic work and preparation related to your intended field of study, your plans for graduate study, and your subsequent career objectives.

I have got 600 words so far. Looks short and boring :( . PLZ point out my mistakes and give me suggestions of what I can add!!
ps: I have an inrelevant internship. Not sure whether I should include it.
THANK YOU VERY MUCH!

Ever since my first Statistics lecture, I have been fascinated with the intricate world of data. Based on the mathematical science, we are able to understand both the current situation and future scenarios rationally. After taking more classes, I started to realize that various disciplines were interrelated and Statistical methods were so widely used in other areas. Although the pure sciences are intellectually stimulating, Statistics possesses a unique appeal due to its practical applications. Especially in the financial world, a correct modeling seems extremely important. I hope to spend the rest of my professional career learning advanced statistical and computational methods, and apply those knowledge to Mathematical Finance.

In the past three years, my undergraduate education has provided me with valuable training in both Statistics and Mathematics. Besides basic Math courses, Mathematical Analysis and Modern Algebra have provided me tools to tackle graduate-level courses in the future. Outside of pure conceptual knowledge in Mathematics and Statistics, I have also discerned the necessary skills to application to real-world events. For example, Financial Mathematics classes have given me insight into the financial world with loans, bonds, annuities, and financial derivatives. In my classes, comprehensive Excel techniques were practiced repeatedly to solve problems concerning linear or nonlinear equations by using Solver add-in, and data modification and simulation were conducted using the program's integrated functions. In my last semester as an undergraduate, I plan to pursue Time Series and Stochastic Processes, which will be beneficial for my continued study in applied Statistics.

To understand the practical applications of statistics, I have taken on several research projects as an undergraduate. I completed three course-oriented projects, one of which was independently executed and two of which were group efforts. All three focused on the experimental design, data collection, and data analysis. For the group projects, in addition to implementing the research process I have also taken a leadership role in dividing up the work and facilitating group meetings. The task of splitting up a complex project into smaller, individual tasks is one I greatly enjoy.

Outside of class-based projects, I also conducted research based on the paper, "Including all individuals is not enou ...," under the guidance of Dr. T. The initial aim of the project was to understand the concepts concerning missing data within the paper. As the project progressed, the practical objective shifted to the simulation of the sensitivity analysis of a hypothetical trial with missing outcomes. To evaluate the objective, Multiple Imputation via R software was utilized. Due to my limited knowledge in handling missing data and R, at first progress was fairly slow. But, with the assistance of Dr. T., I began to gain an understanding of concepts and the R language. Eventually, I managed to accomplish the goal and present the final research report to Dr. T. This experience is invaluable not only because I gained a deeper understanding of the R programming language, but more importantly because my problem-solving capability drastically improved.

All of the above experiences significantly contributed to my understanding of statistical theory, method, and application as well as research design and presentation. I truly believe all these skills have been vital in preparation for my pursuit of a graduate education. I have developed a strong interest in Mathematical Statistics and its application to financial problems like trading in the stock market or derivatives pricing. To supplement statistical knowledge, I also desire the ability to efficiently communicate my findings to colleagues and clients.
admission2012 - / 477 90  
Jan 9, 2013   #2
Hello,

It really really appears that what you want to do is go to wall street rather than anything that truly has to do with a PhD in statistics. I suggest that you talk more about how your interest came about especially with the financial aspect. Then you need to talk about your near and far future plans. Armed with the degree what do you want to do? Once you add these, you should easily get to 1,000+ words. Please note that depending on which school you are applying to, some professors(Who will review your application), hate when applicants pursue a degree such as this one for non-academic purposes. Also, please note that a PhD is not a desired degree on wall street and you will be more likely than not banished to operations or an insurance company. If you take a look at most Master's of finance programs, at least 25% of the class is made up of students that hold quantitative PhD degrees who have learned this lesson the hard way... So....if you desire is really for a wall street type job, you should really look at the Masters of finance degree. There is still time available to apply at several schools. -AAO

Hope this helps


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