Is it a Good Idea to Pursue a Business Economics PhD at Harvard After a Master’s in Finance?
As a prominent institution, Harvard Business School (HBS) is a beacon for those aspiring to make a meaningful impact in the world of business. For those with a background in finance, the question of whether to pursue a PhD in Business Economics after a Master’s in Finance is often a complex and nuanced one. This article delves into the intricacies of this decision, considering the goals and potential outcomes.
Understanding Harvard Business School
Harvard Business School (HBS) is famously known for its rigorous MBA program, but it does not offer a Master’s in Finance or a PhD in Business Economics directly. The Business Economics program at HBS focuses on practical applications in business, policy, and economics rather than in-depth academic research. However, there are other institutions within the Harvard University system that do offer such programs. For instance, Harvard University’s Department of Economics offers a PhD in Economics, while Harvard’s Graduate School of Arts and Sciences (GSAS) provides a range of master’s programs, including some with economics focus.
The Absence of Direct Programs
Harvard Business School’s primary focus is on applied business education, offering courses, research, and projects that are closely aligned with the business world. The Business Economics concentration within the HBS curriculum is designed to provide students with the tools to understand and shape economic environments in a business context. It does not, however, prepare students for academic research in the same way a traditional PhD program would.
Alternative Degrees at Harvard University
To pursue a PhD in Business Economics at Harvard, one would typically need to apply to another part of the institution, such as the Harvard Graduate School of Arts and Sciences (GSAS) or the Department of Economics. These departments do offer PhD programs in specific areas, including economics, where research in business economics can be explored.
Research Objectives and Career Goals
The decision to pursue a PhD in Business Economics after obtaining a Master’s in Finance depends on your specific goals and career ambitions. If your primary objective is to conduct academic research and contribute to the field through scholarly publications, a PhD from a dedicated economics department might be more suitable.
Academic Research and Contribution
A PhD program provides the necessary training and support to develop rigorous research skills and to contribute to the body of knowledge in a specific area of economics. This path is ideal for those who wish to become professors at universities, contribute to theoretical advancements, and publish extensively.
Practical Applications and Policy Impact
On the other hand, if your goal is to apply economic principles to practical business challenges and to have a direct impact on policy and market dynamics, a post-master’s complementing program such as an MBA or pursuing coursework at HBS might be more suitable. These programs offer practical tools and insights that can be immediately applied in the business world.
The Balancing Act
For those who do wish to proceed to a PhD, it's important to carefully consider the transition from a finance-focused Master’s to a research-oriented PhD. Here are a few steps to guide you:
Evaluating Your Goals
Reflect on why you want to pursue a PhD in Business Economics. Are your primary motivations driven by a desire to conduct research and contribute to academic discourse, or do you want to gain expertise that can be directly applied in a professional setting?
Exploring Interdisciplinary Options
Consider interdisciplinary PhD programs that blend economics, finance, and business. Many top universities offer joint programs or collaborative degree options that can help bridge the gap between finance and economics while providing a robust research foundation.
Building a Strong Academic Foundation
Before applying for a PhD, gain relevant experience in research, attend conferences, publish papers, and network with academics in the field. This can help you build a strong academic record that will bolster your PhD application.
Conclusion
In summary, pursuing a Business Economics PhD at Harvard after a Finance Master’s degree is possible but multifaceted. It requires a deep understanding of academic research goals and the specific requirements of different departments at Harvard. By assessing your career aspirations and carefully choosing the right program, you can make an informed decision that aligns with your long-term objectives.