Introduction What you need How to Apply Training General issues

Road to the Job Market

Jean Flemming1 Giulia Pavan 1 Valerio Scalone2

1Universita di Roma “Tor Vergata” & EIEF

2LUISS & HEC Montreal

LUISS, May 25th, 2016

Introduction What you need How to Apply Training General issues

What is the Job Market?

• International academic market for new Ph.Ds and Post-Docs.3 steps:

• Applications (jobs advertised on some web-sites)• Interviews (during three main conferences, departments

organize interviews in hotels).• Fly-out (department visit, seminar+interviews)

• Research, teaching, and “industry” jobs all advertise onseveral websites.

• Efficient way to “clear the market”: demand side - employers,supply side - candidates.

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Introduction What you need How to Apply Training General issues

Types of Jobs Advertised

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Introduction What you need How to Apply Training General issues

Types of Jobs Advertised• Outside academia there are few interesting options that still

interview at the ASSAs.• Think-Thank/Private research center like Rand and

Mathematica. Keep doing research oriented type of work butgive teaching.

• In the last few years there is a increasing number of tech firmslooking for PhD in economics. Amazon, Uber, Ebay,Facebook, Pandora, Microsoft and AirB&B were looking foreconomist. Most of them are looking for people that cancontribute to the bottom line, therefore the time for researchmaybe limited. But you would have access to awesome dataand likely to work on pretty cool stuff.

• Consulting is a more traditional outside option for PhDs inecon. Pros - good remuneration, a lot of different project thatcould be interesting, faster pace than academia, nice locations.Cons - less flexibility in your work (when and where to work),likely to give up research.

My experience: Compass-lexecon interviewed me outside themarket but advertised on the same web-sites. 4

Introduction What you need How to Apply Training General issues

Timeline

Expected Defense Date: Spring 2017

1. Spring 2016:• Rough Draft of Job Market Paper (JMP)• Confirm references

2. Summer 2016:• Advisor’s approval to go on the market• Present paper at seminars/conferences• Set up website

3. September-October 2016:• Register to the ASSA meeting (hotel registration)• Draft of JMP on website• Start looking for job ads with early deadlines

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Introduction What you need How to Apply Training General issues

Timeline (cont’d)

4. October-November 2016: Apply

5. December 2016• Invitations for Interviews• Mock interview• Interviews at SAEe

6. Early January 2017: Interviews at ASSA & RES meetings

7. January/February 2017: Invitations for fly outs

8. February/March 2017: Offers are made

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Introduction What you need How to Apply Training General issues

The Job Market Paper

• The most important requirement to go on the JM

• Signal of quality as future researcher

• Almost always single-authored

• Get as much feedback as possible before the Fall of JM year

• Abstract and Introduction are most important for November,but should be well-polished by the end of the year

• No typos in abstract and intro as well as CV, CL. Hire aproof-reader if needed.

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Introduction What you need How to Apply Training General issues

CV

• CV is another important part of the application package

• Can find templates online - CV is formatted specifically forthe market

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Introduction What you need How to Apply Training General issues

Letters of Recommendation

• Typically need 3 letters

• Seniority matters, but is not the only important thing

• Think of potential recommenders early - they need to knowyou and your work well

• Ask professors if they will be willing to write a letter for youwell in advance

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Introduction What you need How to Apply Training General issues

Website

• You need a personal website (you need a picture!)

• Google sites and other free providers make it easy

• Best way to keep your papers and CV up to date

• Ask your PhD program to update its student page and to linkyour website

• Makes it easier for employers to find you

• Examples:• Jean’s webpage• Giulia’s webpage• Valerio’s webpage

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Introduction What you need How to Apply Training General issues

Cover letters• Short (200-250 words) letter, rigid structure and layout• Goals: introduce the CV, stress aspects not valued in your CV• Structure: ideally, no more than four paragraphs

1. specifies what you are applying for and how you found outabout that opportunity

2. skills and qualifications: you are the right person for thatposition! (read carefully the announcement, identify therequirements and see how your skills match those required)

3. explain why you want this job: you can make a genuinecontribution to the recruiter, while simultaneously derivingsatisfaction from your work

4. mention whether you have enclosed any documentsaccompanying the letter, and your availability for interviews(which conference you will attend).

• Tip! create a modular cover letter, with different paragraphthat you can put in and out depending from the school.Prepare also Research statement, teaching statement, etc.

• minimize the number of times you mention the recruiter. 12

Introduction What you need How to Apply Training General issues

Web sites

• Almost all vacancies are advertised on several websites

• 2 major sites: www.econjobmarket.org and the AEA’s JobOpenings for Economists (JOE)

• Easy way to apply to many jobs (typical JMC applies to∼100)

• Consider other two clearing house AcademicsJobsOnline andInterfolio and job posting on inomics.com.

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Introduction What you need How to Apply Training General issues

Web sites

JOE and econjobmarket allow you to create a profile:

• upload cv, cover letters and jmp

• ask your referee to upload their letter

• if the application is through these web-site →

• Directly upload documents (pay attention to the Cover letter!)• You do not need to remind your referee

• if the application is with an external link• You have to adapt to the specific procedure.• Remind your recommenders of deadlines!

• Tip!Prepare a sheet to share with your advisor and recommenderswith: Type of position, University/institution/firm, deadline,what they should do, url of the job posting (you will forgetthem)!

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Introduction What you need How to Apply Training General issues

Mock interview

• Spiel• Generic idea of what you do in your paper (1-2 minutes)• Let me give you more details... (5 minutes)• Further details (in case they let you talk more)

• Ask faculty member to interview you.

• Which question?• Research• Teaching• Personal (never happened to me)• Do you have any question for us?

• Notice: mock interviews are useful not only for first-selectioninterviews but also for the department visit.

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Introduction What you need How to Apply Training General issues

Practice Job Talk (seminar during the visit)

• Practice as many times as possible

• Do a practice talk for colleagues, advisors, anyone who willlisten

• In most cases, should last 90 minutes with questions

• Make a list of questions and answers so you don’t get caughtoff guard

• Appendix slides are your friend

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Introduction What you need How to Apply Training General issues

In case you are particularly interested in Central Banks• Many Central Banks hire on the job market. The positions

generally encompass an amount of research load and policyload, which can be split (50− 50% or 70− 30% and so forth);

• In case Central Banks are among your first choices in terms ofcareer path, signalling it in the application can be a goodstrategy;

• During the interviews with the central banks recruiters, it isimportant to stress your interest for the policy work, youravailability and your willingness to be a team player;(adaptability in terms of research topics can be considered anasset.)

• Try to highlight how your quantitative tools can turn useful inthe daily policy work and show that your research interestsbroadly overlap with the topics which are relevant for CBs.

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Introduction What you need How to Apply Training General issues

• The job market is not a race against the other candidates, itis the opportunity to find a good match:

• Don’t shoot too wide for the sake of shooting, you will have alow conversion rate

• Don’t panic in December or January, do not see yourcolleagues as enemies

• Usually, at the end of the 3rd year it’s early for a largeinvestment in the JM, 4th year with a good paper gives somechance, although you will discount an institution bias

• American graduate terminate in 4-6 years (avg. age of a JMcandidate is 31)

• Post docs (abroad) can be an option

• Job market is an investment both in terms of time and money(conferences participation), make sure you have a way tofunding it and your supervisor support you.

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Introduction What you need How to Apply Training General issues

• Job market hints: Cawley’s guide on all you want to knowabout the job market (very practical hints, for the flyoutssometimes some silly suggestions). EUI has interestingavailable material

• Job market hysteria: People exchange ideas and rumorseconjobrumors.com.Parental Advisory: this can lead to huge waste of time!

• Job market friends: You will probably meet people youpreviously met at conferences and summer schools at the jobmarket; so remember you are all on the same boat, and donot become too competitive in a bad way.

• Job market stress: everybody says that the job market (likethe PhD) is stressful, psychologically hard and not satisfying.So whenever you feel stressed, frustrated and/or not satisfiedremember that this is normal, and about the fact that theinvisible hand will make sure that at the end of the season themarket clears.

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Introduction What you need How to Apply Training General issues

Acknowledgments

• Mattia Nardotto

• Andrea Pozzi

• Andrea Guglielmo

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