I'm strongly considering applying for business PhD programs, and am asking for advice from people (either profs, current PhD students, or otherwise) on: which sort of program would be the best fit, my entry prospects, and the ideal approach I should take at this point in my career.
Here are some of the details.
My background:
I have an undergraduate degree in mathematics, from a decent school, with GPA just below 3.9. Also, I have taken graduate courses in probability theory (A), mathematical statistics (A), real analysis – baby rudin (B-), and a statistical computing course that focused on programming various computationally intensive algorithms – many of them were machine learning algorithms (A).
In addition, I have taken the following business–focused courses: financial accounting, managerial accounting, corporate finance, microeconomics, and macroeconomics – 4.0 GPA in these courses. In my spare time, I have really enjoyed learning about stuff such as CAPM, financial decision making (or any decision making involving risk and uncertainty), corporate finance (CFs, capital structure, financial management), and "popular" economics (freakonomics, the undercover economist, micromotives and macrobehavior, Das Kapital, etc.).
Note: I took real analysis towards the end of the degree, and it helped me realize that I wasn't interested in a PhD in pure mathematics. While I can understand the intellectual appeal of it, I am not interested in spending years of my life proving abstract mathematical statements that are completely unconnected to real world decision making; and, I'm not sure I would make it through a PhD program that required me to do this. ...On the other hand, I really enjoyed mathematical statistics and the various CLT proofs.
My Goal
-- My goal is to pursue a career in either an academic setting or a public finance/policy setting.
-- I would like to do research in corporate finance, financial decision making (or any decision making involving risk and uncertainty), and possibly even some policy related work (incentives, markets, etc.).
-- I am not interested in financial engineering work or research.
Right now, I'm thinking of applying for a masters in finance or applied economics, and then using that as a stepping stone to a PhD in finance, accounting, or applied economics. But, honestly, I'm really not sure where to go from here.
What advice can you offer? Thanks in advance for any advice, and for reading my post.