This is a personal guide for undergraduate students considering graduate education, with a Canadian focus.

Types of Graduate Programs

Doctoral Programs (PhD)

PhD programs are meant for people who can see themselves as university researchers and want to publish academic papers. A PhD involves 6–7 years of minimal income with significant opportunity costs. When you account for foregone earnings, the total cost is well over a million dollars.

Realistic completion takes 6–7 years minimum. With pre-docs and postdocs, it can be 8–10 years before securing a tenure-track position. The hardest part about research is coming up with good research questions.

Master’s Programs

  • Research-focused: Preparation for PhD studies
  • Professional pre-experience: Career advancement right after undergrad
  • Professional post-experience: MBA/EMBA programs for those with work experience

When evaluating master’s programs, employment outcomes matter most—look for programs with 80%+ post-graduation placement rates. Avoid programs that prioritize revenue over quality.

Pre-Doc Positions

Full-time paid research positions designed to help you determine whether a PhD is right for you before committing to a formal program.

Key Advice for Undergraduates

Get a job first. Nothing teaches you more about what you want than sitting in a cubicle. Work experience before an advanced degree is invaluable.

Focus on analytical skills. In your third and fourth years, prioritize analytical and data-centric courses: coding, econometrics, data analytics, and machine learning.

Plan ahead for reference letters. If you need academic references, build relationships with professors early. See my reference letter policy.

Thinking About a PhD?

Consider these factors carefully:

  • Opportunity cost: 6–7 years of minimal income adds up quickly
  • Research fit: You need to genuinely enjoy the process of discovery and writing
  • Job market: Academic positions are competitive; have a backup plan
  • Advisor match: Your PhD advisor relationship is the most important factor in your experience

If you are interested in the graduate programs at the University of Toronto that I am involved with, please check the official program websites for application details.