Why is it that people say that Phd is not a good thing if you want to make lots of dough???? I have seen some positions on the jobs board that offer Phds major cashola (like $250+). Is this not typical, or is there something I am missing? Also, would it be likely that a masters would be able to this kind of money?

train,from reading some of your posts you seem very keen on earning the big bucks (just a reflection - no value attached )I would think that often when people say it is not a god idea to get a PhD if you (just) want to make lots of money, they mean that if you are going to get in a PhD program and actually finnish it you should probably have a better motive than just a possible future cashflow - a PhD isn't just to step in and grab (not that BA's or M.Sc are either, but a bit more at least..), it's hard work and dedication.Or at least that is how I interpret it.

patrik, you are right, i am VERY keen on earning the big bucks. however, i wouldn't be doing a phd in mathematics solely for that reason. i truly enjoy math (especially applied mathematics) and wish i would have even majored in it. I'm trying to find a way to combine my passion for math/finance and my passion for earning to top $$$. it seems that a career in quant finance is the best way to achieve that goal given my interests. People have recommended I do an MBA, but everyone and their brother has one under their belt... Plus, I hate business stuff like marketing and strategy/operations, etc.... Thanks for your post... Arvind

train,if you wanna earn the top dollar, why dont you become a trader or a salesman??

skyrats, i've thought about being a trader and i'll probably even apply for positions this upcoming recruiting season, however, i'm weary of that kind of position (no pun intended) because I wouldn't have anything to fall back on. Unless you think I should do a higher degree first then move in to trading. I wouldn't bet the farm on trading as a career unless i had a higher degree i could fall back on when things go sour.

I hear what you’re saying. But a Ph.D. at a top school is a good 4 years, by then a great deal could change in the markets. Moreover, holding a Ph.D. may not be all whats it’s cracked up to be. If the quant market dries up in 4 years, trading desks may prefer younger, fresher graduate’s, who have been unmoulded (or influenced) by the walls of academia.Food for thought.

I agree, Skyrats. 4 years can see big changes in finance techniques.I've spoken to some academics, my thesis supervisor inclusive, and fellow students. The broad agreement is the positive effects of a PhD qualification is only certain if you remain an academic. Although you will have the qualification for many quants or research-based jobs, this is by no means certain.By comparison, as you pointed out, 3/4 years of concrete, practical experience is more valuable, and there isn't as much uncertainty!

sounds like solid advice guys.. so, what i'm beginning to think is that (for someone in my shoes at least) a Masters in Quant Finance or some derivative thereof, would be the best option to pursue as it provides the best risk return tradeoff... you only spend a year or so doing the program and you can also gain valuable work experience... all within a reasonable amount of time... whereas a Phd is a lot longer (5+ years) and unless you are looking to go into academia, its not a certain thing that you'll be able to shine on the street...

I have decided against pursuing a PHd for all those reasons below. The universities offering an MSc in Financial Maths can potentially change their syllabus annually to meet the demands of the job market. With a PHd, I think best advice is for people to only do one if you are genuienly interested (and can seriously see that interest last for the duration of 3 years minimum!) and that you would settle for a job paying perhaps half of what you expected to be earning at the end of it should the market not go your way. 3/4 years is a lot of time pursuing something very intense and difficult (and it could possibly turn out to be not as interesting as you thought) while your friends could have 3/4 successful years ahead of you on the career ladder. My impression is that they will work you hard especially at a top school for very little (if any) grant cheque. So if you are half hearted about it or only doing it in order to get a high paying job in 3/4 years time, then I think you should think carefully as you may be doing it for the wrong reasons. People doing it for the wrong reasons usually drop out I imagine or end up doing a crappy PHd and even perhaps failing it.

QuoteThe broad agreement is the positive effects of a PhD qualification is only certain if you remain an academic. Although you will have the qualification for many quants or research-based jobs, this is by no means certain.Statistics-wise, your statement is wrong, as is evidenced by numerous salary surveys, or else you don't believe in the market! Personally, I don't like this statament either

3/4 years is a lot of time pursuing something very intense and difficult (and it could possibly turn out to be not as interesting as you thought) while your friends could have 3/4 successful years ahead of you on the career ladder. Just do what's in your heart, what you love to do, and the money will follow (usually).