Maybe they want to make mega bucks but not big bucks? 
MBAFinance, Yes, age is one of the factors, they mentioned that most Phd candidates start their program when they are in late 20s, starting it when you have family & at the age of 35 is less pragmatic, but of course doable. These are the highlights of feedback that I have received so far … 1) Capability - Strong GRE and GMAT scores are necessary. Good programs need a GRE. Ave GMAT score is well north of 700 in good programs 2) Selection - Places like Columbia pick less than 10 candidates from 300 applications 3) Motivation - Never mention the letter $ anywhere for the reason do Phd. Primary motivating factor should be enhance knowledge that is already in depth, solve future world problems, resolve/find solutions to existing financial world problems, love of teaching, how being a professor has been your life long goal etc 4) Good grades - Especially in Quant/Math courses 5) Prior knowledge of professor - in depth study of papers written by the Prof. who will mentor you 6) No life for 6 years - NO life 7) No other full time job - Phd is not a side gig 8) Tenure professorship about 12 years away from the date you start the program, so for 12 years there is no secure future 9) Going crazy - Apparently lot of candidates go nuts after 2-3 years and leave the program cursing their ancestors for producing such unworthy heirs 10) Strong reason do - When your spouse questions what the hell are you doing, have a solid answer that is convincing
cfa_mba_caia, thanks for your response. Did your friends mention to you the general percentage of assistant professors achieve tenure? From what I find, the number is not very positive.
What about all this talk on the shortage of finance professors in the future? Wouldn’t that mean more opportunities, less stringent criteria, and bigger remunerations?
its hard to become a successful professor. my opinion is if you’re pass your 20s and still pursuing a PHD, you better love the subject. it gets harder as you get older. its a great thing to do if you have the talent for it.
CFA_GER, I’m also thinking about getting research-based PhD in Germany. It might be fun to talk about that. Would you be interested in that?