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Who is successful on the finance Ph.D. job market?

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  • Volkov, Nikanor
  • Chira, Inga
  • Premti, Arjan

Abstract

We examine the attributes that contribute to a successful placement of first time finance Ph.D. job market participants. The results of a survey of 237 former job market candidates suggest that while the ranking of the Ph.D.-granting institution plays a significant role in candidates' success at all stages of the job market (candidates from higher ranked schools receive more conference interviews, fly-outs, job offers, and secure higher salaries), other factors also contribute. Prior publications or invitations to resubmit a paper to a journal, experience of presenting at academic conferences, and prior work experience positively affect marketability. Younger candidates, Caucasians, and graduates of higher ranked schools secure placements with higher research requirements and higher salaries. The quality of the hiring institution plays a central role in the candidate's overall satisfaction with the job market outcome. Additionally, we collect and summarize recommendations of survey respondents to future first-time job market participants.

Suggested Citation

  • Volkov, Nikanor & Chira, Inga & Premti, Arjan, 2016. "Who is successful on the finance Ph.D. job market?," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 109-131.
    • Handle: RePEc:eee:corfin:v:37:y:2016:i:c:p:109-131
    DOI: 10.1016/j.jcorpfin.2015.12.012
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    References listed on IDEAS

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    1. Peter Coles & John Cawley & Phillip B. Levine & Muriel Niederle & Alvin E. Roth & John J. Siegfried, 2010. "The Job Market for New Economists: A Market Design Perspective," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 187-206, Fall.
    2. Basil, Michael D. & Basil, Debra Z., 2006. "The marketing market: A study of PhD supply, demand, hiring institutions, and job candidates," Journal of Business Research, Elsevier, vol. 59(4), pages 516-523, April.
    3. Donald Flagg & Otis W. Gilley & Jung Chul Park, 2011. "Job Market Signaling: What Drives the Productivity of Finance Ph.D.s?," Financial Management, Financial Management Association International, vol. 40(2), pages 483-513, June.
    4. Jihui Chen & Qihong Liu & Sherrilyn Billger, 2013. "Where Do New Ph.D. Economists Go? Recent Evidence from Initial Labor Market," Journal of Labor Research, Springer, vol. 34(3), pages 312-338, September.
    5. Cawley, John, 2011. "A Guide and Advice for Economists on the U.S. Junior Academic Job Market (2011-2012 Edition)," IZA Discussion Papers 5984, Institute of Labor Economics (IZA).
    6. John J. Siegfried & Wendy A. Stock, 1999. "The Labor Market for New Ph.D. Economists," Journal of Economic Perspectives, American Economic Association, vol. 13(3), pages 115-134, Summer.
    7. Michael Spence, 1973. "Job Market Signaling," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 87(3), pages 355-374.
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    Cited by:

    1. Jones, Todd R. & Xiong, Haoyang, 2023. "The PhD origins of finance faculty," Journal of Empirical Finance, Elsevier, vol. 71(C), pages 88-103.
    2. Alexander W. Butler & Timothy Falcon Crack, 2022. "A rookie's guide to the academic job market in finance: The labor market for lemons," The Financial Review, Eastern Finance Association, vol. 57(4), pages 775-791, November.

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    Keywords

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    JEL classification:

    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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