PhD program in Risk Management

[Shu]

One of my friends would like to go back to school for Phd degree in Risk Management after he obtained the master in statistics, worked for the insurance for a while and also passed some exams.

Which shcools do you recommend? From SOA's website, I only found Georgia State U and Univ of WI-Madison have "risk management" Phd program, but I am not for other schools. Any suggestion?

Thanks.

[actuary_zhang]

I know Wharton has the best program in Risk Management.

[Shu]

Originally Posted by actuary_zhang

I know Wharton has the best program in Risk Management.

Thanks for your reply. I know this business school is the #1. Very tough. If my friend can not go to this school, what are other options?

Thanks.

[Jeremy Gold]

Wharton, Uniiversity of Pennsylvania, Philadelphia, USA.</A>
http://www.wharton.upenn.edu/doctora...ams/insurance/

Waterloo, Ontario, Canada
http://www.stats.uwaterloo.ca/stats_...Graduate.shtml

[Shu]

Originally Posted by Jeremy Gold

Wharton, Uniiversity of Pennsylvania, Philadelphia, USA.</A>
http://www.wharton.upenn.edu/doctora...ams/insurance/

Waterloo, Ontario, Canada
http://www.stats.uwaterloo.ca/stats_...Graduate.shtml

Jeremy,

Thanks for your reply. Do you think it will be no problem after you get PhD in risk management to return to insurance industry? Are there insurance companies which need the PhD knowledge in risk management?

Thanks.

[Jeremy Gold]

I think some of the best work in risk management will be done by risk management PhDs. Some of the most practical work, however, will be done by actuaries and other non-PhDs.

I have not worked for an insurance company in a long time and I have no idea how easy it will be to get an insurance job with a PhD. I think a PhD is a plus but there may be better routes to success in insurance.

The PhD is supposed to be a teaching/research degree. Becoming a professor in a business school can be a very attractive career. Professors stay in touch and stay sharp in their industry by doing consulting on the side.

My classmates have gone into government (the Fed and the CBO) and money management (very large money manager after working for a top Wall Street I-Bank) and academia (insurance and risk management departments) and speciality insurers (reinsurance and financial guarantees).

I completed the program in four years because my industry experience meant that I knew well what my research area would be. The average candidate is taking five to six years and some have taken ten or more.

Completing the program takes focus and commitment and it is easy to get distracted.

Two very different skills are required: classwork (where I was always playing catchup) and research and writing (where I was way ahead -- although it was not easy either).

[Shu]

Jeremy,

Thanks for your experience and opinions.

What topics will be in risk management? finance, economy, math/stat, QA, what else?

Thanks.

[Sonny]

Jeremy --

I enjoy your articles.

How old were you when you went back to school for phd? Did you get a phd in Insurance and Risk Mgt? Was it worth it? And how come you didn't go into academia after getting the degree?

Just curious.

[Jeremy Gold]

53, yes, the first two years were more stressful than any time in my adult career, there really are no tenure track jobs for 57 year new PhDs, and I had no interest in being a non-tenured teacher.