 My name is Li Yu, I'm a six-year PhD student here at TSE in macro group and before coming to TSE I studied Mathematical Economics and Mathematical Finance in Central University of Finance and Economics in Beijing, China. I'm Philip, I'm a six-year PhD student at TSE as well. Before I joined TSE I was a Bachelor's student at the University of Mannheim in Germany. I chose TSE primarily because of its excellence in research and its worldwide recognition. We have many researchers here which are leading in that particular field of research and more over TSE is not just a university, it's also a worldwide community which has networks and links to academic institutions all over the world in the US and Europe and I wanted to be part of that network. I agree with Philip and for me I came here because of the reputation of TSE grad programs. So I developed an interest in doing research in my undergraduate years and the professors there told me that it's good to come here to do a master's and to have good quality courses and you can continue to do research with the professors here who are always open to discuss more projects with you. So I came here to study a master's and stay here for PhD so I'm glad with the decision. I particularly appreciate that TSE provides a really lively, open environment of research so you can participate in many groups, not only your group but also other groups' events. So I think it's important for early students in grad programs because you need to be exposed to different fields to know your own interests and also for researchers in later stage. It's important to hear from other colleagues' fields to know what's the new perspective on your research topic. So I think this interaction, this diversity is very nice at TSE. Adding to what Lee has said before, I particularly appreciate that TSE also the opportunity to spend some time abroad during the PhD program. Each student is strongly encouraged to go to the US, to one of the leading institutions and me for instance, I was sometime at the Chicago Fed and I really appreciated the time and learned a lot during that. Yes, so I've been benefiting from interactions with research partners through the funding. So the funding of the doctoral program is that you have three years' funding from the French government that is followed up by two years of funding where you have a teaching contract and in the last year of my PhD I was benefiting from a scholarship of the Bonnet de France which is one of the most prominent research partners at TSE. Yeah, I think as I said there are many activities, workshops, conferences. There are many joint conferences with TSE research partners so I also benefit from this broader circle of academic research and also industries, I think that's the benefit of having this research partnership at TSE. Okay, I think here we share the same. So basically we start our study with a three year doctor contract and then we have like the teaching contract, the edec contract and with the funding from the partners such as Bonnet de France and other kind of scholarships as well. So that's, yeah, that's it. On top of that we also obtain generous funding for conferences. We're spending some time abroad. This is also included on top of the standard contracts and this is very valuable. My life in Toulouse was a great pleasure, a great joy. Toulouse is about the right size of the city. 500,000 habitants is not too big, it's not too busy. There are the Pyrenees around, there is the coast and the Mediterranean Oceans around. So you get really kind of a good mix between work-life balance and it was a great experience for me to be here and also get a bit more involved into the French culture and what it means living in France. Yeah, I think also because the school is located in the heart of the city so almost everything is within working distance. You get good restaurants, bars, bookshops and other fancy shops just like 10 minutes from here. So it's really nice for you to enjoy a bit like a relaxed life outside academic research, so it's very nice. I will have my defense in this June and starting this fall I will start as an assistant professor in Laon University in China, so I will continue my life in academia. So I'm first going for a year to New York to Columbia University to do a post-doc with Joseph Stieglitz and afterwards I'm extremely happy to go back where my career has started to join the University of Mannheim as assistant professor, so this circle in life also closes and I'm really looking forward to that.