Recent law grad considering Masters in Stats or Econometrics - advice?

[ImaginaryOwl]

Hi all,

 

I’m a recent law school graduate, currently a corporate lawyer, not planning on sticking with it past the point of paying off loans, and trying to plan some exit options. I’m considering applying to masters programs in Statistics or Econometrics (e.g. Duke, LSE) and could use some guidance regarding:

 (1) what degree (if either) makes the most sense given my background and interests, and

(2) how my background will affect my admissions chances and what I can do to mitigate any concerns.

 

My background:

I did Math (on a Stats track) and Finance in undergrad. Was turned off by the culture of banking/finance (also it was ‘08/’09 so I would’ve gotten slaughtered in that job market anyways), so I went to an analyst role w/ the credit division of a big consumer bank.

 

I enjoyed most of what I did there – playing w/ data, model building, test design, mostly w/ SQL, SAS, and Excel – but I was set on law school for a set of somewhat flawed reasons (missed rhetorical/argument analysis; overinflated sense of law’s role in answering broad social problems; wanted something with more “meaning” than consumer credit policy; not enthused about climbing the corporate ladder; etc.)

 

I didn’t much like law school, but kept hoping to find a sub-area I liked. Didn’t really pan out that way, but the debt pressure carried me to biglaw anyways. I had always hoped to change my focus, move back to something with more quantitative analysis, and it’s become increasingly clear that I should make that change sooner rather than later.

 

Anyways, I enjoyed my work prior to law school; I just didn’t realize how much I’d miss the quantitative work until it was gone. Law school has at least improved my research skills and increased my interest in applying stats to social issues. Given where I am now, I want to reassert my math skills and gain some new ones. I’m thinking a masters may be a good fit. I could see myself ending up in industry or academia (i.e, move on to a PhD), though I’d need more perspective to decide. I’m just unsure of the best path to take given my still-very-broad interests, and I want to make sure my thinking makes sense.

 

My questions:

1. Assuming I do pursue a masters, my current thinking is Stats may be the best route. From what I’ve read on these forums (and Urch), it seems like the opportunities coming out of a Stats program are a little broader. Also, it’s a little more in line with my undergrad training and the work I did prior to law school.

 

The only reason I also consider the few Econometrics masters programs around is because I recall getting impatient with doing theory in undergrad without having something to apply it to. Also, I like Econ and would like to keep it on the table, and it seems a little more marketable in academia (should I go that route).

 

I’m just looking for general advice on the best approach  and to check if my thinking so far is correct.

 

2. I am also concerned (or, rather, entirely clueless) about how my background would be viewed in admissions. Is there anything that I can or should do (given that my current employment doesn’t leave me with much free time) to bolster my profile before applying to such programs?

 

Apologies for the long post, but thanks so much for your time! I appreciate any advice.

[Angua]

I went from law to a PhD in a business school, but not in a field that is directly related to your interests.  However, most of my cohort is in economics, econometrics, or finance, so I have some (hopefully useful) thoughts.

 

1)  Is there a reason you favor statistics over a field like economics, econometrics, or finance?  PhD students* in those fields do every bit as much statistics as the stats students do, but they are applying it to solve problems in their fields.  My intuition is that a field like that might be a better fit for you, because it sounds like you are most interested in doing quantitative work, but I don't hear a lot of interest in statistics theory per se.  If I'm wrong, disregard! 

 

2) Your law background and work would not be a hinderence in a business program (econ, econometrics, finance, etc.).  It would probably (though not certainly) be a plus, especially if you frame it as relevant to your research interests (or to helping you shape your interests, even if your interests have "evolved away" from those areas).  I have no idea what a stats program would think, though.  All programs will want to see good evidence of suitability for grad work in the field, though, and I can't say from your post whether you have that (actually, I'm not a good person to assess that in any event, because I have no idea what constitutes suitability in those fields).

 

 

*I know you are talking about masters, not a PhD.  However, it sounds like your orientation is toward research (whether in academia or in industry) rather than in bolstering your resume with a masters or MBA with an eye toward a corner office.  So I'm assuming that you'll want to be in a research-focused masters, even if you don't want a PhD eventually.  Also, most business schools offer PhDs and MBAs, with no masters option, and I'm suggesting a B-school might be a good fit.  Also also, it's what I know. YMMV.