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Why would you pursue $60K debt to pursue Master or PHD in finance where there will be no jobs?

(Last Updated On: September 28, 2010)

Why would you pursue $60K debt to pursue Master or PHD in finance where there will be no jobs?

Seriously. Why would someone do this? Students of these programs are proving to be sheep going to slaughter. You rack up a sixty thousand dollar debt for some top Ivy school in a Western country for a masters degree. You then turn around and do the same for a PHD? Let’s figure this out.

You do it because you see a gold pot at the end of the school rainbow. You do it because you see the glory. There is a lot of work up front to get you there. But let’s also figure this out. The schools, universities, and even colleges are pretty smart as they toot their promotional efforts to suck you in to for these degrees. There is nothing wrong with that, it is the industry you want to work in.

Let’s figure this out. You have the large Tier 1 investment banks like Goldman Sachs, Morgan Stanley, and so on hiring earlier this year. It is no wonder people get excited when the stock markets respond to up trends. Next thing you know, we are back to uncertainty like we are now. Hiring freezes from these same companies, and even layoffs. It is predicted that over 80,000 will be lost over the next eighteen months on Wall Street alone. Not including the global plays like in the United Kingdom, China, India, or wherever else the local industries are booming.

Will there be jobs for you when you graduate? Even if there are, I don’t know if you heard but the hiring practises are brutal. You better be top grads at your school. And yes, the school matters too. Get over it. That is how this brutal world works. Check out some of the other posts on this site to get check out some of these brutal hiring practices at big hedge fund companies, and even the little wanna be big hedge fund prop shops.   Then you got those fickle big investment banks to.

So why bother risking your credit history, $60K of debt, to get a bunch of degrees for the kind of jobs that might not exist? Even if you get a chance, good luck in getting one.

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