Should You Get a PhD

Many students and professionals wonder if a PhD would add value and the answer really depends on your situation. The biggest cost of a PhD is the time spent getting the PhD which could have been used to work and make money (as economists like to call it, opportunity cost).

[@jazzfan-08]

Thanks for the videos, they are very informative. Right now I'm looking at getting a MFE degree and work in industry for a while, then get a Phd and maybe transition into academia. I think it would be fun to teach a night class while working, especially when many undergraduate courses don't require a Phd to teach.

[@karimtit4897]

Hi, great video !
In deed, I guess it boils down to assessing the opportunity cost correctly.
But like you said the very un-quantitative elements 'joy' and 'intellectual satisfaction' have to added to the equation along with money.
So as some one who enjoys school a lot, I am really enthousiastic about doing a Phd after finnishing my master's degree. An other reason is that I also kind of have this dream of become a professor when I get old enough and leave the industry (meh... ;) ), and I think a phd would be great asset in doing that.
What do you think about part-time phd's though, could it be a kind of golden mean ?

[@DimitriBianco]

Karim Tit a part time PhD would be great! I've looked at a few in Dallas but couldn't find any here.

[@TheMuncherTen]

thanks dimi from 2017 very balanced arguments

[@DimitriBianco]

Thanks! I still struggle to this day if or when to go back for a PhD.

[@shukailu6731]

Hi Dimitri, what are your thoughts on an Executive PhD?
Its kind of like a part-time PhD, except its normally taken by experienced professionals ~40 years of age. You also have to pay for it yourself. One example is the PhD in Finance from Edhec Business School.

[@DimitriBianco]

I wouldn't do it. Business schools like to make up additional programs so they can make more money. I'm also not a fan of Executive MBAs. They provide minimal value at best and why not go back and get a real PhD? I know it's hard to work and go to school but there really isn't a substitute for a real PhD or Masters.

[@meteor8076]

That cat in the background definitely has a PhD :D

[@jamesshkrelivanhoogstraten8040]

Why aren't you a fan of 3 year PhDs? I know american PhDs typically take 5 years or more but isn't the first 2 years just coursework? In europe a master's degree is required to do a PhD and master's degrees take 2 years so if you add the coursework from a master's and a 3 year PhD, don't you get the same result?

[@DimitriBianco]

You have a good point and I'll take it. The reason I'm not a fan of 3 year PhDs is because they lack focus. When you work on a 5-7 year PhD you are in one area studying and focusing on one special topic. Typically your adviser has a focus and you will study in that track. To really grasp a lot of the academic and research topics you need to be studying them constantly without distraction. Also in the US, the Masters classes are less rigorous than the PhD classes. For example, if you took time-series in a Masters course you would cover the material in less depth and rigor.
I should also note that some people in the US getting a PhD want a Masters. To do this a university will add more courses so they can obtain this while getting the PhD.

[@ntimdomfeh1959]

Dimitri Bianco while this is your opinion be careful not to state it as a fact. There’s a lot of newcomers who follow you here. I’m a PhD candidate and a quant myself so I can speak to this. The years of a PhD program isn’t the main criteria used in accessing the quality of a program. I’m surprised you said 3 year PhDs lack focus. Have you ever tried been a PhD?I guess not, otherwise you wouldn’t be saying that.
Now, let me educate you on what makes a PhD research. In this realm, the real barometer is the number of quality, peer reviewed publications. Is not easy to do research and get it accepted and published in a world class academic journal. So that’s the way we measure success in research not the number of years you spent on campus, half of the time doing teaching assistantships.
In the UK, you can get a PhD by publications, just to give you a sense of what really matter. I know a lot of PhDs who finish their program without a publication. No body cares about how many years it took you to finish your PhD, but they care about your publications.
I just wanted to clear the air and any misconceptions here. I enjoy your channel and keep up the good works.

[@jj0493]

@@ntimdomfeh1959 from what it sounds like you work as a quant in the uk and also did a phd here.
Can I ask how your experience finding quant jobs in the UK (presumably in London as that seems to be where most finance is) because most of what I’ve seen is for the USA.
Also what did you do for your PhD and if you did it intending to be a quant or decided while doing it.
Just asking as a uk secondary student thinking about the future.

[@ntimdomfeh1959]

@@jj0493 I am doctoral candidate in finance, here in the U.S.A, but I did my masters in the U.K. Yes, usually the quant jobs are in the U.S., London and Switzerland. I did finance PhD because I wanted to become a quant and to be able to manage my own investments ( I am talking about high level trading in derivatives). Usually, to become a quant you don't need a finance degree. The STEM degrees are much suitable for the kind of maths, stats and computer science involved. I have an undergrad in engineering and this has served me well in my academics and career.

[@jj0493]

@@ntimdomfeh1959 Thankyou for answering my questions. What made you decide to do your PhD in the US instead of UK.
Is it because you can look for jobs easier there or just that there aren’t as good finance phds here.
Currently I’m planning on doing Maths or Engineering at university. Did you do any finance as part of your engineering course, were able to take optional courses in it or just had to research it in your own time.
I understand uk courses tend to be more focused on just the subject compared to us where you can take majors and minors.
Though from what I’ve seen from Dimitri to be a quant mainly you need a lot of stats and maths, bit of computer science, and decent finance understanding (as the rest of it can be taught on the job).