financial econ and finance

[Bayern]

Originally Posted by oldprogrammer

It seems to me that it's harder to get into a business PhD program than to get into a econ PhD program. I see the low business PhD admissions as an academic labor market control that most PhD disciplines (including economics) don't have. In other words, it's harder to get into a business PhD program, but easier to find a job because of the restricted supply. It's easier to get into an economics PhD program, but much harder to find a job because of a flooded job market.

Is it also comparatively easier for business phds than the econ phds to even get a job in the academia? Asking the question in a different way, is part of the reason for which it is easier to get a job with a business phd is because it is easier for them to get a job in the private sector compared to econ phds?

[oldprogrammer]

Originally Posted by Bayern

Is it also comparatively easier for business phds than the econ phds to even get a job in the academia? Asking the question in a different way, is part of the reason for which it is easier to get a job with a business phd is because it is easier for them to get a job in the private sector compared to econ phds?

I view Business PhD programs as being like medical school in that they severely limit the supply of graduates. Most PhD programs, including Economics, have no consideration for the academic job market they are releasing their PhD grads into, which is why you have Biology PhDs doing five years of post-docs before they can find a position. It's like an employment waiting list. And I think I prefer the way Business PhD programs do it, as I would rather know I was being filtered out before I started the PhD rather than after.

I'm really not sure about comparing the private sector job market for Business PhDs in general versus Economics PhDs. I think what you're saying is very true of Finance PhDs because of lucrative "Quant" positions, but I don't know if that extends to MIS or Operations or Marketing.

[appler]

I agree with Oldprogrammer. Is all a limit of grads supply thing. Getting into a finance phd is difficult, and such a few are on the market each year, and so you are better off when you graduate(in terms of job offers, starting salaries). Also if you get into a good econ program and can do relevant finance research you can get an academic position in finance.

I will expect a graduate from a top 30 or so finance programs will do better in the job market than a graduate from a top 30 econ program due to the high demand for and low supply of business school professors. In fact some reliable source told me of some grads from a "good" school getting multiple offers with starting salaries around 130K. I don't think econ grads do that well

Admission rates at business schools are harsh. Here's from Iowa's Tippie: http://www.biz.uiowa.edu/phd/Fall07AdmResults.html

For Minnesota's Carlson(finance) in 2007, 4 were admitted from 70 and 3 enrolled. So you can imagine the rates at places like Berkeley, Stanford, MIT, CMU, Duke, Chicago. Biz school admissions is also a lot more personalized than econ admissions(interviews, more screening). But more or less random, I can't really tell... I think it depends

[Bloomsbury]

aw PhD admission stats are really intimidating. Emory, and Columbia's ones (one their website) are even worst.
however, some areas seem easier to get in (accounting vs finance, for example)...