Finance PhD Question

[tbroker]

Hello All

 

I had a few questions about a finance PhD and my chances. First allow me to give a summary of myself.

 

I went to a pretty well known LAC and did well, 3.8 GPA with a Finance major. I took all of the normal Finance classes and have 1-2 years of research experience. After leaving school I now work at an Investment Bank. I plan to stay only a year before moving to a less intensive job to allow me to take the next 2 years to take some graduate school level courses and prepare for graduate school.

 

I am not a star but I am a smart person who is well committed. My goal is to attend a New England school and then teach at a New England school. I am more interested in teaching introductory finance courses and helping students find their way into finance and aiding them in the steps of both learning and finding a career. I would also like to teach MBA level courses.

 

I am not trying to find a new way or win a noble prize. I rather get a good salary after teaching for a few years, do research, and consult on the side. I just want to teach and help people.

 

I took the GMAT and received a 750. I have taken only Calc to Calc II. What schools will this attitude land me in? What are my chances? What can I do in the next few years to better my profile? Keeping in mind that this year is a waste because I work 80-90 hours a week.

 

Also, will it hurt me at all to leave a bank after a year to take a financial leadership position at Lockheed Martin, working out of Boston? I want to do this to allow me to take courses and to be able to focus on things and not work my life away.

 

By the way the school I want to get into the most is BC or of course Harvard Business Econ program.

 

Weigh in please.

[shootermcgavin7]

With only Calc I & II, I would say the odds are very heavily against a T50, and possibly against a T100 (which would eliminate HBS or BC).

 

You'd need to add Calc III and Linear Algebra to meet the minimum preparation at most schools.

 

 

An option is to find a lower ranked school that has a PhD in Economics where you can specialize in Financial Economics....these entering classes tend to be larger.

[tbroker]

Right, now with the question of is leaving to do more prep work a bad idea? Like I said I have 2-3 years before applying and I can take every and all math class needed. With adding Calc 3, LA, DE, and maybe a proof class like RA. What are my chances?

[EE570]

Hi tbroker,

 

I think that you have several strong points in regards to your application. Your GPA and GMAT are certainly in the range that top schools look for.

 

On the points that you should consider. You will need to take Calculus 3&4 (we have 4 courses in Canada, I am not sure in the US), as well as a real analysis course. Most PhD Finance programs require you to take PhD level econ courses which will require proofs. You should also have 1 or 2 probability courses under you belt (calculus based), and a linear algebra course as well. These I think would consist of the minimum mathematical background for a PhD finance program. Others on the board may say different though.

 

Also, my understanding is that you should always make it clear in your application that you want to do research. Make sure to play up your prior research experience to emphasize this.

 

Research should be your number one priority when it comes to a PhD, if your main goal is to teach at a Biz school, I think that you can become an instructor with a Masters degree. So keep that in mind...

 

Best of luck.

[shootermcgavin7]

Right, now with the question of is leaving to do more prep work a bad idea? Like I said I have 2-3 years before applying and I can take every and all math class needed. With adding Calc 3, LA, DE, and maybe a proof class like RA. What are my chances?

 

 

If you do well in those additional classes and get good recommendation letters from academics, you have a good profile.

[GymShorts]

Consider intermediate macro and microeconomics if you haven't taken them yet. I also don't think real analysis is a must (lots of people go to top schools without it), but it certainly will help.

[desimba]

I would agree with what has been said in the posts already. With Calc III & IV along with a course on linear algebra you should certainly be a good candidate.

 

Two other thoughts for you:

1) Speak to your profs at your LAC to find out what they have to say. In all likelihood when applying to a PhD program, you will be seeking recommendations from them anyway so why not involve them earlier on in the process and get their inputs on what kind of schools you should be applying to & what other courses you would need to make it more complete.

2) When you apply, consider applying to both pure Econ programs (those which are housed in the School of Arts & Sciences) as well as Business Econ/ Finance programs housed in business schools. Business schools may be a little less anal about which math/ econ course you have had in the past and would be more willing to overlook any gap which may not be overlooked by conventional Econ programs.

 

Hope that helps,

desimba