choudvik

I am very much interested in pursuing a Ph.D. in mathematics. Which Ph.D. math programs would be best if I wanted a career in the financial industry such as hedge funding or i-banking?

quag_mire

I dont know of any Ph.D programs, but I do know of several excellent masters programs in quantitative/mathematical finance, which are heavily recruited by hedge funds etc

MSFM - Home (This one is at U Chicago)

Courant Institute of Mathematical Sciences NYU

Financial Mathematics : Course Descriptions - Stanford University

MA in Mathematical Finance (This is at Columbia)

tetrishead

You have a precisely 0% chance of ever completing a doctorate in mathematics at a good institution if your goals are eventually work in the financial industry. Your chances of admission to a good institution are slightly higher, but not by much. Go with a masters program in finance.

quag_mire

Yeah... a msters program would be more appropriate for you if you want to work in quant finance....Ph.Ds suit those who want to go into academia

choudvik

Thanks a lot for the information. I am considering doing a masters in quantitative finance. What kind of jobs do Ph.Ds in Mathematical Finance get?

tetrishead

What is it with you and doctorates? Get your masters and join the workforce. 2-4 years of work experience >>>>>>>>>>>>>> 2-4 years of doctoral work.

quag_mire

if you want to be a professor, then get a Ph.D....if u wanna make money, get a masters....quant analysts get paid pretty well i heard

ramaswami

Tetris/quagmire, why the assertion about 0% rate of completion of PhD if one wants to work in finance? I miss the point. If you want to be a quant jock at Ren Tech or DE Shaw it is almost axiomatic that you have a PhD in math, physics, etc plus a Putnam or a chess master's rating ,etc. Please clarify.

Also, Columbia has two Master's, one in FE and the other cited in your reply. Please comment on these and also why master's is sufficient. Thanks.

tetrishead

If you're going into a pure math program the admissions committee will likely see through the facade, and if someone has an interest in finance and they are ultimately uninterested in math they will fail miserably. A top-flight doctoral math program isn't exactly a walk in the park. Those people with PhDs in math and physics and whatever else who you hear so much about are much older and already established in their field when they try to expand out into financial work.

choudvik

It's not that I am uninterested in math. On the contrary, I very much enjoy doing math, which is why I am considering a Ph.D. in math. But, I guess a masters is more suited for me since I want to work in industry and not in academia. I know that for most masters programs, it helps or is required to have work experience. What kind of work experience should I have to maximize my chances?

aj16

If you want to get your PhD because your passionate about math in particular and have a deep interest in that field then go ahead and do it. Honestly, I dont think it would hold you back in case you decide on a future in finance.
But if your doing it for professional purposes, then a masters degree would be better.

ramaswami

tetrishead, then why not a PhD in Financial engineering itself?

quag_mire

yes, I was about to post a link to Columbia's financial engineering program, but the OP specified that he's interested in math, so I posted links to Mathematical Finance programs. (altough they seem to be pretty similar to financial engineering)

ramaswami

quagmire, there seems to be some slight difference in the 2 columbia programs but I have not seriously analyzed them. Got interested because of freshman son who is interested in going into FE undergrad track. So, my question, why not PhD in FE? I am told that the top end quants all have PhDs, in the past they had PhDs in math, physics, but that was when FE was not a mature field in itself, but now I would daresay that you need PhD to be be a credible quant. Hence, I am skeptical about the master's except maybe OK for traders who use the models but not actual modelers. Again, please note I am ignorant about this field. Thanks.

quag_mire

umm, im not sure if a Ph.D is an absolute prerequisite to becoming a quant....i suggest that you click on the link for the NYU program that i posted, then go to current students, and click on the resumes of current students....you will find that many had interned as quants, and many will graduate and start working as quants in top investment banks....