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Statement of purpose

Jack, English, Iowa State University


Statement of Objectives

You may find it interesting that my aspiration to be an expert in economics actually began with a series of illnesses I suffered in my childhood. A frail boy, I frequently visited local hospitals that were in extremely bad condition. Initially I thought my parents took me to those hospitals out of a concern over a fight family budget, but later I discovered that most Chinese hospitals at that time were poorly equipped due to an underdeveloped economy. This experience instilled in me, from an early age, a strong desire to do something to improve the overall economic situation in China so that sick children like me can be treated with better medicine and more advanced medical equipment. In retrospect, I even feel grateful to those unhappy experiences in hospitals, for they made me more mature, persevering, and above all, more determined in pursuing my professional direction than many of my peers.

This strong will to master economics, combined with an innate indomitable character, has always spurred me on to pursue excellence in my economics study. To get an unbiased view of different schools of economics, I did not stick to Chinese textbooks dogmatically, but spent much time reading western works such as The General Theory of Employment, Interest and Money (1936) by John Maynard Keynes and Free to Choose (1979) by Milton Friedman. While reading these books, I formed the habit of thinking critically. This analytical power really added to my intellectual depth. Through my study, I came to realize that economics is more than a tool to eradicate poverty. It not only provides an effective way to allocate scarce resources, but also gives us a different outlook on issues in our daily life. We will transcend our meticulous calculation of personal gains or losses, and care more about the welfare and efficiency of the whole society. In fact, the more I was immersed in it, the more I became fascinated. And this intensified enthusiasm encouraged me to work even harder. In order to solidify my mathematics background, I went all the way, rain or shine, to Tsinghua University auditing lessons given by famous professors like Mr. Hu Xiancheng and Hu Jinde. This painstaking effort paid off as the knowledge I learned from those lessons, such as differential equations and multivariate calculus, really helped me understand many economic models.

I have also taken every opportunity possible to strengthen my hands-on experience. My undergraduate years have seen me participate in various kinds of social work that are challenging and educational. From July 26th to October 16th this year, I took part in the preparation for the World Stock Market Conference of China High-Tech Fair, an international grand gathering where leaders of renowned domestic and overseas enterprises came to give lectures. My job was to keep in touch with the lecturers, arrange schedule for their speeches and help translate the lecture notes. To facilitate my communication with those financial experts, I raided the National Library for everything I could find on international economics, finance and venture capital. I also read newspapers, surfed the Internet and consulted my teachers to keep track of their latest trends. Through my work, I have accumulated much first-hand information about the financial straits that Chinese high-tech enterprises are currently in, and came to know what those enterprises wanted most, namely, new blood, venture capital and advanced managerial mechanism.

Despite a very favorable job market for English majors in China, I have made up my mind to pursue further studies. I want to achieve a higher goal in life and to realize my dream of becoming an economist. Of all the branches of economics, international economics is particularly fascinating to me, not only for its long history, but also for the significant role it plays in the development of economics. Many new theories originating from it, such as the theory of the second best, has had a tremendous impact on general economics research. Welfare economics and growth theory have also benefited a lot from international economics.

For a developing country like China, the research on international trade and finance is of vital importance. How to deal with the new protectionism of developed countries, how to avoid risks posed by excessively unstable exchange rate, how to improve the effectiveness of foreign exchange markets, and how to treat the double-edged sword of direct foreign investments are all serious problems confronting us. Therefore I have made a point of learning this branch of economics and have gained some basic knowledge about it by taking relevant courses and reading authoritative academic journals like the Journal of International Economics.

In my opinion, the development of the micro part of international economics, international trade, has followed a gradual yet distinct path. However, the research in the macro part, international finance, is lagging far behind and still has a long way to go. For instance, the asset-markets approach to exchange rate determination, synthesizing postwar investment theories and rational expectation, has taken a major leap from earlier practices, but tests of this approach have produced mixed or inconclusive results concerning its empirical validity. In the meantime, other theories, like international capital mobility approach, are still open to discussion. From my point of view, only when we find a completely fresh analytical method can we truly achieve major breakthroughs in the R&D on international finance. And I really want to make some contribution to this field. Meanwhile, I am also intrigued by some new phenomena in international finance, such as the integration of global stock exchanges, the risk analysis of E-money, the feasibility of a single currency in Asia and the policy control of international hot money. But in order to gain more insight into these issues, I have to be armed with sound knowledge first, and I deem it necessary to further my study in the United States, the most developed country in the world where I will have easy access to the latest financial information and most advanced economic theories. As a long-term plan, I hope to work in a research agency or a prestigious university like yours concentrating on academic research, and move a step forward in this field, which is to solve economic problems in China as well as the world.

I understand that your Ph.D. program is designed to provide rigorous training in theoretical and applied economics leading to research positions in academia, private business and government. During the first year of my Ph.D. study, I will take more math courses than required because I understand typical Ph.D. programs in economics stress on a strong mathematical foundation. In the meantime, I will try my best to study econometrics well since it has become an increasingly important tool to analyze economic phenomena. From the second year on, I will work mainly on two field areas, international economics and financial economics, and give special attention to topics concerning China. With your rigorous training programs, my Ph.D. study at Iowa State University will be both challenging and rewarding and I believe this experience will serve as a stepping stone for me to achieve my ultimate academic and professional objectives.

I realize that, given my academic background as an English major, I am against all odds in applying for a Ph.D. degree in economics, but ! have every reason to believe that the English language courses I have had are actually a special advantage of mine rather than a handicap. As a language major, I have read something about everything in my extensive reading class thus broadened my horizon and gained a unique perspective on economic phenomena. Through these readings, I have acquired a comprehensive understanding of different cultures and customs, which I believe, will be conducive to my study on international economics, a discipline analyzing the interdependence between different countries. My writing ability and oral communication skills have also been strengthened since I must, from time to time, communicate with American visiting scholars here in the English department. All these qualities I have developed through English study have become my most precious possessions, which, together with my preparation in economics and math, will ensure a promising outcome of my graduate studies in your department.

My life to date has seen my deep interest and competence in economic studies. Now, as I look to the future, I recognize my continuing need for intellectual stimulation and my desire to establish myself. I have the intellectual prowess, commitment, and enthusiasm to be an excellent economist, and I hope you will allow me to take the vital first step toward this goal at Iowa State University.

With GRE 2400, I Want to Say
The idea of writing something for MicroEdu struck me many times. From the delight of winning GRE 2400, to the depression of being denied by top schools, the whole application matured me.

I had too many things to put down, including my endless gratitude to Jinbo and other MicroEdu members. Without your enthusiastic support, I would never have gotten offers. So, to write down my application experience is almost a responsibility to me.

I am an English major from an average university. My second major is economics and international trade, which draw my special fascination. Feeling what I learned in college is far from enough, I want to pursue further studies in economics. Meanwhile, going abroad to see more of the outside world will broaden my horizon. Thus, I stepped onto the road of going abroad.

Things are far from smooth. My middle school classmates and parents all told me that the chance for Chinese arts students to get offers would be slim. Acting on an impulse, I replied, "Where there is a will, there is a way. If I do not try, how can you know that I cannot make it?" I made a resolution to apply.

However, at that time I made the decision too hastily, partly due to my unyielding spirit, or rather, stubbornness. Also, at that time, I hadn't read Jinbo's 9-Step Guide. Otherwise my life orbit might have changed a lot.

The TOEFL test was a big strike to me. As an English major, I thought it would be easy for me to get a score above 650. Even after finishing the test, I had a wonderful feeling. However, when I received the score, I could not believe my eyes.

Yet I was not crestfallen. I then started to prepare for GRE and even derived fun from it. The process of taking GRE can really make one more mature and persevering. For anyone of a normal IQ, hard work and scientific methods will surely secure a score above 2200. But my score, 2400, was beyond my expectation, and I admit that luck played an important role. The success in GRE boosted my confidence. Losing my usual calmness, I even forgot to objectively analyze my background. I thought I could easily enter a top US university.

It was then that I got to know MicroEdu. By reading its articles, I realized that GRE/TOEFL scores only played a small role in the application. From an average school, without research experience or published papers, I had to try my best to explore more of myself and make an excellent Personal Statement.

The first draft of my PS was full of brag. Jinbo gave me much pertinent advice. I spent days and nights on the second draft, but it was still of poor quality. The biggest defect was that ! did not know much about my intended major. I firmly believed I had the academic potential, but my undergraduate education had not built a solid background for my future studies. I went to the library, read books, and consulted my teachers, but the PS progressed little. The final version was still not satisfactory. But it seemed that it was beyond my ability to make any significant improvement.

Ordinary personal statement, weak recommendations, and poor academic background, my only strengths were high GPA and GRE. If I had taken MicroEdu's advice, I would not have wasted so many dollars on top schools such as MIT, Columbia and Princeton. But I stubbornly stuck to my dream. No matter how slim the chance would be, I refused to give up. As you can imagine, I have received two offers in economics, both from middle-leveled schools.

Looking back, I have a sum-up. Hope it serves for latecomers:
- Before applying, think hard and make a practical plan for your future. Don't apply blindly, or with the intention to keep up with the Jones. Going abroad is not the only way to succeed.
- Evaluate your own conditions objectively. Scores don't play a significant role in application. Your PS, recommendations, and academic background all count. Don't aim too high.
- Never lose heart. As long as you are applying in the correct way, you will finally succeed, whether you are an arts or science student. Be confident all the time!
- Spend time on your target program. Only when you understand it profoundly can you write a good PS. Applicants, who want to change majors, should pay special attention to this since they usually do not know much about their future study fields.
- Polish your communication skills. This can be achieved by visiting and writing at MicroEdu everyday. Reading good articles and others' experiences will add to both intellectual depth and communication skills. These qualities will be reflected in your application materials.
- Last but not least, I want to tell all the prospective applicants: Strive for your future! Once you choose the path of going abroad, you have no way of turning back. Forge ahead on this road of thorns and laurels, and you'll finally see your dream come true!