When students decide to major in business, they quickly realize just how many different directions they can go in with this subject. For the more creative types, a marketing concentration might be a wise choice, while more math-minded individuals are likely better suited for a subject like finance , which at its most basic level is the study and examination of topics like money markets, investment, and asset allocation. Beyond the bachelor’s and master’s degree level, however, the subject begins to become much more in-depth and complex. Students pursuing a doctorate in finance can expect to delve into topics like asset pricing, market performance, and bank regulation, depending on their specific interests and study track, of course.
Why a Ph.D. Degree?
There is no denying that a doctorate degree in any subject is an investment in both time and money. In fact, the National Science Foundation published data in 2006 that revealed it is quite common for people to be in their early-to-mid thirties before they complete their doctoral studies, proving this is no short-term commitment. That being said, those who pursue a Ph.D. should possess a passion for finance studies.
Doctorate degrees especially make sense for individuals who have aspirations of becoming professors or researchers in their field. Finance, in particular, helps students move into government positions, such as this one with the Federal Reserve where employees research and analyze current financial policies and procedures.
Getting Into a Ph.D. Degree Program
Admission requirements for students who want to pursue PhD in finance programs vary by institution, but most schools have a basic set of criteria they use to assess interested applicants. Here are some common requirements:
- Bachelor’s degree in economics, mathematics, or finance
- Competitive GPA
- Acceptable GMAT or GRE scores
Inside a Finance Ph.D. Degree Program
Ph.D. degree completion depends on many factors including a student’s course load and a program’s degree requirements, but on average, Ph.D. programs take anywhere from three to six years to finish. Depending on their specific concentrations, students will take in-depth courses that explore topics like econometrics, finance theory, and more.
Ph.D. programs in finance, especially those featured online, give students a good understanding of their degree subject while encouraging them to explore and expand their study skills. Students receive a healthy balance of challenging curriculum and educational leeway to explore topics they deem important and necessary for their particular field. These are important skills for students to develop if they hope to excel in the finance field.
What’s Next for Finance Ph.D. Degree Holders?
While most finance positions do not require candidates to have a doctorate in finance, it definitely doesn’t hurt. In fact, a Ph.D. can help students not only get in the door but also advance to decision-making leadership positions.
The world of finance is on the rise, with the U.S. Bureau of Labor Statistics (BLS) projecting jobs like financial analysts will grow faster than the national average over the next few years. So while obtaining a bachelor’s degree in finance is a worthwhile investment, going above and beyond and pursuing a Ph.D. can really help excel one’s career aspirations.