How important are Placements as an indicator of program quality?

[anxious2011]

Hey guys, I am looking to go to graduate school to earn a PhD in Finance. So I've been admitted into one program, and waitlisted by another. I am trying to think along the lines of which program I would choose if I got into both. Both are great programs, and balance out on all other factors that I think are important in a graduate school. There are two main points which remain on which they differ.

1) School I am accepted at is on the west coast so quality of life would be much better in terms of weather, and general environment for attending graduate school. School I am waitlisted at is on the East Coast (where I have spent the last 6 years) in an extremely expensive city where it might be hard to survive on a graduate student stipend.

2) School I am waitlisted at has on average a slightly better placement record over the last few years.

After visiting School Accepted At, I fell in love with it and was all ready to sign on the dotted line so to speak. However, would I be stupid to turn down the school with the slightly better placement record? How important should the placement record be?

Help!

[Eigen]

Slightly can be very subjective, so it's kind of hard to give you specific advice.

I'd say to keep in mind that placement records can be spotty over the years- you might have a few breaks, or there might be a more recent slump in graduate students.

Generally, I'm of the opinion that placement is important, but if it's only a "slight" increase, I wouldn't worry too much about it.

[rising_star]

I would be more concerned with my advisor's placement record than the school's overall placement record.

[jynx]

If everything else is equal besides what you mentioned, I would go with the program you're already accepted at. It sounds like the program you're waitlisted at is only marginally better (if at all), and if you're in love with the first program and think you will be happier there, I would definitely go there. Not only is your happiness intrinsically valuable, but you will probably end up feeling less stress and ultimately do better work as a result if you're happy where you live.

[anōnumos]

How important should the placement record be?

The placement record of your potential research advisor (as it's been already pointed out above) is an important factor (especially it is, I believe, if you plan an academic career). However, I am sure that more important is how good a match you and your potential advisor(s) are. How similar are your research interests? How well the advisor treated his/her former students? Is it typical for the advisor's students to be first authors of the papers the advisor and his/her students collaborated on? And so forth. The importance of an advisor cannot be overestimated since a bad advisor may prevent you from achieving the stage at which you may be placed anywhere. So, if you have two equally great potential advisors whom personally and whose research you adore, take a look at their placement records -- if there is a great difference, choose the one who annually delivers bunches of fresh assistant professors to highly ranked universities =) If you're planning a career in industry, then it is probably domain-dependent how important the reputation of your former advisor is for your decent placement.

[anxious2011]

Hey guys,

Thanks for the great advice! I have managed to organize a visit to the school I was waitlisted at to get a first hand view of the program, so this should also definitely help my decision! But I agree with a lot of your advice, especially the one on thinking about where you will be intrinsically happier.

Thanks again!

[one eyed rex]

I would probably not let a "slight" difference in placements weigh too heavily in the decision, esp. for a finance PhD, where the job market is not so horrid as in many other fields. If you'll be happier and more productive (and less broke) at the west coast school, that sounds like the winner to me.