Finance PhD vs MBA which actually opens more doors for research? I'm currently working in investment banking (2 years out of undergrad) and I know I want to do research long term. The question is whether a finance PhD or an MBA from a top program gives me better optionality. With a PhD I'd obviously be set up for academia, but the 5 6 year opportunity cost is huge. Meanwhile I see MBA grads landing at places like AQR, Citadel research teams, even some going into Fed research roles. But then PhD holders seem to get the really interesting modeling positions. Anyone here wrestled with this decision? Especially curious about placement outcomes from finance PhD programs vs what MBA grads actually end up doing research wise.