Post-Graduate Finances: How do I get by financially?

Some universities and institutions offer post-grad students the possibility of working part-time (up to 50%) as a member of the staff involved in scientific research. This is an option particularly favoured in subjects such as business studies although one should not just consider the financial aspect of this option: professors sometimes have a substantial number of business contacts or even their own companies, where students may also be able to supplement their income. When employed in the public service – such as at an institute of higher education – your salary is determined by age and location. In addition to this, you are entitled to holidays and the employer will pay into your social benefit contributions.

Prospective post-graduate students can also consider working for a scientific institute, for example the Max-Planck-Society or the Fraunhofer Institutes. The Gottfried Wilhelm Leibniz Society also has research institutes specialising in the humanities, law and social sciences.

These institutes are not only of interest to PhD students as potential employers but some also award scholarships of up to Euro 1,000 per month. As a rule, students are involved in research projects, the results of which they can use in their dissertation – all in all, this results in the PhD degree being completed relatively quickly.

Should you be fortunate enough to win a Scholarship, you may be asked to deliver a status report every month to the scholarship authorities. Scholarships are awarded by large political parties, church institutions as well as private scholarship funds mainly for highly talented students.

The amount per month varies and although not particularly high, scholarship organisations often pay the cost of participating in seminars as well as the publishing of a dissertation. There is also a range of non-financial advantages: PhD students are encouraged to take part in seminars on rhetoric or presentation techniques or can go abroad on study trips. Furthermore this is an ideal opportunity to build a network of contacts for the future.

If you do not fulfill the criteria required for highly talented students, it may be worthwhile trying to obtain a scholarship from a private organisation offering awards as these often support specialised scientific areas of research.

Please note, however, that it is often the case with scholarships that if the dissertation is not completed within the time-scale stipulated, then the scholarship may be stopped.

The aim of such a college is to support a student’s dissertation work intensely within the framework of a research project. The German Research Foundation, is currently supporting 280 projects and offers a total of 5,000 PhD programmes.

The larger consulting companies often have their own programmes which require a dissertation. An example model is: After two years of normal work-life, the young consultants are then allocated a year off to gain their doctorate on full pay. Nowadays not only consulting companies use this model: Larger groups are also finding this a beneficial alternative for all involved. Further information can be found on the websites of larger groups in the Baden-Württemberg region (see section on Career & Training Opportunities).

QUICKLINKS:

• Bain & Company
• Boston Consulting Group
• Index of German Foundations
• McKinsey
• Scholarship Database (DAAD)