Many people choose a Finance PhD because they think it will make them money. This is true because you do learn a lot of things, however, you should be careful with pursuing a Financing PhD if you don’t know what they do.
Academia. Many (most) people that get a Finance PhD will end up in academia as a Finance Professor. You will be doing research and teaching in a Business School.
Working in Policy and Think Tanks. Some (not as many) Finance PhDs will go and work in a policy position in government or work in Think Tanks. However, most will only do this after they get an academic career.
Working on Wall Street or as a Trader. Some (not as many) Finance PhDs will go work in some sort of Hedge-Fund or work on Wall-Street. They do get offers to do so on a regular basis, but you should be careful with this career path. You might be better off getting a technical PhD, like Economics, Math or Statistics for this career route.
Not that many Finance PhDs start and run their own businesses.
I would recommend that if you are thinking about doing a Finance PhD, you should only do so if you are thinking about doing research as a career. What do you research? You can research anything that is related to markets and firms.
If you are thinking of getting a Finance PhD to go to a Hedge-Fund, I would suggest that you don’t. You would be better off to get a Finance MBA and work towards getting experience in that area. If you are thinking of doing more technical stuff on Wall Street, I would suggest that you get a Statistics or Math PhD, and as well get substantial amount of Computer Science (CS). The world of Finance is quickly moving towards Computer Science.
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