PhD in Finance / Public Policy

Your question covers a lot of ground. If you are unfamiliar with PhD programs, what they entail and how the admissions processes work, then I would suggest looking into the websites of these programs. You may also contact the concerned programs.

Given the stats that you have described and in reading that you are interested in a career in academia, I would advise you to look at international programs outside of the schools that you have mentioned. There are many international programs that do excellent research and will accept applicants from a variety of backgrounds. Even the 50th to 100th ranked program will have active research areas.

The very top programs in finance receive many hundreds of good applications. Naturally, these programs end up selecting ones with the best stats. Even those applicants with good credentials will be rejected. Your return will be higher if you widen your search and include different programs.

Besides test scores, references and grades, the statement of purpose is extremely important. Here you should talk about your qualifications and your interests. You should also explain why you are applying to a particular program. Two to three pages is the maximum length for this document.

In North American programs, you usually do not need to have a specific research topic. Outside of this region, such as in many (but not all) European and Asian programs, programs tend to look for research topics. Your applications should be prepared in accordance with the requirements.

Applying to PhD programs is a very time-consuming and serious process. Applicants should be prepared to work hard. There will be many rejections and disappointments during the process. Good luck.