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applicant12 · 2009 July 12th, 04:01 AM

Hi folks,

I'm an econ phd hopeful but I've been looking at some phd programs in business so far (especially finance). I've been wondering what can you do with a PhD in finance from a b-school other than being a professor at a university/college. Will you be able to get jobs at NGOs (WB, IMF, UN, etc.) or at governmental agencies (central banks, etc.)? I know that these institution usually hire phd economists but I'm not sure if a phd in business will help or not. What do you think? What about job prospects in the private sector? Are private companies going to hire phds or are they going to look for MBA graduates? What do you think?

Thank you

young&ambitious · 2009 July 12th, 03:26 PM

The stereotypical answer that you'll hear is that "PhD programs have the one sole purpose of training you for academic research", but I feel that this is an unfair statement to make. There are business schools out there (for example, George Washington University) that have reputations for non-academic placements. When deciding on a PhD program, look at where their "Doctoral Placements" are. It will tell you if the program is placing people where you want to go. Most programs will concentrate on academic placements though.

Bloomsbury · 2009 July 12th, 05:38 PM

That's a good question. I wonder if PhD in Business are as worthy as PhD in Econ to get a job in IOs.

Bloomsbury · 2009 July 12th, 05:40 PM

That's a good question. I wonder if PhD in Business are as worthy as PhD in Econ to get a job in IOs.

zshfryoh1 · 2009 July 12th, 05:51 PM

Lots of B-school PhDs get industry jobs, especially finance PhDs. Many finance PhDs end up getting jobs in industry, especially with investment firms, large banks and insurance companies. Finance PhDs don't get so many jobs with govt agencies and NGOs, since those agencies usually want economists with either macro or applied micro training (depending on agency or NGO) and because finance PhDs generally get much better salaries than econ PhDs from an equivalent level school and the industry jobs for finance PhDs pay much better than an NGO would.

applicant12 · 2009 July 12th, 06:53 PM

@young&ambitious: I couldn't agree with you more. I've looked at many programs and realized that most of their graduates went on take academic positions (at least according to their first placements immediate after graduating)

So my question is: if you want to work for NGOs or governmental agencies, what can you do with a PhD in mgmt (finance in particular since they probably won't hire people who specialize in marketing, supply chain mgmt or whatnot). What about the private sector? Will a PhD give you a competitive advantage when applying for a job at private companies or corporations? Will admission committees automatically reject me if I say in my statement of purpose that I want to seek a job in areas other than academic? I guess they may reject me on the basis that I don't really understand the nature and purpose of doing a PhD. What do you guys think?

PhDCPA · 2009 July 12th, 07:10 PM

Quote:

Originally Posted by applicant12

Will admission committees automatically reject me if I say in my statement of purpose that I want to seek a job in areas other than academic?

Yes. Emphatically, yes.

possible_phd · 2009 July 12th, 10:02 PM

If you want to go to industry, get an MBA. The odds are pretty good that, once you factor in the forgone salary and raises/promotions of 5 years post-MBA, you will be very far behind with a PhD. If you want to go to an NGO or governmental agency, get a PhD in econ. I have never heard of a business PhD working in either of these capacities, though of course I might just be ignorant.

From everything I've read here and on other boards, I can pretty much guarantee you that a business PhD is not for you.

applicant12 · 2009 July 12th, 10:39 PM

Thanks everyone for putting your thoughts into this topic.

As I said, I'm an econ phd hopeful so I really pay more attention on econ depts than b-schools. The reason why phd programs in business appeal to me is that funding is guaranteed. Although the admission statistics may look brutal, once you're in, you're funded (at least at most programs that I've looked at so far)

http://mgt.gatech.edu/fac_research/a..._phd_flyer.pdf
So I read this document and in the very 1st paragraph it says "finance Ph.D. graduates’ starting salary range from $140K to $180K" and "the job market for Finance PhDs has been strong, and in recent years more positions have been available than candidates pursuing jobs. Thus, it is not surprising that the position of a university professor is frequently ranked as one of the most desirable jobs in the world."

So what job market are they referring to (academic, private, etc.)? Well I really don't know about this but is it true that b-schools pay their professsors (or particularly finance professors) 140k-180k/year?

longshot · 2009 July 12th, 11:24 PM

**From the AACSB Salary Survey (2008)
Faculty in Finance/Banking/Real Estate/Insurance

Position/Mean Salary
Full Professor/$156k
Assoc. Prof./$126k
Asst. Prof./$122k
New PhD/$120k

@applicant12
The mean salaries are certainly lower than the quoted figure (with the exception of full professors), but most placements at top 50 schools are definitely within your range.

2009 July 12th, 04:01 AM	#1 (permalink)
applicant12 Within my grasp! Join Date: Jun 2009 Posts: 233	Jobs Hi folks, I'm an econ phd hopeful but I've been looking at some phd programs in business so far (especially finance). I've been wondering what can you do with a PhD in finance from a b-school other than being a professor at a university/college. Will you be able to get jobs at NGOs (WB, IMF, UN, etc.) or at governmental agencies (central banks, etc.)? I know that these institution usually hire phd economists but I'm not sure if a phd in business will help or not. What do you think? What about job prospects in the private sector? Are private companies going to hire phds or are they going to look for MBA graduates? What do you think? Thank you

2009 July 12th, 10:02 PM	#8 (permalink)
possible_phd Can't believe it Join Date: Sep 2007 Posts: 739	If you want to go to industry, get an MBA. The odds are pretty good that, once you factor in the forgone salary and raises/promotions of 5 years post-MBA, you will be very far behind with a PhD. If you want to go to an NGO or governmental agency, get a PhD in econ. I have never heard of a business PhD working in either of these capacities, though of course I might just be ignorant. From everything I've read here and on other boards, I can pretty much guarantee you that a business PhD is not for you. _ _ _ _ SIG _ _ _ _

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2009 July 12th, 03:26 PM	#2 (permalink)
young&ambitious Eager! Join Date: May 2009 Posts: 39	The stereotypical answer that you'll hear is that "PhD programs have the one sole purpose of training you for academic research", but I feel that this is an unfair statement to make. There are business schools out there (for example, George Washington University) that have reputations for non-academic placements. When deciding on a PhD program, look at where their "Doctoral Placements" are. It will tell you if the program is placing people where you want to go. Most programs will concentrate on academic placements though.

2009 July 12th, 05:38 PM	#3 (permalink)
Bloomsbury Within my grasp! Join Date: Mar 2008 Posts: 130	That's a good question. I wonder if PhD in Business are as worthy as PhD in Econ to get a job in IOs.

2009 July 12th, 05:40 PM	#4 (permalink)
Bloomsbury Within my grasp! Join Date: Mar 2008 Posts: 130	That's a good question. I wonder if PhD in Business are as worthy as PhD in Econ to get a job in IOs.

2009 July 12th, 05:51 PM	#5 (permalink)
zshfryoh1 Within my grasp! Join Date: Sep 2008 Posts: 385	Lots of B-school PhDs get industry jobs, especially finance PhDs. Many finance PhDs end up getting jobs in industry, especially with investment firms, large banks and insurance companies. Finance PhDs don't get so many jobs with govt agencies and NGOs, since those agencies usually want economists with either macro or applied micro training (depending on agency or NGO) and because finance PhDs generally get much better salaries than econ PhDs from an equivalent level school and the industry jobs for finance PhDs pay much better than an NGO would.

2009 July 12th, 06:53 PM	#6 (permalink)
applicant12 Within my grasp! Join Date: Jun 2009 Posts: 233	@young&ambitious: I couldn't agree with you more. I've looked at many programs and realized that most of their graduates went on take academic positions (at least according to their first placements immediate after graduating) So my question is: if you want to work for NGOs or governmental agencies, what can you do with a PhD in mgmt (finance in particular since they probably won't hire people who specialize in marketing, supply chain mgmt or whatnot). What about the private sector? Will a PhD give you a competitive advantage when applying for a job at private companies or corporations? Will admission committees automatically reject me if I say in my statement of purpose that I want to seek a job in areas other than academic? I guess they may reject me on the basis that I don't really understand the nature and purpose of doing a PhD. What do you guys think?

2009 July 12th, 10:39 PM	#9 (permalink)
applicant12 Within my grasp! Join Date: Jun 2009 Posts: 233	Thanks everyone for putting your thoughts into this topic. As I said, I'm an econ phd hopeful so I really pay more attention on econ depts than b-schools. The reason why phd programs in business appeal to me is that funding is guaranteed. Although the admission statistics may look brutal, once you're in, you're funded (at least at most programs that I've looked at so far) http://mgt.gatech.edu/fac_research/a..._phd_flyer.pdf So I read this document and in the very 1st paragraph it says "finance Ph.D. graduates’ starting salary range from $140K to $180K" and "the job market for Finance PhDs has been strong, and in recent years more positions have been available than candidates pursuing jobs. Thus, it is not surprising that the position of a university professor is frequently ranked as one of the most desirable jobs in the world." So what job market are they referring to (academic, private, etc.)? Well I really don't know about this but is it true that b-schools pay their professsors (or particularly finance professors) 140k-180k/year?

2009 July 12th, 11:24 PM	#10 (permalink)
longshot Within my grasp! Join Date: Sep 2008 Posts: 248	**From the AACSB Salary Survey (2008) Faculty in Finance/Banking/Real Estate/Insurance Position/Mean Salary Full Professor/$156k Assoc. Prof./$126k Asst. Prof./$122k New PhD/$120k @applicant12 The mean salaries are certainly lower than the quoted figure (with the exception of full professors), but most placements at top 50 schools are definitely within your range.

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