best finance phd programs in usa

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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
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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.

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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, dollar safety and the global financial cycle, 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, recent insights by stanford business, a “grumpy economist” weighs in on inflation’s causes — and its cures, the surprising economic upside to money in u.s. politics, your summer 2024 podcast playlist.

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PhD | Finance

The Ph.D. in Finance

Stern’s Ph.D. program in finance trains scholars to conduct research at the leading edge of financial economics. The faculty represents one of the largest finance research groups in the world that has been ranked consistently as the leading publisher of academic research in top finance journals. Comprised of more than 40 researchers, including a Nobel-prize-winning economist, our faculty are active in all areas of finance—asset pricing, corporate finance, derivatives, market microstructure, and behavioral finance—with both theoretical and empirical focus, and with emerging specialization in the areas of financial intermediation, crises, and macro-finance. As a result of this unusual breadth, students have access to expertise in almost any topic that they might wish to explore.

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PhD in Finance

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Chicago Booth has long been recognized for its PhD in finance. Our finance faculty—which includes Nobel laureates Douglas W. Diamond, Eugene F. Fama, and Lars P. Hansen—sets the course for research in all areas of the field.

As a finance PhD student at Chicago Booth, you’ll join a community that encourages you to think independently.

Taking courses at Booth and in the university’s Kenneth C. Griffin Department of Economics, you will gain a solid foundation in all aspects of economics and finance--from the factors that determine asset prices to how firms and individuals make financial decisions. Following your coursework, you will develop your research in close collaboration with faculty and your fellow students. Reading groups and workshops with faculty, student-led brown-bag seminars, and conferences provide many opportunities to learn from others.

The Finance PhD Program also offers the Joint Program in Financial Economics , which is run by Chicago Booth and the Department of Economics in the Division of the Social Sciences at the University of Chicago.

Our Distinguished Finance Faculty

Chicago Booth finance faculty are leading researchers who also build strong relationships with doctoral students, collaborate on new ideas, and connect students with powerful career opportunities.

Francesca Bastianello

Assistant Professor of Finance and Liew Family Junior Faculty Fellow, Fama Faculty Fellow

Emanuele Colonnelli

Professor of Finance and Entrepreneurship

George M. Constantinides

Leo Melamed Professor of Finance

Douglas W. Diamond

Merton H. Miller Distinguished Service Professor of Finance

Eugene F. Fama

Robert R. McCormick Distinguished Service Professor of Finance

Niels Gormsen

Neubauer Family Associate Professor of Finance and Fama Faculty Fellow

Lars Hansen

David Rockefeller Distinguished Service Professor The University of Chicago Departments of Economics, Statistics and the Booth School of Business

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Steven Neil Kaplan

Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and Kessenich E.P. Faculty Director at the Polsky Center for Entrepreneurship and Innovation

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance

Ralph S.J. Koijen

AQR Capital Management Distinguished Service Professor of Finance and Fama Faculty Fellow

Professor of Finance and Fama Faculty Fellow

Stefan Nagel

Fama Family Distinguished Service Professor of Finance

Scott Nelson

Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar

Pascal Noel

Neubauer Family Professor of Finance and Kathryn and Grant Swick Faculty Scholar

Lubos Pastor

Charles P. McQuaid Distinguished Service Professor of Finance and Robert King Steel Faculty Fellow

Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Bruce Lindsay Distinguished Service Professor of Economics and Public Policy

Quentin Vandeweyer

Assistant Professor of Finance and Fama Faculty Fellow

Pietro Veronesi

Deputy Dean for Faculty and Chicago Board of Trade Professor of Finance

Robert W. Vishny

Myron S. Scholes Distinguished Service Professor of Finance and Neubauer Faculty Director of the Davis Center

Michael Weber

Associate Professor of Finance

Anthony Lee Zhang

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Professor of Economics and Finance

Alumni Success

Graduates of the Stevens Doctoral Program go on to successful careers in prominent institutions of higher learning, leading financial institutions, government, and beyond.

Shohini Kundu, MBA '20, PhD '21

Assistant Professor of Finance UCLA Anderson School of Management, University of California, Los Angeles Shohini Kundu's research lies in financial intermediation and macroeconomics, security design and externalities of financial contracts, and emerging market finance. Her dissertation area is in finance.

Jane (Jian) Li, PhD '21

Assistant Professor of Business, Finance Division Columbia Business School, Columbia University Jane's research lies at the intersection of macroeconomics and finance. She is particularly interested in how financial intermediaries affect the real economy and how different types of financial institutions can contribute to financial instability. Her dissertation area is in financial economics.

Spotlight on Research

The pages of Chicago Booth Review regularly highlight the research findings of finance faculty and PhD students.

A Brief History of Finance and My Life at Chicago

Chicago Booth’s Eugene F. Fama describes the serendipitous events that led him to Chicago, and into his monumental career in academic finance.

Climate-Policy Pronouncements Boost 'Brown' Stocks

It was a dramatic example of how White House communications on climate policy can affect asset prices, according to Washington University in St. Louis’s William Cassidy, a recent graduate of Booth’s PhD Program.

With Business Loans Harder to Get, Private Debt Funds Are Stepping In

It’s become harder for many prospective borrowers to access capital. But private debt funds have stepped in to fill the gap, according to Joern Block (Trier University), Booth PhD candidate Young Soo Jang, Booth’s Steve Kaplan, and Trier’s Anna Schulze.

Too Many 'Shadow Banks' Can Limit Overall Access to Credit

While go-betweens can benefit the broader economy by smoothing the flow of credit, there are now probably too many links in the credit chain, argue Zhiguo He and Jian Li (Booth PhD graduate).

A Network of Support

Chicago Booth is home to several interdisciplinary research centers that offer funding for student work, host workshops and conferences, and foster a strong research community.

Fama-Miller Center for Research in Finance Tasked with pushing the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field.

Becker Friedman Institute for Economics Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute fosters novel insights on the world’s most difficult economic problems.

Center for Research in Security Prices CRSP maintains one of the world’s largest and most comprehensive stock market databases. Since 1963, it has been a valued resource for businesses, government, and scholars.

Kent A. Clark Center for Global Markets Enhancing the understanding of business and financial market globalization, the Clark Center positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.

George J. Stigler Center for the Study of the Economy and the State Dedicated to examining issues at the intersection of politics and the economy, the Stigler Center supports research by PhD students and others who are interested in the political, economic, and cultural obstacles to better working markets.

Rustandy Center for Social Sector Innovation Committed to making the world more equitable and sustainable, the Rustandy Center works to solve complex social and environmental problems. The center’s student support includes fellowships, research funding, and networking opportunities.

The PhD Experience at Booth

For Itzhak Ben-David, PhD ’08, the PhD Program in Finance was an exploratory journey.

Video Transcript

Itzhak Ben-David, ’08: 00:03 For me, the PhD Program was an exploratory journey. It was about discovering what was interesting for me, what will be interesting for other economists. It was about discovering something new about the world. Much of the PhD Program experience is to explore and to wonder a bit and to just think and expose yourself to new ideas and new disciplines. Back then, this was 2006, I found a billboard that said, "If you buy this house, we're going to give you a free car or $20,000 in cash." And this seemed really odd to me. What I realized that was going on, that this was part of a borrower fraud and the idea was that seller and the buyer will agree on a higher price on a house and the lender would be under the impression that the collateral worth more than it really is.

Itzhak Ben-David, ’08: 00:58 So I started to investigate other parts of the real estate food chain. What I saw is that in many parts of this chain, there were incentives in place pushing the intermediaries or the different economic agents to inflate prices. It's not always a bubble, but oftentimes it points out behavior that is not consistent with our textbook behavior. I had the dream team of advisors, Toby Moskowitz, Dick Taylor, Steve Levitt, and Erik Hurst. Each one of them contributed in different way to my dissertation and brought different ideas, brought different aspects. There is no better place of doing research than in Booth. It's really a hub of academic activity. There is no important work that doesn't pass at Chicago before being published. It's really an intellectual home. When you meet people and you know that they are from Booth, you can see the difference in their thinking.

Current Finance Students

PhD students in finance study a wide range of topics, including the behavior and determinants of security prices, the financing and investment decisions of firms, corporate governance, and the management and regulation of financial institutions. They go on to careers at prestigious institutions, from Yale University to the International Monetary Fund.

Current Students

Rahul Chauhan Ching-Tse Chen Natalia Corado Aditya Dhar Mihir Gandhi  Huan (Bianca) He Jessica Li Edoardo Marchesi Alexa Marciano Rayhan Momin Lauren Mostrom Meichen Qian Francisco Ruela

Booth also offers joint degrees. Learn more about the current students in our Joint Program in Financial Economics .

Program Expectations and Requirements

The Stevens Doctoral Program at Chicago Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year. For details, see General Examination Requirements by Area in the Stevens Program Guidebook below.

Download the 2023-2024 Guidebook!

• Youth Program
• Wharton Online

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

For information on courses and sample plan of study, please visit the University Graduate Catalog .

Get the Details.

Visit the Finance website for details on program requirements and courses. Read faculty and student research and bios to see what you can do with a Finance PhD.

Finance Doctoral Coordinator Prof. Luke Taylor John B. Neff Associate Professor in Finance, Professor of Finance Co-Director, Rodney L. White Center for Financial Research Email: [email protected] Phone: (215) 898-4802

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.

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

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.

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.

Apply now and work for two to five years. We'll save you a seat in our MBA class when you're ready to come back to campus for your degree.

Executive Programs

The 20-month program teaches the science of management to mid-career leaders who want to move from success to significance.

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

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

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.

• Best Online Ph.D. In Finance Programs

Best Online Ph.D. In Finance Programs Of 2024

Updated: Mar 28, 2024, 12:10pm

A Ph.D. in finance can prepare you for various specialized, high-level roles in financial management , business management, financial analysis and academia. Schools of business often offer finance as a concentration within a broader business management or business administration doctoral program .

Finance doctoral programs explore investment analysis, strategic financial planning, advanced accounting and corporate finance. In addition to coursework, students must research, write and defend a dissertation.

This page lists all four schools that meet our ranking criteria and offer online Ph.D. in finance programs. Learn how to choose and what to expect from a Ph.D. in finance program.

Why You Can Trust Forbes Advisor Education

Forbes Advisor’s education editors are committed to producing unbiased rankings and informative articles covering online colleges, tech bootcamps and career paths. Our ranking methodologies use data from the National Center for Education Statistics , education providers, and reputable educational and professional organizations. An advisory board of educators and other subject matter experts reviews and verifies our content to bring you trustworthy, up-to-date information. Advertisers do not influence our rankings or editorial content.

• Over 3,868 accredited, nonprofit colleges and universities analyzed nationwide
• 52 reputable tech bootcamp providers evaluated for our rankings
• All content is fact-checked and updated on an annual basis
• Rankings undergo five rounds of fact-checking
• Only 7.12% of all colleges, universities and bootcamp providers we consider are awarded

Our Methodology

We ranked four accredited, nonprofit colleges offering online Ph.D. in finance programs in the U.S. using 14 data points in the categories of student experience, credibility, student outcomes and affordability. We pulled data for these categories from reliable resources such as the Integrated Postsecondary Education Data System ; private, third-party data sources; and individual school and program websites.

Data is accurate as of February 2024. Note that because online doctorates are relatively uncommon, fewer schools meet our ranking standards at the doctoral level.

We scored schools based on the following metrics:

Student Experience :

• Student-to-faculty ratio
• Socioeconomic diversity
• Availability of online coursework
• Total number of graduate assistants
• Portion of graduate students enrolled in at least some distance education

Credibility :

• Fully accredited
• Programmatic accreditation status
• Nonprofit status

Student Outcomes :

• Overall graduation rate
• Median earnings 10 years after graduation

Affordability :

• In-state graduate student tuition and fees
• Alternative tuition plans offered
• Median federal student loan debt
• Student loan default rate

We listed all four schools that met our ranking criteria.

• Best Online Accounting Degrees
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Online Ph.D. in Finance Options

How to find the right online finance ph.d. program for you, should you enroll in an online ph.d. in finance program, accreditation for online ph.d.s in finance, frequently asked questions (faqs) about online ph.d.s in finance, university of the cumberlands, texas tech university, kansas state university, national university.

Program Tuition Rate

$749/credit

Percentage of Grad Students Enrolled in Distance Education

Overall Graduation Rate

The University of the Cumberlands in Williamsburg, Kentucky, offers a hybrid executive Ph.D. in business with a specialty in finance. Learners develop leadership, research and teaching skills that can help them excel in business.

The curriculum includes core, professional research and specialty area coursework. The program also requires an applied learning practicum every semester, which lets students apply knowledge in real-world settings and gain professional experience. Learners must also attend an intensive in-person residency weekend each semester.

Admission requirements include a minimum 3.0 GPA and a master’s degree in a relevant field.

• Our Flexibility Rating: Learn on your schedule
• School Type: Private
• Application Fee: $30
• Degree Credit Requirements: 66 credits
• Program Enrollment Options: Full-time
• Notable Major-Specific Courses: Managerial ethics and social responsibility, comparative economics
• Concentrations Available: N/A
• In-Person Requirements: Yes, for residency weekends and applied learning practicums

$9,518/year (in-state)

Texas Tech University claims to offer the first Ph.D. in financial planning, a 60-credit program that equips students for careers in financial planning research and academia. Texas Tech delivers the Ph.D. both on campus and online.

Students in the program must complete a dissertation in addition to 60 credits of graduate coursework. The degree prepares students to become Certified Financial Planners™ (CFPs), and learners who have not yet completed a CFP board-registered financial planning program may have to complete additional classes. The degree program requires an entrance exam and field experience.

• Our Flexibility Rating: Learn around your 9-to-5
• School Type: Public
• Application Fee: $75
• Degree Credit Requirements: 60 credits
• Example Major-Specific Courses: Security industry essentials for financial planning professionals, legal and regulatory aspects of personal financial planning
• In-Person Requirements: Yes, for field experience

$661/credit

Kansas State University features a Ph.D. in personal financial planning available in a hybrid format, with some degree requirements taking place on the school’s Manhattan, Kansas, campus. K-State claims to offer the first predominantly online personal financial planning doctorate, one of only three programs registered with the CFP Board. The program is designed with working professionals in mind.

Learners take online courses during the winter and spring semesters. During summer terms, students complete residency sessions and 10-day intensives on campus. The final summer term involves international travel to explore how global markets impact financial planning in the United States.

• Application Fee: $65
• Degree Credit Requirements: 90 credits
• Example Major-Specific Courses: Retirement planning for families, introduction to financial therapy
• In-Person Requirements: Yes, for on-campus residencies and cohort travel

$442/quarter credit

You can earn a fully online Ph.D. in business administration degree with a concentration in financial management from National University , based in San Diego, California. The program explores financial analysis, strategic planning, and research and development. Coursework focuses on international financial issues, accounting for nonprofit organizations and investment analysis. Students also complete dissertation research.

You can start working on your degree whenever it’s most convenient for you, with start dates every Monday. The program requires 20 courses and takes 40 months to complete. For direct entry into the program, you’ll need a master’s degree in a general business area or a master’s in any field and an undergraduate business degree.

• Application Fee: Free
• Degree Credit Requirements: 60 quarter credits
• Notable Major-Specific Courses: Investment portfolio analysis, advanced financial statement analysis
• In-Person Requirements: No

Not sure where to start in your college search? Let’s explore your options.

Consider Your Future Goals

An online doctorate in finance can help you obtain the knowledge and credentials you need to qualify for an advanced, research-based career in finance . But each program is unique, so you’ll need to do some research to find the one that best matches your career goals.

For example, find out if your prospective online Ph.D. in finance requires an internship or another form of field experience. Real-world experience can round out your education and help you make valuable connections for when you graduate. However, it can also add time to your degree and make it more difficult to work your learning around a full-time job.

Understand Your Expenses and Financing Options

Our guide includes four online Ph.D. in finance programs. Though tuition rates vary widely among programs, total tuition for the best online Ph.D. in finance programs on our list averages around $45,000.

To help fund your degree, you can apply for federal student aid, including scholarships, grants and loans, by filling out the Free Application for Federal Student Aid . You can also ask about funding opportunities like scholarships, grants, fellowships, and graduate research and teaching assistantships offered directly by your university or department.

Online learning can make a graduate-level education more accessible in many ways, but distance learning doesn’t necessarily work for everyone. Weigh the following when deciding whether to enroll in an in-person or online finance Ph.D.

• What’s your learning style? Online programs work best for students who don’t have a problem staying on task, managing deadlines and motivating themselves. If you think you’d do better with the structure and support that comes with attending scheduled in-person classes, consider an on-campus program.
• What’s your budget? If you’re looking to earn your Ph.D. in finance at a lower cost, online programs can provide savings. While out-of-state students usually pay higher tuition rates to attend in-person programs at public universities, online learners often receive discounted rates regardless of where they live. Distance learners can also save money by avoiding high costs associated with relocation, housing and transportation.
• What’s your schedule? If you need flexibility to manage a job or other time-consuming responsibilities while in school, an online program might be your best bet. Asynchronous programs in particular allow you to complete coursework on your schedule through pre-recorded lectures and online discussion boards.

Any school you consider for your online finance Ph.D. should hold institutional accreditation. You’ll need to attend an accredited school if you want to qualify for federal financial aid. Plus, employers and credentialing bodies often recognize degrees only from accredited institutions.

Institutional accreditation comes from third-party agencies that assess colleges to ensure they meet minimum quality standards related to faculty, academic programs, student outcomes and educational resources.

Accrediting bodies in the U.S. receive approval from the U.S. Department of Education or the Council for Higher Education Accreditation.

Programmatic accreditation offers a similar stamp of approval for individual degree programs or departments within universities. You may need a programmatically accredited degree to qualify for certain jobs and professional certifications.

An online Ph.D. in finance might hold programmatic accreditation from an accrediting agency that evaluates business-related programs, such as the Accreditation Council for Business Schools and Programs, the Association to Advance Collegiate Schools of Business or the International Accreditation Council for Business Education.

You can look up school and program accreditation information on CHEA’s website .

What is a Ph.D. in finance?

A Ph.D. in finance is a terminal business degree that develops advanced knowledge and skills in investing, corporate finance and economics. This diploma can prepare for finance-related roles in research and academia.

How long is a Ph.D. in finance?

The time it takes to earn a Ph.D. in finance varies depending on your program and enrollment status. It typically takes four to eight years to complete a doctorate, but you may be able to graduate from an online finance Ph.D. program in a little less than four years.

Is a Ph.D. worth it financially?

It depends on how much your degree costs and how much you can expect to make after you graduate, but a doctoral degree in finance can be well worth the investment. The U.S. Bureau of Labor Statistics (BLS) reports that workers employed in business and financial occupations earned a median annual wage of $76,850 in May 2022. If you pursue one of the higher-paying roles in this field, like financial analyst, you can earn a median salary of $96,220 per year.

How much does a Ph.D. in finance make in the U.S.?

How much you can expect to make with a Ph.D. in finance depends on your job, employer, geographic location and experience level. Ph.D. holders commonly work in academia; the BLS reports that business professors, including finance professors, earn a median annual salary of $88,790.

Liz Simmons has been writing for various online publications about career development, higher education and college affordability for nearly a decade. Her articles demystify the college application process and help prospective students figure out how to choose a major or career path.

• 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 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.

Finance PhD Program

The finance Ph.D. program is designed to prepare students for academic careers in financial economics. Financial economics is the study of how individuals and firms raise and invest resources, and how financial assets are priced. Specific topics in asset pricing include the determinants of asset returns, pricing of risk, behavior of investors, and trading mechanisms. Specific topics in corporate finance include capital structure, payout policy, financial intermediation, internal capital markets, venture capital, mergers and acquisitions, and corporate governance.

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• ADMISSIONS EVENTS

Requirements

Sample Schedule

• GSBA 602. Selected Issues in Economic Theory I
• GSBA 604. Regression and Generalized Linear Models for Business Research
• Elective(s)
• GSBA 612. Selected Issues in Economic Theory II
• FBE 630. Fundamentals of Corporate Finance
• FBE 633. Fundamentals of Asset Pricing
• [Statistics or research design]

Students are assigned a faculty mentor upon entering the program. The faculty mentor advises the student on course selection and as appropriate involves the student in a research project. During the first summer, each student conducts a supervised reading of the literature and prepares a research proposal or study.

• FBE 631. Advanced Corporate Finance
• FBE 634. Advanced Asset Pricing
• FBE 670. Selected Topics in Finance Research #1
• FBE 670. Selected Topics in Finance Research #2
• GSBA 690. Tutorial on the Research Process
• BUCO 637. Communication for Doctoral Students
• Paper #2 (Screening Exam)

Students spend much of the second year developing and producing an independent study. The study is submitted to the program at the end of the summer, and serves as the qualifying exam for the second year.

• FBE 670. Selected Topics in Finance Research #3-#N
• Dissertation proposal (USC Qualifying Exam)
• Dissertation proposal
• GBSA 794. Doctoral Dissertation
• Job Market Paper
• GSBA 794. Doctoral Dissertation
• Dissertation

Job Market Candidates

The program maintains a supportive and collegial environment that fosters collaboration between faculty members and PhD students. All students are assigned one or more faculty mentors for the duration of their studies, and faculty members are actively engaged in supervision of student research.

PhD Students

Federica ansbacher.

• PhD Student in Finance and Business Economics

Wenqian (Winston) Chen

Gayoung koo, applying to the phd program, dates + deadlines.

December 15, 2023: Application Deadline - Accounting, Data Sciences & Operations, and Management & Organization* 

January 15, 2024: Application Deadline - Finance & Business Economics and Marketing 

The link to the PhD Program application is available on the Admissions page and the next opportunity to apply is for Fall 2024 admission. Late applications may or may not be considered at the discretion of the admissions committee. 

Admissions decisions are made from mid-February to mid-April. You will be notified by email when a decision has been made.

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Ph.D. Program USC Marshall School of Business 3670 Trousdale Parkway, BRI 306 Los Angeles, California 90089-0809 EMAIL

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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

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• PhD in Mathematical Finance

The PhD in Mathematical Finance is for students seeking careers in research and academia. Doctoral candidates will have a strong affinity for quantitative reasoning and the ability to connect advanced mathematical theories with real-world phenomena. They will have an interest in the creation of complex models and financial instruments as well as a passion for in-depth analysis.

Learning Outcomes

The PhD curriculum has the following learning goals. Students will:

• Demonstrate advanced knowledge of literature, theory, and methods in their field.
• Be prepared to teach at the undergraduate, master’s, and/or doctoral level in a business school or mathematics department.
• Produce original research of quality appropriate for publication in scholarly journals.

After matriculation into the PhD program, a candidate for the degree must register for and satisfactorily complete a minimum of 16 graduate-level courses at Boston University. More courses may be needed, depending on departmental requirements.

PhD in Mathematical Finance Curriculum

The curriculum for the PhD in Mathematical Finance is tailored to each incoming student, based on their academic background. Students will begin the program with a full course load to build a solid foundation in not only math and finance but also the interplay between them in the financial world. As technology plays an increasingly larger role in financial models, computer programming is also a part of the core coursework.

Once a foundation has been established, students work toward a dissertation. Working closely with a faculty advisor in a mutual area of interest, students will embark on in-depth research. It is also expected that doctoral students will perform teaching assistant duties, which may include lectures to master’s-level classes.

Course Requirements

The minimum course requirement is 16 courses (between 48 and 64 units, depending on whether the courses are 3 or 4 units each). Students’ course choices must be approved by the Mathematical Finance Director prior to registration each term. The following is a typical program of courses.

• CAS EC 701 Microeconomic Theory
• CAS MA 711 Real Analysis
• CAS MA 779 Probability Theory I
• QST FE 918 Doctoral Seminar in Finance
• CAS EC 703 Advanced Microeconomic Theory
• CAS MA 776 Partial Differential Equations
• CAS MA 781 Probability Theory 2
• QST FE 920 Advanced Capital Market Theory
• CAS EC 702 Macroeconomic Theory
• CAS MA 783 Advanced Stochastic Processes
• QST MF 850 Advanced Computational Methods
• QST MF 922 Advanced Mathematical Finance
• CAS EC 704 Advanced Microeconomic Theory
• CAS MA 751 Statistical Machine Learning
• QST MF 810 FinTech Programming
• QST MF 921 Topics in Dynamic Asset Pricing

Additional Requirements

Qualifying examination.

Students must appear for a qualifying examination after completion of all coursework to demonstrate that they have:

• acquired advanced knowledge of literature and theory in their area of specialization;
• acquired advanced knowledge of research techniques; and
• developed adequate ability to craft a research proposal.

Guidelines for the examination are available from the departments. Students who do not pass either the written and/or oral comprehensive examination upon first try will be given a second opportunity to pass the exam. Should the student fail a second time, the student’s case will be reviewed by the Mathematical Finance Program Development Committee (MF PDC), which will determine if the student will be withdrawn from the PhD program. In addition, the PhD fellowship (if applicable) of any student who does not pass either the written and/or oral comprehensive examination after two attempts will be suspended the term after the exam was attempted.

Dissertation

Following successful completion of the qualifying examination, the student will develop a research proposal for the dissertation. The final phase of the doctoral program is the completion of an approved dissertation. The dissertation must be based on an original investigation that makes a substantive contribution to knowledge and demonstrates capacity for independent, scholarly research.

Doctoral candidates must register as continuing students for DS 999 Dissertation, a 2-unit course, for each subsequent regular term until all requirements for the degree have been completed. PhD students graduating in September are required to register for Dissertation in Summer Session II preceding graduation.

Academic Standards

Time limit for degree completion.

After matriculation into the PhD program, a candidate for the degree must meet certain milestones within specified time periods (as noted in the table below) and complete all degree requirements within six years of the date of first registration. Those who fail to meet the milestones within the specified time, or who do not complete all requirements within six years, will be reviewed by the PhD PDC and may be dismissed from the program. A Leave of Absence does not extend the six-year time limit for degree completion.

Performance Review

The Mathematical Finance Program Development Committee will review the progress of each doctoral candidate. Students must maintain a 3.30 cumulative grade point average in all courses to remain in good academic standing. Students who are not in good academic standing will be allowed one term to correct their status. Prior to the start of the term, the student must submit a letter to the Faculty Director (who will forward it to the PDC) explaining why the student has fallen short of the CGPA requirement and how the student plans to correct the situation. Failure to increase the CGPA to acceptable levels may result in probation or withdrawal from the program, at the discretion of the PhD Program Development Committee (PDC).

Graduation Application

Students must submit a graduation application at least five months before the date they expect to complete degree requirements. It is the student’s responsibility to initiate the process for graduation. The application is available online and should be submitted through the Specialty Master’s & PhD Center website for graduation in January, May, or August.

If graduation must be postponed beyond the term for which the application is submitted, students should contact the Specialty Master’s & PhD Center to defer the date. If students wish to postpone their graduation date past the six-year time limit for completion, they must formally petition the PhD Program Development Committee (PDC) for an extension. The petition, which must include the reason(s) for the extension as well as a detailed timetable for completion, is subject to departmental and PDC approval.

PhD degree requirements are complete only when copies of the dissertation have been certified as meeting the standards of Questrom School of Business and have been accepted by Mugar Memorial Library.

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15 Best Online PhD in Finance Programs [2024 Guide]

Looking for Online PhD in Finance Programs? Some schools have no GRE and offer accelerated courses to help you finish faster.

A doctoral degree in finance may be your ticket to the career you’ve always wanted.

This online finance degree can help you pursue an executive role or a teaching job related to accounting, banking, asset management, or financial policymaking.

Editorial Listing ShortCode:

Universities Offering Online PhD in Finance Programs

Methodology: The following school list is in alphabetical order. To be included, a college or university must be regionally accredited and offer degree programs online or in a hybrid format.

1. Capella University

With Capella University in Minnesota, students can study online to earn a DBA with a concentration in Accounting or a PhD in Business Management with a concentration in Accounting.

These programs are designed to help students learn about theories, methods, rules and ethical issues that influence accounting practice and consider the implications of practicing accounting within a global marketplace.

Before graduation, DBA students are expected to complete two residencies and submit a major research project. PhD students are expected to do three residencies and complete a dissertation.

Both programs use Capella’s GuidedPath format with weekly discussions and specific deadlines for submitting assignments.

Capella University  is accredited by the Higher Learning Commission.

2. City University of Seattle

When you study with City University of Seattle, you’ll have the opportunity to choose your own area of specialty for your DBA program.

Students who choose the Specialized Study concentration can submit a proposal for the graduate-level courses they would like to take as part of their studies.

If you’re interested in finance, you may be able to request courses on the topics of finance and accounting. During online classes, you’ll have opportunities to engage in live conversations with faculty.

You’ll be expected to submit a dissertation during your doctoral studies and complete three different residencies.

The City University of Seattle is Accredited by the Northwest Commission on Colleges and Universities.

3. George Fox University

As you pursue a DBA with a concentration in Accounting from George Fox University, you may take classes like Advanced Applications of Ethical Reasoning and Compliance in Accounting and Advanced Topics in Accounting.

In addition, you’ll need to complete both a dissertation and a practicum for the program. During the practicum, you’ll have opportunities to try your hand at teaching or consulting.

Most of the work for this hybrid DBA program is online, but you’ll need to report to the school’s campus in Oregon a few times a year.

George Fox University  is accredited by the Northwest Commission on Colleges and Universities.

4. Hampton University

If you’re interested in a PhD in Business Administration, check out Hampton University in Virginia. The program students to pursue a concentration in Accounting and Finance by taking multiple credit hours of elective courses.

These electives include classes like Financial Accounting and Reporting Research, Accounting Theory, Corporate and Financial Institutions, and Behavior Finance.

Students at this university take online courses during the traditional school year and come to campus for two summer residencies. This PhD program is appropriate for current professionals and for those straight out of a master’s program.

Hampton U  is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

5. Kansas State University

Do you believe that it is critical for individuals and families to have a solid financial plan for their future? If so, you may be interested in the PhD in Personal Financial Planning from Kansas State University.

You may choose to use this degree in the business world or spread your knowledge to others by working in an academic setting.

During the online doctoral program, you’ll need to come to the school’s Kansas campus for a few intensive sessions and go overseas to expand your knowledge about global markets. A dissertation is required for this program.

Kansas State University  is accredited by the Higher Learning Commission.

6. Liberty University

For those interested in numbers and money, Liberty University’s online DBA offers two concentration options: Accounting and Finance.

Both programs begin with the same core courses, but Accounting students take specialized classes like Accounting for Decision Making and Advanced Auditing while Finance students focus on classes like Managerial Finance and Advanced Financial Statement Analysis.

Whichever track you choose, you will need to take a comprehensive exam and complete a dissertation before graduation from this Virginia university. Accounting graduates often work as auditors or budget supervisors, and Finance graduates may choose to become treasurers or financial managers.

Liberty University  is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

7. National University

You can pursue a DBA or a PhD in Business Administration from National University. NU is a network of nonprofit institutions headquartered in San Diego, CA.

The school encourages students of either program to pursue high-level leadership positions, but the PhD program is research-based, and the DBA involves the application of research findings that are already available.

Specialization options for both PhD and DBA students include Financial Management and Advanced Accounting. All faculty hold doctoral degrees, and many tracks can be completed fully online. Dissertations are required for PhD programs.

National University  is accredited by the WASC Senior College and University Commission.

8. Rutgers University

This university offers a PhD in Management; concentrations include Finance, Accounting or Accounting Information Systems. The concentration in finance offers courses like Investments, Corporate Finance, Theory of Corporate Disclosures, Control and Governance, and Econometrics.

The concentration in accounting offers courses like Current Topics in Auditing and Empirical Analysis of Financial Reporting. Students are expected to take a qualifying exam and defend a dissertation before graduating from these programs. The school recommends that students have master’s level education in mathematics, economics or computer science before applying for enrollment.

Rutgers University  is accredited by the Middle States Commission on Higher Education.

9. Sacred Heart University

Although Sacred Heart University does require DBA in Finance students to come to its Connecticut campus, the program is described as “low-residency,” and it is structured to fit the schedules of people who are already in the workforce.

Each student is part of a cohort that provides opportunities for networking and group projects. During the course of the program, students study topics like mathematics and global markets and choose electives like Fixed Income Securities or Portfolio Management.

Students are also required to submit a dissertation before graduation. The school’s DBA graduates often find work in government, academia, and corporations.

SHU  is accredited by the New England Commission of Higher Education.

10. Saint Leo University

You can get an online DBA from Saint Leo University in Florida. The program offers classes like Analytics for Decision Making, Organizational Behavior and Social Responsibility, and A History of Applied Management Theory. It can help you acquire research skills and learn how to apply your findings to real-world business applications.

Before graduation, you will be expected to take a comprehensive exam, defend a dissertation and complete a practicum. This DBA course of study is particularly well-suited for students who want to go into consulting, but the school’s graduates also teach, work as CFOs, manage organizations and become investment analysts.

Saint Leo University  is accredited by the Southern Association of Colleges and Schools.

11. Trident University

Whether you want to earn an online DBA or a PhD in Business Administration, you can pursue your degree from Trident University in California.

One available concentration for the PhD program is Accounting and Finance; students on that track study topics like auditing, global markets, corporation finance, and taxation.

The DBA is a generalist degree that doesn’t include specialization. If you go the PhD route, you’ll need to complete a dissertation, and if you choose a DBA, you will be expected to complete a doctoral study. To help you move through the online program, the university offers its Doctoral Positioning System tracker.

Trident University  is accredited by the WASC Senior College and University Commission.

12. University of Dallas

Students at the University of Dallas can earn a DBA through a mix of online classes and time on the school’s Texas campus.

This program is designed for those who already hold leadership positions in the business world and desire increased advancement, and its flexible nature helps working professionals earn their doctoral degrees while remaining in their current jobs.

This generalist program includes classes like Agile Organizations and Emerging Technologies. If you choose this university, you will be expected to join a colloquium and defend a dissertation and will have the option to complete a teaching practicum.

The University of Dallas  is accredited by the Southern Association of Colleges and Schools.

13. University of South Carolina

The Darla Moore School of Business at the University of South Carolina offers an on-campus program through which you can earn a PhD in Business Administration.

One available concentration for this program is Finance, and classes include Current Issues in Finance, Empirical Methods in Financial Research and Theory of Finance.

Faculty in this department have earned multiple recognitions, including the Alfred G. Smith, Jr. Excellence in Teaching Award and the Mortar Board Excellence in Teaching Award. A master’s degree is recommended before admission to the program, but it is not a requirement.

The University of South Carolina  is accredited by the Southern Association of Colleges and Schools.

14. University of the Cumberlands

The PhD in Business program at the University of the Cumberlands takes business courses ranging from comparative economic and corporate finance to managerial ethics and responsibility. Students can choose one of their specialty areas like accounting, entrepreneurship, finance, etc. The Curriculum of this program will engage students in the theories, strategies, and tactics that they need to.

The University of the Cumberlands is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

15. Walden University

Whether you’re interested in DBA or a PhD, you can earn it from Walden University. The DBA program offers concentrations like Accounting and Finance. On the path to earning a DBA, you can complete a doctoral study, assemble a portfolio or take part in a consultation program in which you work with a local organization or company.

If you would prefer to earn a PhD in Management, you can select a 21st Century Finance concentration, which requires the completion of a dissertation. Both the DBA and PhD tracks can be completed through online study.

Walden  University is accredited by the Higher Learning Commission.

Online PhD in Finance Programs

If you have a particular area of interest within the world of finance, then you may want to select a corresponding degree concentration.

PhD in Finance

Phd in financial management, phd in financial planning.

A concentration can give you opportunities to take an array of courses designed to hone your knowledge on that particular topic.

If you are a numbers person, there’s a good chance that you like accounting just as much as you enjoy general financial topics. This concentration can allow you to explore both of these areas of study.

You might put this degree to work in corporate or academic settings. You may also be interested in an Online PhD in Accounting program.

Being in charge of a company’s financial resources requires a special set of managerial leadership skills. A concentration in financial management can help you gain those skills.

This concentration is designed to teach topics like building a solid financial strategy and navigating international markets.

Helping individuals do their best with their money is the goal behind a concentration in financial management.

This concentration can help train you to guide wise financial choices as you learn not only about asset management and investment growth but also about how to influence smart decision-making through relational know-how.

With a PhD in Financial Planning degree, you may help others manage their money, lead a financial advisement company, or teach future finance students.

Doctorate in Finance Salary

Earning your doctoral degree in finance may open many career paths to you. Once you graduate with this degree, you may work in an academic setting, a nonprofit organization, the corporate world, or the public sector.

Here are a few jobs you may be able to look forward to, along with the U.S. Bureau of Labor Statistics job outlook and average salary information.

Budget Analyst

Budget analysts are responsible for setting an organization’s budget and helping the company stick to it.

• Outlook for job growth: 5% increase
• Median salary per year: $78,970

This may be an enjoyable career path for those who want to understand all facets of a company – tracking and justifying where each penny goes. Budget analysts make recommendations for investment and expenditure to boost their company’s profitability.

Financial Analyst

Financial analysts are responsible for paying attention to the market in order to make recommendations on how people or businesses should invest their resources.

• Outlook for job growth: 6% increase
• Median salary per year: $83,660

Rather than monitoring their business or organization, they monitor the economy as a whole. This career may be ideal for those who find financial markets interesting and have a deep understanding of investments.

Personal Financial Advisor

Consider this career path if you want the satisfaction of knowing that you’re helping others plan for their futures.

• Median salary per year: $89,330

You might also need to have a knack for marketing and sales as you attract and welcome new clients to your firm. In this role, you might work for a successful money management company or start your own practice.

Finance Professor

You may be able to pass your knowledge onto others by teaching students at the university level.

• Outlook for job growth: 7% increase
• Median salary per year: $88,010

Like many careers, you’ll need more than knowledge of the financial sector to be successful in this position. You’ll need organization and communication skills to be able to teach effectively. You’ll also need to be willing to prove your teaching effectiveness to your department via annual reviews.

If you enjoy teaching, researching, and discussing business, you may find yourself quite at home among the faculty of a business college.

Curriculum for Finance PhD Programs

Similar to a MBA in Finance or online master’s in finance , when pursuing an advanced degree in finance, you’ll likely take a variety of courses designed to equip you with a thorough understanding of financial matters and how they relate to decision-making for individuals and businesses.

Your classes may include:

• Accounting and Control for Nonprofit Organizations
• Business Ethics
• Business Valuation
• Data Analysis for Investments
• Financial Management for International Business
• Human Resource Development
• Investment Portfolio Analysis
• Managerial Finance
• Mathematical Foundations for Finance
• Mergers & Acquisitions
• Money, Capital Markets & Economic Growth
• Quantitative Research Design & Methodology
• Real Estate Finance
• Real Option Valuation
• Risk Management
• Strategic Thinking for Decision-Making
• Stochastic Foundations of Finance

Since your program will likely encourage you to take a mix of both foundational classes and specialized electives, the coursework listed above includes both core classes and electives. Your PhD in finance requirements may also include a dissertation or capstone project. A growing number of doctorate programs have no dissertation required, but these tend to be professional doctorates, not PhDs.

Choose programs with a capstone project if you’d like to finish your degree faster. Dissertations can often take 2-3 years more to complete after you finish your coursework.

DBA in Finance vs. PhD in Finance

When you have your sights set on a finance degree, there are two different doctoral routes you can take. You could earn a doctorate of business administration (DBA) in finance or pursue a Doctor of Philosophy (PhD) in finance.

Although you can learn a great deal about numbers, money, and economics either way, the two different degrees will likely set you on divergent career tracks.

People often choose a professional doctorate, such as a DBA in Finance, if they want to put their education to work in the field — for example, working on Wall Street or in a Fortune 500 company.

A DBA in Finance:

• Is typically pursued by those who want to stay with their current company or work for another corporation.
• May involve drawing from others’ data and research for the culminating project.
• Is often pursued by those with several years of professional experience.

A PhD in finance is often pursued by people who want to work in an academic setting. You may find that a PhD program focuses more on the theoretical aspects of finance than the practical ones.

A PhD in Finance:

• Is typically pursued by people who want to conduct research, get published or teach.
• Typically requires conducting original research.
• May be good for those straight out of school, such as recent graduates of a master’s in finance or master of accounting program.

Think about what you want to do for your career, then choose the degree that best fits those goals.

Online vs. Traditional Finance Degree

When it comes to online versus traditional finance doctoral programs, the main difference is the format through which the material is presented. The content should remain about the same, and the rigors of the program likely will as well.

You may choose a fully online program, an on-campus one, or a hybrid mix. For those who want to fast-track their education, an accelerated finance degree program might be a viable option, offering a condensed curriculum that can be completed in a shorter timeframe.

Accreditation for a Doctorate in Finance Online

Universities receive accreditation as proof that their programs provide a thorough educational experience for students. Therefore, when you’re looking for a doctor of finance program, the school’s accreditation should be the first thing that you consider.

Reputable universities receive accreditation from a regional accrediting agency . These organizations give a broad stamp of approval to the entire school rather than to its individual programs. It is essential that you enroll in a school with regional accreditation.

In addition, there are several national and international organizations that provide accreditation specifically for business degree programs . Although this type of accreditation may not be absolutely essential, it’s certainly a valuable sign that the program is thorough, reputable, and excellent in quality.

A finance program may be accredited by:

• Accreditation Council for Business Schools and Programs (ACBSP)
• Association to Advance Collegiate Schools of Business International (AACSB)
• International Assembly for Collegiate Business Education (IACBE)

The top finance PhD programs are accredited both regionally and programmatically by one of these specialty boards. You can find your chosen university’s accreditation by searching the US Department of Education’s accreditation database .

Financial Aid for a Finance Degree

As you begin looking into finance PhD programs, don’t forget to also look into financial aid opportunities. At the doctorate level, you may still be eligible for federal financial aid as well as fellowships and scholarships from universities and scholarships from private organizations.

Your employer might even have tuition assistance programs available.

Can I Get My PhD Online?

Yes, many universities offer online PhD and professional doctorate programs. This includes doctoral degrees in finance, public health, education, nursing, and organizational leadership.

This approach can help you earn your advanced degree in a format that fits your schedule.

Is an Online PhD Respected and Credible?

In an online program, you should have to work just as hard as you do in an on-campus program. Additionally, your official records are unlikely to specify how you earned your degree.

The important thing is not the format in which you completed your coursework but whether you attended an accredited university.

Are There Any Online PhD In Finance Programs?

Earning a doctoral degree in finance doesn’t have to require moving onto campus or uprooting your whole life. Rather, there are programs for a DBA or PhD in finance online.

In these programs, you can engage in a computer-based educational experience as you work toward your degree.

Getting Your PhD in Finance Online

To take your finance education to the highest level, you may want to pursue a doctoral degree in this field, whether a PhD or a DBA.

Completing your coursework online can help you receive a solid education in a format that fits your lifestyle and prepare you for the next step on your career path.

Use the above list of schools to narrow down the finance PhD programs for you.

For those who are just starting their educational journey, an online associate’s degree in finance can provide a solid foundation before pursuing advanced degrees.

Related Guide:

• Finance vs. Accounting – What’s the Difference?

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PhD Handbook

PhD in Finance in USA: Best Universities for PhD in Finance in USA

USA happens to be one of the most sought after destinations for a PhD. The program structure here allows you to get a lot of training alongside research which is not common in the European countries or UK is what makes it desirable. Usually, master of finance graduates plan to get a PhD but it is also a good option for MBA in USA graduates to advance their careers. After a PhD in finance in USA, you can either go on the path to become a professor or take the road to work with global companies.

We have prepared a guide including best universities for PhD in finance in USA, eligibility criteria, admission process, cost of studying, scholarships, future opportunities and a lot more to help you grab the best opportunities to pursue PhD in finance from USA.

Why Study PhD in Finance in USA?

• US universities dominate almost all major rankings. If we talk about the QS World University Rankings by Subject for Accounting and Finance, 73 universities are included in the list of top universities.
• USA spends enormous amounts on research and development and is said to be ahead of several other countries in terms of innovation.
• The rigor of curriculum offered at US universities is much higher in standard than research programs at other institutions.
• US universities offer state-of-art research infrastructure which attracts aspirants from all around the world.

Best Universities for PhD in Finance in USA

A PhD is a long duration course so be assured that you choose your university wisely considering accreditation, co-curricular factors, facilities, faculty, location, etc. Here is a list of the 5 best universities for PhD in finance in USA:

• Massachusetts Institute of Technology
• University of Chicago
• Stanford University
• University of California, Berkeley

University of Pennsylvania

Discussed below are the insights of these 5 universities including ranking, specializations and tuition fees can be seen below:

1.  Massachusetts Institute of Technology

PhD in finance at Massachusetts Institute of Technology is offered under the MIT finance group. The program duration can be categorized into coursework, seminar, general examination, research paper and dissertation.

2.  University of Chicago

For pursuing PhD in finance at University of Chicago , you will get full tuition support for 5-6 years of your full-time study. Additionally, the university gives you the opportunity to work as a teaching assistant in the third and fourth year.

3.  Stanford University

At Stanford University , your PhD program will come with a five year funding guarantee which includes tuition, assistantship salary and fellowship stipend. Phd programs have been a constant preference for most international students to pursue here.

4.  University of California, Berkeley

The Haas School of Business at University of California, Berkeley offers a five year, fully funded PhD in finance program that aims to integrate modern developments in the field of finance. The course expects the student to have a strong background in mathematics and statistics.

5.  University of Pennsylvania

The finance faculty at the Wharton School of Business is one of the most renowned faculties of University of Pennsylvania . The ideal candidate for a PhD at Wharton should have a background in economics, mathematics, statistics, engineering and other quantitative disciplines.

Course Curriculum for PhD in Finance in USA

Although a US PhD degree is longer than a UK degree, it has its own benefits and gives candidates the time to get a better hold and develop expertise in the subject area. Discuss in the table below the course curriculum for PhD in finance in USA:

Eligibility Criteria for PhD in Finance from USA

The PhD in finance in USA requirements may vary from one university to another. Before looking at the cost of studying PhD in USA, let us understand the basic eligibility criteria for the same:

• Completed master’s degree
• English language proficiency requirements
• Entrance test scores

Take a look at the detailed discussion on eligibility criteria to study PhD in finance in US:

1.  Completed master’s degree

To pursue PhD in finance in USA, you must have a master’s degree in finance from a recognized institution equivalent to a US master’s degree. A minimum GPA of 3.0 or above is required.

MS in finance in USA

2.  English language proficiency requirements

As international students, you will have to provide proof of English language proficiency if your native language is not English. IELTS and TOEFL are among the most widely accepted test scores. A minimum IELTS score of 6.5 or a TOEFL-iBT score of 90 or above is recommended.

3.  Entrance test scores

Before enrolling for a PhD in finance in USA, you may be asked for your GMAT or GRE scores. You may not have to take the test again as you must have already taken it before applying for your master’s degree.

Documents Required to Study PhD in Finance from USA

It is crucial to understand the PhD in finance in USA requirements to complete the application process hassle-free. Listed below are the documents that most institutions will ask you to submit:

• Transcripts of academic records from all previous post-secondary institutions
• Test scores of GMAT/ GRE
• English language proficiency test scores
• Research proposal
• Writing sample
• Letters of recommendation
• Personal statement
• Copy of passport
• Proof of finances

Admission Process for PhD in Finance in USA

Here is the step-by-step process to apply for PhD in finance in US:

• Check the eligibility criteria for your chosen institution before applying.
• Visit the official university website and look for the upcoming intake and application deadlines.
• Complete the online application for admission and pay the necessary application fee, which usually ranges between 100 USD-150 USD.
• Gather all documents to be submitted along with the application.
• Once you complete the application and submit all relevant documents, keep an eye on the university website to get updates on your application.
• You may be called for an interview and be asked about your research proposal before getting the acceptance letter.
• If you are accepted, fulfill the enrollment requirements and apply for a visa to study in USA.

USA student visa guide

How Much Does it Cost to Study for a PhD in Finance in USA?

Getting a PhD in USA requires a huge sum of investment. The cost of studying for a PhD in finance in USA can be categorized into tuition fees and cost of living. Let us consider the costs for each of these components.

Tuition Fees

The tuition fees for PhD in finance in USA ranges between 35,000 USD - 70,000 USD per year. You can find programs with lower tuition fees at public universities.

Phd in USA cost for Indian students

Cost of Living

An international student’s cost of living in USA is estimated at around 12,000 USD-18,000 USD per year i.e. 1000 USD-1,500 USD per month, varying according to the student’s budget. It is true that the living expenses in USA are higher compared to many other study abroad destinations. However, affordable options are available to choose from, such as various accommodation options, public transport, personal expenses, etc.

Scholarships for PhD in Finance in USA

You will find multiple funding options for pursuing research in USA. Most US universities offer fully funded PhD programs , so you do not have to fret about the huge tuition fees. Take a look at the table below to learn about the various university-provided scholarships for international students:

Career Opportunities After PhD in Finance in US

Accounting and finance professionals in USA earn 97,600 USD per year on average. With a PhD in finance from USA, you can expect 23% higher salaries than a master’s degree. New York, Houston, Los Angeles, Philadelphia are some of the states offering the highest salaries compared to other cities in USA.

Take a look at the popular job titles and average salaries for PhD in finance from USA:

How to find jobs in USA?

A PhD in finance in USA is worth considering to advance your career and boost your earning potential. Get in touch with our Yocket counsellors today and get answers to all your questions related to PhD in finance in USA and a roadmap to secure a seat in one of the best universities for a PhD in finance in USA.

Frequently Asked Questions about PhD in Finance in USA

How many years is a PhD in finance in USA?

A PhD in finance in USA takes 4 to 6 years depending on the candidate’s knowledge level. Generally, an individual spends around 2-4 years in the coursework and another 2-4 years on the dissertation.

How much does it cost to do a PhD in finance in USA?

The annual fees for PhD in finance in USA is somewhere between 30,000 USD-55,000 USD per year which may vary across universities.

Can Indian students get a scholarship to pursue PhD in finance in USA?

Yes, there are several scholarships for Indian students to pursue PhD in finance in USA, such as Fulbright Scholarship, Knight-Hennessy Scholars program, Aga Khan Foundation International Scholarship program and several other university-specific scholarships.

Can I apply for PhD in finance with an MBA in finance?

Yes, you can apply for a PhD in finance with an MBA in finance.

Is it better to do PhD in finance in USA from a private or public university?

Both types of universities have equally good options to pursue PhD in finance in USA. If you wish to apply to public universities in USA some of the best options are University of California - Berkeley, Georgia Institute of Technology, University of Illinois - Urbana, etc. Top private universities include Stanford University, Massachusetts Institute of Technology, Yale University, among others.

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8 of the world's top 10 MBAs are in the US, according to LinkedIn

• LinkedIn released its 2024 list of the top 100 MBA programs in the world.
• Rankings are based on career outcomes like job placement, senior roles, and network strength.
• Eight of the top 10 MBA programs are in the US, focusing on full-time courses.

LinkedIn has just released its list of the top 100 MBA programs worldwide for 2024.

The courses are ranked based on LinkedIn data looking at the career outcomes of MBA alumni, like job placement rates, advancement to senior-level positions, and network strength.

Only full-time programs, with at least 400 graduates from the cohorts of 2019 to 2023, were included.

Eight of the top 10 MBA programs are located in the US.

Here's the list of LinkedIn's 10 best:

10. Booth School of Business (University of Chicago)

Location: Chicago, Illinois

Tuition: $84,198 for the first year of a two-year program

Most common job titles per LinkedIn: investment banking associate, product manager, strategy consultant

9. Columbia Business School (Columbia University)

Location: New York, New York

Tuition: $84,496 for the first year of a two-year program

Most common job titles per LinkedIn: investment banking associate, product manager, founder

8. Tuck School of Business (Dartmouth College)

Location: Hanover, New Hampshire

Tuition: $80,620 for the first year of a two-year program

Most common job titles per LinkedIn: investment banking associate, product manager, product marketing manager

7. Kellogg School of Management (Northwestern University)

Location: Evanston, Illinois

Tuition: $83,610 for the first year of a two-year program

Most common job titles per LinkedIn: product manager, investment banking associate, brand manager

6. Indian School of Business

Location: Hyderabad, India; Mohali, India

Tuition: 2,472,000 Indian rupees (around $29,000) (one-year program)

Most common job titles per LinkedIn: product manager, program manager, management consultant

5. Sloan School of Management (Massachusetts Institute of Technology)

Location: Cambridge, Massachusetts

Tuition: $86,550 for the first year of a two-year program

Most common job titles per LinkedIn: product manager, founder, investment banking associate

4. The Wharton School (University of Pennsylvania)

Location: Philadelphia, Pennsylvania

Tuition: $84,830 for the first year of a two-year program

3. Harvard Business School (Harvard University)

Location: Boston, Massachusetts

Tuition: $76,410 for the first year of a two-year program

Most common job titles per LinkedIn: product manager, founder, chief of staff

Locations: Fontainebleau, France; Singapore; Abu Dhabi, United Arab Emirates; San Francisco, California

Tuition: €99,500 (around $110,000) (one-year program)

Most common job titles per LinkedIn: product manager, strategy consultant, founder

1. Stanford Graduate School of Business (Stanford University)

Locations: Stanford, California

Tuition: $82,455 for the first year of a two-year program

Most common job titles per LinkedIn: founder, product manager, chief of staff

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MBA in Finance in USA for International Students

• Last Updated On August 30, 2024
• Published In General

Pursuing an MBA in Finance in the USA is a transformative step for those aspiring to reach the pinnacle of their careers in the financial sector. Known for its robust and dynamic economy, the USA offers many opportunities for MBA graduates. 

Table of Content

The program structure typically includes core business courses in the first year and specialised finance courses in the second year. With a duration of about 2 years, an MBA in Finance equips students with advanced financial knowledge, analytical skills, and strategic thinking abilities. 

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Graduates often find lucrative career opportunities in investment banking, corporate finance, financial consulting, and more.

An MBA in Finance is a graduate-level business degree focused on financial management, analysis, and decision-making. The duration of an MBA in Finance program varies depending on the institution and whether you choose a full-time, part-time, or accelerated forma t. 

Full-time programs usually take two years to complete, while part-time programs may extend to three or more years. The approximate salary of MBA Finance graduates in the USA is USD 106,000 annually.

Here’s the breakdown of key highlights for an MBA in Finance in USA:

This comprehensive overview provides essential details for prospective students considering an MBA in Finance in the USA. 

The program promises a solid academic foundation and opens doors to prestigious and high-paying careers in the global financial landscape.

Why study MBA in Finance in USA?

Pursuing an MBA in Finance in the USA offers a combination of academic excellence, industry relevance, international exposure, and strong career prospects . 

The opportunity to study at globally recognised business schools, specialise in key industries, connect with a powerful alumni network, and secure promising job opportunities makes the USA an ideal destination for aspiring finance professionals.

 Here are some compelling reasons why the USA stands out as a premier destination for this advanced degree:

• Globally Recognised Business Schools

The USA is home to some of the world’s most prestigious business schools , including Harvard, Stanford, Wharton, and MIT Sloan. These institutions consistently rank at the top of global business school rankings and are renowned for their rigorous academic programs, innovative teaching methods, and influential research. Graduating from one of these elite schools enhances your credentials and opens doors to leadership positions in top-tier organisations worldwide.

• Focus on Specific Industries

US business schools offer MBA programs that allow students to specialise in finance while also providing exposure to other prominent industries such as technology, healthcare, and consulting. This interdisciplinary approach ensures that graduates understand the financial aspects across various sectors, enhancing their versatility and employability. For example, the proximity to financial hubs like New York City enables students to gain firsthand experience in one of the world’s largest financial markets.

• International Exposure

Studying in the USA provides significant international exposure through exchange programs, global study tours, and collaborations with multinational companies. Many business schools partner with top institutions worldwide, allowing students to spend a semester abroad and broaden their global business perspectives. This international experience is invaluable in today’s interconnected world, preparing graduates to work effectively in diverse and multicultural environments.

• Strong Alumni Network

US business schools boast extensive and influential alumni networks . Connecting with a network of successful alumni can provide numerous benefits, including mentorship opportunities, career advice, and valuable professional connections. These networks are often global, offering support and opportunities in the USA and internationally. Leveraging these connections can significantly enhance your career trajectory and open doors to prestigious job opportunities.

• Post-Graduation Work Opportunities

An MBA in Finance from a US business school significantly improves your employment prospects . The USA is home to numerous Fortune 500 companies, leading financial institutions, and innovative startups that actively seek MBA graduates. The country’s strong economy and vibrant job market provide ample opportunities for high-paying roles in investment banking, corporate finance, financial consulting, and more. Additionally, international students on an F-1 visa can take advantage of Optional Practical Training (OPT), allowing them to work in the USA for up to three years post-graduation.

What are the Top Ten Universities for MBA in Finance in USA?

\When pursuing an MBA in Finance, the USA boasts some of the world’s most prestigious business schools. These institutions offer rigorous academic programs, unparalleled resources, and networking opportunities, setting the stage for a successful career in finance. 

The top 10 MBA colleges and universities in the USA are renowned for their excellence in education, distinguished faculty, and strong financial industry ties.

Below is a table highlighting these leading institutions, along with their estimated annual tuition fees and QS MBA rankings for 2024.

Note: The costs provided above are approximate and can fluctuate based on changing currency exchange rates.

Each of these universities provides a unique learning environment, offering specialised programs and resources that cater to the evolving needs of the finance sector. 

Studying at one of these top institutions not only equips students with cutting-edge financial knowledge but also connects them with a powerful network of alumni and industry leaders, paving the way for a prosperous career in finance.

What are the Top MS Specialisations for MBA in Finance in USA?

Embarking on an MBA journey in the United States opens doors to a diverse array of specialisations and program types tailored to meet the dynamic demands of the global business landscape. 

From the bustling financial districts of New York City to the innovation hubs of Silicon Valley, American business schools stand out for their rigorous academic standards, innovative curriculum, and unparalleled opportunities for professional growth.

The United States is a global leader in higher education, offering a wide range of top-notch master’s programs . 

With world-renowned universities and cutting-edge research facilities, the U.S. provides an exceptional platform for students seeking advanced degrees.

In the dynamic landscape of MBA programs in the USA, several specialisations cater to diverse career aspirations and align with current business trends and job market demands:

Specialising in Finance within an MBA program equips students with advanced financial analysis skills, strategic financial management, and investment banking and corporate finance expertise. This specialisation is highly sought-after due to the USA’s status as a global financial hub, offering opportunities in asset management, financial consulting, and risk management.

An MBA specialisation in Marketing focuses on consumer behaviour, market research, digital marketing strategies, and brand management. With the rise of digitalisation and data-driven marketing approaches, this specialisation prepares students for roles in product management, advertising, and market analytics in industries ranging from technology to consumer goods.

• Entrepreneurship

Entrepreneurship specialisations nurture innovative thinking, venture creation, and business development skills. Students learn to identify market opportunities, develop business plans, and navigate the complexities of launching and scaling startups. This specialisation is ideal for aspiring entrepreneurs and intrapreneurs seeking to drive innovation within established organisations.

• Operations Management

Operations Management optimises business processes, supply chain management, logistics, and project management. With a growing emphasis on efficiency, sustainability, and global supply chain resilience, this specialisation prepares graduates for manufacturing, consulting, and operations strategy roles across various industries.

• Healthcare Management

MBA specialisations in Healthcare Management combine business acumen with healthcare industry knowledge, addressing regulatory environments, healthcare economics, and healthcare policy. This specialisation caters to professionals aspiring to lead healthcare organisations, pharmaceutical companies, or healthcare consulting firms amidst evolving healthcare reforms and technological advancements.

Course Curriculum of MBA in Finance in USA

The curriculum for MBA programs in the USA combines core business fundamentals with specialised electives. Core subjects typically include accounting, finance, marketing, strategy, and organisational behaviour . 

Electives allow students to tailor their education to specific career goals, with options ranging from advanced finance courses to emerging topics like artificial intelligence in business . 

Project-based learning, case studies, and internship opportunities provide practical experience and foster critical thinking and problem-solving skills essential for leadership roles in today’s competitive business environment.

The following general outline may vary depending on the specific university and program.

Semester 1: Foundation Building

• Financial Accounting: Laying the groundwork for understanding financial statements, their components, and analysis.
• Corporate Finance: Introduction to core financial concepts, including capital budgeting, capital structure, and financial planning.
• Microeconomics: Building a foundation in economic principles and their applications in business decision-making.
• Statistics for Business: Developing quantitative skills for data analysis and decision-making.

Semester 2: Core Finance and Business Fundamentals

• Financial Markets and Institutions: Exploring the structure and functioning of financial markets, including stocks, bonds, and derivatives.
• Marketing Management: Understanding marketing principles, consumer behaviour, and market segmentation.
• Operations Management: Learning about production processes, supply chain management, and quality control.
• Organisational Behavior: Studying individual and group organisation behaviour to enhance leadership and teamwork skills.

Semester 3: Advanced Finance and Specialisation

• Investment Analysis and Portfolio Management: Delving deeper into security analysis, portfolio construction, and risk management.
• Financial Modeling and Valuation: Mastering financial modelling techniques and valuation methods for businesses and financial instruments.
• Derivatives and Risk Management: Understanding the complex world of derivatives and their role in managing financial risks.
• Elective Courses: Students can begin to specialise in areas of interest, such as investment banking, financial analysis, or real estate finance.

Semester 4: Capstone and Electives

• Capstone Project or Internship: Applying learned knowledge to a real-world project or gaining practical experience through an internship.
• Elective Courses: Further specialisation in chosen areas of interest, such as international finance, financial technology, or behavioural finance.
• Business Ethics and Corporate Social Responsibility: Understanding the ethical implications of business decisions and the role of corporations in society.

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Types of mba in usa.

Here are the types of MBA in USA:

Full-time MBA

Full-time MBA programs in the USA offer a traditional, immersive experience typically lasting 1-2 years. They are ideal for students who focus intensively on their studies and engage in networking opportunities, internships, and global study tours.

Part-time MBA

Part-time MBA programs cater to working professionals seeking flexibility. These programs allow students to balance work and studies over an extended period, often offering evening or weekend classes. Part-time MBAs are valued for their practicality and the opportunity to apply learning directly to professional roles.

Executive MBA (EMBA)

Designed for seasoned professionals with significant work experience, Executive MBA programs in the USA are accelerated, typically completed in 1-2 years. They emphasise leadership development, strategic thinking, and networking among experienced peers. EMBA programs often include global residencies and focus on real-world applications of learning.

What are the Admission Requirements for MBA in Finance in USA?

Pursuing an MBA in Finance in the USA is a significant step towards achieving excellence in the financial sector. The USA is renowned for its prestigious business schools, which offer comprehensive programs designed to equip students with advanced knowledge and skills in finance. 

However, gaining admission to these competitive programs requires meticulous preparation and understanding of the specific requirements. 

This guide outlines the essential academic qualifications, documentation, and processes international students must navigate to secure a place in an MBA in Finance program in the USA. 

From understanding general academic prerequisites and assembling the necessary documents to navigating visa requirements and exploring work permit options post-graduation, this comprehensive breakdown will help aspiring MBA candidates prepare effectively for their educational journey in the USA.

General Requirements

To apply for an MBA in Finance in the USA, prospective students must meet several academic and professional criteria:

• Bachelor’s Degree : Applicants must have a bachelor’s degree from an accredited institution. The degree can be in any discipline, but a background in business, economics, or related fields is often preferred.
• GPA : A strong GPA is essential, typically a minimum of 3.0 on a 4.0 scale. However, competitive programs may require higher GPAs.
• Work Experience : Most MBA programs prefer candidates with at least 2-5 years of professional work experience. Some top-tier programs may require even more. This experience demonstrates the applicant’s ability to contribute to and benefit from the program.

Documents Requirements

When applying for an MBA in Finance in the USA, students need to prepare and submit a variety of documents:

• Transcripts : Official academic transcripts from all previously attended institutions.
• Usually, two or three letters of recommendation from professional or academic references who can attest to the applicant’s qualifications and potential.
• GMAT / GRE Scores : Many programs require GMAT or GRE scores. Some programs may waive this requirement based on extensive work experience or other academic qualifications.
• Resume : A comprehensive resume detailing professional experience, achievements, and relevant skills.
• A well-crafted personal statement or essay outlining career goals, reasons for choosing the program, and how the MBA will help achieve these goals.
• Additional Documents : Some universities require specific documents such as a portfolio, additional essays, or a video interview.

Visa Requirements

International students need to secure a visa to study in the USA. The process generally involves:

• Student Visa (F-1 Visa) : Most students will need an F-1 visa, which allows them to study full-time at an accredited institution.
• A valid passport
• Form I-20 (Certificate of Eligibility for Nonimmigrant Student Status) issued by the admitting institution
• Proof of financial resources to cover tuition and living expenses
• A completed DS-160 form (Online Nonimmigrant Visa Application)
• Payment of the SEVIS fee
• Visa application fee payment
• Visa Interview : Applicants must attend a visa interview at the US embassy or consulate in their home country.

Work Permit

After completing an MBA in Finance, international students may wish to pursue employment in the USA:

• Optional Practical Training (OPT) : Students on an F-1 visa can apply for OPT, allowing them to work in their field of study for up to 12 months after graduation. Those in STEM fields can extend OPT for an additional 24 months.
• H-1B Visa : After OPT, students may seek an H-1B visa, which allows them to work in the USA for up to six years. This process requires sponsorship from a US employer.
• Be enrolled in a full-time program for at least one academic year
• Apply for OPT through their university’s international student office
• Submit a completed Form I-765 (Application for Employment Authorisation) and supporting documents to USCIS .

Understanding and meeting these requirements is crucial for successfully applying to an MBA in Finance program in the USA, paving the way for a transformative educational and professional experience.

What is the Cost of Studying MBA in Finance in USA?

Pursuing an MBA in Finance in the USA involves several costs, with tuition fees being the primary expense. On average, tuition fees for MBA programs in the USA range from USD 60,000 to USD 120,000 annually. 

However, this can vary significantly based on the university, program type, and specialisation. 

For instance, top-tier institutions like Harvard Business School and Stanford Graduate School of Business are on the higher end of this spectrum. Public universities and lesser-known schools may offer more affordable options.

The USA is home to numerous cost-effective universities , especially among public institutions, where tuition fees can be substantially reduced.

• Top Universities : Institutions such as Harvard, Stanford, and Wharton typically charge around USD 100,000 to USD 120,000 annually.
• Public Universities: Schools like the University of California system may charge between USD 60,000 and USD 90,000 annually.
• Specialised Programs : Certain MBA specialisations, such as Technology Management or Healthcare Management, might have different fee structures depending on the resources and faculty involved.

Additional Costs

Beyond tuition, students should also budget for other essential expenses:

• Student Fees : Typically range from USD 1,000 to USD 3,000 per year.
• Health Insurance : Can cost between USD 2,000 and USD 4,000 annually.
• Living Expenses : Include accommodation, transportation, food, and utilities.

What is the Cost of Living in USA?

The cost of living for international students in the USA can vary widely based on location and lifestyle. Students can expect to spend between USD 1,000 and USD 2,500 monthly on living expenses. 

Here’s a breakdown of typical monthly costs:

Variations in Living Costs

• Urban Areas : Living in major cities like New York, San Francisco, or Boston can be significantly more expensive, with monthly costs ranging from USD 2,000 to USD 3,500.
• Rural Areas : Smaller towns and rural areas typically have lower living expenses, ranging from USD 1,000 to USD 1,500 monthly.

In conclusion, while the cost of pursuing an MBA in Finance in the USA can be substantial, it is a valuable investment in one’s career. 

Prospective students should carefully consider both tuition and living expenses when planning their studies to ensure they are financially prepared for the journey ahead.

What are some scholarships available for an MBA in Finance in USA?

Pursuing an MBA in Finance in the USA is a significant investment, but the availability of various scholarships can help alleviate the financial burden. 

These scholarships are designed to support international students and are offered by universities, government programs, and private organisations. 

They can cover various expenses, from tuition fees to living costs, making it more feasible for students from diverse backgrounds to achieve their academic and professional goals. 

Here, we provide a comprehensive overview of some prominent scholarships available for MBA students in Finance, including their types, award amounts, eligibility criteria, and application processes.

Here are the Scholarships Opportunities for MBA in Finance:

What are the Top Jobs after MBA in Finance in USA?

Earning an MBA in Finance from a prestigious institution in the USA opens doors to many lucrative career opportunities. The program is designed to equip students with advanced financial acumen, strategic thinking, and leadership skills for top-tier roles in various industries. Graduates can find themselves in high-demand consulting, finance, marketing, and technology positions.

Career Scope

The scope for MBA in Finance graduates in the USA is vast and diverse. They can pursue leadership roles such as financial analysts, investment bankers, portfolio managers, and chief financial officers (CFOs). The program’s rigorous curriculum and practical training prepare students to excel in these positions by providing a deep understanding of financial markets, investment strategies, risk management, and corporate finance. Graduates often find themselves at the helm of major financial decisions and strategies within their organisations.

Average Salary

The average salary for MBA in Finance graduates in the USA varies depending on factors such as specialisation, industry, job role, experience, and the business school’s reputation. 

The table summarises the average salary ranges for different specialisations and industries.

Here are some most demanded jobs in the USA , along with their salary:

Factors influencing salary levels include the graduate’s work experience, the geographic location of the job, and the prestige of the MBA program completed.

Graduates from top-tier business schools often command higher starting salaries and have better advancement opportunities.

Top Recruiters

Top companies and organisations in the USA actively recruit MBA graduates, particularly those specialising in finance. These employers span various industries, including banking, consulting, technology, and healthcare.

Below is a table highlighting some top recruiters for MBA in Finance graduates.

These companies are known for their rigorous recruitment processes, including internships, on-campus recruitment drives, and partnerships with top business schools . 

Graduates from these programs benefit from robust alumni networks and career services that facilitate connections with potential employers.

Overall, an MBA in Finance from a top USA business school provides graduates with the skills and opportunities to pursue high-level, rewarding careers across various industries.

Frequently Asked Questions

Q. what is the fees of mba in finance in usa.

Ans. The fees for an MBA in Finance in the USA vary significantly based on the university and program. On average, tuition fees range from USD 50,000 to USD 120,000 annually. For example, Harvard Business School charges around USD 73,440 annually, while Stanford Graduate School of Business costs approximately USD 74,706 annually. In Indian Rupees (INR), this translates to INR 41,00,000 to INR 98,40,000 annually. These figures do not include additional student fees, health insurance, or living expenses.

Q. What is MBA in Finance in USA?

Ans. An MBA in Finance in the USA is a graduate-level program designed to provide students with a comprehensive understanding of financial management, investment strategies, and market analysis. The program typically includes core courses in accounting, economics, corporate finance, and financial modelling and electives in investment banking, portfolio management, and international finance. It usually lasts two years, though some schools offer accelerated one-year options.

Q. Who is eligible for MBA Finance?

Ans. Eligibility for an MBA in Finance generally requires a bachelor’s degree from a recognised institution. Most programs prefer applicants with work experience (typically 2-5 years), especially in finance or related fields. Additional requirements often include GMAT/GRE scores, English proficiency tests (like TOEFL/IELTS for international students), academic transcripts, recommendation letters, and a statement of purpose.

Q. Which MBA is best in USA?

Ans. The best MBA programs in the USA are offered by prestigious institutions such as Harvard Business School, Stanford Graduate School of Business, Wharton School at the University of Pennsylvania, MIT Sloan School of Management, and Columbia Business School. These programs are renowned for their rigorous curriculum, exceptional faculty, extensive alumni networks, and strong career placement services.

Q. Is an MBA better in the USA or India?

Ans. Whether an MBA is better in the USA or India depends on various factors, including career goals, financial considerations, and personal preferences. MBAs from the USA are often globally recognised, offer higher salary potentials, and provide extensive networking opportunities. In contrast, Indian MBA programs like those from IIMs are highly regarded within the country, more affordable, and better suited for those planning to stay in India.

Q. What is an MBA finance salary?

Ans. The average salary for an MBA in Finance can vary widely. In the USA, graduates typically earn between USD 90,000 and USD 150,000 per year, depending on their role, experience, and the prestige of their MBA program. This range converts to approximately INR 73,80,000 to INR 1,23,00,000 per year. Top earners can earn even more, particularly in investment banking or private equity.

Q. Can MBA in finance become CEO?

Ans. Yes, individuals with an MBA in Finance can certainly become CEOs. Many CEOs of major corporations hold MBAs with specialisations in finance, as the skills acquired in these programs—such as strategic thinking, financial acumen, and leadership—are essential for running large organisations. Prominent examples include Jamie Dimon of JPMorgan Chase and Sheryl Sandberg of Facebook.

Q. Which MBA has the highest salary?

Ans. Among various MBA specialisations, those in Finance, Consulting, and Technology Management typically command the highest salaries. An MBA in Finance can lead to lucrative roles in investment banking, private equity, and corporate finance. Similarly, MBAs in Consulting and Technology Management also see high starting salaries, often exceeding USD 120,000 annually.

Q. What is the salary for MBA in Finance in USA?

Ans. The salary for MBA in Finance graduates in the USA ranges from USD 90,000 to USD 150,000 annually. Investment banking and private equity positions often see the higher end of this range. This translates to approximately INR 73,80,000 to INR 1,23,00,000 per year. Experience, location, and the business school’s reputation significantly influence these figures.

Q. What is the future of MBA Finance?

Ans. The future of MBA Finance looks promising, with continued demand for financial expertise in various sectors. The evolving financial landscape, driven by technology and globalisation, increases the need for professionals who can navigate complex financial environments. Graduates can expect opportunities in fintech, sustainable finance, and global financial management.

Q. What is the scope of MBA Finance in USA?

Ans. The scope of MBA Finance in the USA is extensive. Graduates can pursue careers in investment banking, corporate finance, asset management, consulting, and financial planning. The robust financial sector in the USA, coupled with the presence of numerous multinational corporations and financial institutions, offers a wide array of job opportunities and career advancement prospects.

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Khushi Rabban

A passionate writer who bridges the gap between aspiring international students and their dream schools.

My student-friendly content, powered by SEO magic, simplifies applications, tackles scholarships, and provide you with all the information you need, to conquer your international academic dreams.

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