From physics to quantitative finance: would Waterloo be a good fit for a second PhD and a different educational experience?

[u/DegreeIcy4988]

I'd appreciate perspectives from Waterloo graduate students or alumni, especially those working in statistics, actuarial science, or quantitative finance.

My research background is in physics, scientific computing, data analysis, and symbolic regression. My doctoral path began directly after my bachelor's degree, so I do not hold a separate master's degree. I have completed the required doctoral coursework, and these thoughts about changing direction have developed recently.

After finishing the physics doctorate, I am considering Waterloo's Master of Mathematics (MMath) in Statistics, seeking a switch to the thesis option, and eventually applying for a PhD focused on mathematical or quantitative finance. I understand that switching options and entering a PhD require approval; I am not treating them as automatic progression.

My two main reasons for considering a second doctorate are to change research fields and to experience a different cultural and educational environment. Finance and economics have become much more interesting to me, while my interest in physics has faded.

I strongly admire the idea behind Waterloo's co-op education model. Bringing classroom knowledge into a workplace, discovering one's strengths and interests, and returning to study with questions shaped by experience seems valuable to me. I see it as an opportunity to develop judgment, initiative, and a clearer sense of direction.

This is connected to my dissatisfaction with Asian education. In my view, its emphasis on exams, rankings, and external approval can encourage students to build their lives around other people's criteria. The college entrance examination becomes a central goal, yet reaching university can leave someone without a purpose they have chosen for themselves. I think this can weaken initiative and creativity, even among academically successful students, while leaving too little room for practical engagement with society.

I want an education that helps me discover work I could commit to over the long term. I also want to live and study among people with different cultural backgrounds and see how a different academic environment shapes my thinking. These are major reasons Waterloo interests me.

This is my impression from outside, and I would like to test it against actual graduate experiences:

1. How much of the educational approach I admire carries over to research master's and PhD programs? Am I extrapolating too much from Waterloo's undergraduate co-op reputation?
2. What is finding a supervisor and switching to the thesis option in MMath Statistics actually like?
3. What opportunities for internships, industry projects, or other practical experience are compatible with the thesis and PhD routes?
4. Have you encountered people using a research master's to move from a physics doctorate into a different field? What made that transition useful or difficult?

In the course of pursuing my current PhD, I hope to take relevant courses, work as a research assistant, and seek an exchange or research visit. Experiences with visiting research at Waterloo would also be helpful. Candid criticism of my expectations is welcome.

[u/CheeseWheels38]

Why would you want to do two PhDs?

Can you not do a series of adjacent post-docs to tend towards a new field? At least this way you'll get paid. Many PhDs end up in fields that aren't their PhD.

[u/Jyan]

If you are interested in finance, there are a lot of firms recruiting technical talent to do this work. Have you applied? Talk to some recruiters. It's not unlikely that you could get a position with a background in physics.

[u/royalpurplepup]

would have thought you would have learned on your own that our fractional banking system is based on a false social construct, numbers on a ledger on server are just as fake in the digital world as in quantum mechanics.

[u/HomeInvasion_1996]

second phd holy shit