But that is not the right statistic to look at. If all billionaires have PhDs, that does not mean a PhD will make you a billionaire…
Stop correcting bad analysis, Ohai. You’re diminishing the pool of available alpha!
On the other hand, if all billionaires have Ph.D.s (as in your example), it does suggest (without proving definitively) that not having a Ph.D. will prevent you from being one. It suggests that Ph.D. is a necessary but not sufficient condition for billionaireity.
you do not need a PHD to be a good portfolio manager. PHD programmes are primarily concerned with the pursuit of academic research and teaching. Most programmes would not admit you if they knew your aim was to be a portfolio manager. Even the quantitative analysis performed in practicing finance is not rocket science. Just pick up a textbook or do a masters.
If the goal is to be called doctor, you want to find a DBA program. In Minneapolis/St. Paul, there is one that sends me literature from time to time that requires about 3 years. It’s 8 4 credit classes over 2 years, then a third year where a research project is conducted/defended, etc. Not saying it would be “easy,” but if the goal is to be called Dr, this is your go to program.
My first and middle initials are D and R so I occasionally will put D.R. Lastname on things I fill out. I’m officially Dr. Lastname on quite a few mailing lists.
I should like to get a PhD in Mathematics, with a concentration in algebraic topology (specifically, knot theory).
Just 'cause.
Am I the only one that would laugh at someone who had a PHD in English, Finance, etc that wanted me to call them Dr?
Me: “Hi Person”
Them: “Please refer to me as Dr Person”
Me “… LOL?”
This is unless I was trying to be polite and network. I mean the whole concept is so stupid it really makes me laugh that people think just because you get this people have to call you that. I would respect their authority in their given field, but I don’t know if I have to show them any more respect than any other person. If you’re studying something to be called Dr then you’re doing life wrong.
I agree. I think it’s acceptable in an accademic setting, obviously, but if we’re not in class, and you aren’t an MD, I’m not calling you doctor anything.
What about a dentist?
good call. When you have studied stuff like that the whole of quantitative finance appears trivial.
I usually call my dentist an A-hole.
Well it seems that the main reason you wish to pursue a phd is to gain prestige when you return to South Africa. I think phd’s are well respected in the US and Europe and I take your word that is even more so the case in SA, so I think you are correct in your thinking so far.
If you think a phd will help you become a portfolio manager though, I think you are just flat out wrong. Perhaps in South Africa, but not in the UK or US. A phd takes up all of your time for at least 3 years. It will not help you pass the CFA exams nor will it particularly open doors to non-academic jobs in finance. I think that 3 years could be better spent getting relevant work experience and/or doing an MBA.
Part time phd’s can take up to 6 years and will suck up all of your social life for that time. If you don’t want to work in academia, why do that to yourself? A part-time MBA seems much more aligned with your career goals.
PhD’s that become portfolio managers are almost exclusively on the quant side, like AQR. Unless you happen to be outstanding at math and/or programming, don’t bother with a PhD if you’re looking to manage a fundamentally run portfolio.
That answer provides a wealth of information.
What about a guy with a JD? Is he a doctor?
I don’t think JD should qualify as a doctorate. One, it’s not a terminal degree. Two, it’s not as hard as a PhD. It’s a little harder than an MBA. So maybe it should be called a Master’s Plus.
I also don’t think MPA (Master of Professional Accountancy) or any of its equivalents should qualify as a Master’s degree. They only exist because most states have adopted the 150-hour rule to be eligible for the CPA exam. So instead of graduating kids that aren’t CPA eligible, they let them take an extra year of school so they become CPA eligible, and the school looks good because of its “outstanding service to the professional community”.
^ I’d throw Chiropractors and Naturopathic “doctors” in with not the real deal doctor level either. Interestingly, an MD is not a terminal degree either. The research degree would be a PhD in medicine. When you have a doc that has MD, PhD, then you know you’re getting the goods.
Playa Hater Degree
People doing phds in English/Arts etc are just desperate to add DR. ahead of their name.
I think they are mostly people who are infatuated with their field and do really think about the future.
I don’t know about US but in India people doing PHD in English/Arts/Enviromental science are treated as “trolls” and the irony is that people doing phd in English/Arts etc behave like trolls too.
PHD in english in india, lmao