David:
It's possibe to move up. I've personally seen it couple of times. In some sense, being in a lower-tier program is not a bad place to be -- if you can't get into a better program, you're still in A program (maybe not your first (or even third) choice, but still,not a bad place to be). After a year, you'll have a better idea of what's involved, and will better exposure to methodology, econometrics, etc..., so you might be a more attractive candidate.
I would make a few cautions:
1) Keep quiet about your intentions (particularly as far as faculty is concerned).
2) Find out as much as you can about what subfields (i.e. theoretical corporate, empirical microstructure, etc...) are likely to be best suited to your skills and/or predispositions. Then start gaining the necessary skill sets. Ask the faculty for their input.
3) Use the time aggressively to build your skills where they're lacking.
4) Next-to last, use the informaiton you gather to make a more compelling case on your application so that your maximize your chances of getting into a better program.
Finally, try not to let the search for a better program make you disgruntled about the program you're in. There are very good people in even lower tier programs. Find out who they are and find a way to work with them.
Good luck. and if you have further questions and want to keep it "offline", feel free to drop me an email.
Just a question, I have been admitted to a Finance PhD program which is not high in rankings. How difficult is it to transfer to a first tier program after my first year? Is there any chance?
Commenting by HaloScan
