Liu, Qing
Q1: Many students in the finance program choose to pursue a Ph.D. abroad. What is your thought on choosing to pursue a Ph.D. domestically?
Liu Qing: The idea of pursuing a Ph.D. actually came to me during my senior year. At that time, I started doing formal academic research under the guidance of my undergraduate mentor. It started with the mentor helping me find literature and then gradually guiding me to write and discuss, eventually submitting the results in the form of an academic paper. During this process, I found that I quite enjoyed the research process. So, after I confirmed my direction for my master’s degree, I officially established the idea of pursuing a Ph.D., hoping to engage in research work in the future. As for why I chose to pursue a Ph.D. domestically, at that time, I mainly felt that the pace and mode of domestic universities were more suitable for me. Of course, the impact of the pandemic is also significant. If it weren’t for the pandemic, my girlfriend and I might have gone to Singapore this year (Editor feels there is a potential relationship warning ahead).
Q2: What are the differences between applying for a Ph.D. program abroad and domestically? How should one choose? Any advice to share with younger students?
Liu Qing: Personally, I feel there are significant differences. The biggest difference lies in the recommendation letters. The Ph.D. programs at overseas universities, especially in North America, are still popular among global applicants. Because there are so many outstanding candidates, apart from having excellent overall conditions, a recommendation letter from a scholar with significant international influence is the most important factor that can make you stand out, there is no doubt about it. Therefore, when applying for a Ph.D. program at an overseas university, it is very important to collaborate with internationally influential professors as a winning strategy. In comparison, I personally feel that the recommendation letters are not as crucial at domestic universities, and professors are more concerned about your motivation for pursuing a Ph.D., research experience, and overall qualities. Additionally, many domestic Ph.D. programs have switched to an application review system, which makes it somewhat similar to the overseas application process. Also, many domestic programs require contacting supervisors in advance (except for Tsinghua and Peking University). Some schools require applicants to select a supervisor at the time of application (such as Antai School of Economics and Management). Therefore, it is necessary to communicate and connect with professors in advance.
As for how to choose, it is a matter of personal preference, and it needs to be adjusted according to one’s own situation and future expectations. For example, if you want to become a faculty member at an overseas university, then it is highly likely that you need to pursue a Ph.D. abroad because currently, the international academic discourse is still primarily controlled by the academic community of overseas universities, especially those in North America. However, if you want to return to China for your career, it is feasible to pursue a Ph.D. abroad or domestically. Pursuing a Ph.D. is not just about choosing a university, but more importantly, it is about finding a good supervisor who is suitable for you. A supervisor who is willing to guide and care for his or her students is crucial for the future development of a Ph.D. student.
Q3: How did our Master of Financial Economics program help you with your Ph.D. application?
Liu Qing: This question needs to be answered from two perspectives: the program’s research resources and the curriculum.
In terms of research resources, the Chinese University of Hong Kong, Shenzhen, has some of the top-tier faculty resources in China. There is no doubt that most of my main research experience has been completed during my master’s program. During my first year, I started doing empirical research under the guidance of Professor Zhang Jinfan in the field of finance. I was particularly impressed with the fact that considering my weak coding skills from my undergraduate studies, Professor Zhang first asked me to study the original papers on the Fama-French three-factor model (1993), and then asked me to replicate the corresponding factors in the A-share market using the methods in those papers. Those days were very challenging for me, but I managed to meet Professor Zhang’s requirements. In the subsequent formal research, I would discuss and exchange ideas with Professor Zhang every week, and his guidance was always very helpful to me. During this period, I completed my first empirical paper, laying the foundation for my future research. I am truly grateful to Professor Zhang for introducing me to empirical research, which also helped me gradually improve my understanding of the financial markets during that time. Of course, I was also very fortunate to have met my girlfriend during this period (Editor suddenly feels a wave of dog food being served), who also has plans to pursue a Ph.D. and was doing research with Professor Zhang. We also collaborated on a paper on ST stocks, which is my most satisfactory paper to date. Additionally, I served as a research assistant to Professor Shu Tao, the director of the financial program, for a year, assisting him with some corporate finance-related data. Professor Shu also provided significant help during my Ph.D. and RA application process, and I am very grateful for that.
In terms of the curriculum, the program’s courses are currently focused on practical applications, but there are also some rigorous courses in mathematical statistics and programming. For me, the course QPA (Quantitative Portfolio Analysis), which taught me to use Python, played an irreplaceable role. All my empirical research since then has been implemented in Python. In addition, theoretical courses such as financial econometrics, derivatives, and stochastic processes are also crucial for conducting financial research.
Q4: How do you recommend continuing with a Ph.D. and further studies versus directly entering the workforce?
Liu Qing: I believe that many Ph.D. graduates, when faced with this question, would advise not to pursue a Ph.D. if you don’t have a genuine interest in research. Similarly, I hold the same view. Pursuing a Ph.D. and entering the workforce are two different career choices, each with different risks and, naturally, different benefits. From the perspective of generating cash flow, the output cycle of pursuing a Ph.D. is undoubtedly much longer than that of entering the workforce, and the four to five years of academic training is not an easy feat. Therefore, it is best not to pursue a Ph.D. if you do not have a genuine interest in it.
Q5: What are your future plans?
Liu Qing: Since I have decided to pursue a Ph.D., it is natural for me to want to engage in research work in the future. My current research interests are focused on financial regulation, asset pricing, and macroeconomics, and I will choose my career path based on these areas in the future.
Q6: What are your feelings about being part of the FINest family during your studies?
Liu Qing: I really like everything and everyone I have encountered during my master’s program. The environment and atmosphere here make me feel relaxed. Most of the students in the program choose to enter the workforce, with some going to brokerage firms, funds, banks, research institutions, or the education industry, and some starting their own businesses. Pursuing a Ph.D. is naturally one of these career choices. There are probably close to ten students in our program with plans to pursue a Ph.D., and we often have meals together and exchange ideas, helping each other. Most importantly, I met my girlfriend here, and she has been accompanying, encouraging, and supporting me on my Ph.D. path. Our encounter has made me look forward to the future in an even brighter way.
