I investigate the options of going for a Phd degree after master of finance. I checked placement at Chicago and it seems 40% went to industry some stayed in Academia by taking nontenure tracked position. I also checked Stanford GSB placements back to 2001. less than 50% made tenure at their original placement schools. I feel the road in academia is bumpy. It is said there are strong demands for phd in finance. However, from what I found in placement stats, it doesn’t add up. Maybe the demand number includes all the finance faculty position including teaching schools. These positions are generally not going to pay as well as research school: like 150+ as claimed. Am I right? Please comment, as I am at a cross road of decision.