phd in finance or in economics

众所周知北美金融  phd 是在商学院里而经济学 phd 是在  Department of economics  。但这两个学科历史上是合在一起的。而且经济学博士做论文可以做金融方面的。毕业以后如果去业界比如投行，也招经济学博士。好象李山，谢国忠就是mit的经济学博士，胡祖六也是harvard 经济学博士。相反在投行出名的金融博士倒不多。

就申请来讲，商学院的 phd in finance 项目每年招人实在是太少了：UCLA 2006年有114人申请而只收了4人。Yale  每年有3，4百人申请，只收7到8人。但是不知道Department of economics 招人是否会多一点（请知道的补充）？？？  

Right. Normally eco department enroll far more PHD students than finance department, since the main objective of business is to forster the future business elites, MBA. Therefore, business school professors can not spare enough to tutor their PHD students.

However, the job market for Finance PHD is incrediblely good. Even finance PHDs from 3 tier university (ranking >120) could land a high pay job( at least 100K in academia, 150K in industry) without any problem. However, only those eco PHDs from top 50 programs could get a decent job. Addtinally, if you want to get a job in wall street, you'd better have a concentration in financial economics.

That's just my personal opinion and I hope this helps.

"Addtinally, if you want to get a job in wall street, you'd better have a concentration in financial economics."

If it works, why so many people try to apply for PHD in finance, the extremely diffcult one?