PhD in Finance or PhD in Fin. Math

[forty two]

Greetings everyone,

First off, I have to say that Quantnet is brilliant! So much information and so many people willing to help!

I'd like to hear some of your opinions on which degree would be more useful for a job in FE: PhD Finance or Phd Financial Mathematics? I plan on attending an FE program next year - I'll start applying in the fall. After completion of a Master's program, I'd like to continue on to a PhD program. But I'm unsure of what would be more relevant in the industry...:-k

 

[alain]

Search QN, I think this issue was addressed already in some other thread. BTW, why do you want to do a PhD?

Also, it seems that people can become Quants faster if they do a PhD in Physics than in any of those two fields you mentioned. There is a reason for it.

 

[forty two]

For a few reasons..

1) it's a personal goal
2) if for some reason, after working as quant, I decide it is not for me, having the phd would allow me to, perhaps, have academia as a backup
3) 30-40 years down the road, I'd like to settle into academia

 

[Seanny]

which schools offer a phd in fin. math? the only school i know is chicago

 

[DominiConnor]

As a headhunter I struggle to care about the difference between the two labels. Hold a gun to my head, I might pick Fin Math, or not.

What matters more is what you learn, and show that you've learned in your study.
Quality of program matters, as does reputation, but not the subtle variation that most people would call equal.

 

[alain]

FSU offers something similar as well

http://www.math.fsu.edu/~okten/FMGuide/

 

[forty two]

Seanny,

There are several schools who now offer PhDs in Fin Math...FSU, BU, CMU, UF, and Claremont offer doctorates in Fin. Math specifically. But after reading Dominic's post, I did a bit of digging and realized there is little, if any, difference between a Fin Math Phd and a Finance Phd.

 

[EricFleming]

Fin Math over Fin

or go for physics or another hard science

 

[forty two]

But is it possible to get into a Physics or another hard science PhD at a reputable school after completing a Masters in Fin. Math - especially considering my undergrad majors were Finance & Econ?

 

[olgenue]

To get into a reputable Physics PhD program, I believe one needs to have taken pure math classes at the level of an undergraduate math major. For example, 2 Real Analysis classes, 1 Abstract Algebra class and 1 complex analysis class, in addition to other physics classes.

 

[forty two]

I looked at the admissions requirements of some of schools - it's I'd have to take some time to complete an undergrad physics degree first.

 

[alain]

But is it possible to get into a Physics or another hard science PhD at a reputable school after completing a Masters in Fin. Math - especially considering my undergrad majors were Finance & Econ?

What's a reputable school? I would think that a school with a PhD in physics is somewhat good.

 

[forty two]

By reputable, I mean something along the lines of top 10 in physics. MIT, Stanford, Harvard, Cal-Tech, Princeton, Michigan, Johns Hopkins, UCB and so on.

As opposed to University of Phoenix... :D

 

[Sanket Patel]

Unless your majored in physics as an undergrad, you would have to consider going back to school to pick up the necessary physics foundations. I believe most of the 'reputable' Phd programs require the Physics GRE.

You can always go to one of the 'good' programs instead of one the 'great' programs - especially if you're inclined the get the degree. Admissions at the schools you listed is likely to be fiercely competitive. There probably isn't much harm in going to a lesser program. After all, as Alain mentioned, it is a Phd in Physics after all.

 

[Andriy]

I think it is stupid to pursue PhD in Physics just because you want to become a quant ten years from now.

 

[Yuriy]

Physics PhD is something very serious, you have to like and understand Physics before even thinking about PhD in it.

PhD in Fin Math vs. PhD in Fin. These are two different areas. PhD in Fin Math would require you to do a lot of math, completing all requirements for a regular Math PhD plus you will have your electives in financial math and might get a chance to do your thesis in Fin Math. PhD in Finance is just finance with limited math exposure. You will be learning things about mergers, bankruptsies, etc, and your thesis might not have any math at all but be something like ' effects of X on the financial situation in Y '.

 

[alain]

I think it is stupid to pursue PhD in Physics just because you want to become a quant ten years from now.

It might be stupid but the original poster is asking about which degree to pursue to become a quant. So, why not include Physics in the mix? Fin Math and Fin and are very different. Adding Physics to the mix will give the poster another option.