After completing the assignment described in the previous section (link), iterate until you find a data set to work with to answer a specific research question. Once this is done or perhaps even sooner you should write up a Memorandum of Understanding (MOU) or an agreement between you and the professor. They can be as formal or as informal as you like, but I suggest trying to be a little formal as it is good practice for the student’s future career. Below is a sample for what an MOU would look like. The MOU should also include a timeline for the project, below is the timeline that I typically use.
Timeline for a One-Year Independent Study
| June | July | August | September | October | November |
| Finalize topic & data set Summarize 5-10 Papers |
Clean data summarize 5-10 papers |
Descriptive stats summarize 5-10 papers |
Create tables & regression model | Outline & conference abstract submission | Draft the paper |
| December | January | February | March | April | May |
| Revise the paper (let student focus on finals/other work) |
Professor revise with line edits & recruit thesis committee | Robustness checks | Present paper and revise | Defend thesis (let student focus on finals/other work) |
Submit to journal |
Sample MOU:
This Memorandum of Understanding (MOU) for (student’s name)’s independent research project supervised by (professor’s name). The project will begin on (date likely in early summer) and is expected to end (date likely at student’s graduation)
(Student’s name) agrees to the following:
To work X hours a week (5-10 hours) on the project during the summer. This includes reviewing the literature, preparing and analyzing data, and writing. The goal by the end of the summer is to have a literature review, descriptive statistics, and all necessary data for the analysis.
During the fall semester to work Y hours a week on the project (Y should be close to 8-10 hours or the equivalent of a full class). This includes weekly meetings with the professor, which will typically be at (Find a time you know works for both of you in the fall). Continued work on the project will include data analysis and writing. The goal by the end of the fall semester is to have a completed rough draft of the paper.
During the spring semester to work Z hours per week on the project (Z might be less if they are not signed up for the project as a class, but at least 5). This will include revising the paper based on the professor’s comments. Presenting the paper at academic conferences or workshops. Scheduling and defending a thesis. Finally submitting the paper to an academic journal at least two weeks before graduation.
The student agrees to work with the professor after the graduation to publish the paper.
Professor agrees to the following:
To maintain regular contact with the student over the summer and provide feedback on all work. To continue to provide guidance so the student is prepared to begin the econometric analysis at the start of the academic year. To make themselves available for weekly meetings with the student and provide timely feedback during the semester. In the Spring semester to help the student prepare presentation, revise the paper for submission and give guidance on which journal to submit to. To chair the student’s thesis defense. After graduation to continue to support the student by continuing the work of attempting to publish the article and serving as a reference.
In Case Either Party Fails to Meet These Standards
In the case of the students. If the professor believes the student is not keeping up with the work the professor must provide two clear warnings that the project is having issues. In these warning the professor must provide specific instructions and guidance on how to get back on track. Failure to do so allow the professor to withdraw their agreement to work with the student after the second warning.
In case the faculty member does not meet expectations. The student should clearly express what they need. In the case the faculty member is no longer able to provide that every effort should be made to find a new faculty member.