<p>I am very much interested in pursuing a Ph.D. in mathematics. Which Ph.D. math programs would be best if I wanted a career in the financial industry such as hedge funding or i-banking?</p>
<p>I dont know of any Ph.D programs, but I do know of several excellent masters programs in quantitative/mathematical finance, which are heavily recruited by hedge funds etc</p>
<p>[MSFM</a> - Home<a href="This%20one%20is%20at%20U%20Chicago">/url</a></p>
<p>[url=<a href="http://www.math.nyu.edu/financial_mathematics/indexNetscape.html%5DCourant">http://www.math.nyu.edu/financial_mathematics/indexNetscape.html]Courant</a> Institute of Mathematical Sciences NYU](<a href="http://www-finmath.uchicago.edu/new/msfm/home/index.php%5DMSFM">http://www-finmath.uchicago.edu/new/msfm/home/index.php) </p>
<p>Financial</a> Mathematics : Course Descriptions - Stanford University</p>
<p>[url=<a href="http://www.math.columbia.edu/department/masters_finance.shtml%5DMA">http://www.math.columbia.edu/department/masters_finance.shtml]MA</a> in Mathematical Finance<a href="This%20is%20at%20Columbia">/url</a></p>
<p>You have a precisely 0% chance of ever completing a doctorate in mathematics at a good institution if your goals are eventually work in the financial industry. Your chances of admission to a good institution are slightly higher, but not by much. Go with a masters program in finance.</p>
<p>Yeah... a msters program would be more appropriate for you if you want to work in quant finance....Ph.Ds suit those who want to go into academia</p>
<p>Thanks a lot for the information. I am considering doing a masters in quantitative finance. What kind of jobs do Ph.Ds in Mathematical Finance get?</p>
<p>What is it with you and doctorates? Get your masters and join the workforce. 2-4 years of work experience >>>>>>>>>>>>>> 2-4 years of doctoral work.</p>
<p>if you want to be a professor, then get a Ph.D....if u wanna make money, get a masters....quant analysts get paid pretty well i heard</p>
<p>Tetris/quagmire, why the assertion about 0% rate of completion of PhD if one wants to work in finance? I miss the point. If you want to be a quant jock at Ren Tech or DE Shaw it is almost axiomatic that you have a PhD in math, physics, etc plus a Putnam or a chess master's rating ,etc. Please clarify.</p>
<p>Also, Columbia has two Master's, one in FE and the other cited in your reply. Please comment on these and also why master's is sufficient. Thanks.</p>
<p>If you're going into a pure math program the admissions committee will likely see through the facade, and if someone has an interest in finance and they are ultimately uninterested in math they will fail miserably. A top-flight doctoral math program isn't exactly a walk in the park. Those people with PhDs in math and physics and whatever else who you hear so much about are much older and already established in their field when they try to expand out into financial work.</p>
<p>It's not that I am uninterested in math. On the contrary, I very much enjoy doing math, which is why I am considering a Ph.D. in math. But, I guess a masters is more suited for me since I want to work in industry and not in academia. I know that for most masters programs, it helps or is required to have work experience. What kind of work experience should I have to maximize my chances?</p>
<p>If you want to get your PhD because your passionate about math in particular and have a deep interest in that field then go ahead and do it. Honestly, I dont think it would hold you back in case you decide on a future in finance.
But if your doing it for professional purposes, then a masters degree would be better.</p>
<p>tetrishead, then why not a PhD in Financial engineering itself?</p>
<p>yes, I was about to post a link to Columbia's financial engineering program, but the OP specified that he's interested in math, so I posted links to Mathematical Finance programs. (altough they seem to be pretty similar to financial engineering)</p>
<p>quagmire, there seems to be some slight difference in the 2 columbia programs but I have not seriously analyzed them. Got interested because of freshman son who is interested in going into FE undergrad track. So, my question, why not PhD in FE? I am told that the top end quants all have PhDs, in the past they had PhDs in math, physics, but that was when FE was not a mature field in itself, but now I would daresay that you need PhD to be be a credible quant. Hence, I am skeptical about the master's except maybe OK for traders who use the models but not actual modelers. Again, please note I am ignorant about this field. Thanks.</p>
<p>umm, im not sure if a Ph.D is an absolute prerequisite to becoming a quant....i suggest that you click on the link for the NYU program that i posted, then go to current students, and click on the resumes of current students....you will find that many had interned as quants, and many will graduate and start working as quants in top investment banks....</p>
<p>
[quote]
tetrishead, then why not a PhD in Financial engineering itself?
[/quote]
Why? Why would you want to spend more years in school when the whole goal is to work? This is completely asinine. People who want to work in industry should go work in industry, because there's not a hell of a lot those two extra years of debt are going to do for you. A doctoral program is a whole different game than a masters degree, especially if you're expected to teach. There's this idiot ideal of "stay in school as long as possible and get a lot of fancy degrees and you'll make a ton of money!" when the reality is that the kids who get the hell out and start working immediately and do finance degrees when they have the time are way better off than someone who decided to spend extra years in academia. Degrees != jobs, spending two+ extra years in the workforce is a much better use of time for someone who actually wants to BE IN THE WORKFORCE.</p>
<p>You're told all top end quants have PhDs because all top end quants have rigorous mathematical backgrounds and almost no background in industry. The people who start working instead of spending 10 years getting a doctorate and developing a reputation are going to be managing those quants.</p>
<p>usually they have a phd.
any quantitative major would do(engineering, math, physics, astrophysics etc.)</p>
<p>top masters math heavy masters of finance would do. they are relatively new so they are not that well represented</p>
<p>NYU has one of the best programs. Columbia, Chicago, Standford and some other schools all have top notch programs. some schools offer a masters in applied mathetics with a concentration in finance rather than a masters in finance</p>
<p>certainly a masters at a top school would do
i would call to ask or talk to someone who actually been in the industry</p>
<p>here is a link to the NYU website
it has some useful info</p>
<p>Courant</a> Institute of Mathematical Sciences NYU</p>
<p>here is a link to a finace job website, they list requirements</p>
<p>Finance</a> jobs, investment banking jobs & recruitment: Finance jobs sector</p>
<p>another option to consider is operations and financial engineering which is pretty much computational finance </p>
<p>International</a> Association of Financial Engineers - Home</p>
<p>michigan's financial derivitive club website</p>
<p>University</a> of Michigan Financial Derivatives and Risk Management Club</p>
<p>hope it helps</p>
<p>So, what kind of work experience should I have if I want to pursue a masters degree in mathematical/computational finance or financial engineering?</p>
<p>go to the websites i gave you</p>
<p>well it depends
they have resumes of the people in the NYU program
they are all like geniuses( 4.0 gpa at MIT) and some already collected like 3 degrees or already have a phd. </p>
<p>and the website i gave you lists the job requirements</p>
<p>if you are not lazy, the answer is right there</p>
<p>most people who are admitted into those programs have interned as quants at investment banks....i dont think work experience is a prerequisite but it helps....most of them seem to have majored in math/applied math as undergraduates</p>