Stats Phd or MS in Stats + MBA?

[dudelove]

Hey guys, this is my first time posting here, so please bear with me:

My background: I have an undergrad in Math from a fairly good state school, and a Masters in Statistics from a top program. Decent GPA at both institutions ~ 3.5.

I worked for a year. It was in a job that I hated, but I rushed into it because I was scared of the job market at the time. After a year of working, I went back for a PhD in Stats. This is a top 50 school, but not a top 20 school... Anyway, it's a few weeks into the semester and I don't think the PhD is for me. I wanted to pursue the degree initially because I thought I wanted to teach and do research, but I'm quickly realizing both of those things are not for me.

Over the past few months I've become interested in business/finance, so my question is:

Do I stick out the PhD for 4, maybe 5 years and wind up somewhere as a quant / hedgefund financial modeler?

Or do I cut my losses quickly, and drop out. I can work for a few years, go for an MBA (I think I'd be able to pull off a top 15 program) and then pursue the same path? This path would save me time and energy that I'd waste pursuing a PhD.

Any advice or feedback is appreciated! Thanks!

[BrokenRecord]

I don't know too much about the financial field, but if hedge-fund modeling is something you want to do, that in itself is very research-based and not necessary management-based where work experience is the big factor. Again I'm no authority, but I would assume you'll have a much better opportunity in that quant of a field with a PhD and a few relevant publications under your belt rather than a freshly-minted MBA, especially if it isn't from a top 7 program. Given the financial crisis, it seems that more advanced math/stats PhDs are becoming more marketable than an MBA. Is there anyone in your department doing work in this particular field? Or perhaps something cross-disciplinary with the finance department? Ultimately, the big thing is to make sure pursuing a PhD is something you want to do. I'd say finish this semester and reassess. In whatever way, you're lucky you are in a field that is in demand and highly versatile depending on which sector you go into with the education you currently have now. Good luck and welcome!

Edited September 9, 2012 by BrokenRecord

[dudelove]

Thanks for the quick reply. I guess I should just wait until the end of the semester and re-assess...

I think when I wrote my initial post, I wasn't thinking completely clear. What I was trying to convey is that I've recently become more interested in the 'business' aspect of finance, with less emphasis on math and modeling. Yes, I like using my math skills to solve problems, but not at the indepth and specialized level that a PhD in Stats would require of me.

I'd much prefer the sort of thing where a company would come to me and say, "Hey, help us solve our manufacturing/debt/profit issues". I believe this still requires creative thinking and quantitative thinking, but nothing quite theoretical. These type of issues would seem better geared towards an MBA, rather than a PhD. I do believe I can get an MBA from a top ten program - my Masters is from a top ten program and I have a decent GPA in it.

I'm beginning to realize that the whole point of this post is simply to help validate my thoughts. Ever since high school, I always saw myself getting a PhD and becoming a professor, so coming to the realization that it may not happen is difficult. I tend to idealize things, and in the process, I forgot how much work and isolation is going to come along the PhD path. I appreciate anyone's feedback!!! Thanks!