Finance, Forex and Investments

What are the best destinations for doing a PHd in Finance for MBA 's (in Finance, studied in India) ?

Is GMAT, TOEFL, GRE etc necessary ? What is the cost of venture ? Prospects afterwards ? What abt other locations apart from the US ?

Public Comments

1. There are lots of great finance PhD programs out there. I don't feel like listing out all the good schools since there are quite a few but if you check out the following paper: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=969413 you should be able to find a good one. The paper establishes a ranking for finance PhD programs and provides a listing of the top 50 schools. If you didn't attend an English speaking university for undergrad or master's then the TOEFL is generally required. For finance PhD programs, most schools will take either the GRE or GMAT (the only one I've seen that requires the GMAT is Purdue, but there are probably a few more). The cost of a PhD in finance (if done in the US) is free. The business school provides a tuition waiver and a TA and/or RA position that pays a stipend between $20k-$35k for 9 months. Since every student (or pretty close to every student) is fully funded, finance programs tend to be much smaller and more selective than say econ PhD programs where students must compete for funding. At my school we are fully funded for up to 6 years so long as we keep our GPA over 3.3 and make progress on the dissertation once courses are done. Edit: Not sure about universities outside US besides (Oxford, LBS, Cambridge, INSEAD, and such). I know funding at places outside the US is harder to come by and salaries are lower upon graduation so not many people I know put much thought towards non-US finance PhDs The prospects upon graduation (if you graduate from a US school or a top European school) are fantastic. From what I have seen about 50-60% of finance PhD grads go work for financial firms and make way too much money. The ones that stay in academia can either go work for a teaching school and make around $70k-$100k or some ridiculously low salary for 9 months, or go work at a research school and get closer to $200k for 9 months of work. So life is pretty good if you make it through the program.