Although there are a variety of careers an individual could pursue to attain personal and professional success, the field of finance can be uniquely beneficial in helping an individual accomplish these goals. For some, pursuing a Ph.D. in finance can be a very advantageous thing to do. If you have been thinking about attaining a Ph.D. in finance, learning more about issues pertaining to it (such as salary and educational requirements) can help you make a prudent decision for yourself.
The Field Of Finance-Basic Information
People who are thinking about getting a Ph.D. in finance should understand what doing so would encompass. Although broadly defined, finance is basically a field that prepares the individual for a career in financial management. Financial management involves the science of managing money as well as understanding the way markets, institutions, countries, and people generate and/or transfer money. Because organizations such as businesses, corporations, charities and governments require effective financial management in order to function properly, choosing a career in finance can be a lucrative decision to make.
Individuals who choose to major in finance will study things such as investment and commercial banking, budgeting, forecasting, and liability management. Courses will involve information regarding how markets function as well as stocks and bonds. Students will also learn how to decide what percentage of a firm’s assets should be put into different investments for the purpose of obtaining the highest return possible with a relatively low risk rate.
Upon graduating, finance majors can pursue a variety of different career paths. Some of them include becoming a professor or working with a finance department with a bank or firm.
Finance Majors-Expected Salary
Individuals who attain a Ph.D. in finance should note that there are a broad range of careers that they could pursue. Each one will offer a different salary.
A quantitative analyst is one career choice for someone with a Ph.D. in finance and someone in this position can expect to make between $48,000-$72,000 annually. Another position an individual with a Ph.D. in finance might consider is that of an actuary. This position would command a salary of $87,650. If you were to choose to work as a financial manager, you could expect a salary of $103,910. As an investment banker, you could earn about $70,190. And, as a financial analyst, you could make about $74,350. As with almost any other position, individuals who hold a Ph.D. could command a higher salary than the expected median level.
If you are thinking about getting a Ph.D. in finance, you should note that doing so can be an economically lucrative and personally rewarding decision. By considering the information listed above, you can make an informed decision regarding whether pursuing a Ph.D. in finance would be the right decision for you to make.
