basir

Hats off to an amazing analogy to actual derivs trading :) Why do finance faculty seem not to suffer the same glut/oversupply problem that econ PhD's do?

Also, would something like this (http://ce.columbia.edu/certificates/quantitative-studies-for-finance-certificate) be a lot more useful than any of the M.A programs I mentioned?

Everyone, the advice and commentary here has been invaluable. Can't thank you enough for the input. I can tell everyone from the perspective of someone inside the industry (if it helps anyone in a similar situation deciding between industry and academia), there is no more semblance of stability or big bonuses in industry. At least at an investment bank or even in a hedge fund trading proprietary strategies. You basically try to have a few big years, then do decently in the years in between. This is one of the primary reasons I'm attempting to make the switch to academia. Moreover, the research-centric is a vastly more edifying one than the five day work week grind (this isn't about hours or rigor, but rather the crushing grind of rote "clock pushing" the same hours each and everyday. I currently work 60-70 hours/week; I'm fine committing 100+ hours so long as it goes toward publishing, writing and research if it's on my time. The one qualification I would make is the comparison/binary being drawn between doing a PhD and doing an MBA then heading for industry. There are several roles in finance industry that are more quantitative and research-oriented than any post-MBA role; i.e. algorithmic/model-driven researchers/portfolio managers, roles which need a higher-level analytical/quantitative background, i.e. a PhD or at the very least a rigorous M.A. These aren't the types you'll find with an MBA. I think the implicit fear I have is not really trying to lose out on foregone income, so much as it is the fear of finishing the PhD and coming up short without any TT job, or ending up in a very non-ideal locale (outside of NYC/East Coat, I realize I'm being picky). I guess my follow-up question is, what could be the potential downside of getting a PhD from a top 10? Is there really that much of a downside/does the downside really get nasty once you go to less decent programs? What tends to be the typical amount of time between finishing PhD and getting tenure (for those who make it)? Lastly, any color on the average age of 1st year PhD students at these finance programs? Is 29/30 on the late end of the spectrum? Thanks again -

Point taken - for what it's worth, my ultimate goal would be some tenure track position, but just trying to minimize opportunity cost. Really appreciate all the help, everyone.

Also, any thoughts on an M.A in Statistics as far as signalling to adcoms?

Also, any thoughts on an M.A in Statistics as far as signalling to adcoms?

Also, is starting a PhD at 29/30 pretty rare? Do adcoms look particularly (for better or worse) at older candidates?

TraderJoe, you raise a great point. I'm actually thinking about doing the MFE/MAFN progams in the evenings while working, so as not to make the opportunity cost that steep. So what I give up in time, I make up for in not-lost income. But yeah.. the M.A will likely take me 2-3 years to finish part-time vs 1-1.5 years full-time. The other option I have is to forego the M.A altogether and just take individual courses (4-5 math classes) 1-2 years that would round out my math coursework. Also, can I apply for a PhD while still pursuing an M.A or is it really best to wait until the M.A is completed? Ideally I'm hoping to ask for 1-2 year sabbatical from work while I finish the PhD coursework, and then go back to work while I finish my thesis (is this unheard of?) Ah wow, just looked more closely into this Financial Econ program; do you think completing it could substitute for coursework in a PhD if admitted? (i.e. 2 years of Financal econ M.A then 2/3 years of thesis PhD work afterword)?

Hi all - please excuse the erudite nature of this post. Have done a good deal of scouring, and had a few idiosyncratic circumstances I'd love to glean some perspective on. I'm currently an interest rate derivatives trader at large investment bank, four years out of undergrad (econ/social sciences dbl major). I have a very strong/nuanced understanding of the markets, pricing mechanics, etc. The caveat however: my math acumen is limited to calc (1-3 undergrad) and one intro level stats course. However, I did get a 170 on my quant GRE. I've been fostering a several-years-long desire to jump into finance/macroeconomic academia, which I can't shake. My goal, therefore, is to try my best at a PhD in a top 10 b-school/finance program. With this in mind, given my lack of math coursework, which type of M.A program do you think would give me the math/stats coursework needed to be a competitive applicant to a top finance PhD program? Stats (with electives in linear alg,ODE, etc.)/Mathematics of Finance (anyone familiar with the program at Columbia? heavy on stochastics, etc)/M.A in Financial engineering (more practitioner focused it seems/options pricing, programming, etc.) Really appreciate all the help!

Does anyone have any experience with Columbia's M.S in financial economics? I've been working on wall street for 4 years, but had sub-par math/econ grades in college (ivy). My ultimate goal is to gain admissions to a finance PhD program, but realize I need to take/re-take a number of math/econ courses, and was thinking I could take these classes while in the master's. Is this wishful thinking? The M.S is a 2-year program; if I were to be admitted and completed it, would this knock off my course requirements for a PhD program if I were admitted? Appreciate all the help!

Any notable international finance/macro -finance specialties or faculty at GSB? Are the students in the GSB+Finance program involved at all with the econ program or are these strictly 'asset-pricing' types?

Really appreciated - and for top 5-10 programs, anything else you'd recommend?

What else would you say are the "essential" courses as far as adcom signalling is concerned?

Also, any good materials you'd recommend, either online or text to prep for RA? Thank you -

That's in fact one main reason. Do most of the schools see fall grades in time?