Stats PhD - thinking about dropping out!!! Advice is needed!

[dudelove]

I already posted this topic in another forum, but I think it is more relevant here. I'll start with my background:

I have an undergrad in Math from a fairly known state school, and then went on to get a Masters in Statistics from a top ranked Ivy League school. My GPA wasn't stellar, but wasn't bad - about a 3.5 at both.

After my Masters, I worked for a year at a non-profit as a 'Research Analyst', although it did not really utilize many of the skills I picked up in my program. It was mostly Excel, presentations, basic data analysis. I really wasn't into working here, so I decided to head back for a PhD in Stats.

So we come to my present situation. Right now I am a few weeks into the first semester of the PhD in Stats program. It's in the top 25 - 50 ranking, so it's not bad, but nothing amazing. Anyway, I kind of knew over the summer that I didn't want to pursue the degree. I became more interested in finance/business over the past year, but I decided to attend the program because I didn't know what else to do.

At this point, I'm pretty sure (like 90%) that I don't want to finish the program. Some of the reasons I wanted to go back to school included having a 'flexible schedule', but I'm quickly realizing that I'm actually busier now than I was while working full time. Also, I had thought I wanted to be a professor, but a) I really don't like being a TA and I can't see myself doing research for the next four years.

I really don't know what to do at this point. I'm not sure how much my MA in Stats is worth. Yeah, it's from an Ivy, but Masters seem to be flooding the market. When I first looked for jobs, I think I sold myself short since I just wanted to get ANY job and work as soon as I could.

Are there huge differences in job prospect between a Masters and PhD in Stats? Since I've become more interested in business, I was thinking of trying to work for a top consulting firm for a few years, then going for my MBA. What would be the difference between a Stats Phd and a MA in Stats + MBA? Any advice/feedback is appreciated!!!

[sisyphus1]

finance/business is such a broad area and my advice will depend on what you want to do:

if you are interested in 'quant' side of finance/business (financial engineering, risk management, statistical consulting), i would suggest you stay in your PhD program until you get your Master's at least. However, make sure the courses you take are going to be relevant to the field that you are interested in, and make sure your summer internships are relevant (e.g. work at an investment bank doing market risk versus being a research assistant). A lot of corporations have targeted internship programs for PhD students so look into that.

if you are interested in more 'business' side of finance (ibanking, consulting etc.), i suggest you drop out, but not before you have a plan of action. an MBA will help but it will heavily depend on where you go. how long is your work experience? decent MBA programs will expect at least 2 years of work experience, while the average work experience will be 4~6 years. With your nonprofit experience and the MA from columbia you could have a shot at few of the top programs.

Edited September 10, 2012 by sisyphus1

[dudelove]

Well, I already have an MA in Stats from an Ivy League ~ Top 15 ranked program. I guess my question would be now: How much clout does a PhD from a decent (top 50 program) weigh in versus just having the Masters from a top 15 program? Are these quant jobs still available or will I not be taken seriously unless I get the PhD? When I first graduated with my Masters, I didn't really look too hard for jobs, so I have no idea what type of jobs are attainable with just a Masters...

As far as my reasoning for all of this: I am just not really interested in doing a dissertation in Statistics. Maybe I can work for a year or two, take some extra undergrad classes, and apply to a different doctoral program. I know I'm all over the place, but it seems like a PhD in Finance or Econ would be easier / less math oriented than a Stats PhD. I hope this doesn't make me sound crazy.

Edited September 10, 2012 by dudelove

[sisyphus1]

It depends if you have had previous finance experience through coursework and/or internships (preferably both). From looking at your posts, it seems like you do not. Further, it seems like you don't really know what being a 'quant' entails. I suggest you:

- take some financial engineering classes to get a flavor for it

- take some grad level econ classes.

and take it from there (i.e. whether you want to be a 'quant' or apply to Econ PhD).

At the risk of sounding harsh, let me warn you - Econ PhD's are insanely, insanely competitive. Quant jobs are even more competitive. Best of luck in the process.