Should i do a phd in Finance? (Knowing my other options and my goals)

Hey guys,

I was wondering if you could share some of your knowledge/advice to help me on deciding a potential career path.

Firstly heres a little background to my qualifications and experience (or should i say lack of experience). I am currently a student a Glasgow university studying a Msc in Quantitative finance, hoping to gain a distinction. I have studied an undergraduate degree in Ba Economics and have very little work experience in finance. My A-level results are pretty average : A level Economics (B), A Level Maths (B), A level Biology (B) and AS level Chemistry (A). I have never done an IB/quantitative role internship, only a very general finance role.

I find the thought of working in IB or trading, sales and research rather daunting and boring, let alone my chances of getting a job like that is slim. However it still seems like an option as im not entirely sure what route to go down. I've always wanted to work in america and do some travelling but i know how difficult it is to get a visa. I would love to travel and have a job that was not extremely stressful. Even though I would like a well paid job like most people, i would rather enjoy life with an average salary then being extremely unhappy. Not saying that banking jobs make people stressed, its just i know thats probably how I would feel.

Heres a few options I have thought of:
1) Study a Phd in Finance at an Ivy league University. I say Ivy league so that i can experience america. What would be my chances of getting to an ivy league? and what are the job prospects for having a Phd in Finance?

2)Apply for the Mountbatten institute work placement for a year in New York. It cost £6000 for the year but you get paid $1000 a month for some possible worthwhile experience. Is this worth it? What would i do after? What sort of jobs would i apply for?

3)Try a getting a graduate scheme here and if successful try getting a transfer in to the US. Is this even possible?

I dont have a clue what i want to do and I dont really know what doors my qualifications open.

What options do you think I have? What would you do if you were me? What do you think of the options that I have already stated above?

I would really appreciate any advice.

Thanks guys

(edited 11 years ago)

Reply 1

sj27

14

My impression of the Ivy finance PhDs is that they are exceptionally competitive, partly because (I think) most of them come funded. it also seems US unis place a lot more emphasis on where you did previous degrees than just results; some even state this, in oblique terms (eg NYU Stern - not Ivy - says applicants must come from a 'rigorous' uni. (I think that was the term they use. When I looked at their site a while ago, they fund all their PhDs, but only take 5 a year.) US unis also place a lot of emphasis on extracurricular activities, and furthermore all the ones I looked at stressed that they wanted people who wanted to become academics. Of course, not everyone does, but it seems you need to convince them of this.

You do realize,I trust, that a PhD is a 5-year undertaking in the US as well? It seems like a massive undertaking if you don't know what you want to do with it afterwards. I will say that if you get into one of the programmes, your job prospects will probably be exceptional, academia, IBs, Fed etc. But it's not clear from your post that any of this will actually interest you? I guess what I'm really trying to say is, if you're not clear what you want from it, I'm not sure it's the best path. It might be a better idea to get a year or two of work experience, see what you enjoy/want to do, before embarking on a commitment like that. To be honest, if you are not interested in sales, trading or research.... what exactly is it that you want to do a PhD for? Other than academia (which is also research of course) I'm not sure what else a PhD in finance could be used for?

(edited 11 years ago)

Reply 2

starrdust

OP

Original post by sj27

I will say that if you get into one of the programmes, your job prospects will probably be exceptional, academia, IBs, Fed etc. But it's not clear from your post that any of this will actually interest you? I guess what I'm really trying to say is, if you're not clear what you want from it, I'm not sure it's the best path. It might be a better idea to get a year or two of work experience, see what you enjoy/want to do, before embarking on a commitment like that. To be honest, if you are not interested in sales, trading or research.... what exactly is it that you want to do a PhD for? Other than academia (which is also research of course) I'm not sure what else a PhD in finance could be used for?

Thank you for your advice :smile:

. I think i want to do a phd in finance so i can develop or find the specific topic interest. 5 years gives me time to really think about the end career goal i guess. Im in a period of confusion as to what career I really want to pursue. So is it practically a no chance of me getting a place at an ivy league uni or a good US university? i think my dream of spending a significant time studying or working in the US is slowly slipping as reality hits me :frown:

If you had my qualifications, what would you pursue?

(edited 11 years ago)

Reply 3

TBD

7

Get a job first and at least sample the world of work, or go travelling and then think again. The approach to finding work is no different from any other graduate with little experience.

At the moment it sounds like you don't have a clear idea of what you want to do except avoiding stressful work and experiencing USA. To launch into a long academic adventure of PhD is simply diverting your focus from what you want from life.

TBD

Reply 4

starrdust

OP

Original post by TBD

Get a job first and at least sample the world of work, or go travelling and then think again. The approach to finding work is no different from any other graduate with little experience.

At the moment it sounds like you don't have a clear idea of what you want to do except avoiding stressful work and experiencing USA. To launch into a long academic adventure of PhD is simply diverting your focus from what you want from life.

TBD

Thanks

. Yeah im not gonna lie, there is an element of diversion in my planning atm but i do have an interest in pursuing the long academic road of a phd to become a professor maybe.

Reply 5

sj27

14

Original post by starrdust

Thank you for your advice :smile:

. I think i want to do a phd in finance so i can develop or find the specific topic interest. 5 years gives me time to really think about the end career goal i guess. Im in a period of confusion as to what career I really want to pursue. So is it practically a no chance of me getting a place at an ivy league uni or a good US university? i think my dream of spending a significant time studying or working in the US is slowly slipping as reality hits me :frown:

If you had my qualifications, what would you pursue?

Haha, I do actually have very similar qualifications to you :biggrin:

but a good deal of work experience as well. Honestly - I would try getting some work experience first. But...maybe try for one of those PhDs, if being an academic is of interest down the road especially, and see if you get in. Personally, I would find it difficult to focus on something that long if I didn't have some kind of idea of what was at the end of it. But if you enjoy the subject and approach it the way you say, it could be very worthwhile.

Don't get stuck on Ivies either - a lot of top finance programs are not Ivies (MIT, Stanford, Stern etc). Do be aware that most schools charge an application fee as well, so if you apply to a lot of schools (which a lot of people there do because they are so competitive) you could easily spend a few hundred pounds just on these.

I can't give you a definitive answer about whether you will get in - like I say, academics is important, but an awful lot of other stuff is too, and I don't know anything else about you. Have a back-up plan in place, though.

Reply 6

starrdust

OP

Original post by sj27

Haha, I do actually have very similar qualifications to you :biggrin:

but a good deal of work experience as well. Honestly - I would try getting some work experience first. But...maybe try for one of those PhDs, if being an academic is of interest down the road especially, and see if you get in. Personally, I would find it difficult to focus on something that long if I didn't have some kind of idea of what was at the end of it. But if you enjoy the subject and approach it the way you say, it could be very worthwhile.

Don't get stuck on Ivies either - a lot of top finance programs are not Ivies (MIT, Stanford, Stern etc). Do be aware that most schools charge an application fee as well, so if you apply to a lot of schools (which a lot of people there do because they are so competitive) you could easily spend a few hundred pounds just on these.

I can't give you a definitive answer about whether you will get in - like I say, academics is important, but an awful lot of other stuff is too, and I don't know anything else about you. Have a back-up plan in place, though.

Thank you! that was helpful :smile:

Its very easy to get demotivated and thrown of the path with general pressures of life but this has been helpful. If you dont mind me asking even though its an ignorant question but what Job positions do my qualifications allow for?

Reply 7

lego

1

Some comic gold in this thread. No one will give you funding for 5 years so you can have 'time to really think about the end career goal'. People who get in good schools' phd programs are passionate about the subject, and actually want to become academics. Further, from what you have written about your life goals it seems that a career as a bartender or whatever would suit you more than being an academic or working in a bank.

Should i do a phd in Finance? (Knowing my other options and my goals)

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