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标题: 【请教】金融经济phd和金融phd的差别，谢谢大家 [打印本页]

作者: mathsgirl 时间: 2007-5-24 23:32
标题: 【请教】金融经济phd和金融phd的差别，谢谢大家

想请问一下，

1这两者之间的差别

2如果没有工作经验，连读国内统计的BS美国经济的MS，申请商学院里的哪一个方向最有比较优势？

3如果毕业后想去业界，尤其是投行和咨询，分别什么方向最为match？

谢谢大家

作者: lesliejy 时间: 2007-5-25 04:33

1. i dont think there is a lot difference between these two programs. you say toh-may-toh, i say toh-mah-toh. i say pho-tay-toh, you say poh-tah-toh.

Question 2 and 3 go away because of the answer to question 1. nevertheless, you need NOT to have a phd in finance (financial economics) if your career goal is either ibanker or consultant.

作者: yls2006 时间: 2007-5-25 07:36
totally agree with ls. if LZ wants to be an i-banker or consultant, an MBA would be of more help.

作者: mathsgirl 时间: 2007-5-25 15:48

Thanks all! But without working experience, how to get an MBA degree?

In addition, I heard that 40% finance PhD participate into the real business world, and I always think that the Ph.D training may offer us the ability to do deep research in these two fields. Without those research, the corporation's long-term development will be harmed.

If we both have interpersonal skills and good academic background, we have more opportunities to realize our goal.

作者: joysource 时间: 2007-5-25 21:43
investment bank and consulting firms DO HIRE PhD students as researchers

作者: yls2006 时间: 2007-5-25 22:10
yes, investment banks do hire PhDs in their research department (note: not stock research. that's for MBAs). the
point is a research position pays much less than i-bankers (i assumed
LZ's target is the high-pay positions in investment banking division,
aka IBD). and one thing needs to be clarified: i-bankers usually refer
to people doing IPOs and M&A. if you are in the trading division,
which generates more profit for investment banks than IBD, you call
yourself "trader" instead of "i-banker".

one thing you may not know: Goldman Sachs prefers physics PhDs
(astronomy the best) over finance for quantitative-heavy positions. the
reason is simple: who do you think is better at building models and
running simulations? but i doubt LZ would like to do this.
it's true that a lot of finance PhDs choose industry over academia for higher pay (in fact, if you calculate hourly salary, it's probably the same.) it's just personal preference. but a doctoral degree, especially the top ones, is designed to train students in research in academia, not in the industry. (have you ever read a research report - note: not a stock analysis - from those companies? i did. the skills they use don't quite measure up to that in academia.)
as for consulting firms, they use even less quant in finance. a PhD helps in the sense that it implies higher quality usually associated with doctoral training although the skills sets tend to be irrelevant.
the last but not the least: top investment banks and consulting firms hire from top schools. a top 5 MBA probably weights more than a tier-2 finance/economics PhD.
by the way, if you really want to work in the industry, there is a better place to work than IB and consulting: PE. but it's also more competitive to get in.
good luck.

作者: yls2006 时间: 2007-5-25 22:13
one more thing: a lot of professors in finance department do consulting work for the industry/government. some of them even have their own companies. who knows how much they make...
but if you work in the industry and want to come back to academia for a change of life style, it's rather difficult.

作者: mathsgirl 时间: 2007-5-25 22:54

Thank you very much yls mm.

Your words are quite meaningful to a lot of phd appliers.

I guess you are very familiar with industries or you are currently enjoying in one field of them.

I do not know what PE is , would you like to tell me?

And I also have some other questions:

You said many hD/Professors are doing consulting work for the industry/government,what are their academic interests? All in finance?

Since I am going to pursue a MA in Economics, and I have heard many people say Eco PhD do not have bright future in industry, I do want to know if Master or PhD in Economics will find their position

many 3x

作者: kobehenry 时间: 2007-5-25 23:22
PE might be private equity

作者: yls2006 时间: 2007-5-26 00:05
LS is correct. PE = private equity.
1. "You said many

hD/Professors are doing consulting work for the
industry/government,what are their academic interests? All in finance?":
I am sorry I don't know much about areas outside finance/economics. Maybe people in the marketing department will do consulting work for companies, but not likely for the government. Just a wild guess.
2. "Since I am going to pursue a MA in Economics, and I have heard many
people say Eco PhD do not have bright future in industry, I do want to
know if Master or PhD in Economics will find their position "
It's generally true that economics PhDs have a much tougher time in landing a job, either in the academia or the industry. One reason, in my opinion, is that some economic programs calculate themselves into irrelevance. The topics they work on lost connection with the real world. HOWEVER!!! if you specialize in financial economics - such as the program in MIT, it'd be another story. It's more or less the same as PhD in finance.
in fact, a good finance program should emphasize economics training in the first year then the finance courses the second. advanced finance courses are more like the application of economics in the financial field.
hope it helps.

作者: lesliejy 时间: 2007-5-26 03:15

以下是引用yls2006在2007-5-25 22:10:00的发言：
the point is a research position pays much less than i-bankers (i assumed LZ's target is the high-pay positions in investment banking division,
aka IBD)....

i can not agree with that. as you probably wrote in your thread itself, ibanks do have quant ph.d. positions, which, however, require job candidates to master (but not limited to) advanced stocahstic analysis AND C++/JAVA programming skills. normally a ph.d. in physics (mathematics, statistics, CS) degree fits the requirement better than a finance (financial economics) degree does. those positions are highly compensated and much much more competitive (in terms of getting an job offer) than a mba level associate position in M&A, IPO, PE, departments.

at my school, i know one guy (at DB) and one gal (at JPMorgan) secure ph.d. quant positions. nevertheless, both of them have had a ph.d. in mathematics before they get a second ph.d. in finance.

mathsgirl, if you like math and wanna be a quant, why dont you apply for a ph.d in math with concentration on financial mathematics? some U.S. schools have such a hybrid degree jointly supported by bschools and math departments. there are also such degrees in europe.

作者: yls2006 时间: 2007-5-26 04:56
to LS:
the research position i referred to in that sentence is not quant-heavy. that's why i singled out quant position later in my threat.
they do have some positions that produce reports on the economic condition and the like. that's for PhD in econ/finance. an MBA can't do that, nor a PhD in physics. The head of them is titled "Chiefe Economist" or something, equivalent to managing director in IBD.
i agree that if someone wants to do quant in i-banks, a degree in financial mathematics is more helpful.
by the way, it's very true that it got more and more competitive to get into those quant-heavy positions. but do they pay more than IBD? i thought they were of the same salary level.

作者: yls2006 时间: 2007-5-26 05:26
oh... i forgot to mention that bonuses account for quite a trunk of total compensation in IBD. salary-wise it is about the same as assistant professor in finance in a research university. it's the bonus that set them apart.
seems money matters...

作者: lesliejy 时间: 2007-5-26 13:43

以下是引用yls2006在2007-5-26 4:56:00的发言：
to LS:
the research position i referred to in that sentence is not quant-heavy. that's why i singled out quant position later in my threat.
they do have some positions that produce reports on the economic condition and the like. that's for PhD in econ/finance. an MBA can't do that, nor a PhD in physics. The head of them is titled "Chiefe Economist" or something, equivalent to managing director in IBD.

yes, you are right. i am sorry that i get you wrong.

i am surprised that a MBA graduate could earn as much money as a phd quant. do you mean the mean salary or median? maybe we should consider stochastic dominance or mean preserving spread because distribution matters. ok, this is just for fun.

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