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The 10 Best PhD Programs in Finance

In essence, finance is the study of economics and the claims on resources. The best PhD programs in finance help you develop professionally so you can make difficult decisions around fund allocation, financial planning, and corporate financial management. This qualification will also equip you for a career in teaching or research at top universities.

Which of the 10 best finance PhDs is best for you?

Read on to learn everything you need to know.

Table of Contents

Why Get a Doctorate in Finance?

According to the Bureau of Labor Statistics (BLS), finance managerial professionals have an average salary of $131,710  per year, and jobs are estimated to grow by 17%  from 2020 to 2030. This is much more than the average across all occupations. With a PhD in finance, you may work as a finance manager or even become a CEO of a large corporation.

Jobs and Salaries for Doctors of Finance

After earning a PhD in finance, you can find well-paid jobs as a professor or in various corporate finance roles.

Here are some of the most common finance professions with the average annual salaries for each:

• Financial Manager ( $96,255 )
• Financial Analyst ( $63,295 )
• Finance Professor ( $73,776 )
• Chief Financial Officer ( $140,694 )
• Investment Analyst ( $67,730 )

Read More:   The Highest Paying PhD Programs

What’s the average cost of a phd program in finance.

The tuition for a PhD in finance can vary depending on the university, with public institutions generally being much more affordable than private ones.

Across all schools, the average tuition is around $30,000 per year.

However, on top of this, you need to factor in other expenses, which could add up to another $30,000 a year. Some top universities offer full funding, including tuition and a stipend for all students who are successfully admitted to the program.

Read Next: The Average Cost of a Master’s Degree in Finance

Top finance phd programs and schools, stanford university, graduate school of business.

PhD in Finance

Stanford University is one of the most prestigious business schools in the world. Its PhD in finance programs has an emphasis on theoretical modeling and empirical testing of financial and economic principles.

• Courses include: Financial markets, empirical asset pricing, macroeconomics, and financial markets.
• Duration: 5 years
• Tuition : Full funding
• Financial aid: Research & teaching assistantship, grants, outside employment, and outside support.
• Delivery: On-campus
• Acceptance rate: 5%
• Location: Stanford, California

The University of Pennsylvania, The Wharton School

The University of Pennsylvania’s renowned Wharton School of Business is home to faculty who are well-known in the field of business research. The school boasts a low student-faculty ratio in an atmosphere that allows you to work with faculty members as peers. This doctor of finance program emphasizes subjects like asset pricing, corporate finance, and portfolio management. This helps students become experts in research and teaching in these areas.

• Courses include: Topics in asset pricing, financial economics, and international finance.
• Credits: 18 courses
• Financial aid: Fellowships, grants, student employment, health insurance, stipend, and loans.
• Acceptance rate: 9%
• Location: Philadelphia, Pennsylvania

The University of Chicago, Booth School of Business

Booth School of Business is a major center for finance education because its faculty includes Eugene F. Fama, Nobel laureate and the father of modern empirical finance. This finance doctoral degree has an option for a joint PhD in collaboration with the university’s economics department.

• Courses: Financial economics, financial markets in the macroeconomy, and behavioral finance.
• Tuition : Refer tuition page
• Financial aid: Grants, stipends, health insurance, scholarships, fellowships, teaching assistantships, research assistantships, and loans.
• Acceptance rate: 7%
• Location: Chicago, Illinois

The University of Illinois at Urbana-Champaign, Gies College of Business

The University of Illinois at Urbana Champaign is one of the best places for studying and conducting research in finance. Its finance research faculty was ranked #4  in the UTD Top 100 Business School Research Rankings between 2016-2019. In this PhD in finance program, students can take the qualifying examination at the end of the first year and, if successful. They’ll be able to start their research project earlier and complete the degree sooner.

• Courses include: Empirical analysis in finance, corporate finance, and statistics & probability.
• Duration: 4-5 years
• Financial aid: Full tuition waiver, stipends, scholarships, grants, student employment, and loans.
• Acceptance rate: 63%
• Location: Champaign, Illinois

Massachusetts Institute of Technology, Sloan School of Management

The Sloan School is one of the top research centers in the world, which aims to transform students into experts who can handle real-world problems in a wide range of spheres, from business and healthcare to climate change. This PhD program in finance gives students the flexibility to choose between a wide range of electives and even study some courses at Harvard.

• Courses include: Current research in financial economics, statistics/applied econometrics, and corporate finance.
• Duration: 6 years
• Financial aid: Full tuition, stipend, teaching assistantships, research assistantships, health insurance, fellowships, scholarships, and loans.
• Location: Cambridge, Massachusetts

Northwestern University, Kellogg School of Management

The Kellogg School of Management allows students to conduct independent research under the supervision of faculty who’ve made significant contributions to the field and have earned numerous prestigious awards. This doctorate of finance program’s admission process has a dual application option. You can also apply to the Economics PhD simultaneously, so if you are not selected for the finance program, you may be considered for economics.

• Courses include: Econometrics, corporate finance, and asset pricing.
• Duration: 5.5 years
• Financial aid: Tuition scholarship, stipends, health insurance, moving allowance, and subsidies.
• Location: Evanston, Illinois

The University of California Berkeley, Haas School of Business

The Haas School of Business in Berkeley is an innovative institution that questions the status quo, takes intelligent risks, and accepts sensible failures in its path to progress. This finance PhD program offers students opportunities to learn about cutting-edge research from faculty from around the world.

• Courses include: Corporate finance theory, stochastic calculus, and applications of psychology & economics.
• Tuition : Refer cost page
• Financial aid: Fellowships, grants, tuition allowance, stipends, teaching assistantships, and research assistantships.
• Acceptance rate: 17%
• Location: Berkeley, California

The University of Texas at San Antonio, Alvarez College of Business

The Alvarez College of Business is one of the forty largest business schools in the USA. It follows a comprehensive and practical approach to education that allows students to apply the knowledge they gain directly in the workplace. This PhD in finance encourages students to do collaborative research with the faculty, which helps them publish their own academic papers before they even complete the program.

• Courses include: Corporate finance, international financial markets, and microeconomic theory.
• Credits: 84 (post-bachelors)
• Financial aid: Scholarships, grants, work-study, teaching assistantships, research assistantships, research fellowships, and loans.
• Acceptance rate: 84%
• Location: San Antonio, Texas

Liberty University, School of Business

Doctor of Business Administration (DBA) in Finance

Liberty University is a non-profit institution among the top five online schools in the USA and has been offering fixed tuition fees for the past seven years. This is one of the best PhD in Finance programs you can do completely online. It aims to prepare students to address issues in business finance through research, best practices, and relevant literature.

• Courses: Managerial Finance, Investments & Derivatives, Business Valuation, etc.
• Credits: 60
• Duration: 3 years average
• Tuition : $595 per credit
• Financial aid: Grants, scholarships, work-study, veteran benefits, and loans.
• Delivery: Online
• Acceptance rate: 50%
• Location: Lynchburg, Virginia

Northcentral University

PhD in Business Administration (PhD-BA) – Finance Management

Northcentral University was founded with the objective of offering flexible, fully-online programs to working professionals around the world. This doctorate degree in finance online is flexible and allows you to design your own schedule. You will also get one-on-one personal mentoring from qualified faculty.

• Courses include: Business financial systems, business statistics, and business leadership & strategy.
• Duration: 84 months average
• Tuition: $1,105 per credit
• Financial aid: Grants, scholarships, and military scholarships.
• Acceptance rate: NA
• Location: Scottsdale, Arizona

Things To Consider When Choosing a Finance PhD Program

The right PhD program for you is a very personal decision and will depend on several individual factors.

However, these general questions will help you to make the right choice:

• Is the university properly accredited?
• Does the university conduct innovative and cutting-edge research?
• Are there renowned faculty members who you’ll want to work with?
• Do they offer subjects or specializations that match your career goals?
• What is the school’s placement history?
• What are the tuition fees, costs, and options for scholarships and financial aid?
• Does the program offer online study options?

It’s also important to consider if you want to pursue a career in academia or work in organizations as a senior finance professional. A PhD degree will generally set you up for a career in research or academia, while a DBA is more suited to a career in business or government.

Preparing for a Finance Doctorate Program

It’s important to start preparing early if you want to be selected for one of the best finance PhD programs.

These handy tips can help you put your best foot forward:

• Research the requirements of the best universities offering PhD in finance degrees, including pre-requisite subjects and qualifying grades. Keep these in mind when completing your bachelor’s or master’s degree.
• Understand your strengths and weaknesses in relation to the program’s requirements. Work on your weaknesses and continue to hone relevant skills.
• Read extensively in the field and keep up-to-date on regional and global developments.
• Join communities of finance professionals to build your network and be exposed to the latest knowledge in the discipline.

Skills You Gain from Earning a PhD in Finance

The most important skills you learn as a doctor of finance include:

• Communication skills, including writing and presentation skills
• Data analytical skills
• Economics and accounting skills
• Critical thinking skills
• Mathematical skills
• Analytical software skills
• Management and leadership skills
• Problem-solving skills

PhD Programs in Finance FAQs

How long does a phd in finance take.

PhD programs in finance usually take between three and eight years to complete.

Is It Worth Getting a PhD in Finance?

A PhD in Finance is a qualification that’s in high demand today. It is a terminal degree and can help you get top-level jobs with lucrative salaries in corporate or large organizations.

How Much Can You Make With a PhD in Finance?

With a finance doctorate, you can expect to earn a salary anywhere from around $45,000 to $150,000, depending on your experience, role, and the organization you work for. According to the BLS, the average salary for finance PhD holders is $131,710 .

What Do You Need To Get a PhD in Finance?

The admissions requirements vary depending on the program, but you’ll typically need a bachelor’s or master’s degree in finance. The programs can take three to eight years of coursework and research.

To apply, you’ll usually need to submit:

• Application
• Academic resume
• Academic transcripts
• Recommendation letters
• GRE or GMAT score
• Personal essay

Final Thoughts

With a doctorate in finance, you can build a rewarding career in academia, research, or the business sector. Like any doctorate, these programs ask for dedication and hard work. By planning early, you’ll set yourself up to pursue one of the best PhD programs in finance.

For more on how to build your career in the field, take a look at our guides to the best master’s degree in finance , the highest paying PhDs , and fully-funded PhD programs .

Lisa Marlin

Lisa is a full-time writer specializing in career advice, further education, and personal development. She works from all over the world, and when not writing you'll find her hiking, practicing yoga, or enjoying a glass of Malbec.

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PhD Salaries and Lifetime Earnings

PhDs employed across job sectors show impressive earning potential:

“…[T]here is strong evidence that advanced education levels continue to be associated with higher salaries. A study by the Georgetown Center on Education and the Workforce showed that across the fields examined, individuals with a graduate degree earned an average of 38.3% more than those with a bachelor’s degree in the same field. The expected lifetime earnings for someone without a high school degree is $973,000; with a high school diploma, $1.3 million; with a bachelor’s degree, $2.3 million; with a master’s degree, $2.7 million; and with a doctoral degree (excluding professional degrees), $3.3 million. Other data indicate that the overall unemployment rate for individuals who hold graduate degrees is far lower than for those who hold just an undergraduate degree.” - Pathways Through Graduate School and Into Careers , Council of Graduate Schools (CGS) and Educational Testing Service (ETS), pg. 3.

Average salaries by educational level and degree (data from the US Census Bureau, American Community Survey 2009-2011, courtesy of the Georgetown University Center on Education and the Workforce):

The Bureau of Labor and Statistics reports higher earnings and lower unemployment rates for doctoral degree holders in comparison to those with master’s and bachelor’s degrees:

According to national studies, more education translates not only to higher earnings, but also higher levels of job success and job satisfaction:

“Educational attainment – the number of years a person spends in school – strongly predicts adult earnings, and also predicts health and civic engagement. Moreover, individuals with higher levels of education appear to gain more knowledge and skills on the job than do those with lower levels of education and they are able, to some extent, to transfer what they learn across occupations.” - Education for Life and Work (2012), National Research Council of the National Academies, pg. 66.

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PhD Program

• Program of Study

Wharton’s PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

The department prepares students for careers in research and teaching at the world’s leading academic institutions, focusing on Asset Pricing and Portfolio Management, Corporate Finance, International Finance, Financial Institutions and Macroeconomics.

Wharton’s Finance faculty, widely recognized as the finest in the world, has been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Another example is the contribution by faculty members to the analysis of financial institutions and markets, which is fundamental to our understanding of the trade-offs between economic systems and their implications for financial fragility and crises.

Faculty research, both empirical and theoretical, includes such areas as:

• Structure of financial markets
• Formation and behavior of financial asset prices
• Banking and monetary systems
• Corporate control and capital structure
• Saving and capital formation
• International financial markets

Candidates with undergraduate training in economics, mathematics, engineering, statistics, and other quantitative disciplines have an ideal background for doctoral studies in this field.

Effective 2023, The Wharton Finance PhD Program is now STEM certified.

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A doctoral degree in finance qualifies you to pursue an academic career as a researcher and educator. An academic career provides not only tremendous intellectual freedom but makes it possible to work with bright people throughout your life. You can make a difference through the scholarly research you create, and the lives you shape through your teaching.

The starting salary for finance Ph.D. graduates’ often ranges from $180K to $250K, depending on placement, which is largely determined by performance in the doctoral program. Moreover, the job market for finance Ph.D.s has been strong, and in recent years more positions have been available than candidates pursuing jobs. It is not surprising that the position of a university professor is frequently ranked as one of the most desirable jobs in the world.

“I started my Ph.D. journey at Scheller because its distinguished faculty members are known as the top-tier researchers in my field, and my Scheller experience has far exceeded my expectations. Faculty generously share their expertise and offer robust support for my research work, cultivating a warm and encouraging academic environment. This vibrant research atmosphere provided an ideal backdrop for me to fully commit to my research pursuits.”

– Wendi Du Ph.D. '24 Ph.D. Candidate Finance

Why Finance?

A Ph.D. in finance provides a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics. Students build on this foundation and apply these tools to study frontier issues in asset pricing, corporate finance, financial institutions, international finance, and behavioral finance. We develop the cutting-edge ideas that mutual fund managers, investment bankers, and CEOs use to make their firms more productive.

Why at Georgia Tech?

Georgia Tech Scheller's Ph.D. program is strongly research-oriented and emphasizes the early involvement of our students in research projects with worldwide leading faculty. The finance group has a proven track record of teaching students the skills necessary to conduct original research. Our Ph.D. students have gone on to publish a number of papers in leading finance journals. The Ph.D. program will also help you sharpen your instruction skills as you teach during the final years of the program. Given the small size of the program, the tutorial-mentor model is the primary educational approach employed. Thus, doctoral students experience significant attention and support from a diverse set of world-class faculty.

How Do I Finance the Program?

If admitted to the program, we’ll pay you to go to school to get your degree! Your tuition will be waived and you will receive a monthly stipend.

Tuition and Financing 

“I learned various quantitative tools to gain a deeper understanding of financial institutions, corporate finance, and asset pricing, and my co-authored research was published in the Review of Finance. The Ph.D. program at Scheller has been a life-changing experience that has prepared me to pursue roles at the intersection of finance, economics, and programming.”

– Baridhi Malakar Ph.D. '23 Model Risk Analyst, Western Alliance Bank

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The application deadline is jan. 6 for admission the following fall semester (starting mid-august)., recent student placements.

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PhD in Finance Degree Guide: Jobs and Salary Expectations with a Doctorate in Finance

Finance is a complicated subject to master, and many financiers and investment bankers treat the field as if it is as much art as science. Everybody knows someone in the office who has a set of lucky cufflinks they only wear on days they plan to sign a big deal, or just ahead of a critical Beige Book release.

But the thing about numbers is that they always add up in the end. And if you are someone who has a burning desire to follow the equations all the way to the roots, to truly understand the ebb and flow of capital markets, then a PhD in finance or a related discipline can equip you with the knowledge and skills to make it happen.

PhD Options for a Career in Finance and Banking

Selecting the right school for your phd in finance, is accreditation important when considering a doctorate in finance, what a doctorate can do for your career prospects and paychecks.

• PhDs in Financial Planning Vs Finance and Banking

Although doctoral degrees have traditionally gone to students focused on entering the research and teaching side of finance, that pattern is changing with the importance of high-speed trading and the development of increasingly complex derivative investments. Today, a PhD doesn’t relegate you to a dusty office teaching undergrads; it can also be the ticket to some of the hottest and most cutting-edge positions open on the Street.

Most doctoral degrees are oriented toward preparing graduates to engage in research and teaching. You will typically be required to complete some direct teaching experience as part of the program. But some degrees will also equip you with the right skills and theory to find high-paying positions outside academia as well, in positions where applied research and analysis are breaking new ground in investing.

Some of the different types of PhDs to consider for either career path include:

Finance – A PhD in finance focuses heavily on the theoretical background of macroeconomics, financial markets and institutions, and asset pricing and portfolio management. You will learn about banking and monetary systems, and how they interact with corporate controls and capital formation, as well as how they are shaping and being shaped by markets.

Economics – Economics doctorates dive into both micro and macroeconomics and econometrics, studying the psychological and behavioral factors that go into the global economy. You’ll probably study international trade and finance along with specific economic markets such as energy, resources, or information.

Business – A doctorate in business focuses on traditional aspects of business organization and management, including HR, accounting, information systems, and operational systems. These come in two flavors, the academically-oriented PhD, and the applied DBA (Doctor of Business Administration).

Financial Engineering – A PhD in financial engineering will lean toward the mathematical and stochastic underpinnings of modern financial markets, and how they may be analyzed and incorporated into pricing and investment management. These doctorates typically require a significant grounding in statistics and mathematics and dive right into the deep end with probability forecasting, econometrics, and computational finance.

Hard Sciences – It’s also possible to aim for a career in finance and banking today by earning a PhD in a hard science such as mathematics, computer science, or statistics. Some doctoral programs in these areas already have focus areas in financial applications, but all can be tailored to provide you with the right sort of analytical tools and information processing techniques to add value to financial services firms and investment banks.

You may also find degrees that combine the subject above, such as PhDs in Finance and Economics. The nature of doctoral study is such that there is considerable room for designing your own curriculum and tailoring your studies to your individual goals, in conjunction with your faculty and advisors.

Doctoral programs may last between four and eight years. You will be expected to develop a thesis and defend it before a committee of faculty. You will probably undertake a period of study and research to back up your thesis, and you may also be involved in faculty research projects. It’s not unusual to begin publishing during your studies, as well, building your reputation in the field.

Different universities have different strengths in various financial studies areas. A university with a strong and traditionally respected business school may offer the best opportunities for economics and business PhDs, while a school that is better known for advanced computational studies and sciences may be a better choice for financial engineering or hard science doctorates.

The best choices are schools that have departments that are strong in both areas, with highly respected business schools alongside groundbreaking scientific programs, such as MIT, Stanford, or Columbia.

In either case, you will want to look closely at the faculty and resources available in the department running the program. Since doctorates are heavily dependent on research, finding a program that has close ties to Wall Street or a deep history of ground-breaking research in your area of study is important. It’s also worthwhile looking at current faculty research projects to see if the interests of professors will line up with and support your own studies.

Accreditation is an absolute must for schools that award doctoral degrees. Having a third-party assessment of a university conducted by a CHEA (Council for Higher Education Accreditation) and the Department of Education recognized accreditor is paramount in establishing their quality and ability to deliver the highest educational experience.

With some degrees, particularly those in business, you should also look further to find a program that has been accredited by one of the three CHEA-recognized specialty accreditors for business and accounting:

• Accreditation Council for Business Schools and Programs (ACBSP)
• International Assembly for Collegiate Business Education (IACBE)
• Association to Advance Collegiate Schools of Business (AACSB)

Many finance and economics doctorates are also awarded by business schools, but not all. In those cases, and for programs in mathematics or other hard sciences, a specialty accreditation is not crucial, but it is worth checking to see if the university business school holds one, since you may also take courses offered under their auspices.

PhDs have enjoyed a certain resurgence on the street with the advent of high-speed, quantitative trading in the markets, though. Suddenly, the formulas that govern market behavior became a matter not for leisurely next-day analysis, but a necessary component of high-speed algorithmic trading systems that could make—or lose—billions in seconds.

Quants are the queen bees in many investment firms today, and that means they get the royal honey: top dollar paychecks that reflect their value to the firm.

According to the U.S. Bureau of Labor Statistics, here are the salary ranges for a few high-level finance jobs:

Management Analysts

• Median – $84,940
• Top 10% – $119,250
• Lowest 10% – $49,700

Financial and Investment Analysts, Financial Risk Specialists, and Financial Specialists

• Annual Average – $94,160
• Top 10% – $154,310
• Lowest 10% – $47,230

If these numbers leave you wanting more, fear not – they do not include commissions, bonuses, stock options and all the other incentive programs that made you want to gain a deeper understanding of the machinations and magic behind the world of finance in the first place

That kind of compensation isn’t always consistent year over year, but when the bulls run, you can expect bonuses alone to exceed your base salary.

Salary ranges for academics can be better than most people assume as well. In 2018, an analysis by Poets and Quants revealed that even assistant professors at top-name business schools can bring in more than $200,000 annually, with fully tenured staff coming in at mid six-figures. Although it’s a long road to follow, there’s definitely a pot of gold at the end.

PhDs in Financial Planning vs. Finance and Banking

A doctorate in financial planning covers many of the same subjects as advanced studies in finance, but from a slightly different angle. As a newer field of study, with fewer programs available, financial planning is oriented primarily toward the investigation of investment principles used in a larger scope than simply investing. They will cover topics like:

• Estate planning
• Educational planning
• Retirement and estate planning, including structuring wills, trusts, and other protective constructs
• Tax planning

A financial planning doctorate may include the required educational component for a Certified Financial Planner (CFP) credential from the CFP Board as well, a set of nine specific courses in the topics that underline the fiduciary responsibility planners owe to their clients.

Although few PhDs actually work in the trenches as planners or traders, that perspective may be the most salient difference between the two career paths in general.

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Phd in finance: requirements, salary, jobs, & career growth, what is phd in finance.

A PhD in Finance is a doctoral-level academic degree program in finance that focuses on advanced research and theoretical study. It is intended for people who want to work in academia, research, or advanced positions in the financial industry.

A PhD in Finance usually entails extensive training in finance, economics, statistics, and research methods. It also necessitates the completion of a substantial research project, frequently in the form of a dissertation, in which the student conducts original research and contributes to the body of knowledge in finance.

A PhD in Finance program’s curriculum may include financial theory, investments, corporate finance, financial econometrics, risk management, asset pricing, derivatives, and other specific fields of finance. Quantitative research approaches, such as econometrics, statistical modeling, and data analysis, may also be emphasized in the program.

How much money do people make with a PhD in Finance?

Individuals with a PhD in Finance can earn a wide range of salaries depending on criteria such as their years of experience, location, company, and job duties. PhD holders in Finance typically earn better income than people with less schooling in the industry, as their postgraduate degree denotes knowledge and specialization.

PhD holders in Finance may work in academia as professors or researchers in universities or business schools. According to the US Bureau of Labor Statistics (BLS), the median annual income for postsecondary business teachers (including finance professors) was $83,960 in May 2020.

Salaries, on the other hand, can range from $50,000 to far over $150,000 or more, depending on factors such as rank, experience, and location.

Individuals with a PhD in Finance may work in the private sector as financial analysts, quantitative researchers, risk managers, investment managers, or consultants, among other positions. Salaries in the private sector can vary greatly depending on job title, level of responsibility, and business size and location.

According to Glassdoor data, the average annual pay for a financial analyst with a PhD in Finance in the United States in 2021 was roughly $102,000, while a quantitative researcher with a PhD in Finance may earn $150,000 or more per year.

What is expected job growth with PhD in Finance?

As businesses and organizations rely on financial skills to manage their operations, investments, and risk, the field of finance is projected to evolve and flourish.

Finance experts with extensive education and specialized knowledge, such as those with a PhD in Finance, may be in high demand in academic and research contexts, as well as professions requiring advanced quantitative and analytical skills.

According to the U.S. Bureau of Labor Statistics (BLS), employment of postsecondary teachers, particularly business teachers (such as finance professors), is expected to expand 9 percent from 2020 to 2030, faster than the national average. The need for higher education, as well as the ongoing demand for research and education, are driving this predicted growth.

What can you do with a PhD in Finance?

A PhD in Finance can lead to a variety of professional prospects in a variety of fields. Individuals with a PhD in Finance may pursue the following professional paths:

1. Academia: Many PhDs in Finance go on to become professors or researchers at universities or business schools. They may teach finance classes, conduct research, publish scholarly articles, and contribute to the progress of financial knowledge through their research findings. In addition, they may mentor and advise students, oversee dissertations, and attend academic conferences and seminars.

2. Research: PhD holders in Finance may work in research-related positions in university institutions, government agencies, or private research enterprises. They may perform novel research on financial markets, investments, risk management, corporate finance, or other finance-related topics. Their discoveries can help to build financial theories, models, and regulations, and they may have practical implications in the financial business.

3. Financial Services: PhD holders in Finance may work as financial analysts, quantitative researchers, risk managers, or investment managers in the financial services industry. They may evaluate financial data, design investment plans, manage risks, and provide strategic financial advise to customers or organizations using their sophisticated knowledge of finance and mathematical skills.

4. Consulting: PhD holders in Finance may operate as financial consultants, providing clients with specific experience in areas such as investment management, risk management, financial analysis, or corporate finance. They may operate in consulting firms, financial advisory firms, or specialist consulting practices within bigger corporations, advising clients on strategic financial matters.

5. Policymaking and government: Finance PhD holders may work in government agencies, international organizations, or policy-making institutions, providing knowledge in financial policy, regulations, or economic analysis. They may be involved in the development of financial policies, the assessment of the impact of financial legislation, or the provision of strategic financial advice to government agencies or policymakers.

6. Corporate Finance: PhD holders in Finance may work in corporations, particularly in financial strategy, capital budgeting, risk management, or financial analysis areas. They may offer financial advice in strategic decision-making, financial planning and analysis, investment analysis, or corporate valuation, assisting firms in improving their financial performance.

7. Entrepreneurship and Innovation: PhD holders in Finance may apply their financial skills to entrepreneurial initiatives or professions requiring innovation. They may work at start-ups, venture capital companies, or innovation-focused organizations, where they evaluate business models, assess investment opportunities, manage financial risks, and provide strategic financial advise to assist entrepreneurial activities.

What are the requirements for a PhD in Finance?

The particular criteria for a PhD in Finance can differ depending on the university or educational institution that offers the program, as well as the country or location in which the program is located. However, some common PhD in Finance requirements often include:

1. Educational Qualifications: Most PhD programs in Finance require applicants to have a solid educational background, often a master’s degree in a relevant topic such as finance, economics, business, or a comparable quantitative study. Some schools may accept applicants with a bachelor’s degree, however this is uncommon and sometimes necessitates additional requirements or experience.

2. Graduate Admissions examinations: Applicants to PhD programs in Finance may be required to submit results from standardized graduate admissions examinations such as the Graduate Record Examination (GRE) or the Graduate Management Admission Test (GMAT). (GMAT). These assessments measure applicants’ abilities in areas such as verbal reasoning, quantitative reasoning, and analytical writing.

3. Research Proposal: Because the PhD in Finance program is research-intensive, applicants may be required to submit a research proposal explaining their intended study topic or research interests. Typically, this proposal comprises a summary of the research issue, study aims, methodology, and predicted contributions to the subject of finance.

4. Academic Transcripts: Typically, applicants must produce official transcripts from their previous undergraduate and graduate degrees, demonstrating their academic record and achievements.

5. Letters of Recommendation: Applicants may be expected to present letters of recommendation from academic or professional sources who can speak to their abilities, skills, and prospects for success in a PhD program.

6. Statement of Purpose: Applicants are often required to provide a statement of purpose explaining their rationale for obtaining a PhD in Finance, as well as their professional objectives and research interests. This statement assists the admissions committee in determining the applicant’s fit with the program and their likelihood of success.

7. English Language Proficiency: Many PhD programs in Finance may demand confirmation of English language proficiency for applicants whose native language is not English, such as scores from the Test of English as a Foreign Language (TOEFL) or the International English Language Testing System. (IELTS).

8. Interviews: As part of the admissions process, several PhD programs in Finance may ask applicants to engage in an interview. This interview may take place in person, over the phone, or via video conference, and it will assess the applicant’s research interests, academic abilities, and enthusiasm for pursuing a PhD in Finance.

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How long does it take to get a phd in finance.

The time it takes to earn a PhD in Finance depends on a number of factors, including the program structure, the student’s progress, and the individual’s dedication to their study. However, it usually takes 4 to 5 years of full-time study to get a PhD in Finance.

The completion of a PhD in Finance can be divided into many stages, which may differ based on the program and the individual’s progress:

1. Coursework: During the first year of a PhD in Finance program, students often do coursework to provide a solid foundation in finance theory, research methods, and other related fields. Coursework time varies, but it normally takes 1 to 2 years to finish.

2. Comprehensive Exams: Some PhD programs in Finance require students to complete comprehensive exams after completing courses to demonstrate their knowledge and expertise in the discipline. Depending on the program’s requirements, comprehensive exam preparation and completion can take several months to a year.

3. Research Proposal: After passing the comprehensive tests, students usually work on writing and defending a research proposal outlining their desired study topic, methodology, and expected contributions to the discipline. The development and defense of the research proposal might take several months to a year or more, depending on the complexity of the research and the student’s progress.

4. Dissertation Research: Following the successful defense of the research proposal, students begin their dissertation research, which is the capstone of their PhD program. The dissertation research stage’s time might vary greatly based on the research topic, methodology, data gathering, and analysis needs. The dissertation research and writing process normally takes two to three years or more.

5. Dissertation Defense: After completing their dissertation, students usually defend their research findings in front of a committee of faculty members. The time it takes to schedule and complete the dissertation defense can vary, although it normally takes several months to a year or more, depending on committee member availability and other practical concerns.

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Do you need a masters in finance to get a phd in finance.

A Master’s degree in Finance or a similar discipline is not always required for entrance to a PhD program in Finance. However, admission requirements may differ based on the program and institution.

Some PhD programs in Finance may require applicants to have a Master’s degree in a relevant discipline, whereas others may allow applicants with only a Bachelor’s degree provided they have additional qualifications or experience.

A Master’s degree in Finance or a closely related discipline can provide a solid foundation in finance theory, research methodologies, and mathematical skills, which can be useful for PhD study in Finance.

It can also reflect a greater degree of academic preparation and may assist applicants in standing out during the difficult admissions process.

Some PhD programs in Finance, however, may provide a combined Master’s and PhD program in which students acquire a Master’s degree while pursuing their PhD. In such instances, admittance may not require a separate Master’s degree.

What are the Best PhD in Finance Degree programs?

1. massachusetts institute of technology (mit) – phd in finance 2. stanford university – phd in finance 3. university of chicago – phd in finance 4. columbia university – phd in finance and economics 5. new york university (nyu) – phd in finance 6. university of pennsylvania (wharton) – phd in finance 7. harvard university – phd in business economics (with a concentration in finance) 8. university of california, berkeley (haas) – phd in finance 9. princeton university – phd in finance 10. northwestern university (kellogg) – phd in finance, leave a comment cancel reply.

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What Do Quantitative Analysts Do?

Where do quant analysts work.

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The Right Career for You?

The bottom line.

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Quants: The Rocket Scientists of Wall Street

Quantitative analysts are professionals who understand the complex mathematical models that price financial securities and are able to enhance them to generate profits and reduce risk. As financial securities have become increasingly complex, demand has grown steadily for quantitative analysts , often called simply "quants," or even the colloquially affectionate "quant geeks."

Because of the challenging nature of the work—which needs to blend mathematics, finance, and computer skills effectively—quant analysts are in great demand and able to command very high salaries. Here's a look at what they do, where they work, how much they earn, and what knowledge is required, to help you decide whether this may be the career for you. 

Key Takeaways

• Quantitative analysts, or quants, combine their skills in finance, math, and computer software to analyze and predict the markets, creating complex models that can be used to price and trade securities.
• They tend to work in investment banks and for hedge funds, although insurance companies, commercial banks, and financial software and information providers may also hire them.
• Quants work in major financial centers in the U.S. and in London and Asia, among other places across the globe.
• Firms often look for candidates who have a master's degree or a Ph.D. in a quantitative subject, such as mathematics, economics, finance, or statistics.
• Compensation can be in the low-to-middle six figures.

Quantitative analysts design and implement complex models that allow financial firms to price and trade securities. They are employed primarily by investment banks and hedge funds , but sometimes also by commercial banks, insurance companies, and management consultancies; in addition to financial software and information providers.

Quants who work directly with traders , providing them with pricing or trading tools, are often referred to as " front-office " quants. In the " back office ," quants validate the models, conduct research, and create new trading strategies . For banks and insurance companies, the work is focused more on risk management than trading strategies. Front-office positions are typically more stressful and demanding but are better compensated.

The high demand for quants is driven by multiple trends:

• The rapid growth of hedge funds and automated trading systems
• The increasing complexity of both liquid and illiquid securities
• The need to give traders, accountants, and sales reps access to pricing and risk models
• The ongoing search for market-neutral investment strategies  

Quantitative analyst positions are found almost exclusively in major financial centers with trading operations . In the United States, that would be New York and Chicago, and areas where hedge funds tend to cluster, such as Boston, Massachusetts and Stamford, Connecticut.   Across the Atlantic, London dominates; in Asia, many quants are working in Hong Kong, Singapore, Tokyo, and Sydney, among other regional financial centers.

Despite the heavy concentration in those cities, quants are found all over the world—after all, many global firms analyze and/or trade complex securities, which creates demand for the quant's brainpower and abilities. But the problem that a quant working in Houston or San Francisco faces is that changing employers most likely would mean changing cities, whereas a quant working in Manhattan should be able to interview for and find a job within a mile or two of their previous one. 

What Do Quants Earn?

Compensation in the field of finance tends to be very high, and quantitative analysis follows this trend. It is not uncommon to find positions with posted salaries of $250,000 or more, and when you add in bonuses, a quant could earn $500,000+ per year. As with most careers, the key to landing the high-paying jobs is a resume filled with experience, including with well-known employers, as well as reliance on recruiting firms and professional networking for opportunities. 

The highest-paid positions are with hedge funds or other trading firms, and part of the compensation depends on the firm's earnings, also known as the profit and loss (P&L) . At the other end of the pay scale, an entry-level quant position may earn only $125,000 or $150,000, but this type of position provides a fast learning curve and plenty of room for future growth in both responsibilities and salary.

Also, some of the lower-paid quant positions likely would be primarily quant developers, which is more of a software-development position where the individual is not required to have as much math and financial expertise. An excellent quant developer could certainly earn $250,000, but that's about as high as the compensation package generally would go.

Despite the high pay level, some quants do complain that they are "second-class citizens" on Wall Street and don't earn the multimillion-dollar salaries that top hedge fund managers or investment bankers command. As you can see, financial success is always relative.

Estimated total pay of a quantitative analyst in the U.S. Google is among the 10 highest paying companies for a quant, offering an annual salary of $279,284.

Quants Skills and Education

Financial knowledge.

Many financial securities, such as options and convertibles , are easy to understand conceptually but are very difficult to model precisely. Because of this hidden complexity, the skills most valued in a quant are those related to mathematics and computation rather than finance. It is a quant's ability to structure a complex problem that makes them valuable, not their specific knowledge of a company or market.

A quant should understand the following mathematical concepts:

• Calculus (including differential, integral, and stochastic)
• Linear algebra and differential equations
• Probability and statistics

Key financial topics include:

• Portfolio theory
• Equity and interest rate derivatives , including exotics
• Credit-risk products

Some quants will specialize in specific products, such as commodities , foreign exchange (Forex) or asset-backed securities .

Computer Competency

Software skills are also critical to job performance. C++ is typically used for high-frequency trading applications, and offline statistical analysis would be performed in MATLAB, SAS, S-PLUS or a similar package. Pricing knowledge may also be embedded in trading tools created with Java, .NET or VBA , and are often integrated with Excel. Monte Carlo techniques are essential. A majority of the work is also realized in Python, as scripting-type languages are good for running lots of data and multiple scenarios.

Education and Certifications

Most firms look for at least a master's degree or preferably a Ph.D. in a quantitative subject, such as mathematics, economics, finance, or statistics. Master's degrees in financial engineering or computational finance are also effective entry points for quant careers. Generally, an MBA is not enough by itself to obtain a quant position, unless the applicant also has a very strong mathematical or computational skill set in addition to some solid experience in the real world. 

While most financial certifications, such as the Chartered Financial Analyst (CFA) designation likely wouldn't add much value to a prospective quant's resume, one that may is the Certificate in Quantitative Finance (CQF) —which you may earn globally via distance learning in a six-month intensive program.

Clearly, you need to have "the right stuff" to be a quantitative analyst. It requires both the intellectual ability to master complex and abstract mathematical domains and a willingness to tackle challenges that can seem insurmountable—all while under considerable pressure—which only a select few can do.

But that also doesn't mean that everyone who has the ability to be a quant should become one. The financial problems that quants face are very abstract and narrow. Unlike fundamental or qualitative analysts , quants don't read annual reports , meet with management, visit operations, prepare roadshows, or talk to shareholders . Most of their time is spent working with computer code and numbers on a screen.

Individuals with strong analytical skills are valuable in many different areas of finance, such as economic and financial analysis , for example. Having to compete against the best and brightest quants every single day may not be the quickest path through the ranks, especially for those with broader skills and interests and a desire to manage.

Another career issue to consider is that many Ph.D. quants who come from academic environments find they miss the research environment. Instead of being able to study a problem for several months, when supporting a trading desk you need to find solutions in days or hours. This usually precludes making any breakthroughs in the field. 

Do Quants Get Paid Well?

Yes, quants tend to command high salaries, in part because they are in demand. Hedges funds and other trading firms generally offer the highest compensation. Entry-level positions may earn only $125,000 or $150,000, but there is usually room for future growth in both responsibilities and salary.

How Hard Is Quant Finance?

It take advanced-level skills in finance, math, and computer programming to get into quantitative trading , and the competition for a first job can be fierce. Once someone has landed a job, it then requires long working hours, innovation, and comfort with risk to succeed.

Do You Need a Ph.D. to Be a Quant?

Having a Ph.D. in a subject like math, finance, economics or statistics can be a definite plus for anyone wanting to become a quant. But a master's degree in computational finance or financial engineering can also be the ticket to a career as a quantitative analyst.

Success in quantitative analysis is largely based on knowledge, talent, merit, and dedication instead of the ability to sell, network, or play politics. The quants who work in the field are there because they can do the job well—an environment that many find remarkably refreshing—and they are justly rewarded for their work.

Bureau of Labor Statistics. " Financial Analysts ."

Open Quant. " The Various Types of Quants and Quant Employers ."

Bureau of Labor Statistics. " Financial Analysts: Work Environment ."

Glassdoor. " Quantitative Analyst Salaries ."

Bureau of Labor Statistics. " Financial Analysts: Pay ."

Glassdoor. " How Much Does a Quantitative Analyst Make? "

Duke University Career Center. " Quantitative Analysis ."

Bureau of Labor Statistics. " Financial Analysts: How to Become One ."

Certificate in Quantitative Finance. " Who Is It For? "

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Highest Paying Doctorate Degrees [2024 Guide]

We’ve identified the 25 highest paying doctorate degrees. Compare salaries and job prospects.

Completing a PhD may open up doors in terms of career advancement. Plus, it may not take as long as you think to complete if you enroll in the shortest doctoral programs .

Editorial Listing ShortCode:

The following list contains the highest paying doctorate degrees along with career outlook and job growth statistics.

25 Highest Paying Doctorate Degrees

All career statistics and salary data are provided by the U.S. Bureau of Labor Statistics .

Click on the area of study you’re interested in to jump to that section.

Aerospace Engineering

Chemical engineering, pharmacology, business administration, cybersecurity, electrical engineering, data science, biochemistry, information security assurance, biomedical engineering, information technology and computer science, occupational therapy, criminal justice, engineering, organic chemistry.

While all of these industries are growing, some provide better job prospects than others.

• Annual Median Salary (Bureau of Labor Statistics): $208,000
• Job Growth: 4%

One of the more specialized high paying doctorate programs is in immunology. Immunology is the study of disease prevention and immunity. Due to the specialized nature of the study here, jobs are typically well paid and much more specific.

A person who has studied immunology may be expected to work in research or academia but is also likely to land high-paying roles within the medical industry and at hospitals. The demand for this area of expertise is also rising faster than the average job growth, meaning there should be plenty of opportunities for graduates.

A PhD in immunology is a lot of hard work and is, therefore, suited to someone who already has considerable experience working in the medical industry. Those with an academic background in medicine should consider applying for an immunology program.

• Annual Median Salary (Bureau of Labor Statistics): $129,850
• Job Growth: 7%

Of the three main sciences, physics can be the one that is the most fruitful for taking a doctorate. People who take a PhD in physics are likely to land themselves a position as either a researcher or a professor.

There are also several other high paying positions that are possible for someone who takes this career path, including more specialized roles or becoming lead physicists and consultants.

Physics is also one of the job markets that is predicted to see a considerable amount of growth for the next 10 years. Pursuing a physics doctorate can be perfect for someone who already has experience in physics or someone who already has either a bachelor’s or master’s degree in the subject combined with some practical experience.

• Annual Median Salary (Bureau of Labor Statistics): $118,610
• Job Growth: 3%

Aerospace engineering is a field that would likely attract those who already have a background in either science or engineering. It is one of the fastest growing industries in the world, and demand for jobs is expected to increase as the years roll by. So the length it takes to get a PhD should be taken into consideration so you can quickly enter this field during its booming growth.

The doctorate focuses on the engineering of various different types of spacecraft and can be incredibly demanding. According to the Bureau of Labor Statistics, the salary potential for this field is as high as $171,220.

• Annual Median Salary (Bureau of Labor Statistics): $110,860

Math may not be the glamorous subject to study at doctorate level, but it can open up a wide range of potentially lucrative career options.

Math can allow students to work in various sectors of the economy and business, and they may also work in research or as a math lecturer or professor at a top university.

• Annual Median Salary (Bureau of Labor Statistics): $109,760
• Job Growth: 5%

Taking a doctorate in management can be a logical step in the career of someone who has a history of working in business, project management, or the economy as well as several other sectors.

Earning this doctorate can open up chief executive roles within companies and roles like chief operations officer and supply chain management. It may also lead to regional and national management roles.

• Annual Median Salary (Bureau of Labor Statistics): $108,540

Another engineering-based field that presents doctorate students with some big money career options is chemical engineering. The field combines a number of different disciplines, including all of the sciences, math, and statistics, as well as engineering.

It is a complex doctorate to take, but the rewards may be worth the effort, with the Bureau of Labor Statistics showing salaries up to $168,960 available in this field.

• Annual Median Salary (Bureau of Labor Statistics): $108,350
• Job Growth: 14%

One of the most popular PhDs to take is in economics. Economics is a social science that studies and theories about the production and consumption of goods and the effect that this has on society and the economy.

Taking a PhD in economics may open up a lot of doors. Working in the financial sector is usually lucrative, and a doctorate in economics can help give you an edge over competitors in what is a notoriously feisty industry. Top earners can make around $198,230 per year.

Economics analysis is a skill that is highly sought after, especially in the medical, legal, and education sectors.

While on the face of it, some people may believe that studying economics leaves you consigned to an office for the majority of your working life, the reality is that it can open up a lot of doors in a lot of different sectors. It may also provide you with a lot of travel opportunities and chances to meet new people.

A doctorate in economics may be perfect for someone who already has some experience in the field or for someone who has studied economics, math, finance, or business to a higher level and wants to take the next step in their academic and professional career.

• Annual Median Salary (Bureau of Labor Statistics): $107,270
• Job Growth: 6%

Pharmacology is big business these days, and taking a doctorate in the subject may lead to some lucrative opportunities. It is expected that someone who wants to study pharmacology will have a background in the subject with a master’s degree being heavily preferred.

There are a lot of pre-requisites for getting onto a pharmacology doctorate program, but the Bureau of Labor Statistics is showing salaries going as high as $164,980.

• Annual Median Salary (Bureau of Labor Statistics): $103,650

Getting a doctorate in business administration can open up a lot of doors. Students who end up taking their doctorate in business administration often end up working as leading and chief executives as well as entrepreneurs and financial advisors.

According to the Bureau of Labor Statistics, salaries for someone with a doctorate in this field can be as high as $208,000. It can be ideal for someone who has a background in business or economics who wants to take the next step in their career.

• Annual Median Salary (Bureau of Labor Statistics): $103,590
• Job Growth: 31%

As the world of IT continues to grow, so does the demand for more and more cybersecurity. The field is one of the fastest-growing in the world, and getting a doctorate in the subject may land you a range of different high paying jobs.

According to the Bureau of Labor Statistics, roles like IT managers can offer doctorates a salary of up to $208,000. This sector is also constantly growing, and as such, the demand and the salaries should continue to grow as time passes.

• Annual Median Salary (Bureau of Labor Statistics): $100,830

When it comes to job demand, electrical engineering is one of the safest career paths to go down. Electrical engineering has a huge impact on our day-to-day lives.

Most of our day-to-day electrical appliances exist as a result of electrical engineering, and taking a doctorate in the field may open the door to some pretty lucrative research and project management positions. It is advised that someone who takes a PhD in electrical engineering already have practical experience in the field.

• Annual Median Salary (Bureau of Labor Statistics): $98,490

A doctorate in education can open up a lot of different career options in that sector. A lot of doctors of education end up working in either research or in top positions at schools as principals and superintendents.

According to the Bureau of Labor Statistics, the average salary for someone working in education administration with a doctorate is around the $199,400 mark. A number of doctor of education programs do not require a dissertation .

• Annual Median Salary (Bureau of Labor Statistics): $98,230

Data is quickly becoming the most valuable commodity on the planet, and as such, the demand for data specialists and researchers is growing at an impressive rate.

Data science doctorates offer a gateway into these positions, and they usually come with some pretty high salaries. According to the U.S. Bureau of Labor Statistics, salary for a data scientist can go as high as $165,230, and with this field ever-expanding, the demand for these positions should continue to increase.

• Annual Median Salary (Bureau of Labor Statistics): $94,270

Biochemists study the chemical and physical makeup of living organisms. Due to the specialized nature of the subject, research positions in this sector typically pay incredibly well.

According to the Bureau of Labor Statistics, biochemist doctorates can start out at around $67,710 but can increase up to $169,860 or more. This doctorate may suit someone with a background in chemistry or some other science discipline.

• Annual Median Salary (Bureau of Labor Statistics): $92,870

Information assurance is a new discipline that has been created as a result of the times we live in. Information assurance is effectively another type of cybersecurity that is designed to protect people’s data from third parties and other potentially dangerous sources.

A background in any sort of computer or data-related field can be ideal for getting onto an information assurance course. Due to the increasing demand for data protection, jobs in this sector can be particularly lucrative, and the demand for these jobs is expected to increase as time rolls on.

The demand for experts in this industry is very high and is only predicted to grow over the next decade.

• Annual Median Salary (Bureau of Labor Statistics): $92,620

Biomedical engineering is becoming an incredibly popular field of research. It is an ever-growing and developing industry, and as such, the demand for expertise in the area is on the rise.

Getting a PhD in biomedical engineering is likely to secure you a lucrative research job for a university or a job in a hospital or the medical industry. According to the Bureau of Labor Statistics, an average salary in this field for a senior position ranges from $127,980 to $169,860.

• Annual Median Salary (Bureau of Labor Statistics): $92,270
• Job Growth: 35%

Statistics is one of the most versatile doctorates available today. Statistics are used in a wide range of different sectors, including finance, research, business, health care, government, and many others.

A doctorate in statistics can be ideal for someone who has a background in math or business. According to the Bureau of Labor Statistics, the top salary for someone working in statistics can be as high as $150,840.

• Annual Median Salary (Bureau of Labor Statistics): $91,250
• Job Growth: 11%

The world of IT is constantly growing, and as it does, the demand for experts grows with it. Getting a doctorate in information technology and computer science can be an incredibly lucrative career move, with the Bureau of Labor Statistics showing top earners taking home as high as $208,00.

The jobs that can be accessed, such as chief technology officers or research roles within the industry, tend to be incredibly well-paid. This doctorate attracts people who have backgrounds in IT-related fields, such as computer science or computer programming.

• Annual Median Salary (Bureau of Labor Statistics): $86,280
• Job Growth: 16%

For someone who already has experience working in occupational therapy, earning a doctorate in the field can be a huge benefit. Not only can it open the door for them to move up in the industry, but it can also expand their knowledge of the subject area.

It can provide them with theory-based research while also working on their leadership and management skills. According to the Bureau of Labor Statistics, occupational therapists holding a doctorate degree may reach a salary as high as $122,670.

The job growth for this doctorate is also incredibly high, which means it may be an excellent career path to enter in terms of job security.

• Annual Median Salary (Bureau of Labor Statistics): $86,110

The number of career options that are available to someone who has a doctorate in criminal justice is typically vast. Working as a criminologist, a criminal justice researcher, or a federal law agency admin can earn graduates a lot of money.

This course of study is best suited for someone who already has real-world experience working in the criminal justice or law sector.

• Annual Median Salary (Bureau of Labor Statistics): $83,160

Engineering jobs are almost always in demand, and while there are a lot of high paying jobs available for those who have an undergraduate or master’s degree, taking a doctorate in the field can really help you advance your career.

An engineering degree is already one of the highest paying associate degrees , highest paying bachelor degrees , as well as one of the highest paying masters degrees , but the doctorate can be perfect for someone who already has experience working in engineering and wants to take that next step in their career.

A director of engineering job title and other project management positions may offer some very high salaries, about $208,000 or more, according to the Bureau of Labor Statistics.

• Annual Median Salary (Bureau of Labor Statistics): $82,180

With the stigma around mental health finally disappearing, the demand for jobs in psychology is on the rise. While a normal degree or masters in psychology may allow you to get jobs as a psychiatrist or a psychologist, higher-paying positions can become available following a doctorate.

It may also open up roles in research and as a university lecturer in the subject. The doctorate is suited to someone who already has their masters in psychology or who has a significant amount of experience working in the field.

• Annual Median Salary (Bureau of Labor Statistics): $80,790
• Job Growth: 9%

Getting a degree in philosophy can potentially lead to a surprisingly lucrative career in research or working as a lecturer. The doctorate is suited for someone who wants to work in research and who has a background in philosophy or religious studies.

According to the Bureau of Labor Statistics, salaries in this field are around $80,790 per year working in a research role, and up to $180,360 for college professors.

• Annual Median Salary (Bureau of Labor Statistics): $79,300

Organic chemistry, perhaps more than any of the other sciences, can open up a lot of different career options for doctorates. As well as research and academic positions, someone who studies organic chemistry may be able to land a job in a number of different areas, including geology, the pharmaceutical industry, and engineering.

Organic chemistry is a notoriously difficult subject to study, though, so it is vital that you have a solid background in chemistry and some work experience before attempting to join the program. According to the Bureau of Labor Statistics, salaries can go as high as $139,650 in this field.

• Annual Median Salary (Bureau of Labor Statistics): $69,000
• Job Growth: 2%

A doctorate in English can open a range of different academic doors for potential students. A PhD in English may be perfect for someone who already has an academic background in the subject and can also be perfect for qualified teachers and writers looking to take the next step in their career.

According to the Bureau of Labor Statistics, a doctorate in English may qualify you for a potential career in a lecturing position with salaries as high as $180,360, as well as positions within the publishing industry.

What Are the Different Types of Doctorate Degrees?

There are six common types of terminal degrees.

• Doctor of Philosophy (Ph.D.) – Traditionally reserved for those who want to remain in the world of academia, Ph.D. degrees focus on maximizing your ability to impart this advanced knowledge to incoming students. Outside of teaching, Ph.D. candidates also focus on pushing the limits of research and theoretical study within their chosen fields.
• Doctor of Business Administration (DBA) – The DBA experience is all about turning your terminal research in the areas of finance, marketing, accounting, and other related fields into applicable real-world skills. DBA graduates traditionally work in the corporate sector as executive officers and other ranking members of various managerial teams.
• Doctor of Psychology (PsyD) – PsyD students aim to provide clinical services within a wide range of settings, including group, familial, medical, scholastic, and even corporate environments. Earning this degree can give you the power to serve as a practicing clinician or specialized counselor.
• Doctor of Education (EdD) – Capturing an EdD degree is the first step toward a leadership role within the corporate and administrative side of the education field. Working as a principal, district supervisor, or even regional superintendent all fit into the professional path of this degree.
• Doctor of Social Work (DSW) – If you’re interested in educating others on the best practices and leading theories of modern social work and community interaction, then a DSW program could be your option. Holders of this degree research and educate others in the social work field via hands-on training in the classroom and the office, as well as provide answers and guidance in unique or exceptional social issue cases.
• Doctor of Public Health (DPH) – Like most of the other degrees in this review, earning a DPH is all about the desire to lead others in a chosen workplace environment. In this case, that means maintaining residency as an administrator or public health coordinator at a hospital or a similar clinical setting.

The type of doctorate degree you will want to earn depends on your career goals and primarily whether you want to teach the subject or continue working in your field.

Campus or Online: Which One Is Right for You?

It’s no big secret that whichever doctorate route you choose, you will most likely be rewarded for your hard work and research via ample compensation. However, you can make this process a little easier on yourself by focusing on a path – either online or on-campus – that suits your unique needs and daily requirements.

While the appeal of the traditional college experience is the major selling point for the on-campus approach, working on your degree from home is a flexible alternative that can shape and mold itself to your current personal and professional schedule by allowing you to work on your research and coursework at your own pace.

Adding in that these doctorate programs often waive Graduate Record Examination (GRE) minimum scores based on your GPA, as well as reduce or completely remove residency requirements, is further proof that this approach is at least worth your consideration as you plan out your academic future.

Questions Related to Earning a Doctorate

Here are our answers to a few more questions you might have.

How Much Do PhD Graduates Earn?

PhD Graduates make on average close to $100,000, with some job positions paying nearer the $70,000 mark and others going well about $208,000 (Bureau of Labor Statistics).

There may be some who question whether it is worth taking the time to invest in a PhD. Doctorate programs require a lot of time and effort, but studies suggest that PhD students typically earn more and find it easier to attract higher-paying jobs than those with just an undergraduate or a master’s degree.

What Are the Highest Paying Degrees?

A lot of degrees can lead to well-paying jobs. The more specialized a degree is in a certain field, the higher the chances are that it will be well paying. These degrees currently tend to be those in the engineering sector, as these are the ones that offer the most in-demand jobs.

What Is the Highest Paying PhD Degrees?

Once again, this one will depend on how specialized your PhD is and how in-demand that expertise is at a given time. Engineering PhDs tend to be evergreen, while there is an increasing demand for those with PhDs and knowledge in computer science and other IT related subjects.

PhDs usually provide those who have them with a lot of the highest paying jobs opportunities.

Are There Any Degrees Higher than a PhD?

No, there are no higher degrees than a PhD.

A PhD, also regularly referred to as just a doctorate, is as high as you can go academically. It is a specialized research doctorate that demonstrates a high level of expertise in a field. Most people who obtain their PhD tend to stay on at universities as either a member of a research team or as a lecturer.

Do you need a masters to get a PhD ? While many PhD programs require you to earn a masters first, it is possible to earn your PhD without having earned a masters. These are the direct entry bachelor’s to PhD programs offered by some universities.

Getting Your Doctorate Degree

It is important that you take the time to do your research into what doctorate will help your career the most. Once you have done this, you can begin to find the right university and program for you and begin the next step in your academic and professional career.

Now that you understand your career prospects and doctorate opportunities, it’s time to lay out the blueprint for a successful future.

Outside of conducting research on each of the areas that interest you, feel free to use the search tool below to find accredited universities that offer online doctoral programs in your chosen field.

When paired up with the rest of what you’ve learned here, there’s nothing that can stop you from finding the right school – and program of study – to fit your personal and professional goals moving forward.

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Phd in finance salary in florida.

How much does a Phd In Finance make in Florida? The salary range for a Phd In Finance job is from $89,230 to $118,132 per year in Florida. Click on the filter to check out Phd In Finance job salaries by hourly, weekly, biweekly, semimonthly, monthly, and yearly.

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Highest Paying Cities for Phd In Finance in Florida

States with higher salaries for phd in finance, how much do similar professions get paid in florida, how much should you be earning, what does a phd in finance do.

The PhD program in Finance at ISCTE is a rigorous program designed to train students to produce high-quality research.

PhD Finance programs cover all areas of finance, often including such topics of study as corporate finance, asset pricing, investments, insurance, security prices, corporate governance, and the management and regulation of financial institutions, to name a few.

A PhD in finance provides a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

The PhD in Business Administration (PhD-BA), Concentration in Finance allows students to advance to the highest levels of business education.

There are many universities located all over the world that offer PhD Finance programs, each providing a unique local focus within a global perspective of finance.

Moreover, the job market for finance PhDs has been strong, and in recent years more positions have been available than candidates pursuing jobs.

Graduates holding a PhD Finance degree often go on to careers in Universities, consulting, and other careers in the financial services industry.

View Job Skills and Competency Data for more than 15,000 Job Titles, 18 Industries, and 26 Job Families.

Most Common Benefits for Phd In Finance

Related companies for phd in finance in florida, frequently asked questions, how can i get fair pay as a phd in finance, what're the daily responsibilities of a phd in finance, how much does a phd in finance make.

• Psychologist Phd
• Phd Chemist
• Phd Engineer
• Phd Scientist
• Phd Biology
• Phd Engineering
• Phd Neuroscience
• Phd Physics
• Phd Researcher

Which city pays a higher Phd In Finance salary in FL?

What are the highest and lowest phd in finance salaries in fl, career insights.

Top quant PhDs are getting $400k pay packages to become e-traders

Several banks and hedge funds have increased the value of the compensation packages that they are offering to entry-level quantitative PhD graduates to become quantitative traders specifically involved in automated trading.

In fact, some banks offer entry-level quants with PhDs from top universities base salaries as high as $125k and hedge funds offer up to $175k base salary. Exceptional entry-level PhD quants can receive total compensation packages, including sign-on bonuses, worth up to $400k, according to recruiting firm Options Group.

While electronic sales-traders are vulnerable for headcount reductions, candidates with the right skill set receive, on average, 15% to 20% increases in total compensation to switch firms, with an upper limit of 25%.

"Banks continue to invest in improving the quality and depth of their electronic platforms while enhancing their reporting and compliance," says Push Patel, managing partner at Options Group. "The forecasted increases in compensation reflect the high levels of competition among firms to retain and recruit these professionals."

Ben Hodzic, a director at recruitment firm Selby Jennings, confirmed that those compensation figures are accurate for PhD graduates in finance, economics and econometrics coming from an Ivy League university with a Bachelor’s or Master’s degree in a STEM field such as engineering, statistics and computer science.

Banks and hedge funds are hiring quant PhDs right after graduation

Banks, hedge funds and proprietary trading firms are hiring quantitative researchers and quantitative developers to build and upgrade research platforms and work on optimization, while other quant candidates are tasked with contributing to alpha generation on a systematic trading desk, per Patel.

"Discretionary funds have also started to hire these entry-level candidates to create better screening mechanisms to help identify trading opportunities, utilizing data science instead of just pricing quants," he says. "Hiring entry-level quants are a part of larger programs to, in general, innovate for a wide variety of firms.

"Entry-level quants are not actually trading right out of school, but a few of them are involved in research that is applied to alpha generation," he says.

Financial services firms are hiring quants across the front, middle and back office

Maxwell Lennon, a VP of quant, tech and data (QTD) at recruitment firm GQR, says that PhD/Master’s graduates with STEM degrees are always in demand, but some of the best-performing programs he has seen for engineers are software management at Carnegie Mellon and computer science at MIT, as well as Oxford and Cambridge.

For quant researchers, they are usually coming from a mathematics or statistics background – the University of California, Berkeley, and Stanford for stats; MIT and Harvard for math.

Other quant feed schools include all Ivy League universities, Illinois Urbana, Michigan, NYU, Moscow Institute, ETH Zurich, Chicago Booth and the Indian Institute of Tech (IIT). Graduates from such schools go on to work as front-office pricing quants, quant traders, middle-office risk quants, software engineers, quant researchers, data scientists and, at Goldman Sachs, strats.

“Probably the greatest volume of quants that I see come from Master’s in financial engineering (MFE) programs at Cal-Berkeley and operations research at Columbia University. Lennon says. “An exceptional PhD graduate has a high GPA in math or stats and sometimes physics, but the hiring manager needs to prefer that, because there are some of teams that steer away from hiring physics grads considering their different approaches to solving problems.

“Other teams think they are the best, specifically for machine learning, but this is all a matter of opinion and a theory with a lot of detractors,” he says.

Exceptional PhD graduates enjoy multiple job offers

A PhD in a STEM field from a top 50 global university is the standard for being a desirable quant candidate, according to Options Group.

“Clients are looking for individuals who can be creative, technically hands on, most importantly, not theoretical,” Patel says. “Candidates from a top 50 global STEM program and an undergraduate degree with a high GPA are viewed more favorably than a mediocre undergrad and a strong PhD.

“Being ranked in the top 10% of the International Olympiads is also very desirable; however, what is key is the combination of being very quantitative and possessing sophisticated technical skills,” he says. “More recently, the demand to hire professionals with a background in artificial intelligence and machine learning is rising, and we expect this trend to continue.”

Finance PhD graduates from the University of Pennsylvania’s Wharton, the University of Chicago’s Booth, Harvard and a couple of other elite business schools are extremely sought-after for quantitative research, asset pricing, portfolio management/construction and strategy positions, per Hodzic.

“Within the finance field, there is heightened interest in research specific to asset-pricing techniques, as these are ever-evolving,” he says. “The schools listed here are great representations of where some of the original pricing models were founded, and have since been built upon using new modeling theory, statistics and programming to better fit the models and creates more optimized portfolios for clients.”

Rising pay as banks and hedge funds compete with other industries for talent

It’s not just banks that going after such candidates. An increase in data-driven strategies is ramping up the competition for talent, per Lennon. Hedge funds are also seeing this talent as rare, and are going above and beyond to pay a premium to secure them, per Hodzic.

“For candidates that have this [type of] PhD, a background or undergraduate degree in statistics or mathematics is seen as even stronger and worth paying a higher premium for,” he says. “These are small programs, so the best talent coming from each class is extremely selective and most of them are so well networked that they come out of school with three or more offers already in hand.

“This gives them a lot of leverage so other firms have to bid up to compete.”

Technology is evolving very quickly, and knowledge of new approaches and techniques and the ability to apply them are inherently a competitive advantage across many industries, per Patel.

“Every industry is involved in technology – from automobile manufacturers to pharmaceuticals to consumer and retail companies – so the financial industry is also competing with many other companies,” he says. “Part of it is simply a matter of supply and demand.”

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