The majority of people who graduate with a Ph.D. in finance pursue an academic career as a university or college professor. The curriculum focuses on research in financial economics and theory modeling. Graduate students in this discipline work alongside their faculty with the expectation that they will continue a similar path upon graduation, while being rewarded in terms of freedom and a high salary. Finance professors spend their careers teaching, researching and providing service to their school. Finance Ph.D.s often teach finance classes and supervise doctoral candidates. Depending on the school's emphasis, some professors spend more time engaged in theoretical and empirical research activities than teaching.
Graduates of finance Ph.D. programs sometimes devote their careers entirely to research. The preparation a student receives in graduate school makes them excellent researchers, and often graduates prefer researching to teaching. While many Ph.D.s of finance can do research as a college faculty member, they are also recruited into sole research positions with the government or private organizations. A research career can involve applied economic research and analysis, as well as writing publications and forming theory.
The U.S. government and private organizations often hire people with a Ph.D. in finance to advise them on financial decisions or economic issues. Graduating with a Ph.D. in finance comes with the status of being an expert and the skills and theoretic knowledge is often sought on a consulting basis. While the government and private organizations employ finance M.B.A.s and people with master's degrees, these individuals often have specified job titles and functions. Hiring an outside consultant is beneficial to organizations because it brings in a fresh, educated perspective to help with a particular problem or issue.
The job market for finance students in general is good. Students interested in a finance career should consider an M.B.A. or master's degree in finance or a related area. Job titles of financial or credit analyst, treasurer or even chief financial officer do not require a Ph.D. Many high-ranking jobs involving money management or investments need master's degree level employees. The curriculum in a master's or M.B.A. program is designed for careers in finance and business, whereas the Ph.D. in finance is designed to produce academic researchers. Your career goals should determine the degree you pursue, as the degrees lead to different careers.