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06 Oct 2007, 12:54
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I investigate the options of going for a Phd degree after master of finance. I checked placement at Chicago and it seems 40% went to industry some stayed in Academia by taking nontenure tracked position. I also checked Stanford GSB placements back to 2001. less than 50% made tenure at their original placement schools. I feel the road in academia is bumpy.
It is said there are strong demands for phd in finance. However, from what I found in placement stats, it doesn't add up. Maybe the demand number includes all the finance faculty position including teaching schools. These positions are generally not going to pay as well as research school: like 150+ as claimed.
Am I right? Please comment, as I am at a cross road of decision.
It is said there are strong demands for phd in finance. However, from what I found in placement stats, it doesn't add up. Maybe the demand number includes all the finance faculty position including teaching schools. These positions are generally not going to pay as well as research school: like 150+ as claimed.
Am I right? Please comment, as I am at a cross road of decision.
06 Oct 2007, 21:54
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I can't comment specifically on the issue as i don't have any data relevant for finance. in my department I've seen (by names) about 80% of the phd graduates get a tenured position within 2-3 years. many (about 50%) at top universities.... but i'm not in finance... so i don't really know
on the other side... I can understand the data that you brought.
psychologically - if you know that some people get 150k for tenure track, and you offered a tenure with 90k only... you'd probably think it is not a good offer. in finance, you could easily find a job in the industry for 150k. so you leave academia. but it is YOUR CHOICE. many would love to get a tenure for 90k. but because you know you COULD, THEORETICALLY, earn more - it affect your choices and judgement.
not many universities can afford paying an assist. prof. a starting salary of 150k. not even 120k. there are of course exceptions - but if you narrow down your options, don't complain the road is bumpy.
if you are really into research you'd settle for 90k tenure track. you'll have plenty of choice (because most competitors will prefer industry). do some research, wait 2-5 years, establish your reputation - and then get the good positions.
on the other side... I can understand the data that you brought.
psychologically - if you know that some people get 150k for tenure track, and you offered a tenure with 90k only... you'd probably think it is not a good offer. in finance, you could easily find a job in the industry for 150k. so you leave academia. but it is YOUR CHOICE. many would love to get a tenure for 90k. but because you know you COULD, THEORETICALLY, earn more - it affect your choices and judgement.
not many universities can afford paying an assist. prof. a starting salary of 150k. not even 120k. there are of course exceptions - but if you narrow down your options, don't complain the road is bumpy.
if you are really into research you'd settle for 90k tenure track. you'll have plenty of choice (because most competitors will prefer industry). do some research, wait 2-5 years, establish your reputation - and then get the good positions.
07 Oct 2007, 10:54
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It is bumpy -- there is no getting around that.
On the other hand, I wouldn't look at those stats too fatalistically. It's not as if the Stanford grads were facing a job flipping burgers (not that there is anything wrong with that) if they didn't make tenure. Some have personal reasons for taking a particular position in the first place, or they find a more suitable position. Perhaps a lot just don't make tenure clearly and simply, but I don't have a good grasp on the proportion for whom this is the case.
On the other hand, I wouldn't look at those stats too fatalistically. It's not as if the Stanford grads were facing a job flipping burgers (not that there is anything wrong with that) if they didn't make tenure. Some have personal reasons for taking a particular position in the first place, or they find a more suitable position. Perhaps a lot just don't make tenure clearly and simply, but I don't have a good grasp on the proportion for whom this is the case.
