PhD Advice

Question

Hi, 


I have a Masters in Engineering, now, at 26, after working a couple of 
years I will likely be going to the University of Britsh Colmbia to do 
a MSc in Finance (I got interested in it, when i took a derivatives 
course in grad school, and scored 750 on the GMAT). 

Also, the prof I have spoken to at the university is strongly 
encouraging me to do a PhD afterward...I might like to do so, the only 
thing really holding me back is my age, and the fact that a PhD takes 
5 years (seems sort of ridiculus) . Anyone have any advice on doing a 
PhD? If you get a PhD from a top 5 university how hard is it to get a 
good academic position (not at a community college or equivalent)? Are 
there any other positions PhD's regularly get? I assume the situation for 
Canada and the USA would be similar. How much do starting profs get paid in canada and the US?



Thanks.

bauble · Answer

Well, you're only 26 now. If you skip the master's in finance and head straight for a Ph.D., you'd be, what, 27, 28? Not old at all. 30 isn't too old either.

As far as the 5 (or 4 if you're fast) yrs go, it's not ridiculous. There is a ton of training involved, and you'll be very busy.

Most business Ph.D.'s from top 5 seem to get tenure-track research positions in academia (haven't done a detailed study, but I've perused quite a bit and I think this is true). There are other positions that business Ph.D.'s can get other than academia. Let's take finance for example, since that seems to be your intended field (?). Coming from a top 5, my impression is that you should have no problems getting a nice industry job in the financial industry (hedge fund, investment bank, etc...). You shouldn't go for a Ph.D. with the goal of getting a non-academic job in my opinion. I don't know what Canada pays, but starting salaries for b-school profs are markedly higher than those for other fields. They vary by discipline, and finance makes the most. Coming out of a top 5, I have the distinct impression that you'd make over 100k in any field, but I don't know the range for different schools (if you go through the whole app process and still don't know salary data, then you are Ph.D. material).

hobbit · Answer

why are you in a hurry? 
my best advice is that you should do what you feel best for yourself without worry too much regarding your age and even future position. if you really into a phd you'd probably find a good job after that.

b.t.w. i am 36 and will start my phd at wharton in few months time...

meramola · Answer

Go for MS- PhD program as it is easier to get admission and financial aid this way. If along the way you dont want to do a PhD, you can always drop out after completing the MS program. PhD's can start their tenure as Assistant Professors and go on from there. Research options at top companies are also available. Refer to manya education site for more info.

Himalayan · Answer

i think it is 120k to 150k for 3 hours a week for two/three quarters in a year. though there are other committments and involvements.

i recently spoke with an accounting/finance professor from one of the best finance/accounting program. he told me that his friend from MIT with PHD in accounting joined a hedge fund that offered him 500k+ a year.

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