Ph.D Economics vs Ph.D Finance

[quantwanabe]

Originally Posted by dhtuan2000

From what I've heard, PHD in finance is not easier at all to get in. In fact, it is much more difficult.

you are absolutely right dhtuan, anyone who thinks it is easier to get into a Phd in finance is really in for a big surprise. In economics, a prospective candidate mostly compete with econ and math majors; however, in finance you have physics, engineering, math, econ, and business majors competing for a few spots. It is hard to say that a Phd econ is harder to get into. In my opinion, both Finance and Econ Phds are equally hard to get into.

[saphire]

Getting into a Phd in Finance program is much more difficult than being admitted to a PhD in Econ program assuming that both of them are in the same university. (Ofcourse admission to Finance Phd in Top 50-100 ranked university is easier than the admission to Econ Phd in Top 25-50 ranked university.) Firstly, there are very fewer spots for Finance Phd than for Econ Phd. For example, a university generally admits at least 20-25 students for PhD in Econ while it admits 5-6 students for PhD in Finance. Secondly, there are more people from different majors applying for a Phd in Finance than applying for a PhD in Econ. For example, the people from engineering generally prefers a Finance PhD over an Econ PhD if they do not want an MBA.

[quantmeup]

Thank you all for your replies. The premise of my question derived from a though I ha about doing a MS in Financial Engineering (check Global Derivatives). This site also lists some doctorate programs.

I currently hold just a BS in Econ. but am working toward my CFA. I know that academia is very rewarding, but my ambition is to make a lot of money, work at a hedge fund/private equity. I know some will say "why not get an MBA". But I know that I will not get into a top MBA school. Plus I like details and rigor which most B-schools do not provide.

Hence it seems like it'll be Ph.D Finance for me or perhaps CUNY's Econometrics program.

Thank you all.

[ekonomiks]

Originally Posted by quantmeup

Thank you all for your replies. The premise of my question derived from a though I ha about doing a MS in Financial Engineering (check Global Derivatives). This site also lists some doctorate programs.

I currently hold just a BS in Econ. but am working toward my CFA. I know that academia is very rewarding, but my ambition is to make a lot of money, work at a hedge fund/private equity. I know some will say "why not get an MBA". But I know that I will not get into a top MBA school. Plus I like details and rigor which most B-schools do not provide.

Hence it seems like it'll be Ph.D Finance for me or perhaps CUNY's Econometrics program.

Thank you all.

Take a look at Princeton Master of Finance program: http://www.princeton.edu/~bcf/master.htm

I guess a PhD Finance would be just fine if you wanted to make money, but don't you think 5 years is too long?

[quantwanabe]

Originally Posted by quantmeup

Thank you all for your replies. The premise of my question derived from a though I ha about doing a MS in Financial Engineering (check Global Derivatives). This site also lists some doctorate programs.

I currently hold just a BS in Econ. but am working toward my CFA. I know that academia is very rewarding, but my ambition is to make a lot of money, work at a hedge fund/private equity. I know some will say "why not get an MBA". But I know that I will not get into a top MBA school. Plus I like details and rigor which most B-schools do not provide.

Hence it seems like it'll be Ph.D Finance for me or perhaps CUNY's Econometrics program.

Thank you all.

If you can pass the CFA, trust me you will make money!!!!The CFA is guetting harder and harder thanks to a 200% increase in enrollment from India alone. You are probably aware that they do no set the passing grade untill all applicants complete the exam. Good luck on your CFA, study hard and you will be fine

[futurefinancier]

Or you can use one as a bridge to another. I am not a "I want to make a ton of money" kind of guy, but I want to attend a prestigious school. I am trying for a PhD to get me in a better MBA program that I would otherwise. It couldn't hurt, but I think a person with your goals should just shoot for the CFA as that takes the least amount of time.

[Stuy]

Originally Posted by dhtuan2000

From what I've heard, PHD in finance is not easier at all to get in. In fact, it is much more difficult.

This is one more of those myths. I believe that the honest answer is: we do not know whether it is harder or not and, I have never heard of a serious attempt to make the comparison. So since we don't know you shouldn't base your decision on this.
If you are 100% sure you want to go into finance, then go for the finance PhD. Entering for an Econ PhD implies you will spend some time studying material you are not really interested in, so skip it and go directly to finance. If you are not sure, an Econ PhD offers a lot of flexibility and if you consider econ departments with good finance departments you can always benefit from faculty in that department. That is, departments like UPenn, NYU, Chicago, Harvard, are very good in econ and very good in finance as well. There are others in the econ top 25 too.

[bango]

What about LSE? Does anyone know if its department of Accounting and Finance has a PhD as good as its Economics Department?

I ask that because I'll probably have funding for Economics PhD conditional to returning for my country after finishing the PhD while funding for Financial PhD is unconditional.

My main areas of interest are: Macroeconomics, Internacional Finance and Corporate Finance

[shootermcgavin7]

Originally Posted by Stuy

Entering for an Econ PhD implies you will spend some time studying material you are not really interested in, so skip it and go directly to finance.

I agree somewhat, but the first year core at many schools is nearly identical between Econ & Finance.

Once you start getting into seminars/research tend to be when the two diverge.

[piccolr]

A finance PhD program is far more competitive to get into than an economics PhD program is. I just graduated with and undergraduate double major in both finance and economics. I have been accepted to a Finance PhD program. The acceptance rate was ~4% and teh average GMAT math scores are in the top 90%. My finance PhD class size is 4 students. Most economics PhD programs accept 15-20 students (much higher acceptance rate) and their standardized test scores do not have to be as high as those going in to a Finance PhD.