From Quantnet Wiki
[edit] PhD vs. MFE
A frequent question that comes up is "Should I pursue a PhD or an MFE?"
- A PhD commands a premium in the market;
- A PhD enters the market at a higher echelon than an MFE;
- A PhD gives valuable research, and self-sufficiency skills not touched upon in an MFE.
- A PhD can be transferable to other roles;
- A PhD can be very satisfying;
- A PhD will be able to rise higher in the organization than an MFE, on balance;
- Some of the skills learned in an MFE can also be learned on the job.
- An MFE gives a quick entry into the industry;
- A PhD has at least three years of foregone earnings that an MFE makes; a doctoral student is paid a pittance;
- The attrition rate for PhD students is high; dropouts do not command the same premium as graduates;
- It is difficult to maintain your motivation unless you really enjoy the subject you are studying; the conventional wisdom is "if you are unsure of whether you would like to get a PhD right now, you should not pursue it."
- A PhD does not make you into a quant; there are specialized skills you will have to learn regardless; some PhDs pursue an MFE or other master's before entering the job market;
[edit] Some Quantnet threads on this topic
