phd in finance meaning

What is a Doctorate in Finance Degree? A Com­pre­hen­sive Guide to Doctorates in Finance

Find your degree.

Get a personalized list of degree programs that fit your needs.

If you are a “numbers person” or someone with an intense interest in following a complex problem all the way to the root to comprehend the ebb and flow of the capital market, then a Doctorate in Finance may be just what the doctor ordered; for your career! While doctoral degrees have traditionally been pursued by students focused on entering the teaching and research side of finance, that tendency is shifting with the continued development of high-speed trading and the progression of increasingly intricate derivative investments. Today, a Doctorate in Finance doesn’t relegate professionals to fluorescent-lit classrooms teaching undergraduate students. This incredible degree can be the ticket to some of the most cutting-edge positions available on Wall Street and beyond.

Recommended Online Doctorate in Finance Programs

Contact schools for information on enrollment, tuition, aid and more

Pursuing a Doctorate in Finance, like the DBA or PhD, can provide advanced students with a solid foundation in the empirical and theoretical aspects of modern, global finance and economics. It can also provide a professional with an in-demand degree and  future lucrative opportunities .  

What Is a Doctorate in Finance?

A Doctorate in Finance is a terminal degree , meaning it represents one of the highest achievements in business academia. PhD in Finance students receive an in-depth education in investments, statistics, and financial mathematics. They are also trained extensively in the topics of corporate finance and financial products and markets. DBAs and PhDs in Finance place a heavy emphasis on research while providing doctoral students with opportunities to study research practices and perform self-guided independent studies.

What Are the Main Differences Between a PhD in Finance and a DBA in Finance?

If the idea of performing academic research or if you see yourself thriving within a management-oriented career, then a Doctorate in Finance will be a direction you should choose for your future. There are two types of Doctorate in Finance programs that will help you accomplish your goals. The PhD in Finance and Doctor of Business Administration in Finance do share multiple similarities. Because they are both doctorates, they require similar coursework, exams, and a doctoral dissertation at their conclusion. Typically, both finance programs require that program candidates have a comprehensive background in advanced economics and mathematics. Both degrees may take four to five years for a full-time student to complete. However, a DBA and a PhD in finance take different approaches to the subject matter and contain distinct objectives throughout their curriculum. 

The PhD in Finance

PhD in Finance programs are academic degrees that tend to be more theoretical. PhD research focuses on developing business knowledge, and this degree is generally considered the path into an academic career as a college researcher or professor. Because this degree is centered on research, PhD students are on the cutting edge of evolving markets and theories. These students are exploring and pushing the boundaries, as well as educating tomorrow’s leaders responsible for managing the evolving markets.  Graduates of this program often follow careers into the public sector or within consulting and research roles in administration or business.

The DBA in Finance 

A DBA in finance is a professional degree that takes a more practical approach to business training. Typical DBA programs include a curriculum steeped in vocational training and how to apply research and theory to real-world business scenarios. The practical coursework is immediately applicable to corporate management and leadership, though graduates are also qualified to pursue a faculty position within a business school.

These are not comprehensively the only Doctorate in Finance degrees available, and individual programs will undoubtedly vary from these descriptions. Some programs might focus on financial economics or financial services. Suppose you are interested in a specific Doctorate in Finance program. In that case, your best bet is to contact admission advisors at your preferred business school to receive detailed information about the program they offer.

How Do I Apply for a Doctorate in Finance Program?

Applying for a doctorate is a big deal. Doctoral programs typically take anywhere from four to five years to complete. Since they require extensive examination and coursework, not to mention dissertation writing, it only makes sense that the acceptance process  will be a thorough one. During this process, business school leaders attempt to ensure that a student will do all it takes to complete the program successfully. The application process may be a long one, as universities look for qualified candidates with expertise in their field and impressive academic backgrounds.

Here is a list of materials and resources required for an applicant to be considered:

-Completed paper or online application forms -The required application fees -Official transcripts from all previous institutions of higher learning attended -Several letters of recommendation from previous instructors and employers who are familiar with the applicant and his/her academic contributions -A scholarly writing sample -Official GRE or GMAT scores

An interview with an admissions board or representative is typically found within the final stages of the application process. Each business school has its own unique admissions processes and requirements. One program may request an interview with the candidate, while another may only need a writing sample portfolio. 

Should I Consider an Online PhD in Finance?

Professionals with an active work schedule are often prevented from attending a traditional college or university . For this reason, many business schools now offer distance learning. Online programs provide all types of students the chance to earn everything from an associate’s to an advanced degree while staying committed to their current schedules. Pursuing a degree is not cheap, no matter what the degree is. Many students across the nation have no choice but to stay employed while attending classes, so online coursework allows them to create schedules that work best for their unique professional and familial obligations.

The Online PhD in Finance is similar, and often time identical, to a traditional, on-campus program. Distance learners benefit from the only difference being they can complete coursework in the evenings and weekends, scheduling their coursework around their current obligations. Online students take rigorous courses from the same professors with extensive experience and knowledge in the finance industry as on-campus students.

Online PhD in finance topics will include:

-Corporate Finance -Microeconomic Theory -Economics -Statistics -Mathematics for Economists -International Finance

These online programs also include completing a dissertation and a formal thesis project that takes years to complete. Students are required to complete elective courses that include a variety of topics and subjects.

What are the Benefits of an Online DBA in Finance?

Training in the business administration field prepares doctoral students for managerial roles in corporations, government agencies, and nonprofit organizations.  Online DBAs in Finance can lead to senior-level positions like organizational development director and chief executive officer. 

Online DBA programs in finance allow students to gain experience in other business areas as well, like project management, accounting, and human resources. Most Online DBA in Finance programs culminate with a dissertation, which requires students to design a comprehensive research project related to finance. The Online DBA differs from an online PhD as PhD grads are expected to work in academia and research. At the same time, DBA students use their degrees in corporate and other organizational roles.

These students have attractive future job potential as the Bureau of Labor Statistics reports that  financial management occupations  are expected to grow by 15 percent between now and 2019, resulting in roughly 108,000 new jobs. The average yearly salary for these positions is a healthy $134,000.

What Type of Coursework is Included Within a Doctorate in Finance?

Doctorates in Finance often include coursework in economic and business research, including qualitative and quantitative methods. These high-level courses are designed to prepare doctoral students for their dissertation projects. Students may also be required to complete additional courses as part of their dissertation project. It is common for business schools to require students to perform several onsite residencies as part of the program as well. 

Core courses cover topics like leadership, statistics, international business, economics, and administration. These courses compare corporate culture and management strategies in various parts of the world. Additional core courses may explore decision-making, contemporary issues in business and marketing, and business ethics. A DBA allows students to specialize in a specific area of business administration. A finance specialization typically entails three to five courses designed to train students in the intricacies of finance.

What is the Timeline for a Doctorate in Finance?

While there are always exceptions to the rule, here is a typical progression a doctoral student can expect throughout her academic career:

In the Beginning : Doctoral students typically begin their coursework in the fall semester and complete all coursework at the end of their third fall semester. They will take comps after the fall semester of their third year. 

In the Middle : During the spring semester of their third year, doctoral students begin working on their dissertation proposals. They register for dissertation hours and are expected to be working on the dissertation as full-time students, excluding work associated with their assistantship. Suitably focused and prepared students should be able to complete their dissertation proposal by the end of summer or early fall to have it approved by their committee promptly. 

In the End : Once their dissertation proposal is defended and approved by a committee, doctoral students complete their dissertation by performing the tasks described in the dissertation proposal. The main functions of this last step include performing analyses and writing up the results. Students may be initiating campus interviews during this final phase, which can be time-consuming as they rely on others’ availability and cooperation. Ideally, students attempt to have most of their dissertation complete before their interviewing semester.

What is a Dissertation?

The dissertation is an essential part of a doctorate. Generally speaking, it is a very comprehensive written project ranging from 150 to 200 pages. A dissertation in a Doctorate in Finance program should consist of original work that contributes to the knowledge of a topic in finance. The time needed to finish a dissertation is approximately 18 months, but that duration will vary among students. While doctoral students register for full-time dissertation credits, they are expected to focus entirely on the dissertation. A dissertation committee chairperson grades a student’s dissertation each semester, based on her progress each semester. The chair considers the dissertation committee’s assessment of progress when assigning a grade. Students need to make substantial progress on their dissertations to receive a “satisfactory” grade.

A Doctorate in Finance is a massive commitment of time and resources, yet the payoff is equally substantial. Here are a few steps to take when considering this degree:

1. Start with the Ending 

Begin by thinking through where you see yourself after pursuing a doctoral degree in finance. Should you go for a DBA, or does the PhD sound like a better fit? Either program will make you an expert in the field of finance. But knowing how you want to contribute to society through your education will help determine which choices you make at the beginning of it.

2. Size Up What You Bring to the Table

Are you ready for an advanced degree? Ensure you have the proper credentials both professionally and academically before attempting to pursue a Doctorate in Finance. Strong proficiency in math and leadership is needed. Business majors with an MBA or a Master’s in Finance are prime candidates.

3. Start Contacting Business Schools

Finance is a business component that applies to virtually every industry that exists on the planet. A Doctorate in Finance, therefore, is highly versatile. If you are passionate about number crunching and serious about finance and balance sheet analysis, earning a Doctorate in Finance is an intelligent use of the time, money, and energy it will take to achieve.

Many business schools offer doctoral-level degrees in finance, from traditional on-campus to online, to hybrid programs. With so many choices, you are sure to find a program that fits your active lifestyle and busy schedule. Once enrolled in a finance doctorate, you’ll be immersed in everything you love about the field, including budgeting, asset management, stocks and bonds, mutual funds, brokerage accounts, much more.

Related Resources:

Best Online Finance MBA Best Online Master’s in Finance Management Ultimate Guide for Financial Managers Ultimate Guide for Financial Advisors What is an Associate’s in Finance Degree? What is a Bachelor’s in Finance Degree? What is a Master’s in Finance Degree? Best Free Online Finance Courses Best Online DBA Programs

About Stanford GSB

• The Leadership
• Dean’s Updates
• School News & History
• Commencement
• Business, Government & Society
• Centers & Institutes
• Center for Entrepreneurial Studies
• Center for Social Innovation
• Stanford Seed

About the Experience

• Learning at Stanford GSB
• Experiential Learning
• Guest Speakers
• Entrepreneurship
• Social Innovation
• Communication
• Life at Stanford GSB
• Collaborative Environment
• Activities & Organizations
• Student Services
• Housing Options
• International Students

Full-Time Degree Programs

• Why Stanford MBA
• Academic Experience
• Financial Aid
• Why Stanford MSx
• Research Fellows Program
• See All Programs

Non-Degree & Certificate Programs

• Executive Education
• Stanford Executive Program
• Programs for Organizations
• The Difference
• Online Programs
• Stanford LEAD
• Seed Transformation Program
• Aspire Program
• Seed Spark Program
• Faculty Profiles
• Academic Areas
• Awards & Honors
• Conferences

Faculty Research

• Publications
• Working Papers
• Case Studies

Research Hub

• Research Labs & Initiatives
• Business Library
• Data, Analytics & Research Computing
• Behavioral Lab

Research Labs

• Cities, Housing & Society Lab
• Golub Capital Social Impact Lab

Research Initiatives

• Corporate Governance Research Initiative
• Corporations and Society Initiative
• Policy and Innovation Initiative
• Rapid Decarbonization Initiative
• Stanford Latino Entrepreneurship Initiative
• Value Chain Innovation Initiative
• Venture Capital Initiative
• Career & Success
• Climate & Sustainability
• Corporate Governance
• Culture & Society
• Finance & Investing
• Government & Politics
• Leadership & Management
• Markets and Trade
• Operations & Logistics
• Opportunity & Access
• Technology & AI
• Opinion & Analysis
• Email Newsletter

Welcome, Alumni

• Communities
• Digital Communities & Tools
• Regional Chapters
• Women’s Programs
• Identity Chapters
• Find Your Reunion
• Career Resources
• Job Search Resources
• Career & Life Transitions
• Programs & Webinars
• Career Video Library
• Alumni Education
• Research Resources
• Volunteering
• Alumni News
• Class Notes
• Alumni Voices
• Contact Alumni Relations
• Upcoming Events

Admission Events & Information Sessions

• MBA Program
• MSx Program
• PhD Program
• Alumni Events
• All Other Events
• Requirements
• Requirements: Behavioral
• Requirements: Quantitative
• Requirements: Macro
• Requirements: Micro
• Annual Evaluations
• Field Examination
• Research Activities
• Research Papers
• Dissertation
• Oral Examination
• Current Students
• Entering Class Profile
• Education & CV
• GMAT & GRE
• International Applicants
• Statement of Purpose
• Letters of Recommendation
• Reapplicants
• Application Fee Waiver
• Deadline & Decisions
• Job Market Candidates
• Academic Placements
• Stay in Touch
• Fields of Study
• Student Life

The field of finance covers the economics of claims on resources. Financial economists study the valuation of these claims, the markets in which they are traded, and their use by individuals, corporations, and the society at large.

At Stanford GSB, finance faculty and doctoral students study a wide spectrum of financial topics, including the pricing and valuation of assets, the behavior of financial markets, and the structure and financial decision-making of firms and financial intermediaries.

Investigation of issues arising in these areas is pursued both through the development of theoretical models and through the empirical testing of those models. The PhD Program is designed to give students a good understanding of the methods used in theoretical modeling and empirical testing.

Preparation and Qualifications

All students are required to have, or to obtain during their first year, mathematical skills at the level of one year of calculus and one course each in linear algebra and matrix theory, theory of probability, and statistical inference.

Students are expected to have familiarity with programming and data analysis using tools and software such as MATLAB, Stata, R, Python, or Julia, or to correct any deficiencies before enrolling at Stanford.

The PhD program in finance involves a great deal of very hard work, and there is keen competition for admission. For both these reasons, the faculty is selective in offering admission. Prospective applicants must have an aptitude for quantitative work and be at ease in handling formal models. A strong background in economics and college-level mathematics is desirable.

It is particularly important to realize that a PhD in finance is not a higher-level MBA, but an advanced, academically oriented degree in financial economics, with a reflective and analytical, rather than operational, viewpoint.

Faculty in Finance

Anat r. admati, juliane begenau, jonathan b. berk, michael blank, greg buchak, antonio coppola, darrell duffie, steven grenadier, benjamin hébert, arvind krishnamurthy, hanno lustig, matteo maggiori, paul pfleiderer, joshua d. rauh, claudia robles-garcia, ilya a. strebulaev, vikrant vig, jeffrey zwiebel, emeriti faculty, robert l. joss, george g.c. parker, myron s. scholes, william f. sharpe, kenneth j. singleton, james c. van horne, recent publications in finance, monetary tightening and u.s. bank fragility in 2023: mark-to-market losses and uninsured depositor runs, trading stocks builds financial confidence and compresses the gender gap, expectations and the neutrality of interest rates, recent insights by stanford business, the surprising economic upside to money in u.s. politics, your summer 2024 podcast playlist, why the “venture mindset” is not just for tech investors.

• See the Current DEI Report
• Supporting Data
• Research & Insights
• Share Your Thoughts
• Search Fund Primer
• Teaching & Curriculum
• Affiliated Faculty
• Faculty Advisors
• Louis W. Foster Resource Center
• Defining Social Innovation
• Impact Compass
• Global Health Innovation Insights
• Faculty Affiliates
• Student Awards & Certificates
• Changemakers
• Dean Jonathan Levin
• Dean Garth Saloner
• Dean Robert Joss
• Dean Michael Spence
• Dean Robert Jaedicke
• Dean Rene McPherson
• Dean Arjay Miller
• Dean Ernest Arbuckle
• Dean Jacob Hugh Jackson
• Dean Willard Hotchkiss
• Faculty in Memoriam
• Stanford GSB Firsts
• Class of 2024 Candidates
• Certificate & Award Recipients
• Dean’s Remarks
• Keynote Address
• Teaching Approach
• Analysis and Measurement of Impact
• The Corporate Entrepreneur: Startup in a Grown-Up Enterprise
• Data-Driven Impact
• Designing Experiments for Impact
• Digital Marketing
• The Founder’s Right Hand
• Marketing for Measurable Change
• Product Management
• Public Policy Lab: Financial Challenges Facing US Cities
• Public Policy Lab: Homelessness in California
• Lab Features
• Curricular Integration
• View From The Top
• Formation of New Ventures
• Managing Growing Enterprises
• Startup Garage
• Explore Beyond the Classroom
• Stanford Venture Studio
• Summer Program
• Workshops & Events
• The Five Lenses of Entrepreneurship
• Leadership Labs
• Executive Challenge
• Arbuckle Leadership Fellows Program
• Selection Process
• Training Schedule
• Time Commitment
• Learning Expectations
• Post-Training Opportunities
• Who Should Apply
• Introductory T-Groups
• Leadership for Society Program
• Certificate
• 2024 Awardees
• 2023 Awardees
• 2022 Awardees
• 2021 Awardees
• 2020 Awardees
• 2019 Awardees
• 2018 Awardees
• Social Management Immersion Fund
• Stanford Impact Founder Fellowships
• Stanford Impact Leader Prizes
• Social Entrepreneurship
• Stanford GSB Impact Fund
• Economic Development
• Energy & Environment
• Stanford GSB Residences
• Environmental Leadership
• Stanford GSB Artwork
• A Closer Look
• California & the Bay Area
• Voices of Stanford GSB
• Business & Beneficial Technology
• Business & Sustainability
• Business & Free Markets
• Business, Government, and Society Forum
• Get Involved
• Second Year
• Global Experiences
• JD/MBA Joint Degree
• MA Education/MBA Joint Degree
• MD/MBA Dual Degree
• MPP/MBA Joint Degree
• MS Computer Science/MBA Joint Degree
• MS Electrical Engineering/MBA Joint Degree
• MS Environment and Resources (E-IPER)/MBA Joint Degree
• Academic Calendar
• Clubs & Activities
• LGBTQ+ Students
• Military Veterans
• Minorities & People of Color
• Partners & Families
• Students with Disabilities
• Student Support
• Residential Life
• Student Voices
• MBA Alumni Voices
• A Week in the Life
• Career Support
• Employment Outcomes
• Cost of Attendance
• Knight-Hennessy Scholars Program
• Yellow Ribbon Program
• BOLD Fellows Fund
• Application Process
• Loan Forgiveness
• Contact the Financial Aid Office
• Evaluation Criteria
• English Language Proficiency
• Personal Information, Activities & Awards
• Professional Experience
• Optional Short Answer Questions
• Application Fee
• Reapplication
• Deferred Enrollment
• Joint & Dual Degrees
• Event Schedule
• Ambassadors
• New & Noteworthy
• Ask a Question
• See Why Stanford MSx
• Is MSx Right for You?
• MSx Stories
• Leadership Development
• How You Will Learn
• Admission Events
• Personal Information
• GMAT, GRE & EA
• English Proficiency Tests
• Career Change
• Career Advancement
• Daycare, Schools & Camps
• U.S. Citizens and Permanent Residents
• Faculty Mentors
• Current Fellows
• Standard Track
• Fellowship & Benefits
• Group Enrollment
• Program Formats
• Developing a Program
• Diversity & Inclusion
• Strategic Transformation
• Program Experience
• Contact Client Services
• Campus Experience
• Live Online Experience
• Silicon Valley & Bay Area
• Digital Credentials
• Faculty Spotlights
• Participant Spotlights
• Eligibility
• International Participants
• Stanford Ignite
• Frequently Asked Questions
• Operations, Information & Technology
• Organizational Behavior
• Political Economy
• Classical Liberalism
• The Eddie Lunch
• Accounting Summer Camp
• California Econometrics Conference
• California Quantitative Marketing PhD Conference
• California School Conference
• China India Insights Conference
• Homo economicus, Evolving
• Political Economics (2023–24)
• Scaling Geologic Storage of CO2 (2023–24)
• A Resilient Pacific: Building Connections, Envisioning Solutions
• Adaptation and Innovation
• Changing Climate
• Civil Society
• Climate Impact Summit
• Climate Science
• Corporate Carbon Disclosures
• Earth’s Seafloor
• Environmental Justice
• Operations and Information Technology
• Organizations
• Sustainability Reporting and Control
• Taking the Pulse of the Planet
• Urban Infrastructure
• Watershed Restoration
• Junior Faculty Workshop on Financial Regulation and Banking
• Ken Singleton Celebration
• Marketing Camp
• Quantitative Marketing PhD Alumni Conference
• Presentations
• Theory and Inference in Accounting Research
• Stanford Closer Look Series
• Quick Guides
• Core Concepts
• Journal Articles
• Glossary of Terms
• Faculty & Staff
• Researchers & Students
• Research Approach
• Charitable Giving
• Financial Health
• Government Services
• Workers & Careers
• Short Course
• Adaptive & Iterative Experimentation
• Incentive Design
• Social Sciences & Behavioral Nudges
• Bandit Experiment Application
• Conferences & Events
• Reading Materials
• Energy Entrepreneurship
• Faculty & Affiliates
• SOLE Report
• Responsible Supply Chains
• Current Study Usage
• Pre-Registration Information
• Participate in a Study
• Founding Donors
• Location Information
• Participant Profile
• Network Membership
• Program Impact
• Collaborators
• Entrepreneur Profiles
• Company Spotlights
• Seed Transformation Network
• Responsibilities
• Current Coaches
• How to Apply
• Meet the Consultants
• Meet the Interns
• Intern Profiles
• Collaborate
• Research Library
• News & Insights
• Program Contacts
• Databases & Datasets
• Research Guides
• Consultations
• Research Workshops
• Career Research
• Research Data Services
• Course Reserves
• Course Research Guides
• Material Loan Periods
• Fines & Other Charges
• Document Delivery
• Interlibrary Loan
• Equipment Checkout
• Print & Scan
• MBA & MSx Students
• PhD Students
• Other Stanford Students
• Faculty Assistants
• Research Assistants
• Stanford GSB Alumni
• Telling Our Story
• Staff Directory
• Site Registration
• Alumni Directory
• Alumni Email
• Privacy Settings & My Profile
• Success Stories
• The Story of Circles
• Support Women’s Circles
• Stanford Women on Boards Initiative
• Alumnae Spotlights
• Insights & Research
• Industry & Professional
• Entrepreneurial Commitment Group
• Recent Alumni
• Half-Century Club
• Fall Reunions
• Spring Reunions
• MBA 25th Reunion
• Half-Century Club Reunion
• Faculty Lectures
• Ernest C. Arbuckle Award
• Alison Elliott Exceptional Achievement Award
• ENCORE Award
• Excellence in Leadership Award
• John W. Gardner Volunteer Leadership Award
• Robert K. Jaedicke Faculty Award
• Jack McDonald Military Service Appreciation Award
• Jerry I. Porras Latino Leadership Award
• Tapestry Award
• Student & Alumni Events
• Executive Recruiters
• Interviewing
• Land the Perfect Job with LinkedIn
• Negotiating
• Elevator Pitch
• Email Best Practices
• Resumes & Cover Letters
• Self-Assessment
• Whitney Birdwell Ball
• Margaret Brooks
• Bryn Panee Burkhart
• Margaret Chan
• Ricki Frankel
• Peter Gandolfo
• Cindy W. Greig
• Natalie Guillen
• Carly Janson
• Sloan Klein
• Sherri Appel Lassila
• Stuart Meyer
• Tanisha Parrish
• Virginia Roberson
• Philippe Taieb
• Michael Takagawa
• Terra Winston
• Johanna Wise
• Debbie Wolter
• Rebecca Zucker
• Complimentary Coaching
• Changing Careers
• Work-Life Integration
• Career Breaks
• Flexible Work
• Encore Careers
• Join a Board
• D&B Hoovers
• Data Axle (ReferenceUSA)
• EBSCO Business Source
• Global Newsstream
• Market Share Reporter
• ProQuest One Business
• RKMA Market Research Handbook Series
• Student Clubs
• Entrepreneurial Students
• Stanford GSB Trust
• Alumni Community
• How to Volunteer
• Springboard Sessions
• Consulting Projects
• 2020 – 2029
• 2010 – 2019
• 2000 – 2009
• 1990 – 1999
• 1980 – 1989
• 1970 – 1979
• 1960 – 1969
• 1950 – 1959
• 1940 – 1949
• Service Areas
• ACT History
• ACT Awards Celebration
• ACT Governance Structure
• Building Leadership for ACT
• Individual Leadership Positions
• Leadership Role Overview
• Purpose of the ACT Management Board
• Contact ACT
• Business & Nonprofit Communities
• Reunion Volunteers
• Ways to Give
• Fiscal Year Report
• Business School Fund Leadership Council
• Planned Giving Options
• Planned Giving Benefits
• Planned Gifts and Reunions
• Legacy Partners
• Giving News & Stories
• Giving Deadlines
• Development Staff
• Submit Class Notes
• Class Secretaries
• Board of Directors
• Health Care
• Sustainability
• Class Takeaways
• All Else Equal: Making Better Decisions
• If/Then: Business, Leadership, Society
• Grit & Growth
• Think Fast, Talk Smart
• Spring 2022
• Spring 2021
• Autumn 2020
• Summer 2020
• Winter 2020
• In the Media
• For Journalists
• DCI Fellows
• Other Auditors
• Academic Calendar & Deadlines
• Course Materials
• Entrepreneurial Resources
• Campus Drive Grove
• Campus Drive Lawn
• CEMEX Auditorium
• King Community Court
• Seawell Family Boardroom
• Stanford GSB Bowl
• Stanford Investors Common
• Town Square
• Vidalakis Courtyard
• Vidalakis Dining Hall
• Catering Services
• Policies & Guidelines
• Reservations
• Contact Faculty Recruiting
• Lecturer Positions
• Postdoctoral Positions
• Accommodations
• CMC-Managed Interviews
• Recruiter-Managed Interviews
• Virtual Interviews
• Campus & Virtual
• Search for Candidates
• Think Globally
• Recruiting Calendar
• Recruiting Policies
• Full-Time Employment
• Summer Employment
• Entrepreneurial Summer Program
• Global Management Immersion Experience
• Social-Purpose Summer Internships
• Process Overview
• Project Types
• Client Eligibility Criteria
• Client Screening
• ACT Leadership
• Social Innovation & Nonprofit Management Resources
• Develop Your Organization’s Talent
• Centers & Initiatives
• Student Fellowships

• Majors & Careers
• Online Grad School
• Preparing For Grad School
• Student Life

The 10 Best PhD Programs in Finance

In essence, finance is the study of economics and the claims on resources. The best PhD programs in finance help you develop professionally so you can make difficult decisions around fund allocation, financial planning, and corporate financial management. This qualification will also equip you for a career in teaching or research at top universities.

Which of the 10 best finance PhDs is best for you?

Read on to learn everything you need to know.

Table of Contents

Why Get a Doctorate in Finance?

According to the Bureau of Labor Statistics (BLS), finance managerial professionals have an average salary of $131,710  per year, and jobs are estimated to grow by 17%  from 2020 to 2030. This is much more than the average across all occupations. With a PhD in finance, you may work as a finance manager or even become a CEO of a large corporation.

Jobs and Salaries for Doctors of Finance

After earning a PhD in finance, you can find well-paid jobs as a professor or in various corporate finance roles.

Here are some of the most common finance professions with the average annual salaries for each:

• Financial Manager ( $96,255 )
• Financial Analyst ( $63,295 )
• Finance Professor ( $73,776 )
• Chief Financial Officer ( $140,694 )
• Investment Analyst ( $67,730 )

Read More:   The Highest Paying PhD Programs

What’s the average cost of a phd program in finance.

The tuition for a PhD in finance can vary depending on the university, with public institutions generally being much more affordable than private ones.

Across all schools, the average tuition is around $30,000 per year.

However, on top of this, you need to factor in other expenses, which could add up to another $30,000 a year. Some top universities offer full funding, including tuition and a stipend for all students who are successfully admitted to the program.

Read Next: The Average Cost of a Master’s Degree in Finance

Top finance phd programs and schools, stanford university, graduate school of business.

PhD in Finance

Stanford University is one of the most prestigious business schools in the world. Its PhD in finance programs has an emphasis on theoretical modeling and empirical testing of financial and economic principles.

• Courses include: Financial markets, empirical asset pricing, macroeconomics, and financial markets.
• Duration: 5 years
• Tuition : Full funding
• Financial aid: Research & teaching assistantship, grants, outside employment, and outside support.
• Delivery: On-campus
• Acceptance rate: 5%
• Location: Stanford, California

The University of Pennsylvania, The Wharton School

The University of Pennsylvania’s renowned Wharton School of Business is home to faculty who are well-known in the field of business research. The school boasts a low student-faculty ratio in an atmosphere that allows you to work with faculty members as peers. This doctor of finance program emphasizes subjects like asset pricing, corporate finance, and portfolio management. This helps students become experts in research and teaching in these areas.

• Courses include: Topics in asset pricing, financial economics, and international finance.
• Credits: 18 courses
• Financial aid: Fellowships, grants, student employment, health insurance, stipend, and loans.
• Acceptance rate: 9%
• Location: Philadelphia, Pennsylvania

The University of Chicago, Booth School of Business

Booth School of Business is a major center for finance education because its faculty includes Eugene F. Fama, Nobel laureate and the father of modern empirical finance. This finance doctoral degree has an option for a joint PhD in collaboration with the university’s economics department.

• Courses: Financial economics, financial markets in the macroeconomy, and behavioral finance.
• Tuition : Refer tuition page
• Financial aid: Grants, stipends, health insurance, scholarships, fellowships, teaching assistantships, research assistantships, and loans.
• Acceptance rate: 7%
• Location: Chicago, Illinois

The University of Illinois at Urbana-Champaign, Gies College of Business

The University of Illinois at Urbana Champaign is one of the best places for studying and conducting research in finance. Its finance research faculty was ranked #4  in the UTD Top 100 Business School Research Rankings between 2016-2019. In this PhD in finance program, students can take the qualifying examination at the end of the first year and, if successful. They’ll be able to start their research project earlier and complete the degree sooner.

• Courses include: Empirical analysis in finance, corporate finance, and statistics & probability.
• Duration: 4-5 years
• Financial aid: Full tuition waiver, stipends, scholarships, grants, student employment, and loans.
• Acceptance rate: 63%
• Location: Champaign, Illinois

Massachusetts Institute of Technology, Sloan School of Management

The Sloan School is one of the top research centers in the world, which aims to transform students into experts who can handle real-world problems in a wide range of spheres, from business and healthcare to climate change. This PhD program in finance gives students the flexibility to choose between a wide range of electives and even study some courses at Harvard.

• Courses include: Current research in financial economics, statistics/applied econometrics, and corporate finance.
• Duration: 6 years
• Financial aid: Full tuition, stipend, teaching assistantships, research assistantships, health insurance, fellowships, scholarships, and loans.
• Location: Cambridge, Massachusetts

Northwestern University, Kellogg School of Management

The Kellogg School of Management allows students to conduct independent research under the supervision of faculty who’ve made significant contributions to the field and have earned numerous prestigious awards. This doctorate of finance program’s admission process has a dual application option. You can also apply to the Economics PhD simultaneously, so if you are not selected for the finance program, you may be considered for economics.

• Courses include: Econometrics, corporate finance, and asset pricing.
• Duration: 5.5 years
• Financial aid: Tuition scholarship, stipends, health insurance, moving allowance, and subsidies.
• Location: Evanston, Illinois

The University of California Berkeley, Haas School of Business

The Haas School of Business in Berkeley is an innovative institution that questions the status quo, takes intelligent risks, and accepts sensible failures in its path to progress. This finance PhD program offers students opportunities to learn about cutting-edge research from faculty from around the world.

• Courses include: Corporate finance theory, stochastic calculus, and applications of psychology & economics.
• Tuition : Refer cost page
• Financial aid: Fellowships, grants, tuition allowance, stipends, teaching assistantships, and research assistantships.
• Acceptance rate: 17%
• Location: Berkeley, California

The University of Texas at San Antonio, Alvarez College of Business

The Alvarez College of Business is one of the forty largest business schools in the USA. It follows a comprehensive and practical approach to education that allows students to apply the knowledge they gain directly in the workplace. This PhD in finance encourages students to do collaborative research with the faculty, which helps them publish their own academic papers before they even complete the program.

• Courses include: Corporate finance, international financial markets, and microeconomic theory.
• Credits: 84 (post-bachelors)
• Financial aid: Scholarships, grants, work-study, teaching assistantships, research assistantships, research fellowships, and loans.
• Acceptance rate: 84%
• Location: San Antonio, Texas

Liberty University, School of Business

Doctor of Business Administration (DBA) in Finance

Liberty University is a non-profit institution among the top five online schools in the USA and has been offering fixed tuition fees for the past seven years. This is one of the best PhD in Finance programs you can do completely online. It aims to prepare students to address issues in business finance through research, best practices, and relevant literature.

• Courses: Managerial Finance, Investments & Derivatives, Business Valuation, etc.
• Credits: 60
• Duration: 3 years average
• Tuition : $595 per credit
• Financial aid: Grants, scholarships, work-study, veteran benefits, and loans.
• Delivery: Online
• Acceptance rate: 50%
• Location: Lynchburg, Virginia

Northcentral University

PhD in Business Administration (PhD-BA) – Finance Management

Northcentral University was founded with the objective of offering flexible, fully-online programs to working professionals around the world. This doctorate degree in finance online is flexible and allows you to design your own schedule. You will also get one-on-one personal mentoring from qualified faculty.

• Courses include: Business financial systems, business statistics, and business leadership & strategy.
• Duration: 84 months average
• Tuition: $1,105 per credit
• Financial aid: Grants, scholarships, and military scholarships.
• Acceptance rate: NA
• Location: Scottsdale, Arizona

Things To Consider When Choosing a Finance PhD Program

The right PhD program for you is a very personal decision and will depend on several individual factors.

However, these general questions will help you to make the right choice:

• Is the university properly accredited?
• Does the university conduct innovative and cutting-edge research?
• Are there renowned faculty members who you’ll want to work with?
• Do they offer subjects or specializations that match your career goals?
• What is the school’s placement history?
• What are the tuition fees, costs, and options for scholarships and financial aid?
• Does the program offer online study options?

It’s also important to consider if you want to pursue a career in academia or work in organizations as a senior finance professional. A PhD degree will generally set you up for a career in research or academia, while a DBA is more suited to a career in business or government.

Preparing for a Finance Doctorate Program

It’s important to start preparing early if you want to be selected for one of the best finance PhD programs.

These handy tips can help you put your best foot forward:

• Research the requirements of the best universities offering PhD in finance degrees, including pre-requisite subjects and qualifying grades. Keep these in mind when completing your bachelor’s or master’s degree.
• Understand your strengths and weaknesses in relation to the program’s requirements. Work on your weaknesses and continue to hone relevant skills.
• Read extensively in the field and keep up-to-date on regional and global developments.
• Join communities of finance professionals to build your network and be exposed to the latest knowledge in the discipline.

Skills You Gain from Earning a PhD in Finance

The most important skills you learn as a doctor of finance include:

• Communication skills, including writing and presentation skills
• Data analytical skills
• Economics and accounting skills
• Critical thinking skills
• Mathematical skills
• Analytical software skills
• Management and leadership skills
• Problem-solving skills

PhD Programs in Finance FAQs

How long does a phd in finance take.

PhD programs in finance usually take between three and eight years to complete.

Is It Worth Getting a PhD in Finance?

A PhD in Finance is a qualification that’s in high demand today. It is a terminal degree and can help you get top-level jobs with lucrative salaries in corporate or large organizations.

How Much Can You Make With a PhD in Finance?

With a finance doctorate, you can expect to earn a salary anywhere from around $45,000 to $150,000, depending on your experience, role, and the organization you work for. According to the BLS, the average salary for finance PhD holders is $131,710 .

What Do You Need To Get a PhD in Finance?

The admissions requirements vary depending on the program, but you’ll typically need a bachelor’s or master’s degree in finance. The programs can take three to eight years of coursework and research.

To apply, you’ll usually need to submit:

• Application
• Academic resume
• Academic transcripts
• Recommendation letters
• GRE or GMAT score
• Personal essay

Final Thoughts

With a doctorate in finance, you can build a rewarding career in academia, research, or the business sector. Like any doctorate, these programs ask for dedication and hard work. By planning early, you’ll set yourself up to pursue one of the best PhD programs in finance.

For more on how to build your career in the field, take a look at our guides to the best master’s degree in finance , the highest paying PhDs , and fully-funded PhD programs .

Lisa Marlin

Lisa is a full-time writer specializing in career advice, further education, and personal development. She works from all over the world, and when not writing you'll find her hiking, practicing yoga, or enjoying a glass of Malbec.

• Lisa Marlin https://blog.thegradcafe.com/author/lisa-marlin/ 30+ Best Dorm Room Essentials for Guys in 2024
• Lisa Marlin https://blog.thegradcafe.com/author/lisa-marlin/ 12 Best Laptops for Computer Science Students
• Lisa Marlin https://blog.thegradcafe.com/author/lisa-marlin/ ACBSP Vs AACSB: Which Business Program Accreditations is Better?
• Lisa Marlin https://blog.thegradcafe.com/author/lisa-marlin/ BA vs BS: What You Need to Know [2024 Guide]

The 7 Best Student Planner Apps

Most common industries to land a job out of college, related posts.

How New Grads Research Companies to Find Jobs

Experience Paradox: Entry-Level Jobs Demand Years in Field

Grad Trends: Interest in Artificial Intelligence Surges

Applying to Big Tech This Year? Here’s How to Ace It.

73% of job seekers believe a degree is needed for a well-paying role–but is it?

Tech Talent Crunch: Cities with More Jobs Than Workers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Recent Posts

• Last Mile Education Fund Paves the Way for Tech Students, Offers Lifeline Grants
• When to Apply for Grad School: Easy Monthly Timeline [2026-2027]
• 30+ Best Dorm Room Essentials for Guys in 2024
• Best Laptop for Programming Students in 2024
• The Sassy Digital Assistant Revolutionizing Student Budgeting

© 2024 TheGradCafe.com All rights reserved

• Partner With Us
• Results Search
• Submit Your Results
• Write For Us

• Youth Program
• Wharton Online

PhD Program

• Program of Study

Wharton’s PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

The department prepares students for careers in research and teaching at the world’s leading academic institutions, focusing on Asset Pricing and Portfolio Management, Corporate Finance, International Finance, Financial Institutions and Macroeconomics.

Wharton’s Finance faculty, widely recognized as the finest in the world, has been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Another example is the contribution by faculty members to the analysis of financial institutions and markets, which is fundamental to our understanding of the trade-offs between economic systems and their implications for financial fragility and crises.

Faculty research, both empirical and theoretical, includes such areas as:

• Structure of financial markets
• Formation and behavior of financial asset prices
• Banking and monetary systems
• Corporate control and capital structure
• Saving and capital formation
• International financial markets

Candidates with undergraduate training in economics, mathematics, engineering, statistics, and other quantitative disciplines have an ideal background for doctoral studies in this field.

Effective 2023, The Wharton Finance PhD Program is now STEM certified.

• Course Descriptions
• Course Schedule
• Dissertation Committee and Proposal Defense
• Meet our PhD Students
• Visiting Scholars

More Information

• Apply to Wharton
• Doctoral Inside: Resources for Current PhD Students
• Wharton Doctoral Program Policies
• Transfer of Credit
• Research Fellowship

The Ins and Outs of a PhD in Finance

Landing a PhD in finance – the ultimate undertaking for intrepid souls who yearn to ascend to the highest academic echelons of finance. If you’re serious about being an overseer in this industry, a Doctorate of Philosophy in Finance is what you need! So if wading through tutorials and textbooks isn’t exactly how you want to spend your weekends, we totally understand.

That’s why we’ve broken down in glorious detail all that there is to know about landing a finance doctorate – so no more stressful nights scouring Google for advice on statements of purpose or wondering whether learning Python coding is necessary!

Are You Finance PhD Program Material?

If you’re someone who loves crunching numbers and has a passion for delving deep into financial issues to fully grasp the capital market’s fluctuations, then earning your finance PhD could be just what you need to accelerate your career ! As the financial landscape evolves to include high-speed trading and complex derivative investments, doctoral finance degrees are no longer just for students interested in teaching or research. Instead, these educational programs are offering more opportunities for those looking to take advantage of advancing technologies and modernized markets.

Possessing a finance PhD no longer confines professionals to the traditional lecture hall setting. Instead, this prestigious degree serves as your passport to some of the most innovative jobs available in financial institutions, on Wall Street, and further.

Programs at many universities are typically geared toward the study of theoretical finance and train students to gain a comprehensive understanding of financial markets. These graduate-level degrees allow students to delve deeper into business knowledge, as well as provide a stepping stone for those looking to pursue an academic career such as college professors or researchers. PhD students undertaking this degree are at the forefront of understanding and developing new markets, theories, and ideas. Furthermore, PhD in finance students have a unique opportunity to shape future leaders who will one day be responsible for managing our ever-changing world. After completing this higher-learning finance program, graduates are usually well-prepared to pursue successful careers either in the public sector or as consultants and researchers within administration or business.

What is a Finance PhD Program?

A PhD in Finance is a terminal finance degree for students seeking to specialize in advanced financial topics and theories. This degree program typically requires PhD students to gain expertise in areas such as investments, corporate finance, quantitative methods, theoretical modeling, modern empirical finance, and international finance. Most finance PhD programs involve rigorous coursework and the completion of a dissertation project that demonstrates the student’s knowledge within his or her chosen area. With this degree, graduates are well-prepared to pursue a career as an academic researcher or work as a financial analyst in a variety of settings. Upon completion of the program, students can be confident that they possess the knowledge and skills necessary to succeed in their chosen field.

What Are the areas of specialization for PhD programs in finance?

PhD programs in finance typically offer a variety of specializations, depending on the university. Common areas of specialization for these programs may include corporate finance, financial risk management, international finance, financial market regulation and banking law, real estate investments, corporate governance, quantitative methods, and econometrics. Depending on the program chosen, PhD students may also specialize in areas such as financial engineering, computational finance, empirical asset pricing, and derivatives. PhD candidates in finance may also specialize in a particular country’s banking system or a specific type of financial instrument.

How Long Does It Take to Earn a PhD in Finance?

Getting a PhD in Finance is not an easy task , and it requires considerable dedication and hard work. Generally, the duration of a finance PhD program depends on the institution, department, research topic, and degree requirements. On average, completing a PhD in Finance may take four to five years. This includes coursework, passing qualifying exams, conducting independent research, and writing the dissertation. In some cases, doctoral students may have to take additional courses or complete an internship to fulfill the requirements for graduation. Additionally, some universities require that their doctoral students attend and present at conferences or publish scholarly articles in peer-reviewed journals. All these add up to the total time it takes to complete doctoral studies. Ultimately, the length of time it takes to complete a PhD in Finance depends on the student’s level of commitment and dedication.

What Jobs Can You Get with A PhD in Finance?

Pursuing this type of finance degree can provide you with the theoretical and practical knowledge necessary to become an expert in your chosen field. With a PhD, you will gain the skills and expertise to succeed in a variety of finance-related roles. You’ll be able to analyze financial data, develop financial models, and advise both individuals and organizations about the best strategies to achieve their goals. You will also gain valuable research experience that can help you make valuable contributions to the field of finance. With a PhD in finance, you can enjoy a broad range of career options in the banking, finance, and accounting industries. These can include roles such as financial analyst, portfolio manager, investment banker, risk manager, or financial consultant. The possibilities are virtually limitless; you could be a leader and innovator in the field of finance, or simply use your skills to help others make wise financial decisions.

How Difficult Is It to Get Admitted into a Good Program?

Pursuing a PhD in finance can be an incredibly challenging endeavor. The amount of knowledge required and the rigorous academic requirements to gain admission to a top-tier finance program are daunting. Because of the rigorous admissions process, competition for admission is intense. Applicants must demonstrate a comprehensive understanding of financial concepts, strong quantitative and analytical skills, as well as an ability to think critically and independently. Prospective PhD students must also demonstrate a strong commitment to academic research, as well as the ability to develop and complete original research projects. Those who are successful in gaining admission to a PhD in finance program will reap the rewards of a top-tier education and will be well-prepared for an exciting career in the field of finance.

What Does the Application Process Look Like?

A Ph.D. in Finance is a terminal degree, meaning the highest level of education available in that field. It requires years of study and rigorous coursework to earn. To be eligible, students must have completed a bachelor’s degree with a major in finance or a related field and have acquired a minimum cumulative grade point average of 3.3. Most programs require that applicants submit GRE scores , letters of recommendation, and professional experience.

Generally, doctorate programs require four to five years of in-depth assessment and coursework as well as the writing of a dissertation; therefore, it stands to reason that admission into such programs will be highly selective. During the application process, admissions committees formed by finance faculty strive to guarantee that a student will do whatever is necessary for them to be successful in their program. This can take some time because universities are searching for worthy candidates with knowledge of their field and impressive academic credentials.

To be considered as an applicant, the following materials and resources are needed:

• submitting your paper or online application form
• a statement of purpose
• covering the applicable fees
• providing official transcripts from any educational institutions attended.
• well-crafted letters of recommendation from former employers and instructors that are familiar with his/her academic accomplishments.
• a scholarly writing sample accompanied by official GRE or GMAT scores.

After you’ve submitted your documents, the end step of the application process is usually an interview with a member of the admissions committee. Each business school is different and thus has specific admission requirements; while one program may need candidates to go through an interview , another might only require providing a writing sample portfolio.

Is A PhD in Finance Worth It?

The answer to this question depends on your individual career goals and ambitions.A PhD in finance can open doors to a variety of interesting and lucrative careers in the financial sector. It can also provide you with an opportunity to advance your research and teaching skills, and it may even lead to a higher salary. However, it takes a substantial amount of time and effort to complete a PhD program, so you should weigh the pros and cons carefully before deciding if it is the right move for you.

What Are The Top 10 PhD in finance programs in the world?

The top 10 PhD in Finance programs in the world are highly sought-after for their rigorous curriculum, finance faculty, and international recognition. The most distinguished programs can be found at institutions such as Harvard University, the Yale School of Management, Massachusetts Institute of Technology (MIT), Stanford, London Business School, the Wharton School of Business , Cornell University’s Johnson Graduate School of Management, the Kellogg School of Management, and the University of Chicago Booth School of Business. These esteemed programs provide students with the opportunity to explore cutting-edge finance topics from a global perspective. With access to world-renowned faculty members, highly competitive internships, and outstanding research facilities, graduates from these top 10 PhD in Finance programs are equipped with the knowledge and skills necessary to become leaders in the field. Pursuing a PhD in finance from any of these schools will give students a unique advantage as they enter the corporate world or pursue academic positions.

How Competitive Is It to Get Admitted Into a Top PhD in Finance Program?

PhD in finance programs are highly competitive and rigorous, requiring a strong knowledge base and advanced research skills to succeed. Many of the top universities offering PhD in finance programs have extremely select criteria for admissions, including GRE scores, academic achievement, professional experience, and recommendations from faculty members. The competition for admission is intense; most universities will only admit a handful of students each year.

How Can You Increase Your Chances of Getting Admitted into a Phd in Finance Program?

Completing a doctorate in finance is an ambitious endeavor, but it’s not impossible. To make yourself a more competitive applicant when applying to a doctoral program in this field, it’s important to focus on building your qualifications and doing meaningful research prior to applying. Start by obtaining a high GPA during your undergraduate education and impressing your professors through meaningful research and participation in course discussions. Then, gain relevant experience with internships or other professional opportunities that relate to the field of finance. From there, build a strong portfolio of academic achievements such as journals, published articles, presentations, and awards. Once you have established yourself as an ambitious researcher with a commitment to the finance field, you are ready to apply for a PhD program.

Working with a graduate school admission consultant prior to applying to a PhD program can also increase your chances of getting accepted by providing you with a solid foundation on how to build a portfolio that impresses admissions committees. A specialized consultant can help you make sure all your application materials are in order, as well as provide insight into the admissions process and what makes an applicant stand out—and get noticed. Make sure to check out our PhD application services or schedule a free consultation to find out how we can help you reach your career goals!

With a Master’s from McGill University and a Ph.D. from New York University, Dr. Philippe Barr is the founder of The Admit Lab . As a tenure-track professor, Dr. Barr spent a decade teaching and serving on several graduate admission committees at UNC-Chapel Hill before turning to full-time consulting. With more than seven years of experience as a graduate school admissions consultant, Dr. Barr has stewarded the candidate journey across multiple master’s and Ph.D. programs and helped hundreds of students get admitted to top-tier graduate programs all over the world .

Subscribe to my YouTube Channel for weekly tutorials on navigating the PhD application process and live Q&A sessions!

Share this:

Join the conversation.

• Pingback: Wharton PhD in Finance: Getting In -

Leave a comment

Leave a reply cancel reply, discover more from admit lab.

Subscribe now to keep reading and get access to the full archive.

Type your email…

Continue reading

• Certificate
• Pennsylvania

PhD in Finance

• Author: Audrey Stoffle
• Expert Reviewer: Rob Voce
• Editorial Process

The Doctor of Philosophy (PhD) degree in Finance prepares graduates for research careers and to teach at the postsecondary level. Since most finance careers and certifications require a bachelor’s in finance or, more often, a master’s degree in finance , students pursuing a PhD in Finance often have their sights set on academic or research careers. Finance programs at the PhD level cover a variety of financial topics that including the behavior of financial markets, pricing and valuation of assets, and problem-solving in financial intermediaries and firms. Study is often focused on a combination of finance theory and practice, which involves the testing of models using various methods in order to investigate issues in finance and conduct research. PhD students also choose to focus on a particular area of finance (sometimes called concentrations or specializations as well as research topics or tracks, depending on the school). Common research areas are often influenced by current faculty research topics and include capital markets, financial intermediaries, international finance, and corporate finance.

Table of Contents

Program Options

• Core Concepts

Top PhD in Finance Programs

• Select Schools with a PhD in Finance

Jobs with a PhD in Finance

Frequently asked questions.

PhD in Finance degrees usually take between four and six years to complete, and most require full-time, on-campus attendance. In addition to a certain number of credit hours through traditional coursework, PhD programs also typically require comprehensive exams, research papers, a dissertation proposal, and a completed dissertation. These components often have deadlines, and each student is responsible for ensuring that all deadlines are met throughout the program. Some programs grant PhD in Finance or Financial Economics degrees, while others grant a PhD in Business Administration or Business Economics with a Concentration in Finance. As mentioned above, PhD programs in Finance often offer further areas of specialized study, both through formal concentration areas and through active research topics of current faculty that align with students’ goals. Common concentration and research areas include:

• Asset Pricing Theory
• Behavioral Finance
• Capital Markets
• Corporate Finance
• Corporate Governance
• Development Economics
• Entrepreneurship
• Equity Markets
• Financial Crises
• Financial Econometrics
• Financial Intermediaries
• Fund Management
• Household Finance
• International Finance
• Investments
• Macro-finance
• Market Microstructure
• Real Estate
• Strategy and Decision-Making
• Tax Effects in Security Markets

Online Degree Formats

Since PhD programs involve intense study and are highly collaborative in nature, most schools do not offer online options for students. At most, PhD Finance programs may offer some online coursework during the program. However, the traditional coursework in a PhD program is usually completed in the first two to three years of study, with the remaining years devoted to the writing of the dissertation and teaching assistantships. As a result, much of the work in the latter half of PhD programs may be able to be completed remotely as long as program deadlines continue to be met.

Admission Requirements

Common admission requirements for Finance PhD programs include a resume, Graduate Management Admission Test (GMAT) or Graduate Record Exam (GRE) scores, letters of recommendation, a personal statement, and often an interview. A Master of Business Administration (MBA) or Master of Finance is sometimes required–or at least preferred–for admission, but not always. Some prospective students have backgrounds in other areas, including mathematics, economics, engineering, or statistics. Check with your school or schools of interest to inquire about their requirements for admission.

Core Concepts and Coursework

Coursework in Finance PhD programs will vary by school and program, but possible courses may include:

• Econometrics
• Empirical Asset Pricing
• Finance Research Seminar
• Information and Trading in Financial Markets
• Statistical Theory

The following are recent rankings of the best Finance PhD programs in the nation. Schools in bold appear on both lists.

US News & World Report’s Best Business Schools with PhD-Finance Programs 2022

US News & World Report annually ranks the top business schools for finance based on factors like recruiter rating, average starting salary, employment rate, and student selectivity. 1 The below business schools with PhDs in Finance top the list:

• University of Pennsylvania (#1; Wharton)
• University of Chicago (#2; Booth)
• New York University (#3; Stern)
• Columbia University (#4; Columbia)
• Massachusetts Institute of Technology (#5; Sloan)
• Stanford University (#6; Stanford)
• University of California-Berkeley (#7; Haas)
• Harvard University (#8; Harvard)
• University of California-Los Angeles (#9; Anderson)
• University of Michigan-Ann Arbor (#10; Ross)
• Duke University (#11 tie; Fuqua)
• Northwestern University (#11 tie; Kellogg)
• Boston College (#13; Carroll)
• Fordham University (#14 tie; Gabelli)
• University of Texas-Austin (#14 tie; McCombs)

Arizona State University Top Schools for Finance Rankings 1990-2020

Arizona State University’s (ASU) W.P. Carey School of Business ranks colleges and universities based on the number of annual articles published in the top four finance journals each year. The following schools topped the rankings from 1990 to 2020: 2

• New York University (#1; Stern)
• Harvard University (#3 tie; Harvard)
• University of Pennsylvania (#3 tie; Wharton)
• University of California-Los Angeles (#5; Anderson)
• Columbia University (#6; Columbia)
• Duke University (#7; Fuqua)
• Massachusetts Institute of Technology (#8; Sloan)
• University of Michigan-Ann Arbor (#9; Ross)
• Ohio State University (#10; Fisher)
• Stanford University (#11; Stanford)
• Northwestern University (#12; Northwestern)
• Cornell University (#13; Johnson)
• University of Texas-Austin (#14; McCombs)
• University of North Carolina-Chapel Hill (#15; Kenan–Flagler)

Select PhD in Finance Programs

Traditional programs, duke university.

At Duke University’s Fuqua School of Business, students can earn a technically-focused Doctor of Philosophy (PhD) in Business Administration with a Concentration in Finance that will prepare them to become faculty at the nation’s top research universities. Two main subfields are offered, Asset Pricing Theory and Corporate Finance; a third, Behavioral Finance, is emerging. Students can typically complete the PhD in four to six years and they collaborate with faculty to determine a concentrated course of study that aligns with their career goals. A comprehensive exam in the content area is required as well as a dissertation. Duke’s Fuqua School of Business provides PhD students with stipends as well as tuition, registration, and health fees for up to 10 semesters. Courses include Microeconomics I and II; Empirical Corporate Finance; Theoretical Asset Pricing; a finance seminar; and Theoretical Corporate Finance. GMAT or GRE scores are required for admission and cannot be waived for any reason. An MBA or master’s degree is not required for admission, nor is previous work experience.

Northwestern University

The Kellogg School of Management at Northwestern University offers a full-time doctoral program in finance that leads to a Doctor of Philosophy (PhD) and draws on economics, mathematics, and statistics in its exploration of finance. Applicants should have a strong education or work background in mathematics, statistics, and economics, and while a master’s degree is not required, about half of PhD students at Northwestern have one. Students must maintain a minimum GPA of 3.0. Original research papers, as well as a proposal and dissertation, are required for graduation. In addition, PhD students serve as research and teaching assistants during the second, third, and fourth years of the program. Coursework includes three levels of asset pricing and corporate finance. Most students can complete the degree in about five and a half years, with the first two years usually spent on coursework and the final three years spent on research and writing the dissertation.

Ohio State University

Ohio State University’s Fisher College of Business offers a Doctor of Philosophy (PhD) in Finance program that prepares students to become researchers and postsecondary instructors in finance. The program is designed to be taken full time, with courses offered in the daytime. At least 10 credit hours per quarter are required, in addition to other responsibilities. Coursework in Ohio State’s program includes the subjects of microeconomics, macroeconomics, and research tools, as well as courses like Empirical Asset Pricing, Advanced Corporate Finance, and a Finance Research Seminar taken in the third year. A written and oral Candidacy Examination is taken between the second and third year of the program. All students must also choose a second field of study based on their interests. Microeconomics is highly recommended for finance students, but other fields may be chosen with advisor approval. GRE or GMAT scores are required for admission, along with three recommendation letters, a statement of intent, and a resume or CV. A master’s in finance is preferred for admission; without one, students may have to take additional coursework.

University of Pennsylvania

The Wharton School of Business at the University of Pennsylvania (Penn) offers a Doctor of Philosophy (PhD) program in Finance that combines the theoretical and empirical study of finance with the related discipline of economics. Students in Penn’s PhD program are prepared for research careers and teaching positions at top academic institutions. With a student-to-faculty ratio greater than one-to-one, Penn’s faculty research has contributed to the modern understanding of economic systems and how they can affect financial fragility and crises. Study focuses on areas like corporate finance; asset pricing and portfolio management; international finance; financial institutions; and macroeconomics. A total of 18 courses are required for the PhD, including economics core classes, econometrics/statistics courses, finance core classes, and electives in finance. No more than six courses can be transferred from other schools. The program consists of two phases: Pre-Candidacy and Candidacy. Students must maintain a “B” average in order to graduate. Four teaching fellowships are required, as well as various papers, presentations, and a dissertation. A master’s degree in finance is included in the PhD program for eligible students.

University of Texas at Austin

At the Texas McCombs School of Business at the University of Texas at Austin, students can earn a Doctor of Philosophy (PhD) in Finance to prepare them for research and teaching careers. Specializations are offered in Corporate Finance, Investments, Financial Intermediaries, International Finance, and Real Estate. In addition to the area of specialty, students are required to choose two minor fields. Popular fields are economics, statistics, or mathematics. The student-to-faculty ratio is one-to-one; as a result, students participate in multidisciplinary research through close collaboration with faculty and benefit from one-on-one mentoring. Applicants must have a four-year bachelor’s degree in any subject, but a reasonable background in math, statistics, and economics is expected, as well as adequate computer programming skills.

Most graduates of PhD programs in Finance begin academic careers in teaching or research, though they may also work for corporations in various finance and analyst roles. A PhD may also prepare graduates to become certified in an area of finance. More information on licensure and certification options can be found on our finance careers page . Possible job titles for PhD-Finance grads include:

• Chief Financial Officer
• Financial Analyst
• Financial Examiner
• Financial Manager
• Financial Planner
• Investment Analyst
• Quantitative Analyst

How much is a PhD in Finance salary?

Most graduates with PhDs in Finance work as professors and researchers at academic research institutions. According to the Bureau of Labor Statistics (BLS), postsecondary business teachers earned a median of $88,010 per year and postsecondary economics teachers earned a median of $107,260 per year as of May 2020. 3 By comparison, financial managers earned a median annual salary of $134,180 per year, and top executives earned a median of $107,680 per year. 4,5

Why should I get a PhD in Finance?

If you are interested in a career in academia–either in teaching at the postsecondary level or in conducting financial research to solve industry problems–a PhD in Finance might be right for you. Typically, other positions in finance, such as financial manager or chief financial officer (CFO) require a MFin or a MBA-Finance . Therefore, a PhD in Finance, given its time commitment, is best for those who aspire to be college or university professors and researchers.

What is the job outlook for PhDs in Finance?

According to the BLS, postsecondary teaching positions in business are expected to grow 12% through 2029, while postsecondary teaching positions in economics are expected to grow 5% over the same time period. 3 Employment of postsecondary teachers as a whole is projected to grow 9% through 2029. 3

How long does it take to get a Finance PhD?

The length of time it takes to get a PhD in Finance varies by program as well as the speed at which you complete your dissertation. That said, if you are considering pursuing this degree, you should expect to devote between four and six years of full-time study to finish it.

What are the admission requirements for PhD-Finance programs?

PhD programs vary widely in their admission requirements. Some may require a master’s degree or an MBA, while others may only require a bachelor’s degree. At this level, most schools look for students who have either studied finance in previous educational programs or who have a strong work background in the field. They may also require GRE or GMAT scores, a minimum GPA in previous finance study, as well as a strong application, letters of recommendation, and a successful interview. PhD programs, especially those that offer tuition assistance, are often highly competitive, so students with high GPAs, backgrounds, and test scores usually have the best chance of admission.

References: 1. US News & World Report Best Finance MBA Programs 2022: https://www.usnews.com/best-graduate-schools/top-business-schools/finance-rankings 2. Arizona State University Top Schools for Finance Rankings 1990-2020: https://apps.wpcarey.asu.edu/fin-rankings/rankings/index.cfm 3. Bureau of Labor Statistics, Occupational Outlook Handbook, Postsecondary Teachers: https://www.bls.gov/ooh/education-training-and-library/postsecondary-teachers.htm 4. Bureau of Labor Statistics, Occupational Outlook Handbook, Financial Managers: https://www.bls.gov/ooh/management/financial-managers.htm 5. Bureau of Labor Statistics, Occupational Outlook Handbook, Top Executives: https://www.bls.gov/ooh/management/top-executives.htm

• Harvard Business School →
• Doctoral Programs →

PhD Programs

• Accounting & Management
• Business Economics
• Health Policy (Management)
• Organizational Behavior
• Technology & Operations Management

Students in our PhD programs are encouraged from day one to think of this experience as their first job in business academia—a training ground for a challenging and rewarding career generating rigorous, relevant research that influences practice.

Our doctoral students work with faculty and access resources throughout HBS and Harvard University. The PhD program curriculum requires coursework at HBS and other Harvard discipline departments, and with HBS and Harvard faculty on advisory committees. Faculty throughout Harvard guide the programs through their participation on advisory committees.

How do I know which program is right for me?

There are many paths, but we are one HBS. Our PhD students draw on diverse personal and professional backgrounds to pursue an ever-expanding range of research topics. Explore more here about each program’s requirements & curriculum, read student profiles for each discipline as well as student research , and placement information.

The PhD in Business Administration grounds students in the disciplinary theories and research methods that form the foundation of an academic career. Jointly administered by HBS and GSAS, the program has four areas of study: Accounting and Management , Marketing , Strategy , and Technology and Operations Management . All areas of study involve roughly two years of coursework culminating in a field exam. The remaining years of the program are spent conducting independent research, working on co-authored publications, and writing the dissertation. Students join these programs from a wide range of backgrounds, from consulting to engineering. Many applicants possess liberal arts degrees, as there is not a requirement to possess a business degree before joining the program

The PhD in Business Economics provides students the opportunity to study in both Harvard’s world-class Economics Department and Harvard Business School. Throughout the program, coursework includes exploration of microeconomic theory, macroeconomic theory, probability and statistics, and econometrics. While some students join the Business Economics program directly from undergraduate or masters programs, others have worked in economic consulting firms or as research assistants at universities or intergovernmental organizations.

The PhD program in Health Policy (Management) is rooted in data-driven research on the managerial, operational, and strategic issues facing a wide range of organizations. Coursework includes the study of microeconomic theory, management, research methods, and statistics. The backgrounds of students in this program are quite varied, with some coming from public health or the healthcare industry, while others arrive at the program with a background in disciplinary research

The PhD program in Organizational Behavior offers two tracks: either a micro or macro approach. In the micro track, students focus on the study of interpersonal relationships within organizations and the effects that groups have on individuals. Students in the macro track use sociological methods to examine organizations, groups, and markets as a whole, including topics such as the influence of individuals on organizational change, or the relationship between social missions and financial objectives. Jointly administered by HBS and GSAS, the program includes core disciplinary training in sociology or psychology, as well as additional coursework in organizational behavior.

Accounting & Management  

Business economics  , health policy (management)  , marketing  , organizational behavior  , strategy  , technology & operations management  .

PhD in Finance

The Department of Finance, Real Estate, and Insurance and Risk Management at the Carl H. Lindner College of Business offers a rigorous, systematic, and highly structured doctoral program that develops quantitative, analytical, and teaching skills required for a successful career as a financial economist or as a faculty member. Our primary objective is to train scholars who will join top academic and research institutions or enter the field of financial economics.

The department has experienced phenomenal growth in the past few years, with exceptionally talented and highly energetic fresh PhDs from Columbia University, Indiana University, London Business School, and the University of Michigan joining our internationally renowned faculty. We work with a select number of PhD candidates each year on a wide range of empirical and theoretical research topics in finance.

• Asset pricing
• Corporate finance
• Experimental finance
• Financial institutions
• High-frequency trading
• International finance
• Market microstructure

Real Estate

• Housing policy
• Real estate finance
• Real estate investment
• Urban economics

Insurance and Risk Management

• Castastrophe risk
• Decision-making under risk
• Economics of uncertainty
• Innovations in managing risk
• Insurance markets
• Risk literacy
• Risk management

Our faculty publications appear in journals such as Geneva Risk, Insurance Review, Journal of Risk and Insurance, Journal of Risk and Uncertainty, Journal of Finance , Journal of Financial Research , Financial Review , Journal of Real Estate Finance & Economics , Quarter Journal of Business and Economics , Journal of International Business Studies , and the Pacific-Basin Finance Journal . 

Student support

Lindner doctoral students receive excellent research support. Our seminar series features prominent researchers. Our department has subscriptions to all major finance and accounting databases through WRDS, and funding is available to doctoral students for travel to conferences. Our top-ranked Carl H. Lindner III Center for Insurance and Risk Management and the UC Real Estate Center provide a great opportunity for doctoral students to interact with practitioners.

A collegial environment has long been a hallmark of Lindner PhD programs. Students frequently collaborate with one another and with faculty to produce original research. We strongly encourage these collaborations and place a high priority on students pursuing their own research agendas as quickly as possible. The finance program is highly selective, allowing faculty to work closely with each doctoral student to customize a program of study that meets his or her interests and needs. The goal of this interaction is for you to develop the ability to conduct original research that will become the cornerstone of your dissertation.

In order to enhance our students' teaching abilities, Lindner offers teaching workshops to develop their classroom skills. In our program, students are mentored by department faculty while in various teaching assistant roles and they are given hands-on teaching experience in the classroom to complete their teacher training.

The program begins with a thorough grounding in quantitative methods and economic and financial theory and is complemented by a sequence of seminars covering all the major areas of financial economics. Through work on an independent research paper, students develop the skills and ability necessary to conduct original research. Satisfactory performance on a written comprehensive examination marks the transition from coursework to full-time thesis research. A brief list of the research topics students may choose to pursue as a dissertation topic include theoretical, experimental, or empirical aspects of asset pricing, corporate finance, financial institutions, market microstructure, or real estate.

The program offers a thorough grounding in the basic tools of economics, statistics, and mathematics through a series of introductory courses followed by a series of well-defined seminars that cover the major areas of financial economics.

In addition to gaining basic analytical tools, candidates learn to develop economic intuition into financial problems and acquire the necessary mind-set to teach and conduct independent research as a university professor.

The curriculum consists of four components: required courses, an independent research paper, a comprehensive exam and a dissertation.

Course requirements

Students complete a program of study that leads to competency in three areas: quantitative methods, economics, and finance. The requirements of the program of study are typically satisfied by completing 18 courses in the first two and a half years of the program. Required courses include seven courses in quantitative methods and economics, six in finance, and several electives. In some cases coursework prior to entering the Program may be substituted for required courses.

Research paper

Students are expected to engage in research early in the program. All students work at least part-time as research assistants during the first two years of the program. By the end of their second year, students are required to submit a research paper as part of the FIN 9025 Research Colloquium. A more detailed description of the research paper and the standards and criteria used to evaluate it is available from (and maintained and updated by) the PhD Committee.

Comprehensive examination

Satisfactory performance on a written comprehensive examination marks the student's transition from coursework to full-time thesis research. The examination is intended to allow the student to demonstrate substantial knowledge of finance, economics and quantitative methods.

The candidate will have completed most course work, including all finance coursework, and submitted a satisfactory research paper prior to taking the comprehensive examination.

Dissertation

The doctoral dissertation is expected to be a substantial, significant and original contribution to knowledge. It is prepared under the guidance of a thesis committee of three or more faculty members (including one from outside the Finance department) selected by the candidate in consultation with his or her thesis advisor. Early in the process, the candidate submits a thesis proposal. The proposal is presented in a seminar to which the finance faculty and doctoral students are invited. The purpose of the presentation is to give the student an opportunity to hear the suggestions and comments of members of the UC finance community while the research plan is still fluid.

A thesis-defense seminar, open to the entire University of Cincinnati academic community, is held when the research is completed.

Required coursework

The finance PhD program requires the following coursework:

Introductory courses

• Introduction to Research and Teaching: taken the first semester in the program
• Philosophy of Science
• Business Core: if you do not have an MBA degree, you are required to become familiar with the basic body of knowledge (e.g, marketing, management, and accounting). Many of these courses can be waived if you have an MS degree.

Economic and Quantitative Methods (five courses)

• Principles of Probability
• Statistical Inference
• Econometrics I and II
• Microeconomic Theory

Typical electives (five courses):

• Options and Futures
• Math for Economists
• Financial Engineering
• Forecasting/Time Series Analysis
• Introduction to Cognitive Psychology
• Theory of Incentives
• SAS Programming
• Data Mining
• Linear Models
• Financial Mathematics I and II
• Applied Probability and Stochastic Processes
• Applied Economic Forecasting

The department offers the following seminars. The final seminar, FIN 9025 Research Colloquium: Special Topics in Finance, does not meet as a regular course. It is the course credit associated with the second-year paper.

FIN 9011: Foundations of Finance

• This course will introduce students to decision making under uncertainty (including consumer and producer theory, industrial organization, and welfare economics). Models with symmetric information (including static and dynamic portfolio and consumption choice problems) and asymmetric information (including models of moral hazard and adverse selection) will be covered.

FIN 9012: Corporate Finance Theory

• This course covers the theory of financial decision making in a variety of corporate forms (including public, private, start-up/entrepreneurial firms and financial intermediaries). This course will consider the theoretical foundations of the following topics: capital structure and payout policy, security issuance, governance (including mergers and acquisitions and performance incentives), and the existence of financial intermediaries. The course will also introduce the student to the tools of game theory (Nash equilibrium and refinements, screening/signaling models, etc.) used in theoretical corporate finance research.

FIN 9013: Empiracal Studies in Corporate Finance

• This course covers the empirical methodologies used in testing and investigating corporate finance topics and empirical examinations of important corporate finance issues. Representative topics covered include Empirical Methods/Techniques (event studies, long-term performance measurement); Mergers and Acquisitions (general issues, merger waves, proxy fights and takeovers); and, Performance Incentives and Organizational Form (boards of directors, compensation and insider holdings, institutional investors, blockholders, and corporate governance).

FIN 9014: Asset Pricing Theory

• This course covers the theory of how financial assets are priced (including equities, debt, and derivatives). Representative topics covered include the Efficient Markets Hypothesis, CAPM and APT, Intertemporal CAPM, Consumption CAPM, Derivatives Markets, and the Black-Scholes-Merton model.

FIN 9015: Empiracal Studies in Asset Pricing and Investments

• This course introduces students to current empirical asset pricing research. Representative topics covered include Time-Series Stock Return Predictability, Cross-Sectional Stock Return Predictability, the Dynamics of Stock Market Volatility, and the Stock Market Risk/Return Relationship over Time. Each topic will be addressed in three respects: commonly used empirical methodologies; main empirical findings; and the relation between empirical research and theory. The course will provide an overview of the tension between empirical findings and economic theories and discuss recent theoretical developments that provide a better explanation of data.

FIN 9020: Advanced Topics in Finance

• This course will cover a series of selected research topics that are not currently addressed within the department's other semester-length courses. As a result, this seminar may be structured as a series of mini-courses, each covering a few sessions, taught by multiple instructors. Representative topics that may be covered include Behavioral Finance, Real Estate, Financial Institutions, Experimental Economics, and Market Microstructure.

FIN 9025: Research Colloquium: Current Topics in Finance

• It is anticipated that most students will take this course during their second year in the program. In this colloquium the student will develop an independent, original research idea under the supervision of one or more faculty mentors. During the course the student will carry out all the theoretical analysis and empirical tests required to convert their research question into an original paper. The colloquium will culminate with the circulation of the finished research paper and a professional presentation of the research to the entire faculty.

Recent graduates of Lindner's Finance PhD concentration have accepted positions at:

• Arcadia University
• Marymount Manhattan College
• Shippensburg University
• University of Manitoba

Bond, Shaun, Pai, Yu-Jou , Wang, Peng, and Suyan Zheng (2019), “The Impact of Dividend Reinvestment Plans on Firm Payout Choices -Evidence from Real Estate Investment Trusts”, Real Estate Economics , 47(1), 178-213.

Suyan Zheng, “Why Do Multinational Firms Hold So Much Cash? Further Evidence on the Precautionary Motive,” Journal of Accounting and Finance , forthcoming

Suyan Zheng (2017), “Can Corporate Diversification Induce More Tax Avoidance Practices?”, Journal of Multinational Financial Management , 41, 47-60.

Doina C. Chichernea , Anthony D. Holder, and Alex Petkevich. "Does return dispersion explain the accrual and investment anomalies?" Journal of Accounting and Economics .

Doina C. Chichernea , Michael F. Ferguson, and Haimanot Kassa, "Idiosyncratic Risk, Investor Base and Returns," Financial Management .

Hui Guo and Buhui Qiu , "A Better Measure of Institutional Informed Trading," Contemporary Accounting Research .

Kee H. Chung and Sean Yang. "Reverse Stock Splits, Institutional Holdings, and Share Value" , Financial Management .

Kee H. Chung and Chairat Chuwonganant. "Uncertainty, Market Structure, and Liquidity" . Journal of Financial Economics 113 (September 2014), 476-499.

Guo, Hui, Michael F. Ferguson, and Haimanot (Haim) Kassa , "On the Relation between EGARCH Idiosyncratic Volatility and Expected Stock Returns," Journal of Financial and Quantitative Analysis 49(1) (2014), 271-296.

Guo, Hui, and Buhui Qiu . "Options-implied variance and future stock returns." Journal of Banking & Finance 44 (2014): 93-113.

Glascock, John, and Ran Lu-Andrews . "An examination of macroeconomic effects on the liquidity of REITs." The Journal of Real Estate Finance and Economics 49.1 (2014): 23-46.

Qiu, Buhui , Svetoslav Trapkov, and Fadi Yakoub. "Do target CEOs trade premiums for personal benefits?" Journal of Banking & Finance 42 (2014): 23-41.

Kee H. Chung and Hao Zhang. "A Simple Approximation of Intraday Spreads with Daily Data." Journal of Financial Markets 17 (January 2014), 94-120.

Recommended pages

• Undergraduate open days
• Postgraduate open days
• Accommodation
• Information for teachers
• Maps and directions
• Sport and fitness

PhD/ MPhil/ MSc Finance (Research)

• Visit an Open Day
• Request a prospectus
• Course details
• Entry Requirements
• Teaching and assessment
• Employability

The PhD/MPhil/MSc in Finance comprises a short taught component followed by a longer research phase. Taught modules allow you to broaden, as well as deepen, your knowledge of research methods as well as conducting your own research and developing transferable professional skills.

The PhD programme in Finance will facilitate the creation and interpretation of new knowledge by the research student, demonstrated through the thesis. The taught component is designed to ensure that doctoral researchers understand the breath of techniques used in modern social science research.

Doctoral researchers will be capable of analysing a range of data using a range of qualitative and quantitative techniques. They will be able to explain theories underlying different approaches to social science research. Doctoral researchers are expected to participate to the fullest possible extent in the life of the Department of Finance and the Business School. This means attending seminars organised by the Department of Finance and more widely in the Business School thereby helping expose doctoral researchers to new ideas emanating from outside their own area of specialisation. It also requires actively participating in PhD workshops and conferences organised by the Department of Finance, the Business School and Graduate School as well as institutions outside the University of Birmingham.

Ultimately all doctoral researchers will have the ability to characterise and solve business and financial problems using advanced research tools. They should be able to derive policy implications from their research and communicate these to policy makers, practitioners and other academics in a manner which is comprehensible. They will also be able to peer review others’ research and offer constructive criticism; and to extend the frontiers of the discipline through their own innovative research.

Doctoral researchers may choose to become academics, work in Government, businesses, supranational organisations or in the research arms of major financial institutions. They are expected to achieve a substantial understanding of contemporaneous financial and business issues enabling them to take a lead in ongoing debates within society. They will be aware of and understand the function of related institutions at both a national and international level.

Fees 2024 - 2025

• Code: 021B - £4,778 (UK) PhD Full time
• Code: 022B - £2,389 (UK) PhD Part time
• Code: 021B - £23,520 (International) PhD Full time
• Code: 023B - £4,778 (UK) MPhil
• Code: 023B - £23,520 (International) MPhil
• Code: 045B - £4,778 (UK) MSc (Research)
• Code 045B - £23,520 (International) MSc (Research)

Learn more about fees and funding

Scholarships and studentships

A limited number of scholarships may be available to outstanding applicants. International students  can often gain funding through overseas research scholarships, Commonwealth scholarships or their home Government.

For further information contact the School directly or visit our helpdesk.

How To Apply

• How to apply

To apply for a postgraduate research programme, you will need to submit your application and supporting documents online. We have put together some helpful information on the research programme application process and supporting documents on our how to apply page . Please read this information carefully before completing your application.

Our Standard Requirements

The Business School's entry requirement is a good honours degree (first or upper second class honours) awarded by a recognised University in an appropriate subject, and a merit in a relevant Master’s degree. We usually ask students for an average of 65 in the taught component of their Masters. All international students also need to show that they have adequate knowledge of written and spoken English.

Learn more about our entry requirements.

Writing your research proposal

Along with your academic record, your references and your curriculum vitae your research proposal plays a critical role in the evaluation of your application.

Your research proposal should illustrate your ability to plan an independent research study and the relevance of your topic to the research interests and expertise of Birmingham Business School.You need to demonstrate that you understand the field that you plan to research, identify an interesting and original research question, and develop a tentative plan of study. It is highly desirable that your research proposal is written to the guidelines specified below.

Guidelines for the Research Proposal

When clicking on the Apply Now button you will be directed to an application specifically designed for the programme you wish to apply for where you will create an account with the University application system and submit your application and supporting documents online. Further information regarding how to apply online can be found on the how to apply pages.

International Requirements

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 14/20 from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Holders of the Licenciado or an equivalent professional title from a recognised Argentinian university, with a promedio of at least 7.5, may be considered for entry to a postgraduate degree programme. Applicants for PhD degrees will normally have a Maestria or equivalent

Applicants who hold a Masters degree will be considered for admission to PhD study.

Holders of a good four-year Diplomstudium/Magister or a Masters degree from a recognised university with a minimum overall grade of 2.5 will be considered for entry to postgraduate research programmes.

Students with a good 5-year Specialist Diploma or 4-year Bachelor degree from a recognised higher education institution in Azerbaijan, with a minimum GPA of 4/5 or 80% will be considered for entry to postgraduate taught programmes at the University of Birmingham.

For postgraduate research programmes applicants should have a good 5-year Specialist Diploma (completed after 1991), with a minimum grade point average of 4/5 or 80%, from a recognised higher education institution or a Masters or “Magistr Diplomu” or “Kandidat Nauk” from a recognised higher education institution in Azerbaijan.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 3.0/4.0 or 75% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with a CGPA of 3.0-3.3/4.0 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Students who hold a Masters degree from the University of Botswana with a minimum GPA of 3.0/4.0 or 3.5/5.0 (70%/B/'very good') will be considered for Postgraduate Diplomas and Masters degrees.

Please note 4-year bachelor degrees from the University of Botswana are considered equivalent to a Diploma of Higher Education. 5-year bachelor degrees from the University of Botswana are considered equivalent to a British Bachelor (Ordinary) degree.

Students who have completed a Masters degree from a recognised institution will be considered for PhD study.

A Licenciatura or Bacharelado degree from a recognised Brazilian university:

• A grade of 7.5/10 for entry to programmes with a 2:1 requirement
• A grade of 6.5/10for entry to programmes with a 2:2 requirement

Holders of a good Bachelors degree with honours (4 to 6 years) from a recognised university with a upper second class grade or higher will be considered for entry to taught postgraduate programmes.  Holders of a good Masters degree from a recognised university will be considered for entry to postgraduate research programmes.

Holders of a good post-2001 Masters degree from a recognised university will be considered for entry to postgraduate research programmes.

Students with a minimum average of 14 out of 20 (or 70%) on a 4-year Licence, Bachelor degree or Diplôme d'Etudes Superieures de Commerce (DESC) or Diplôme d'Ingénieur or a Maîtrise will be considered for Postgraduate Diplomas and Masters degrees.

Holders of a bachelor degree with honours from a recognised Canadian university may be considered for entry to a postgraduate degree programme. A GPA of 3.0/4, 7.0/9 or 75% is usually equivalent to a UK 2.1.

Holders of the Licenciado or equivalent Professional Title from a recognised Chilean university will be considered for Postgraduate Diplomas and Masters degrees. Applicants for PhD study will preferably hold a Magister degree or equivalent.

Students with a bachelor’s degree (4 years minimum) may be considered for entry to a postgraduate degree programme. However please note that we will only consider students who meet the entry guidance below.  Please note: for the subject areas below we use the Shanghai Ranking 2022 (full table)  ,  Shanghai Ranking 2023 (full table) , and Shanghai Ranking of Chinese Art Universities 2023 .

需要具备学士学位（4年制）的申请人可申请研究生课程。请根据所申请的课程查看相应的入学要求。 请注意，中国院校名单参考 软科中国大学排名2022（总榜） ，  软科中国大学排名2023（总榜） ，以及 软科中国艺术类高校名单2023 。  

Business School    - MSc programmes (excluding MBA)  

商学院硕士课程（MBA除外）入学要求

School of Computer Science – all MSc programmes 计算机学院硕士课程入学要求

College of Social Sciences – courses listed below 社会科学 学院部分硕士课程入学要求 MA Education  (including all pathways) MSc TESOL Education MSc Public Management MA Global Public Policy MA Social Policy MA Sociology Department of Political Science and International Studies  全部硕士课程 International Development Department  全部硕士课程

  All other programmes (including MBA)   所有其他 硕士课程（包括 MBA）入学要求

Please note:

• Borderline cases: We may consider students with lower average score (within 5%) on a case-by-case basis if you have a relevant degree and very excellent grades in relevant subjects and/or relevant work experience. 如申请人均分低于相应录取要求（5%以内），但具有出色学术背景，优异的专业成绩，以及（或）相关的工作经验，部分课程将有可能单独酌情考虑。
• Please contact the China Recruitment Team for any questions on the above entry requirements. 如果您对录取要求有疑问，请联系伯明翰大学中国办公室   [email protected]

Holders of the Licenciado/Professional Title from a recognised Colombian university will be considered for our Postgraduate Diploma and Masters degrees. Applicants for PhD degrees will normally have a Maestria or equivalent.

Holders of a good bachelor degree with honours (4 to 6 years) from a recognised university with a upper second class grade or higher will be considered for entry to taught postgraduate programmes.  Holders of a good Masters degree from a recognised university will be considered for entry to postgraduate research programmes.

Holders of a good Bacclaureus (Bachelors) from a recognised Croatian Higher Education institution with a minimum overall grade of 4.0 out of 5.0, vrlo dobar ‘very good’, or a Masters degree, will be considered for entry to postgraduate research programmes.

Holders of a Bachelors degree(from the University of the West Indies or the University of Technology) may be considered for entry to a postgraduate degree programme. A Class II Upper Division degree is usually equivalent to a UK 2.1. For further details on particular institutions please refer to the list below.  Applicants for PhD level study will preferably hold a Masters degree or Mphil from the University of the West Indies.

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised institution with a minimum overall grade of 6.5 out of 10, or a GPA of 3 out of 4, and will usually be required to have completed a good Masters degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Bakalár from a recognised Czech Higher Education institution with a minimum overall grade of 1.5, B, velmi dobre ‘very good’ (post-2004) or 2, velmi dobre ‘good’ (pre-2004), or a good post-2002 Magistr (Masters), will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised institution with a minimum overall grade of 7-10 out of 12 (or 8 out of 13) or higher for 2:1 equivalence and will usually be required to have completed a good Masters/ Magisterkonfereus/Magister Artium degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

Holders of the Licenciado or an equivalent professional title from a recognised Ecuadorian university may be considered for entry to a postgraduate degree programme. Grades of 70% or higher can be considered as UK 2.1 equivalent.  Applicants for PhD level study will preferably hold a Magister/Masterado or equivalent qualification, but holders of the Licenciado with excellent grades can be considered.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 3.0/4.0 or 75% from a recognised institution. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Bakalaurusekraad from a recognised university with a minimum overall grade of 4/5 or B, or a good one- or two-year Magistrikraad from a recognised university, will be considered for entry to postgraduate research programmes.

Students who hold a Masters degree with very good grades (grade B, 3.5/4 GPA or 85%) will be considered for Postgraduate Diplomas and Masters degrees. 

Holders of a good Kandidaatti / Kandidat (old system), a professional title such as Ekonomi, Diplomi-insinööri, Arkkitehti, Lisensiaatti (in Medicine, Dentistry and Vetinary Medicine), or a Maisteri / Magister (new system), Lisensiaatti / Licenciat, Oikeustieteen Kandidaatti / Juris Kandidat (new system) or Proviisori / Provisor from a recognised Finnish Higher Education institution, with a minimum overall grade of 2/3 or 4/5, will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a should hold a Bachelors degree and will usually be required to have completed a Masters/Maîtrise with a minimum overall grade of 13 out of 20, or a Magistère / Diplôme d'Etudes Approfondies / Diplôme d'Etudes Supérieures Specialisées / Mastère Specialis, from a recognised French university or Grande École to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a Magister Artium, a Diplom or an Erstes Staatsexamen from a recognised university with a minimum overall grade of 2.5, or a good two-year Lizentiat / Aufbaustudium / Zweites Staatsexamen or a Masters degree from a recognised university, will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most taught Masters programmes require a minimum of an upper second class degree (2.1) with a minimum GPA of at least 3.0/4.0 or 3.5/5.0 Students who have completed a Masters degree from a recognised institution will be considered for PhD study.

Applicants for postgraduate research programmes should hold a good four-year Ptychio (Bachelor degree) with a minimum overall grade of 6.5 out of 10, from a recognised Greek university (AEI), and will usually be required to have completed a good Metaptychiako Diploma Eidikefsis (Masters degree) from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

4-year Licenciado is deemed equivalent to a UK bachelors degree. A score of 75 or higher from Universidad de San Carlos de Guatemala (USAC) can be considered comparable to a UK 2.1, 60 is comparable to a UK 2.2.  Private universities have a higher pass mark, so 80 or higher should be considered comparable to a UK 2.1, 70 is comparable to a UK 2.2

The Hong Kong Bachelor degree is considered comparable to British Bachelor degree standard. Students with bachelor degrees awarded by universities in Hong Kong may be considered for entry to one of our postgraduate degree programmes.

Students with Masters degrees may be considered for PhD study.

Holders of a good Alapfokozat / Alapképzés or Egyetemi Oklevel from a recognised university with a minimum overall grade of 3.5, or a good Mesterfokozat (Masters degree) or Egyetemi Doktor (university doctorate), will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with a 60% or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of the 4 year Sarjana (S1) from a recognised Indonesian institution will be considered for postgraduate study. Entry requirements vary with a minimum requirement of a GPA of 2.8.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a score of 14/20 or 70% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree from a recognised institution, with 100 out of 110 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Students who hold the Maitrise, Diplome d'Etude Approfondies, Diplome d'Etude Superieures or Diplome d'Etude Superieures Specialisees will be considered for Postgraduate Diplomas and Masters degrees (14-15/20 or Bien from a well ranked institution is considered comparable to a UK 2.1, while a score of 12-13/20 or Assez Bien is considered comparable to a UK 2.2).

Students with a Bachelor degree from a recognised university in Japan will be considered for entry to a postgraduate Masters degree provided they achieve a sufficiently high overall score in their first (Bachelor) degree. A GPA of 3.0/4.0 or a B average from a good Japanese university is usually considered equivalent to a UK 2:1.

Students with a Masters degree from a recognised university in Japan will be considered for PhD study. A high overall grade will be necessary to be considered.

Students who have completed their Specialist Diploma Мамаң дипломы/Диплом специалиста) or "Magistr" (Магистр дипломы/Диплом магистра) degree (completed after 1991) from a recognised higher education institution, with a minimum GPA of 2.67/4.00 for courses requiring a UK lower second and 3.00/4.00 for courses requiring a UK upper second class degree, will be considered for entry to postgraduate Masters degrees and, occasionally, directly for PhD degrees.  Holders of a Bachelor "Bakalavr" degree (Бакалавр дипломы/Диплом бакалавра) from a recognised higher education institution, with a minimum GPA of  2.67/4.00 for courses requiring a UK lower second and 3.00/4.00 for courses requiring a UK upper second class degree, may also be considered for entry to taught postgraduate programmes.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most taught Masters programmes require a minimum of an upper second class degree (2.1) with a minimum GPA of at least 3.0/4.0 or 3.5/50

Holders of a good Postgraduate Diploma (professional programme) from a recognised university or institution of Higher Education, with a minimum overall grade of 7.5 out of 10, or a post-2000 Magistrs, will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a score of 16/20 or 80% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Holders of a Bachelors degree from a recognised university in Libya will be considered for postgraduate study. Holders of a Bachelors degree will normally be expected to have achieved score of 70% for 2:1 equivalency or 65% for 2:2 equivalency. Alternatively students will require a minimum of 3.0/4.0 or BB to be considered.

Holders of a good pre-2001 Magistras from a recognised university with a minimum overall grade of 8 out of 10, or a good post-2001 Magistras, will be considered for entry to postgraduate research programmes

Holders of a good Bachelors degree from a recognised Luxembourgish Higher Education institution with a minimum overall grade of 16 out of 20, or a Diplôme d'Études Supérieures Spécialisées (comparable to a UK PGDip) or Masters degree from a recognised Luxembourgish Higher Education institution will be considered for entry to postgraduate research programmes.

Students who hold a Masters degree will be considered for Postgraduate Diplomas and Masters degrees (70-74% or A or Marginal Distinction from a well ranked institution is considered comparable to a UK 2.1, while a score of 60-69% or B or Bare Distinction/Credit is considered comparable to a UK 2.2).

Holders of a Bachelors degree from a recognised Malaysian institution (usually achieved with the equivalent of a second class upper or a grade point average minimum of 3.0) will be considered for postgraduate study at Diploma or Masters level.

Holders of a good Bachelors degree from the University of Malta with a minimum grade of 2:1 (Hons), and/or a Masters degree, will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor degree (Honours) from a recognised institution (including the University of Mauritius) will be considered for Postgraduate Diplomas and Masters degrees.  Most taught Masters programmes require a minimum of an upper second class degree (2:1).

Students who hold the Licenciado/Professional Titulo from a recognised Mexican university with a promedio of at least 8 will be considered for Postgraduate Diplomas and Masters degrees.

Students who have completed a Maestria from a recognised institution will be considered for PhD study.

Applicants for postgraduate research programmes should hold a Bachelors degree, licence or Maîtrise and a Masters degree, with a score of 14/20 or 70% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Students with a good four year honours degree from a recognised university will be considered for postgraduate study at the University of Birmingham. PhD applications will be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with 60-74% or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Doctoraal from a recognised Dutch university with a minimum overall grade of 7 out of 10, and/or a good Masters degree, will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor degree (minimum 4 years and/or level 400) from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees.  Most taught Masters programmes require a minimum of an upper second class degree (2.1) with a minimum GPA of at least 3.0/4.0 or 3.5/5.0

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised institution with a minimum GPA of B/Very Good or 1.6-2.5 for a 2.1 equivalency, and will usually be required to have completed a good Masters, Mastergrad, Magister. Artium, Sivilingeniør, Candidatus realium or Candidatus philologiae degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with a CGPA of 3.0/4 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a Bachelors degree from a recognised university in the Palestinian Territories will be considered for postgraduate study. Holders of Bachelors degree will normally be expected to have achieved a GPA of 3/4 or 80% for 2:1 equivalency or a GPA of 2.5/4 or 70% for 2:2 equivalency.    

Holders of the Título de Licenciado /Título de (4-6 years) or an equivalent professional title from a recognised Paraguayan university may be considered for entry to a postgraduate degree programme. Grades of 4/5 or higher can be considered as UK 2.1 equivalent.  The Título Intermedio is a 2-3 year degree and is equivalent to a HNC, it is not suitable for postgraduate entry but holders of this award could be considered for second year undergraduate entry or pre-Masters.  Applicants for PhD level study will preferably hold a Título de Maestría / Magister or equivalent qualification, but holders of the Título/Grado de Licenciado/a with excellent grades can be considered.

Holders of the Bachiller, Licenciado, or Título Profesional with at least 13/20 may be considered as UK 2.1 equivalent.  Applicants for PhD level study will preferably hold a Título de Maestría or equivalent qualification.

Holders of a good pre-2001 Magister from a recognised Polish university with a minimum overall grade of 4 out of 5, dobry ‘good’, and/or a good Swiadectwo Ukonczenia Studiów Podyplomowych (Certificate of Postgraduate Study) or post-2001 Magister from a recognised Polish university with a minimum overall grade of 4.5/4+ out of 5, dobry plus 'better than good', will be considered for entry to postgraduate research programmes.

Holders of a good Licenciado from a recognised university, or a Diploma de Estudos Superiores Especializados (DESE) from a recognised Polytechnic Institution, with a minimum overall grade of 16 out of 20, and/or a good Mestrado / Mestre (Masters) from a recognised university, will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised Romanian Higher Education institution with a minimum overall grade of 8 out of 10, and will usually be required to have completed a Masters degree/Diploma de Master/Diploma de Studii Academice Postuniversitare (Postgraduate Diploma - Academic Studies) or Diploma de Studii Postuniversitare de Specializare (Postgraduate Diploma - Specialised Studies) to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Диплом Специалиста (Specialist Diploma) or Диплом Магистра (Magistr) degree from recognised universities in Russia (minimum GPA of 4.0) will be considered for entry to taught postgraduate programmes/PhD study.

Students who hold a 4-year Bachelor degree with at least 16/20 or 70% will be considered for Postgraduate Diplomas and Masters degrees.   

Students who hold a Maitrise, Diplome d'Etude Approfondies,Diplome d'Etude Superieures or Diplome d'Etude Superieures Specialisees will be considered for Postgraduate Diplomas and Masters degrees. A score of 14-15/20 or Bien from a well ranked institution is considered comparable to a UK 2.1, while a score of 12-13/20 or Assez Bien is considered comparable to a UK 2.2

Students who hold a Bachelor (Honours) degree from a recognised institution with a minimum GPA of 3.0/4.0 or 3.5/5.0 (or a score of 60-69% or B+) from a well ranked institution will be considered for most our Postgraduate Diplomas and Masters degrees with a 2:1 requirement.

Students holding a good Bachelors Honours degree will be considered for postgraduate study at Diploma or Masters level.

Holders of a good three-year Bakalár or pre-2002 Magister from a recognised Slovakian Higher Education institution with a minimum overall grade of 1.5, B, Vel’mi dobrý ‘very good’, and/or a good Inžinier or a post-2002 Magister from a recognised Slovakian Higher Education institution will be considered for entry to postgraduate research programmes.

Holders of a good Diploma o pridobljeni univerzitetni izobrazbi (Bachelors degree), Diplomant (Professionally oriented first degree), Univerzitetni diplomant (Academically oriented first degree) or Visoko Obrazovanja (until 1999) from a recognised Slovenian Higher Education institution with a minimum overall grade of 8.0 out of 10, and/or a good Diploma specializacija (Postgraduate Diploma) or Magister (Masters) will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor Honours degree (also known as Baccalaureus Honores / Baccalaureus Cum Honoribus) from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most Masters programmes will require a second class upper (70%) or a distinction (75%).

Holders of a Masters degree will be considered for entry to postgraduate research programmes.

Holders of a Bachelor degree from a recognised South Korean institution (usually with the equivalent of a second class upper or a grade point average 3.0/4.0 or 3.2/4.5) will be considered for Masters programmes.

Holders of a good Masters degree from a recognised institution will be considered for PhD study on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with 7 out of 10 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with 60-74% or a CGPA 3.30/4.0 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Kandidatexamen (Bachelors degree) or Yrkesexamen (Professional Bachelors degree) from a recognised Swedish Higher Education institution with the majority of subjects with a grade of VG (Val godkänd), and/or a good Magisterexamen (Masters degree), International Masters degree or Licentiatexamen (comparable to a UK Mphil), will be considered for entry to postgraduate research programmes.

Holders of a good "PostGraduate Certificate" or "PostGraduate Diploma" or a Masters degree from a recognised Swiss higher education institution (with a minimum GPA of 5/6 or 8/10 or 2/5 (gut-bien-bene/good) for a 2.1 equivalence) may be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 3.0/4.0, 3.5/5 or 75% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Bachelor degree (from 75% to 85% depending upon the university in Taiwan) from a recognised institution will be considered for postgraduate Masters study. Holders of a good Masters degree from a recognised institution will be considered for PhD study.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees.  Most taught Masters programmes require a minimum of an upper second class degree (2.1) Students who have completed a Masters degree from a recognised institution will be considered for PhD study.

Holders of a good Masters degree from a recognised institution will be considered for entry to our postgraduate research programmes.

Holders of a good Masters degree or Mphil from a recognised university will be considered for entry to postgraduate research programmes.

Students with a Bachelors degree from the following universities may be considered for entry to postgraduate programmes:

• Ateneo de Manila University - Quezon City
• De La Salle University - Manila
• University of Santo Tomas
• University of the Philippines - Diliman

Students from all other institutions with a Bachelors and a Masters degree or relevant work experience may be considered for postgraduate programmes.

Grading Schemes

1-5 where 1 is the highest 2.1 = 1.75 2.2 = 2.25 

Out of 4.0 where 4 is the highest 2.1 = 3.0 2.2 = 2.5

Letter grades and percentages 2.1 = B / 3.00 / 83% 2.2 = C+ / 2.5 / 77%

Holders of a postdoctoral qualification from a recognised institution will be considered for PhD study.  Students may be considered for PhD study if they have a Masters from one of the above listed universities.

Holders of a Lisans Diplomasi with a minimum grade point average (GPA) of 3.0/4.0 from a recognised university will be considered for postgraduate study at Diploma or Masters level.

Holders of a Yuksek Diplomasi from a recognised university will be considered for PhD study.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most Masters programmes will require a second class upper (2.1) or GPA of 3.5/5.0

Applicants for postgraduate research programmes should hold a good Bachelors degree / Диплом бакалавра (Dyplom Bakalavra), Диплом спеціаліста (Specialist Diploma) or a Dyplom Magistra from a recognised Ukrainian higher education institution with a minimum GPA of 4.0/5.0, 3.5/4, 8/12 or 80% or higher for 2:1 equivalence and will usually be required to have completed a good Masters degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

The University will consider students who hold an Honours degree from a recognised institution in the USA with a GPA of:

• 2.8 GPA (on a 4.0 scale) for entry to programmes with a 2:2 requirement 
• 3.2 GPA (on a 4.0 scale) for entry to programmes with a 2:1 requirement 

Please note that some subjects which are studied at postgraduate level in the USA, eg. Medicine and Law, are traditionally studied at undergraduate level in the UK.

Holders of the Magistr Diplomi (Master's degree) or Diplomi (Specialist Diploma), awarded by prestigious universities, who have attained high grades in their studies will be considered for postgraduate study.  Holders of the Fanlari Nomzodi (Candidate of Science), where appropriate, will be considered for PhD study.

Holders of the Licenciatura/Título or an equivalent professional title from a recognised Venezuelan university may be considered for entry to a postgraduate degree programme. Scales of 1-5, 1-10 and 1-20 are used, an overall score of 70% or equivalent can be considered equivalent to a UK 2.1.  Applicants for PhD level study will preferably hold a Maestria or equivalent qualification

Holders of a Bachelors degree from a recognised Vietnamese institution (usually achieved with the equivalent of a second class upper or a grade point average minimum GPA of 7.0 and above) will be considered for postgraduate study at Diploma or Masters level.  Holders of a Masters degree (thac si) will be considered for entry to PhD programmes.

Students who hold a Masters degree with a minimum GPA of 3.5/5.0 or a mark of 2.0/2.5 (A) will be considered for Postgraduate Diplomas and Masters degrees.   

Students who hold a good Bachelor Honours degree will be considered for Postgraduate Diplomas and Masters degrees. 

International Students

English requirements are IELTS 7.0 with no less than 6.5 in any band or equivalent.

Members of the Department of Finance can offer supervision within the following areas.

Corporate Finance

Capital structure decision making including interactions between corporate investment and dividend/capital structure decisions. Issues relating to capital structure and firm performance and the study of agency costs. The examination of corporate events such as  stock repurchases, corporate restructuring, mergers and acquisitions ,IPOs, delistings and financial distress & bankruptcy. Entrepreneurial finance, debt and equity gaps, venture capital and private equity, financial flexibility in firms and R&D smoothing.

Capital  Markets

Within the field of capital markets we can offer supervision which examines debt maturity, and a wide range of market microstructure topics including those relating to liquidity and liquidity risk, market architecture and the trading environment, as well as microstructure effects associated with the international cross-listing of securities.  The use of derivatives for risk management. Islamic Finance. Institutional investment, portfolio investment, risk and investment volatility

Financial Regulation and Corporate Governance

Corporate governance – including shareholder voting, engagement, stock lending, communication within the board of directors, and board behaviour and performance, executive compensation. Agency conflicts. The use of the interbank market as a regulatory device, Basel III and new rules for global finance,.

Banking and Financial Services

Doctoral researchers in Finance are registered for a full time 3-year PhD or a part-time 6-year PhD. In the first year of the programme doctoral researchers are required to take Econometrics with Financial Applications module from the Department of Economics (30 credit module). They also need to take at least one of the existing MSc Investments and MSc Accounting and Finance courses and one other module to successfully complete 60 credits of study. The MSc module and one other appropriate M or D level module should be chosen in agreement with the doctorial researcher’s supervisor, as appropriate for the their research topic.  Modules available include: Financial Modelling and Forecasting Techniques (20 credits), Empirical Topics in Accounting and Finance (20 credits) and Quantitative Methods in Finance (10 credits). Doctoral researchers are also recommended to take Advanced Training Modules from the MA Social Research Programme or other modules (e.g. Qualitative Methods) as appropriate to their research and training needs.

By the end of their first year doctoral students will have completed an 8,000 word research proposal that they will present and be evaluated on at the first annual review. This forms the basis for supervised research over the remaining two years of the programme and the production of an 80,000 word thesis.

Career prospects

PhD graduates from Birmingham Business School are working in central banks, Government departments, a variety of financial institutions, accountancy firms, supranational organisations and multinational corporations. Many of our PhD graduates also go on to forge successful academic careers in other top Universities.

Doctoral Research career assistance

The University of Birmingham has invested heavily in careers and employability support. The Careers Team have been praised for enhanced developments within their team and for adopting a model of integrated employability and internship support; something that has been rolled out and implemented across all Schools and Colleges at the University.

Doctoral researchers at Birmingham Business School benefit from its own well qualified dedicated Careers Team to support students with employment opportunities, work placements, internships and how to succeed at interview. In addition, a range of career management, personal development and employer events are run each year by the Careers in Business Team to help you make the most of the opportunities available.

The University also has dedicated careers advisors for international students  who run workshops and networking opportunities with potential employers. These are especially popular with international postgraduate researchers.

• Online chat events

PhD in Management

Finance - PhD in Management

Areas of specialisation.

• Accounting and Control
• Decision Sciences
• Entrepreneurship
• Organisational Behaviour
• Technology and Operations Management

INSEAD Doctoral Courses

• Core Courses
• Advanced Courses
• Admissions and Financing
• View PhD Student Profiles

2025 Intake

September 2024

Finance – PhD Specialisation

Finance studies the workings of an economy's financial system, its role in channelling financial resources from suppliers of capital to its final users, and allocating risk among investors. More specifically, finance examines the determinants of investment, portfolio, and financing choices of firms and individuals and their mutual interactions. These issues are explored from a theoretical and an empirical perspective, employing various tools ranging from game theory and stochastic calculus to econometrics and statistics.

The general area of finance can be divided broadly into three main fields: investments, corporate finance, and financial markets and institutions. The field of investments examines the determinants of portfolio allocation decisions of individual investors and the implications for the pricing of financial instruments such as stocks, bonds, and derivative securities. Corporate finance examines the criteria that firms use in their capital expenditure decisions and their choice of the financial instruments that are issued to finance these expenditures. Finally, the study of financial markets and institutions focuses on the role of financial intermediaries and organised securities exchanges in facilitating the funding of corporate investments, as well as the secondary market trading of financial instruments.

The Finance area at INSEAD comprises a diverse faculty actively involved in research in several of the abovementioned areas. Their current research interests include:

• Banking regulations after the crisis
• Managing for value
• Conflicts of interests in the exchange-traded fund (ETF) industry
• Portfolio management and strategies of mutual funds
• Microstructure and trading of fixed income: the role of CDSs
• Legal investor protection and corporate control
• Institutional ownership, block-ownership and family firms around the world
• The effect of equity lenders' preferences on the shorting market and asset prices
• Currency risk
• Impact of media on financial markets
• Costs and benefits of financial misrepresentation
• Maximising shareholder value
• Liquidity and asset pricing
• International asset pricing / global risk sharing

The Finance faculty is well-recognised for its excellence in research and has consistently produced articles in top finance and economics journals, such as the  Journal of Finance , the  Review of Financial Studies , the  Journal of Financial Economics , and the  Journal of Political Economy , among others.

Visit the Finance Academic Area Page

What are we looking for in a PhD Candidate?

The Finance area is known for its quantitative rigour, requiring students to possess a strong foundation in quantitative skills and an insatiable curiosity. Thus, the area seeks candidates with strong academic backgrounds in economics, mathematics, statistics, finance, or related fields. Exceptional degrees in rigorous disciplines and a genuine desire for research are highly valued in the selection process. Having prior research experience and a background in finance can provide valuable insights and enhance the candidate's potential for success in our programme.

Download the Call for applications 2025 intake .

Here are some of our current students' backgrounds:

• BSc Industrial Engineering and Master of Finance
• BS Computer Science; MS Finance and Economics; and MS Financial Engineering
• BA English; MA Accountancy-Economics; and MSc Financial Economics
• BA Economics; MSc Applied Economics; and Master in Analysis and Politics in Economics
• BSc Finance and Arts in English Literature
• BSc Economics of Int'l Markets and New Technologies; and MSc Quantitative Finance

View the current PhD in Finance students' profiles

Where are our Finance PhD Graduates now?

Our PhD Alumni have gone on to achieve great success after graduation, securing positions at top business schools worldwide and continuing their professional growth at prestigious academic institutions across the globe. Some of these institutions include the London School of Economics, ESSEC (France), HEC Paris, Tilburg University, and the University of Amsterdam in Europe; MIT, University of Chicago Booth, Yale, Georgia Institute of Technology, University of North Carolina, University of Southern Carolina, and Purdue University in the US; McGill University in Canada; and ESSEC (Singapore) and Nanyang Business School in Asia.

To discover more about the impressive achievements of our Global PhD Alumni Community, please visit our website .

What are the next steps?

We encourage prospects to plan for their application for the PhD in Management. Application for the following year's intake starts in the early Fall of the current year, with a preferred deadline of mid-December.

Go to the Admissions and Financing page

Moreover, we encourage prospects to attend our  upcoming recruitment events  or register below to receive the URLs of the Special Area Webinars we have conducted over the years.

Registration Link

Join Us and Start Living INSEAD Experience

Our website has a lot of features which will not display correctly without Javascript.

Please enable Javascript in your browser

Here how you can do it: http://enable-javascript.com

Smart. Open. Grounded. Inventive. Read our Ideas Made to Matter.

Which program is right for you?

Through intellectual rigor and experiential learning, this full-time, two-year MBA program develops leaders who make a difference in the world.

A rigorous, hands-on program that prepares adaptive problem solvers for premier finance careers.

A 12-month program focused on applying the tools of modern data science, optimization and machine learning to solve real-world business problems.

Earn your MBA and SM in engineering with this transformative two-year program.

Combine an international MBA with a deep dive into management science. A special opportunity for partner and affiliate schools only.

A doctoral program that produces outstanding scholars who are leading in their fields of research.

Bring a business perspective to your technical and quantitative expertise with a bachelor’s degree in management, business analytics, or finance.

A joint program for mid-career professionals that integrates engineering and systems thinking. Earn your master’s degree in engineering and management.

An interdisciplinary program that combines engineering, management, and design, leading to a master’s degree in engineering and management.

Executive Programs

A full-time MBA program for mid-career leaders eager to dedicate one year of discovery for a lifetime of impact.

This 20-month MBA program equips experienced executives to enhance their impact on their organizations and the world.

Non-degree programs for senior executives and high-potential managers.

A non-degree, customizable program for mid-career professionals.

PhD Program in Finance

2023-24 curriculum outline.

The MIT Sloan Finance Group offers a doctoral program specialization in Finance for students interested in research careers in academic finance. The requirements of the program may be loosely divided into five categories: coursework, the Finance Seminar, the general examination, the research paper, and the dissertation. Attendance at the weekly Finance Seminar is mandatory in the second year and beyond and is encouraged in the first year.  During the first two years, students are engaged primarily in coursework, taking both required and elective courses in preparation for their general examination at the end of the second year.  Students are required to complete a research paper by the end of their fifth semester, present it in front of the faculty committee and receive a passing grade.  After that, students are required to find a formal thesis advisor and form a thesis committee by the end of their eighth semester. The Thesis Committee should consist of at least one tenured faculty from the MIT Sloan Finance Group.

Required Courses

The following set of required courses is designed to furnish each student with a sound and well-rounded understanding of the theoretical and empirical foundations of finance, as well as the tools necessary to make original contributions in each of these areas. Finance PhD courses (15.470, 15.471, 15.472, 15.473, 15.474) in which the student does not receive a grade of B or higher must be retaken.

First Year - Summer

Math Camp begins on the second Monday in August. 

First Year - Fall Semester

14.121/14.122 Micro Theory I/II

14.451/14.452 Macro Theory I/II ( strongly recommended)

14.380/14.381 — Statistics/Applied Econometrics

15.470 — Asset Pricing

First Year - Spring Semester

14.123/14.124 Micro Theory III/IV

14.453/14.454 Macro Theory III/IV (strongly recommended)

14.382 – Econometrics

15.471 – Corporate Finance

Second Year - Fall Semester

15.472 — Advanced Asset Pricing

  14.384 — Time-Series Analysis or  14.385 — Nonlinear Econometric Analysis  (Enrolled students receive a one-semester waiver from attending the Finance Seminar due to a scheduling conflict)

15.475 — Current Research in Financial Economics

Second Year - Spring Semester

15.473 — Advanced Corporate Finance

 15.474 — Current Topics in Finance (strongly encouraged to take multiple times)

15.475 — Current Research in Financial Economics

Recommended Elective Courses

Beyond these required courses, students are expected to enroll in elective courses determined by their primary area of interest. There are two informal “tracks” in Financial Economics: Corporate Finance and Asset Pricing. Recommended electives are designed to deepen the student's grasp of material that will be central to the writing of his/her dissertation. Students also have the opportunity to take courses at Harvard University. There is no formal requirement to select one track or another, and students are free to take any of the electives.

• Work & Careers
• Life & Arts

Is it worth doing a PhD to secure a job in finance?

To read this article for free, register now.

Once registered, you can: • Read free articles • Get our Editor's Digest and other newsletters • Follow topics and set up personalised events • Access Alphaville: our popular markets and finance blog

Explore more offers.

Then $75 per month. Complete digital access to quality FT journalism. Cancel anytime during your trial.

FT Digital Edition

Today's FT newspaper for easy reading on any device. This does not include ft.com or FT App access.

• Global news & analysis
• Expert opinion

Standard Digital

Essential digital access to quality FT journalism on any device. Pay a year upfront and save 20%.

• FT App on Android & iOS
• FT Edit app
• FirstFT: the day's biggest stories
• 20+ curated newsletters
• Follow topics & set alerts with myFT
• FT Videos & Podcasts

Terms & Conditions apply

Explore our full range of subscriptions.

Why the ft.

See why over a million readers pay to read the Financial Times.

FellowshipBard

Phd in finance: requirements, salary, jobs, & career growth, what is phd in finance.

A PhD in Finance is a doctoral-level academic degree program in finance that focuses on advanced research and theoretical study. It is intended for people who want to work in academia, research, or advanced positions in the financial industry.

A PhD in Finance usually entails extensive training in finance, economics, statistics, and research methods. It also necessitates the completion of a substantial research project, frequently in the form of a dissertation, in which the student conducts original research and contributes to the body of knowledge in finance.

A PhD in Finance program’s curriculum may include financial theory, investments, corporate finance, financial econometrics, risk management, asset pricing, derivatives, and other specific fields of finance. Quantitative research approaches, such as econometrics, statistical modeling, and data analysis, may also be emphasized in the program.

How much money do people make with a PhD in Finance?

Individuals with a PhD in Finance can earn a wide range of salaries depending on criteria such as their years of experience, location, company, and job duties. PhD holders in Finance typically earn better income than people with less schooling in the industry, as their postgraduate degree denotes knowledge and specialization.

PhD holders in Finance may work in academia as professors or researchers in universities or business schools. According to the US Bureau of Labor Statistics (BLS), the median annual income for postsecondary business teachers (including finance professors) was $83,960 in May 2020.

Salaries, on the other hand, can range from $50,000 to far over $150,000 or more, depending on factors such as rank, experience, and location.

Individuals with a PhD in Finance may work in the private sector as financial analysts, quantitative researchers, risk managers, investment managers, or consultants, among other positions. Salaries in the private sector can vary greatly depending on job title, level of responsibility, and business size and location.

According to Glassdoor data, the average annual pay for a financial analyst with a PhD in Finance in the United States in 2021 was roughly $102,000, while a quantitative researcher with a PhD in Finance may earn $150,000 or more per year.

What is expected job growth with PhD in Finance?

As businesses and organizations rely on financial skills to manage their operations, investments, and risk, the field of finance is projected to evolve and flourish.

Finance experts with extensive education and specialized knowledge, such as those with a PhD in Finance, may be in high demand in academic and research contexts, as well as professions requiring advanced quantitative and analytical skills.

According to the U.S. Bureau of Labor Statistics (BLS), employment of postsecondary teachers, particularly business teachers (such as finance professors), is expected to expand 9 percent from 2020 to 2030, faster than the national average. The need for higher education, as well as the ongoing demand for research and education, are driving this predicted growth.

What can you do with a PhD in Finance?

A PhD in Finance can lead to a variety of professional prospects in a variety of fields. Individuals with a PhD in Finance may pursue the following professional paths:

1. Academia: Many PhDs in Finance go on to become professors or researchers at universities or business schools. They may teach finance classes, conduct research, publish scholarly articles, and contribute to the progress of financial knowledge through their research findings. In addition, they may mentor and advise students, oversee dissertations, and attend academic conferences and seminars.

2. Research: PhD holders in Finance may work in research-related positions in university institutions, government agencies, or private research enterprises. They may perform novel research on financial markets, investments, risk management, corporate finance, or other finance-related topics. Their discoveries can help to build financial theories, models, and regulations, and they may have practical implications in the financial business.

3. Financial Services: PhD holders in Finance may work as financial analysts, quantitative researchers, risk managers, or investment managers in the financial services industry. They may evaluate financial data, design investment plans, manage risks, and provide strategic financial advise to customers or organizations using their sophisticated knowledge of finance and mathematical skills.

4. Consulting: PhD holders in Finance may operate as financial consultants, providing clients with specific experience in areas such as investment management, risk management, financial analysis, or corporate finance. They may operate in consulting firms, financial advisory firms, or specialist consulting practices within bigger corporations, advising clients on strategic financial matters.

5. Policymaking and government: Finance PhD holders may work in government agencies, international organizations, or policy-making institutions, providing knowledge in financial policy, regulations, or economic analysis. They may be involved in the development of financial policies, the assessment of the impact of financial legislation, or the provision of strategic financial advice to government agencies or policymakers.

6. Corporate Finance: PhD holders in Finance may work in corporations, particularly in financial strategy, capital budgeting, risk management, or financial analysis areas. They may offer financial advice in strategic decision-making, financial planning and analysis, investment analysis, or corporate valuation, assisting firms in improving their financial performance.

7. Entrepreneurship and Innovation: PhD holders in Finance may apply their financial skills to entrepreneurial initiatives or professions requiring innovation. They may work at start-ups, venture capital companies, or innovation-focused organizations, where they evaluate business models, assess investment opportunities, manage financial risks, and provide strategic financial advise to assist entrepreneurial activities.

What are the requirements for a PhD in Finance?

The particular criteria for a PhD in Finance can differ depending on the university or educational institution that offers the program, as well as the country or location in which the program is located. However, some common PhD in Finance requirements often include:

1. Educational Qualifications: Most PhD programs in Finance require applicants to have a solid educational background, often a master’s degree in a relevant topic such as finance, economics, business, or a comparable quantitative study. Some schools may accept applicants with a bachelor’s degree, however this is uncommon and sometimes necessitates additional requirements or experience.

2. Graduate Admissions examinations: Applicants to PhD programs in Finance may be required to submit results from standardized graduate admissions examinations such as the Graduate Record Examination (GRE) or the Graduate Management Admission Test (GMAT). (GMAT). These assessments measure applicants’ abilities in areas such as verbal reasoning, quantitative reasoning, and analytical writing.

3. Research Proposal: Because the PhD in Finance program is research-intensive, applicants may be required to submit a research proposal explaining their intended study topic or research interests. Typically, this proposal comprises a summary of the research issue, study aims, methodology, and predicted contributions to the subject of finance.

4. Academic Transcripts: Typically, applicants must produce official transcripts from their previous undergraduate and graduate degrees, demonstrating their academic record and achievements.

5. Letters of Recommendation: Applicants may be expected to present letters of recommendation from academic or professional sources who can speak to their abilities, skills, and prospects for success in a PhD program.

6. Statement of Purpose: Applicants are often required to provide a statement of purpose explaining their rationale for obtaining a PhD in Finance, as well as their professional objectives and research interests. This statement assists the admissions committee in determining the applicant’s fit with the program and their likelihood of success.

7. English Language Proficiency: Many PhD programs in Finance may demand confirmation of English language proficiency for applicants whose native language is not English, such as scores from the Test of English as a Foreign Language (TOEFL) or the International English Language Testing System. (IELTS).

8. Interviews: As part of the admissions process, several PhD programs in Finance may ask applicants to engage in an interview. This interview may take place in person, over the phone, or via video conference, and it will assess the applicant’s research interests, academic abilities, and enthusiasm for pursuing a PhD in Finance.

Looking For Scholarship Programs? Click here

How long does it take to get a phd in finance.

The time it takes to earn a PhD in Finance depends on a number of factors, including the program structure, the student’s progress, and the individual’s dedication to their study. However, it usually takes 4 to 5 years of full-time study to get a PhD in Finance.

The completion of a PhD in Finance can be divided into many stages, which may differ based on the program and the individual’s progress:

1. Coursework: During the first year of a PhD in Finance program, students often do coursework to provide a solid foundation in finance theory, research methods, and other related fields. Coursework time varies, but it normally takes 1 to 2 years to finish.

2. Comprehensive Exams: Some PhD programs in Finance require students to complete comprehensive exams after completing courses to demonstrate their knowledge and expertise in the discipline. Depending on the program’s requirements, comprehensive exam preparation and completion can take several months to a year.

3. Research Proposal: After passing the comprehensive tests, students usually work on writing and defending a research proposal outlining their desired study topic, methodology, and expected contributions to the discipline. The development and defense of the research proposal might take several months to a year or more, depending on the complexity of the research and the student’s progress.

4. Dissertation Research: Following the successful defense of the research proposal, students begin their dissertation research, which is the capstone of their PhD program. The dissertation research stage’s time might vary greatly based on the research topic, methodology, data gathering, and analysis needs. The dissertation research and writing process normally takes two to three years or more.

5. Dissertation Defense: After completing their dissertation, students usually defend their research findings in front of a committee of faculty members. The time it takes to schedule and complete the dissertation defense can vary, although it normally takes several months to a year or more, depending on committee member availability and other practical concerns.

Looking For Fully Funded PhD Programs? Click Here

Do you need a masters in finance to get a phd in finance.

A Master’s degree in Finance or a similar discipline is not always required for entrance to a PhD program in Finance. However, admission requirements may differ based on the program and institution.

Some PhD programs in Finance may require applicants to have a Master’s degree in a relevant discipline, whereas others may allow applicants with only a Bachelor’s degree provided they have additional qualifications or experience.

A Master’s degree in Finance or a closely related discipline can provide a solid foundation in finance theory, research methodologies, and mathematical skills, which can be useful for PhD study in Finance.

It can also reflect a greater degree of academic preparation and may assist applicants in standing out during the difficult admissions process.

Some PhD programs in Finance, however, may provide a combined Master’s and PhD program in which students acquire a Master’s degree while pursuing their PhD. In such instances, admittance may not require a separate Master’s degree.

What are the Best PhD in Finance Degree programs?

1. massachusetts institute of technology (mit) – phd in finance 2. stanford university – phd in finance 3. university of chicago – phd in finance 4. columbia university – phd in finance and economics 5. new york university (nyu) – phd in finance 6. university of pennsylvania (wharton) – phd in finance 7. harvard university – phd in business economics (with a concentration in finance) 8. university of california, berkeley (haas) – phd in finance 9. princeton university – phd in finance 10. northwestern university (kellogg) – phd in finance, leave a comment cancel reply.

Save my name, email, and website in this browser for the next time I comment.

Professors Not Responding? Your CV May Be the Reason.

Try Our Ready-to-Use CV Templates Land You in Harvard, MIT, Oxford, and Beyond!

PhD in Finance

Creating real financial impact, influencing practice through theory, finance curriculum timeline.

Faculty and Published Work

Finance faculty.

Tetyana Balyuk

Jeffrey Busse

Tarun Chordia

Rohan Ganduri

T. Clifton Green

Narasimhan Jegadeesh

William Mann

Gonzalo Maturana

Shehzad L. Mian

Jeffrey Rosensweig

Jay Shanken

Finance phd students.

Zhishuo Han

Jianzhang Lin

Dmitry Malakhov

Avinash Kumar Pandey

Recent News

“How Stocks Became the Game That Record Numbers of Americans Are Playing,” Bloomberg

“What causes bond prices to rise and fall?,” Marketplace

“Disney, Bob Iger Defeat Activist Nelson Peltz in Shareholder Vote,” The Wall Street Journal

How One Master of Analytical Finance Student Plans to Do Good With Her Degree 

Go from Beginner to Analytical Finance Expert

“50 Best Undergraduate Business Professors of 2023,” Yahoo! Finance

“Dump your bonds, this new research says,” Morningstar

“Dump your bonds, this new research says,” MarketWatch

“Why bitcoin ETFs launch won’t be a ‘buy the rumor, sell the news’ event,” Morningstar

“All memes aside, crypto buyers aren’t any different from stock investors,” MarketWatch

Ray Hill Bids Farewell to Goizueta

“Does winning the lottery actually ruin your life?” Financial Times

Pursuing a phd in finance.

PhD in Financial Technology (FinTech)

Drive Innovation at the Intersection of Finance and Technology

The future of finance is here and it’s unfolding at an unprecedented pace. In an era marked by rapid technological advancements, the finance industry is undergoing a transformative shift, necessitating a new breed of professionals. Our program is dedicated to cultivating leaders who will pioneer the next wave of innovation in the financial sector.

Value Proposition Description

Why FinTech?  

The fusion of finance and technology, known as FinTech, represents one of the fastest-growing industry sectors globally. With a market capitalization exceeding $550 billion and more than 272 fintech unicorns, the potential for groundbreaking work in this field is vast. The rise of digital payments, mobile banking, cryptocurrencies, and beyond has reshaped the landscape of financial services, making FinTech an essential area of study and innovation.  

A Multidisciplinary Approach  

WPI’s FinTech PhD program is uniquely positioned to offer a comprehensive, multidisciplinary education that bridges finance, technology, computer science, and ethics. Leveraging the expertise of our distinguished faculty and the resources of our state-of-the-art FinTech Innovation Hub, students engage in cutting-edge research and practical applications of their studies.  

Curriculum for PhD in Financial Technology (FinTech)  

The FinTech PhD program offers a rigorous curriculum designed to equip students with an in-depth understanding of both the technological and financial aspects of this evolving field. Our program emphasizes:  

Covering blockchain technology, Asset Pricing, Price Theory, Econometrics, Macroeconomics, digital payments, AI, and machine learning, our courses are tailored to meet the demands of the FinTech industry.

By working closely with regional FinTech firms and departments across the university, students gain a well-rounded perspective on the technical, regulatory, and business dimensions of FinTech. The collaboration with Worcester Polytechnic Institute's (WPI) world-renowned faculty presents a unique and invaluable opportunity for scholars to engage in cutting-edge research in the field of finance. WPI's faculty are leaders in their disciplines, known for their innovative approaches and contributions to technology and finance.  

Collaborating with world-renowned faculty at Worcester Polytechnic Institute (WPI) significantly benefits students, especially in refining their research for publication in top finance journals. Working alongside leading academics offers students unparalleled access to advanced methodologies and insights into the finance field. This mentorship helps students navigate the complexities of research and publication, ensuring their work meets the high standards of prestigious journals. Such collaboration not only boosts students' academic profiles but also contributes valuable insights to the finance community.  

The benefits of this scholarly collaboration extend beyond individual achievements, contributing to the broader academic and professional communities by setting new benchmarks in finance research.

Our curriculum incorporates discussions on ethics, data privacy, and financial inclusion to prepare students for the ethical challenges they may face in their careers.

Graduates of our program are poised to make significant contributions to the FinTech sector, whether in academia, industry research, or leading their own innovative startups. Our alumni network spans the globe, with members holding pivotal positions in major financial hubs and pioneering the development of new technologies and business models.

Important Dates

Next Start: August 22, 2024  

Application Deadline: Apply by May 1st

FinTech Education at WPI: An Interdisciplinary Approach

Dean Debora Jackson and Professors Kwamie Dunbar, Joseph Sarkis, and Robert Sarnie of the WPI Business School discuss how the university’s cross-disciplinary experiential learning and collaboration make it the ideal place to study FinTech.

FinTech for Inclusivity, Growth, and the Future

In partnership with Flame University, Boston Blockchain Association (BBA), and the Massachusetts High Technology Council, the WPI Business School and the Future Finance and Economics Association (FFEA) hosted their inaugural conference in October 2023—the first such FFEA event in the United States.

WPI & Flame University FinTech Lab

In partnership with Flame University, WPI’s FinTech Lab recognizes the critical role of adept individuals in driving this transformation. By fostering interdisciplinary collaboration, it cultivates a dynamic environment where experts from finance, technology, data science, and entrepreneurship converge to develop cutting-edge solutions.

Similar Majors

Dr. Dunbar is currently a tenured Associate Professor of Finance at WPI. In addition to his extensive experience in teaching and research, he has a wealth of industry experience working with several fortune 500 companies in various capacities.

Professor Dunbar's research has appeared in leading economics and finance journals such as Quantitative Finance, Economic Modeling, International Review of Financial Analysis, and Research in International Business and Finance, amongst others. His [...]

Joseph Sarkis is a Professor of Management within Worcester Polytechnic Institute's Business School. He previously served as a faculty member at Clark University and the University of Texas at Arlington. His teaching and research interests are in the fields of environmental sustainability, operations and supply chain management. He is the author or co-author of over 600 publications. His research is widely cited and earned the designation of highly cited researcher for eight years from&n [...]

Rob joins WPI from Fidelity Investments, where he spent 23 years in the finance industry, holding multiple executive leadership positions including VP of Strategy and Planning, VP Human Resource Systems, and VP Finance, Procurement, and Accounting Systems. Rob also previously held positions in both the public and private sectors for companies in the manufacturing and nonprofit industries.

At Fidelity, Rob exercised his passion for coaching and mentoring by leading multiple mentoring pro [...]

Take the First Step Today

Prepare to be a research or industry leader in the rapidly growing world of FinTech.

Department of Finance

Select Section

PhD personal statement and resume

You should prepare your personal statement in advance to be uploaded into the online application via the application tab titled “Supplemental.” In review of your personal statement, the admissions committee will seek evidence of your maturity, leadership, strength of purpose, academic potential and ability to communicate clearly and professionally. Please be concise, yet thorough.

The statement should be no more than two to four pages long. Ensure the document file is not password protected and is in .doc, .pdf or .txt format. Please note that special fonts and/or formats (italics, bold, etc.) may be lost during submission. Be sure to carefully proofread your statement prior to submission.

Distinguish yourself

Submission of the personal statement allows you an opportunity to highlight the qualities and experiences that distinguish you as a prospective W. P. Carey doctoral student. Applicants are requested to provide information pertaining to the following areas as part of their statement:

• Your name as it will appear on the ASU Graduate College application
• The ASU Application Reference Number assigned to you upon submission of your online application and/or your 10-digit ASU Identification Number
• Your personal background, including formative events and circumstances such as extracurricular activities, honors, achievements and community activities
• Work experience, including credentials you have from your hands-on and professional experiences
• Descriptions of the research projects you have conducted and your personal research interests
• Other personal attributes and qualities
• Qualifications and reasons for interest in the W. P. Carey PhD in business administration with a specialization in finance
• How obtaining a PhD will help you achieve your personal career goals and objectives

Employment summary/resume

You should prepare your resume information in advance to be uploaded into the online application via the application tab titled “Additional Info.” Ensure the document file is not password protected and is in .doc, pdf or .txt format. Please note that special fonts and/or formats (italics, bold, etc.) may be lost during submission. Be sure to carefully proofread your statement prior to submission.

Resumes should include:

• Job titles and positions held, key responsibilities and accomplishments for each position, and salary history (optional)
• Honors, awards, certificates, professional organizations, volunteer activities and community involvement
• Computer skills, multilingual abilities and overseas travel or work experience
• Academic background, including schools attended and degrees earned

Answers to additional questions

You should be prepared with responses that describe what qualifies you to meet the W. P. Carey School of Business expectation that all new students have proficiency in using a computer spreadsheet, programming and college-level business calculus / statistics. Responses of 255 characters or less are required regarding two categories, (1) Computer Competency and (2) Calculus / Statistical Competency, and should include class number, course titles, grades, institution name, etc.

• Student Services Online
• Class search
• Student email
• Change my password
• MyCDES+ (job board)
• Course outlines
• Learning essentials
• Libraries and Learning Services
• Forms, policies and guidelines
• Campus Card
• Enrol in courses
• Postgraduate students
• Summer school
• AskAuckland
• Student Hubs
• Student IT Hub
• Student Health and Counselling
• Harassment, bullying, sexual assault and other violence
• Complaints and incidents
• Career Development and Employability Services (CDES)
• Ratonga Hauātanga Tauira | Student Disability Services (SDS)
• Rainbow support
• Covid-19 information for our community
• Emergency information
• Report concerns, incidents and hazards
• Health and safety topics
• Staff email
• Staff intranet
• ResearchHub
• PeopleSoft HR
• Forms register
• Careers at the University
• Education Office
• Early childhood centres
• University Calendar
• Opportunities
• Update your details
• Make a donation
• Publications
• Photo galleries
• Video and audio
• Career services
• Virtual Book Club
• Library services
• Alumni benefits
• Office contact details
• Alumni and friends on social media
• No events scheduled for today You have no more events scheduled for today
• Next event:
• Show {0} earlier events Show {0} earlier event
• Event_Time Event_Name Event_Description
• My Library Account
• Change Password
• Edit Profile
• My GPA Grade Point Average About your GPA GPA not available Why can't I see my GPA?
• My Progress
• Points Required Completed points My Progress Progress not available All done!
• Student hubs
• Health and counselling
• All support
• Health, safety and well-being

Breadcrumbs List.

• Ngā akoranga | Study
• Study options
• Find a study option
• You are currently on: Doctoral study

Doctoral study in Finance

Why study with us.

• The University of Auckland consistently ranks in the top 100 globally and is New Zealand’s No. 1 university. (QS World University Rankings)
• The Business School at The University of Auckland is part of the 1% of Business Schools worldwide with Triple Crown accreditation.(AACSB International, EFMD-EQUIS, and AMBA)
• The university hosts more researchers in business and economics than any other New Zealand university. This expertise provides opportunities for original and significant contributions to knowledge in various disciplines.
• Students have opportunities to connect with professionals from their discipline through networking event, fostering collaboration and industry connections.
• The Business School offers state-of-the-art facilities, including dedicated workspaces for full-time PhD students.
• Doctoral candidates receive annual Postgraduate Research Student Support (PReSS) funding to cover research expenses.
• The Business School Careers Centre assists students with career planning through skills workshops, employer interactions and individual support.

Research opportunities

When you undertake your doctorate in Finance at the University of Auckland Business School, you’ll join a high-calibre research community and have opportunities to publish papers, attend international conferences and develop a network in academia and industry.

Our researchers are currently examining how investors and firms allocate scarce resources over time. This covers corporate financial decision-making, investment analysis, portfolio management and financial instruments, and institutions and markets.

We invite research proposals in any of the following or related topics**:

• Investments, asset pricing, financial anomalies and machine learning applications in finance
• The cost of capital - The factors that determine the required rate of return on risky asset, topics related to capital budgeting, the valuation of firms and the regulation of pricing
• Initial public offerings of equity securities and seasoned equity offerings - The factors affecting under-pricing and the history of the under-pricing phenomenon
• Market microstructure - The impact of "market architecture" on the outcomes of the trading process
• Securities’ market regulation - The regulation of information disclosure in financial markets and its impact on the financial information environment
• Risk management - The identification and measurement of financial risks and the management of these risks using financial instruments
• Banking, financial institutions and regulation - Bank supervision and regulation; the global financial crisis

**Note: this is not an exhaustive list.

Pursue your topic with us and benefit from the support and supervision of internationally recognised researchers.

Professor Norman Wong (Head of Department): Research interests include financial accounting; capital markets and accounting information; governance issues in accounting; accounting policy choice; taxation and accounting; and research methods in accounting.

Professor Henk Berkman : Asset pricing, return predictability, forensic finance and investment management.

Dr Paul Geertsema : Asset pricing, return predictability, financial anomalies and machine learning applications in finance.

Dr Dulani Jayasuriya : Big data, international banking, social media, applications of machine learning in finance, applying deep learning techniques for socio-economic problem solving, blockchain applications in finance, crypto currencies.

Dr John Lee : Empirical asset pricing, return anomalies and beta estimation.

Dr Michelle Li : Corporate finance including CEO board involvement, CEO compensation, minority shareholder protection, and merger and acquisitions.

Dr Helen Lu : Asset pricing, machine learning and executive successions.

Professor Dimitris Margaritis : Corporate finance, financial econometrics, money and banking.

Associate Professor Alastair Marsden : Corporate valuation, cost of capital, impact of regulation on financial markets and equity issues.

Past research topics

• "Investor Decision Making" | Supervised by Professor Henk Berkman and Associate Professor Alastair Marsden
• "The Effect of Earnings Management Constraints on Management Earnings Forecasts: Evidence from Japan' | Supervised by Professor Norman Wong and Professor Steven Cahan
• "An Investigation into the Effects of Weight Constraints, Estimation Error and Taxes on the Benefits from International Diversification" | Supervised by Associate Professor Alastair Marsden and Dr John Lee
• "Essays on Mutual Funds" | Supervised by Professor Dimitris Margaritis and Dr John Lee

Scholarships and awards

There are several scholarships you may be eligible for when you decide to pursue your doctoral studies in Finance.

University of Auckland Doctoral Scholarships

Barry Spicer and Owen G Glenn PhD Scholarship

Phone the University

• 923 7186 (within Auckland)
• 0800 61 62 63 (outside Auckland)
• +64 9 373 7513 (overseas)

Apply for doctoral study

Doctoral programmes.

• Doctor of Philosophy

Related subjects

• Commercial Law
• Information Systems

Related links

• Doctoral applications
• Find a scholarship

• Study Abroad Get upto 50% discount on Visa Fees
• Top Universities & Colleges
• Abroad Exams
• Top Courses
• Read College Reviews
• Admission Alerts 2024
• Education Loan
• Institute (Counselling, Coaching and More)
• Ask a Question
• College Predictor
• Test Series
• Practice Questions
• Course Finder
• Scholarship
• All Courses
• B.Sc (Nursing)

PhD in Finance Course, Colleges, Subjects, Abroad, Salary, Scope 2024

Waqar Niyazi

Content Curator

Doctorate in Philosophy in Finance or simply PhD in Finance is a doctorate course that is offered by several top institutes or Universities in India .It is a research-oriented course that offers the candidates deeper insight to the concepts of finance and also enables them to undertake research in relevant fields.

The minimum time frame to complete the course is 3 years which can be extended up to and not more than 5 years.

In order to pursue a PhD in Finance, one must clear either of the entrance examinations held at the national and university level followed by several rounds of interviews. The candidates also need to pass their relevant masters degree with a minimum aggregate score of 55% or more. Some of the popular entrance tests for admission into PhD in Finance programs are UGC NET, GATE , NMIMS etc. The average course fee ranges between INR 2000 -INR 5,00,000

PhD Finance syllabus deals with the advanced study of Valuation of Shares, Privatization and Globalization, Meaning and definition of Business Environment, Cost and Management Accounting, Industrial Growth and Structural Changes, etc

Some of the top PhD Finance Colleges are IIT Madras,Indian Institute of Foreign Trade, New Delhi, and many more. IIMs offer doctoral programs under the name of Fellow Program in Management or commonly referred to as the FPM.

PhD in Finance: Course Highlights

The following are the list of course highlights that the aspirants must keep in mind about opting for PhD in Finance 

PhD in Finance: What is it About?

• A PhD in Finance is a research-driven course which leads to an advanced-level academic and research career in Finance and economic studies.
• Those who wish to seek admission to the course must possess skills like - analytical, logical, managerial and leadership skills.
• Finance is basically the study of Accounting, Economics, Financial Management and any such related fields.
• PhD in Finance students are trained in topics like Statistics, Investments, Economics and Corporate Finance Theory.
• The students also get to explore various markets and financial products in their course curriculum.
• PhD in Finance is a research-related course that is especially meant for a research-based career or an academic career
• While most institutes require the candidates to already have a Master's in Business Administration , some of them admit students to PhD in Finance directly after completing their bachelor’s. .

Why Study a PhD in Finance?

A PhD in Finance course can give you multiple career opportunities and will lead you to a bright and prosperous future. Those who wish to seek a job in the academic sector (i.e. lecturer or research fellow in b-school) absolutely need this degree.

Some of the main reasons as to why one should choose to pursue a PhD in Finance are as follows :

• High Salary - The average salary earned by a PhD in Finance graduate ranges between INR 4 LPA- INR 8 LPA. This salary increases on the basis of experience, according to the website Pay Scale the average salary of a PhD in Finance graduate is around INR 12,50,000 PA. Apart from these the aspirants are offered perks and other benefits such as DA, Provident Funds, Travelling expenses and medical insurance.
• Career Options - The students may pursue either an academic or an industrial career upon completion of the course. Both the career options are equally prosperous. In the academic career they have the option to pursue the career option as that of a professor, lecturer or associate professors. In the industrial sector they have the option to pursue a career as a Market research analyst, Investment bankers, etc.
• Job Security - Most of the PhD Finance graduates tend to work in academia that provides tenure and job stability. In the case of industrial jobs they are mainly hired in top level positions mainly as consultants are considered to be stable and have lower attrition rate.
• Financial Management - It helps the student to know about various important topics related to Finance. Learning techniques regarding the complete organization of money in businesses and banks is a part of the course curriculum.
• Financial Understanding - Those who pursue a PhD in Finance or Economics tend to clearly see today’s global financial problems and help to rectify the flaws.
• Opportunity to Turn Entrepreneur-  Candidates who have completed their PhD in Finance have the opportunity to turn entrepreneur. Candidates can pursue a career as a part time professor in several government and private colleges. Also they can set up their own business and provide consultations to the various individuals or companies.

Who Should Study PhD in Finance? 

• Aspirants who want to pursue a career in finance, can pursue a PhD in Finance course
• Candidates who want to pursue a career as a professor should pursue the course.
• Candidates who have completed their PG courses in elevant streams such as MBA Finance , MCom Finance can opt for the PhD in finance for better career prospects. 
• Candidates who are working professionals can opt for this course for better career options. However, the candidates must have the relevant qualifications.
• Candidates who want to pursue a career as an associate professor or lecturer can also opt for the course.
• Candidates who want to pursue a research based degree should opt for the PhD in Finance course.

PhD in Finance Admission Process

Students are admitted to PhD in Finance on the basis of entrance test score and their performance in the personal interview. Although the admission process for PhD in Finance is different for most of the universities, the candidates are expected to appear for the admission process which comprises Written Entrance Exam and Personal Interview.

Let us discuss the admission process in much more detail so that you can have a clear idea about the admission process.

PhD in Finance Eligibility

The PhD in Finance candidates will have to fulfil the following eligibility criteria:

• The students must complete his/her post-graduation in courses like Accountancy, Economics or Mathematics from a recognized university. Candidates from the MBA Finance Stream are also eligible for the application to the PhD in Finance Course.
• The student must also have a minimum of 55% marks in their post-graduation course. A relaxation of 5% marks is given to the SC/ ST/ OBC/ PwD candidates.
• There is no upper age limit for application to the PhD course. 

PhD in Finance Admission

• Step 1: Registration- The candidates are required to visit the entrance examination authorities website and register themselves with a email or phone number and develop a login ID 
• Step 2: Fill the application form - The students will have to fill up the application forms of the respective institutes from where they would like to pursue their PhD in Finance. The application forms can be filled up online. The candidates are required to provide the detail of their preferred entrance exam cities and also provide the necessary academic details 
• Step 3: Upload the various documents- The candidates are required to upload the various documents in preferred size and format. The candidates are then required to pay the application fees and take out a receipt for future reference.
• Step 4: Appear for the entrance test - Candidates required to appear for the entrance examination.. Different Universities conduct their own admission tests. Based on their performance in the entrance test, the students are called for the interview.
• Step 5: Appear for the interview - After the results of the entrance test are declared, the selected students are called for an interview. The interview may take place in multiple rounds. The candidates are required to provide a presentation of their thesis and the areas where they will work during their PhD study. 
• Step 6: Admission to the college - The students who clear the interview will be called for further admission procedure and they will be allowed to take admission to that respective university.

Note: applicants are advised to keep a tab on the university websites and newspapers for all the latest updates regarding admission.

PhD in Finance Entrance Exam 

Most universities offering PhD Finance in India, conduct an entrance test for admitting students to the course. Only those who successfully clear the entrance examination are later asked to appear for an interview.

Although a huge number of institutions in India offer admission into PhD through their own selection tests, most universities offer acceptance into the program through the GATE Entrance assessment and UGC NET. A few popular entrance tests for the PhD in Finance course are as follows:

UGC NET Exam : The National Eligibility Test (NET) is conducted twice a year. The examination is conducted in 84 subjects.

RMAT : AIMA and Aligarh Muslim University admit PhD students based on their performance in Research Management Aptitude Test (RMAT). AIMA has decided to conduct the exam in June end of this year.

SIU PET Exam : Symbiosis International University PET Exam is conducted for admission into the PhD programs offered by Symbiosis International University. The examination is held in June.

JNU PhD Entrance Exam : Jawaharlal Nehru University accepts the PhD students on the basis of the marks acquired by them in the entrance test. The examination is conducted in the month of June.

GTU PhD Entrance Exam : Gujarat Technological University (GTU) conducts an entrance test for admitting the PhD students. The application forms can be filled until July and the examination is held in August.

How to Prepare for the entrance test?

In order to score well in the entrance test, a candidate must prepare accordingly for the examination. Since a PhD is considered as the highest degree attestation, the applicants may need special educational training to crack the exam.

Here are a few points that you must keep in mind while you are preparing for the test.

• Go through all the major topics that are included in the syllabus.
• Try to find the weightage of the different subjects and prepare a time table accordingly.
• Donate more time to the tougher chapters and try to revise all the topic covered during the week on Sunday 
• Don’t forget to practise loads of questions once you are done with the syllabus.
• Try to practice the questions from the previous years.
• Appear for the online Mock tests. Try to use the internet to learn about the various shortcut methods so that you can save time in the entrance examination. 

Furthermore, those who wish to ace the test, must possess an in-depth knowledge of Finance and Accounting subjects.

How to get admission in a good college?

Getting admission to a very good college isn’t a cakewalk and students must prepare well in advance in order to be selected. So, here are a few things that you must remember if you wish to get admitted to a good college -

• You must possess a reasonably good score in their postgraduate degree. A minimum 55% score is expected.
• If your college conducts an interview round, then you must be well prepared for it.
• You must be well aware of the type of questions that are frequently asked in an interview.
• A very good score in the entrance test will increase your chances of getting admitted to a good college.

Also, interested candidates must have an idea about the placement scenario and the facilities offered by the college to the students.

PhD in Finance Syllabus

The course prepares its students about the challenges faced in multinational and MSME companies. A unit-wise breakdown of the course structure is mentioned below -

Unit 1 – Business Environment

• Second Generation reforms
• Privatization and Globalization
• Planning Policy
• Meaning and definition of Business Environment
• Liberalization
• Legal Environment of Business in India
• Industrial Policy
• Industrial Growth and Structural Changes
• Environment protection
• Economic Policy
• Consumer Protection
• Competition Policy

Unit II – Financial and Management Accounting

• Valuation of Shares
• Responsibility Accounting
• Ratio Analysis
• Partnership Accounts
• Liquidation
• Financial Statements
• Cost and Management Accounting
• Capital and Revenue
• Basic Accounting Concept
• Advanced Company Accounts

Unit III – Business Economics

• Sampling Errors
• Utility analysis
• Price determination in different Market Situations
• Nature and Uses of Business Economics
• Laws of Variable Proportion
• Laws of Returns
• Elasticity of Demand
• Demand Analysis
• Concept of Profit and Wealth Maximization

Unit IV– Business Statistics and Data Processing

• Data Processing
• Data Collection and Analysis
• Correlation and Regression
• Computer Application to Functional Area
• Analysis and Interpretation of data

Unit V– Business Management

• Principles of Management
• Planning Process
• Organizational Culture and Structure
• Leadership and Control
• Decision Making
• Business Ethics and Corporate Governance

Unit VI– Marketing Management

• Product decision
• Pricing, Distribution and Promotion
• Marketing Planning
• Marketing Mix
• Marketing Environment
• Evolution of Marketing
• Concepts of Marketing

Unit VII– Financial Management

• Working Capital Management
• Financial and Operating Leverage
• Dividend Policy
• Cost of capital; Capital Budgeting
• Capital Structure

Unit VIII– Human Resource Management

• Training and Development
• Succession Planning
• Role and Functions of HRM
• Recruitment and Selection
• Performance Appraisal
• Industrial Relations
• HR Planning
• Compensation

Unit IX – Banking and Financial Institution

• Reserve Bank of India
• NABARD and Rural Banking
• Importance of Banking to Business
• Types of Banks
• Development of Banking
• Banking Sector Reforms in India

Thus, it's visible that the syllabus for the course includes topics that require the student to have a solid quantitative foundation, along with critical thinking, problem solving and communication abilities. The below-mentioned table lists the important books that cover advanced PhD in Finance topics -

PhD in Finance Top Colleges

ISB(Indian School of Business), just like the IIMs, offers an FPM course for those who wish to pursue PhD in Finance. Some of the top PhD in Finance institutes of India are mentioned below for your reference :

PhD in Finance College Comparison

The following are the table of comparison between the top PhD in Finance Colleges in India

PhD in Finance Course Comparison

Doctor of Philosophy in Finance has a variety of applications and converges with many areas of business like debt, expansion and supply chain. Whereas the need for a theoretical understanding and research in PhD in Accounting might be limited. A detailed analysis of the two courses is mentioned below in a tabulated format -

PhD in Finance Job Prospects and Career Options

Finance PhD students are business minded and generally look for a more professional career. This can also include jobs in various finance companies. Some of the popular job profiles include Statistician, Stockbroker, Finance Manager, etc. The average annual salaries to which are somewhere between INR 4 LPA to INR 8 LPA.

Salary Trends: Minimum vs. Maximum Salary

PhD in Finance Future Scope

Ph.D in Finance students may look for jobs in both the private and public sectors including accountancy firms and banking sectors as well. After completion of the PhD in Finance course, the students may go for research work or take up jobs in various research labs or may teach at several colleges and universities. Few popular divisions include:

• Government and private sectors.
• Corporations and consultancies.
• Markets research.
• Public accounting firms.
• Budget planning.

PhD in Finance grads have quite a prosperous future and although the initial salary of the candidates may seem less, their income will increase with experience. The students may also carry out further research in their respective fields.

PhD in Finance FAQs

Ques. Is an Economics & Finance PhD worth it?

Ans. PhD is considered as the final milestone in the Indian academic curriculum. In case someone wishes to pursue a career in academics or research, then a PhD in Finance or Economics is definitely worth it.

Ques. Which is the best university for a PhD in Finance?

Ans. Some of the best universities for Finance in India are:

• Department of Management Studies-IIT Madras, Chennai
• Indian Institute of Foreign Trade, New Delhi
• Alliance School of Business, Bangalore

Ques. How are job prospects for Finance PhDs?

Ans. PhD in Finance has both academic as well as industrial job prospects in India. As an academic professional, you can seek jobs in colleges and universities. You can also look for jobs in finance companies and banks.

Ques. What are the best universities for a PhD in Finance abroad?

Ans. Some of the top universities include MIT, Stanford, Chicago, Berkeley, and many more.

Ques. What is the most popular entrance test for a PhD Finance course?

Ans. UGC NET is considered as the most popular entrance test for the course. Some Universities have their own entrance tests as well.

Que. What should be the average annual salary for a PhD in Finance student?

Ans. The average salary is anything between 4 LPA- 8 LPA

Ques. What is the eligibility criteria for PhD Finance?

Ans. The minimum eligibility criteria to pursue the course require at least 55% marks in post-graduation in courses like Accountancy, Economics or Mathematics.

Ques. Which course is better: PhD in Finance or PhD in Economics?

Ans. Both the courses have completely different course curriculum and if you perform well, then both the courses can be equally prosperous for you.

Ques. What is the average tuition fee for a PhD Finance in India?

Ans. The average tuition fee is between INR 2,000 to INR 5,00,000

Ques. Is there any scope of Government jobs for the PhD in Finance students?

Ans. Yes, you can look for jobs in various government sectors. Government banks also employ a PhD in Finance students.

Ques. What are the popular job profiles for PhD in Finance students?

Ans. Popular job profiles for PhD Finance students include - Assistant Professor, Stockbroker, Statistician, Relationship Manager, CFA, Financial Manager.

Most Popular Tags

4 Reviews found

Vikas's Review On Atharva Institute Of Management Studies - [AIMS], Mumbai

College events.

Talking about campus life brings back many memories associated with it. The cultural fest and academics were very important part of the college life. The competitions and conference gave good exposure to surrounding world.

Campus Life

Campus is very vast and secured with camera for safety. It has large library with thousands of books, magazines, news papers and national and international journals. It has nice canteen, playgrounds and common rooms.

Shivam Bharadwaj's Review On Institute Of Management Studies, Devi Ahilya Vishwavidyalaya - [IMS-DAVV], Indore

the main reason was its free structure,the fees is very low for a good institute like ims, and the college diversity is also good,mba in finance open many things for you, the career aspects are good jobs like investment banking which pay a good amount are offered after mba,the location acdemics fees city everything was considerable

Course Curriculum Overview

i felt the curriculum is bit outdated according to current scenerio requirement,teachers are good, but the college time is not that hectic,u get time for other activities too,industrial exposurue provided is not sufficient,must be more,classes time must be increased,faculties are good and experienced

Akansha Patil's Review On ICFAI Business School - [IBS], Mumbai

I only applied to this college and due to my CAT score I was selected easily in the first round and I choose finance because that is at the top for placement and package is really good in that course and after taking admission I got to know that they have really big companies for placement and also have international connection. So you can get chance to work abroad

Internships Opportunities

Yes, I did internship in L&T Infotech in finance department and there was no stipend but they provide you food and travel accommodation. The company like this comes every year to select students for the internship you just have to sit for the drive and give interviews if you get selected then you get chance to work with them

Karan Sahu's Review On ITM University, Gwalior

My physical classes still have to start but I have sen the campus It is a bit far away from the city, as we have to go to Naya Raipur and it is basically the outskirts of the city but the campus is worth watching All facilities of sports and wifi are provided that what the college authority has told me as I still have to go and experience myself

The advantage that I have observed here is that it keeps updating the curriculum and keep adding the industry-based knowledge that definitely helped us in terms of placement as well as in internships DR. RITU TAKSANDE madam of our college is the best faculty for the MANAGEMENT and the experience she has is almost 10 years

Ph.D. (Finance) : 3 answered questions

Ques. which is the best university for a phd in finance.

● Top Answer By Aditya Sengupta on 15 Apr 21

Ques. How good is the EFPM program from IIM Rohtak?

● Top Answer By Aryan Singh on 10 Jan 23

Ques. I am interested in a quantitative finance-oriented Ph.D., so should I apply for an FPM in the Finance/Control area or Decision Sciences in IIM Bangalore?

● Top Answer By Anshul Gupta on 21 Dec 22

Ph.D. (Management Studies)

M.phil. (management), ph.d. (marketing), ph.d. (business administration), ph.d. (human resource management), ph.d. (finance) colleges in india.

IIT Madras - Indian Institute of Technology - [IITM]

IIMC - Indian Institute of Management

Department of Management Studies, IIT Madras - [DoMS IIT Madras]

Shailesh J. Mehta School of Management, IIT Bombay - [SJMSOM]

Department of Business Economics, University of Delhi - [DBE]

KJ Somaiya Institute of Management

Amity University

Balaji Institute of International Business - [BIIB]

Subscribe to our news letter.

• abbreviation
• word in meaning

Examples: NFL , NASA , PSP , HIPAA , random Word(s) in meaning: chat   "global warming" Postal codes: USA: 81657 , Canada: T5A 0A7

What does PHD stand for?

Your abbreviation search returned 58 meanings

• MLA style: "PHD." Acronym Finder . 2024. AcronymFinder.com 20 Aug. 2024 https://www.acronymfinder.com/Business/PHD.html
• Chicago style: Acronym Finder . S.v. "PHD." Retrieved August 20 2024 from https://www.acronymfinder.com/Business/PHD.html
• APA style: PHD. (n.d.) Acronym Finder. (2024). Retrieved August 20 2024 from https://www.acronymfinder.com/Business/PHD.html
• Category Filters
• All definitions (58)
• Information Technology (6)
• Military & Government (7)
• Science & Medicine (16)
• Organizations, Schools, etc. (7)
• Business & Finance (15)
• Slang, Chat & Pop culture (20)

Sort results: alphabetical | rank ?

showing only Business & Finance definitions ( show all 58 definitions )

Note: We have 134 other definitions for PHD in our Acronym Attic

• suggest new definition

Search for PHD in Online Dictionary Encyclopedia

• Abbreviation Database Surfer
• « Previous
• Next »