Phd or finance?
I am an UG student, 1 year to graduation but already a pretty tough choice:
This year I ranked top of the year in maths (~200 students) in a top 2 uk uni (Oxbridge) and am doing some research now with a quite famous Professor.
He told me I should apply to Phd programs in the US next autumn, apparently I would have pretty good chances with the top ones (Harvard / Princeton)
However, I have also accepted a SA offer for next summer at a top US bank (think GS / JPM) for structuring.
I really like maths, but am not sure if I would enjoy doing it for my entire life.
What I care about (more than compensation or happiness) is make a contribution to the world, however small.
Would you say it is possible from a financial job or is it better to go down the academic route?
Thank you guys.
GS or JPM >>> PhD. Although if you get into Harvard/Princeton PhD I would probably pick academic route and get employed as a specialist later. PhD takes forever to finish though so if you're willing to postpone potential earnings 5 years go for it.
Pick the PhD route if you get into an Ivy league. You will be able to make connections and build a network in the finance world(or hi-tech or anything) and if something better comes along jump ship for a job.
this.
PhD at a top institution will open up a world of opportunities compared to solely finance
godspeed
Does this really apply to a maths Phd? Most people who get doctorates from top unis go on to be professors...
I think that most people who pursue a PhD in Math are probably just really interested in Math and not in other topics. The business world has no room for people who just want to think up and prove theories all day long. And, not to stereotype, many math PhD's are not what I would call 'personable' a needed skill in business. And it is also the type of math that they are interested in doing.
If you have a heavy background in something like statistics, and can program well, there are lots of opportunities in business that will afford someone the chance to solve real problems and get a real paycheck for it.. If you are into expanding on some obscure topic in Algebraic Geometry, teaching might be the best place for you.
so you don't care much about compensation nor happines...probably finance is not your place then
Well, Uncle Ben did say that with great power comes great responsibility...
Doing a PhD at an Ivy is a once-in-a-lifetime opportunity. You won't be able to do that once you've been in industry for a while or have decided to settle down. You'll make more money once you're finished and will never need another degree.
I think the choice should be clear! Best of luck.
I think you are right... I don't want to waste such an opportunity, not everyone is so lucky to have it.
My problem is just that I don't think I like maths enough...
You should definitely take the Phd (IMO). You can complete the SA position, and if you get into an Ivy for Phd in math, you'd have a killer resume. Also, since you said you are in structuring, doesn't a lot of the more complicated structuring require a pretty advanced degree in math?
Honestly, you have the opportunity to do something that not many people can, and just because you do a Phd in math doesn't mean that you have to become a professor (you can probably do just about whatever you want with an Ivy Phd in math).
well, depends on the kind of structuring, but you don't really need advanced mathematics, at least not Phd-level.
The resons why I am not sure is that I don't think I have the passion to complete succesfully a maths phd. most of the research mathematicians I know are very dedicated, I just happen to be good at it...
Well, I agree that 5 years of industry experience is more useful in the long run, the short run is what you might want to consider. If you get into a quality Phd program that at least gets you into the US on a visa, from there you can pick a path. You can take a few courses in things that you might not be very good at, and (my assumption) you are probably going to find more opportunities in the US than in the UK if you want to get into finance. Of course there are great opps in the UK and Europe, there are just more of them here.
wouldn't you be able to go to the US anyway if you are good at your job in a top american bank? I also thougt that there aren't many structurers around, and they are the ones who can innovate finance (I turned down a trading offer from the other top us bank for similar reasons)
Also, I had a look at Harvard and Princeton graduate maths courses, apart from a few (1-2) they are all very pure (algebra-topology-functional analysis and discrete mathematics are the overwhelming majority...) so I would not really have much of a chance of exploring more applied areas...
Well, if the bank let's you move to the states, sure. But it becomes a visa issue. An academic visa does allow you to work for a while, about 2 years before you need to have a a sponsored work visa. As long as a firm is willing to sponsor a work visa, you've got it made and can transfer that visa. Alternatively, you can enter the green card lottery too(assuming you are a UK national) If you are working in a bank and transfer internally to a US position, you are only going to get a visa that allows you to work for that company. It would limit your options in one way. However, like you said, getting the job first is a good path too.
As for the academic path. Not having been a math major, I can't really tell you what would be the best courses to study. But you are right, finance, like any other industry, benefits from new thinking.
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