<p>I will begin the 4rd year of a PhD program in Mathematics with concentration in Finance ( Financial Mathematics) this Fall. If everything goes well, I can complete my thesis in another year. Right now, I am facing a dilemma, with my PhD in Financial Mathematics , I see myself as a future "quant" in the industry rather than in academia. Job market for quant now is bad but still easier to get one than a faculty position in a math department. Since I have background in finance, I wonder if it is appropriate that I can pursue a 2nd PhD in Finance after I get my 1st PhD in Financial Mathematics (PhD Finance definitely has a better career prospect in academia). I heard that some places won't allow people who have a PhD in a closely-related field to apply.Any idea will be appreciated.</p>
<p>Any advice ?</p>
<p>From what I have seen, most schools will not allow a second PhD under any circumstances, and the ones that do will allow it only when (a) a significant amount of time has elapsed since the first PhD and (b) it represents a significant career change. So if in a decade you wanted to go get a PhD in Classical Literature, there are some schools that will take you. I do not think that there are ANY reputable schools out there that will take you for a PhD Finance program when you already have a PhD Financial Mathematics degree.</p>
<p>I would suggest a post-doc, or perhaps looking into being a professor at a business school. If nothing else, it would seem that the schools producing Financial Mathematics degrees should be hiring at least SOME as professors!</p>
<p>There is also a reason(I know it’s not very legitimate and ethical to discuss, I have to say sorry first T_T) that I want to do a 2nd PhD in finance. My math department has a good group in financial mathematics in a R1 public flagship university. I am proud and happy being in the program. However, when it comes to the financial world (academia/industry), pedigree and connection becomes more important than I have thought. That’s why I want to do a 2nd PhD in an institution that has better connection to the financial academia and industry. Plus business school probably has resources with applied research that my department does not have. </p>
<p>The location of my school is in disadvantaged unlike other schools in big financial center like NY,Chicago, SF,Boston…My fellows students and I tried really hard to network to land not-so great internship. Thus I feel I can get a better position in the future if I get into a Finance PhD program in those place.</p>
<p>However, a post-doc option is more appropriate for me right now.</p>
<p>Yes, a post-doc is by far the better option simply because a second PhD simply isn’t. Pedigree and connections do count in academic hiring, but it is simply too late for you to do a PhD somewhere else.</p>
<p>Do you already have an MBA? It’s not very common, but you could pursue an MBA with an emphasis in Finance at a reputable school after you complete your Ph.D. It would a sort of “step back”, but it wouldn’t be too bad as an MBA is a professional degree more so than an academic degree. You’d have the Ph.D. and the finance training. Just a thought.</p>
<p>I agree that if you wanted to be a quant and you felt the need to get another degree, an MBA with a concentration in finance (or an MS in finance) would be a better choice. However, I don’t see any reason why a PhD in mathematical finance/financial mathematics can’t teach finance at a business school. A PhD teaches you how to do research and how to learn; people slowly switch subfields all the time. I know a psychologist who teaches in a biology department, a developmental psychologist who is now a quantitative psychologist, and a JD who’s doing a postdoc in public health.</p>
<p>Learn what you need to learn to do what you want to do. If you want to work in finance as a field, then you need an internship; it’s a little late in the year to get a summer internship now, but you may be able to find a few to apply to. If not, look for a term-time internship while you write your dissertation. If you want to teach in finance, start doing finance research and publish in finance and business journals. A postdoc is an excellent way to make that switch.</p>