<p>I am an upcoming graduate student in Accounting but I am also interested in both finance and statistics (I mean I like using statistics into business). I want to ask for everyone's advice/idea about these two fields because I am thinking of seeking a PhD in either of these majors.</p>
<p>The reason I like Stats is that I am getting along well with it and it is a very practical major to study. In finance, statistics takes an important role but I don't know how deep the level of statistics knowledge we need/we can utilize.</p>
<p>A PhD is a research degree, so in deciding what to study you need to decide what you most want to conduct research on. Do you want to research new statistical techniques and problems with existing ones, create models and such? Or do you want to research financial mathematical models and such? They’re quite related, but a finance PhD is going to be more applied and based on applications in business. A statistics PhD can be applied, but you’d have to find a department with a more applied focus.</p>
<p>Thanks juillet! I am looking for a program with applied studies. To be more specific, I would like to study finance by searching and using advanced statistics model. What schools would you recommend me to look at first?</p>
<p>Do you have a math background? Finance PhD admissions are more competitive than Econ PhD programs, which are heavily quant-focused themselves.</p>
<p>By the way you’re comparing a Finance and a Statistics PhD (and that you are only planning on “utilizing” it), it seems to me that you’re not close to being prepared for a doctorate.</p>
<p>Get a masters in Stats, preferably one that has a bit of Math Finance in it; a PhD in stats would be overkill for what you seem to want to do with it. As someone said, a PhD is a research degree - you’ll only be taking a few more courses than the masters track and the rest of the time is spent in research. It’s not beyond the pale for what you might want to do - but I think you’ll be better served by a masters; you’ll take all the modeling classes and perhaps might be allowed to take some of the advanced stuff.</p>
<p>Caution: You will need a mathematics background. Less math if you go masters (generally just calculus), more math for PhD (calculus, linear algebra and real analysis).</p>
<p>Thank you everyone that reply my post! Your information is very helpful!
After a bit research about this topic, I agree that a PhD (either stats or finance) is more research orientated. Besides, I also heard that few people would seek a PhD degree for getting a higher level for applying what they learned into the industry.
I do have math background, from calculus to probability and statistical models–just could not have time to finish the courses for a major, but a minor.</p>