This is highly dependent on the firm and industry. To be straightforward, a PhD or MD (Doctor of Medicine, not Managing Director) will usually not set you up nearly as well as an MBA for a position in finance. If you’re applying for a job at a financial services firm, they may see you as overqualified. They may also think that the work they have for you won’t fulfill your intellectual interests. There are of course, some exceptions.
Since MDs and PhDs are so specialized, there are niches in the finance careers market for them. For example, a boutique investment bank specializing in chemicals may find someone with a PhD in Biochemical Engineering to be a boost to their team. Likewise, a hedge fund focusing on pharmaceuticals may find a MD perfect for a position researching new drugs and their ability to boost their company's income. Consulting and venture capital find PhDs extremely useful as well.
There is no single path to breaking into finance, but unless you are already working towards or have your JD, MD, or PhD, you should strongly reconsider a non-business related graduate degree. The more specialized your area of expertise is, the less jobs you will find available to you in business. While your degree may open doors for you in niche areas, you are probably going up against MBAs as well as other graduate degree holders who are giving finance a shot.
Relevant Discussions on Wall Street Oasis:
- MBB Starting Salaries for PhDs
- PhD in Accounting: Good or Bad?
- Applying for a Trader Position After a PhD
- Scientists on the Street
Additional Resources:
- Other Graduate Degrees: How do finance professionals see my JD?
- Other Graduate Degrees: How do finance professionals see my MSF or M.Fin
- Search WSO for: "How useful is a PhD for finance?"
- Relevant WSO Forums: Get a Job
- Relevant WSO Guides: Technical Interview Guide and WSO Behavioral Interview Guide
- Relevant WSO Services: Wall Street Prep
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