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PhD Student Finances

PhD Student Finances. Know your funding source!. Research Council studentships (MRC, ESRC, BBSRC) Joint Research Council/Industry Studentships costed into grants IoP ‘Excellence’ Award Studentship Other (NIHR/BRC) Department Overseas Government sponsored Self-funded.

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PhD Student Finances

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  1. PhD Student Finances

  2. Know your funding source! • Research Council studentships (MRC, ESRC, BBSRC) • Joint Research Council/Industry • Studentships costed into grants • IoP ‘Excellence’ Award Studentship • Other (NIHR/BRC) • Department • Overseas Government sponsored • Self-funded

  3. Know what you are getting! • Funding would have been agreed at the Project Approval Form stage • Can vary eg fees only, stipend only, fees & stipend, consumables/conference • Stipend – paid monthly in advance!! • Your needs may change • Ultimately your supervisor is responsible

  4. Minimum Costs – Autumn Intake 2011 Fixed costs are usually: • stipend - £15,740 pa (rising £16,370; £17,024) • Home/EU tuition fees - £4,785 (rising £5000; £5200) Variable costs (RCUK recommended minimum) • consumables – £1,000 pa • Conference attendance - £300 pa • Depends on nature & complexity of project • Organisations have their own policy

  5. Minimum standards provided by departments: • Desk, chair, dedicated computer, lockable space • Usually shared telephone (local, national calls only) • PhD Graduate Lounge (ASB) • Mother’s Room (Rm G0.08, Portacabin on Green; key held G0.13)

  6. Managing Finances • Ask your Supervisor/Dept Admin/Business Manager/Project Admin how it works • You can generally swap between consumable/conference headings • Allowances are for duration of PhD • Remember your grant code • Monitor your account!

  7. If not a sponsored student • Discuss with supervisor how research costs will be met • Some students attached to Project Grants • Supervisor funds (eg RSAs) • Seek funding opportunities within Department/ask for advice • KCL Graduate web pages (http://www.kcl.ac.uk/graduate/funding/database)

  8. Allowable costs • BEFORE SPENDING - discuss and agree costs with your supervisor • SPENDING • Pay yourself and complete KCL staff/Student expenses claim form. Attach original receipts. Project or other Admin usually process. (http://www.kcl.ac.uk/content/1/c6/05/10/62/expensesclaimform.xls)

  9. Allowable costs • KCL generates purchase requisitions via KCeP, hosted & powered by Science Warehouse • Has to be done via an Administrator (if in doubt, ask) • Generates an invoice • Supervisor signs off all invoices • Subject payments (petty cash) http://www.kcl.ac.uk/about/structure/admin/finance/staff/cashiers/pettycash.html#subjects

  10. Allowable costs • Costs must be wholly and exclusively for KCL business • No first class or business travel • No travel insurance – only if travelling on college business (http://text.kcl.ac.uk/about/structure/admin/finance/staff/insurance/travel.html)

  11. Allowable costs • KCL financial regulations http://text.kcl.ac.uk/about/structure/admin/finance/staff/regs/index.html • Ask Supervisor/Dept Admin/Project Team Admin for financial induction

  12. What to do if your budget won’t cover your expenses • DON’T GO OVERSPENT • Speak to your supervisor • Grant funding via supervisor • Travel & other grants (http://www.kcl.ac.uk/graduate/funding/database) • Speak to Business Manager for Department opportunities

  13. Who can help you in your Department (variable) • Reception/Administrators - Health and Safety induction, intranet, annual leave cards, sick leave reporting, office key • Admin - equipment for you to borrow (laptops; testing labs; phlebotomy room) • Computing/IT support • Photocopier codes • Postage forms

  14. Finally, please submit on time! • If you don’t submit on time • Financial implications • If you have to get a full-time job, you won’t have any time to write up • If you apply for a fellowship, they may well ask you how long it took you to submit and there’s a chance that you won’t be eligible to apply for that grant • It will delay the start of post-doc award • It affects Dept/IoP funding opportunities for studentships  • Stipends paid monthly in advance!

  15. Thank you for listening! Any questions?

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