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This paper aims to examine the experience of gaining research independence by becoming a principal investigator (PI) – an aspiration for many post-PhD researchers about whom little is known. It provides insight into this experience by using a qualitative narrative approach to document how 60 PIs from a range of disciplines in one European and two UK universities experienced working towards and achieving this significant goal.

Within the context of a semi-structured interview, individuals drew and elaborated a map representing the emotional high and low experiences of the journey from PhD graduation to first PI grant, and completed a biographic questionnaire.

Regardless of the length of the journey from PhD graduation to first PI grant, more than a third noted the role that luck played in getting the grant. Luck was also perceived to have an influence in other aspects of academic work. This influence made it even more important for these individuals to sustain a belief in themselves and be agentive and persistent in managing the challenges of the journey.

The study, unusual in its cross-national perspective, and its mixed mode data collection, offers a nuanced perspective on the interaction between agency and an environment where the “randomness factor” plays a role in success. The function of luck as a support for sustained agency and resilience is explored.

This paper analyses the effectiveness of UEFA's Financial Fair Play (FFP) under the break-even requirement.

Data was collected from English and French football clubs competing in the English Premier League (EPL) and in Ligue 1 (L1) for the financial years 2008–2018. Our sample includes 395 club-year observations. Relevant statistical tests have been conducted with the aim of analysing the effects of pre (2008–2012) and post (2012–2018) FFP enforcement under both profitability and cost-efficiency assumptions.

In the EPL, an increase is observed in clubs' profitability through both operating and break-even results. In L1, this improvement is only significant for break-even results of clubs not participating regularly in European competitions (non Euro-oriented clubs). Player expenditures, measured through two wage-to-revenue ratios excluding trading activity for one and including it for the other, have significantly decreased in the EPL except for the Euro-oriented clubs for this latter. Conversely, in L1, this decrease is only significant in both wage-to-revenue ratios for non Euro-oriented clubs and for the whole sample when trading is included.

In addition to evidencing contrasting results in FFP effectiveness across countries, our results suggest it is not the sole cause of such an improvement in clubs' finances. We suggest that UEFA should pursue its efforts to scrutinise the level of clubs' player expenditures and that there is a need for a wider look at the FFP regulations.

This article provides further contribution to empirical studies on FFP effectiveness that have often been focused on a single country.