Should you in fact "follow the money"?

[epsilon]

Do fellowships from a school in fact indicate they will really support you and help you achieve what you want? If school A is a top 5 in a great area with a low stipend while B is a top 15 in a not as great area but is really excited to have you, to the point of nominating you for fellowships, how much should this count for? (I have narrowed it down to these two schools due to the research going on)

I know money isn't everything, but does it indicate something bigger?

Edited March 4, 2013 by epsilon

[JustChill]

I was in a very similar position three years ago and chose school B. I've never regretted it. 

[ak48]

I'm still applying so my experience is obviously limited. I don't know what field you are in, but I think that the differences between stipends in Grad School are "peanuts" compared to what you may be making in 10-20 years from now. Unless the difference is really significant (like a VERY good fellowship), I don't think it should factor that heavily.

 

As long as both are "livable" stipends, I'd probably go for the more prestigious school on the assumption that it would bring better opportunities in the future. This is obviously not always the case.

 

So ironically, my answer is like "don't follow the money (now). follow the better opportunity (which leads to money later!)"

[ak48]

 I'm also single with no children/family to support, so living on low stipend is less of a problem than if I were married with children, obviously.

[epsilon]

@justchill that's very interesting!

 

@ak48 I'm in math/science. I don't have children either, so that's not the concern. It's more along the lines of since school B is offering me over $10,000 extra a year in fellowships, does this indicate they will be very committed in seeing me "make it" in the future sense also. A top school may not be as interested in seeing me, personally, make it, although as you said they probably have more connections etc. that make this path easier.

[vertices]

What kind of actions/support are you referring to in terms of a school being committed to you 'making it'? Depending on the culture of the school, many people in the department may not know or remember that you are on one of the nicer fellowships they have by this time next year. Having good funding can make it easier to get into a professor's group, but if both schools are offering a commitment for the same number of years and that money comes from the same relative pot that isn't tied to a particular professor, it will probably be the same in both situations.

 

Having a nicer fellowship can sometimes mean that you're further above average at the school than you would be at the other -- this might mean that you would struggle less in your coursework, which can be useful for spending time on your research or making an impression with possible advisors if you don't have one yet. It doesn't necessarily work out this way though. There are lots of strong students whose applications were perhaps not as strong.

 

I think in terms of feeling like a school is committed to you 'making it', having an advisor you can work with and trust or if you don't have an advisor yet, several professors who you would be happy working with, will have much more impact. Another factor is what you're looking for in a program and how you envision your interactions and work will be. Again this is more about program culture than who is offering more money. You may want to contact current graduate students at both schools and ask them how they feel about how the professor and program have helped them succeed. (You may want to suggest you would be happy with a phone call or email, in case someone doesn't want to say something in writing.)

[zabius]

One thing to keep in mind is that there isn't a terribly large difference in "prestige" between a top 5 and a top 15 school. If you were debating between, say, a top 5 and a "rank 50" school, it might be different... but in many fields, any school that falls into the top 15-20 is considered excellent. Both of those schools can probably help you land a great career after graduating.

 

I'd recommend looking to job placement at both of these schools... where did the recent graduates end up? You can always ask about this during visits or via email if the stats aren't available on the program websites. If the placement record for both schools is pretty much the same, then yes-- you should probably follow the money. Schools that offer you a fellowship aren't necessarily "more interested" in seeing you succeed than other schools-- any good school [and POI] should want all students to succeed. But the fact that they are offering you a fellowship means that they do really want you, and it might also signify that they have more available resources to support you during your stay there.

 

Of course, if school A really does have a better placement record than school B, then you might want to ignore the money and choose A, for the reasons that ak48 described. But I'm willing to bet that the brand name of school A won't really offer a significant advantage over school B since they're so close in rank. Instead, it's probably the name recognition of your POI and the connections that you make through him/her that you may want to consider. But if all things are equal, then I would choose B.

[rising_star]

I was in a similar situation eons ago when I was deciding on a PhD program. I chose to go with what would be School A. I periodically regret turning down the money (mostly for financial reasons) but, I went to a better program, have a better known and connected advisor, etc. And while I don't love the location, I also think that location is only somewhat important assuming it's somewhere you can actually live (ie, if you require a gluten-free diet, they have stores that sell gluten-free products at a price you will be able to afford on your stipend).

[Hopslam]

Another thing to consider is the cost of living at both locations. School A's stipend might be lowered than School B due to lower cost of living. If you think you can live comfortably on either of the stipends then you should go with the school that is a better fit for you.

[epsilon]

Yea, actually school Bs cost of living is maybe half that of school As

Good advice, I guess it really comes down to looking at where PIs place people, which is hard because both schools have like 10 people I could work with and who knows who I will actually end up working with! (A good problem to have)

Are prestigious fellowships on your CV pretty important?