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Which is the best university for a PhD in finance?
Chicago and MIT are at the top university for a Ph.D. in finance. Then comes college like Stanford, Wharton, Berkeley, UCLA, and some other options are Duke, NYU, CMU, Northwestern, and Columbia.
Other schools are good but in a particular area. These include Harvard which is best in Corporate Finance, Maryland in Market Microstructure, Washington University in Mathematical Finance.
You can also do finance as a field in the best economics departments. Besides the schools already mentioned that have great Finance Departments.
Finance Programs are remarkably hard to get into. The top schools get 200 to 400 applicants and choose 2 to 4 students per year. High GPA, GMAT, and strong math skills are expected from the students.
How good is the EFPM program from IIM Rohtak?
EFPM is an executive doctoral program of IIM Rohtak. It is suitable for people who are interested in conducting research in the field of Management.
Some things to know about this program are
- The faculty is young in some areas with very less experience.
- This is not a degree certification but just a title of Fellow of IIM-Rohtak as per the new IIM Act.
- You will face many administrative challenges.
- All the pedagogy is digital. Be it books, cases, or even lectures. This is not very helpful for people who lack technical skills.
So before finally opting for the course make sure you keep these points in mind.
I am interested in a quantitative finance-oriented Ph.D., so should I apply for an FPM in the Finance/Control area or Decision Sciences in IIM Bangalore?
Firstly IIM Bangalore does not offer FMP in Maths because it does not specialize in Maths. So if you are going for the quantitative field you need to choose an area of interest on your own.
In India Finance has more to do with economics rather than Maths. This is because of the lack of Maths in UG and PG schools. So the research work has a qualitative approach rather than a quantitative one. Here math is just used to express the research conducted and is not for actual research purposes. So based on this information, I have 3 suggestions for you
- If you are hell-bent on pursuing mathematical finance, do it outside India where the score is higher.
- Applying in both areas will widen your prospects. The only requirement is that you must do your area-specific courses.
- Don’t neglect other areas of finance that are very interesting and also quantitative. These include Corporate Finance or Banking.
Based on my suggestions and information you can make a wise decision that suits you the best.
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