phd finance wso

Search Search Please fill out this field.

What Do Quantitative Analysts Do?

Where do quant analysts work.

Skills and Education

The Right Career for You?

The bottom line.

Career Advice

Quants: The Rocket Scientists of Wall Street

Quantitative analysts are professionals who understand the complex mathematical models that price financial securities and are able to enhance them to generate profits and reduce risk. As financial securities have become increasingly complex, demand has grown steadily for quantitative analysts , often called simply "quants," or even the colloquially affectionate "quant geeks."

Because of the challenging nature of the work—which needs to blend mathematics, finance, and computer skills effectively—quant analysts are in great demand and able to command very high salaries. Here's a look at what they do, where they work, how much they earn, and what knowledge is required, to help you decide whether this may be the career for you.

Key Takeaways

Quantitative analysts, or quants, combine their skills in finance, math, and computer software to analyze and predict the markets, creating complex models that can be used to price and trade securities.
They tend to work in investment banks and for hedge funds, although insurance companies, commercial banks, and financial software and information providers may also hire them.
Quants work in major financial centers in the U.S. and in London and Asia, among other places across the globe.
Firms often look for candidates who have a master's degree or a Ph.D. in a quantitative subject, such as mathematics, economics, finance, or statistics.
Compensation can be in the low-to-middle six figures.

Quantitative analysts design and implement complex models that allow financial firms to price and trade securities. They are employed primarily by investment banks and hedge funds , but sometimes also by commercial banks, insurance companies, and management consultancies; in addition to financial software and information providers.

Quants who work directly with traders , providing them with pricing or trading tools, are often referred to as " front-office " quants. In the " back office ," quants validate the models, conduct research, and create new trading strategies . For banks and insurance companies, the work is focused more on risk management than trading strategies. Front-office positions are typically more stressful and demanding but are better compensated.

The high demand for quants is driven by multiple trends:

The rapid growth of hedge funds and automated trading systems
The increasing complexity of both liquid and illiquid securities
The need to give traders, accountants, and sales reps access to pricing and risk models
The ongoing search for market-neutral investment strategies

Quantitative analyst positions are found almost exclusively in major financial centers with trading operations . In the United States, that would be New York and Chicago, and areas where hedge funds tend to cluster, such as Boston, Massachusetts and Stamford, Connecticut. Across the Atlantic, London dominates; in Asia, many quants are working in Hong Kong, Singapore, Tokyo, and Sydney, among other regional financial centers.

Despite the heavy concentration in those cities, quants are found all over the world—after all, many global firms analyze and/or trade complex securities, which creates demand for the quant's brainpower and abilities. But the problem that a quant working in Houston or San Francisco faces is that changing employers most likely would mean changing cities, whereas a quant working in Manhattan should be able to interview for and find a job within a mile or two of their previous one.

What Do Quants Earn?

Compensation in the field of finance tends to be very high, and quantitative analysis follows this trend. It is not uncommon to find positions with posted salaries of $250,000 or more, and when you add in bonuses, a quant could earn $500,000+ per year. As with most careers, the key to landing the high-paying jobs is a resume filled with experience, including with well-known employers, as well as reliance on recruiting firms and professional networking for opportunities.

The highest-paid positions are with hedge funds or other trading firms, and part of the compensation depends on the firm's earnings, also known as the profit and loss (P&L) . At the other end of the pay scale, an entry-level quant position may earn only $125,000 or $150,000, but this type of position provides a fast learning curve and plenty of room for future growth in both responsibilities and salary.

Also, some of the lower-paid quant positions likely would be primarily quant developers, which is more of a software-development position where the individual is not required to have as much math and financial expertise. An excellent quant developer could certainly earn $250,000, but that's about as high as the compensation package generally would go.

Despite the high pay level, some quants do complain that they are "second-class citizens" on Wall Street and don't earn the multimillion-dollar salaries that top hedge fund managers or investment bankers command. As you can see, financial success is always relative.

Estimated total pay of a quantitative analyst in the U.S. Google is among the 10 highest paying companies for a quant, offering an annual salary of $279,284.

Quants Skills and Education

Financial knowledge.

Many financial securities, such as options and convertibles , are easy to understand conceptually but are very difficult to model precisely. Because of this hidden complexity, the skills most valued in a quant are those related to mathematics and computation rather than finance. It is a quant's ability to structure a complex problem that makes them valuable, not their specific knowledge of a company or market.

A quant should understand the following mathematical concepts:

Calculus (including differential, integral, and stochastic)
Linear algebra and differential equations
Probability and statistics

Key financial topics include:

Portfolio theory
Equity and interest rate derivatives , including exotics
Credit-risk products

Some quants will specialize in specific products, such as commodities , foreign exchange (Forex) or asset-backed securities .

Computer Competency

Software skills are also critical to job performance. C++ is typically used for high-frequency trading applications, and offline statistical analysis would be performed in MATLAB, SAS, S-PLUS or a similar package. Pricing knowledge may also be embedded in trading tools created with Java, .NET or VBA , and are often integrated with Excel. Monte Carlo techniques are essential. A majority of the work is also realized in Python, as scripting-type languages are good for running lots of data and multiple scenarios.

Education and Certifications

Most firms look for at least a master's degree or preferably a Ph.D. in a quantitative subject, such as mathematics, economics, finance, or statistics. Master's degrees in financial engineering or computational finance are also effective entry points for quant careers. Generally, an MBA is not enough by itself to obtain a quant position, unless the applicant also has a very strong mathematical or computational skill set in addition to some solid experience in the real world.

While most financial certifications, such as the Chartered Financial Analyst (CFA) designation likely wouldn't add much value to a prospective quant's resume, one that may is the Certificate in Quantitative Finance (CQF) —which you may earn globally via distance learning in a six-month intensive program.

Clearly, you need to have "the right stuff" to be a quantitative analyst. It requires both the intellectual ability to master complex and abstract mathematical domains and a willingness to tackle challenges that can seem insurmountable—all while under considerable pressure—which only a select few can do.

But that also doesn't mean that everyone who has the ability to be a quant should become one. The financial problems that quants face are very abstract and narrow. Unlike fundamental or qualitative analysts , quants don't read annual reports , meet with management, visit operations, prepare roadshows, or talk to shareholders . Most of their time is spent working with computer code and numbers on a screen.

Individuals with strong analytical skills are valuable in many different areas of finance, such as economic and financial analysis , for example. Having to compete against the best and brightest quants every single day may not be the quickest path through the ranks, especially for those with broader skills and interests and a desire to manage.

Another career issue to consider is that many Ph.D. quants who come from academic environments find they miss the research environment. Instead of being able to study a problem for several months, when supporting a trading desk you need to find solutions in days or hours. This usually precludes making any breakthroughs in the field.

Do Quants Get Paid Well?

Yes, quants tend to command high salaries, in part because they are in demand. Hedges funds and other trading firms generally offer the highest compensation. Entry-level positions may earn only $125,000 or $150,000, but there is usually room for future growth in both responsibilities and salary.

How Hard Is Quant Finance?

It take advanced-level skills in finance, math, and computer programming to get into quantitative trading , and the competition for a first job can be fierce. Once someone has landed a job, it then requires long working hours, innovation, and comfort with risk to succeed.

Do You Need a Ph.D. to Be a Quant?

Having a Ph.D. in a subject like math, finance, economics or statistics can be a definite plus for anyone wanting to become a quant. But a master's degree in computational finance or financial engineering can also be the ticket to a career as a quantitative analyst.

Success in quantitative analysis is largely based on knowledge, talent, merit, and dedication instead of the ability to sell, network, or play politics. The quants who work in the field are there because they can do the job well—an environment that many find remarkably refreshing—and they are justly rewarded for their work.

Bureau of Labor Statistics. " Financial Analysts ."

Open Quant. " The Various Types of Quants and Quant Employers ."

Bureau of Labor Statistics. " Financial Analysts: Work Environment ."

Glassdoor. " Quantitative Analyst Salaries ."

Bureau of Labor Statistics. " Financial Analysts: Pay ."

Glassdoor. " How Much Does a Quantitative Analyst Make? "

Duke University Career Center. " Quantitative Analysis ."

Bureau of Labor Statistics. " Financial Analysts: How to Become One ."

Certificate in Quantitative Finance. " Who Is It For? "

Terms of Service
Editorial Policy
Privacy Policy
Your Privacy Choices

Youth Program
Wharton Online

PhD Program

Program of Study

Wharton’s PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

The department prepares students for careers in research and teaching at the world’s leading academic institutions, focusing on Asset Pricing and Portfolio Management, Corporate Finance, International Finance, Financial Institutions and Macroeconomics.

Wharton’s Finance faculty, widely recognized as the finest in the world, has been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Another example is the contribution by faculty members to the analysis of financial institutions and markets, which is fundamental to our understanding of the trade-offs between economic systems and their implications for financial fragility and crises.

Faculty research, both empirical and theoretical, includes such areas as:

Structure of financial markets
Formation and behavior of financial asset prices
Banking and monetary systems
Corporate control and capital structure
Saving and capital formation
International financial markets

Candidates with undergraduate training in economics, mathematics, engineering, statistics, and other quantitative disciplines have an ideal background for doctoral studies in this field.

Effective 2023, The Wharton Finance PhD Program is now STEM certified.

Course Descriptions
Course Schedule
Dissertation Committee and Proposal Defense
Meet our PhD Students
Visiting Scholars

More Information

Apply to Wharton
Doctoral Inside: Resources for Current PhD Students
Wharton Doctoral Program Policies
Transfer of Credit
Research Fellowship

The Top 25 Feeder Schools For Investment Banking

Share on Facebook
Share on Twitter
Share on LinkedIn
Share on WhatsApp
Share on Reddit

Top feeder schools for investment Banking.

Not surprisingly, Harvard University and New York University are the top feeder schools for a career on Wall Street, according to Wall Street Oasis’ 2022 Investment Banking Industry Report.

There are a myriad of factors that go into selecting the best business school for any particular student. Debt-conscious students might look to schools with the best ROI . Prestige-minded students might look for high rankings or schools with a stellar brand.

There’s location , price , and schools with the highest average salaries after graduation.

For those lured by the sky-high salaries in investment banking , the 25 top schools on Wall Street Oasis’ 2022 Investment Banking Industry Report should be on your radar.

WSO is an online community, news site, and career center for people working and aspiring to work in finance related fields. Its Investment Banking report collects data from employees working in the field to determine which schools the 10 large Bulge Bracket Banks target in their hiring and recruiting. Not surprisingly, Harvard University and New York University are the top feeder schools for a career on Wall Street.

Patrick Curtis

“The top feeder schools for investment banking rarely move,” Patrick Curtis, founder and CEO of Wall Street Oasis, tells Poets&Quants . “NYU has such a broad reach into almost all of the bulge brackets, and even for just the notable boutiques and middle market funds. The location is a huge advantage for NYU kids, because they’re able to meet people face-to-face, have coffees, and just network. Being in the city, right there, is a big advantage.”

REPORT METHODOLOGY

WSO has almost 900,000 registered users who report a trove of data on the companies where they work. WSO’s 2022 Investment Banking Industry Report takes this user-reported data to show which colleges and universities the 10 Bulge Bracket Banks recruit from the most. These banks include Bank of America Merrill Lynch, Goldman Sachs, Barclays Capital, Credit Suisse, Deutsche Bank, JPMorgan Chase, Citigroup, Morgan Stanley, and UBS.

WSO’s reports are constantly changing based on new information users report to the WSO Company Database. The report we are looking at today is up-to-date as of this month and includes year-to-date data as well as data for the prior two years. Because of this, some of the latest trends reported by users won’t start showing up until later reports. (WSO uses Bayesian statistics to create percentiles for companies with few observations.) Read more about WSO’s report methodology here.

TOP FIVE SCHOOLS ACCOUNT FOR MORE THAN 15% OF BIG BANK HIRES

Out of 2,578 WSO reporting users within the Bulge Banks, 91 are graduates of Harvard University. NYU was just a smidge behind with 90. The next three top feeder schools were the University of Pennsylvania (Wharton) at 86, Columbia University at 70, and Cornell University at 70.

When totaled together, these schools account for 15.7% of hires at the top 10 Bulge Banks. The top 12 schools on the list make more than 25% of big bank recruitment and hiring.

In all, there are 99 feeder schools ranked by WSO in its 2022 report. See the full list here.

NEXT PAGE: Where graduate of top feeder schools go to work + Top feeder schools of mid-level banks

Questions about this article? Email us or leave a comment below.

Stay Informed. Sign Up! Login Logout Search for:

Wharton Correspondent: Bitter Sweet Feelings at Graduation Time

Olin Correspondent: Officially a WashU Alum

Olin Correspondent: How Olin Helps You In The Real World

Ross Correspondent: Financing Your Undergraduate Biz Degree

Kelley Correspondent: Kelley’s Most Innovative (And Challenging) Classes

Poets&Quants’ Best Undergraduate Business Schools Of 2024 (6,861 views)
100 Best & Brightest Undergraduate Business Majors Of 2024 (4,434 views)
Ranking: U.S. News’ Best Undergraduate Business Programs Of 2024 (4,018 views)
Ranking: Wall Street Journal’s 2024 Best Colleges In America (3,117 views)
The Most & Least Educated States In America (1,870 views)

Submitted By: springforward

Trump is delusional.

Submitted By: chucky

What an awesome anchor baby

Submitted By: James Hutt

Thank you for generously sharing your expertise with us. Your ...

Submitted By: Olen Soifer

Trump's sister Maryann also said that Trump's college board score ...

Submitted By: Lorraine Hamilton

What a thoughtful article! This really highlights the struggle many ...

Our Partner Sites: Poets&Quants | Poets&Quants for Execs | Tipping the Scales | We See Genius

Doctor of Finance Programs in America

1-17 of 17 results

Wharton School

Philadelphia, PA •

University of Pennsylvania •

Graduate School

• Rating 4.67 out of 5 15 reviews

Master's Student: Intensive but interesting. Great people, but professor quality varied. Lectures tend to be very interesting, but are high level in some cases. Coming from an engineering background, this felt "easy", but it is a different type of learning- more focused on the concepts than proving theories and underlying complexities. TAs are great and there is a lot of effort put towards making students understand the material. Since there isn't a sink or swim culture, I think it incentivizes learning for the sake of learning rather than curving to a "B". Professors are very friendly and actually enjoy getting to know their students. ... Read 15 reviews

University of Pennsylvania ,

Graduate School ,

PHILADELPHIA, PA ,

15 Niche users give it an average review of 4.7 stars.

Featured Review: Master's Student says Intensive but interesting. Great people, but professor quality varied. Lectures tend to be very interesting, but are high level in some cases. Coming from an engineering background, this felt "easy",... Professors are very friendly and actually enjoy getting to know their students. .

Read 15 reviews.

Kellogg School of Management

Evanston, IL •

Northwestern University •

• Rating 4.82 out of 5 17 reviews

Master's Student: Kellogg's MBA program at Northwestern University stands out for its collaborative environment, rigorous curriculum, and emphasis on experiential learning. With a focus on teamwork and diverse perspectives, students engage in group projects and case competitions to develop essential leadership skills. The curriculum offers customization options through electives and experiential opportunities, including internships and global immersion trips. Kellogg's strong alumni network and industry connections provide valuable career support, ensuring students are well-prepared for success in their chosen fields. Overall, Kellogg offers a dynamic and immersive MBA experience that equips students to excel as future business leaders. ... Read 17 reviews

Northwestern University ,

EVANSTON, IL ,

17 Niche users give it an average review of 4.8 stars.

Featured Review: Master's Student says Kellogg's MBA program at Northwestern University stands out for its collaborative environment, rigorous curriculum, and emphasis on experiential learning. With a focus on teamwork and diverse... .

Read 17 reviews.

Tepper School of Business

Pittsburgh, PA •

Carnegie Mellon University •

• Rating 4.73 out of 5 11 reviews

Master's Student: Embarking on Carnegie Mellon's Master in Business Analytics promises unparalleled growth. Its esteemed reputation in academia assures an intellectually stimulating environment, fostering collaboration and innovation. The meticulously crafted curriculum equips students with advanced analytical skills and a deep understanding of business dynamics. Beyond coursework, experiential learning opportunities abound, from hackathons to industry partnerships. Moreover, the vibrant community fosters inclusivity and camaraderie, enriching the overall experience. With each lecture and interaction, I anticipate expanding my knowledge, honing my skills, and becoming a catalyst for positive change. Carnegie Mellon's program is not just an education; it's a transformative journey toward personal and professional excellence. ... Read 11 reviews

Blue checkmark.

Carnegie Mellon University ,

PITTSBURGH, PA ,

11 Niche users give it an average review of 4.7 stars.

Featured Review: Master's Student says Embarking on Carnegie Mellon's Master in Business Analytics promises unparalleled growth. Its esteemed reputation in academia assures an intellectually stimulating environment, fostering... .

Read 11 reviews.

Leonard N. Stern School of Business

New York, NY •

New York University •

• Rating 4.82 out of 5 28 reviews

Master's Student: As a part-time MBA candidate at NYU Stern, I'm deeply impressed by the program's blend of academic rigor and practical application. The faculty, industry leaders in their own right, provide invaluable insights, fostering a rich learning environment. The diversity among my peers enhances our discussions, offering varied perspectives on business challenges. Stern's location in NYC is ideal for networking and accessing career opportunities, which is crucial for a working professional like me. The flexibility of evening and weekend classes allows me to balance my professional and academic commitments effectively. Stern equips students with advanced business knowledge and fosters personal and professional growth, making it an exceptional choice for anyone aspiring to excel in the business world. ... Read 28 reviews

New York University ,

NEW YORK, NY ,

28 Niche users give it an average review of 4.8 stars.

Featured Review: Master's Student says As a part-time MBA candidate at NYU Stern, I'm deeply impressed by the program's blend of academic rigor and practical application. The faculty, industry leaders in their own right, provide... .

Read 28 reviews.

Carroll School of Management

Chestnut Hill, MA •

Boston College •

• Rating 5 out of 5 2 reviews

Master's Student: I am currently enrolled in the part time, professional evening MBA program. So far it has brought me to communicate with like minded individuals and the professors truly want to see you succeed so they will go out of their way to connect with you and help you. ... Read 2 reviews

Boston College ,

CHESTNUT HILL, MA ,

2 Niche users give it an average review of 5 stars.

Featured Review: Master's Student says I am currently enrolled in the part time, professional evening MBA program. So far it has brought me to communicate with like minded individuals and the professors truly want to see you succeed so... .

Read 2 reviews.

McCombs School of Business

Austin, TX •

University of Texas - Austin •

• Rating 4.67 out of 5 12 reviews

Master's Student: Being in the accounting program at UT Austin has been a remarkable opportunity for me. The best part of being an accounting major at McCombs is the diverse set of classes that students can utilize to explore different interests within business and broaden their career opportunities. The worst part of being at McCombs is the competitive environment, although it incentivizes students to work harder, it can be mentally draining to constantly try to outperform one's peers. ... Read 12 reviews

University of Texas - Austin ,

AUSTIN, TX ,

12 Niche users give it an average review of 4.7 stars.

Featured Review: Master's Student says Being in the accounting program at UT Austin has been a remarkable opportunity for me. The best part of being an accounting major at McCombs is the diverse set of classes that students can utilize to... .

Read 12 reviews.

Find college scholarships

Mays Business School

College Station, TX •

Texas A&M University •

• Rating 2 out of 5 3 reviews

Graduate Student: Im starting in the summer and my experience has been great. I will be entering as an MD/MBA student starting with the MBA. ... Read 3 reviews

Texas A&M University ,

COLLEGE STATION, TX ,

3 Niche users give it an average review of 2 stars.

Featured Review: Graduate Student says Im starting in the summer and my experience has been great. I will be entering as an MD/MBA student starting with the MBA. .

Read 3 reviews.

Eli Broad College of Business

East Lansing, MI •

Michigan State University •

• Rating 5 out of 5 1 review

Current Master's student: The program has exelcent professors and organization which is appreciated since I am attending the EMBA program and do not want to waste time. ... Read 1 review

Michigan State University ,

EAST LANSING, MI ,

1 Niche users give it an average review of 5 stars.

Featured Review: Current Master's student says The program has exelcent professors and organization which is appreciated since I am attending the EMBA program and do not want to waste time. .

Read 1 reviews.

Culverhouse College of Business

Tuscaloosa, AL •

The University of Alabama •

The University of Alabama ,

TUSCALOOSA, AL ,

University of Connecticut School of Business

Storrs, CT •

University of Connecticut •

• Rating 4.75 out of 5 8 reviews

Master's Student: I like the diversity of students - ethnicities, work backgrounds, ages, and life experiences. I also love the strong reputation that UConn has. ... Read 8 reviews

University of Connecticut ,

STORRS, CT ,

8 Niche users give it an average review of 4.8 stars.

Featured Review: Master's Student says I like the diversity of students - ethnicities, work backgrounds, ages, and life experiences. I also love the strong reputation that UConn has. .

Read 8 reviews.

Charles H. Lundquist College of Business

Eugene, OR •

University of Oregon •

• Rating 5 out of 5 6 reviews

Master's Student: This is my first year, but all the information I have received and the "pre classes" I have attended have been excellent. ... Read 6 reviews

University of Oregon ,

EUGENE, OR ,

6 Niche users give it an average review of 5 stars.

Featured Review: Master's Student says This is my first year, but all the information I have received and the "pre classes" I have attended have been excellent. .

Read 6 reviews.

Louisiana State University - College of Science

Baton Rouge, LA •

Louisiana State University •

Louisiana State University ,

BATON ROUGE, LA ,

Sponsored Find Student Loan Options
Law Schools
Public Administration Graduate Programs

J. Mack Robinson College of Business

Atlanta, GA •

Georgia State University •

• Rating 3.5 out of 5 6 reviews

Master's Student: I am a student at Robinson college of business at Georgia State University. The courses are excellent and provide you with a great opportunity to enhance your knowledge. Most of the professors at RCB are good, and they use multiple ways to evaluate students. ... Read 6 reviews

Georgia State University ,

ATLANTA, GA ,

6 Niche users give it an average review of 3.5 stars.

Featured Review: Master's Student says I am a student at Robinson college of business at Georgia State University. The courses are excellent and provide you with a great opportunity to enhance your knowledge. Most of the professors at RCB... .

College of Business - University of Texas - San Antonio

San Antonio, TX •

University of Texas - San Antonio •

Master's Student: I first attended UTSA in 2007 and graduated with my bachelors in 2009. My education opened up opportunities for me in the healthcare field. While at UTSA I felt the environment was conducive to learning and there were resources available to me to help me succeed. I've worked my way through school as an undergraduate and will do so as a graduate student. UTSA has classes available to fit my schedule and it is affordable. I hope attending graduate school will open up new opportunities for me and help me to fulfil my dreams of becoming a hospital executive. ... Read 1 review

University of Texas - San Antonio ,

SAN ANTONIO, TX ,

Featured Review: Master's Student says I first attended UTSA in 2007 and graduated with my bachelors in 2009. My education opened up opportunities for me in the healthcare field. While at UTSA I felt the environment was conducive to... .

Falls School of Business

Anderson, IN •

Anderson University - Indiana •

Anderson University - Indiana ,

ANDERSON, IN ,

Capella University

Minneapolis, MN •

• Rating 4.61 out of 5 968 reviews

Doctoral Student: Capella University offers comprehensive online programs for adult learners, focusing on academic excellence and practical skills. The university's flexible learning environment enables students to juggle their studies with work and family obligations. Students are prepared by the university's emphasis on practical skills and real-world applications. The faculty is supportive and responsive, and Capella's innovative use of technology provides an interactive learning experience. As a leader in online education, I believe it's an excellent choice for those balancing education with their lifestyle. I started at Capella University when I decided to further my education and change my field from pharmacy technician to healthcare administrator. I finished my bachelor's and master's of healthcare administration from Capella University. I am so happy with my achievements and would like to pursue my doctoral degree in healthcare administration to advance in my job. ... Read 968 reviews

MINNEAPOLIS, MN ,

968 Niche users give it an average review of 4.6 stars.

Featured Review: Doctoral Student says Capella University offers comprehensive online programs for adult learners, focusing on academic excellence and practical skills. The university's flexible learning environment enables students to... .

Read 968 reviews.

Inter American University of Puerto Rico

San Juan, PR •

• Rating 4.6 out of 5 5 reviews

Doctoral Student: I am grateful that I have professors working hard every day to make the experience of online classes, less tedious and more active and entertaining. Therefore, it helps me go through classes more smoothly and more openminded about the current situation we are all going through right now. I honestly cant be more grateful about my professors work and resilience. They are a very good example for us all. ... Read 5 reviews

SAN JUAN, PR ,

5 Niche users give it an average review of 4.6 stars.

Featured Review: Doctoral Student says I am grateful that I have professors working hard every day to make the experience of online classes, less tedious and more active and entertaining. Therefore, it helps me go through classes more... .

Read 5 reviews.

Showing results 1 through 17 of 17

Ph.D.: Finance Concentration

This program will prepare you for a research- and teaching-focused career in higher education. Graduates are qualified to teach at AACSB-accredited universities throughout the United States and abroad.

You will develop substantial competencies in the theory, practice, and research methodology essential to the advancement of finance knowledge, while incorporating your own background, experience, and objectives. The program includes a variety of formal and informal interactions and projects with faculty and others, as well as coursework, comprehensive exams, teaching experience, and dissertation research.

Coursework covers finance topics as well as subject matter from supporting fields such as economics, accounting, etc. Extensive study of research methods and statistics associated with finance research is a large component of the program. In addition to specific coursework, you will have opportunities to collaborate with finance faculty and other graduate students to develop your research competencies.

Admission requirements

We prefer the GMAT, but we do accept the GRE test as a substitute. In either case, the exam must have been taken within 5 years of the time of application to WSU.

Desired prerequisites

3 semesters of college calculus
1 semester of mathematics for economists
1 semester of linear algebra
2 semesters of probability and statistics
1 semester of intermediate microeconomics
1 semester of intermediate corporate finance
1 semester of investments
1 semester of financial markets and institutions

Major field requirements

EconS/Fin 596 (I): Advanced Topics in Financial Economics
EconS/Fin 596 (II): Advanced Topics in Financial Economics
EconS/Fin 596 (III): Advanced Topics in Financial Economics
Two additional courses to be defined and approved by the coordinator of the Ph.D. program in finance. Possibilities include MBA-level finance courses, Fin 600: Independent Study (up to 6 credits), a Fin 400-level course (up to 6 credits), MgtOps 596, graduate level accounting courses, and statistics courses.

Supporting field requirements

Two of the following:
EconS/Fin 500: Macroeconomic Theory I
EconS/Fin 501: Microeconomic Theory I
EconS/Fin 502: Macroeconomic Theory II
EconS/Fin 503: Microeconomic Theory II

Research tool requirements

EconS/Fin 510: Statistics for Economists
EconS/Fin 511: Econometrics I
EconS/Fin 512: Econometrics II
BA 598: Research and Professional Development Seminar
Stat 530: Applied Linear Models
MgtOp 516: Time Series Analysis
Math 548: Numerical Analysis
Stat 556: Introduction to Statistical Theory
Stat 536: Statistical Computing
MgtOp 519: Applied Multivariate Analysis
Stat 522: Biostatistics and Epidemiology
MgtOps 596: Advanced Topics in Operations and Statistics
Mktg 593: Behavioral Research Methods Seminar
Course approved by the coordinator of the Ph.D. program in finance, e.g., FIN496 Special Topics in Finance.

Suggested study program first year

Fall semester.

EconS/Fin 500: Macroeconomic Theory I and/or

SPRING SEMESTER

EconS/Fin 502: Macroeconomic Theory II and/or
EconS/Fin 511: Econometrics

Qualifying Exam

You are required to take the Micro, Macro, and Econometrics qualifying exams after completing the EconS courses (two of EconS/Fin 500: Macroeconomic Theory I, EconS/Fin 501: Microeconomic Theory I, EconS/Fin 502: Macroeconomic Theory II, and EconS/Fin 503: Microeconomic Theory II, plus EconS/Fin 510: Statistics for Economists and EconS/Fin 511: Econometrics I). However, this requirement will be waived if you receive no lower than a B in any of the courses.

WRITTEN FIELD EXAMINATION

You will take this exam after you complete the Ph.D. seminars in Advanced Topics in Financial Economics.

DISSERTATION

The research work must be original and relevant to the finance field and the existing body of finance literature.

RESEARCH RESOURCES

Data sources:

Audit Analytics
Compustat Global
KLD Ratings
SDC – Global New Issues
SDC – M&A
Thomson 13f Holdings
Thomson Insider Filings

WRDS Workshop: WRDS Workshop PowerPoint

George Jiang Gary P. Brinson Chair of Investment Management Professor of Finance Department of Finance and Management Science Todd Addition 480 [email protected] 509-335-8727

Program at a glance

Degree offered: Doctor of Philosophy Number of faculty working with students: 11 Number of students enrolled in program: 11 Students with assistantships/scholarships: 100% Priority application deadline: January 10

Universities and colleges employing recent graduates:

Gonzaga University
University of Toledo
Central Michigan University
Marquette University
University of New Mexico
Oregon State University, and more

Youth Program
Wharton Online

Wharton’s PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

Faculty research, both empirical and theoretical, includes such areas as:

Structure of financial markets
Formation and behavior of financial asset prices
Banking and monetary systems
Corporate control and capital structure
Saving and capital formation
International financial markets

For information on courses and sample plan of study, please visit the University Graduate Catalog .

Get the Details.

Visit the Finance website for details on program requirements and courses. Read faculty and student research and bios to see what you can do with a Finance PhD.

Finance Doctoral Coordinator Prof. Luke Taylor John B. Neff Associate Professor in Finance, Professor of Finance Co-Director, Rodney L. White Center for Financial Research Email: [email protected] Phone: (215) 898-4802

Recently Active
Top Discussions
Best Content

By Industry

Investment Banking
Private Equity
Hedge Funds
Real Estate
Venture Capital
Asset Management
Equity Research
Investing, Markets Forum
Business School
Fashion Advice
Hedge Fund Forum HF

First Year compensation for PhD Finance

Share on Facebook
Share on Twitter
Share on LinkedIn
Share via Email

First time poster, so sorry if this has been answered before. I was wondering if anyone had an indication of what to expect for initial compensation for a finance PhD student from a top 5-10 program in the US. I have no private sector experience aside from a few internships. Upon graduation, I have an offer to join as an analyst at a multi strategy fund with around 1-5 Billion in AUM . Does anyone have a range of what they think a reasonable offer is so that I know if my offer is competitive?

Hi econ_finance, the silence is deafening, sorry about that.... Any of the threads below helpful?

1st Year Macro HF Analyst: My Macro Framework
Possible to break in after PhD?
Finance and the Destruction of Human Capital
Q&A: Is the Monkey Business Over? 3rd Year Analyst Turning 1st Year Associate at a BB
1st Year Analysts Quitting?
2021 First Year Analyst Base Salary Benchmarking
Tech vs Finance? (Again)

More suggestions...

Fingers crossed that one of those helps you.

Not sure about econ or finance but for quants (PhD in CS , Stats, Math, Physics, etc). I think ~$400K is pretty typical. There's a lot of variance though and the strongest candidates will get much more.

Thanks for the reply. Any thoughts on what it would be for a fundamental research as opposed to quant position? It’s an uncommon path which is why It’s hard to find information.

With a phd I would say the minimum for “competitive” (when we are talking about top established places) is $200k all in, I would expect most offers to be closer to $250-350k all in for top places (with 50% of that or so in bonus)

Non voluptate laboriosam fugit expedita architecto. Magnam harum qui consequatur id voluptatum ut mollitia. Omnis omnis est repudiandae iusto. Accusantium et eum eos quod nisi.

Voluptatem non rerum sequi dolorem. Consectetur magni qui numquam et. Sequi laboriosam doloribus sapiente doloribus.

Rerum consequatur doloribus dolores odit quidem. Culpa dolorem voluptas quam est dolorum sint. Aliquid impedit beatae dolore qui distinctio provident ullam veniam.

See All Comments - 100% Free

WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)

or Unlock with your social account...

Want to Vote on this Content?! No WSO Credits?

Already a member? Login

MRes/PhD Finance

Graduate research
Department of Finance
Application code N4ZC
Starting 2024
Home full-time: Closed
Overseas full-time: Closed
Location: Houghton Street, London

This programme offers the chance to undertake a substantial piece of work that is worthy of publication and which makes an original contribution to the field of finance. You will begin on the MRes, and will need to meet certain requirements to progress to the PhD.

Our programme is unique in its integration of finance and economics. During the first year, you will take microeconomics, macroeconomics, and econometrics courses alongside PhD students in Economics. However, in the second year you will differentiate by taking advanced courses in asset pricing and corporate finance. You will leave with a broad understanding of finance and its relations to other fields in economics.

As one of the largest finance departments in the world, we are able to offer opportunities for research in virtually any field in finance. We have strengths in theory and empirics, asset pricing and corporate finance, as well as financial econometrics, behavioural finance, macro-finance, and microeconomic analysis of financial markets and institutions.

You are expected to participate in the regular departmental seminars (weekly), as well as occasional workshops and conferences given by internationally renowned speakers. This is viewed as an important part of the learning process on the MRes/PhD in Finance.

Programme details

For more information about tuition fees and entry requirements, see the fees and funding and assessing your application sections.

Entry requirements

Minimum entry requirements for mres/phd finance.

Merit in a taught master's degree in finance, economics or another subject with a strong quantitative component.

Competition for places at the School is high. This means that even if you meet our minimum entry requirement, this does not guarantee you an offer of admission.

If you have studied or are studying outside of the UK then have a look at our Information for International Students to find out the entry requirements that apply to you.

GRE/GMAT requirement

GRE or GMAT is required from all applicants (GRE is preferred)

Find out more about GRE/GMAT

Assessing your application

We welcome applications for research programmes that complement the academic interests of members of staff at the School, and we recommend that you investigate staff research interests before applying. However, please do not get in touch with faculty at this stage,

We carefully consider each application on an individual basis, taking into account all the information presented on your application form, including your:

academic achievement (including existing and pending qualifications)
statement of academic purpose
outline research proposal
sample of written work.

See further information on supporting documents

You may also have to provide evidence of your English proficiency. You do not need to provide this at the time of your application to LSE, but we recommend that you do. See our English language requirements .

When to apply

The application deadline for this programme is 25 April 2024 . However, to be considered for any LSE funding opportunity, you must have submitted your application and all supporting documents by the funding deadline. See the fees and funding section for more details.

Statement of Academic Purpose

Your Statement of Academic Purpose should clearly explain the below:

Why you want to do research in finance
How your studies and experience make you suitable to do research in finance

Research interests

Your Research Interests should be submitted in place of the Outline Research Proposal, along with your application form and other required supporting documents, via the LSE online application system.

Which aspect of the PhD do you think you will like the most? Which will you dislike the most? Why? (max. 200 words)
Tell us about your favourite paper in financial economics. What do you like about it? How would you improve it? (max. 400 words)
Write a comment for a general audience on a topic/question that interests you in finance: (max. 400 words).
Is CEO compensation excessive?
Markets function well as information is aggregated efficiently through prices.
What are the benefits of shareholder activism?

Fees and funding

Fees and funding.

Every research student is charged a fee in line with the fee structure for their programme. The fee covers registration and examination fees payable to the School, lectures, classes and individual supervision, lectures given at other colleges under intercollegiate arrangements and, under current arrangements, membership of the Students' Union. It does not cover living costs or travel or fieldwork.

Tuition fees 2024/25 for MRes/PhD in Finance

Home students: £4,829 for the first year (provisional) Overseas students: £22,632 for the first year

The fee is likely to rise over subsequent years of the programme. The School charges home research students in line with the level of fee that the Research Councils recommend. The fees for overseas students are likely to rise in line with the assumed percentage increase in pay costs (ie, 4 per cent per annum).

The Table of Fees shows the latest tuition amounts for all programmes offered by the School.

The amount of tuition fees you will need to pay, and any financial support you are eligible for, will depend on whether you are classified as a home or overseas student, otherwise known as your fee status. LSE assesses your fee status based on guidelines provided by the Department of Education.

Further information about fee status classification.

Scholarships and other funding

The School recognises that the cost of living in London may be higher than in your home town or country, and we provide generous scholarships each year to home and overseas students.

This programme is eligible for LSE PhD Studentships , and Economic and Social Research Council (ESRC) funding . Selection for the PhD Studentships and ESRC funding is based on receipt of an application for a place – including all ancillary documents, before the funding deadline.

Funding deadline for LSE PhD Studentships and ESRC funding: 15 January 2024 Second funding deadline for LSE PhD Studentships: 25 April 2024

The Finance Department may also offer departmental scholarships.

In addition to our needs-based awards, LSE also makes available scholarships for students from specific regions of the world and awards for students studying specific subject areas. Find out more about financial support.

External funding

There may be other funding opportunities available through other organisations or governments and we recommend you investigate these options as well.

Further information

Fees and funding opportunities

Information for international students

LSE is an international community, with over 140 nationalities represented amongst its student body. We celebrate this diversity through everything we do.

If you are applying to LSE from outside of the UK then take a look at our Information for International students .

1) Take a note of the UK qualifications we require for your programme of interest (found in the ‘Entry requirements’ section of this page).

2) Go to the International Students section of our website.

3) Select your country.

4) Select ‘Graduate entry requirements’ and scroll until you arrive at the information about your local/national qualification. Compare the stated UK entry requirements listed on this page with the local/national entry requirement listed on your country specific page.

Programme structure and courses

Programme structure and courses.

A PhD in Finance from LSE consists of six coursework units, completed over two years, followed by a thesis which is usually expected to take a further three or four years.

We encourage our research students to participate fully in the intellectual life of the Department, and in the research seminar and workshop programmes of the Department and related research centres such as the Financial Markets Group (FMG). The weekly Capital Markets Workshops provide exposure to the work of leading academics from the UK and overseas. In addition, the FMG hosts a number of conferences each year with leading researchers and practitioners.

Students will normally commence in late August, by attending an introductory course before the start of the academic year.

Introductory Course in Mathematics and Statistics Provides students with the essential mathematical, statistical, economic and econometric background for the core Economics courses of these programmes.

During their first year, students take courses in Advanced Microeconomics, Advanced Macroeconomics and Advanced Financial Econometrics to build their core knowledge in these areas. They will also take two transferable skills courses which are not examined.

There is also the option to attend non-examined research workshops or seminars in finance given by faculty and internationally renowned scholars. Students also attend a PhD seminar in Finance throughout their MRes/PhD studies.

Microeconomics for MRes Students Introduces the basic analytical tools that are necessary to conduct research in any field in economics.

Macroeconomics for MRes Students Covers topics in advanced macroeconomics with emphasis on fundamentals and applications to recent theoretical advances.

Econometrics for MRes students Covers probability, mathematical statistics, and asymptotic theory, and theory and application of regression analysis. Provides a survey of the theory and application of time series methods in econometrics.

Financial Economics This non-examined course provides an in-depth introduction to the theories of asset pricing and corporate finance.

Capital Markets Workshop

Second year

Students take courses in Corporate Finance and Asset Pricing, in addition to completing a research paper. They are also expected to attend research workshops or seminars in finance given by faculty and internationally renowned scholars.

Corporate Finance for Research Students The first half of this course focuses on the theory of corporate finance. The second half of the course will consider empirical research in corporate finance.

Asset Pricing for Research Students Covers asset pricing theory, empirical asset pricing, as well as empirical evaluation of asset-pricing models.

Research Paper in Finance A research paper of between 6,000 and 8,000 words, related to your designated major field, to be submitted at the end of August of the second year.

PhD Seminar in Finance A seminar course for PhD students in the early stages of their research to present their work in progress.

Capital Markets Workshop

PhD programme

After meeting the progression requirements, students progress to PhD registration and begin to work on their thesis

For the most up-to-date list of optional courses please visit the relevant School Calendar page.

You must note, however, that while care has been taken to ensure that this information is up to date and correct, a change of circumstances since publication may cause the School to change, suspend or withdraw a course or programme of study, or change the fees that apply to it. The School will always notify the affected parties as early as practicably possible and propose any viable and relevant alternative options. Note that the School will neither be liable for information that after publication becomes inaccurate or irrelevant, nor for changing, suspending or withdrawing a course or programme of study due to events outside of its control, which includes but is not limited to a lack of demand for a course or programme of study, industrial action, fire, flood or other environmental or physical damage to premises.

You must also note that places are limited on some courses and/or subject to specific entry requirements. The School cannot therefore guarantee you a place. Please note that changes to programmes and courses can sometimes occur after you have accepted your offer of a place. These changes are normally made in light of developments in the discipline or path-breaking research, or on the basis of student feedback. Changes can take the form of altered course content, teaching formats or assessment modes. Any such changes are intended to enhance the student learning experience. You should visit the School’s Calendar , or contact the relevant academic department, for information on the availability and/or content of courses and programmes of study. Certain substantive changes will be listed on the updated graduate course and programme information page.

Supervision, progression and assessment

Supervision.

You will be assigned a lead supervisor (and a second supervisor/adviser) who is a specialist in your chosen research field, though not necessarily in your topic. Lead supervisors guide you through your studies.

Progression and assessment

To progress at the end of each year, students must pass their examined courses at grades specified by the Department and make satisfactory progress in their research. Progress is regularly monitored by the Department's Postgraduate Assessment Review Panel.

You will also need to meet certain criteria to progress to PhD registration, such as achieving certain grades in your coursework, and earning a minimum mark on your research paper.

Your final award will be determined by the completion of an original research thesis and a viva oral examination.

More about progression requirements.

Student support and resources

We’re here to help and support you throughout your time at LSE, whether you need help with your academic studies, support with your welfare and wellbeing or simply to develop on a personal and professional level.

Whatever your query, big or small, there are a range of people you can speak to who will be happy to help.

Department librarians – they will be able to help you navigate the library and maximise its resources during your studies.

Accommodation service – they can offer advice on living in halls and offer guidance on private accommodation related queries.

Class teachers and seminar leaders – they will be able to assist with queries relating to specific courses.

Disability and Wellbeing Service – they are experts in long-term health conditions, sensory impairments, mental health and specific learning difficulties. They offer confidential and free services such as student counselling, a peer support scheme and arranging exam adjustments. They run groups and workshops.

IT help – support is available 24 hours a day to assist with all your technology queries.

LSE Faith Centre – this is home to LSE's diverse religious activities and transformational interfaith leadership programmes, as well as a space for worship, prayer and quiet reflection. It includes Islamic prayer rooms and a main space for worship. It is also a space for wellbeing classes on campus and is open to all students and staff from all faiths and none.

Language Centre – the Centre specialises in offering language courses targeted to the needs of students and practitioners in the social sciences. We offer pre-course English for Academic Purposes programmes; English language support during your studies; modern language courses in nine languages; proofreading, translation and document authentication; and language learning community activities.

LSE Careers – with the help of LSE Careers, you can make the most of the opportunities that London has to offer. Whatever your career plans, LSE Careers will work with you, connecting you to opportunities and experiences from internships and volunteering to networking events and employer and alumni insights.

LSE Library – founded in 1896, the British Library of Political and Economic Science is the major international library of the social sciences. It stays open late, has lots of excellent resources and is a great place to study. As an LSE student, you’ll have access to a number of other academic libraries in Greater London and nationwide.

LSE LIFE – this is where you should go to develop skills you’ll use as a student and beyond. The centre runs talks and workshops on skills you’ll find useful in the classroom; offers one-to-one sessions with study advisers who can help you with reading, making notes, writing, research and exam revision; and provides drop-in sessions for academic and personal support. (See ‘Teaching and assessment’).

LSE Students’ Union (LSESU) – they offer academic, personal and financial advice and funding.

PhD Academy – this is available for PhD students, wherever they are, to take part in interdisciplinary events and other professional development activities and access all the services related to their registration.

Sardinia House Dental Practice – this offers discounted private dental services to LSE students.

St Philips Medical Centre – based in Pethwick-Lawrence House, the Centre provides NHS Primary Care services to registered patients.

Student Services Centre – our staff here can answer general queries and can point you in the direction of other LSE services.

Student advisers – we have a Deputy Head of Student Services (Advice and Policy) and an Adviser to Women Students who can help with academic and pastoral matters.

Student life

As a student at LSE you’ll be based at our central London campus. Find out what our campus and London have to offer you on academic, social and career perspective.

Student societies and activities

Your time at LSE is not just about studying, there are plenty of ways to get involved in extracurricular activities . From joining one of over 200 societies, or starting your own society, to volunteering for a local charity, or attending a public lecture by a world-leading figure, there is a lot to choose from.

The campus

LSE is based on one campus in the centre of London. Despite the busy feel of the surrounding area, many of the streets around campus are pedestrianised, meaning the campus feels like a real community.

Life in London

London is an exciting, vibrant and colourful city. It's also an academic city, with more than 400,000 university students. Whatever your interests or appetite you will find something to suit your palate and pocket in this truly international capital. Make the most of career opportunities and social activities, theatre, museums, music and more.

Want to find out more? Read why we think London is a fantastic student city , find out about key sights, places and experiences for new Londoners . Don't fear, London doesn't have to be super expensive: hear about London on a budget .

The programme is aimed at training students to become an academic. Students who successfully complete the programme often embark on a career in academic institutions, or international organisations such as central banks or the IMF. See a list of past placements.

Further information on graduate destinations for this programme

Support for your career

LSE Careers has a wide range of resources available to assist students in their job search. Find out more about the support available to students through LSE Careers .

Find out more about LSE

Discover more about being an LSE student - meet us in a city near you, visit our campus or experience LSE from home.

Experience LSE from home

Webinars, videos, student blogs and student video diaries will help you gain an insight into what it's like to study at LSE for those that aren't able to make it to our campus. Experience LSE from home .

Come on a guided campus tour, attend an undergraduate open day, drop into our office or go on a self-guided tour. Find out about opportunities to visit LSE .

LSE visits you

Student Marketing, Recruitment and Study Abroad travels throughout the UK and around the world to meet with prospective students. We visit schools, attend education fairs and also hold Destination LSE events: pre-departure events for offer holders. Find details on LSE's upcoming visits .

How to apply

Virtual Graduate Open Day

Register your interest

Related programmes, mres/phd economics.

Code(s) L1U4

MSc Finance and Economics

Code(s) LN43

MPhil/PhD Statistics

Code(s) G4ZS

MRes/PhD Accounting (Accounting, Organisations and Institutions)

Code(s) N2ZD (AOI track)

MPhil/PhD Social Research Methods

Code(s) L9ZM

Request a prospectus

Name First name Last name
Address Address Line 1 Address Line 2 City County Postcode Country

Speak to Admissions

Content to be supplied

Discover New Knowledge in Finance

Professor giving a lecture to PhD of Finance students at Olin School of Business

Get Your PhD in Finance

Olin’s PhD in Finance emphasizes rigorous analytical training and prepares you to pursue a career in research and teaching at leading academic institutions across the globe.

As a PhD student in Finance, you will train alongside some of the most respected and accomplished academics in the world. Students in this program have strong quantitative backgrounds and analytical abilities, typically with undergraduate training in economics, mathematics, engineering or another quantitative discipline as well as high GMAT/GRE scores.

Finance research is mostly based on economic models, which are used to address problems such as the allocation of capital, risk and rewards in the economy. Empirical work widely uses the tools of econometrics—the application of statistics to economics. Mathematical tools are extremely important in finance, helping to solve sophisticated models that reflect, as closely as possible, the important features of the market.

You have the unique opportunity to benefit from and engage in corporate collaborations with partners such as Equifax and Alibaba. These collaborations have resulted in unique access to robust datasets and have already yielded several dynamic working papers.

Our research-active faculty members are easily accessible to you. Collaboration is encouraged early in the program, with faculty/student joint research resulting in co-authored papers published in important journals.

Our finance faculty members are active and renowned researchers dedicated to advancing the understanding of financial economics. Their research interests encompass many areas of finance, both empirical and theoretical topics, including banking and financial intermediation, corporate finance, corporate control and capital structure, mergers and acquisitions, asset pricing models, investments and portfolio allocation models, and market microstructure.

Research papers by faculty members have recently been published in well-respected journals such as:

Journal of Finance
Journal of Financial Economics
Review of Financial Studies
Econometrica
Management Science
Journal of Financial Intermediation
Harvard Business Review

Read about collaborative research by Finance faculty and PhD students.

As part of the program, you have access to the Wells Fargo Advisors Center for Finance and Accounting Research (WFA-CFAR). In addition to organizing a number of conferences that bring cutting-edge researchers to Olin, WFA-CFAR also funds data acquisition and student travel.

PhD Finance

Olin’s PhD program in finance emphasizes rigorous analytical training and prepares you to pursue a career in research and teaching.

Research Center Collaboration

The Wells Fargo Advisors Center for Accounting Research is dedicated to the dissemination of cutting-edge research in finance and accounting.

PhD in Finance Curriculum

Prior to the first year, we require mandatory attendance at math camp (offered through the Economics department).

Required Courses

MEC 610 Microeconomics I (3 credits)
MEC 611 Microeconomics II (3 credits)
L11 511 Quantitative Methods I (3 credits)
L11 5161 Applied Econometrics (3 credits)
B52 620 Empirical Methods in Finance (if available first year; if not, required in the second year)
B52 652 Introduction to Asset Pricing
B52 655 Introduction to Corporate Finance

Prerequisites for FIN 642

B62 538 Stochastic Foundations for Finance
B62 539 Mathematical Finance

Olin PhD Finance courses – you will take one of the following groups of courses:

B52 FIN 643 Info Econ & Corp Finance Theory (3 credits) – Prof. Anjan Thakor
B52 FIN 642 Advanced Continuous Finance (1.5 credits) – Prof. Phil Dybvig (Pre requisite: B62 539 Mathematical Finance and B62 538 Stochastic Foundations for Finance)
B52 651 Topics in Finance (1.5 credits)
B52 654 Empirical Methods in Asset Pricing (1.5 credits) – Prof. Asaf Manela
Compulsory attendance in all finance brown bag lunches and Friday Seminars
First-year summer paper; papers are due by end of September after the first year.
In the summer of the first year, students must meet with the faculty coordinator to discuss progress and complete a progress report to be submitted to the PhD Office by September 1 after the first year.
The Micro Prelim Exam is offered in August. Students must receive a “Distinction/Honors” or “PhD pass” to continue in the PhD program. One retake of the exam is permitted.
In August after the first year, students must attend an RA/TA orientation offered by the Center for Teaching and Learning.
B52 FIN 615A and B Research in Finance (both semesters)
B52 620 Empirical Methods in Finance (if not taken during the first year)
Directed readings and/or independent studies

Olin PhD Finance courses—you will take one of the following groups of courses:

Other Electives (see below for some choices)

B50 665 Applied Empirical Research in Accounting
B53 620 Empirical Methods in Business
B50 664 Doctoral Seminar in Financial Accounting
B55 675 Empirical Methods in Structural Modeling
B62 500R Topics in Quantitative Finance
E35 516 Optimization in Function Space
L11 501 Macroeconomics I
L11 518B Seminar in Applied Econometrics II: Time Series Analysis and Macroeconomics
B54 661 Analysis of Time Series Data
Compulsory attendance in all finance brown bag lunches and department seminars
Second-year summer paper; papers are due by the end of September after the second year.
Second-year paper—Students must have paper approved by faculty to continue in the PhD program. Papers will be presented to faculty in fall of the third year.
Field exam, given in June after the second year. Students must pass the field exam to continue in the PhD program.
In the summer, students must meet with the faculty coordinator to discuss progress and complete a progress report to be submitted to the PhD office by September 1.
B25 615 A and B Research in Finance (both semesters)
B53 660 Seminar in Presentation Skills (fall semester, required)
Improvisation Course
Compulsory attendance in all finance brown bag lunches and Friday seminars
Second year paper (due in September of third year) must be presented during a brown bag seminar before October 30 and must be approved by the faculty to continue in the PhD program.
Dissertation research
Paper presentations (brown bag seminars and conferences)
Dissertation Proposal—Students must be able to assemble a Research Advisory Committee for the proposal of their dissertation and must submit a Title, Scope and Procedure Form as the committee’s approval of the proposed dissertation by September 30 of the fifth year.
Paper presentations (job market paper presentations with faculty and at conferences)
Intent to Graduate (complete form online)
Job market and placement
Oral defense of dissertation
Submission of Examination Approval form, which signifies committee’s approval
Upload of final, approved dissertation to Graduate School of Arts &Sciences
Submission of Documented Teaching Requirements to PhD office

Download Finance PhD course descriptions

Assistant Professor

[email protected]

Brittany Lewis

[email protected]
314.935.2935

Doctoral Programs

Campus Box 1133-124-05 One Brookings Drive St. Louis, MO 63130-4899

[email protected]
314-935-6340

Office Hours: Monday–Friday 9:00 a.m. to 5:00 p.m.

Quick Links

PhD & DBA Admissions
PhD Bulletin
Research collaborations PDF
Greater St. Louis
Pre-Doctoral Program

An official website of the United States government

The .gov means it’s official. Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.

The site is secure. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.

Publications
Account settings

Preview improvements coming to the PMC website in October 2024. Learn More or Try it out now .

Advanced Search
Journal List
Mol Biol Cell
v.27(11); 2016 Jun 1

Frizzled to finance: one PhD’s path from a Drosophila lab to Wall Street

An equity research analyst’s job is to determine whether the price of a stock is likely to go up or down. For science-based businesses, particularly biotechnology companies, a PhD in the life sciences can be very helpful in making this determination. I transitioned from a postdoc position to working in equity research. Here I present information on how I made the transition, an overview of the day-to-day activities of an analyst, and thoughts on how to prepare to look for a job in finance. There are significant positives to working on Wall Street, including exposure to cutting-edge clinical/translational research, access to some of the best scientists in the world, a dynamic work environment, and compensation that generally exceeds academic salaries. This comes at the cost of some independence and the satisfaction of being able to call oneself a scientist.

MY DECISION TO LEAVE THE LAB

When considering the possibility of leaving academia, I spent a lot of time thinking about why I pursued a PhD in the first place. The positive was never in question: I truly enjoyed the intellectual exercise of learning about molecular biology. In addition, I enjoyed being part of the scientific community and interacting with the intelligent and clever people who had chosen to pursue academic science. I also had to acknowledge the negatives: the highly competitive nature of the job, relatively low compensation, and potential for highly disparate career outcomes, even with a consistent commitment to hard work. The fate of a career could come down to politics (is there enough funding?), timing (is this research “hot” right now?), and just plain luck (many promising lines of research end up being dead ends). In addition, I was self-aware enough to realize that I was not a standout at the bench, as evidenced by a fellow grad student completing a simple experiment for me because I could not get it to work (many belated thanks, Haeryun!).

This led me to conclude that I would leave academia. I wanted to find a profession that made use of my time in the lab. I had a vague conception of the biotech industry. I knew people invested in biotech, and I thought that there must be a place for a person who can communicate complex scientific ideas to laypeople. I made a somewhat capricious and ill-informed decision: I wanted to be on the investment side of the biotech industry.

INVESTING IN BIOTECH: PRECONCEIVED NOTIONS

At that time, I did not know what exactly “the investment side of the biotech industry” meant. I first thought of venture capital, in which investors take an early-stage idea and build a company around it. Although venture capital is often the type of investment most proximal to the lab, there is a much larger industry based on investment in public companies. That industry is colloquially known as “Wall Street,” and that’s where I ended up.

THE STOCK MARKET

Ultimately, all investors in publically traded companies really want to know one thing: whether the price of the stock will go up or down.

To determine this, financial institutions employ research analysts who prepare reports about individual companies, assessing their business prospects and identifying them as a “buy” or a “sell.” Those reports are then sent out to external clients (third-party investors) or internal clients (the investment professionals at the analyst’s firm) with the goal of helping these clients make better-informed decisions. Firms that publish reports for external clients, such as investment banks, are often referred to as “sell side” institutions. Firms that invest capital based on the recommendations are on the “buy side.” Representative “buy side” institutions include mutual funds, investment advisors, and hedge funds.

This is where PhDs come in. In evaluating research-based businesses like biotech companies, financial firms often need research analysts able to make sense of the relevant science. In the end, a good analyst will need to have a handle on both the underlying science and the company’s business operations. There are many successful analysts who started in science and learned finance and vice versa.

DAY-TO-DAY WORK AS A BIOTECH ANALYST

One of the great aspects of about an analyst is that you get to think very broadly about all of the different aspects of a business. In some ways, an analyst can evaluate a biotech company in the same way one would evaluate companies in any sector. In biotech, a company makes money and grows by developing and commercializing drugs. At the most basic level, biotech companies sell widgets; it just so happens that the widgets are drugs based on years of scientific research. From an investor’s point of view, selling one kind of widget is not so different from selling any other kind.

In other ways, however, biotech companies are unique because the product is highly regulated by governments and paid for by third parties. If the company’s drug is in development, issues might include the following: Will clinical trials of the drug be successful? Will the Food and Drug Administration approve it? If the company’s drug has been approved, the issues are different: What is the target market? Are there competitive drugs? How much can the manufacturer charge for the drug? Will there be a generic version? These clinical, regulatory, and commercial issues can have profound effects on the value of a company. In trying to answer these questions, an analyst will often consult with experts: physicians on clinical issues, lawyers on intellectual property issues, former government staffers on regulatory issues, and so on. Analysts also have access to high-level company executives to keep abreast of the latest developments within a company and its future plans. It is not uncommon for me to have better access to management of biotech companies than my former colleagues and friends who work at those companies.

Much of the work done to determine the prospects for a business will be distilled down to numbers that estimate its future profits. The output of this work is a financial model, typically presented in three parts: the income statement, the balance sheet, and the cash flow statement. Working with these models is a big part of the job. For good or for ill, an analyst spends a lot of time looking at spreadsheets.

SOME OF THE DOWNSIDES TO WORKING ON WALL STREET

To me, the lab and Wall Street are interesting inverses of one another. In both, one does a lot of reading and thinking about biological sciences, but beyond that, there are significant differences. In the lab, I found the work sometimes repetitive and unrewarding, but I took great pride in the fact that I was attempting to increase the world’s body of scientific knowledge. In my current position, I lack that specific sense of satisfaction, but the everyday work is much more dynamic, fast paced, and exciting.

As with most jobs, the work environment significantly affects one’s quality of life. Wall Street tends to attract high-intensity people. There can be significant pressure to deliver results in a hurry. Unlike the lab, where freedom is often a significant perquisite, one cannot dictate one’s schedule. It is very important to understand that not all Wall Street firms are the same. I have had a wide range of experiences (some very good) at my workplaces, and I would advise anyone to investigate a firm’s culture before accepting a position.

ADVICE FOR THOSE STILL INTERESTED IN FINANCE

I have walked you through some of my experiences in becoming a Wall Street analyst. In retrospect, given how little I knew when I started, I am a little surprised that I was able to make the transition. If I were interviewing the 2005 me today, I would probably dismiss him for not caring enough to learn even the most basic things about the job.

For those who have had their interest piqued, I have a few additional thoughts that should be helpful in searching for an analyst position.

Pursue it only if you are genuinely interested in companies and markets. Your pitch to an employer cannot be, “I’m a smart person with scientific expertise, I want out of academia, and I heard this is a place where I can make some money.” You need to convince them that you want to be an analyst, not that you do not want to be a postdoc.
Look into a specific company. A surprising number of people interview for analyst jobs without ever having looked closely at the workings of an actual company. Learn what you can about an individual business and go into an interview ready to explain why an investor should buy or sell the stock of that company. One piece of practical advice: sell side analyst recommendations and the holdings of large investors are often public information. Before you go in and pitch a company as a sell, it is probably worth knowing whether the analyst has it rated a buy or whether the investor owns a significant stake in the company. People often respect a well-reasoned argument for why they are wrong about a stock, but it does invite a potentially contentious conversation.

I suggest picking a company, specifically one that is developing a drug based on some basic science with which you are familiar. Then think about how the business operates, and ask the questions an analyst might. Nearly all companies have the basic information you will need to get started in the Investors section of their website.

Familiarize yourself with the concept of valuation. Valuation is the art/science of determining what a company is worth. It is not as simple as calculating how much of a drug a company sells. Other contributing factors might include the probability of success on future products and how quickly a company can grow.

It is important to realize that the market is forward looking. Investors are, in essence, speculating on what might happen. Your instinct as a scientist is likely going to be that you will want to wait for additional incremental pieces of data to prove your hypothesis before taking action. However, by the time news is made public, the stock price will have already changed to incorporate those data. This is the concept of the efficient market. So an analyst cannot wait to react to data to make a recommendation. This might take some scientists out of their comfort zones.

Learn as much as you can about financial models. Each quarter, companies post a press release reporting their financial results. The book How to Read a Financial Report by Tracy and Tracy (2014) is a useful reference for thinking about what the published numbers mean and how they fit together. Once you have the basics down, the next step is to create a working spreadsheet for a company’s financials. The most important part of the exercise is to then use the spreadsheet to project what a company’s financial statement might look like in the future. As mentioned earlier, the job of an analyst is to predict what will happen, not to report what has already happened.

WHERE TO START

I started as a junior equity research associate at an investment bank, drafting research reports on biotech companies for third-party investors. I have since moved on to a more senior position as a research analyst at an investment advisor, where my recommendations are used to make my firm’s investment decisions. In my case, this was a reasonable path, given my initial lack of financial experience. The sell side was a great place to learn about the industry without the intense pressure that can come with a buy side position, where your company might invest millions or even billions of dollars based on your work. That said, some investors want to hire junior people and train them in-house, keeping them free of biases that sometimes come with working at an investment bank. There really is no set path.

When looking for a job opening, one can search job sites for the term “equity research.” Although my experience has been almost exclusively in the biotechnology sector, there are other areas in healthcare in which an advanced degree in the life sciences is applicable. These include pharmaceuticals, medical devices, and life science tools (yes, the company that makes your PCR machine is publicly traded, and there are analysts working to determine whether it is a good investment).

Often, posted jobs will specify a requirement for an advanced degree, generally a PhD or an MD. Often, some background in finance is also suggested. In my experience, some will forgo the latter requirement for a candidate with a strong academic background who has demonstrated a genuine interest in the markets.

DOI: 10.1091/mbc.E15-11-0786

Tracy JA, Tracy T. How to Read a Financial Report: Wringing Vital Signs Out of the Numbers, 8th ed. New York: John Wiley & Sons; 2014. [ Google Scholar ]

Where Can a PhD in Finance Take Me?

Katie Baker
December 19, 2023

In the dynamic world of finance, a PhD is not just an academic accolade; it’s a launchpad for a spectrum of prestigious and lucrative career paths. Particularly in the UK, with its global financial hub status, a PhD in Finance opens doors to opportunities that are as diverse as they are rewarding.

On this page, we will guide you through the myriad of paths a PhD in Finance can lead you down, highlighting the potential for increased salary, the variety of specialisations available, the skills you will acquire, and the vast array of sectors and roles you can step into once you have acquired your doctorate title.

If you love crunching numbers and are passionate about taking deep dives into financial issues and exploring capital market fluctuations, a finance PhD could be the key to accelerating your career in finance. It is no longer the case that PhDs are required for those interested in research and teaching. The ever-evolving financial landscape is a complex and fast-paced environment, which necessitates the possession of a PhD for ambitious academics who want to seize the opportunities made possible by advancing technologies and the modernisation of markets.

A Gateway to Enhanced Earning Potential

For many, one of the most compelling reasons to pursue a PhD in Finance is the significant increase in salary potential a doctoral title can offer. In the UK’s competitive financial sector, a PhD distinguishes you with a level of expertise that commands higher salary compensation. Financial recruiters put a premium on the salaries of people who have relevant doctoral research behind them; six-figure starting salaries aren’t uncommon .

This advanced degree is not just a testament to your academic prowess but a demonstration of your ability to tackle complex financial challenges, making you a valuable asset to any organisation. Whether in high-salary accounting roles, investment banking, or corporate finance, a PhD in Finance will position you at the higher end of the pay scale.

Specialisations within PhD Programs

It is important to note that PhD programs in Finance are not one-size-fits-all qualifications. They offer various areas of specialisation, catering to diverse interests and career aspirations. For instance, if you’re inclined towards corporate finance, there are programs specifically designed to deepen your understanding in this area.

Alternatively, if your interest lies in the intricacies of econometrics or the innovative field of financial engineering, there are tailored programs to suit these preferences. These specialisations not only allow you to focus on your area of interest but also make you a specialist in that niche, further enhancing your employability and career prospects.

With these specialisations in mind, it is crucial to ensure that the PhD programs you apply for align with your career goals and interests. Similarly, it is important to discern which university is best placed to cater to your career ambitions. Find out more about the key areas of research in finance PhDs here .

Building Invaluable Skills

During your PhD, you will develop a robust set of skills that are highly sought after in the finance industry. Along with adding a doctoral title to your CV, you will also be able to exhibit the wide array of skills you gained during the program.

For example, the ability to analyse complex financial data is paramount in today’s data-driven world. You will also gain proficiency in developing sophisticated financial models, an essential skill in various sectors. These skills are not just theoretical; they are practical tools that enable you to interpret and influence real-world financial scenarios, making you an indispensable part of any financial team.

Entrepreneurial Ventures: Establishing Your Financial Consultancy

For those with an entrepreneurial spirit or anyone with a taste for professional freedom, a PhD in Finance can be a stepping stone to establishing your own financial consultancy. This path allows you to utilise your extensive knowledge and skills to advise a wide range of clients, from start-ups to multinational corporations. Your consultancy could specialise in areas such as strategic financial planning, investment advice, or corporate finance, providing tailored solutions to complex financial challenges.

Final Thoughts

A PhD in Finance is more than an academic achievement; it’s a versatile key that unlocks a multitude of doors in the financial world. In the UK, with its vibrant and diverse financial sector, the opportunities and benefits for PhD graduates are both vast and varied.

From enhanced earning potential and access to specialised roles in various sectors to the development of critical financial skills and the chance to embark on entrepreneurial ventures, a PhD in Finance is a gateway to a fulfilling and prosperous career. It’s a journey that demands dedication and hard work, but the rewards – both professional and personal – are immeasurable.

So, for anyone wondering if a PhD in finance is worth it, there is no shortage of compelling reasons to start drafting your research proposal. However, all PhD candidates must spend time researching if a PhD in finance is the best and easiest way to reach their individual career goals due to the substantial amount of time it can take to complete a PhD in finance on a full-time or part-time basis. The pros and cons must be weighed carefully before deciding if a PhD is right for you.

Do You Get Paid for a PhD?

Do You Get Paid for a PhD? For many students who don’t have the luxury of never worrying about money, one of the main considerations

Where Can a PhD in Finance Take Me? In the dynamic world of finance, a PhD is not just an academic accolade; it’s a launchpad

Blonde woman wearing a blue jumper drinking a coffee while deciding to study a PhD in London

Should I Do a PhD in London?

Should I Do a PhD in London? Embarking on a PhD journey is a significant decision, one that shapes your academic and professional future. Once

Enquire with us

We are here to help and to make your journey to UWS London as smooth as possible. Please use the relevant button below to enquiry about a course you would like to apply, or to clarify any questions you may have about us and our admission’s process. After you submit your enquiry, one of our advisers will get back to you as soon as possible.

Ohio State nav bar

BuckeyeLink
Find People
Search Ohio State
Department of Finance

Department of Finance PhD Program

The primary objective of the Finance PhD Program is to educate students of exceptional promise to become outstanding researchers and university-level teachers in the field of finance. Graduates of the Program must have a thorough knowledge of the fundamental concepts and theories in finance, an understanding of financial instruments and markets, and an ability to use financial data to analyze models and evaluate financial decisions.

Program Structure

A student admitted to the Ph.D. Program in Finance is expected to have excellent aptitude, motivation, and preparation for rigorous post-masters-level study in finance. Students entering the program without a master's level degree or related coursework may have to take additional courses.

During the first year in the program, the student takes the graduate level course sequence in macroeconomic theory, econometric research tool courses and PhD level courses in asset pricing and corporate finance.

At the end of the first year, the student also must take and pass the Microeconomics Qualifying Examination (the second field exam) administered by the Economics department. During July of the first year, the student must take and pass the Asset Pricing Qualifying and Corporate Finance Qualifying Examinations administered by the Finance Department.

During the first year, the student works on a research paper that much be completed by November 15 of the second year in the program.

In the second year of the program, the student takes advanced PhD-level courses in asset pricing and corporate finance, the finance research reading course as well as macroeconomic theory courses, and additional research tools courses in econometrics and statistics.

After the completion of the second year, the student will take and pass the Candidacy Examination. The Candidacy Examination contains written and oral portions and must be scheduled before the start of the third academic year. The written portion of the candidacy exam is given in July between the second and third year of the program and the oral portion of the candidacy exam is given within 30 days of the written portion of the exam as required by the Graduate school of the Ohio State University.

During the third year of the program, the student takes the Finance Research Seminar course, and must complete the Thesis Proposal requirement. To complete the Thesis Proposal requirement, the student has to submit a scientific paper to the Coordinator of the Ph.D. Program by April 15 of the third year of the program. The Coordinator of the Ph.D. Program then evaluates whether the paper is good enough to be presented to the Thesis Proposal Committee consisting of three faculty members before the end of April. If the paper is deemed good enough at the oral presentation that it can develop into a job market paper for the student to participate in the job market in the fifth year, the student had completed the Thesis Proposal requirement. If the paper does not meet that standard, the student has to complete such a paper and defend it in front of a Thesis Proposal Committee by November 15th of the fourth year.

During the fourth year of the program, the student works on their paper to develop it into a job market paper. The student will get teaching experience. Once they have completed a paper that the major advisor believes is suitable for the job market, the student will present it in a seminar.

During the fifth year of the program, the student will go on the job market, complete the dissertation, defend, and graduate. The student is responsible for meeting Gradation deadlines.

Dissertation
Assistantships

Job Market (and current) PhD Students

PhD Placement - where our students are researching and teaching

Application Process and Information

Application Requirements

Frequently Asked Questions

Open Sidebar Nav Related Links

Thesis Proposal
Job Market Candidates

2100 Neil Avenue, Columbus, Ohio 43210

If you have a disability and experience difficulty accessing this site, please contact us for assistance .

Supported by

The Worst Part of a Wall Street Career May Be Coming to an End

Artificial intelligence tools can replace much of Wall Street’s entry-level white-collar work, raising tough questions about the future of finance.

Share full article

An illustration showing a man from the back looking into an elevator packed with robots.

By Rob Copeland

Rob Copeland spoke to executives at major banks and consultancies across Wall Street for this article.

Pulling all-nighters to assemble PowerPoint presentations. Punching numbers into Excel spreadsheets. Finessing the language on esoteric financial documents that may never be read by another soul.

Listen to this article with reporter commentary

Open this article in the New York Times Audio app on iOS.

Such grunt work has long been a rite of passage in investment banking, an industry at the top of the corporate pyramid that lures thousands of young people every year with the promise of prestige and pay.

Until now. Generative artificial intelligence — the technology upending many industries with its ability to produce and crunch new data — has landed on Wall Street. And investment banks, long inured to cultural change , are rapidly turning into Exhibit A on how the new technology could not only supplement but supplant entire ranks of workers.

The jobs most immediately at risk are those performed by analysts at the bottom rung of the investment banking business, who put in endless hours to learn the building blocks of corporate finance, including the intricacies of mergers, public offerings and bond deals. Now, A.I. can do much of that work speedily and with considerably less whining .

“The structure of these jobs has remained largely unchanged at least for a decade,” said Julia Dhar, head of BCG’s Behavioral Science Lab and a consultant to major banks experimenting with A.I. The inevitable question, as she put it, is “do you need fewer analysts?”

Some of Wall Street’s major banks are asking the same question, as they test A.I. tools that can largely replace their armies of analysts by performing in seconds the work that now takes hours, or a whole weekend. The software, being deployed inside banks under code names such as “Socrates,” is likely not only to change the arc of a Wall Street career, but also to essentially nullify the need to hire thousands of new college graduates.

Top executives at Goldman Sachs, Morgan Stanley and other banks are debating how deep they can cut their incoming analyst classes, according to several people involved in the ongoing discussions. Some inside those banks and others have suggested they could cut back on their hiring of junior investment banking analysts by as much as two-thirds, and slash the pay of those they do hire, on the grounds that the jobs won’t be as taxing as before.

“The easy idea,” said Christoph Rabenseifner, Deutsche Bank’s chief strategy officer for technology, data and innovation, “is you just replace juniors with an A.I. tool,” although he added that human involvement will remain necessary.

Representatives for Goldman, Morgan Stanley, Deutsche Bank and others said it was too early to comment on specific job changes. But the consulting giant Accenture estimated that A.I. could replace or supplement nearly three-quarters of bank employees’ working hours across the industry.

Goldman is “experimenting with the technology,” said Nick Carcaterra, a bank spokesman. “In the near term, we anticipate no changes to our incoming analyst classes.”

This week, JPMorgan Chase’s chief executive, Jamie Dimon, wrote in his annual shareholder letter that A.I. “may reduce certain job categories or roles,” and labeled the technology top among the most important issues facing the nation’s largest bank. Mr. Dimon compared the consequences to those of “the printing press, the steam engine, electricity, computing and the internet, among others.”

Investment banking is a hierarchical industry, and banks typically hire young talent through two-year analyst contracts. Tens of thousands of 20-somethings (both from undergraduate and M.B.A. programs) apply for some 200 spots in each major bank’s program. Pay starts at more than $100,000, not including year-end bonuses.

If they persevere, they move up the ranks to associate, then director and managing director; a handful end up running divisions. Although grueling, the life of a senior banker can be glamorous, involving traveling around the globe to pitch clients and working on big-money corporate merger deals. Many who get through the two-year analyst program have gone on to become business titans — the billionaires Michael Bloomberg and Stephen Schwarzman began their careers in investment banking — but a majority will leave before or after their two years are up, bank representatives said.

There are jokes among junior bankers that the most common tasks of the job involve dragging icons from one side of a document to another, only to be asked to replace the icon over and again.

“One hundred percent drudgery and boring,” said Gabriel Stengel, a former banking analyst who left the industry two years ago. Val Srinivas, a senior researcher for banking at Deloitte, said a lot of the work involved “gathering material, poring through it and putting it through a different format.”

Gregory Larkin, another former banking analyst, said the new technology would start “a civil war” inside Wall Street’s biggest firms by tilting the balance of power to technologists who program A.I. tools, as opposed to the bankers who use them — to say nothing of technology giants like Microsoft and Google, which license much of the A.I. technology to banks for hefty fees.

“A.I. will enable us to do tasks that take 10 hours in 10 seconds,” said Jay Horine, co-head of investment banking at JPMorgan, describing analyst jobs. “My hope and belief is it will allow the job to be more interesting.”

A.I.’s impact on finance is simply one facet of how the technology will reshape the workplace for all. Artificial intelligence systems, which include large language models and question-and-answer bots like ChatGPT, can quickly synthesize information and automate tasks. Virtually all industries are beginning to grapple with it to some degree.

Deutsche Bank is uploading reams of financial data into proprietary A.I. tools that can instantaneously answer questions about publicly traded companies and create summary documents on complementary financial moves that might benefit a client — and earn the bank a profit.

Mr. Horine said he could use A.I. to identify clients that might be ripe for a bond offering, the sort of bread-and-butter transaction for which investment bankers charge clients millions of dollars.

Goldman Sachs has assigned 1,000 developers to test A.I., including software that can turn what it terms “corpus” information — or enormous amounts of text and data collected from thousands of sources — into page presentations that mimic the bank’s typeface, logo, styles and charts. One firm executive privately called it a “Kitty Hawk moment,” or one that would change the course of the firm’s future.

That isn’t limited to investment banking; BNY Mellon’s chief executive said on a recent earnings call that his research analysts could now wake up two hours later than usual, because A.I. can read overnight economic data and create a written draft of analysis to work from.

Morgan Stanley’s head of technology, Michael Pizzi, told employees in a January private meeting, a video of which was viewed by The New York Times, that he would “get A.I. into every area of what we do,” including wealth management, where the bank employs thousands of people to determine the proper mix of investments for well-off savers.

Many of those tools are still in the testing phase, and will need to be run past regulators before they can be deployed at scale on live work. Bank of America’s chief executive said last year that the technology was already enabling the firm to hire less.

Among Goldman Sachs’s sprawling A.I. efforts is a tool under development that can transfigure a lengthy PowerPoint document into a formal “S-1,” the legalese-packed document for initial public offerings required for all listed companies.

The software takes less than a second to complete the job.

Read by Rob Copeland

Audio produced by Patricia Sulbarán .

Rob Copeland is a finance reporter, writing about Wall Street and the banking industry. More about Rob Copeland

Explore Our Coverage of Artificial Intelligence

News and Analysis

U.S. clinics are starting to offer patients a new service: having their mammograms read not just by a radiologist, but also by an A.I. model .

OpenAI unveiled Voice Engine , an A.I. technology that can recreate a person’s voice from a 15-second recording.

Amazon said it had added $2.75 billion to its investment in Anthropic , an A.I. start-up that competes with companies like OpenAI and Google.

The Age of A.I.

A.I. tools can replace much of Wall Street’s entry-level white-collar work , raising tough questions about the future of finance.

The boom in A.I. technology has put a more sophisticated spin on a kind of gig work that doesn’t require leaving the house: training A.I, models .

Teen girls are confronting an epidemic of deepfake nudes in schools across the United States, as middle and high school students have used A.I. to fabricate explicit images of female classmates.

A.I. is peering into restaurant garbage pails and crunching grocery-store data to try to figure out how to send less uneaten food into dumpsters.

David Autor, an M.I.T. economist and tech skeptic, argues that A.I. is fundamentally different from past waves of computerization.

Economists doubt that A.I. is already visible in productivity data . Big companies, however, talk often about adopting it to improve efficiency.

IMAGES

WSO Financial Statement Modeling Course: Formatting Best Practices
PhD
E202: WSO's Finance Research Internship
PHD FINANCE || GOVT JOBS FOR PHD FINANCE || SCOPE FOR PHD FINANCE
How To Finance A PhD
Make Your Research Topics in Finance for PhD Papers Perfect

VIDEO

Business Lookahead: Never a dull moment
18/11/23
BANK NIFTY कल और UP जायेगा? 7 MARCH Thursday bank nifty analysis #bankniftylevels
What is the meaning of pro rata temporis?
Provincial & ICT Tax Laws of
#shorts

COMMENTS

Why Do a Ph.D in Finance?
A Ph.D. in Finance will set you up for a position at a quantitive trading desk. They land fewer jobs with I-banks and more often work behind the scenes and are generally less involved directly with clients as their reputation tends to be that they are more academic and less business oriented.
Finance PhD.
Senior Monkey 88 IB. Subscribe. Hello, I am currently an undergrad studying Applied Mathematics and have a 4.0 (4.27/4.33), I will be applying for a PhD in Finance in a few months. I will get my PhD at 22-24 (I am 19 now).
Private Equity vs PhD in Finance
For the next step of my career, I'm considering two options - a fully funded PhD in Finance (focused on empirical asset pricing) at one of the M7 schools (think Stanford/Wharton/Booth) and an offer from a MF PE shop. Wanted to get different points of views on this. Particularly wanted to understand what my options will look like if I want to go ...
PhD to Finance
PhD to Finance. ddnp. Chimp 9 ? Subscribe. Hi all--. I'm a bit away from finishing my doctorate in biochemistry from a top-5 global institution. But have realized that science isn't for me. I want to pivot into finance, and am thinking equity research (esp for the life sciences/biotech/pharma) may be the best way to parlay my unique background.
PhD in Econ/Finance
Dr. Rahma Dikhinmahas. Human. 19,524. PE. 7mo. Haven't pursued, but know many finance & econ PhDs from different past experiences. Most of them have no private sector experience before getting the PhD. Most of them are straight through, and some work in think-tank or public sector kind of roles. And a few of them did the a post-college analyst ...
The PhD Experience
And in a field like economics or finance, the tenure-track positions are so insanely competitive that any academic placement is seen as an achievement (even if you're coming from a top-10 PhD program). Moreover, your PhD years in a b-school or economics department aren't as laid back as MBA programs.
Ph.D.
WSO Finance Research Analyst Internship. Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. Resources. Excel Resources. ... For example, if you do a Finance PhD - finance PhD is to broad (not enough industry knowledge gained, not enough maths to be a quant, not specialized enough to have a niche in industry), so you'll ...
Phd Finance-Phd Economics USA
Hey, I am interested in applying for a Phd in Finance or a Phd in Economics at a University in the USA, preferably east coast.I have a 2:1 degree in Economics (think it translates to 3.1/4 GPA) and a masters degree in Finance with merit (2:1) (3.5/4 GPA) both from average UK universities.
Quants: The Rocket Scientists of Wall Street
What Do Quants Earn? Compensation in the field of finance tends to be very high, and quantitative analysis follows this trend. It is not uncommon to find positions with posted salaries of $250,000 ...
PhD Program
Program of Study. Wharton's PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics. The department prepares students for careers in research and teaching at the world's leading academic institutions, focusing on Asset Pricing ...
The Top 25 Feeder Schools For Investment Banking
WSO is an online community, news site, and career center for people working and aspiring to work in finance related fields. Its Investment Banking report collects data from employees working in the field to determine which schools the 10 large Bulge Bracket Banks target in their hiring and recruiting.
Do PhD have any value in Finance ? : r/FinancialCareers
A PhD is a lot of money to hope you get 1 of maybe 3,000 jobs. The average quant doesn't have a PhD in economics, at least from my experience most quant colleagues I talk with have physics, maths or mathematical finance PhDs. Or some kind of financial engineering masters, or maths/phys masters. This is correct.
2023-2024 Top Doctor of Finance Graduate Programs
Graduate School. •. 968 reviews. Doctoral Student: Capella University offers comprehensive online programs for adult learners, focusing on academic excellence and practical skills. The university's flexible learning environment enables students to juggle their studies with work and family obligations.
Ph.D.: Finance Concentration
Ph.D.: Finance Concentration. Finance is not admitting students for Fall 2024. The next admission cycle will be Fall of 2025. This program will prepare you for a research- and teaching-focused career in higher education. Graduates are qualified to teach at AACSB-accredited universities throughout the United States and abroad.
Finance PhD Program Overview
Department of Finance. Office: BAC 519. Phone: 480-965-3131. Fax: 480-965-8539. [email protected]. The finance PhD program from the W. P. Carey School of Business at ASU trains students for careers as finance professors at major research universities.
Finance
Wharton's PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics. Overview. The department prepares students for careers in research and teaching at the world's leading academic institutions, focusing on Asset Pricing and ...
PhD in Finance
About the Program. The Wisconsin PhD Program in finance prepares individuals for careers in research and teaching at the university level. The program is highly quantitative, providing a strong foundation in financial and economic theory, as well as in mathematical statistical techniques. Through a program of elective courses and dissertation ...
First Year compensation for PhD Finance
Report. Other. MikeyK. Senior Orangutan. 428. HF. Not sure about econ or finance but for quants (PhD in CS, Stats, Math, Physics, etc). I think ~$400K is pretty typical. There's a lot of variance though and the strongest candidates will get much more.
MRes/PhD Finance
MRes/PhD Finance. This programme offers the chance to undertake a substantial piece of work that is worthy of publication and which makes an original contribution to the field of finance. You will begin on the MRes, and will need to meet certain requirements to progress to the PhD. Our programme is unique in its integration of finance and ...
PhD in Finance
Olin's PhD in Finance emphasizes rigorous analytical training and prepares you to pursue a career in research and teaching at leading academic institutions across the globe. As a PhD student in Finance, you will train alongside some of the most respected and accomplished academics in the world. Students in this program have strong ...
Frizzled to finance: one PhD's path from a Drosophila lab to Wall
Abstract. An equity research analyst's job is to determine whether the price of a stock is likely to go up or down. For science-based businesses, particularly biotechnology companies, a PhD in the life sciences can be very helpful in making this determination. I transitioned from a postdoc position to working in equity research.
Where Can a PhD in Finance Take Me?
During your PhD, you will develop a robust set of skills that are highly sought after in the finance industry. Along with adding a doctoral title to your CV, you will also be able to exhibit the wide array of skills you gained during the program. For example, the ability to analyse complex financial data is paramount in today's data-driven world.
PhD Program
The primary objective of the Finance PhD Program is to educate students of exceptional promise to become outstanding researchers and university-level teachers in the field of finance. Graduates of the Program must have a thorough knowledge of the fundamental concepts and theories in finance, an understanding of financial instruments and markets, and an ability to use financial data to analyze ...
AI Is Poised to Replace the Entry-Level Grunt Work of a Wall Street
Artificial intelligence tools can replace much of Wall Street's entry-level white-collar work, raising tough questions about the future of finance. By Rob Copeland Rob Copeland spoke to ...
Inna Kasparova, PhD
View Inna Kasparova, PhD's profile on LinkedIn, a professional community of 1 billion members. ... Finance Expert Dixy Capital Investments Jan 2006 - May 2007 1 year 5 months. Moscow, Moscow ...

What Do Quantitative Analysts Do?

The Right Career for You?

Quants: The Rocket Scientists of Wall Street

Key Takeaways

What Do Quants Earn?

Quants Skills and Education

Computer Competency

Education and Certifications

Do Quants Get Paid Well?

How Hard Is Quant Finance?

Do You Need a Ph.D. to Be a Quant?

The Top 25 Feeder Schools For Investment Banking

REPORT METHODOLOGY

TOP FIVE SCHOOLS ACCOUNT FOR MORE THAN 15% OF BIG BANK HIRES

Wharton Correspondent: Bitter Sweet Feelings at Graduation Time

Olin Correspondent: Officially a WashU Alum

Olin Correspondent: How Olin Helps You In The Real World

Ross Correspondent: Financing Your Undergraduate Biz Degree

Kelley Correspondent: Kelley’s Most Innovative (And Challenging) Classes

Submitted By: springforward

Submitted By: chucky

Submitted By: James Hutt

Submitted By: Olen Soifer

Submitted By: Lorraine Hamilton

Doctor of Finance Programs in America

Wharton School

Kellogg School of Management

Tepper School of Business

Leonard N. Stern School of Business

Carroll School of Management

McCombs School of Business

Mays Business School

Eli Broad College of Business

Culverhouse College of Business

University of Connecticut School of Business

Charles H. Lundquist College of Business

Louisiana State University - College of Science

J. Mack Robinson College of Business

College of Business - University of Texas - San Antonio

Falls School of Business

Capella University

Inter American University of Puerto Rico

Ph.D.: Finance Concentration

Admission requirements

Desired prerequisites

Major field requirements

Supporting field requirements

Research tool requirements

Suggested study program first year

SPRING SEMESTER

Qualifying Exam

WRITTEN FIELD EXAMINATION

DISSERTATION

RESEARCH RESOURCES

Program at a glance

Universities and colleges employing recent graduates:

Wharton’s PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

Get the Details.

By Industry

First Year compensation for PhD Finance

See All Comments - 100% Free

Want to Vote on this Content?! No WSO Credits?

Trending Content

MRes/PhD Finance

Programme details

Entry requirements

GRE/GMAT requirement

Assessing your application

When to apply

Statement of Academic Purpose

Research interests

Fees and funding

Tuition fees 2024/25 for MRes/PhD in Finance

Scholarships and other funding

External funding

Further information

Information for international students

Programme structure and courses

Second year

PhD programme