Phd at Cambridge and placement in the private sector

[Nero Caesar]

I was wondering what are the prospects for a job in the private sector, mainly investment banking, after obtaining a Phd from Cambridge University. Do you think that not being one of the top programs, it would not be considered well by recruiters, maybe compared with candidates from other top programs, or do they just care about the university name?

[elcapitano]

Pretty awesome. Although, if that's your goal you might as well leave after the MPhil. (I'm assuming you want to be an investment banker rather than an economist for an investment bank).

[Nero Caesar]

The thing is that I'm not 100% positive about what I would like to do :D. But as of now, I tend to dislike studious jobs, and so would prefer being a banker to an economist. I would only go on to the Phd for the title and finish off studying the things I like, it's not like I intend to do revolutionary research or to be a professor, so I was wondering whether even a non-top program would work for what I am aiming to or if the top programs are the top programs period! :doh:

[nagger]

dude, you will have a hard time studying for a phd if you intend to be an investment banker. a masters degree will give you the brand name as well and it will suffice for any IB job. i have worked in m&a, derivatives trading and in structuring with two of the top-5 houses and i havent seen one econ phd even at senior levels. i would even say that a phd will put you at a disadvantage. if you want to be a quant, though, a phd is fine (but then it should be statistics / engineering).

[rvalchev]

engineering and statistic? I am not quite sure why you say that. I thought quant jobs mostly go to quant Finance PhDs and/or Econometricians with an interest for Finance.

 

I don't see how any engineer edges up a guy who's not only survived a brutal econometric program but comes out of it with a theoretical econometrics dissertation. It's pretty much statistical theory, anything a Math PhD might be interested in doing.

[asianeconomist]

Do you think that not being one of the top programs, it would not be considered well by recruiters,

 

Academically it might not be one of the top schools if you consider USA+CAD, but in Europe Cambridge probably is one of the top 3 schools.

 

And in terms of reputation, Oxbridge & LSE only have brand name transferability to USA/CAD. In Europe, IMHO, Cambridge also rules supreme in private.

[Nero Caesar]

...i havent seen one econ phd even at senior levels. i would even say that a phd will put you at a disadvantage...

 

 

In what sense would it put you at a disadvantage?

[Norfrost]

In what sense would it put you at a disadvantage?

 

I think nagger probably means that you would be overqualified for most of the jobs in the investment banking industry. Not so certain if that is how it works though. Anyway, your original question is almost bizarre, I can't see how you fear that recruiters who only care about a university's name will somehow disregard Cambridge :rolleyes:

[Nero Caesar]

Well, do you think the picture would change if we include economic consulting firms or research positions in private institutions where you actually need to know economics?

[YoungEconomist]

Well, do you think the picture would change if we include economic consulting firms or research positions in private institutions where you actually need to know economics?

 

I think so. I'm even skeptical that a PhD would put you at a disadvantage in I-Banking. A few people here found some quite lucrative jobs in I-Banking and Hedge Funds with their Econ PhD. Notice the people going into Econ consulting as well.

 

I've said it before and I'll say it again. Econ PhDs are useful even if you want a private sector placement. It seems that many TMers are so fixed on academia that they always down play the private sector benefits. Look at many of the salaries on the link I provided. These are likely people with zero relevant work experience that have spent their whole lives being students, and they're starting at salaries higher than most MBAs (not to mention, in most cases the hours and job duties are better). Now granted, it's easier to get a MBA. But if you're reasonably intelligent, hard working, and love economics, then why not go for the PhD even if you want to work in the private sector?

[Nero Caesar]

Then the question becomes, for what type of jobs it is fundamental (or at least you would have an advantage; not necessarily because you are better prepared but because you benefit from the program's reputation) to have pursued your Phd at a top economics department? That is, when is the school's reputation itself not enough and is overwhelmed by the program's reputation?

[Matrin Zong]

If you are really thinking about the career in investment banking I think you will get more if you study for MSc in top school and then do the CFA for example. PhD at top school would be an overkill, and if you are open with your desire to go to Investment Bank professors will NOT like you. That's the way it is in PhD programmes.