Applying to PhD in Finance, PhD Math, and MBA at a Same School (Not Dual/Joint)
Let's say I am applying to University of Chicago, and my real hope is that I get into the MBA program on a fellowship, without which MBA is no good for me--I want it free. But of course, I realize that I'm dreaming and understand that the chance of that happening is very slim, and therefore, I want to apply to the PhD in Finance, which is usually paid for and carries a stipend. At the same time, since I'm so good at math, and in case that they don't take me into Finance or MBA, I want to apply to a PhD in Math program too.
Is this going to be done via 2 or 3 separate applications? How will the business school react when they'll see you apply to MBA and PhD in Finance? Which one will they want me to go into? Would that make me look bad? Which one is better? Is it possible that they could accept me to both and wish for me to attend only one? How would that work?
You're presenting yourself as someone who doesn't know what he wants and is willing to let an admissions decision dictate the next 4-5 years of your life. Do you think this makes you look good or bad?
I'm with PennDOT on this. People who apply for PhDs in math/finance have somewhat different motivations/mindsets/skills than those who apply for MBAs. They are also usually at different points in their lives (4-6 years of work exp for MBA vs. PhD applicants who are straight out or 1-2 years out of school). I think you just need to figure out what suits you best. Your subsequent application will look better as a result.
For someone with 8 years of financial management in the military experience, and 2 years of owning a small business, and who aspires to be a CEO someday, which one do you think is the best?
My Physics professor told me that I should get a PhD in Finance if I want to make a lot of money. This kind of makes sense, and, when I look at some people who graduated big schools with PhD in Finance, it seems like they are doing very well. Recent grad of UC, Nina Boyarchenko, now works at as an Economist at FRB of NY. Vikram Pandit, former CEO of Citigroup, is a PhD in Finance from Columbia. And there are others who work on Wall Street and are doing great.
What do you think?
If you did go for a PhD, what would you want to do with it? It's a huge commitment you'd be making, especially as an older guy. Are you a former enlisted who just recently finished up his undergrad? Or have you been out of school for ten years?
What would you want your first post-MBA or post-PhD job to be?
This is just an opinion, but my guess is an MBA is more suitable for you based on your experiences. But yeah, if you could get into a solid/good finance PhD program, you'll probably live a pretty good life. Admissions are extremely competitive, however. It's also more geared towards theory/academia, which is not to say you couldn't get a great industry job though. Again, my guess for your situation is MBA.
EDIT: To add on to holla back's point, finance PhDs take a lot of time. I believe the average residency time is 5-6 years. If you're already 30+, that's a serious commitment to work long hours at low wages.
If you can get a Booth/similar MBA by 41 (not taking into account loans etc...), forget about the finance PhD. it won't add that much to your bottom line, if at all. The opportunity cost during your PhD from 41-46 (assuming you could be admitted to a solid program) would be high as you make 20K/year as a grad student.
You think so? So, should I perhaps apply to say Harvard and Stanford MBA only, and then apply only to PhD in Finance at others like UC, NYU, UPenn, MIT, Columbia, Darmouth, Duke, etc..., and then get into MBA if accepted on a fellowship?
Your odds of getting into Stanford or Harvard for an MBA are painfully slim.
Also, why are you so set on only going if you get comped by the school?
I don't know your profile, but it's really hard getting into any of those programs. nevermind a fellowship at HBS or GSB. PhD finance programs typically take single digit students per year out of hundreds of applications.
You probably have a better chance at getting into a top MBA program than any of those PhD programs, especially because the former values military experience much more than the latter. I know I've already said this, but these PhD programs are INSANELY COMPETITIVE. I just don't think you're realizing how competitive they are--we are talking about low single digit admission rates even with a highly self-selected applicant pool. I'd guess that Wharton, Booth, Stern, CBS, and MIT each probably takes in 5-10 Finance PhDs each year. Top academics (former IMO winners, etc.) from all over the world apply to these programs. Unless you have extensive research experience with nationally renowned professors who can write you rec letters and/or have published, you don't stand a chance. Then you'd need to have high GRE's.
So it's safe to say you are pretty clueless. At 41-44 years old you're going nowhere in finance. IB/PE won't take you (you're about 20 years too late to that game). ER/AM/HF would maybe take you but only if you had something else that's substantial to offer (i.e. PhD in chemistry or biology > healthcare coverage, CFO of retail company > covering retail sector).
So what are you doing? You lack any direction. Maybe you can go into academia but I would forget about working in high finance at this point (or becoming the CEO of some major company, too).
I was trying to be optimistic/diplomatic. This dude spits truth. Even academia is unlikely at this point.
OP could possibly become a CEO of a major company...but he'd probably have to start it.
I guess crazier shit's happened before. Time to bust ass. There is no substitute for heart.
There are a number of MBA admission threads on this site. MBAapply/Admissionado/Betsy Massar/ClearAdmit, etc...
Take it up with them. They'll be able to handicap your chances at MBAs. It would probably be very helpful. A number of admissions consultants also offer free consultations based on your profile (ie MBA vs. PhD Finance, where to apply, chances of getting in).
I have zero authority to speak on MBA admissions.
Thanks, I'll look into that.
I'm getting the feeling that the OP is trolling....not sure though. Also, what age is 'too old' for IB/consulting/PE?
That's because he is... Stop feeding the troll gents. Although entertaining post none the less "I speak two languages, I am a mother fucking VIP!" I don't have a single friend who only speaks one language, but I guess that's because I didn't study in the bum fuck of no where.
I'm curious of how this ended up
Admissions will realize you are undecided and they might ding you for that.
Thanks, I was worried about the same thing.
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