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The 10 Best PhD Programs in Finance

In essence, finance is the study of economics and the claims on resources. The best PhD programs in finance help you develop professionally so you can make difficult decisions around fund allocation, financial planning, and corporate financial management. This qualification will also equip you for a career in teaching or research at top universities.

Which of the 10 best finance PhDs is best for you?

Read on to learn everything you need to know.

Table of Contents

Why Get a Doctorate in Finance?

According to the Bureau of Labor Statistics (BLS), finance managerial professionals have an average salary of $131,710 per year, and jobs are estimated to grow by 17% from 2020 to 2030. This is much more than the average across all occupations. With a PhD in finance, you may work as a finance manager or even become a CEO of a large corporation.

Jobs and Salaries for Doctors of Finance

After earning a PhD in finance, you can find well-paid jobs as a professor or in various corporate finance roles.

Here are some of the most common finance professions with the average annual salaries for each:

Financial Manager ( $96,255 )
Financial Analyst ( $63,295 )
Finance Professor ( $73,776 )
Chief Financial Officer ( $140,694 )
Investment Analyst ( $67,730 )

The University of Pennsylvania, The Wharton School

The University of Pennsylvania’s renowned Wharton School of Business is home to faculty who are well-known in the field of business research. The school boasts a low student-faculty ratio in an atmosphere that allows you to work with faculty members as peers. This doctor of finance program emphasizes subjects like asset pricing, corporate finance, and portfolio management. This helps students become experts in research and teaching in these areas.

Courses include: Topics in asset pricing, financial economics, and international finance.
Credits: 18 courses
Financial aid: Fellowships, grants, student employment, health insurance, stipend, and loans.
Acceptance rate: 9%
Location: Philadelphia, Pennsylvania

The University of Chicago, Booth School of Business

Booth School of Business is a major center for finance education because its faculty includes Eugene F. Fama, Nobel laureate and the father of modern empirical finance. This finance doctoral degree has an option for a joint PhD in collaboration with the university’s economics department.

Courses: Financial economics, financial markets in the macroeconomy, and behavioral finance.
Tuition : Refer tuition page
Financial aid: Grants, stipends, health insurance, scholarships, fellowships, teaching assistantships, research assistantships, and loans.
Acceptance rate: 7%
Location: Chicago, Illinois

The University of Illinois at Urbana-Champaign, Gies College of Business

The University of Illinois at Urbana Champaign is one of the best places for studying and conducting research in finance. Its finance research faculty was ranked #4 in the UTD Top 100 Business School Research Rankings between 2016-2019. In this PhD in finance program, students can take the qualifying examination at the end of the first year and, if successful. They’ll be able to start their research project earlier and complete the degree sooner.

Courses include: Empirical analysis in finance, corporate finance, and statistics & probability.
Duration: 4-5 years
Financial aid: Full tuition waiver, stipends, scholarships, grants, student employment, and loans.
Acceptance rate: 63%
Location: Champaign, Illinois

Massachusetts Institute of Technology, Sloan School of Management

The Sloan School is one of the top research centers in the world, which aims to transform students into experts who can handle real-world problems in a wide range of spheres, from business and healthcare to climate change. This PhD program in finance gives students the flexibility to choose between a wide range of electives and even study some courses at Harvard.

Courses include: Current research in financial economics, statistics/applied econometrics, and corporate finance.
Duration: 6 years
Financial aid: Full tuition, stipend, teaching assistantships, research assistantships, health insurance, fellowships, scholarships, and loans.
Location: Cambridge, Massachusetts

Northwestern University, Kellogg School of Management

The Kellogg School of Management allows students to conduct independent research under the supervision of faculty who’ve made significant contributions to the field and have earned numerous prestigious awards. This doctorate of finance program’s admission process has a dual application option. You can also apply to the Economics PhD simultaneously, so if you are not selected for the finance program, you may be considered for economics.

Courses include: Econometrics, corporate finance, and asset pricing.
Duration: 5.5 years
Financial aid: Tuition scholarship, stipends, health insurance, moving allowance, and subsidies.
Location: Evanston, Illinois

The University of California Berkeley, Haas School of Business

The Haas School of Business in Berkeley is an innovative institution that questions the status quo, takes intelligent risks, and accepts sensible failures in its path to progress. This finance PhD program offers students opportunities to learn about cutting-edge research from faculty from around the world.

Courses include: Corporate finance theory, stochastic calculus, and applications of psychology & economics.
Tuition : Refer cost page
Financial aid: Fellowships, grants, tuition allowance, stipends, teaching assistantships, and research assistantships.
Acceptance rate: 17%
Location: Berkeley, California

The University of Texas at San Antonio, Alvarez College of Business

The Alvarez College of Business is one of the forty largest business schools in the USA. It follows a comprehensive and practical approach to education that allows students to apply the knowledge they gain directly in the workplace. This PhD in finance encourages students to do collaborative research with the faculty, which helps them publish their own academic papers before they even complete the program.

Courses include: Corporate finance, international financial markets, and microeconomic theory.
Credits: 84 (post-bachelors)
Financial aid: Scholarships, grants, work-study, teaching assistantships, research assistantships, research fellowships, and loans.
Acceptance rate: 84%
Location: San Antonio, Texas

Liberty University, School of Business

Doctor of Business Administration (DBA) in Finance

Liberty University is a non-profit institution among the top five online schools in the USA and has been offering fixed tuition fees for the past seven years. This is one of the best PhD in Finance programs you can do completely online. It aims to prepare students to address issues in business finance through research, best practices, and relevant literature.

Courses: Managerial Finance, Investments & Derivatives, Business Valuation, etc.
Credits: 60
Duration: 3 years average
Tuition : $595 per credit
Financial aid: Grants, scholarships, work-study, veteran benefits, and loans.
Delivery: Online
Acceptance rate: 50%
Location: Lynchburg, Virginia

Northcentral University

PhD in Business Administration (PhD-BA) – Finance Management

Northcentral University was founded with the objective of offering flexible, fully-online programs to working professionals around the world. This doctorate degree in finance online is flexible and allows you to design your own schedule. You will also get one-on-one personal mentoring from qualified faculty.

Courses include: Business financial systems, business statistics, and business leadership & strategy.
Duration: 84 months average
Tuition: $1,105 per credit
Financial aid: Grants, scholarships, and military scholarships.
Acceptance rate: NA
Location: Scottsdale, Arizona

Things To Consider When Choosing a Finance PhD Program

The right PhD program for you is a very personal decision and will depend on several individual factors.

However, these general questions will help you to make the right choice:

Is the university properly accredited?
Does the university conduct innovative and cutting-edge research?
Are there renowned faculty members who you’ll want to work with?
Do they offer subjects or specializations that match your career goals?
What is the school’s placement history?
What are the tuition fees, costs, and options for scholarships and financial aid?
Does the program offer online study options?

It’s also important to consider if you want to pursue a career in academia or work in organizations as a senior finance professional. A PhD degree will generally set you up for a career in research or academia, while a DBA is more suited to a career in business or government.

Preparing for a Finance Doctorate Program

It’s important to start preparing early if you want to be selected for one of the best finance PhD programs.

These handy tips can help you put your best foot forward:

Research the requirements of the best universities offering PhD in finance degrees, including pre-requisite subjects and qualifying grades. Keep these in mind when completing your bachelor’s or master’s degree.
Understand your strengths and weaknesses in relation to the program’s requirements. Work on your weaknesses and continue to hone relevant skills.
Read extensively in the field and keep up-to-date on regional and global developments.
Join communities of finance professionals to build your network and be exposed to the latest knowledge in the discipline.

Skills You Gain from Earning a PhD in Finance

The most important skills you learn as a doctor of finance include:

Communication skills, including writing and presentation skills
Data analytical skills
Economics and accounting skills
Critical thinking skills
Mathematical skills
Analytical software skills
Management and leadership skills
Problem-solving skills

PhD Programs in Finance FAQs

How long does a phd in finance take.

PhD programs in finance usually take between three and eight years to complete.

Is It Worth Getting a PhD in Finance?

A PhD in Finance is a qualification that’s in high demand today. It is a terminal degree and can help you get top-level jobs with lucrative salaries in corporate or large organizations.

How Much Can You Make With a PhD in Finance?

With a finance doctorate, you can expect to earn a salary anywhere from around $45,000 to $150,000, depending on your experience, role, and the organization you work for. According to the BLS, the average salary for finance PhD holders is $131,710 .

What Do You Need To Get a PhD in Finance?

The admissions requirements vary depending on the program, but you’ll typically need a bachelor’s or master’s degree in finance. The programs can take three to eight years of coursework and research.

To apply, you’ll usually need to submit:

Application
Academic resume
Academic transcripts
Recommendation letters
GRE or GMAT score
Personal essay

Final Thoughts

With a doctorate in finance, you can build a rewarding career in academia, research, or the business sector. Like any doctorate, these programs ask for dedication and hard work. By planning early, you’ll set yourself up to pursue one of the best PhD programs in finance.

For more on how to build your career in the field, take a look at our guides to the best master’s degree in finance , the highest paying PhDs , and fully-funded PhD programs .

Lisa Marlin

Lisa is a full-time writer specializing in career advice, further education, and personal development. She works from all over the world, and when not writing you'll find her hiking, practicing yoga, or enjoying a glass of Malbec.

Lisa Marlin https://blog.thegradcafe.com/author/lisa-marlin/ 30+ Best Dorm Room Essentials for Guys in 2024
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The field of finance covers the economics of claims on resources. Financial economists study the valuation of these claims, the markets in which they are traded, and their use by individuals, corporations, and the society at large.

At Stanford GSB, finance faculty and doctoral students study a wide spectrum of financial topics, including the pricing and valuation of assets, the behavior of financial markets, and the structure and financial decision-making of firms and financial intermediaries.

Investigation of issues arising in these areas is pursued both through the development of theoretical models and through the empirical testing of those models. The PhD Program is designed to give students a good understanding of the methods used in theoretical modeling and empirical testing.

Preparation and Qualifications

All students are required to have, or to obtain during their first year, mathematical skills at the level of one year of calculus and one course each in linear algebra and matrix theory, theory of probability, and statistical inference.

Students are expected to have familiarity with programming and data analysis using tools and software such as MATLAB, Stata, R, Python, or Julia, or to correct any deficiencies before enrolling at Stanford.

The PhD program in finance involves a great deal of very hard work, and there is keen competition for admission. For both these reasons, the faculty is selective in offering admission. Prospective applicants must have an aptitude for quantitative work and be at ease in handling formal models. A strong background in economics and college-level mathematics is desirable.

It is particularly important to realize that a PhD in finance is not a higher-level MBA, but an advanced, academically oriented degree in financial economics, with a reflective and analytical, rather than operational, viewpoint.

Faculty in Finance

Anat r. admati, juliane begenau, jonathan b. berk, michael blank, greg buchak, antonio coppola, darrell duffie, steven grenadier, benjamin hébert, arvind krishnamurthy, hanno lustig, matteo maggiori, paul pfleiderer, joshua d. rauh, claudia robles-garcia, ilya a. strebulaev, vikrant vig, jeffrey zwiebel, emeriti faculty, robert l. joss, george g.c. parker, myron s. scholes, william f. sharpe, kenneth j. singleton, james c. van horne, recent publications in finance, monetary tightening and u.s. bank fragility in 2023: mark-to-market losses and uninsured depositor runs, trading stocks builds financial confidence and compresses the gender gap, expectations and the neutrality of interest rates, recent insights by stanford business, a “grumpy economist” weighs in on inflation’s causes — and its cures, the surprising economic upside to money in u.s. politics, your summer 2024 podcast playlist.

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Youth Program
Wharton Online

PhD Program

Program of Study

Wharton’s PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

The department prepares students for careers in research and teaching at the world’s leading academic institutions, focusing on Asset Pricing and Portfolio Management, Corporate Finance, International Finance, Financial Institutions and Macroeconomics.

Wharton’s Finance faculty, widely recognized as the finest in the world, has been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Another example is the contribution by faculty members to the analysis of financial institutions and markets, which is fundamental to our understanding of the trade-offs between economic systems and their implications for financial fragility and crises.

Faculty research, both empirical and theoretical, includes such areas as:

Structure of financial markets
Formation and behavior of financial asset prices
Banking and monetary systems
Corporate control and capital structure
Saving and capital formation
International financial markets

Candidates with undergraduate training in economics, mathematics, engineering, statistics, and other quantitative disciplines have an ideal background for doctoral studies in this field.

Effective 2023, The Wharton Finance PhD Program is now STEM certified.

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Why Study for a Mathematical Finance PhD?

I was emailed by a reader recently asking about mathematical finance PhD programs and the benefits of such a course. If you are considering gaining a PhD in mathematical finance, this article will be of interest to you.

If you are currently near the end of your undergraduate studies or are returning to study after some time in industry, you might consider starting a PhD in mathematical finance. This is an alternative to undertaking a Masters in Financial Engineering (MFE), which is another route into a quantitative role. This article will discuss exactly what you will be studying and what you are likely to get out of a PhD program. Clearly there will be differences between studying in the US, UK or elsewhere. I personally went to grad school in the UK, but I will discuss both UK and US programs.

Mathematical finance PhD programs exist because the techniques within the derivatives pricing industry are becoming more mathematical and rigourous with each passing year. In order to develop new exotic derivatives instruments, as well as price and hedge them, the financial industry has turned to academia. This has lead to the formation of mathematical finance research groups - academics who specialise in derivatives pricing models, risk analysis and quantitative trading.

Graduate school, for those unfamiliar with it, is a very different experience to undergraduate. The idea of grad school is to teach you how to effectively research a concept without any guidance and use that research as a basis for developing your own models. Grad school really consists of a transition from the "spoon fed" undergraduate lecture system to independent study and presentation of material. The taught component of grad school is smaller and the thesis component is far larger. In the US, it is not uncommon to have two years of taught courses before embarking on a thesis (and thus finding a supervisor). In the UK, a PhD program is generally 3-4 years long with either a year of taught courses, or none, and then 3 years of research.

A good mathematical finance PhD program will make extensive use of your undergraduate knowledge and put you through graduate level courses on stochastic analysis, statistical theory and financial engineering. It will also allow you to take courses on general finance, particularly on corporate finance and derivative securities. When you finish the program you will have gained a broad knowledge in most areas of mathematical finance, while specialising in one particular area for your thesis. This "broad and deep" level of knowledge is the hallmark of a good PhD program.

Mathematical Finance research groups study a wide variety of topics. Some of the more common areas include:

Derivative Securities Pricing/Hedging: The technical term for this is "financial engineering", as "quantitative analysis" now encompasses a wide variety of financial areas. Some of the latest research topics include sophisticated models of options including stochastic volatility models, jump-diffusion models, asymptotic methods as well as investment strategies.
Stochastic Calculus/Analysis: This is more of a theoretical area, where the basic motivation stems from the need to solve stochastic differential equations. Research groups may look at path-dependent PDEs, functional Ito calculus, measure theory and probability theory.
Fixed Income Modeling: Research in this area centres on effectively modelling interest rates - such as multi-factor models, multi-curve term structure models as well as interest rate derivatives such as swaptions.
Numerical Methods: Although not always strictly related to mathematical finance, there is a vast amount of university research carried out to try and develop more effective means of solving equations numerically (i.e. on the computer!). Recent developments include GPU-based Monte Carlo solvers, more efficient matrix solvers as well as Finite Differences on GPUs. These groups will almost certainly possess substantial programming expertise.
Market Microstructure/High-Frequency Modeling: This type of research is extremely applied and highly valued by funds engaged in this activity. You will find many academics consulting, if not contracting, for specialised hedge funds. Research areas include creating limit order market models, high frequency data statistical modelling, market stability analysis and volatility analysis.
Credit Risk: Credit risk was a huge concern in the 2007-2008 financial crisis and many research groups are engaged in determining such "counterparty risks". Credit derivatives are still a huge business and so a lot of research goes into collateralisation of securities as well as pricing of exotic credit derivatives.

These are only a fraction of the total areas that are studied within mathematical finance. The best place to find out more about research topics is to visit the websites of all the universities which have a mathematical finance research group, which is typically found within the mathematics, statistics or economics faculty.

The benefits of undertaking a PhD program are numerous:

Employment Prospects: A PhD program sets you apart from candidates who only possess an undergraduate or Masters level ability. By successfully defending a thesis, you have shown independence in your research ability, a skill highly valued by numerate employers. Many funds (and to a lesser extent, banks) will only hire PhD level candidates for their mathematical finance positions, so in a pragmatic sense it is often a necessary "rubber stamp". In investment banks, this is not the case so much anymore, as programming ability is generally prized more. However, in funds, it is still often a requirement. Upon being hired you will likely be at "associate" level rather than "analyst" level, which is common of undergraduates. Your starting salary will reflect this too.
Knowledge: You will spend a large amount of time becoming familiar with many aspects of mathematical finance and derivatives theory. This will give you a holistic view into the industry and a more transferable skill set than an undergraduate degree as you progress up the career ladder. In addition, you will have a great deal of time to learn how to program models effectively (without the day-to-day pressure to get something implemented any way possible!), so by the time you're employed, you will be "ahead of the game" and will know best practices. This aspect is down to you, however!
Intellectual Prospects: You are far more likely to gain a position at a fund after completing a PhD than without one. Funds are often better environments to work in. There is usually less stress and a more relaxed "collegiate" environment. Compare this to working on a noisy trading floor, where research might be harder to carry out and be perceived as less important.

I would highly recommend a mathematical finance PhD, so long as you are extremely sure that a career in quantitative finance is for you. If you are still unsure of your potential career options, then a more general mathematics, physics or engineering PhD might be a better choice.

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"Some of the best quants I've worked with have only had bachelor's degrees"

Jeffrey Ryan has met and interviewed a lot of quants. He's spent 20 years working in quantitative finance and seven years working for hedge fund Citadel , during which time he saw its quant operation evolve from a first trade to a fully fledged quantitative finance desk. If anyone understands what's required to succeed as a quant, Ryan is therefore probably one of those people. And when Ryan says that quants don't necessarily need qualifications beyond a Bachelor's degree, aspiring quants might want to take note.

"Some of the best people I've ever worked with - even on the research side, have only had bachelor's degrees and nothing beyond that," says Ryan, speaking from Chicago, where he's working on a new venture for quant consulting . "They can be more aggressive in terms of the problems they're trying to tackle."

Does this mean you can forget taking a Masters in Financial Engineering or a PhD? Not so fast. Ryan says the problem with only having a bachelor's degree as a quant is that it can be difficult to land a first job. "It's not that you need a PhD to be successful - in fact I'd almost say that it's the other way around," he says. "But you usually need the additional qualification to get hired."

Ryan isn't a huge fan of the short Masters in Financial Engineering courses that have proliferated in recent years. While he says they produce some excellent and smart people, he has found that MFE graduates can be unprepared for being quants in the real world. "You get the very best people out of school, and they are still starting from zero. They might have stellar research processes, but when confronted with something that's not a nice rectangular database, they can struggle to solve a problem. - They do eventually, because they're smart, but it can take a while."

By comparison, Ryan echoes recruiters who say that PhD students are usually closer to the finished product. " PhDs have more of the research skillsets and processes necessary to succeed, but even they can still have a learning curve when they arrive."

The problem with being a quant in a functioning hedge fund instead of an educational establishment is that things in the real world often aren't neat, says Ryan. "People don't arrive with the actual skills that firms require. They understand the math, but they don't understand how to apply it when the principle challenge is that you have a terabyte of unsifted data." Even if you're paying a data vendor to prepare the data for you, Ryan says you still need to guide them on how to get data into the right shape. "Data vendors don't understand how data is being used. - You need to manage them. That can take a lot of time and intellectual capital."

PhD hires can also have idiosyncratic issues of their own: they're excellent at sorting through individual types of data, but less good at sorting through multiple disparate data sources, says Ryan. "PhD students can be very good at looking at a data source for a very long time, but when you have dozens of different data sources a month, it's a different skillset," he says. "The pace is much faster."

This is why, if you're a quant with a bachelor's degree and spend a lot of time learning how to work at speed with different datasets to solve real world problems, you could be more employable - presuming someone will actually interview you. Ryan advises spending time on Kaggle or QuantConnect, and making it clear what your contribution to solving a problem there was: "A lot of these sites use teams to solve problems, and it can be hard to disentangle what one person has done."

Ultimately, he says that difficulties hiring junior quants who are work-ready is a cost for many funds. "It's a real barrier to alpha, and it's strange really that it still exists."

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Coronavirus predictions showed the whole world that PhD-level mathematical modelling is hopeless in the real world. A PhD should be a bar on getting hired for any serious job.

This info sends a dangerous message that higher education is not necessary for world. It encourages ignorance and promote utilitarianism. Why maine street media always want people to be dumb?

PnL trumps Phd all day every day.

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Is a math degree really useless financially? [closed]

I graduated in December 2018 with a double degree in math and electrical engineering and have applied to various graduate schools in pure math and electrical engineering and have been offered admission to phd programs in pure math and electrical engineering.

During my undergraduate studies, I have heard many academic mathematicians say that a math degree opens many opportunities for you and mathematicians can get any job, ...

On the other hand, I have also heard people saying that a math degree is useless financially and you can not get a decent job with a math degree; you either need to become a school teacher or work at a bank, ...

Now that I am about to start my phd program, although I enjoy math a lot, I do not want to get a phd in math and after four years find that it did not worth it financially and I have to do a not well-paid job. I can not also hope that I will end up in academia as I have heard academic jobs are very hard to get.

So that leaves me to think that if I want to get a well-paid job, I should do a phd in electrical engineering and not math.

I am so confused and I do not know which paths am I supposed to take? do a phd in math or electrical engineering?

career-path

25 If you believe working in banking can never be well paid, you may want to research the position of quantitative analyst (quant) more carefully. – origimbo Commented Jan 16, 2019 at 11:22
6 Where do you live? – henning no longer feeds AI Commented Jan 16, 2019 at 12:44
28 "I have [heard] a math degree is useless financially and [you] need to...work at a bank," isn't that a contradiction? The finance sector pays well. – user2768 Commented Jan 16, 2019 at 13:03
18 If youre only trying to maximize income you should probably choose the EE PhD and then drop out with a masters. – user101106 Commented Jan 16, 2019 at 13:04
5 @CJ59 Indeed, a PhD doesn't generally maximize income (at least not with the figures I've seen), it might even reduce it. – user2768 Commented Jan 16, 2019 at 13:06

16 Answers 16

Just a personal anecdote, not really an answer, too long for a comment.

I have a master degree in mathematics and now I'm doing physics simulations for visual effects in Hollywood blockbusters. I believe that a math degree gives you a massive upper hand in any field with reasonable amount mathematics in it. However, you have to be interested in that field and study it in your spare time. I studied computer graphics in my spare time and my math background allowed me to comprehend things in computer graphics orders of magnitudes faster and deeper compared to fellow computer science students.

Take it with a grain of salt, master degree is completely different kind of a beast compared to a PhD degree.

12 Btw, the pay is probably not as good as in a bank but the job is lot of fun! – tom Commented Jan 16, 2019 at 11:31
10 I don't know if a maths degree would give you an upper hand vs a physics degree fir your specific example, but I agree that a degree in "not computer science but strong in maths" is very helpful in the world of computers (background, I've a masters in physics, and work in computing). Maths and physics also do very well in banking, if the maths preference is statistics rather than pure. – UKMonkey Commented Jan 16, 2019 at 14:22
2 Similar here: BS degree was math & physics (the school didn't offer a CS degree back then), but my career has been mostly programming scientific & engineering simulations - in fields as different as meteorology, seismology, and neurobiology. I can fairly quickly learn enough of the science to figure out how to apply the math to it. – jamesqf Commented Jan 16, 2019 at 18:37
2 This is definitely an answer, anecdotal though it may be. Per Good Subjective, Bad Subjective , answers should support their claims through evidence or experience, and this answer does the latter. It could perhaps be improved, but it definitely fits as an answer rather than a comment. – user8283 Commented Jan 16, 2019 at 21:04

Where I live, a lot of math degree holders work in software development and are generally doing quite well ... especially since many computer science degree holders are not really good at maths. Other opportunities for mathematicians are simulations (i.e. in engineering) or insurance companies.

In fact, maths teacher is also a quite decent occupation where I live, but that is of course subject to supply and demand.

Were the people who told you you might not find a good job also math degree holders? I have found that non-mathematicians sometimes do not really know what mathematicians work as.

11 There's a big difference between a math degree and a PhD though. While I'm sure that you can get a good job with a PhD in math, I'd wager that for many jobs the PhD won't get you much more money, but will cost you a lot from seniority and simply the 3-4 years that you spend doing a badly paid PhD instead of working in the industyr. – Voo Commented Jan 16, 2019 at 16:29
You are if course correct. However, on closer reading it seems as if the OP is already sure she wants to take a PhD and is just unsure which one. If that is the case, maths might still be the more logical option. – Jan Commented Jan 16, 2019 at 16:57
@Voo This is correct, but doing a PhD in engineering (as stated in the question) will be "equally bad" from the point of view of seniority. If then the point is to not do a PhD at all, then I would agree. – gented Commented Jan 16, 2019 at 19:45
@gented Somehow missed that when reading the question. Agreed that there's probably very little difference between the two PhDs. Mea culpa. – Voo Commented Jan 16, 2019 at 21:00

I'd be more inclined to comment - but I get more space in an answer:

The premise that a degree is a path to a job is blatantly false. Even the best most sought after degree might leave you jobless: wrong region, potential employer doesn't like you, you aren't as good as the rest (some subjects are apparently very competitive, for better or worse).

So you should really pick a degree that you find personally interesting that has a potential of being useful for work. In the case of mathematics this leaves very must two main routes:

Pure maths in academia, or close to it, teaching
Applied maths in academia or industry

Mathematics is very much the foundation of much of our modern life. Banking, electronics, engineering - BUT this is applied mathematics, not pure mathematics (but even that has its fans). Some people may joke that an applied mathematician is a physicist ;). In your specific case, the combination of mathematics with electrical engineering can be quite valuable. You would possibly be better at the calculation that your peers if they did not study mathematics. Then again, if you hate electrics and love maths, it may not be an advisable choice.

In addition, paths can change. Even a PhD you should chose to some extent by interest if you can - it will make it more interesting.

To bring in a personal note: I studied mathematics. In the PhD I ended up with some limited experimental and analytical chemistry, chemical kinetics, ab initio quantum chemistry and programming. Then in two post docs I ended up programming more and working more with chemical kinetics and quantum chemistry. Unfortunately I am not in academia any more - still, for now a very interesting job. And what is it? Numerical simulations (where my previous experience is useful.)

Now in some countries subject mobility isn't very large (Germany springs to mind, maybe also France). In England you come from subject A and do a PhD on sbject B in the end...

So to bring this to a conclusion: Study what you like - a PhD is also funded. A degree is NOT a "path to money" - follow your interest. Mathematics is the basis of most of the things we need today. If possible, focus on the applied side and there should be many opportunities for an applied mathematician. And don't necessarily reject the pure maths: Developping new functionals in quantum chemistry or new models for say CFD, working on cryptography is well beyong what I would be able to do in maths - especially given that my paths capabilities have been rusting away the past 7.5 years.... Nowadays I do less "actual maths" and more programming, number crunching and data processing.

2 From my experience (BS in Math, MS in Statistics, incomplete Computational Statistics PhD, now working in Healthcare industry), this answer is spot on. I do very little pure math or theoretical statistics, but I apply math and statistics every day. People may not pay you to do math proofs, but the programming, number crunching, and data processing is in high demand. If you want to make the degree a better financial decision, focus on how you can apply math. Practice solving real problems with applications/programs popular outside of academia. – Underminer Commented Jan 16, 2019 at 19:25
2 While I agree that the work you do will be more like applied mathematics, I don't think that studying pure mathematics is only a route to academia - I know several who studied pure, but ended up working in meterology, astrophysics, finance, etc. – Stobor Commented Jan 16, 2019 at 22:25
1 "So you should really pick a degree that..." —that was an unexpected twist; I thought you'd say, "So you should reconsider whether you need a degree at all or whether you should just start working now." :) Or maybe even, "...consider whether you're avoiding work by studying endlessly." – Wildcard Commented Jan 17, 2019 at 3:00
@Stobor Of course there are. But there are fewer (obvious) opportunities for pure mathematicians than for applied mathematicians. – DetlevCM Commented Jan 17, 2019 at 20:01
@Wildcard There are people that think like that unfortunately... - I would say everybody who wants to continue studies due to interest in th esubject should be encouraged. It is an opportunity to learn new things and develop a better understanding. - If the interest is in an area that is useful, even more so. – DetlevCM Commented Jan 17, 2019 at 20:10

The answer depends very much, as already outlined, on the particular job career you choose to pursue. It is generally true that nowadays it might be quite hard to find a very well-paid tenure position in Academia, therefore the chances that one might end up being financially wealthy with that particular choice are not the best; likewise, industry does not seek many pure mathematicians either.

However, mathematicians and physicist are extremely well employed (and probably consitute the majority) in quantitative analysis, machine learning and data science related jobs, not to mention the subset who choose to continue in software development. It is often said (as you yourself stated) that the ideal solution is to move to the financial sector, nevertheless that is not the only one; as already mentioned, nowadays the field of artificial intelligence and data science is particularly filled with academics: the main trait that pursuing a PhD offers is the capability to solve problems, in general, and to apply a broader set of knowledge to investigate different scenarios. Such skill set can be easily applied elsewhere and as a matter of fact most academics do not stay in Academia (at least nowadays); to make a long story short and answer your question

On the other hand, I have also heard people saying that a math degree is useless financially and you can not get a decent job with a math degree; you either need to become a school teacher or work at a bank

a scientific PhD is not financially rewarding if you decide to stay in Academia (for the majority, with the due exceptions); it can be if you move to industry, to the right places. Moreover I do not see a PhD in electrical engineering opening so many more doors that a PhD in maths cannot.

With either a PhD in Math or EE, you have a good chance to get a well-paying job. So my advice is: study what you interests you (if neither interests you, a PhD is probably the wrong choice).

To give you some numbers, from the US, the AMS Survey gives data on starting salaries for Math PhDs. You can also get some data from Payscale on average salaries (e.g., Math PhDs , EE PhDs and Engineering Bachelors ):

AMS Median industry starting salary (2016 Math PhD): ~$106,000
Payscale Average Math PhD salary: $98,000
Payscale Average EE PhD salary: $116,000
Payscale Average Bachelor of Engineering salary with 5-9 years of experience: $83,568

Some words about this data: The AMS data is rather reliable. Payscale does not have have a lot of data on Math and EE PhDs, and I am not sure if the salaries used are all starting salaries. The Payscale Math PhD includes a number of academic salaries which are significantly lower. AMS reports medians and quartiles, Payscale reports averages and ranges. If we compare the Payscale Median EE PhD salary (by eyeball, about $110k) with the AMS Median (about $106k) we see they are not so different (and the latter is certainly only starting salaries).

Ignoring the relative cost of getting a PhD (which is typically relatively small in the long term), it appears that your general salary prospects are better with a PhD in EE or Math than just a Bachelors, and slightly better with a PhD in EE than a PhD in Math.

That said, there are some areas of math that are considerably more marketable outside of academia than others, such as Statistics and Data Science.

Is a math degree useless financially? Yes, if its just an undergraduate degree.

What about a masters in math? More useful, but still quite useless comparatively to other degrees, unless you back it up with other skills (e.g. I know software developers who've gone into data science/machine learning positions, but that requires self-learning software development on the side).

What about a PhD in math? Much more useful than either a masters or an undergraduate, but mostly for the purpose of enjoying a career in Academia. Since that's not usually well-paid for most people, that doesn't seem to be what you are aiming for (and yes, the fact that Academia is also highly competitive with loads of pressure is yet another reason to avoid that path if you aren't extremely passionated about research . That's the only way you'll be good in Academia, except if you are some sort of genius). There are however other alternatives: you can get a job in finance (again, if you back it up with other skills, like learning financial theory and/or programming), and a job in banking does pay quite well, but if you aren't interested in that sort of thing (don't blame you), then there aren't really that many options left in the industry. People will tell you fairy tale stories about how their math PhD got them a job working with this or that, but the truth is that none of those jobs are guaranteed and your math degree isn't structured for it. At best, you'll still have to spend an enormous amount of time self-studying whatever stuff you need to work in whatever random industry you got hired into. The truth is you won't walk into any industry apart from banking or teaching and be able to dazzle people with your math knowledge. Your math knowledge is and always will remain a nice bonus . Nothing more. You have to be able to offer more.

Personally, if financial gains were my main worry and I wasn't particularly fond of math (which you don't seem to be), Electrical Engineering is a complete no-brainer. Lots of jobs, salary's decent.

Oh, and please don't listen to people who say that a degree in math "improves your analytical thinking" and blah blah blah. As if a degree in Electrical Engineering doesn't do the same.

2 No, a math degree is not useless financially. It will not bring you riches by itself, but you can get your foot in the door in a lot of different areas with a math degree. Generally speaking, the value of a degree is to get your foot in the door. Unless you go to a top institution, and get top marks in a highly sought after degree, financial well-being will largely be based on what you do after your enter the workforce. – The Gilbert Arenas Dagger Commented Jan 16, 2019 at 17:54
1 Unless you go to a top institution, and get top marks in highly sought after degree, financial well-being will largely be based on what you do after your enter the workforce. If this were true, then adjusting for people who got high marks in degrees from top institution, we ought to see no difference in the salary earnings of workers when clustered by degrees... but we do . So the only explanation is either a) Mathematicians are just dumber and lazier than others once they enter the workforce which I don't think is true, which leaves option b) math earns less. – Marqui Commented Jan 16, 2019 at 17:59
1 @Marqui I think you may be conflating degree with actual field of work... Only a small percentage of people (per Google--slightly less than a third) actually end up working in the same field their degree was in. For the rest, what field you end up in is a bigger indicator of pay than what your original degree was. – user3067860 Commented Jan 16, 2019 at 18:22
3 @Marqui Do you have any factual support or sources for your argument that "math earns less?" – TimothyAWiseman Commented Jan 16, 2019 at 20:59
I know nothing about EE, but what you write about maths seems right to me. – Carsten S Commented Jan 17, 2019 at 12:31

To give a slightly different take than the other answers:

Employers hire people to do a job for them. Many companies have situations slightly more complex than "hire the best for the job," but at the end of the day they want the person who can meet their need as best as possible.

As a math major, you have a skill set that people want. Unfortunately, they rarely are looking for people with only that skill; they likely also have other requirements. For example, in the United States, the NSA explicitly lists mathematics on their jobs page. The mathematicians they hire, though, are rarely only mathematicians; they also have at least some skills in computer science, programming, and other related areas (e.g., linguistics, cryptography).

Basically, check out jobs you may be interested in and make sure that math isn't the only skill you bring to the table. Outside of academia mathematicians typically need to be polyglots to be successful, but polyglot mathematicians can be successful indeed .

Have you considered the ROI of higher education?

If you want to make more money then start working now and building up your work experience instead of taking on more debt and not having several years of work experience. You will also find out from working that maybe you don't like EE as much as Math for example, and this can help you decide.

If you are a curious person and want to learn, then go for the phd in math and lean towards academia.

I faced the same problem when I was deciding my undergrad, I love astronomy and astrophysics and cosmology. I was concerned about the time and money investment and the questionable returns. I have heard how there is a lot of politics involved in securing grants and funding, and also the small number of jobs are very competitive.

Instead of physics, I went into engineering because it would be more practical to get a BS and begin working right after. Now I don't have a lot of debt, a good entry level job, and I can explore different industries and my own interests and continue growing. I would like to continue my education and get a masters eventually but I'm not sure what it will be in yet.

This can depend on more than just the mathematics. You don't say where you are, nor anything about the nature of the educational system. But, for the US, at least, a BS in mathematics is a great basis for many careers, both in and out of academia. But that is because the baccalaureate is, in the US, a very general degree. One studies more than just mathematics, which amounts to only about a third of the courses taken.

But mathematics is about thinking and you can apply that thinking, especially thinking in a formal and disciplined way to other things. But if you don't really know anything except mathematics, then you aren't in such a good place, except to do more mathematics.

But any company that needs analysis of things, such as products or strategies or, well, anything, can use people that have a disciplined way of organizing and presenting information. Mathematics helps with that, as long as you also have the more specific knowledge that the job requires. But that knowledge is easier to obtain, in most cases, with the discipline of thought that mathematics brings you.

A degree in EE would teach you to think in a different way, whether that is better for you is up to you, however.

But, to give some perspective here, I also think that a degree in Philosophy is also a good launching point for a career, and for much the same reason that mathematics is. It teaches discipline of thought that can be generally applied.

However, you are starting a doctoral program. Such programs prepare you to do research and they are very specialized. They are not general education in any sense. Most, or at least, many, PhD holders (guessing a bit here) stay in academia since the doctorate is a good preparation for that. There are other opportunities, of course, but like the degree itself, those opportunities are very specialized. But mathematics is, even at the highest levels, still good mental training that can be applied in other domains.

6 Is it really true that most PhD holders stay in academia? I'm pretty sure that's not true within the fields I'm most familiar with, but I don't know if it's counterbalanced by other fields. – David Z Commented Jan 16, 2019 at 14:23
@DavidZ I was just about to say the same thing. See, for example, this question and its answers here on Academia.SE . – Peter K. Commented Jan 16, 2019 at 14:25
@DavidZ, It's just a guess, really, but I'm thinking beyond technical fields. I don't have research to back it up. Made a small edit. – Buffy Commented Jan 16, 2019 at 14:25
It's statistically not possible for most new PhDs to become academics; advisors produce too many academic "children" in their careers to be counterbalanced by the growing demand for education. – Ian Commented Jan 16, 2019 at 15:24
1 @Buffy Here I really mean professors. I would venture to say that going from a PhD into an adjunct position is not a very desirable outcome for most people. – Ian Commented Jan 16, 2019 at 15:40

Is a math degree really useless financially?

I guess you mean PhD., as you seem to have already double majored in EE/math.

From a financial perspective... the path to the greatest in lifetime earnings is probably to get an EE (or math) job now. That's four (+/-) years more of income and you won't have to pay to go to school anymore.

Normally my advice is follow your passion, but you don't seem to have found your passion yet (from your post at least).

I am so confused and I do not know which paths am I supposed to take?

Only you can answer this. Whatever path, it has to be one that you will be motivated to stick with through your PhD.

With that said, assuming math is what you enjoy, why not consider combining a math PhD with another subject? In other words, you focus your work on math, but are integrating it with another field that interests you and opens up employment opportunities that a pure math degree might not have. In effect, consider being coadvised by someone in another department where math can be used in a more applied research context (The caveat being that if you are already in a program, you may have an advisor that may not allow it.)

The reality is that math has applications everywhere, whether it's physics, chemistry, engineering, economics, biology, ecology, computer science, geology, etc. In my case, I'm doing the reverse. I'm just beginning a PhD in wildlife ecology, but I've always had a strong interest in math, so I'm actually going to try and take several graduate level courses in math. The benefit being that most people in my field dislike math, yet there is a strong need for people capable of integrating advanced mathematical concepts into ecology. For example, we use things like network theory for modelling landscape connectivity for different species, which has real world uses for conservation, but this integration is only relatively recent in ecology, and is still be developed and built on.

If your biggest concern is financial success, then integrating computer science into your program could really set you up for success. Computer science, like math, has applications everywhere, so the two combined will give you a lot of flexibility. You can look at the type of research being done in computer science to get an idea of the different things people are working on. Depending on the approach you take here, you could probably set yourself up for a nice future as a data scientist.

Or you could do something entirely different. I know someone that was a mechanical engineer working on space shuttle related projects before starting a successful PhD program studying bears. Despite not having a biology related degree, they were probably able to pitch their math and computer background as strong selling point.

A math degree provides evidence that you are a strong problem solver, that you can grasp and apply logic, and that you are comfortable with algorithms. These skills apply to many areas. You have the opportunity to find what you are passionate about and pursue it. Many jobs say something like candidates must have degree in X, or other related field. Math is almost always accepted in the other related field category based on the skills it demands. However, a math degree in itself may not always be enough, so you should be prepared to develop specialized skills.

What you are asking is really a personal question that you will be able to answer for yourself better than any of us can do. That said, I do would not recommend a PHD in math if you do not know how you want to use it. You need to find your passion. It's OK if you don't know and if you don't get it right in your first job, but by entering the real world you will get exposure to real life things that you like and dislike.

I was a math major and found myself in a similar position. I started out at an actuarial company and switched to a software development. Both paths required time outside of work to learn the specialized skills required by the job, but the problem-solving skills demanded of a math major have provided an excellent foundation.

My undergraduate degree is in pure mathematics and it opens many doors. First, remember that there are a lot of jobs which require a degree but are not overly picky about which one. For instance, I started my career as an Army Officer after receiving my bachelors. A degree is a requirement and a math degree in particular opened the door to Military Intelligence.

Math is also an acceptable starting point for many careers that are tangentially related. After leaving the army, I became a programmer and database administrator for a while. I know others with math degrees that went into financial analysis

Math also serves as a basis for many related graduate degrees. I went into law after I decided I did not want to continue in programming.

And that is to answer your direct question about the value of a pure math degree. You said you also have an electrical engineering degree. While a masters is very helpful if you want to go into work as a true electrical engineer, a EE degree opens a huge array of doors by itself. I know many other programmers that got an EE degree to start.

I got a PhD in pure math, got a job at a financial company, and I am very well paid.

For full disclosure, I did have a small amount of trouble getting a job at a financial company. I interviewed at maybe 5 companies. I was first hired by this company as a lowly programmer (in the last year of my PhD program), then after I got my PhD I applied for a job on the modeling team. You could say I snuck in.

Why were (or weren't) you hired? – Xen2050 Commented Jan 17, 2019 at 3:13
@Xen For most of the companies I wasn't hired due to lack of financial knowledge. For JP Morgan, they wanted a C++ maven, which I didn't qualify as. I was hired at my current company for my initial job because of my Java programming skills. The modeling team then hired me because of my intimate knowledge of the internal system. They were really looking for someone who knew finance in the posting, but they accepted someone who they don't have to teach about the internal system who has a PhD in math as the next best thing. – Matt Samuel Commented Jan 17, 2019 at 3:24

As already said, the answer is No, it isn’t.

Among the thousand or so software engineers and systems engineers at my first civilian job, many were math majors.

I did a PhD, left academia and have worked a career in areas for which that is an asset. Never had to use very advanced maths, but 'mathematical thinking' has been essential.

A key thing to observe is that maths comes under two well known labels:

When in academia this can sometimes seen a trite distinction, commonly with a bit of snobbery thrown in.

Outside of that, 'applied' also means that you have to take a problem and translate into mathematical form. No longer can you 'given such and such' or 'assuming that'. You need to take the data that you are given and determine the conditions it satisfies, or fix it so that it does. You typically need to translate the business problem into abstract form, solve it abstractly, then implement in software. In fact, even to get the first of these involves a ton of talking to people and language skills.

Think of such roles such as:

Data Scientist/ Analyst : A huge growth area. The Analyst very well paid and mathematical
Operations Research Analyst : Cool, but not that may positions available.
Modeller - finance: Still a lot of jobs, well paid, but you may have reasons not to
Modeller - defence: Still a lot of jobs, quite diverse, but you may have reasons not to
Modeller - other: Fewer jobs, can be very interesting and valuable.

So, if you think you'll want exit academia after PhD, the specific additional knowledge a employer will look for then is programming . If you have EE, you most likely already have some knowledge. Continue to build on that during your PhD. Maybe take some courses through institution or online. Learn about OR and Data Science. You'll then be well set up to find a good position on a good entry salary.

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The Inventory

The complete guide to getting into an economics PhD program

The math is easier than you might think.

Back in May, Noah wrote about the amazingly good deal that is the PhD in economics. Why? Because:

You get a job.
You get autonomy.
You get intellectual fulfillment.
The risk is low.
Unlike an MBA, law, or medical degree, you don’t have to worry about paying the sticker price for an econ PhD: After the first year, most schools will give you teaching assistant positions that will pay for the next several years of graduate study, and some schools will take care of your tuition and expenses even in the first year. (See Miles’s companion post for more about costs of graduate study and how econ PhD’s future earnings makes it worthwhile, even if you can’t get a full ride.)

Of course, such a good deal won’t last long now that the story is out, so you need to act fast! Since he wrote his post , Noah has received a large number of emails asking the obvious follow-up question: “How do I get into an econ PhD program?” And Miles has been asked the same thing many times by undergraduates and other students at the University of Michigan. So here, we present together our guide for how to break into the academic Elysium called Econ PhD Land:

(Note: This guide is mainly directed toward native English speakers, or those from countries whose graduate students are typically fluent in English, such as India and most European countries. Almost all highly-ranked graduate programs teach economics in English, and we find that students learn the subtle non-mathematical skills in economics better if English is second nature. If your nationality will make admissions committees wonder about your English skills, you can either get your bachelor’s degree at a—possibly foreign—college or university where almost all classes are taught in English, or you will have to compensate by being better on other dimensions. On the bright side, if you are a native English speaker, or from a country whose graduate students are typically fluent in English, you are already ahead in your quest to get into an economics PhD.)

Here is the not-very-surprising list of things that will help you get into a good econ PhD program:

good grades, especially in whatever math and economics classes you take,
a good score on the math GRE,
some math classes and a statistics class on your transcript,
research experience, and definitely at least one letter of recommendation from a researcher,
a demonstrable interest in the field of economics.

Chances are, if you’re asking for advice, you probably feel unprepared in one of two ways. Either you don’t have a sterling math background, or you have quantitative skills but are new to the field of econ. Fortunately, we have advice for both types of applicant.

If you’re weak in math…

Fortunately, if you’re weak in math, we have good news: Math is something you can learn . That may sound like a crazy claim to most Americans, who are raised to believe that math ability is in the genes. It may even sound like arrogance coming from two people who have never had to struggle with math. But we’ve both taught people math for many years, and we really believe that it’s true. Genes help a bit, but math is like a foreign language or a sport: effort will result in skill.

Here are the math classes you absolutely should take to get into a good econ program:

Linear algebra
Multivariable calculus

Here are the classes you should take, but can probably get away with studying on your own:

Ordinary differential equations
Real analysis

Linear algebra (matrices, vectors, and all that) is something that you’ll use all the time in econ, especially when doing work on a computer. Multivariable calculus also will be used a lot. And stats of course is absolutely key to almost everything economists do. Differential equations are something you will use once in a while. And real analysis—by far the hardest subject of the five—is something that you will probably never use in real econ research, but which the economics field has decided to use as a sort of general intelligence signaling device.

If you took some math classes but didn’t do very well, don’t worry. Retake the classes . If you are worried about how that will look on your transcript, take the class the first time “off the books” at a different college (many community colleges have calculus classes) or online. Or if you have already gotten a bad grade, take it a second time off the books and then a third time for your transcript. If you work hard, every time you take the class you’ll do better. You will learn the math and be able to prove it by the grade you get. Not only will this help you get into an econ PhD program, once you get in, you’ll breeze through parts of grad school that would otherwise be agony.

Here’s another useful tip: Get a book and study math on your own before taking the corresponding class for a grade. Reading math on your own is something you’re going to have to get used to doing in grad school anyway (especially during your dissertation!), so it’s good to get used to it now. Beyond course-related books, you can either pick up a subject-specific book (Miles learned much of his math from studying books in the Schaum’s outline series ), or get a “math for economists” book; regarding the latter, Miles recommends Mathematics for Economists by Simon and Blume, while Noah swears by Mathematical Methods and Models for Economists by de la Fuente. When you study on your own, the most important thing is to work through a bunch of problems . That will give you practice for test-taking, and will be more interesting than just reading through derivations.

This will take some time, of course. That’s OK. That’s what summer is for (right?). If you’re late in your college career, you can always take a fifth year, do a gap year, etc.

When you get to grad school, you will have to take an intensive math course called “math camp” that will take up a good part of your summer. For how to get through math camp itself, see this guide by Jérémie Cohen-Setton .

One more piece of advice for the math-challenged: Be a research assistant on something non-mathy . There are lots of economists doing relatively simple empirical work that requires only some basic statistics knowledge and the ability to use software like Stata. There are more and more experimental economists around, who are always looking for research assistants. Go find a prof and get involved! (If you are still in high school or otherwise haven’t yet chosen a college, you might want to choose one where some of the professors do experiments and so need research assistants—something that is easy to figure out by studying professors’ websites carefully, or by asking about it when you visit the college.)

If you’re new to econ…

If you’re a disillusioned physicist, a bored biostatistician, or a neuroscientist looking to escape that evil Principal Investigator, don’t worry: An econ background is not necessary . A lot of the best economists started out in other fields, while a lot of undergrad econ majors are headed for MBAs or jobs in banks. Econ PhD programs know this. They will probably not mind if you have never taken an econ class.

That said, you may still want to take an econ class , just to verify that you actually like the subject, to start thinking about econ, and to prepare yourself for the concepts you’ll encounter. If you feel like doing this, you can probably skip Econ 101 and 102, and head straight for an Intermediate Micro or Intermediate Macro class.

Another good thing is to read through an econ textbook . Although economics at the PhD level is mostly about the math and statistics and computer modeling (hopefully getting back to the real world somewhere along the way when you do your own research), you may also want to get the flavor of the less mathy parts of economics from one of the well-written lower-level textbooks (either one by Paul Krugman and Robin Wells , Greg Mankiw , or Tyler Cowen and Alex Tabarrok ) and maybe one at a bit higher level as well, such as David Weil’s excellent book on economic growth ) or Varian’s Intermediate Microeconomics .

Remember to take a statistics class , if you haven’t already. Some technical fields don’t require statistics, so you may have missed this one. But to econ PhD programs, this will be a gaping hole in your resume. Go take stats!

One more thing you can do is research with an economist . Fortunately, economists are generally extremely welcoming to undergrad RAs from outside econ, who often bring extra skills. You’ll get great experience working with data if you don’t have it already. It’ll help you come up with some research ideas to put in your application essays. And of course you’ll get another all-important letter of recommendation.

And now for…

General tips for everyone

Here is the most important tip for everyone: Don’t just apply to “top” schools . For some degrees—an MBA for example—people question whether it’s worthwhile to go to a non-top school. But for econ departments, there’s no question. Both Miles and Noah have marveled at the number of smart people working at non-top schools. That includes some well-known bloggers, by the way—Tyler Cowen teaches at George Mason University (ranked 64th ), Mark Thoma teaches at the University of Oregon (ranked 56th ), and Scott Sumner teaches at Bentley, for example. Additionally, a flood of new international students is expanding the supply of quality students. That means that the number of high-quality schools is increasing; tomorrow’s top 20 will be like today’s top 10, and tomorrow’s top 100 will be like today’s top 50.

Apply to schools outside of the top 20—any school in the top 100 is worth considering, especially if it is strong in areas you are interested in. If your classmates aren’t as elite as you would like, that just means that you will get more attention from the professors, who almost all came out of top programs themselves. When Noah said in his earlier post that econ PhD students are virtually guaranteed to get jobs in an econ-related field, that applied to schools far down in the ranking. Everyone participates in the legendary centrally managed econ job market . Very few people ever fall through the cracks.

Next—and this should go without saying— don’t be afraid to retake the GRE . If you want to get into a top 10 school, you probably need a perfect or near-perfect score on the math portion of the GRE. For schools lower down the rankings, a good GRE math score is still important. Fortunately, the GRE math section is relatively simple to study for—there are only a finite number of topics covered, and with a little work you can “overlearn” all of them, so you can do them even under time pressure and when you are nervous. In any case, you can keep retaking the test until you get a good score (especially if the early tries are practice tests from the GRE prep books and prep software), and then you’re OK!

Here’s one thing that may surprise you: Getting an econ master’s degree alone won’t help . Although master’s degrees in economics are common among international students who apply to econ PhD programs, American applicants do just fine without a master’s degree on their record. If you want that extra diploma, realize that once you are in a PhD program, you will get a master’s degree automatically after two years. And if you end up dropping out of the PhD program, that master’s degree will be worth more than a stand-alone master’s would. The one reason to get a master’s degree is if it can help you remedy a big deficiency in your record, say not having taken enough math or stats classes, not having taken any econ classes, or not having been able to get anyone whose name admissions committees would recognize to write you a letter of recommendation.

For getting into grad school, much more valuable than a master’s is a stint as a research assistant in the Federal Reserve System or at a think tank —though these days, such positions can often be as hard to get into as a PhD program!

Finally—and if you’re reading this, chances are you’re already doing this— read some econ blogs . (See Miles’s speculations about the future of the econ blogosphere here .) Econ blogs are no substitute for econ classes, but they’re a great complement. Blogs are good for picking up the lingo of academic economists, and learning to think like an economist. Don’t be afraid to write a blog either, even if no one ever reads it (you don’t have to be writing at the same level as Evan Soltas or Yichuan Wang ); you can still put it on your CV, or just practice writing down your thoughts. And when you write your dissertation, and do research later on in your career, you are going to have to think for yourself outside the context of a class . One way to practice thinking critically is by critiquing others’ blog posts, at least in your head.

Anyway, if you want to have intellectual stimulation and good work-life balance, and a near-guarantee of a well-paying job in your field of interest, an econ PhD could be just the thing for you. Don’t be scared of the math and the jargon. We’d love to have you.

Update: Miles’s colleague Jeff Smith at the University of Michigan amplifies many of the things we say on his blog. For a complete guide, be sure to see what Jeff has to say, too.

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Doing A PhD After MBA: Universities, Programs, Benefits

Updated on
Jun 3, 2024

Higher studies often encompass the decision of pursuing a bachelor’s, master’s and then, if you feel like delving deeper into your chosen field, a doctorate degree.

When it comes to the vast domain of commerce, a PhD is commonly chosen by those wanting to explore the academic arena. Working professionals don’t usually opt for a PhD given the extensive amount of time it demands and also because it has more academic use.

So, if you have recently completed your Master of Business Administration, choosing a PhD might require some thinking to finally arrive at the right decision. This blog aims to elaborate on what a PhD after MBA entails and how it can advance you further in your career journey.

This Blog Includes:

Phd after mba in india, benefits of phd after mba, top phd programs after mba, eligibility, phd after mba abroad – admission process & entrance exams , phd after distance mba, phd after mba in finance, top universities for phd after mba abroad, top countries to study phd after mba, career scope & employment sectors.

Want to pursue PhD after MBA in India? There are colossal benefits of PhD after an MBA that can equip you with a competitive edge in the management and business world as well as the research and professional exposure you need to aim for high-salary managerial profiles in India and abroad.

Here’s what you need to know about PhD after MBA in India:

Eligibility : You must have completed a 2-year MBA degree to apply for PhD in India along with qualifying for UGC-NET or GATE exam to gain admission at top business schools and universities in India.
Duration : In India, you can complete your PhD after MBA in 3-5 years depending upon the program and university.
Requirements : For PhD after MBA in India, you must have GATE/ UGC-NET / CSIR-NET scores, a research proposal ready along with letters of recommendation and optional work experience to increase your chances of admission.
PhD in Management
PhD in Organizational Behaviour/Management
PhD in Behavioural Finance
PhD in Applied Statistics
PhD in Information Technology/Data Analytics
PhD in Market Analysis and Research
Faculty of Management Studies, University of Delhi
Benaras Hindu University
Indian Institutes of Management Studies (IIMs)
Indian Institutes of Technology (IITs)
National Institute of Management, Calcutta

Team Leverage Edu

14 comments

I like your article great content. Thank you

Hi Akash, we are glad to know that you liked our blog. If you need any further assistance regarding the admission process to any PhD course abroad, get in touch with our experts and we will help you build an awesome career.

Great post.

We are glad to know that you liked our work! Don’t forget to share it with your friends who are looking for PhD courses after MBA.

I have done MBA. My specialization is marketing (major) & human resource(minor).I want to know which specialization should I choose for PhD or Can I choose other specialization like social work, political science,etc.

Hi Abhishek, to know which PhD specialization would suit you the best, reach out to our experts at – 88262 00293. You can also register for a free career counselling here – https://leverageedu.com/admissions/study-abroad-admission/ .

Nice blog thanks for sharing.

Hi Thomas, thanks for your feedback! Check out our blog on PhD entrance exams to know more about the ways for pursuing this course – https://leverageedu.com/blog/phd-entrance-exams/ .

Very good article. In my opinion, having a PhD will make you more likely to earn a higher salary over someone with just a Master’s degree. Nowadays more professionals are doing PhD research programs for a better career.

Thank you for the feedback and for sharing your opinion, Rohan!

Thank you very much for your elaboration on Ph.D. after MBA. I would like to know which specializations are available here in the USA.. Thank you.

Hi George, To know about the specializations of your choice, get in contact with our experts at 1800572000.

Hello I’m Amir I done MBA 3.5year and I want to study PhD directly after MBA can u guide me forther I continue which subjects

Hi Amir, To get our profile evaluated for pursuing a PhD after MBA, give us a call on 1800572000 and our experts will guide you about the same.

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The Economic Times daily newspaper is available online now.

Unlock financial insights: guide to pursuing a phd in finance management.

Several prestigious institutions in India offer a PhD in Finance program, which is a research-oriented course that provides a deeper understanding of financial concepts. To pursue this program, candidates must pass entrance exams and have a minimum overall score of 55% in their relevant master's degree.

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Offering College	Course	Website
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	Doctorate in Philosophy in Finance Management
	Finance
	3 Years
	Rs.10,000 to Rs.50,000
	Should have completed a postgraduate programme in accounting, economics, or mathematics with a minimum grade point average of 55%
	Doctorate
	Entrance test
	A corporate banking executive, a stockbroker, a statistician, a CFA, a manager of credit control, a manager of finance, etc.
	Rs.5 lakh to 8 lakh
	Accenture, Genpact, Vodafone, Oracle, Accenture, Reliance Industries, Bajaj, Airtel, HCL, TATA Consultancy, etc.

About PhD in Finance Management

A PhD in Finance is a research-focused programme that prepares students for advanced academic and research careers in economics and finance.
Those who want to apply for admission to the programme must have managerial, leadership, logical, and analytical abilities.
Accounting, economics, financial management, and other related topics are all studied in finance.
Students pursuing a PhD in finance receive training in subjects such as corporate finance theory, investments, and statistics.
In their course curriculum, the students also have the opportunity to investigate various financial markets and products.
A PhD in Finance is a research-based programme designed specifically for academic or research-based careers.
While the majority of institutions demand that applicants have a Master's in business administration, some of them admit students to PhD in finance programmes after they have already earned their bachelor's degrees.

Why do a PhD In Finance?

High income - A PhD in Finance graduate may expect to make between INR 4 LPA and INR 8 LPA in income on average. According to the website Pay Scale, the average pay of a PhD in Finance graduate is roughly INR 12,50,000 PA, and it rises with experience. In addition to this, the candidates receive perks and additional benefits including DA, Provident Funds, Travel Expenses, and health insurance.
Careers: After completing the course, students have the option of pursuing a career in academia or industry. Both professional paths have equal financial success. They have the choice to pursue a career as a professor, lecturer, or associate professor in academia. They can choose to work as market research analysts, investment bankers, etc. in the industrial sector.
Job Stability: The majority of PhD finance graduates choose to work in academia because it offers job security. In industrial employment, they are typically hired in top-level roles, primarily as consultants, which are thought to be more stable and have a lower attrition rate.

PhD Finance Management Admission Process

Step 1: registration. Candidates must go to the entrance examination authorities' website, register using an email address or phone number, and create a login ID.
Step 2: Complete the application form - Students who wish to pursue a PhD in finance must complete the applications for the relevant institutions. Online application forms are available for filling out. Candidates must offer information about the cities where they prefer to take the entrance exams as well as essential academic information.
Step 3: Upload the different documents. Candidates must upload the different documents in their desired size and format. Then, the applicants must pay the application fees and print a receipt for their records.
Step 4: Candidates must appear for the admission exam, which is compulsory for all applicants. Each university administers its own admissions tests. The students are invited for the interview based on how well they did on the entrance exam.
Step 5: Attend the interview - Following the announcement of the admission test results, the chosen students are contacted for an interview. The interview may include several rounds. The candidates must present their theses as well as the research areas they will focus on throughout their PhD studies.
Step 6: Admission to the College - Students who pass the interview will be contacted for the rest of the admissions process and given permission to enrol in the relevant university.

Eligibility Criteria for PhD Finance

The student must complete his or her post-graduate studies at an accredited university in subjects like accounting, economics, or mathematics. The PhD in Finance Course accepts applications from candidates from the MBA Finance Stream as well.
Additionally, the student must have earned at least a 55% in their post-graduation course. Candidates who are SC/ST/OBC/PwD receive a 5% mark reduction.
There is no maximum age for admission to the PhD programme.

Entrance Exams For PhD In Finance

NET UGC Exam
PET SIU Exam
JNU PhD Admission Test
GTU PhD Admission Test

PhD Finance Top Colleges

Ahmedabad University
Alliance School of Business
Amity University
Department of Management Studies-IIT Madras
Gitam University of Management
Indian Institute of Foreign Trade
Kalinga Institute of Technology
National Institute of Technology
Shailesh J. Mehta School of Management
Sharda University

PhD Finance Career Options

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Is it Worth Getting a Ph.D. in Finance?

A Ph.D. in finance opens up students to many potential job opportunities, but there are some serious drawbacks to getting a Ph.D. in finance. The decision to acquire a Ph.D. in finance is something very personal, and it may not be the right fit for all individuals.

Not for Love of Making Money

Many people believe that if they get a Ph.D. they will make more money than they otherwise could with an MBA or similar graduate degree. The first thing to keep in mind is that getting a Ph.D. does not entitle you to a job that an MBA or similar finance or business degree does not. You can still become a high-ranking executive, with a six-figure salary, whether you have a Ph.D. or a master’s.

Remember that the term Ph.D. literally means “Doctor of Philosophy.” Philosophy is the act of thinking, theorizing and researching. That is what a Ph.D. especially prepares candidates to do, according to an online article . There are, therefore positions within companies that are suited to a Ph.D. because they involve research surrounding how money flows and works. However, from a money-making standpoint, there is little that a Ph.D. can do that an MBA cannot.

Those considering a Ph.D., therefore, should do so not for a love of making more money or a higher wage, but for the love of acquiring knowledge, doing research and sharing that information with others. The work done by those with a Ph.D. is valuable to business executives and economics experts, but that doesn’t mean that they will offer you substantially more money or a better position for it. The fact is that many Ph.D. graduates work in academia, not business. That said, there are many options for graduates to explore, as detailed in this article .

The Cost of a Ph.D.

There are two significant costs of a Ph.D. that must be considered. The first is obviously money. College is an expensive endeavor, and many people do not do paid work while acquiring advanced degrees. Some Ph.D. candidates get their schooling paid for by various institutions because the work they do getting the Ph.D. will then be provided to these organizations for free, and they consider that information worth the cost of tuition. Without such sponsoring, gaining a Ph.D. can be a financially daunting affair for those not already of comfortable wealth.

The second, no less significant cost of a Ph.D. is time. Gaining a Ph.D. requires, on average, an additional four or more years of study after a graduate degree. This means that at grand total, a Ph.D. graduate has invested four years of undergraduate tuition, another two or three years of graduate education and another four or more years of doctoral education. Unless they took a break to get work experience in-between, they will be at least six or more years behind the average graduate in job experience. While getting advanced degrees does generally mean higher pay, it often lags behind someone who has been climbing the career ladder for the last six years while the Ph.D. graduate was toiling away in school.

The decision to pursue a Ph.D. in finance, or any other field, should not be taken lightly. A Ph.D. candidate must have a clear vision of what they want to do for the rest of their life. They will be sinking over a decade of life and hundreds of thousands of dollars into education, and they will need to be sure it is worth it to them.

5 countries offering the highest PhD stipends

Did you know that as a PhD student, there is a difference between salary and PhD stipends?

This is just one of the many things you should know when deciding to do a PhD .

As the highest level of education, a Doctor of Philosophy or PhD can take anywhere from four to 12 years to complete .

Embarking on a journey towards a PhD is an intellectually rewarding pursuit, but it often comes with financial challenges.

So, how do students cope?

If you receive a salary, you are likely an employee the school hired to carry out a job like leading a class.

Like most jobs, salaried workers get a set wage based on their hours and often have employee benefits like subsidised healthcare or compensation.

A PhD stipend is a financial support system for doctoral students to cover living expenses, tuition, and research costs during their academic journey.

There are three types of PhD stipends :

Graduate Teaching Assistantships (GTAs): For this, you are required to assist by delivering one or more courses over a number of years. You would also need to take on other responsibilities, such as marking student tutorials, supervising lab experiments, and providing support to undergraduates during office hours.
Research Assistantships (RAs): In this role, you will assist a departmental professor with their research. If you are lucky, the professor will be your PhD supervisor, and their research (and the support you give) will relate to your own doctoral project.
Stipend via Studentship: This is a non-repayable grant for doctoral students. Unlike the other two stipends, this one rarely has additional suits, but you must progress with your degree.

Have PhD stipends always been like this?

PhD stipends have a rich history that mirrors the evolution of higher education.

Our current understanding of a PhD originated in 19th-century Germany , but doctoral degrees were awarded long before this.

Over time, PhD stipends have evolved into a cornerstone of doctoral education, ensuring that financial constraints do not hinder the pursuit of advanced knowledge.

Fun fact: The term “stipend” itself has Latin origins, coming from “stipendium,” which refers to a soldier’s pay.

This etymology underscores the idea that stipends are a form of financial support for individuals committed to advancing knowledge, akin to soldiers committed to a cause.

Sometimes, these PhD stipends are not enough.

In January 2023, The Guardian reported about how PhD students in Australia were barely earning enough to survive.

“Through Melbourne’s winter, I know people forced into less than suitable housing who weren’t turning on their heat,” said Tara-Lyn Camilleri, who lobbied to raise the stipend at Monash University from 30,000 AUD to A$37,000 while completing her PhD last year.

It was eventually raised to A$33,000, about A$4,500 less than the minimum wage after tax.

As PhDs can take years to complete, it is always easier to do one when you have money saved away instead of relying entirely on the PhD stipend.

Eric Schmidt, former CEO and Chairman of Google, has a PhD in electrical engineering.

Forbes even released a list of the most popular PhDs among billionaires :

Former CEO of Google. Eric Schmidt (estimated net worth: US$16.2 billion), UC Berkeley
The man behind Garmin GPS, Min Kao (US$4.2 billion), University of Tennessee
Co-Founder, Chief Technology Officer and Chairman of Broadcom, Henry Samueli (US$7.7 billion), UCLA
Founder of D. E. Shaw & Co., L.P., David Shaw (US$7.9 billion), Stanford University
Co-Founder & Co-Chairman of Two Sigma, David Siegel (US$6.8 billion), Massachusetts Institute of Technology
The man behind some of Microsoft’s most successful software, including Word and Excel, Charles Simonyi (US$5.2 billion), Stanford University

And while having these PhDs doesn’t necessarily mean you’re on your way to the list of richest people in the world, it definitely makes you more knowledgeable than most. Having a PhD stipend will simply make this journey to the top easier.

In fact, some universities around the world have increased their stipends recently to attract more talent.

The Canadian government has pledged 825 million CAD (approximately US$603 million) to support next-generation researchers by increasing both the number and value of stipends over the next five years. This would increase annual PhD stipends from 24,000 CAD to 40,000 CAD.
Vanderbilt University, one of the most expensive universities in the world , will increase its PhD stipends to a range of US$34,000 to US$38,000 beginning in the 2024-25 academic year.
De La Salle University is offering full tuition and fees with monthly stipends of 35,000 PHP (approximately US$600) for full-time students in any PhD academic programme through the Saint Miguel Febres Cordero PhD Scholarship Programme.

Now, if you’re a promising PhD student hoping to secure your stipend, try checking out these countries with some of the best offers:

The University of Vienna is a public research university located in Austria. Source: University of Vienna

Top 5 countries with the highest PhD stipends

Average PhD stipend: US$104,328
Average cost of living: US$1,705.67

Boasting over 50 institutions of higher education, it is no surprise that Austria is a top choice for a PhD.

Its rich cultural and academic heritage offers competitive stipends, with institutions like the University of Vienna leading the way.

This is because of the country’s commitment to academic excellence and research.

Universities often collaborate with international partners, contributing to a vibrant research community.

Government funding and a focus on supporting doctoral research contribute to the attractiveness of stipends in Austria.

Here are some of the best universities in Austria:

University of Vienna
Vienna University of Technology
University of Innsbruck
Medical University of Graz
Salzburg University

View this post on Instagram A post shared by UvA: University of Amsterdam (@uva_amsterdam)

Netherlands

Average PhD stipend: US$74,163
Cost of living: US$861.45 to US$1292.17

The Netherlands, known for its innovation and research-driven culture, offers competitive stipends, with institutions like Delft University of Technology providing substantial financial support.

About 10 Dutch research universities are ranked in the top 200 of the Times Higher Education World University Rankings 2022.

The Netherlands is also highly ranked internationally for the number of publications per researcher (second) and for the impact of research publication (fourth).

“The PhD salary in the Netherlands is one of the best in the world,” a former PhD says to Dutch News .

“In the UK, the salaries are just 1,000 pounds and PhD students need to work at weekends. I was able to buy a house while being a PhD student here.”

Here are some of the top universities in the Netherlands :

University of Amsterdam
Leiden University
University of Groningen
Delft University of Technology (TU Delft)
Erasmus University Rotterdam

The University of Helsinki has one of the highest PhD stipends. Source: University of Helsinki

Average PhD stipend: US$46,537
Cost of living: US$646.09 to US$969.13

Renowned for its high-quality education system, Finland offers competitive stipends, with institutions like the University of Helsinki providing substantial financial support.

Government funding often supports stipends in Finland, reflecting the country’s commitment to nurturing the next generation of researchers.

Students are also encouraged to take ownership of the research in Finland.

Here are the top universities in Finland :

University of Helsinki
Aalto University
University of Oulu
Tampere University
University of Turku

Universities in Denmark often offer industrial PhDs. Source: University of Copenhagen

Average PhD stipend: US$53,436
Average cost of living: US$11,45.62

Denmark strongly emphasises education and research, and the country’s social welfare system ensures that stipends are sufficient to cover living expenses.

The country also offers an Industrial PhD option if you want to conduct a research project with commercial perspectives.

Denmark is also popular for the balance of robust academics and a great living standard, giving international students the best of both worlds.

Here are the best universities in Denmark:

University of Copenhagen
Technical University of Denmark
Aarhus University
University of Southern Denmark (SDU)
Aalborg University
Average PhD stipend: US$42,618
Average cost of living: US$2,512.13

The land of innovation and Vikings beckons ambitious scholars with competitive stipends and one institution that stands out is the renowned Karolinska Institute.

Sweden’s commitment to pioneering research and its unique blend of modernity and tradition make it an alluring destination for those pursuing a PhD.

Most universities in Sweden offer salaries instead of stipends.

Here are some of the leading institutions in Sweden :

Blekinge Institute of Technology
Chalmers University of Technology
Dalarna University
Halmstad University
Jönköping University

*All figures were converted as of the time of writing on December 7, 2023.

Disclaimer: This article was last updated on May 23, 2024.

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Rigorous, discipline-based research is the hallmark of the MIT Sloan PhD Program. The program is committed to educating scholars who will lead in their fields of research—those with outstanding intellectual skills who will carry forward productive research on the complex organizational, financial, and technological issues that characterize an increasingly competitive and challenging business world.

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PhD studies at MIT Sloan are intense and individual in nature, demanding a great deal of time, initiative, and discipline from every candidate. But the rewards of such rigor are tremendous: MIT Sloan PhD graduates go on to teach and conduct research at the world's most prestigious universities.

PhD Program curriculum at MIT Sloan is organized under the following three academic areas: Behavior & Policy Sciences; Economics, Finance & Accounting; and Management Science. Our nine research groups correspond with one of the academic areas, as noted below.

MIT Sloan PhD Research Groups

Behavioral & policy sciences.

Economic Sociology

Institute for Work & Employment Research

Organization Studies

Technological Innovation, Entrepreneurship & Strategic Management

Economics, Finance & Accounting

Accounting

Management Science

Information Technology

System Dynamics

Those interested in a PhD in Operations Research should visit the Operations Research Center .

PhD Students_Work and Organization Studies

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MIT Sloan is eager to provide a diverse group of talented students with early-career exposure to research techniques as well as support in considering research career paths.

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Rising Scholars Conference

The fourth annual Rising Scholars Conference on October 25 and 26 gathers diverse PhD students from across the country to present their research.

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The goal of the MIT Sloan PhD Program's admissions process is to select a small number of people who are most likely to successfully complete our rigorous and demanding program and then thrive in academic research careers. The admission selection process is highly competitive; we aim for a class size of nineteen students, admitted from a pool of hundreds of applicants.

What We Seek

Outstanding intellectual ability
Excellent academic records
Previous work in disciplines related to the intended area of concentration
Strong commitment to a career in research

MIT Sloan PhD Program Admissions Requirements Common Questions

Dates and Deadlines

Admissions for 2024 is closed. The next opportunity to apply will be for 2025 admission. The 2025 application will open in September 2024.

More information on program requirements and application components

Students in good academic standing in our program receive a funding package that includes tuition, medical insurance, and a fellowship stipend and/or TA/RA salary. We also provide a new laptop computer and a conference travel/research budget.

Funding Information

Throughout the year, we organize events that give you a chance to learn more about the program and determine if a PhD in Management is right for you.

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An in-person event for prospective students with Boston-area management programs

September 12 PhD Program Overview

During this webinar, you will hear from the PhD Program team and have the chance to ask questions about the application and admissions process.

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We will be joining the DocNet consortium for an overview of business academia and a recruitment fair at University of Minnesota, Carlson School of Management.

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Unlike formulaic approaches to training scholars, the PhD Program at MIT Sloan allows students to choose their own adventure and develop a unique scholarly identity. This can be daunting, but students are given a wide range of support along the way - most notably having access to world class faculty and coursework both at MIT and in the broader academic community around Boston.

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Profiles of our current students

MIT Sloan produces top-notch PhDs in management. Immersed in MIT Sloan's distinctive culture, upcoming graduates are poised to innovate in management research and education.

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Graduates of the MIT Sloan PhD Program are researching and teaching at top schools around the world.

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MIT Sloan Experience

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The PhD Program is integral to the research of MIT Sloan's world-class faculty. With a reputation as risk-takers who are unafraid to embrace the unconventional, they are engaged in exciting disciplinary and interdisciplinary research that often includes PhD students as key team members.

Research centers across MIT Sloan and MIT provide a rich setting for collaboration and exploration. In addition to exposure to the faculty, PhD students also learn from one another in a creative, supportive research community.

Throughout MIT Sloan's history, our professors have devised theories and fields of study that have had a profound impact on management theory and practice.

From Douglas McGregor's Theory X/Theory Y distinction to Nobel-recognized breakthroughs in finance by Franco Modigliani and in option pricing by Robert Merton and Myron Scholes, MIT Sloan's faculty have been unmatched innovators.

This legacy of innovative thinking and dedication to research impacts every faculty member and filters down to the students who work beside them.

Faculty Links

Accounting Faculty
Economic Sociology Faculty
Finance Faculty
Information Technology Faculty
Institute for Work and Employment Research (IWER) Faculty
Marketing Faculty
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Technological Innovation, Entrepreneurship, and Strategic Management (TIES) Faculty

Student Research

“MIT Sloan PhD training is a transformative experience. The heart of the process is the student’s transition from being a consumer of knowledge to being a producer of knowledge. This involves learning to ask precise, tractable questions and addressing them with creativity and rigor. Hard work is required, but the reward is the incomparable exhilaration one feels from having solved a puzzle that had bedeviled the sharpest minds in the world!” -Ezra Zuckerman Sivan Alvin J. Siteman (1948) Professor of Entrepreneurship

Sample Dissertation Abstracts - These sample Dissertation Abstracts provide examples of the work that our students have chosen to study while in the MIT Sloan PhD Program.

We believe that our doctoral program is the heart of MIT Sloan's research community and that it develops some of the best management researchers in the world. At our annual Doctoral Research Forum, we celebrate the great research that our doctoral students do, and the research community that supports that development process.

The videos of their presentations below showcase the work of our students and will give you insight into the topics they choose to research in the program.

Attention To Retention: The Informativeness of Insiders’ Decision to Retain Shares

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Is a PhD In Statistics Worth It?

At face value, a statistics PhD seems like a sound career investment, the ticket to higher paying jobs and career growth.

It’s no surprise, then, that one of the most common questions we hear is: Are statistics PhD programs worth it for data science jobs?

If we’re just looking at PhD in statistics salaries, sure, from a purely financial perspective, a PhD might be a good investment in your data science career. There’s a strong financial case you can make for earning one.

But beyond the great statistics PhD salary data, there are many other variables that make the answer a little less clear. When you think about the time commitment - almost 8 years - and the average salaries between master’s and PhD students in statistics, you’ll see that there are a number of trade-offs and that the bump in earnings isn’t so significant as to be a no-brainer.

That’s not to say there aren’t tons of great benefits of a PhD, because there are. For one, a PhD provides much more specialized knowledge, which can help you land competitive, more senior-level jobs. (It’s a preferred qualification for many Google jobs, in fact.) And of course, the average starting salaries for statistics PhDs are very enticing.

To help answer the question, “Is a PhD worth it?” we took a closer look at salaries for data scientists and statistics PhDs, as well as some of the pros and cons of pursuing a PhD for your data science career.

PhD In Stats: Salary Comparison

It’s probably not all that surprising that a PhD can increase your earnings, often by 2X or 3X. That’s really across the board, in all industries. For example, according to the Bureau of Labor Statistics, median weekly pay for a PhD ($1,885) was 45% higher than bachelor’s ($1,305) in 2020.

When you take a closer look at PhDs by field, though, PhDs in math and statistics have some of the best starting salaries in any industry. According to 2019 Survey of Doctorate Recipients data , recipients of a PhD in statistics have an average median starting salary of $140,000 (when pursuing a job in industry). That’s better than business administration, economics, and engineering:

A PhD also results in a pretty big bump in salary compared to just earning a bachelor’s or master’s degree. For instance, median salaries for statistics PhD are two times that of bachelor’s recipients and 1.5 times that of master’s of statistics recipients:

In other words, if you’re looking at the question through a purely financial lens, yes, a PhD in statistics is worth it.

But there’s one caveat. The lifetime earnings of a PhD vs a master’s recipient in statistics isn’t all too significant (on average about $3.6 million vs $3.45 million).

PhD in Stats: The Skills Bump

A big reason why starting salaries are so good for statistics PhDs is that your knowledge will be much more specialized.

Master’s in statistics programs tend to provide broad knowledge in the field. You’ll get a strong foundation of the fundamentals, and become well-versed in many different statistical concepts and methodologies. But you likely won’t get the depth of knowledge that you would from a PhD program.

A PhD differs quite a bit, and these programs are built around research. Here’s how it usually works: After completing initial coursework (usually 2 years), you’ll choose an area to focus your research. And then, you’ll spend 3-5 years researching that topic and preparing a dissertation on it.

The difference in focus, therefore, provides you with very specialized knowledge, and that’s a big reason why starting PhD salaries tend to be so high.

Is It Worth It? Delayed Earnings and Career Goals

Of course, the biggest trade-off in getting all this knowledge is the time commitment. PhD candidates in statistics spend nearly a decade – 7.75 years on average – earning the credential.

And that commitment is something you have to consider to really know if it’s worth it to you. Do you want to make this time commitment and spend the next 8 years researching a topic?

As a master’s recipient, you’ll gain a lot of useful professional skills and can jump right into a career. Sure, you might fully understand advanced statistical methodologies, but you will have a strong grasp of the fundamentals. And you can learn a lot to advance your career with professional development and on-the-job training.

Although they spend a lot of time researching a topic, PhDs do have one advantage: They’re often qualified for more senior-level data science jobs. At Google, for example, a PhD is a preferred qualification for many of their data science jobs, and that’s increasingly true for many FAANG companies.

A PhD Is a Good Investment, But With One Caveat

There’s a lot of reasons why you might consider a PhD in statistics. Salaries, for one, are some of the highest in data science , and job growth for statisticians is about 30% year-over-year. You’ll also have a lot of specialized knowledge that will increase your worth and prepare you for senior-level positions.

But here’s the caveat:

Even if you earn a PhD, you’ll still have a skills gaps that you need to fill, especially if you’re interested in a career in data science. There will skills - like coding or machine learning - that you might need to brush up on.

So if you’re expecting that a PhD is a ticket to a FAANG job, it’s not. But the specialized knowledge that it brings is, increasingly, a preferred qualification.

If you want to read more topics that are similar to this one, consider reading more through our blog where we dive into topics such as our PostgreSQL Interview Questions Guide , Machine Learning Case Studies , and even this article on ‘ Is Data Science a Good Career? ’

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Do PhD have any value in Finance ?

I will really be glad to hear the perspective of person with a PhD or professionals on this topic.

So I was thinking since yesterday about Starting a PhD after my Master. Right now I am pursuing a master in finance and I was thinking about following up with a Phd. I will try my luck with top universities or more presitigious universities than were I have been until now( UCA in Arkansas, Texas A&M right now). There are many reasons.

I will be 24 at the end of my master so still young to pursue another degree.

-I will work as part-time

-Debt free(Blessed to have parents supporting me until now) so unless exceptional event, I can afford that.

-Many universities provide financial help to students so they can achieve that which represent an precious advantage

-Being able to do research with professionals(increase network, increase my knowledge)

In my case as an international student, I can 5 or 6 years of Visa to focus on my research which represent an advantage

-If I achieved that, it is a guarantee that my starting salary will be around or next to 6 figures(at least from what I have been told by my peers). Even if I am not doing it for money, it is an info to take into account.

I mean these are the few advantages that come to my mind when thinking about it. But the question now is, do PhD hold value in finance ? And if yes Did I have to do PhD in Finance after having a BA in finance and a Msf ? For me it will be quite redundant. Which specialization can make me stand out ? On quora I saw guys speakkng of statistics, strategy, Applied economics And which school will adise me (I intend to enter in touch with the Phd Faculty during the next semester. Right now this is my first semester as graduate student) .

Now with all these things said, I don't know what can be the requirements to be accepted. I don't know how tough is the acceptance rate(if there is one).

In case it is a good idea, I will be glad to hear the requirements I need to have to apply for a Phd.

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Ph.D Economics Jobs, Scope, Salary in India

PhD Economics jobs for graduates are available at a variety of job-related consultancies, both public and private. These are some of the fields to which students can apply for jobs after PhD in Economics are coaching centers, economics consultancies, economics departments, home tuitions, museums, private tuitions, publishing houses, research and development agencies, and schools. Jobs for Economics PhD holders include Auditor, Stock Broker, Media Analyst, Actuarial, Lecturer or Professor, Banker, Economists, Geographer, Econometricians, Public Relations Officer, and Industrial Organization Economists.

Career Prospects and Job Scope for PhD Economics Course

The PhD in Economics course can prepare students for jobs after PhD in Economics in a variety of research and development agencies and schools. Research and development jobs in the field of Economics in India have a vast scope and are expected to increase rapidly. Graduates of the PhD Economics program acquire skills and qualifications that can be applied to their careers as economic scientists.

Following completion of a Doctorate of Philosophy in Economics program in India, students may choose from a variety of specializations, depending on their interests and abilities. PhD in Economics scope and salary in India vary depending on the education and experience of the students. A wide variety of career paths is available to graduates of the PhD program in Economics.Career after PhD in Economics are as follows:

Political Scientists
Financial Consultant
Senior Research Scientist
Assistant Professor
Head of the Educational Department
Senior Economist
Senior Market Analyst
Director of Research and Development

Areas of Recruitment for PhD Economics Course

There are many jobs after PhD in Economics that are available in both the public and private sectors. Graduates’ education and experience determine the scope of PhD in Economics and salary. The options available to students who are pursuing a PhD Economics degree are many.

Advances in economics consultancies have increased the scope after completing a PhD Economics course in recent years. The student will gain a great deal of consultancy experience and knowledge, which will help him or her gain a competitive salary. The following are some areas in which PhD in Economics are recruited:

Coaching Centres
Economics Consultancies
Economics Department
Home Tuitions
Private Tuitions
Publishing Houses
Research and Development Agencies
Applied Economics
Econometrics
Business Economics
Banking and Finance
Insurance Investment
Manufacturing
Advertising
Communication
Education and Research
System Analysis

Salary Packages for PhD Economics Course

According to PayScale, PhD in Economics salary in India is INR 3-10 LPA. PhD Economics jobs salary is determined by education and experience. Graduates of the PhD Economics salary in India moderate compared to students with experience.

The following are the PhD Economics starting salaries in India with job designations:

Job Roles	Average Annual Salary
Auditor	INR 4.87 LPA
Stock Broker	INR 3.90 LPA
Media Analyst	INR 3.05 LPA
Actuarial	INR 1.00 MPA
Lecturer	INR 3.52 LPA

Source: PayScale

Government Jobs for PhD Economics Graduates

PhD graduates in Economics can choose from a wide variety of government jobs. Government jobs after PhD in Economics are bankers, Economists, geographers, Econometricians, Public Relations Officer, Industrial Organization Economists, Political Scientists, Consultants, Financial Consultants in economic consultancies, publishing houses, or PSUs.

PhD Economics graduates typically undergo a test followed by an interview when applying for government jobs. The PhD in Economics salary in India is around INR 2-10 LPA (Source: Ambitionbox). Below is a list of government jobs after PhD in Economics salary:

Job Roles	Average Annual Salary
Banker	INR 2.84 LPA
Economists	INR 1.88 LPA
Geographer	INR 3.60 LPA
Econometricians	INR 1.88 LPA
Public Relations Officer	INR 4.17 LPA

Source: AmbitionBox

Private Jobs for PhD Economics Graduates

Doctoral graduates in Economics can find employment in a variety of fields in the private sector. PhD in Economics jobs in India include Auditor, Stock Broker, Media Analyst, Actuarial, Lecturer or Professor, Banker, Economists, Geographer, Econometricians, Public Relations Officer, Industrial Organization Economists, Political Scientists, Consultant, Financial Consultant, Advisor, and Accountant.

After they have completed the course, students can continue their studies or begin careers. PhD in Economics salary in India ranges from INR 2-5 LPA (Source: PayScale). PhD in Economics salary and jobs for freshers in India are as follows:

Job Roles	Average Annual Salary
Industrial Organization Economists	INR 7.71 LPA
Political Scientists	INR 5.85 LPA
Consultant	INR 1.17 MPA
Financial Consultant	INR 6.28 LPA
Advisor	INR 3.88 LPA

Job Opportunities Abroad for PhD Economics Graduates

Students with a PhD in Economics can find employment abroad. The PhD Economics jobs salary is of interest to many students because they will learn numerous methods and techniques that can be applied to the Economics field abroad. Many graduates of top economic agencies are given the opportunity to work abroad. Graduating students working in the private sector will gain valuable experience and skills that will help advance their careers abroad.

PhD Economics graduates can obtain jobs abroad as Auditor, Stock Broker, Media Analyst, Actuarial, Lecturer or Professor, Banker, Economists, Geographer, Econometricians, Public Relations Officer, Industrial Organization Economists, Political Scientists, Consultant, Financial Consultant, Advisor, and Accountant.

Top Companies

Graduates of PhD Economics programs are hired by the following top companies:

Future Group
Goldman Sachs
Grasim Honda Two Wheelers
LTLT Engineering and Construction
Mahindra Engineering
Reliance Industries Limited

Best Countries

Here are some of the best countries that hire PhD Economics graduates:

Netherlands
Switzerland

Various Career Designations Abroad for PhD Economics Graduates

Graduates of PhD Economics programs can find the following positions abroad:

Stock Broker
Media Analyst
Lecturer or Professor
Econometricians
Public Relations Officer
Industrial Organization Economists

Best PhD Economics Graduates

Graduates of PhD programs in Economics have a wide range of career options. Political scientists interested in careers in the field will find the PhD course valuable. Students enrolled in doctorate PhD courses in Economics have increased in the past several years, while students enrolled in courses related to economics have decreased. PhD graduates in Economics in India are usually employed by economic consultancies or research institutes. The following is a list of some of the best graduates of PhD Economics programs:

Abhijit Banerjee
Amartya Sen
Amiya Kumar Bagchi
Ardeshir Darabshaw Shroff
Arvind Panagariya
Avinash Dixit
Bibek Debroy
C. Kumarappa

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COMMENTS

Quora
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The 10 Best PhD Programs in Finance
This is one of the best PhD in Finance programs you can do completely online. It aims to prepare students to address issues in business finance through research, best practices, and relevant literature. Courses: Managerial Finance, Investments & Derivatives, Business Valuation, etc. Credits: 60. Duration: 3 years average.
Is it worth doing a PhD to secure a job in finance?
It will help if you can narrow down the sort of job you seek as only some of these roles would benefit from advanced skills in specific areas such as quantitative analysis, modelling, and coding ...
Looking for advice on Phd in Finance (US schools) : r/PhD
2 - Letters of recommendation. Having strong letters of recommendation from professors with good reputation in finance research can really help you. 3 - Strong quantitative skills. Finance PhD applicants are usually expected to show advanced knowledge about things like linear algebra, real analysis, and probability theory.
Is a PhD in Physics useful in Finance? : r/FinancialCareers
Yes. You can go the quant way. I once hired a quant with a physics and math PhD. You'll probably need to do some Msc, PhD or certification in quant to speed things up but it's totally doable. Some Math PhD will be in the same boat as you unless they did something specifically related to finance. 4.
PhD Program in Finance
2023-24 Curriculum Outline. The MIT Sloan Finance Group offers a doctoral program specialization in Finance for students interested in research careers in academic finance. The requirements of the program may be loosely divided into five categories: coursework, the Finance Seminar, the general examination, the research paper, and the dissertation.
Finance
The PhD program in finance involves a great deal of very hard work, and there is keen competition for admission. For both these reasons, the faculty is selective in offering admission. Prospective applicants must have an aptitude for quantitative work and be at ease in handling formal models. A strong background in economics and college-level ...
The complete guide to getting into an economics PhD program
R1 means a research-intensive school in which faculty usually teach 2 courses per semester, and the focus of the faculty is on publishing academic articles. There were various other classes. For R1, think Harvard, Berkeley, Chicago, Wash U in St. Louis, Vanderbilt, Duke, etc.
PhD Program
Program of Study. Wharton's PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics. The department prepares students for careers in research and teaching at the world's leading academic institutions, focusing on Asset Pricing ...
Why Study for a Mathematical Finance PhD?
In the UK, a PhD program is generally 3-4 years long with either a year of taught courses, or none, and then 3 years of research. A good mathematical finance PhD program will make extensive use of your undergraduate knowledge and put you through graduate level courses on stochastic analysis, statistical theory and financial engineering.
"Some of the best quants I've worked with have only ...
Jeffrey Ryan has met and interviewed a lot of quants. He's spent 20 years working in quantitative finance and seven years working for hedge fund Citadel, during which time he saw its quant operation evolve from a first trade to a fully fledged quantitative finance desk.If anyone understands what's required to succeed as a quant, Ryan is therefore probably one of those people.
Is a math degree really useless financially? [closed]
2. No, a math degree is not useless financially. It will not bring you riches by itself, but you can get your foot in the door in a lot of different areas with a math degree. Generally speaking, the value of a degree is to get your foot in the door.
The complete guide to getting into an economics PhD program
Here is the not-very-surprising list of things that will help you get into a good econ PhD program: good grades, especially in whatever math and economics classes you take, a good score on the ...
Doing A PhD After MBA: Universities, Programs, Benefits
Professor /Lecturer. Academician. Chief Financial Officer (CFO) Chief Executive Officer (CEO) The salary of PhD after MBA in India is somewhere between INR 7 Lakhs to 17 Lakhs per annum depending upon whether you work in the corporate sector or explore the academic domain working as a lecturer or academician.
Unlock Financial Insights: Guide to Pursuing a PhD in Finance
A PhD in Finance program can open up a variety of employment options for you and pave the way for a successful future. The following are some of the key justifications for choosing to pursue a PhD in finance: High income - A PhD in Finance graduate may expect to make between INR 4 LPA and INR 8 LPA in income on average. According to the website ...
Is it Worth Getting a Ph.D. in Finance?
A Ph.D. in finance opens up students to many potential job opportunities, but there are some serious drawbacks to getting a Ph.D. in finance. The decision to acquire a Ph.D. in finance is something very personal, and it may not be the right fit for all individuals. Many people believe that if they get a Ph.D. they will make more money than they ...
5 countries offering the highest PhD stipends
Finland. Average PhD stipend: US$46,537. Cost of living: US$646.09 to US$969.13. Renowned for its high-quality education system, Finland offers competitive stipends, with institutions like the University of Helsinki providing substantial financial support. Government funding often supports stipends in Finland, reflecting the country's ...
PhD Program
MIT Sloan PhD Program graduates lead in their fields and are teaching and producing research at the world's most prestigious universities. Rigorous, discipline-based research is the hallmark of the MIT Sloan PhD Program. The program is committed to educating scholars who will lead in their fields of research—those with outstanding ...
Is a PhD In Statistics Worth It?
In other words, if you're looking at the question through a purely financial lens, yes, a PhD in statistics is worth it. But there's one caveat. The lifetime earnings of a PhD vs a master's recipient in statistics isn't all too significant (on average about $3.6 million vs $3.45 million).
Reddit
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Doctoral Programme 2025
Doctor of Philosophy (PhD), Five-year fulltime programme; Master of Business Administration (MBA), Two-year fulltime programme (PGP) ... Financial Support and Fellowship. Admission FAQs. Online Application 2025. For any admission related queries: Contact No: +91-80-2699 3013 / 3017
PhD Finance Jobs, Scope, Salary in India 2024
The availability of PhD Finance jobs in India is determined by specialization and demand. The salary is high due to the high demand for PhD Finance courses. In India, there are numerous PhD Finance job opportunities. The PhD Finance programme is intended to provide students with all of the knowledge required to begin a rewarding career.
Ph.D Economics Jobs, Scope, Salary in India 2024
Salary Packages for PhD Economics Course. According to PayScale, PhD in Economics salary in India is INR 3-10 LPA. PhD Economics jobs salary is determined by education and experience. Graduates of the PhD Economics salary in India moderate compared to students with experience. The following are the PhD Economics starting salaries in India with ...

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